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BUS. ADM.
LIBRARY
Volume
THURSDAY
I*
Final Edition
Number 4000
154
REPORTER'S
REPORT
■
A much more impressive—or plausible, if you prefer—case for
life insurance companies buying common stocks was made out at the
f
Discussion in underwriting cir¬
Y. legislative committee hearings last , week than you probably
gathered from the financial page heads and leads on the story- True: cles is a bit more on the encour¬
the overwhelming majority of those testifying were against the idea
aging side currently now that
But the bulk of the testimony was probably for it.
Moreover, those there are indications that the
major life insurance companies
who took the traditional opposi-^
Then he gave a summary of are inclined toward a "live and
tion view used for the most part idea.
traditional and simple arguments,, research done by his organization let live" policy in the matter of
;
the gist of which was given by into experience of trust, life, and bidding for new bond issues.
N.
.
,
in
the
opening min¬
utes of his talk; he simply quoted
Coolidge's story of the preacher
Fred
Ecker
who
"talked
about
sin"
and
was
Ecker said it was
was against it.
Pro¬
"against it."
a sin, and he
the other hand, seemed
to outflank this argument.
They
pointed out first that the original
Armstrong Committee anti-com¬
ponents,
on
mon-stock
recommendation
ap¬
Although it had been ex¬
others with
common
pected, almost up to the last
stocks, which he sum¬
marized as complicated, conflict¬
minute, that there would be
■■£ an : insurance bid tendered
ing, and contradictory. !
^
for the Central Illinois Pub¬
Incidentally, ^ the • imaginary
lic .Service Company's $38,common stock experience related
000,000
issue
of
30-year
in the Stock Exchange's Septem¬
ber
3%s auctioned on Monday,
Magazine seemed just too
none
appeared.
In fact only
good to be true.
Douglas said it
fire
companies
seemed
hindsight
peared to be based largely on pre- asked
;1906
speculative abuses like the
control of subsidiary companies,
flyers in risky underwriting, spec¬
ulative buying for re-sale to of¬
ficers,
and other tricky games
now
banned by law, regulation,
and custom.
They cited successful
common stock investment by the
and
have
to
the
and
some
Lew
ing
Committee
questions of Howland
'
-
Davis along that line,
The
sian
smaller
issues.
government has moved
on
a
somewhat
below
the
.
George V. McLaughlin
NEW
1
7?
BROOKLYN
YORK
ley had been
strongly
tion.
Member Federal Depoitt Insurance
other
•'/ .y:v
Most of the American feed¬
to
was
distribute the food
;
non-politicaUy
\ (Continued on page 807)
*
;
will
jection
to
known
does
Insurance
and
of
con¬
siderably above the present $65,The
statutory
limitation.
public debt outstand¬
of Sept. 30 was $51,346,-
gross
ing
as
407,110.
In
reporting
thau's
Stocks
on
MorgenPress
Mr.
remarks, Associated
CHASE
THE
806
__
New
Security Flotations
814
________
807
"one
Trusts
801
BANK
OF THE CITY OF NEW YORK
808
Reporters -Report-^
Items
804
—
Salesman's
Securities
Tomorrow's
swallow
Says
Bond
(The)-
Corner
813
Markets—Walter;, Whyte
Selector
Whisperings
(The)
——
'
f-(
'
'
810
Reporter
,
1
• '
facilities
812
:
Federal
816
Governments
on
; «
•
807
—
_____
Member
Our
V •
correspondent
803
3——————__
After
service with Chase
J,
i
————_—-y
Uptown
Broaden your customer
805
Railroad Securities
and
NATIONAL
_L_—801
Personnel
well-
summer"
a
Deposit Insurance
Corporation
Notes
801
Moody's Commodity Index.
811
Nevil
Ford
Bonds
1%
Offers
Treasury
Defense
Appointed
802
Administrator
Laboratory
Provide
Savings
A busier
limit
Page
Bank
Our
trend.
the
to
make
Would
be
It advices Oct. 16 stated:
(Continued on page 811)
agencies.
Municipal News & Notes-.-——,-——
"Big
current
the
hold
adage that
not
have to
pointed out that such a cen-
Jottings
Five" insurance group in ob¬
Bankers
debt
raised
Federal
the
soon
INDEX
of
members
aforementioned
the
to speak, frozen
the Soviet revolu¬
ing problem in 1921-1923
Federal
various
was
Investment
go
that
the
on
notwithstanding
several
of
so
in its tracks by
Corporation
to
inclined
they are willing to withhold any
opinions until time brings a more
thorough test of the situation.
years; it is st.ri low, rambling, and They feel incidentally that things
dirty- * In 1923 it was full of build¬ would be helped along toward a
ings finished or nearly finished solution by a revival of activity
the" new-issue
market more
in 1917, when a wave of war-time in
farm prosperity in the Volga Valr than anything else.
ltik.
the
Calendar
recent utterances of the heads
Administra¬
Unit.
The Quakers
just down the line, at BuzuTo judge by a photo in the
too
theory
Samara
Russian
were
certairv
Trib last week of the main square,
the town hasn't
changed in 18
Chartered 1866
President:
tion
Relief
.of
Copy
•
not
were
ers
along
Orenburg and Tashkent.
jotter was there in 1923 with
American
in
case
was
the necessary
lend
that
but
However, investment bank>
to
Your
■■'
com¬
in
the
a
had 000,000,000
Secretary
16 that he
the Government and
funds to
rowing for
then
of insurance
absence
The
Oct.
on
considering a plan whereby the
Treasury would do all the bor¬
y
participation
class of Government
one
disclosed
except
down
COMPANY
5
issues so that the
ultimately be dealing
Treasury
obligations."
made by bank¬
.
Section 1
,
with but
Samara, to which part of the Rus¬
Russian
said
divides
BROOKLYN TRUST
groups.
pany
prefaced his re¬
and one line goes northeast over
marks by a flat" statement that he
the Urals to Siberia and the other
was
neither for nor against the
Douglas
were
-
Secretary of the Treasury Morgenthau on Oct. 23' offered ap¬
proximately $500,000,000 of new 1% Treasury Notes of Series A-1946
to holders of outstanding %% notes of Series P of the Reconstruc¬
tion Finance Corporation, maturing Nov. 1, and the outstanding 1%
notes of Series E of the Commodity Credit Corporation, maturing
Nov. 15.
This refinancing operation, the Secretary said, is in line
with the Treasury's plan "to re-«5>
duce the number of financing op- tralized borrowing program would
erations in the market on behalf require the Treasury to take over
more
than $5,000,000,000 of
of the Government and to sim¬ the
plify the financing program." Mr. governmental obligations of vari¬
ous
agencies when they fall due
Morgenthau added that "it is con¬
replace
them with direct
templated that all of the Govern¬ and
Treasury securities.
i
ment-guaranteed issues now out¬
The Secretary is reported as
standing in the hands of the pub¬
lic will eventually be converted stating that "there is no question",
into
"jot¬
geography was
something like the United States
turned
east
for
west.
Well,
Remember last week your
ter"
In 2 Sections
Price 60 Cents
market will
this deal
may have given ground for re¬
ports
which
subsequently
de¬
veloped holding that one of the
"Big Five" had definitely de¬
cided
to
refrain
from
bidding
.
Carnegie Foundation, Leland Stan¬ bend of the Volga, corresponds
ford, other colleges, British life roughly to Kansas City. It heads
insurance
companies,
American one of the biggest grain provinces
in the Volga valley.
The rail line
fire insurance companies, etc.
;
two bids
of
element
an
dtt
i.
*
Treasury Offers 1% Notes To Holders
Of Maturing RFC And GGG Obligations
OUR
>.
00,
Y., Thursday, October 30, 1941
New York, N.
v
-
market, it is observed,
would provide a more
dependable
laboratory. for
working
o u t
methods and changes: which will
Bankers
.Advertising
1
Plan
Co-operative
- _______
—
.810
_________
810
United States
813
Manufacturers' New Orders
Government
.
■■((Continued
:
Financing
Drop
Easing
»
Credit Situation
812)
page
on
Consumer
Securities;
1
■*'; Sk
R. H. JOHNSON & CO.
City of V
v?
New York Trust
Philadelphia
.(V
INVESTMENT SECURITIES
Company
OTIS & CO.
V
a.
"
v
(Incorporated)
,
Established 1899
FIRST BOSTON
^
.
,
The'
Bonds
64 Wall Street
4
-
..
V
Capital Funds
$37,500,000
.
CORPORATION
■
"
BOSTON
NEW YORK
"
TV
IOO BROADWAY
'
Moncure Biddle & Co.
CLEVELAND
New York
"
'
PHILADELPHIA
BOSTON
"Chicago
MADISON
-I.
AVENUE
STREET
FINCH, WILSON &. CO.
vthe-Counter
'
'
'TEN-,' •"
*"
Members
New
Commission
HART SMITH & CO.
Kobbe.Gearhart&Co.
.
.Members N. Y. Security Dealers Ass'n
Exchange
New York
Teletype N. Y. 1-676
Executed
•
•
•
•
Orders
for
Carefully
Institutions
and Individuals
Members
INCORPORATED
Tel. Rector 2-3600
Stock
PLAZA
NEW YORK
45 Nassau Street
York
ROCKEFELLER
Securities.
BROADWAY
Buenos Aires
SAN FRANCISCO
.....
CariM.Loeb,Rhoades&Co
London
,,
AND OTHER PRINCIPAL CITIES
.
PHILADELPHIA
AND 40TH
61
CHICAGO
PHILADELPHIA
Member
Federal
Insurance
of the
New
52
Deposit
Corporation
York
Security
Dealers
HAnover 2-0980
WILLIAM ST., N.Y.
Bell
New York
Teletype
Assn.
NY
Montreal
1-395
Toronto
120 BROADWAY, NEW YORK
^-ul
t
4
si
ii
i
4
*
id
fc
«
ti
li
kJ
e>
it
sl i
'
*
ft
»
i
1
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i
5f'.
il
»..
i.
THE COMMERCIAL & FINANCIAL CHRONICLE
802
■Thursday, October 30, 1941
MARKETS FOR
MORTGAGE
issued
BOND
TITLE
Y.
local
other
West
Autocar Co.
40 Wall
York
New
Stock
St., N.Y.
Bell
Sugar
in securities
Members New
Telephone
120
REctor 2-2300
Teletype
BROADWAY, NEW YORK
*
NY
Estate .Securities Exchange
Were products -of "Unlisted Trad¬
ing Privileges" and they have
since
passed
out
of
existence,
probably due to lack of interest
by the investing public, as well
:•
Lebanon
Our latest
Spencer
Service
Bulletin
No.
30-
discusses why
.;«•
,v
Struthers Wells
still the
are
^
STRAUSS
Members
York
Security Dealers
Assn.
32
■HAnover 2-4660
Bell
Teletype,
System
TV.
Y.
Members
»
,
St., New York, N. Y.
New
York
Dealers Assn.
n
Bell
..
have
MANUFACTURERS
OFTHEYGUN
projector)
throughout the country.
^
'
charge
(depth
r
strong:" backing
HA 2-2772
'>
The Most Effective
'V '
'
Weapon for
the Submarine
Combatting
"V
from all Over-the-Counter dealers
•*',
•
."''v
>,
'
,
"
Information
»
on
Request
...
•
DIgby 4-8640
Teletypes NY 1-832 & 834>>
MARSH and COMPANY
Broadway, iNew York
1-2480
Hughes recommended
1920
Security Dealers Ass'n
Corporation
com¬
a
Governor
York
American Ordnance
Trading
The Bill introduced by the rep¬
resentative from Maine, will un-
■
BROS.;
Security
.by
New
Exchange PL, N.Y.
BELIi TELETYPE NY 1-423
abolishment.
doubtedy
J.F.Reilly&Co.
New
Request
on
,appointed
Charles E.
its
Copy
Unlisted
Established
,
..
40
markets,
Department in 1909 when
mittee
Most Attractive Investment
Common & Preferred
KATZ BROS.
Members
i.;-;. The. New York Stock Exchange
abolished their
Rail Bonds
50 Broad
their inferior
to
as
A
i
..''J
KING-SEELEY
have good
now
Real
J-1693
1-2033
City
that
:t Both the Produce Exchange Se¬
curities Market and the New York
Stock Exchange
York
PRODUCTS
markets Qver-the-Counter.:
Exchange
NY
Atlantic
Wickwire
"w./i.'7'>.
Wertheim & Co.
WHiteball 4-6300
Teletype
.Thiladdlphia
Indies
TENNESSEE
by-
Oliver of " Maine
in the House of Representatives
which, if passed would put an end
to the granting of "Unlisted Trad¬
ing Privileges" to the Exchanges,
companies
Newburger, Loeb & Co.
Members
New
been introduced
Representative
& TRUST CO.
TITLE GUARANTEE
All
Wabash R.R.
/
CO.
MORTGAGE
&
Sylvania Industrial
CO.
MORTGAGE
&
TITLE
vv-A. bill has
1944
4s,
Atlantic Coast Line of Conn.
CO.
TITLE & GUAR. CO.
LAWYERS
•N.
STATE
Ohio
CO.
MORTGAGE
LAWYERS
&
Baltimore
Privileges Under Fire
*
Marathon Paper Mills
CO.
GUAR.
INSURANCE
TITLE
HOME
(all issues)
by
MORTGAGE
&
Worthwhile Checking:
General Aniline & Film "A",<
Associated Gas & Elec. Corp.
CERTIFICATES
NASD Disk 13 Names
'
BROADWAY, NEW YORK
42
BO.
Tele. NY
Green 9-9085
1-1206
! Nominating Dommiltee
Nevil Ford
United Public Service
Appointed NY State Administrator
For The Sate Of Defense Bonds And Stamps
Corp.
5% 8-46
Bonds
Bridge
Stock
&
,
|
.
Shuron
issues
I
64
,
WALL ST.
Utilities
Cities
So.
1958
5s,
Crescent Public Service 6s, 1954
Old Ben Coal 6s, 1948 w.
Eastern
Houston
Corp.
Oil
also
specialize
in
all
-
and
Stocks
INC.
BROADWAY
20
NEW YORK, N.Y.
REctor
S.
2-7634
Bell
BROADWAY
YONKERS.
MArblc
Teletype
NY
is
a
definite
means
N.Y.
7-8500
1-2361
Second
York, as a
representative of the De¬
Savings Staff of the Treas¬
C- Master son
Ford
Secretary:
Richard
& Torrey.
lias
good
now
actively
Liberal
contacts.
commission
basis
In strict confidence
engaged
to
right
salary
man.
and
and
Write
stating^ualifications.
Goodman,
Cohu
..
.
Stanton
Gratuity Fund Trustees:
is Vice President, Di¬
of
First
Sheppard, Robinson, Miller & Co.;
and Elmer Lally, Hayden, Stone
&
ment
Bankers' Association and is'
former
senior
Vice-Chairman,
office
of
William
Co.
r/.■-■■:'
-
a;;'f
Members
N
Y.
"Security
Wall St., N.Y.
Dealers
Association
Tel. HAnover 2-4850
ecutive Committee of the National
Association
of Securities
He has also served
Inc.
Dealers,;
as
Presi¬
PL.,N.Y.
Exchange
DIGBY 4-4950
Teletype NY 1-953
;
Carey Trust Original
Group Number One Oil Co.
Postal
Telegraph Com.
Southwest Co. Class
Underwriters
:
"A"
Group—All Series
Washington
Westgate
Trust
Carey
Carey—Overriding
;
ex¬
t
4'
JOHN J. O'KANE JR. & CO.
Establish&
N. W. Miller Retires
Members N.
42
/ From Clokey & Miller
H.
Wisner
Miller,
a
Dlgby
lp22
.
■
.
.
.
Y. Security Dealers Ass'n
Broadway, New York
4-6320
Teletype
NY
1-1525
general
partner of the firm of Clokey &
Miller, 52 Broadway, New York
City, will retire on Oct. 31. The
firm
established
was
Gerald
in
1922
by
Alabama Mills
Clokey & Wisner Miller to
deal in bank and insurance stocks
and
Birmingham Elec. 6% Pfd.
during the succeeding decade
while the stock of financial insti¬
tutions
Birmingham Elec. 7% Pfd.
tors
,
Steiner, Rouse & Co.
•*
Members New York Stock
25 Broad St.
New
Exchange
Brown-Marx Bldg.
York, N.Y.
Birmingham, Ala.
NY 1-1557
BH 198
•
dent
of
Bond
the
Club
of
New
York.
Produce Exchange Luncheon Club.
the Auto
Mr.
have
Trading Markets
on
Empire Gas & Fuel Co.
6%,
614,<?>0,
7%, 8%
Pfds.
Public Service Co. of Ind.
$6
&
$7
Des Moines & Ft.
Minneapolis & St. Louis 4s 1949
YORK
BOSTON
63 Wall
New
Iowa Central 5s 1938
/
■
•
Incorporated
York
Security Dealers Association
St., New York, N. Y.
firm,
National Airlines
Gerald
managing
Triumph Explosives
«
(1st & 2nd Warrants)
Rail Bonds Attractive
,,
tractive
Members
be
Dodge 4s '35
Frederic H. Hatch & Co.
G.A.Saxton&Co.,lnc.
and
a
to
Iowa Central 4s 1951
Co.
'
NEW
-
Rail bonds
Pfds.
will
the
partner, Otto J. Delfs and Edmund
Pfd. & Com.
Utah Power & Light
senior
as
continue
with
Clokey.
Minneapolis & St. Louis 6s 1932
Minneapolis & St. Louis 5s 1934
5%
personnel
Clokey,
The "MINNE" Situation
office
Direct Wire
Corporation.
while -retiring
partner will
his
whose
$6 Preferred
Ordnance
Miller
general
Cities Service Co.
Bell Teletype NY 1-897
•
Royalty\
Westgate Carey Trtist
Jan. 15, 1942.
of this nature was enjoy¬
ing great popularity with inves¬
and. speculators throughout
National CommitteemenAlter/the country the firm was out¬
nates: Cyril Murphy,; Mackubiri,;
;
Legg & Co.; Allison Marsland/ standing in its activity.
'More recently they have
de¬
Wood, Gundy & Co.; Wellington
voted
their, energies
to- special
Hunter, Hunter & Co.;/Herbert
May, Herbert M- May & Co., and situations; the most recent and
notable
being the stock' of the
John Reilly, J. F. Reilly u Co.- ;:
The annual meeting and election Thompson Automatic Arms Cor¬
will be held on Dec. 5th at the poration, "The Tommy Gun", now
& Co.
Bell
J.
;
Governor and member of the ex¬
37
40 EXCHANGE
the
Minsch,
Monell & Co.; Frank C.
Trubee, Jr., Trubee Collins & Co.;
Clarence E* Unterberg, C. E. Unterberg & Co.; and Frederick M.
Warburg, Rutin, Loeb & Co.
on
★
Members New York Stock
on
Mmsch
pire
★
shaskan & co.
Boston
Corporation, New York.
Edgar
an
various committees of the Invest¬
a
oreeneomdCompciYuj
★ '
Co., New York;
.
He has been
National
Committeemen:
Wal¬
'• extended
leave of ter
Saunders, Tne Dominion'-'Se¬
absence by the firm so that he
curities Corporation; James Mus;may devote his iull time to De¬
90n, B. J. Van Lngen & Ca.,„Incg
fense Savings activities.
- i
Winthrop Pizzini, B. W. Pizzini &;
Mr.
Ford has
been active in
Co.; and P. Fred Fox, P.; F. Fox
granted
WANTED
is
&
The present terms of office
Corporation.
ton
who
Sammon
Frank
Co.
Directors for two years: Harry
Department at Washington,
Reed,
Hardy
& Hardy; -Willis
giving continuous assistance to
hundreds of voluntary oommittees Summers, Hoit, Rose & Trosier;
and Richard Abbe, Van Tuyl &
of citizens organized throughout
Abbe.
"
■);"
each of New York's 133 counties.
tive Committee of The First Bos¬
One
&
ury
Mr.
>
Vice-President:; Joseph
Janareli, Freeman & COj.
Treasurer: George Leone, Frank
Mr.
rector and member of the Execu¬
TRADER
Vice-President:
First
V:,
Thomas
Hoyt, Stein Bros. & Boyce.
of
Ford will -act, in New
fense
'/
,
Administrator,
"State
As
direct
Schoonover, deWillers & Co.
120
it
Roggenburg & Co.
ward inflation.
:
Westchester
Bank
J. F.
The vacancies to be filled
curbing the present tendency to¬
County Securities including Mortgage
Certificates
against
also
s.
Preferred
Tudor City Units
We
For STANY Officers
readjustment
the war but
the
period following
log
Common
Co.
Patterson
Anderson, New York; ttogert W.
Putnam of Glenny Roth & Doolittle, Buffalo; John F. Saramon of
The Nominating Committee of Board of Governors will be
campaign to further,the sale of
caused
Defense Bonds and Stamps.
To the Security Traders Association by the expiration of terms of
of New York, Inc., has submitted Perry Ethis
end
I
pledge
my
best
Hall, Morgan Stanley &
efforts.
Certainly, investing in to the members the following ten¬ Co., and Frank Dunne, Dunne &
tative list of nominations for the Co. The vacancies on the District
pur Government at this time is
not only one of the wisest ways year 1942:
No. 13 Committee are caused
;/
,y *;•■'
by
President: Stanley Roggenburg, the
to accumulate a financial back¬
expiration of the terms of
HAnover 2-9470
Teletype NY 1-1140
.
.
Suggesls Nominations
associates
Department's
Treasury
.
—:
—
his distinguished
in" the
YORK
NEW
.
Secretary Morgen- *
privilege of work¬
Chairman
with
ing
and
Exchange
Curb
to
thau for the
,
.
I am<$
signally honored.
am
;
-
grateful
1941
York
TRADING MARKETS IN
.
REAL ESTATE
Optical Co.
New
Securities
SECURITIES
Fiank C.Masterson & Co.
Members
of
pointed by Secretary of the Treasury Morgenthau, "to serve as State New York City, Chairman, Mal¬
Administrator for New York.
Informed of the appointment,: Mr; colm Edgerton of Green, Ellis &
Oklahoma Railway
5s,
Association
Ford said:
North American Cement
All
'tional
Dealers,/ Inc., announces the ap¬
Richard C. Patterson, Jr., Chairman of the New York -State pointment of a Nominating Com¬
Committee for the Sale of Defense Bonds and Stamps announced on mittee ; consisting
of
J.
Taylor
Oct. 25 that Nevil Eord, prominent New York banker, has been ap¬ Foster of Spencer Trask & Co.,
Berkeley-Car taret
Detroit International
vHenry G. Riter, 3rd, Chairman
.
;of District No. 13 Committee, Na-
a
are
investment
bulletin just
according to
issued by Strauss
Bros., 32 Broadway, New York
City. Copies of the bulletin, dis¬
cussing the situation, may be ob¬
tained
from
Strauss
Bros,
'
DURYEA & CO.
Members
65
New
York
Stock
Exchange i
BROADWAY, NEW YORK, N. Y.
Teletype NY 1-1702
upon'
request—ask for Bulletin Service
No.~30.
Trading Department
,
still the most at¬
TeL
WHitehall
4-0488-89-90-91
■,
803
,
COMMERCIAL and
:
•
THE COMMERCIAL & FINANCIAL CHRONICLE
.
Number 4000
Volume 154
FINANCIAL CHRONICLE
|
Reg.
<
'
.
25
i
'.i '
Publishers
Tomorrow's Markets
V
:
,
]
"
3-3341
BEekman
Walter
'
Seibert,
Herbert D.
■'
!
J Frederick W. Jones, Managing Editor
Seibert, President
William .Dana
•
■
.«
three* times
Published
week
a
•
^Other
.
•
of Fred H.
Chicago—In charge
offices:
X
"h
••
«Oray,
Western: Representative, Field Building
1 (Telephone
State 0613). London—Edwards «Ss
»Smith, I Drapers' Gardens, London..,;E.G. v ■>
Copyright 1941 by William B. Dana Company.
Reentered as seCond-class matter September
The
still
market
nothing;
,pays
a
is
Members
little
1941, at the post office at New YorK, N. Y.;
under the ,Act ef-vMarch-3, 1878/-,$
•,
United States and Posses$15.00 for 6 months;
i in Dominion of Canada, $27.50 per year, $15.75
"Vfor 6
months.
South and Central America.
4 Spain, Mexico and Cuba, $29.50 per year, $16.75
»for 6 months; Great Britain, Continental Eur¬
,f
.
Subscriptions
$26.00
tSions
ope texcept Spain), Asia, Australia and Africa.
$31.00 per year, $17,50 for 6 months. NOTE:- On
<.
account of the fluctuations-in the rates of exchange, remittances for foreign subscriptions
?
..
-sand
advertisements must be made in
funds.
.
to
year,
-
■';
-
.
York
New
-.
'
WALTER WHYTE
The market had two
blocks of underlying,
>
>
.
second ; was
So far
<■*
,
invited
*
7/J;
*
'L
•
Telephone
Gr.
Vltl
concerned
quickly •: that. ( onlookers
have become alittle!
the
that
j
market'
the
action and refused to
follow;
situation if plea;sihg td
N.Y. 1-1063
YORK
of
rest
got stuffy about the Tobacco
Broadway;.' Teletype-,
7 52
9-6400. NEW
was
dizzy. It might be pointed out
v*
suit;
a
holders; of
iw. R. McCain Elected
j Chemical Bank Director
K :W; Ross McCain, President and
lall Hearings On Unlisted Trading Privileges
The New York Security
Nov.
.
]
4-6551
6, ,1941 at 3:15 p.m.
f
^
>'■ V
Vis,
'
■'
'
1
1967
f
.
'
•
■ '1
Globe & Rutgers Fire Ins.
Cespedes Sugar 7y2$t'39
1934, which have been started^
*
the House Committee onh;
Interstate;and Foreign Commerce, Wall
If
certain, amendments
to
the
other
stocks ;.was'
'—
Joseph McManus & Co.
before
Securities. Exchange
Act,
as
Fete
pro4
counter houses
can
over-the4
expect
Club
Riding
Wall
the
of
will tender
flood
a
Members
New
Retiring Officers'
Members
enacted .into Taw, the
are
Association declares, the
Street Riders To
on
Street-
39
Oct. 31,i
Friday,
York
Curb
Exchange
Chicago Stock Exchange
Broadway, New York
DIgby 4-2290
Tele. NY 1-1610-11
testimonial party to:
a
applications by the Exchanges two of its retiring officers, Mr.!
H.
Struckmann, » who
to expand "Unlisted Trading Priv-t .Gerhard
ileges";. in > securities now- traded served as president for two sea-i
and Mrs. Mildred Marsh
in the Over-the-Counter markets. sons,
secretary for
In this prisis the over-the-counter Butler, the club's
four years. Both Mr. Struckmannfraternity; must present a united
of
front
to
oppose
any
legislation;
ridt; in the; public interest, that
might, mean the extinction of es¬
and
Butler
Mrs.
board
tion
of
on
Over-the-Counter
,
;.4The meeting will
mar4
Inquiries
Bond
Butler
secretary.
as
1
B4; Twombly, 1 Counsel;
Committee
on
Re-employment; of
The Steel
1111
1
1
1
'
|(
i
Roe In San Antonioj.: AUSTIN,; TEX.
James will become
Ctfs.
Co.
Ctfs.
Title
Co.'s
other
Trust
-
Participations
i
Donald James Joins
pointers-]
Co.
.
,
Edward,
Title
Complete Statistical Information
;
be addressed
all
and
In
Ctfs.
Co.
Mtge.
&
be
Bank
Invited
Mtge.
Lawyers
gifts will;
services,
In
Specialists
Lawyers
presented by the new presi-'
Miss
kets how serving a useful purpose^ dent, Mr.. Burton Wander.
the Association maintains.
i Frances Weller has succeeded Mrs.;
tablished
Are
REAL ESTATESECURIT1ES
the
In apprecia-j
directors.
their
of
remain
We
Donald D.
—
.
J. GOLDWATER & CO.
inc.
:
.
Members New York Security Dealers Assn.
39
Broadway,
HAnover
New York, N.
2-8970
Teletype
ny
Y.
1-1203
associated with
E. J. Roe & Company,,
Frost Na¬
figures showing Men and of Money of the Com¬ tional Bank Building, San An-]
earnings as the merce & Industry Association of tonio, Texas, effective Nov. 1st;
the 'Chemical largest since those grand anc{ ;N.:-Y; (iormerly Merchants Asso- Mr. James for the past several;
ciation)7",';f..TV■ ■.•:J.
'Bank & Trust
years has been engaged in the in-j
Frank Dunne, President of the
Co.
Of
New glorious days of 1929 made
York. Mr. Mc4 reading mf a
different sort; New York Security Dealers Asso¬ vestment/business in Austin as
Cain
is
also Nice,
pleasant reading;;Ariy-i ciation; and a member- of the Donald D. James, Inc. In the past
Board of Governors of the Na¬ he was a
President and
principal in the firm
way that's what it must have
'Director of
•*Company of Hartford, Conn.,-has
been
elected
a
Director
of nine months
?
Dept.
WHitehall
4
40th Floor on Thursday,*
to which certain non-member houses have]
of
with-pride to do to point to.
7
Securities
STREET, NEW YORK
Aldred Investment Trust
meeting at the Bankers Club, 120 Broadway,
by-Edward E. Chase, President of
poor, satisfaction to American! the Maine Securities Company of
Tobacco stock owners.
Still Portland, Maine—also a represen-i
tative ;.of
.the : Security
Dealers
it's something
or >
Association of Maine, and Lt. Col;
^Director M the Aetna Insurance
WALL
Dealers Association will hold a general
■
the Tobacco divi-l posed,
must
GUARANTEED RAILROAD STOCKS-BONDS
BO.
as
i
'•
everybody who watches the
market knows what happened;
The stock sold-off 10 points
so
Inquiries
prices
;
news];;
dend
inactive
railroad bonds.
>
^
dividend;'
the" Steel
Tobacco
*
equipped to liquidate
^
.
statement.
are
rich
.
-
American
To The Institutional Seller:
Per¬
it
Security Dealers To Meet To Discuss ]; ;
I
<,
major market news, to play been invitedduring the past; week; E-;; The ^meeting will be to discuss the hearings on proposed amend-!
ments to the Securities Act of 1933 and the Securities Exchange Act:
The 1 first was the cut in the
with
the
We
Obsolete
•
of
V'
i
N. Y.
news,
By
V-
Exchange
Exchange
Telephone:
neither kind lasts long;
in
per
those
"strike"
to
but the effect of
signs
watch for; details below-
good
with
securities?
can
.Teletype NY 1-5
1:
York Stock
Yprk Curb
99
.
12
New
you
by contacting our
more
than
bad
attention" to
saying
New
sitting-
"non-tradable"
Street, New York
Members
y
of
haps
..Telephone HAnover 2-4300
[every
Thursdaygeneral news and adver¬
tising issue) with statistical issues
on
Tuesday and Saturday] ; \
4.
*> •. v* • '
' ' •
•"
,'f
.
25 Broad
t V
Tired
&
encer
William D. Biggs, Business Manager
"f
Thursday, October 30, 1941
f
1
BORED?
Says—■
■
\
v'.
AND COMPANY
MEDITATION
Whyte j'f
Edltor'arid Publisher
liCHitnsifii
,B.S.
PREFERRED STOCKS
Street, New York
Spruce
:
High Grade
S. Patent Office " :
U.
William B. Dana Company
;
•
•
'Market
Place
for'
LOW PRICED STOCKS
'
.
Aircraft Protective
Prod.;
'
:
the
World
Fire
Marine
the
&
anc(
been to those who don't
own
the stock because aside from
Century it's
interest
contemporary
literature, it's in4
as
tional; Association of Securities
of W. P. Fitch & Co. and was man-j
Dealers, Inc., will preside.
Admission, to the meeting is by ager of the Bond Department for
card only, and those desiring to the Alamo National iCo. of San
.
Col
Insurance
of'
Charlotte;
;
Tuesday anight
ii
closed at 53!4«
Chairman
of
the
of
Di-
N.
He
C.
Board
W.
Ross
surance
of the
rectors
McCain
In¬
Standard
Company
of N.
Y., the
] Standard Surety & Casualty Com¬
of N. Y.; and a Director of
Connecticut Mutual Life In*
pany
Ithe
Company and the First
National Bank of Hartford.
He U
surance
a
Trustee
of the Mechanics Sav4
broad
out
over
attend
should
communicate
with
Charles c. Leefe
Joins
Content, Hano Staff
H.
attended Washington and Lee
University and later the Univer¬
sity of Arkansas where he grad¬
uated with a Master of Arts de¬
with
have
H.
L.
gree.
He is a Phi Betta Kappa
Washington and Lee Uni4
versity, and studied at the Uni¬
versity of Bonn, Germany, and
the Sorbonne in Paris." He was
admitted to the Arkansas Bar in
1903.
He is a member of the St,
Andrews Society
of N. Y., and the
Drug & Chemical
Club of N. Y.
Corp. Traders Dinner
Corporation Bond Traders
Club of New York held its seventh
Annual Fall Dinner at the: George
The
Washington
Frederic
newsman
.Hotel.
Snyder,
.,
Oct.
-
.
STEiTTbros.
50 Broad
become
HAnover 2-7783<
associated
Co., 60
bond
bargain
Operating Utility
1st
Mtg—Yield IO% +
^
on
page
812)
son,
Leefe & Co.
!
Circular
Request
on
I & Girvin.
A. 0. VAN SUETENDAEL
15
Wie
are
interested in:
N.
B'WAY
-
YONKERS, N. Y.
N. Y. City Telephone MArble 7-9524
Bell Teletype Yonkers 2318
CENTRAL GAS & ELECTRIC CO. 5%«, 1946
CENTRAL GAS & ELECTRIC CO. 6s, 1946
FEDERATED UTILITIES, INC.
GENERAL PUBLIC UTILITIES
5*/2s, 1957
CO.!
1955
Eastern
GENERAL PUBLIC UTILITIES CO. i 6y2s, 1956
NEW YORK WATER
PUBLIC UTILITIES CONSOLIDATED
Corporation
Bonds, Preferred
SERVICE CORP. 5s, 1951
>
Common
&
Warrants
Bought—S old—Quoted
CORP. 5y2s, 1948
Complete
TELEPHONE BOND & SHARE CO. 5s, 1958
sent
statistical
on
report
request
R.E.Swart & Co.
24th.
Ahead
St., N. Y.
Teletype N. Y. 1-1481
as a token of respect
earnings, the; stock
opened away up—plus 3/4 of a
point. Yet before the day was*
gen & Co. since 1938, is now asso-1 for the past ten years has been
over
bogged down and hugged dated with them in their Bond
uh H L Allen & Co
and prior
the 53 price finally closing
Department. From 1934 to 1938,
_
.
under that figure.
So much Mr. Leefe was a partner of Gib-1 thereto was a partner in Fowler
the
INCORPORATED
and traveler, spoke on
:of the News."
Are Now
well-known
"Current Events and News
Gulfboard Oil
Majestic Radio & Tel.
Postal Telegraph
Schwamm &
sas,
.from
Flour Mills of America
v:.;
Content, Hano & Co., 39 Broad-t Broad Street, New York City.
way, New York City, membfers of
Mr. Bate was formerly in the
the New York Stock Exchange^
Bond Trading Department of J. S.
announce -that
Charles C. Leefe;
who has been with B. J. Van In- Rippel & Co., Newark. Mr. Girvin
parently
to
j
Dudley Bate and Herbert C.
Girvin,
native of Arkan-r
Mr. McCain, a
[;: ''3.■;! i,
::
With H. L. Schwamm
the
tape. The next day, ap¬
]
Home Appliances
"
Steel
After the bell
came
(Continued
ings Bank, Hartford.
-
news
Big
Bendix
Ordnance
'
Antonio.
' >■ .•^'[
n d e m n i ty financial
Frank Y..Cannon, Executive Sec-i
Companies of
trinsic value has so far beep
retary at the Association's office—
-Hartford,
42, Broadway, New York, DIgby
Conn., and the practically nil,.;; '
Bate & Girvin
■.
Piedmont Fire
''iOx.'v. *
* a:;*. .J 4-1650.^
|~ I
American
40
INCORPORATED
CHICAGO
NEW YORK
Tel.:
EXCHANGE
HAnover
PLACE, NEW YORK
2-0510
•
Tele.:
NY
1-107J
THE COMMERCIAL & FINANCIAL CHRONICLE
804
notice
of
Thursday, October 30, 1941
BIRMINCHAM
redemption
/
-
n
Canadian1
West
Virginia Pulp
and) Paper Company
Mining
First
Securities
Complete statistical data '
available on all,.Canadian mines
Mortgage, dated as of December I, 1939, from
Virginia Pulp and Paper Company to
Irving Trust Company, as Trustee, the under¬
signed has drawn..by Jot and .will, redeem,by
"operation of the sinking fund on December 1,
1941, at its principal office,. No." One Wall
Street, City of New York, $220,000." principal
amount of .West .Virginia Pulp and Paper Com¬
pany First Mortgage Bonds;; 3%
Series due
1954, at 101% of the principal sum thereof,
together with accrued interest to December 1,
1941, the Bonds so drawn being identified by
number, as follows:
v
*
Macdonald & Bunting
Toronto Stock Exchange
HUmbera
HAnover
St., New York, N. Y.
Tele. NY
2-7673
1-1619
New iYork
Toronto
„
■M
0
M1320
M2790
M3923
M
"11
M3948
M3951
M5262
15
M1362
M1363
M2882
M
M5286
34
M1396
M5288
M5304
M1433
M1476
M3003
81
96
M1527 M3032
tstock-andvc
America^ TotiXtciiJ
^pon;
the Common
;':lhe-;
M1538 M3079
M3211
M
M4218 M5412
M4290 M5416
;
.'
^
;
M5429
M1875
634
M3395 M4592 M5886 M7597
M3418
M4640 M5950 M7637
M3446
M4716
M6002
M7653
M6012 M7674
M6044 M7681
M 801- M2082
M 819 M2159 M3594
M4970 M6159
M2217
M2241
M3631
M3659
M5000
M5010
M2296
M3677
M5025 - M6395
M7796
M7825
M7848
M 917
M1027
M2420 M3682 M5040
M6411
M7850
M2425
M3696
M5059
M6419
M7857
M1030
M2516
M3737
M5099
M6495
M7871
Ml 143
M2558
M3787
M5132
M6538
M1190
THE ATLANTIC REFINING CO.
M2701
M3796 M5146
M6545
M7874
M7919
M6243
M6304
At
M1294
145
meeting of the Board of Directors
Iheld October 27,1941, a dividend of
^dividend of
to
one
Secretary
CLEVELAND,
♦
After December 1,
manner.
IRVING TRUST COMPANY,
..i.:!, V
;
•
■
■••}•'v.
«'•/'Her'Al
'
.5,
has
Lamson
was
:
previously. ^With"A:# iGJ
fv; '■< > t'AV.Vi
«.V J
^ *^4
'<iW-rX
J
nst'i
m-
HaUanirMaeGregor; previously
with;GMelyeny;;Wage
Bedkbr^^Gd."
iW'fe-
(Special to'Theri^ihanciBl "Chrbiilde)^^;: Durs^ If i^W^ffiiidtedm
Hutton <fe
Company, 623 South
CHICAGO, ILL;-- Walter W.
Prosser
v'lv ^
has " become : .associated Spring Street.with J. P. O'Rourke & Co.) Board
v. 46pecl<q ..|o Jfhe;. Fhuuteial
Chronicle) / 11
of Trade Building.. ' Mr. Prosser
LOS ANGELES* CALIF.—An¬
was previously with R. H. Smart
drew M. Clermont' has become
& Co. and Moore, McLean & Mc-t
connected with Franklin
'
■*
-
y.;:»;>■:.:DETROIT..?:;
r;
vr'«r.v
•r..
Telephone
,
Ca4Ulac
'
...
.VT1'
a
•
I
6134
Pe'I Tdelypc'
DE
•
49 '-it'
*//'.■V-.1', i-
.y
(Special
to The
Wulff &
:v;;'
Chronicle)
Financial
Bankamerica
and in
was manager of the cor¬
poration .trading. department of
F. Niederman
of Greene
Brock, whose main
&
tional
Building,
Niederman
Mr.
the local office of the
in' the Third Na¬
fornia
Dayton, ' Ohio.
in
was
the
past
Co.
/'^Special
connected with Grariberry & Co.
of
San
Anglo Cali¬
Francisco.
to The Financial
J
Chronicle)
Charles A. Parcells 6* Co,'
.
•?
MIAMI, FLA.-r-Clifford Walter
Snyder has joined the staff of
;
" j
(Special
is
Building.
: '
affiliated
with
Cp.r Penobscot
•»V";{J,'
.
*
:
•
~
*
'
}
(Special to The Financial Chronicle)
Detroit
Stock
Exchange
^
DETROIT, MICH.
,"
MINNEAPPLIS,J MINN.—John
}'
of
PENOBSCOT BUILDING
M,
MICH.;— John
now
Paine, Webber &
siy£
Shoreland Arcade.
Chronicle)
Financial
to The
DETROIT,
Members
Guaranty Underwriters^ Inc;, ^138
and Thomson & McKinnon.
Ml
SECURITIES
.
Company,
OHIO.—Clifford
the past
has joined the Staff
CINCINNATI,
office is located
LISTED AND UNLISTED
CO., Inc., 650 South Spring Street.
Mr ..Clermont was. previously with
as
Connely To Speak At
,
Po^iei ^tt'ConDcir'&
with
sob
l::;b^cbhidVj^i^^ted Wulff •-.# G<^:7lh6r^fy.
-Coi,tJ35
'
W. Smiley is how connected with
-H. • Bishbp---&-: Co*, ^ Thorpe
filiated with Bankaiiibrrca tdmPanY» -300
v Montgomery
..Street,
Mrr"*1—"
'
" • ""
- '
" ■- i
Mrr- Foley was *• formerly cashier •
to. The Financial Chronicle)
•? :Buildin^/'cIn4hn:hast;M^
WAYNE; IND. — Frank was. active ns
' v
aujndividual ^dealer for;ponriellan & jCo,/
standing common stock of the Com-.
Emmett F: Connely, President of C. Winey has become associated
ahJRochester,; Minn, v'vi:;
| pany, payable, on November 25,' 1841,
the Investment Bankers Associa¬ with M. E; Fowleif & * Co^ whose
to shareholders of record 'at the
^
-j***- ^ y _»u<**
\
•>>,
close of business November 5, 1941.
tion of America, will: be guest of main
office
is i located; in 5 the
EarLDay.and Coy^A. Guyer have
honor and speaker at a luncheon Fletcher Trust Bulidirig; Indiaij-r
24, 1941
j
y:"'.7 7..-V i
MORRISON, JLL/-^ HarIey :,L.
beEu .added vtd: the ./staff of Pri- j j. •
meeting of the Bond - Cliibi of New apolis, Jnd.' c
iU« ^> Swarts is JjoVV with'H.'J.' Rendall, tected Investors of
-v'
America, Rubs
First ^National i Bahlr^ rBuilding;
Jersey to; be held" at the Robert
Manufacturing
clared~
(75c.)
Cents
of
per share
de-
has
Company
dividend
-a
NJ Bond Club Laneli
Seventy-five
of the1 out¬
(Special
„
FORT
J
"
_
October
•
•
4
v
.
I
Treat -Hotel in. Newark
on Nov. 5,
(Special to -The Financial -Chronicle) •
at 12:15 p.m-, it was announced by
HARTFORD* CONN, r-r Francis
Lee. .W. Xarroll, President, of the J.
Conlon, formerly with: Tifft
OTIS
Mr-Swarts;
;was v formerly
Wilson M-, McKim
with
ahd 'Pribr thereto vvas with ComCo.; mertjal Investment Discount C9.
The :1v'i y-"-. '
't; (Special' t& The .Financial' Chronicle)^
i"
and after the War " The Board of R. F. Griggs Company, 50 Leavr:
OAKLAND, CALIF.—James Bi
Governors of the Club will hold ehworth Street, Waterbury, Conn.
ELEVATOR
>
•(
.
an
172
Dividend No.
Preferred
a.m.
Common Dividend No. 136
A
quarterly dividend of $1.50
share
a
meet Mr.
per
the close of business
on
Checks will be mailed.
C. A. Sanford, Treasurer
Kctv York, October 22, 1941.
GAS
UNITED
CORPORATION
$7 Preferred Stock Dividend
United
1941,
the
on
for
,
a
meeting
Gas
of
Corporation
Preferred
-
Stock
H.
E.
October
of
Directors
28,
of
the
Corporation
1941, to stockholders
UNITED
DIXON,
STATES
CO.
Goo. T.
the Board
of
Directors
22,
10,
C.
.
■,
New York,
1941
of
this
With Geo. Eusfis Go.
CAMERON, Treasurer.
■j;
Koch will become
Henry
a
partner in Ralph E. Samuel & Co.,
^ members
of the New York Stock
.Exchange,
li5
'York City, on
Broadway,.
New
November 6th.
to The
Financial
with
Geo.
EuStis
&
Co.,
Denton
a
retail interest. He
was formerly
trading department of
W. P. Claneey & Co., with which
he
had
years.'
been
associated
for- six
Building.
"PASADENA,
to The
Financial
Chronicle)
IND.
—
Ed¬
ward W. Zaiser is now connected
with
Haskell, Scott & Jennings,
South La Salle Street,
ing.
with
Chronicle)
CALIF.
—
.
'
John
SAN
| J
CALIF:-}-
-FRANCISCO,
Homer B.; Percy, formerly with
•Denault & - Co4' is - now connected ijTV,
With WaldronCompany,! 405*
1
Montgomery Street.
-r
;
-
;
>
^(Special _to The. Financial Chronicle) -j :
SAN
FRANCISCO, CALIF.—
Philip B. Taylor
R. W. Mason arid
now associated with Franklin
Wulff & Co., Inc., Russ
Building.
Mr
Taylor was
are
Bacon
was
&
Co.
and
recently with
prior thereto
with Franklin
Wulff & Co.,
Freeman, Parrish & Co. and de
Fremery & Co.
Mr. Mason was
Mr. Horton previously with Bankamerica Co.
Beane, First Trust Build¬
&
Chronicle)
■x
,
(Special. to The Financial
Company,
&
* Mr. Barbour was formerly
R. N. Gregory & Co. and
Wm. Cavalier & Co.
with Bateman, Eichler & Co.
(Special to The Financial Chronicle)
and.Boothe, Gillette & Co. sj
ST.
Chicago, 111. Mr. Zaiser was pre¬
PETERSBURG, FLA.—Wm.
George Norman' has become as¬
viously with Arthur H. Wyatt
(Special to The Financial Chronicle)
and Simons & Co., Inc.
with
Merrill
In the
PASADENA, CALIF.—Gunnar sociated
Lynch,
past he was an officer of Zaiser H. Allrud has joined the staff of Pierce, Fenner & Beane, Florida
& Zaiser, Inc. of Indianapolis.
O'Melveny, Wagenseller & Durst, National Bank Building.
Inc.,
120
was
595 East Colorado Street.
(Special
to The
LAGUNA
with
Ames
Chronicle)
CALIF.—
Rippey,
Jr., for¬
local
representative for
Co., is now associated
Dean Witter
&
Co., 634
(Special
LONG
In the
past Mr. Allrud was manager of
the bond department"3 of the local
office of Dean Witter & Co.
(Special
ST,
(Special
to
Financial
The
Bank
Chronicle)
SAN DIEGO, CALIF.—Howard
Street, Los Angeles, Thomas Snedicor has become as¬
to The
•
Financial
'
Chronicle)
The
Financial
Chronicle)
MO.—Lee D. Gra¬
the staff
Building.
_(SpecIal
to-The Financial
Chronicle)
San
TORRINGTON, CONN.—Frank
Diego Trust & Savings Building.
Mr. Snedicor was formerly with
Leslie Baldwin is with Fahnestock
with
sociated
Hope
&
Co.,
BEACH, CALIF.—Zeva
Franklin W.ulff & Co., Inc.
formerly
with
the
Albert,
Morrisorr Bond
to
LOUIS,
ham has been added to
of Slayton & Co.,
Inc., Boatmen's
&
South Spring
Calif.
P.
Financial
BEACH,
Co., Ltd., has be¬
Fourth National Bank Building in come associated with Protected
the capacity of trader. Mr. Grady Investors of America, whose main
is
located in the Russ
will also continue several situa¬ office
tions in which he has always had Building, San. Francisco,
in the stock
Bank
associ¬
ner
(SDecial
INDIANAPOLIS,
Chronicle)
CINCINNATI, OHIO—George T.
(Whitey) Grady has become asso¬
ciated
October 29, 1941.
R. E. Samuel Admits Koch
;;
(Special
Company,
to stockholders of
1941.
Grady Is Now
become
„
Davies
dends in arrears on this date has been declared
payable November
with
CONN —Samuel
has
Green has been added- to the staff
of Geo.- H. Grant & Co.; Central
Inc., 64 Pearl Street.
In the past Menzies Barbour and Samuel W.
Mr.
Leventhal
was
connected Horton have become associated
with E. A. Robinson & Co.
with Merrill Lynch, Pierce, Fen-
merly
Treasurer.
LEATHER
Leventhal
Thresher
installed in December.
dividend of $3.75 per share on its Prior
Preference stock to apply on account of divi-
record November
1
of
on
ST. LOUIS, MO.—At its annual
election, the Mississippi Valley
Group of the Investment Bankers
Association elected E. K. Hage¬
mann j
G. H. Walker & Co., St.
Louis, Chairman of the group to
succeed W. W. Ainsworth, of the
Metropolitan St- Louis Co. Andrew
S. Mills, Francis, Bro. & Co., was
named Vice-Chairman and Benja¬
min F. Frick, Stix & Co., Secre¬
tary-Treasurer. Officers will be
A
by
;
J.
Chronicle).,,
to The iFinancial
HARTFORD,
•
of record at the close of business November 7,
THE
;
held
payment December 1,
11941.
i
Board
the
dividend of $2.25 per share was declared
$7
^
Of IBA
Elects E. K. Hagemann
November 25, 1941.
a
(Special
floor, to
Miss. Group
value Common Stock have
been declared, payable December
20, 1941, to stockholders of rec
At
11:45
ated
the
no par
at
Connely. ;
at
the Preferred Stock and
on
dividend of 40^ per 6hare on
ord
informal, reception
in Room. D, first
Building:.;^ I
oLSt^ling, Jll>;
Club.. Mr. Cormely's topic will he Brothers and Fahiiestock &
"The Investment Banker during has. become affiliated with
COMPANY
■
A
0jiZORP(jR^^pN'BONjE>$'x''J
-vf
f V'n
'-A
W-V;
Dated: New York, October 25, 1941.
Eaton'
of
-V f * Jv{' ^ if
"'Li //'.•I
.iweiiuy'conDeciea'wnn'rraTiKnri
Trustee,
By F. G. Herbst, Vice President.
•
r.an^i'..
,
If
Dyer
Directors
of
Board
the usual
OHIO
7,-Dividend Wo". 67"
The
if
or,
1941, said Bonds shall cease to bear interest and
cease to be entitled to the security of the
mortgaged property, and the appurtenant cou¬
pons maturing subsequent thereto shall be void.
w M. O'CONNOR
,,,
*' J..
Dermott.-J'
shall
MANUFACTURING COMPANY
EATON
M6650
ment in
^business November 21, 1941. Checks
27,1941
M5224
registered, accompanied by duly
executed instruments of transfer, with all cou¬
pons thereto attached maturing after December
1, 1941.
Coupons maturing on December 1,
1941 should be detached and presented for pay¬
special
stockholders of record at the close of
{ October
M5175
M3913
form
on
will be mailed.
I'f'.
>'
estabmsjsex) t879'
/
i.-'iv.-'A 'A-f f f•*->,
Trust Department of the undersigned in bearer
dollar per share were
the Common Stock of the
^Company, payable December 15,1941,
^declared
"n .'
The designated Bonds should be surrendered
on or after December 1, 1941 at the Corporate
a
a
M3899
M2776
Ml 250 M2742 M3847 M5152
M1263 M2757 M3881 M5167
NUMBER
Jwenty-five cents per share and
M2762
M6576 M7933
M6617 M8000
M6654
M1308
,
-
M7793
M 851
DIVIDEND
XX
."1
•"
M7369
M1975
M 836
COMMON
••
M?218
M60.66 M7708
M3546 M4927 M6078 M7732
1941
,.A
S.r.'v
■
M4446
r
I
•
j
M7092
M 730 .M2034. M3510 -M4773
M 734 M2G45 M3516 M4866
M 783 M2054 M3522 M4912
■{}. ::y:•'' TEdmund %
ALABAMA
t.;-
M4343 M5423 .M73J7.
M4159
M 860
•<!
t*.v,
BIRMINGHAM,
*
't
/'Vf
M6789
M1667. M3239
M1747 M3243
M .675
btsh km Dej^mber J ;194i;tOBtockholders
of record at the dose of business Noveraber
10;. J941; Checks wfllbq mailed'
M5303
M 668. M1911
Com^jiy; payable in
i'
^
Jilv'"-.;1'-';'
;
vM: 321 M1753 M3288 M4500 M5443 -M7396
M 333 M1815 M3305 M4555 M5498 M7433
M 361 >M1821 M3330 M4586 M5551 M7482
M 549 M1839 M3346 M4587 M5572 M7558
M 628 M1840 M3364 M4588 M5657 M7575
of. Seventy-five Cents -(7 5ft) -per
if"'-'
M6972
M 173 M1617
^r4SXH'''COMM<^'^IVIpENp"ten declared
M4052
M5383
M. 102
M 246
M 320
share has
i'
.0 v'"1,
M1517 M3031 M4114" M5364 M6955
M
A dividend
■.J'■;)•'V.v'>■
•:
M6678
Mv78
.
X*'--
I.
M5254 M6657
M
XHevr YorYCity
"•"■i,
h
MARX & CO.
v.' i;
M6771
M6772
M2915
M2937- M3952
M2993 M4010
-M-- 40
incoammtip
;
i',
W'U <:•••..•* «r
■...
,
M6758
•M
DIVIDEND NOTICES
! 1 l i iF^ifth" Ayenii^
-
,■
West
:
v.
UTILITY PREFERREDS
Notice < is hereby given that pursuant; to
the provisions, of Article Three of the First
Traded in U. S. Fundt"
41 Broad
'u'..
Mortgage Bonds, 3% Series due 1954/
(Special
SAN
to The
Financial
FRANCISCO,
Arthur
P.
Parsons
nected with H.
is
CALIF.—
now
Co., 127 Main Street.
m
Bond Attractive
Chronicle)
R. Baker
&
„
;
con¬
& Co..
An attractive situation is of¬
fered by fhe first
mortgage bonds
of an operating utility
company
Mr. Parsons was priced to yield 10 %
plus, accord¬
previously with Edgerton, Bourne ing to a descriptive circular
just
(Sn°cial to The' Financial Chronicle)
& CO.
•
•.
; •'
issued- by A". O. Van
LOS ANGELES, CALIF.—Har¬
Suetendael,
15
North
old R. Scherer has rejoined the
Broadway, Yonkers,
(Special' to The Financial Chronicle) !
SAN - FRANCISCO;
staff of Fairman & Co., 650 South
CALIFS JNc Y.^ from Whom copies • may be
Robert J. Foley has- become af- obtained upon request." * - - '
Spring Street.
Mr. -Scherer- was
Russ Building.'
.
'
-
■
•
-
"1
Volume 154
805
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000
-
DETROIT
ERIE
Wabash Railway Company
RAILROAD
Watung, Lerchen & Co.
Certificates
'
*
An
Members
'
1
•
York
York
Curb
Associate
Stock
■Detroit
Company
..
....
Exchange
and
securities
Stock ' Exchange
New
New
•
r
>
■
will
of
deposit to be issued by the
•
Reorganization Managers
•.
the
of
analysis
a-
v
.
.
"
ALL ISSUES
new
Aluminum Ltd.
-
Bell
be
Bought
Sold
—
Quoted
—
request.
upon
PFLUGFELDER, BAMPTON & RUST
'
3osepb Walkers Sons
Ford Building v
M*mk*rt Hrut Yirk Sltnk
DETROIT
Canada
Brown
Members
■
•.
York
New
Exchange
Extktmg*
Dealer* In
*.■*>*
Gold
v
-
v
;
'
'
Cons.
Sugar
Mining & Smelting
Distillers
Seagram
Bell Teletype—NY 1-310
'
REORGANIZATION
RAILROAD
Dredging
Canada & Dominion
New York
Telephone—DIgby 4-4933
■/
Stock
Broadway
61
Company Pfd.
Bulolo
sent
Stock Exchange
Chicago
Telephone of
Mines
Dome
SECURITIES
■
i
120
•
Randolph
Telephone:
5530
Tel. REctor
GUARANTIED
Broadway
STOCKS
NEW YORK
Fanny Farmer
2-6600
Hiram
Sine* 1855.
Hudson Bay
ST. LOUIS
s
RAILROAD
Edward D. Jones & Co.
Louis
St.
Inquiries Invited
'"
.
'
Chicago Bd. of Trade
Exch.
Chicago Stk.
Chicago Mercantile Exch.
Curb Exchange Associate
Member
Assoc.
York
New
s. h.junger co.
40
Postal
Phone
CEntral
Long Distance
Teletype—ST L 593
Bell
7600
increases
the
Exchange PI., New York
Phone
N. Y.
Teletype
4-4832
DIgby
of
absence
trary,
1-1779
data
study
any
'For
a
&
educational
non-profit
Association
Bankers
509 OLIVE ST-
in
project
coopera¬
from
to
the
obvious
to inflation-
the
Exchange
tee
of the Association's Commit¬
The school
~l promote among
Agriculture.
on
is.> designed /to <
bankers
commercial
*-,*'■.*
Combined
Stocks On Market
*"*;♦-
r..
.-/v
be
a/
common
(par $1)
stock
with
school
School
on
the
Key
of
rela¬
of Dec.
afternoon
a
6
Key Bankers, who represent the
of Black
Oct.
associates.
sale
The
,pf J these
banker
of
program
.
Co., represents the com¬
York
pletion of one of the steps in the
integration program of Commu¬
nity Power & Light Co., following
the
recently completed sale - of
bonds,
preferred
and common
stock of Missouri Utilities Co. The
says:
&
Read
plus
share,
the
and
The
increases
arbitrate
worked
to make the recommendations
tually binding
therefore
taken
VV in
bonds
as
intimation
an
.
stock
share.
The first
Series A,'-3%%,
being sold by Dillon, V Land
mortgage bonds,
due 1971, are
Equitable Life As¬
Society of the U. S. at
Read & Co. to
surance
Light Co.
doperations of the
properties of General Pub¬
lic Utilities, Inc. and the business
and
operations of the Dakota
the busines san
Dakota
been
of
Dakota
both of which have
in the Community Power &
Co.,
'
Light system.. Proceeds to be re¬
ceived by the company from the
sale of
stock will be
balance of
come
L- R.
the common
applied toward the
of
purchase of these
Dakota
Inc. . as
consideration / for the
Public Utilities,
interested
New
York
State
,
t;,S j3U
hs.i'.sU
er
of
Rust,
Pflugfelder,
Broadway,
61
City, .shows the
for
leaders.
Jan.
1,
New
has put an effective damp¬
'-VH '-UCy U
ket,
while
influences
ered
closely
in
praisal
of
term
effect
when
the
be consid¬
now
as they will be im¬
making a quick ap¬
the probable longer
the
of
terms
increase
wage
announced.
are
4
V.
Everyone
serious
will
matter
traffic
and
ditions,
that
agrees
increase
wage
not
under
earnings
merely
a
be
a
present
con¬
shaving
the
top off the current extraordi¬
nary
results which
are
The danger of
increases is
on
wage
earnings when business
treats from boom levels.
re¬
One
important modifying circum¬
railroads
wages
10%
the
is that
of
a
not
the
pay
of
cost
10%
does
rise
in
amount
to
of
affected
Sam
the
Under
part
present tax laws, and so long
as
taxable
net
income
Is
!• v:
effecting
loss
tax
1
WALL
ST.,
NEW
equivalent to
the
group
the net loss of income to the
is only 69%
company
together
with
company .«
to be used to retire at
105%, $38,000,000 first mortgage,:
Series A, 3%% bonds due in 1968.
On completion of present financ¬
there
Secondly,
through
further
last
or
year
so
of
many
conditions
as
they
with
higher
the
years
but
fixed
in
,
charges
show
a
following tabulation
10%
wage
increase
we
(1943
payrolls which include executive
salaries not coming into the pres¬
ent controversy) together wi'h re(Continued on page 813)
*
173,900
in
customers
493
com¬
munities and adjacent rural areas
in
offset the wage increases.
the
stock.
tion and sale of electric energy to
is the extent to which
reductions
6%
($100
principally engaged in the genera¬
ex¬
during recent recession
wages,
of
shares
5,922
preferred stock
Central Illinois Public Service is
dividual roads might do under
isted
par);
common
trying to evaluate what in¬
traffic
4<fc
shares
par), and 260,343 shares ($40 par)
Finally, and highly important
in
replace
will
278,797
debentures;
cumulative
by heavy
which
$6 cumulative preferred stock,
(no
rehabilitation.
extraordinary
notes,
serial
payrolls have been padded in
the
A,
offered;
being
now
equal amount of Z1/^, and
an
mechanization and economies
^ on maintenance forces;
$38,-
first mortgage;: series
-
bonds
cured
naturally indeterminable)
possible
company's capital
$9,000,000 of 2, 2% and. 3% unse¬
the savings (amount
are
the
plans,
3%%
of the
granted.
As brokers
on
we
blocks
counties
61
central
in
and
Other activities
southern Illinois.
include the distribution of natural
gas
water and heat, a cold storage
business
electric
invite inquiries
or
and
the sale of
gas
and
appliances and equipment.
the..amount of
We specialize in
odd lots of
highest grade rails
We also maintain net markets in
MIL. NOR. 4 Vis 139 (Brown)
Wholesaling io Dealers
Oil Royalties
SEABOARD ALL FLA. 6s/35
Send for our new booklet
JOLIET & NO. IND. 4s/57
STUR. GOSHEN & ST. L. 3s / 89
"PETROLEUM ON PARADE"
MOP
It
will
help you
sell Royalties
5Y28/49
1. h. rothchild &
tellier & company
co.
II wall street
HAnover 2-9175
Members
Eastern
specialists in rails
n.
42
y.c.
Tele. NY 1-1293
Oil
Royalty
Broadway
Bowlinr
Dealers
Ass'n.
New York City
Green 9-7947 Teletype NY
1-1171
aggregate wage increase,
•V
•qr'
.
,
the
are
structure will consist of the
1-2050
increase
of
sale
bonds,
ing
NY
the
from
Proceeds
funds,
YORK
Teletype:
•
burden
through lower taxes.
assumes
of
the
to
Uncle
employees.
■
in the effect
seen
mem¬
,
not be¬
ing reflected in market prices
anyway.
principal
underwriting
Glore, Forgan & Co.; A» G.
Co.; Harris, Hall & Co.
000,000
In
&
oilr
the
should
portant
York
-
pro¬
modifying influ¬
ences
have been getting less and
less publicity.
These modifying
stance
1939, to date:- High—
,1
speculative enthusiasm for
on
The
Becker &
,
gressively deeper.; It seems that
each passing day brought a wider
wage increase to the rumor mar¬
following range
5/6, low—14%, last 33%.
1
in
rWHitchalt 3-3450
by
the rails in recent months, and the
/
Bampton
offer
pessimism has been growing
The defaulted railroad bond in¬
dex
arbitration
invest¬
an
members.
Other
the
of
are:
LEROY A. STRASBURGER & CO.
by .accept¬
The whole question of wage in¬
College
-
the
&
additional
bers
switches
■>,
Defaulted / RR^Sond Index
34
properties.-- -*
union
<
'
The preferred shares and
92,650 of the common shares being
offered represent stock issued to
of
by
headed by Halsey,
Co., Inc. and including
group
interest.
rail
We also invite inquiries from dealers
management and its rejection by
Co., Norwich, and
of Agriculture.
out
of
bonds
bonds, which mature in 1971, are
being offered at 107 and accrued
basis.
net
29
(Inc.); Blyth & Co., Inc.; Central
Republic Co., and, Lehman Bros.
*
Simons, Director of Exten¬
sion,
pany."
.additional
Springfield,
properties. The
such proceeds will be¬
general funds of the com¬
General
of
Bank
Bank & Trust;
the bonds and from the sale
7,350. shares
fi¬
wich; ; A. G. Brown, Deputy
Manager,
Agricultural
Credit
Department, American Bankers
Association; Burr P. Cleveland,
President, First National Bank
of
Cortland, .; Cortland; C. ,E.
Ladd, Dean,: New York State
Colleges
of > Agriculture: and
Home
Economics; ' Otis V A.
Thompson, President, National
recently organized to continue
properties
farm
on
Jamba, Mana¬
ger,
Agricultural Department,
National Bank & Trust Co., Nor-
'
Black Hills Power &
tables
discussions
Nicholas
Mass.;
103%. :
power
Power
round
j panel
borne
reorganization
most
on a
Inquiries Invited
.
been
Chicago
\V7E maintain trading markets
ac¬
both parties is
on
public
27,
3%%
A,
Oct.
made
was
46
out
offer of the Board to
the question is being
bullishly.
It has been
-
Toronto
Oct.
Monday,
Series
gage,
>'■
Exchange
sliding scale of
was
,
ance
Stock
ment
ing, would be effectively binding
on the carriers in any event under
present conditions.
The attempt
have
York
Stuart
presented suggests more than
unsubstantiated j hope of a
compromise
along
these
lines.
creases
nancing will feature the school's
"five sessions.
Among the chief
speakers will
be:
Dr. W.
I.
Myers,.head of the Department
of Agricultural Economics and
Farm Management, New York
State College of Agriculture; E.
H. Thomson, President, Federal
per
t
New
York
tem¬
a
any
the
1-395
Montreal
Central Illinois Public Service Co.
and
Also,
NY
offering of $38,000,000 first mort¬
with which
care
porary emergency
Association
-
.and
accrued
common
Bankers'
State
Lectures,
'
preferrecl^stock is being offered
of
Members
New
on
activity and
witlT 4-H and other
issues, together with the sale of a cooperate
farm
new issue of $2,000,000 first mort¬
organizations.
The
an¬
gage bonds being sold to Dillon, nouncement issued by the New
tV:
the
on
Agriculture in farm that the result may not,, be satis¬
This seems to
29 by Dillon, Read &? Co. and counties, promote the Cqmm if tee's factory to labor.
Committee
Hills Power & Light Co. was made
was
desire
the Board, while not legally bind¬
will
for
consist
farmer-banker
seminar
on
farmers.
the
will
which
tions
and 100,000 shares of
State
Training
a
Bankers
offering of 8,500 shares
of 5% cumulative preferred stock
(par $100)
New-York
of
Public
.
ap¬
HAnover 2-0980
Y.
N.
Teletype
York
bidding
Bear, Stearns & Co.
preciation and a more sympathetic construed
understanding of the credit needs held that the recommendations of
Black Hills Power
V..
wider
a
other¬
than
This is aside
management plan for
wage
ST.,
Bell
Gentral Illinois
Issued)
many
tion with the New York State Col¬
man
Stock
Louis
St.
developments
favorable
lege of Agriculture, will be held
at the Agricultural College, Ithaca,
Dec. 5 and 6, it was announced
on Oct. 27 by. F. E. Decker, Chair¬
Members
Securities
(When
government leaders
wages controlled as a brake
see
WILLIAM
52
Bonds Offered
more
part of
HART SMITH & CO.
Following award at competitive
wise to the investor.
sponsored by the New York State
,
Power
Mines
have
The second Farm Credit
SAINT LOUIS
&
Water
Wright-Hargreaves
thing/ there has de¬
general feeling that re¬
one
wage
been
Mines
Refrig. & Stor. Units
Reorganization
the
will be uniform.
cent
School,
Power
Porcupine
Shawinigan
New
being, be based on the as¬
sumption that the percentage in¬
veloped
}
Mclntyre
con¬
for
must,
To Be Held Dec. 5-6
a
the
to
time
NY Farm Credit School
Hotel Com. & Pfd.
Montreal
Montreal
Mines
Mines
is
crease
Srn(
to
on
probable that the final decision will provide for varying
Neverthe¬
less, there are various broad prin-<§>
—
ciples that wiR be effective, and
should
be
considered
carefully
now,
regardless of the size and
Railroad
nature of the raise granted.
In
MUTILATED
Stock Exchange
Stock Exchange/.
York
New
■
policy
good
not
of wage
percentage increases for different classes of employees.
Members
-
is
it
and
1922
LOUIS
Shore
Mt. Royal
speak dogmatically of the probable
individual railroads practically on the
eve
of the announcement of the Fact Finding Board's conclusions.
At this stage of the game anyone's guess is as good as the next one
It
>
effects
COUPONS MISSING
Bank Building, ST.
Lake
Noranda
Unlisted Securities
Established
Min. & Smelt.
International Petroleum Ltd.
"
BIDS MADE ON BONDS WITH
St. Louis Listed and
Boatmen's
SECURITIES
Pfd.
&
Com.
Walker
I
/f ,y\
.<{/(')
%
,
,
Thursday, October 30, 1941
806
35 Vz %
greater than 192 k Averageincome over' the; ^20-year
8.09%.
V,
;
/
For the purpose of jr.indicating
this was not an exceptional show¬
ing, a 1926-1940 study of fire'and
annual
St.
Merck & Co.
Fire*
Paul
& Marine Ins.:.
Christiana Securities
Northwestern
\
West Indies Sugar
National Ins.
Missouri-Kansas
Fund
Firemen's
period
Ins.
Pipe Line
Inquiries invited in all
Bought-~-Sold—Quoted
*
Laird, Bissell & Meeds
Members
and
New
Stock
York
Exchange
120
gther leading exchanges
1 WALL ST.
Dlgby
•
Stock
Exchange
Telephone :BArelay 7-3500
Bell
L.
4-2525
York
BROADWAY, NEW YORK CITY
-
NEW YORK
Telephone
New
Teletype~-NY
NATIONAL BANK
>
THE CANADIAN BANK
casualty stocks shows that divi¬
dends increased 81%
in 1929
recovered
1-1248-49
A. Gibbs, Manager Trading Department)
1926
of
Established
| Reserve
This Week
—
ance
Insurance Stocks
Interesting data for the affirmative on this question were preon Oct. 20th at hearing before the Joint Committee of the
N. Y. State Legislature, by Mr. George Geyer, who emphasized the
reasons
why insurance stocks, apart from other common stocks,
should be considered prudent for<*»—— ■ '
:..a
—-———-
-/exited
approximately equal to
have
•
collected
40%
business.
•
Operations of each insurance
company are supervised by insur¬
ance departments of every State.
One of primary functions of such
regulation is to assure fair rates,
to assure profitability of opera¬
tions and build up protection
against losses and disasters.
■;;
2. Every insurance company is
required to file annually extreme¬
ly comprehensive
statement of
operations in every State. An ex¬
haustive fund of complete infor¬
mation is ^available.
"
MARKETS
1933-1940
for
Exchange Natl. Bk. & Tr. Co.
Penna. Co. for Ins.
one
,
senior
or
stock is
sole
capital obligation, in the great
majority of cases.
4. Insurance is the only industry
having high degree of immunity
from
cyclical
influences.
The
premium
income
and
earning
power of the insurance business
'
•
For example, the volume of
construction,
:
inventories,
automobile output, etc. in any
given
period
is
not
control¬
ling—it is the total accumula¬
tion of wealth in the form of
real estate, capital goods, etc.
•
V' that
v
controls
ume.
premium
vol-
Thus, while automobile
production in given years may
fluctuate widely, the trend of
v
fire
and
casualty
automobile
premiums follows the upward
:
trend in total number of
in
.
use.
"sales"
cars
It is this stability
(premium
of
Income)
■
that
makes
insurance
King
£3,000,000
£3,000,000
AGENCY
William Street, E.
'
.
/
in
principal
Toufns\ in
.
3
Lives etc.
and
C.
all the
the
,
"
.
.
SUDAN
showed
Philadelphia
stocks
England;
London,
NATIONAL BANK
Havana;
of INDIA. LIMITED
NEW
*
YORK
" Exchange PI.
Hanover St.
Dividends
than
•
•
and
47
...
■
and
Capital.
Capital
Fund
Batik
The
income
and
and
loans
Farm
Credit
A
have
total
.
..£4,000,000
£2,000,000
£2,200,000
description
every
exchange
of
business
/
■
Royal Bank of Scotland
by
Incorporated
Charter
Royal
1727
were
Over
Years
200
Administration.
of
.
.
.
..
.
Ceylon, Kenya
Zanzibar
and Executorships
undertaken
also
;
reamortized, are credited with
providing the major impetus to
the drop in foreclosures by the
•
and
Trusteeships
remedial
.
conducts
1
adopted in 1940, when
than 100,000 land bank
Commissioner
.
banking
measures
more
•
casualty companies,
have greater net
1929
farm
in
v
trustee, therefore, looks at
currently
worth
Aden
Paid-Up
,
purchase of incomeproducing securities.■*' ^ >,*/;
; %
of 70 fire and
and
Reserve
investment
for additional
33
.
Subscribed
announce¬
in
Ugabda
26, Bishopsgate,
London, E. C.
Colony
v
Foreclosure by individuals—
were
only
income,- all i 50%—showed the least decline,
other earnings being retained in i
Insurance companies, * with a
the
business;
thus •- - increasing I drop -of 44%, and Farm Credit
equity of stockholders and broad¬ j, Administration creditors, 38%,
Improvement
ening the base of funds -available ; show the most.
a
Office:
and
Branches in India, Burma,
r
of
Government
Colony
AGENY
&
the
to
Kenya
of Commercial Banking
HEAD
$811,700,000
in
Phila. Phone
New York Phone
either greater or 90% or over of y farm mortgage loans was made
Locust 1477
HAnover 2-2280
1929 net worth.
throughout the country in the
Teletype PH 257'
1941 fiscal year—an increase of
These are cogent and com- 5
almost $58,000,000 over the prepelling reasons why stocks of
years or longer; and 41 (50%), in
V- yious year. Although the num¬
tire and casualty companies :
every year for the last 20 years.
.
Bankers
r
Trinidad.
day than at top of boom in 1929—
H.N.NASH&CO.
Chestnut Street,
Important
average
value, he would be better off to¬
Pfd.
&
2039
6s,
v
every
basis showed 14% per annum ac¬
If
Transportation Co.
-
in
Head
OFFICE—Edinburgh
General
■
•
...
number
Total
„>V.V
of
r
v
CHIEF
3
Manager
William'Whyte
.
,
258
>"/•
_
FOREIGN
Bishopsgate,
•
^
offices,
4
,•
DEPARTMENT
London,
England
,
6. Insurance stocks
less
ber
ceptible to speculative market in¬
possessing
adequate
capital:
and surplus and conservative
fluences.
diversification of investments:
Of
are
sus¬
insurance
course,
stocks fluctuate in market value—
would
but' results with
stocks
to trustees in working out the
fav¬
the,whole have been
orable
for
bona
fide
very
long
term
investors.
An
life
be
of
estate
mort¬
Capital (fully paid).
recorded
in
1941
inslightly over the prei
vious year, the second quarter
syofv 19417 shows * a-* drop of 6%>
compared with the same months
great assistance
-••
;
without sacrific-
tenants
real
farm
Reserve
/ creased
problem of better return for
on
insurance
of
gages
„
,
last year.
of the
18
fire
of value of principal.
;
^
I
had
As8«ciateed Bank
Williams
Deacon's
Bank,
Ltd.
;
Bank
Dividends
insurance
90%
of his
investment
intact in market value.
Australia and New Zealand
Slock Are Taxable
.
have
-i.__^_£69,921,933
—
.*»
on
(A "legal list" per se or statutory
safeguards do not relieve a trustee
from due care as a prudent in¬
vestor in exercising judgment and
The •> United
States 1 Supreme
timing, Harid "a bond" il; no saf$r
1920
investment
in \ insurance necessarily than" "a stock."- 'i The Court declined on Oct. 13 to re¬
stocks on April 1,1932 would have real test is the safety of- intrinsic view a Minnesota Supreme Court
been 90% of original value; on value
and stability
of earning decision holding that dividends
of the First Bank Stock Corp., in¬
July 1,
1932, 49%
of original power and dividends of the se¬
sofar as they are derived from
value; but by Oct. 1, 1932, would curity involved. On these funda¬
from
national
bank
have recovered to 881/2% of or¬ mentals, leading insurance com¬ dividends
iginal value.
Therefore, except pany stocks appear to rank with Stock, are subject to the Minnesota
,As to the case in¬
tor a very brief period in 1932, the best securities available,, as the income tax.
volved the Chicago "Journal of
the buyer of insurance stocks 20 above data illustrate.:,;
y
Commerce" in its Oct. 14 issue re—
'
years ago, even in 1932, would
each
£3,780,192
fund»i«Jrii»_^ £4,125,965
Deposits
ing conservatism and stability
equal investment of $1,000
dependent on general
stocks ifi the Standard-Poor's In¬
prosperity of any given period
and less dependent on general in¬ dex in 1920 would have appre¬
ciated 325% in 1929.
At lowest
come of the country than other
prices for securities, in 1932, the
industries.
1
7
EGYPT
Kingston,
Jamaica;
Bridgetown,
.Barbados,. and
Port
of
Spain,
:r
#
intrinsic value rather than market
Phila.
s'■■1
Branches
growth of 5%% in net
worth, after payment of dividends.
rpm the Department's
(Casualty
companies
on * same
ment we also quote:
Provident Trust Co.
in
is much less
on
Philadelphia National Bank
1421
of the oldest.
and most indispensable industries.
Of the 85 companies whose stocks
are generally available for public
investment, 45 or more than 50%
'have been in business for over 50
.v
.
%
■
Branches
v
annual
80%
IN
Central-Penn National Bank
Corn
•
geles;
more
The growth factor, if insurr
stocks are held over a period
cretion).
■,
1.
common
and
6
touch with
y the commercial and financial life
of years, results in very steady ac¬
in¬ cretion of value. A group of 35 !
leading fire insurance companies
'
funded debt and
■
-
Should trustees in New York State be permitted to purchase
surance stocks?
;
no
y
Cairo
1
20,000,000
:
V. This Bank Is in close
i
is
FUND..
LONDON
t'
> '.''-I
would
7.
There
Cairo
FULLY PAID CAPITAL
RESERVE
and by 1940, was 8g % £ bf'Canada an J is- Well equipped to
f serve corporations, firm's and In-'
prices.
Today, market
dividuals interested in Canadian
income than in 1926.
years.
Office
1867
_$30,000,000
Thus, if the 1926 investment had
city and town in Canada and Newbeen left intact, it would be worth J•; foundland.also in Portland, Oregon;
San Francisco; Seattle: Los An¬
just as much today, and the holder
Bank and Insurance Stocks
3. Insurance is
Head
j
Commercial Register No.
TORONTO
Paid-Up Capital
-•
;
\
•
is
1926.
h
OFFICE:
HEAD
over
1926; in the worst year (1933)
only 12% lower than 1926,
generally regarded hs a normal
year;
and in 1940, -Were 40%
greater than 1926.
Market value
declined at low of 1932 depression
to 23% of ! 926 prices but quickly
value
.trustees:
of EGYPT
OF COMMERCE
were
Unlisted Issues
Members
was
BANK OF
NEW SOUTH WALES
(ESTABLISHED
bbrted
:
^
Farm
foreclosure
sales
were
By 1936, the original investment
would have shown appreciation Of the lowest in seven years, • dur¬
115%; and on Oct 1, 1941, market ing the year ending -June 30—a
as
Reserve
.-
•
.
Liability of Prop.
6,150,000
Sept.,
Assets
1940
30th
-r^„.>._£143,903,000
ALFRED
SIR
8,780,000
£23,710,000
;
Aggregate
DAVIDSON, K.B.E.,
Manager
'
General
Head Office;
follows from Washing¬
ton:
Fund
,
V
£8,780,000
Reserve
.
Farm Foreclosures
1817)
Paid-Up Capital
■;;-
George Street, SYDNEY
The Bank of New South Wales is the oldest
r,;;; The First. Bank Stock Corp.
; pwris
a
controlling interest in
33 State] and national banks in
Minpesota, North Dakota, South
and largest bank in Australasia.
870
brandies
in
all
States
of
With, over
Australia,
New Zealand,
Fiji, Papua and New
and
it
London,
offers
the
most
in
t
Guinea,...
complete *•
and efficient banking service to Investors,
value would have been 205% of year that showed a sizable ex¬
traders and travellers interested in thesa
Dakota and Montana and oby
original 1920 investment.
Over pansion in the use of mortgage
countries.
' "
credit by farmers—the Depart¬ ;; tairis much ol its income from
the 20-year period, in only one
LONDON OFFICES:
its stock' investments in those
ment
of
Agriculture ; said; on
29 Threadneedle Street, E; C.
year, 1932, was the market value
banks. ' \;
' ,'
■
Oct. 16.
A drop of 30% in farm
47 Berkeley Square, W. 1 •
lower.
~
Federal law permits the taxa¬
foreclosure sales and an increase
Agency arrangements with Banks
The experience with income was
throughout the U. S. A.
tion of national banks in one of
of 8% in the dollar volume Of
even more favorable. At the worst
farm mortgage lending took place
four forms. -The form selected
year for income, 1933, dividend
in the fiscal year 1941, compared '■/by Minnesota is the taxation of
income for the 18 fire stocks was
Payroll Deduction Plans:
with the previous year, according
the stock of such banks.
No
96V2 % of the 1921 income.
In
to A. G. Black, Governor of the
-other form of levy on national
The New York State Bankers
1929, income was 93% higher than
: banks is permitted.
Farm
Credit
Administration.
Association: on Oct. 21 urged all
1921^ 1932, 14% higher; and 1940,
its members to set up Defense
H. H. Irvine, a holder of First
Bank Stock Corp. stock, con¬ Savings Bonds payroll deduction
tended that the taxation of the plans which will enable as many
:
corporation's dividends, to the of their, employes as may wish
•;
extent that they came from na¬
to do so to purchase Defense Sav¬
tional bank dividends,
.
more
•
stable for trustee invest-
ment than stocks of
j
5; Insurance
companies
.
in general.
:
'
stocks
are
stable
and consistent dividend producers.
Of the 85 insurance stocks gener¬
ally available for investment, 79
(93%), are paying divi¬
dends; 25 (30%) have been paying
dividends in every year for 50
jstocks
.
.-1
.
.
,
•
INSURANCE
was an
STOCKS
attempt to tax the latter a sec¬
ond time in violation of national
Fidelity Trust Company
First National Bank at Pittsburgh
Established
Members New York Stock
BALTIMORE
Telephone—Plaxa
Teletype—BA
9''GO
288
Union Trust Company
Inquiries Invited
1809
Exchange
"
■
?
4,
<
WHitehall
3-9030
banks"
•-
PITTSBURGH, PA.
Members N.
ny i-m
1891
The
State
allowing
regular
Supreme
able from that of the subsidiary
"
Est.
by
salaries and wages each pay day.
Court The Association is distributing to
ruled, -however, that the Bank
members booklets Which describe
Stock Corporation is "an economic unit wholly distinguish¬ procedure tof be followed in in¬
I
A. E. MASTEN & Co.
NEW YORK
Bonds
banking statutes.
Peoples-Pittsburgh Trust Co.
Mackubin, Legg & Company
ings
deductions to be made from theft
of the
Y. Stock Exchange.
:
v
and
a
"non-conductor"
qualified immunity from
State, taxation
enjoyed
banks themselves.
4
stituting payroll deduction plans,
together
which
with
sample
employes
cards
authorize
may
by., the salary deductions td be made for
this purpose.,
'
,
i
^
,
-
THE COMMERCIAL, & FINANCIAL CHRONICLE
Number 4000
Volume 154'
11
11
807
■■
■
'
v
JOTTINGS
(Continued from First Page)
THE BOND SELECTOR
and to
keep the Communists from
getting control of it for their own
political purposes.
i
for
it
is
For Income and
coming in while
While
rate of flow
the
wells.
have
we
Outstanding issues
TttRA
nnicri-i
xxfAro
TKo
m/ArfcyQcforl*
an
Rcr
some
nally secured was sold many years 1960 must be secured ratably
The deed of trust of this lat¬ any ' mortgage placed upon
ter
issue
specifically
provides, property of the company,
ments.
-
—
:
1939
1940
194.1
1938
to
the
present
'f-r Operating
discourages
corporate
initiative,
there
of
a
to
seems
be
"re-privatization"
ment-owned
of
it
in
markets have been
■
,
,
v
w
Get any. two aviation pilots, en¬
gineers, designers,f or '• fans to¬
gether and you will have an argu¬
ment, about the performance of
,
costs,
was
38%
up
over
while
4.3%'
income available for Uxed
bra is
too
low,
1939.
"
tion
B-17
2.02
(Flying Fort¬
ances
do
happen to be one of the cur¬
rent bottlenecks in the military
aircraft
Sweeping
industry.
the
an. astronomical
lab¬
they • are
complicated,
costly, and* we don't make near
enough-
nual
;
people
what
.
i
*
they
inter-urban
,
;
x
*
prophesies.
backsliding
;
1940
reserve
•
'
,
the
In
would
of
are,
a
course,
it
■ft
X
;-
nation
*■
almost immedi-
savings in
as
ex-
was
of
ft
maintenance,:
over
alone. Elimiduplicate lines in
;
r
x
Union's"
tax
for
of
adjustment,
Western
that
out
ft'
depreciation
since
>
!
most of
(approximately
;; $21,000,000. from
Postal
.
and
wire
>
and
low
facilities
telegraph
the industries
already at capacity. which includes $3,100,000 of bank
Seasonal adjustments have
called for a rise
so
justed
indices
should
be
the
down.
a
rise
Bureau
dean
looks for a
*
loans
and" two
of
net, and 26% of gross, property
account. Net current assets at the
crease
next
of Agricultural
recent
guesses
year
on
forecasters subject have been
10 to 15% in¬
.
servative.
over
»
;
r0 In
a
taken
receive
no
prospect with
ever-present
LOS ANGELES
various
funds
investment
for
the
quite a few
of th$ mutual com¬ nine months
period naturally i#
return an amount some¬ no indication of
their
regular
panies
what above average.
a
the payment dates
based
figures
months
quarterly dividends
as
well
.of „the
However, the
illustrate that all the
do
turn is far
each of the companies (or
cases,
the latest semi¬
annual dividends).
In contrasting
paid by
uniform than
more
can
be found in other fields.
three
in
aims
companies
are
returning ; fair
yields to shareholders, and the re-,
current asset values and
on
the last three
differ,
investment
.
various companies.
yield of 5.4% for the
of this year,
average
first' nine
the
as
tual investment companies shows
an
The
returns.
methods of distribution differ, and
of twenty diversified mu¬
group
distribution
yearly
Compared with the yield of all
for last year,
listed stocks of 5.7%
Investment Company
the investment com¬
with that for all listed
it must be v remembered
the figure for
American
Corporation
The
that the latter has had the advan¬
Reports
Foreign Investing
,.
'
,;
.
'I
,
of
value
asset
,
American
Investing Corporation's
of generous year-end divi¬ Foreign
common stock was $8.08 per share
dends, while the former has yet to
After allowing
be augmented by the dividends to on Sept. 30, 1941.
for the dividend of 10 cents per
be paid at the close of 1941.
tage
Bid Price
9 Months
10/27/41
Distributions
Investments Companies—
Mutual
Yield
,
Fund
Boston
..75
•
General
Investment
Trust; Fund
11.67
Trust
.54
Investors
6.6%
5.26
.:
6.8%
15.00
.1.,;,-;
.75
.30
Corp.
.10
—
4
--
;
Investors.
Wellington Fund- -
-
,'.54
5.7%
4.5%
4.8%
8.22
4.9%
'/ 1
(6
4.93
mos.).
V:v
4
10.28
5.3%
7.71
3.9%
(6 mos.)
5.37
■
.
V
,■
V
7.5%'
13.41
5;4»%
/:;-r
.
6.0%
8.80
i
:
.30
*i
Sovereign
6.0%
17.14
■
.'
;
■
.41.
.15
Shares
.
17.62
.
'
.30
Fund
4.8%
f
13.55
.62
Trust —_——_
Fund
4.23
-v.
.61
"C" •'
American
4.7%
6.9%
.27
>19
Investors —_
of America Z—}
England
4 6%
.
3.40
j
■
■
>
T-
_
Co.
Investors
; '
1.01
.
-v'
.
—-—4—
Investors
Fund
.05
J;
'—
Investment
Selected
4.9%
11.67
■;r
.60
j—t
Investors
Incorporated
6.1%
5.3%
20.61
r
>
■
.12
Investment .Co.
Shares
First • Mutual
'2.64
13.27
IV
.40•
Fund
Fund
New
;
'•
mos.)
(6
.53
;—
Investing Co.
Street
Broad
$0.08
Shares———
—1
—2-—
Business
American
5.4 %
companies, as the table 21.01% over the asset ;value
(Continued on page 811)
companies below will
It - is
natural that this
vestment
show.
is
tance
often
overlooked,
it
possible
itiated
to
obtain
for
impor¬
for
average
it
unin¬
the
yields,
.
or
taking the risks- of haphazard in¬
can
bonds
while at
*
,
most
On the other hand,
than average.
;
produce I
nearly average, without under¬
vestment.
^
As shown in the
appear
as
the
from
varied
consideration of these several
this. BAE attractively priced
JERSEY CITY
individual issues returning better
in
leverage industry.
the
634 SO. SPRING ST.
15 EXCHANGE PUCE
is far better than to
return at all as is the
;
table, yields for
the first nine months of this year
in
INC0«*O«AftlD
average,
operating
substantial additional income
this particular ducers,
a
that,
with
.economies, these
factors,
The- effect
soon.
of
small" underlying
issues, is equivalent to about 34%
Mean¬
reversed
Economics,
now,
of
capacity has forced the ad¬
above
time
in recent months,
impossibility
the
mostly
obvious
PROSPECTUS ON REQUEST
HUGH W. LONG and COMPANY
average
makes
mendation is carried through)
conjunction
A
return slightly be¬
a
would be the case, but its
the sub - committee's recom-
.it is
$85,435,000,
the
below
little
a
'
Total funded'debt of
case.
investment
of these 20
$23,000,000 from Bell System ^
U;. if
the
mutual
paid during the third quar¬
Fairly uniform yields, moreover,
ter, this represents an increase of
are to be found in most of the in¬
'
charge
the
to
share
From the angle of additional
.
""
return a rela¬
Actually the re¬
often
the
but to receive
—
Messenger
and
companies, for example, may have
National
;
•
could be eut "<
expense
r e v e n u e s
shares
more
of
few
Mutual
them, duplicate existing West-
service
:ft—j
$11,000,000.
is
verse
Massachusetts
/■ ; by approximately $1.000,000..
;
is in excess —
purposes
offices
companies,
tively low yield.
Investors
three-quarters of
perhaps
.4 em Union offices.
In —
it should be
connection,
vestment
Fundamental
items
'
—'
widespread belief that investment
Dividend'
-
A still higher
for last year.
This high yield rings attention
v
Commonwealth
one-third
as
(
to the returns from diversified in¬
Delaware.
etc.—
much
as
of
Postal's
—
ten—
reserves —
depreciation
been
pointed
puts a reverse English on
which
■"
riod of 1940.
Bullock
;
tele-
in v these
,
savings
of rentals, light,
perhaps
;;
many:
accrue
Phone,
•
;
;
past
— increased only $9,000,000.
much about
business in¬
„
rr
peases
$44,000,000 —
while book cost of plant has ; !
have
principal reasons
seasonal
their
be
expended
adequate.
this
too
worry
dices. One of the
is
•
.ft; What the terms of such
appears
quite
obvious that many benefits- would
accrue to Western Union,
by far
the stronger of the two companies.
chargeoff is considered quite
-
"
these
was
»
airports, are among their-
Don't
12%
the
freight >;cars,"
trains of-The air". ; a'*:years,
(glider-trains); , swarms
of
(flivver planes, thousands of
new
manage¬
companies and
Commission.
merger would
unknown
but
.
yield rose to 5.7%
figure is indicated for 1941, with'^1
the yield for the first nine months1
a 7.4% increase over the like pe¬
stocks,
aver¬
8.2%
and an ad-
the
,
4.8% in 1939, and the
panies
1941
ap-.%■
;
trucks—
"flying
and
"freight
.•
.?■>
The list of all common stocks on the Stock Exchange yielded
;
Com¬
equal to 2.4%. Present rate of.,
passenger *
services, fleets of "sky
*
count,
intermediate
liners,
luxury
has
is
^.many- large cities might save
•j;,for. maintenance.
As a per—> ; a quarter of this expense* and
centage of gross property^ ac-— fyj elimination could be effected
ditional
Long-distance i-
after the war.
and
of gross revenues
the most rsan¬
industry about
are
going to do
from
Since Ci ii ately. sueh
equivalent to
was
secured
an-— .—.—A— great
.
It
people believe that enabling legis¬
may be completed during
year
averaged
consolida¬
a
companies.
lation
1.39
in—
1937, the
depreciation
ance
plane
all
'
Street, New York
steady rise in the yield of
Many
aged over $8,000.000 annually.
In .1940, depreciation allow- —:
.
seem
in
guine
For the five
reserve
1938,
r
.
Incidentally, »the
63 Wall
Stock
from the Chairman of the
allow--
proximately $5,000,000.
oratory,
*
*
common stocks listed on the New
Exchange has taken place during the past three years
according to "The Exchange," official publication of the Stock Ex¬
change.
/ "'
A
York
munications-
months
as
permit
two
ments, of the two
Western,,;"
criticized
were
.
eight
years,
period through
,
with
depreciation
"^adequate.
like
sky
many
Union's
.
first
;
of. the
been
.rvL'j'v"■
-
For
turrets, comes the answer.
incidentally, power turrets
power
compared
the
for
of 1940.
sation,;;
And
times
times
is the year's bombing sen¬
says
one. /'.Not
enough
ress)
.
Investment Trusts
rates
understood that approval in prin¬
ciple of this recommendation has
:
says
The
another.
2.46
4.917
which would
charges
another, and it's
For the first eight months of
nose-heavy. A fine fighter, the
1941; gross revenues were 14%
new P-40 D, says one. Too high a
ahead of the same period of 1940,
landing speed, says another. Won¬
while income available for inter¬
derful climber, says one of the
est increased 42% with the result
Lockheed interceptor!. The airslip
that ■ fixed charges were: earned
makes it too tricky on turns, says
is
12,117
— 9,750 ,19.085
a
increased
revenues
military planes. The Airocoa whiz, says one. Its ceiling
our
•
•
.
-
uptrend most of this year, in
contrast to New York.
5,551
;c-earned
1.89
4,171
1.33
4.188 —;— 0.61
! 4,395
1.76
Charges
$4,065
sl;ght deviation in a resultant current ratio of 2:15
gross revenues usually has an ex-^ to 1——y\:,;—;v—.ft;
•"-.
tremely volatile effect upon in¬
Of
prime importance in any
come.
As a result, fixed charges
study of Western Union is the
were not fully earned after depre¬
proposed merger with Postal Tele¬
ciation
in
1932
or
1933.
Congraph. Only this month, the Inter¬
versely* of course, during periods state Commerce sub-committee of
of heavy
industrial;' production. the- Senate;1; recommended • that
earnings tend to mount sharply- Congress approve amendments to
In' 1940;
1934
as
an
example, gross the
Communications
Act
fixed
mild
a
28,835
;
parallel those of general busi¬ $9,116,000 of cash. Current assets
ness 1 conditions,
but due to the totaled $28,000,000 against. $13.extremely
high
proportion
of 000,000 of current liabilities with
explain why
to
help
may
~
to
trend
both London and Berlin stock
17.748
145,667
v
govern¬
i. represent an underlying
- '--
3,610
5.29
Western Union's activities tend end of 1940 of $14,976,000 included
If these
banks.
5,631
98,420
1929__~^_
kind
some
I
INCORPORATED
..
company
Fixed
>
.
8,225/ IV— .2,551
5,633
.V;\7,721
V936-—_-
in Germany toward
move
8.270
10,776*;
13.354
.'V.
-
.
100.483
1937—,
while
and
•*4'
'
any
.'X"':-";
——
Charges
$7,687
$8,198.;,.—
13,821,."
91,712
.
.v^.piationi'. y1;,-
v
*',
$15,885
95,660
1938:
econ-
omies
•
1939'1_:.—
tax
.Income,
'•!
—' $99,704
1940
"v— Avail, for
Depre——
Fixed
Gross
>.:
Revenue
•
.
"put V
profits
war
request
on
If
,
with!
1936
1937
jj| —V
ir.i< ft•v;i——ft!f—■
profits back into war" because
v
■
.
being
are
'
'
'
that should any mort¬ j; - The following tabulation shows
be placed on any property, the price ranges of the three is4V2s, 1950 are to be secured j sues on Vtne; New. York Stock
by a prior lien on any property' Exchange since 1936;
'ft;—.——
develop-
Britain
in
'v
•
however;
:
Proposals
discussed
'
-
■
gage
the
more
overseas
•>
;
on
in
fund
'
•
ace
-
:,-;Lokd, Abbett & Co.
■
,
v
1
„
$20,000,000 Funding and Real Estate 4%s,:
are
ago.
the
will
answer
Prospecfut
1
j
:V
>.
,
fields, or
4%S, 1950—85'Ml-71'% • 79
-50. •
72V8-55% V74.Ma-47 v lll%-58%,
112%-103
consumption, or in¬
-5s,
1951__i— 88>/2-73y2
82V2-53P/e -.76. .-57% ' 77'/2-485/8. 107.%-59%
107%-103%
creased imports from Mexico and
5s,
I960—'
" 86
-74
81
-51 /
75%-57
77
-47%
109%-58'/2109-^-104=
South
America.
Then, too, the |. The 4V2S, 1950 are not subject eluding maintenance of land lines.,
Russians may lose their oil and to
redemption. The 5s, 1951, are .rentals and labor, fluctuate more
want ours.
'
•;■> ;■' ; :'r. ■ • currently redeemable at 105 on or less in " line with those of the
any interest date after 60
days' railroads and other heavy indus¬
i
For those who fear that the % notice
tries with relatively large propor¬
up to Dec. 1, 1946. The 5s,
t' emergency is going to bring
1960, are now callable at 105 on tions of inelastic overhead. The
an
all-out "socialization" or ;
any interest date after 60 days'
following table shows selected in¬
4 "managerial
revolution"
to
jhotice up to Mar. fy%955££$?jcome items over the past several
I American
industry
through
This company's earnings; due to
the high ratio of fixed costs,- in-, years and in 1929:
•
i; taxes, etc., there is some sollid
some
:
^
.
11/nC
th/i
\xrV»iph
enor¬
reserves,,
the
either
•
.
,
'
'
J
$25,000,000 25-year 5s, 1951 and $35,000,000 30-year 5s, 1960.
Actually, all three obligations are unsecured debentures ranking;
equally, since the real estate upon<$>
—_ "
" y
——-—— i
pumping will hurt
or
Then
be
...
inc.
Appreciation Possibilities
1950,
point is that the "optimum with¬
drawal' rate" will soon be reached,
and after that any increase in the
have to
r'
Recent developments in the Western Union Telegraph Company
80's at the present time.
on
underground
,<
:
the other hand
consumption is outrunning antici¬
pations. * There
is
insufficient
wild-catting, and both the regular
field wells and the strippers are
being squeezed by higher wages
costs.
a
Affiliated
:
picture warrant some study of the company's bonds, all selling in the
big flush fields
no
now
A
:
;
'■
'
successful.
With the blow-off in Illinois over,
are
'ft-
>
-•
higher
for
pressure
until
continue
mous
'
WESTERN UNION BONDS
i Look
and
"
1
Mid-Continent crude oil prices to
there
1 ' '
'
to
two
3.9%
to
companies had
7.5%.
yields under
be 4.5%, and only nine had yields of
income pro¬
5.0%
these
under, and all but
customarily declare
or
of
small
one
time quarterly and larger last quarter
same
little too con¬ affording, unusual possibilities for dividends when earnings permit.
The
relative
yields of these
appreciation.
4,
—ft
:
,
PROSPECUFSYON
Only
Wholesale'
REQUEST
Dj0i$ktors
HUGH W. LONG
15
EXCH/y£g£ PL
JERSEY CITY
634 SO. SPRING ST.
LOS ANGELES
of
;
THE COMMERCIAL & FINANCIAL CHRONICLE
808
•
.
an additional place on the
November ballots for Moore.
Purchase
difficult
be
of
since it releases
power."
Cities should take advantage of
the rearmament boom and prepare
for the next depression by adopt¬
ing a "pay-as-you-go" policy and
reducing
bonded
indebtedness,
Carl H. Chatters, Chicago director
of the Municipal Finance Officers
Association, declared last week.
To meet new problems resulting
from the arms program, he also
advocated that cities stop waste
•
kinds, maintain present phy¬
sical facilities in first class work¬
order, eliminate unnecessary
activities and rigidly enforce tax
ing
ought to adopt the pay
go
strong
local
policy at tne present
reasons," Chatters
"In the first place, such
have
funds
available
when the next
source
made
was
re¬
Local
of
sored
Government
the University of Ten¬
by
will
now
ever
do
it.
the
said
has
armament
improved
cities
reducing tne
relief problem and improving tax
collections in most places.
On tne
other hand, migration of civilians
to armament jobs and movement
of military forces
have created
demands
for
greatly
expanded
Albert
,
most
pressing
cause
•
many
"the
v.-
question," be¬
city employes are
Municipalities, Chatters declared,
same problems as private
business, except for one factor.
When private business increases
When
by
a
does
the
Few Major Bond
y
Issues Before Voters
time
.yy'y
revenue
amount
of
increases.
work
done
city increases, its revenue
not necessarily increase.
said
Kentucky Local Debt
Regulations Defined /
*
because
of
bond
Proposed
new
,
scheduled
c-
&
,
■
than
received
forms of taxes."
V
-
Major item
other
most
under
the
tax
property
stronger revenue
*
a
than
sales taxes, city income
city
;
was
source
Gas
He suggested
types of property taxes.
"The property tax should con¬
tinue to be strengthened," he de¬
clared.
operated
Electric
&
distribution
this levy could be
effective by using the
more
24
the list is the
steps
ment
system
taxes and license levies.
made
of the
■■
sueh
toward
this
better
:
in
by
thecity, of
Hetch Hetchy water power. V. >,
This
the
will
be
,
the' seventh
proposal will have
before the voters.
occasion
was
things
1—A
•
tire
Seen
Taxable By States
he
didn't
States may have
the right to tax
Federal property which is oper¬
Defense
Council,
law
2—A
-
ated
as
commercial
a
aserted
enterprise,
was
recently by Allan
will vote
in
support
that there is
Federal enterprises as hous¬
such
ing
of his theory
bar to taxation of
no
projects,"
government
ings.;
■
power
owned
••
^
.
systems and
timber hold¬
.//>/'.
,
request. .<■
■'LV
r./V/v.
•Ik
W;.
term
•:/
the
tax
of
-
/
;
/,
"
.
/
-■•/
i•/■/>'/
-
•
Trend Of :
The Market
Van Wagoner con¬
is inequitable; ;4—
consolidation
>./'•'/'>/
''
.
A slightly better tone was dis-;
played by the municipal bond*
.
*
.
tax-collect¬
market in the last week,
according
to
traders
and
dealers.
The:
a
••
.
volume
of
business
was
reported.
•
•,
generally,, as at "low ebb," but'
budget; 7—A deficiency ap¬ some spotty animation was
v'en-;
< of,
$4,500,000 which countered, it was
said, and this /// >.
permitted
immediate I improve¬ was reflected in a moderate
de-; ,1; •
ment in care of crippled children,
crease in the indicated
available; :
old-age clients, }. mental; patients, supply Of
offerings. ; V " ^/ •
etc.; 8-^-A curb on^over-spending
;/With the dearth of original fi\
Only other relatively sizable by the "little Legislature"; 9—An
nancing, many dealers reported
project to be considered is a $!,- improved publj^ heajth program;
CQnsiderable success in selling off
750,000 sewer improvement bond 10—Money Jo Tare $r?Sll persons their lists.
*
Fair business in odd
'
issue for Portsmouth, Va.> It is ex¬ eligible for'old-age*assistance, aid
lots that have been carried for J
pected that numerous small mu¬ to dependent children, etc.; 11— some time
was
attributed to ac¬
nicipal flotations not yet indicated Satisfactory reform of the dis¬
ceptance by buyers of the view
tribution of aid-to-crippled-andin the lists will come
up for voter
that
Akron will seek-voter sanction
anced
on
$2,950,000 issue for various pur¬
poses.
Hamilton County - will ask
the
annual
conference
of
the
approval of a $1,000,000 issue for
Washington State Taxpayers As¬
court housed country- home ;• and
sociation.
*
•'
y;',-' *•'; airport needs.,
cisions
on
time.'
$7,500,060 flotation ing agencies into a single revenue
for
street /improvement,
/.play¬ department; 5—'Tightening up of
tax
ground
and
hospital
purposes. sales
collections; 6—A bal¬
on
State,; the brochure includes
information as taxation qf
tire amount.
This is the largest
single piece of financing that'has
hit the municipal field in some
earmarking
State
should have."
tends
1
refunding general and
bonds to a comprehensive
syndicate headed by B. J. Van
Ingen & Co., Inc., of New Yofk,
on its bid of
$9,821,900 for the en-
out of regular income to re¬
the
The
on
The seashore resort city of As-
and
was
tion totals appears to be domi
nated by local governmental units
in Ohio.
Cincinnati, for example,
data
bury Park, N. J., yesterday sold a
'
total of $10,230,000 3 Vz %', serial •>/
.
U. S. Property
'
recently
to
issues of subdivisions
bonds,/legal/investments,'current
.
deficit, instead of
rejected by a vote of 121,- hoping that surpluses will retire
895 to 49,843.
it painlessly; 3—Changes in the
•
:
Apart from the San Francisco intagibles
tax
"although
not
proposal, the volume of bond elec¬ nearly
the 1 ' improvement •• we
it
Louisville,
Sells Bonds
"which has proved of tremendous
The-preceding funds
of
Asbury Park. j/
list:/'.,•/-'
State
put value";
in May of 1939, when
:
Ken->
revenue
//Here's his
'
municipal:
State of
In; addition
-
terested
year/
some/
the
govern¬
want
time
been
him
on
Pacific
Company for
in
market/ prices, t and comparative
ratings on the individual bonds.
Copies are being sent to those in¬
The lawmakers
$66,500,000 flotation that?
citizens of San Francisco are : ." gave him two dozen of ; the things
he asked for in his inaugural mes¬
to be asked to authorize forv
denied him
acquisition of the privately: sage,; although- they
many other requests, and forced
owned " electric
distribution
,
that
on
governing
the various
•
the
.
Mr. Lebawsky asserted
Co.,
issued/
for
.
•
issues
tucky is presented in the second
edition of the compilation of quo-."
tations and rations of W. L. Lyons
increased
re-
*
*
A brief outline of the laws andl
coridtions
the
possible at this
was
sales, yielding larger tax
•
,
Mr. Smith cited recent court de¬
face the
volume
reduction
„
.
finding better paying jobs.
its
/
LaGuardia
State
Legislature as well asi
pertinent tables and statistics.
f
Smith,' attorney and tax expert
of Portland, Ore., speaking before
salaries
constitute
wages
activity."
Mayor
/
and
acted by the
com¬
.
the
•
eludes excerpts from the laws en-!
2
■
it
and
and
mercial
Lepawsky, Chicago, ex¬
A.
increased
from
per cent and 3 per cent to 1 per
cent will affect almost every per¬
v,;.
,
•
taxes
turns, and because employ¬
ment
municipal bond
in defenseindustries
of Tax Administrators,
presentation '] was causing a diminution in /
told the
to the voters at next
final session of the institute that
Tuesday's f relief cases. v>-?- ;v '->??:
the property tax "is not quite the general election, : offer scant /en¬
to
investors : and
burden it is cracked up to be." *' couragement
Michigan Governor J
dealers for - any substantial
aug¬
"It probably does work hard¬
Cites Year's Progress
^
mentation of the 'diminishing flow
ships
and
pressure
on
some
of this class of securities." Com¬ / - Governor
Van/ - Wagoner
of
classes," he said, "but as a whole
pilations show that the total is the Michigan said recently that he and
the property tax
paying public
the 1941 Legislature took at least
smallest in more than ten years,
ment services.
said
:
/ ■'
Reduction of the
with the value of real
/
.
is responsible fori
bridge bonds issued by
its counties and special road andbridge districts.
The study in-.
son
in
the
city.
Comptroller
Joseph D. McGoldrick has esti¬
planning that "will protect resi¬
mated that the reduction will save
dential sectors against the inroads
the taxpayers $30,000,000 a year.
of undesirable industrial
issues
physical facilities and city govern¬
He
ttUHOIS
;
that
road
bars and restaurant celebrated the
occasion by demanding of forget¬
ful bartenders a few pennies re¬
bate.., ', \\
ecutive director of the Federation
financial position by
•
patrons of
1ST NAT BANK
;
York
.
ing new
proprain
glad
regarding
•
R.E.Crummer L Company
.
laws
Chatters
be
v
.
The effect of legislation enacted.
;,
the
of principal and interest accord¬
ing to a study prepared by B. J.l
City's residents be¬ Van
Ingen & Co.,. Inc., 57 Wil-.
gan to benefit after midnight last
liam St., New York
City.
Sunday by the reduction in sales
;
The legislation, the
study states,,
and use taxes to a flat rate of 1
formally recognizes the principle
per cent.
Some of the
spon¬
depression hits."
instalment plan for its payments,
He expressed aoubt that cities
improving personnel in tax ad¬
which ao not rigidly enforce tax
ministration offices and originat¬
collection
will
for
,
was
New
He urged as a remedy vigorous
tax collection machinery and
city
nessee.
can
will
debt
We
inquiry
any
Commissioner
Highway
Bond Study Issued
Cut Becomes Effective
comprehensive
a
obligation.
no
property."
property tax as
of revenue for
governments
tute
best be started in
prosperous
times.
In the next
place, communities which reduce
instead of increasing their bonded
policy
a
at
concerned
cently before the Southern Insti¬
time for several
asserted.
bonds.
answer
them
us
familiarity with these
sacrifices less in terms of benefits
collection laws.
you
to
of
con¬
Best For Cities
180
a
as
almost
Property Tax Seen
NEW ORLEANS ShreLVaPor
"Cities
gives
municipal
is
debt
issues
background
sumers' purchasing
Bldg.
A boost for the
of all
da
Federal bonds.
or
ary pressure,
INCOAPOHATIO
Teletype—NO
Our long experience in handling Flori-
surplus
certain to contribute to inflation¬
Scliarff & Jones
Bell
freezing
"Retirement
MUNICIPALS
mTsT
by
in dormant bank de¬
equally effective,, although this
may
involve some diversion of
funds from savings to the com
modity
markets.
Reduction of
taxes, on the other hand, is almost
MISSISSIPPI
Whitney
done
can
posits
and
/
"This
revenues
LOUISIANA
MUNICIPAL BONDS
ahead,"
period
continued.
:
appointed State Comp¬ by the 1941 Legislature of Florida,
troller temporarily
pending the would make it seem that the out¬
standing highway bonds of Florida
election of a permanent officer.
counties, are quasi-State obligaN. Y. City Sales Tax
' tions and assures prompt paymentState,
FLORIDA
Smith
Florida
,
OXeary, former Standards and
Municipal News & Notes
the
Thursday,. October 30, 1941
•
..
.
tain
FLORIDA
NEW ORLEANS
,
a
.
,
.
propriation
.
,.r
.
,
the outlook
is not for
:
much
/* in the
action, but the aggregate is not afflicted children. <■ ;/
way of "bargain' . 'oppor-,
likely to be large, it is felt.
v
•
12—Money to open up the tunities,
considering the .limited
Held Peril To City Incomes
Besides these hew and revived newly built mental hospitals; 13—
prospects for augmentation of the
.Gradual development of slum
Increased benefits for. claimants
projects, considerable interest will
supply, for as far ahead as may be
areas in the nation's
•
Growth Of Slum Areas
^
•"
.
Municipalities Urged To
cities threat¬
Harold D.
Smith, director of the ens the security of many munici¬
Federal budget, called upon mu¬ palities and casts heavier burdens
nicipalities to assist the defense on taxpayers, delegates to the
program by postponing or mini¬ eighth national conference on as¬
mizing all
expenditures - which sessment administration were told.
might compete directly with de-.
."It^ has " been I recognized
for
"
fense production.
"The more restraint that is
ex¬
the less will be the need
for direct controls from Washing¬
ton," he said in
an
time
some
ercised by public and private con¬
sumers,
the American Municipal Associa¬
that
the
of
center
around
that
threatens
of these
the
county
service
office
V
Chicago.
It undermines the
Smith said States,. counties and
division
assessor's
cially
jectives upon three fronts.
ture.
in
its
.
'
at
7
city in all
its points of contact and espe-
help the national ob¬
of
financial
■
struc¬
No.
tions.
A
'.1
Election Cancelled
-S
>♦.# ru
.
•
:
'
MajorlSales
r-.
Scheduled
v,,
.,/•;//.
i
($500,009 ;or
over — short. tei?mP-:**
excluded), Which are ;to : ; /
come-up in the near future/ The V"' V;
issues
.
laws;- 20—-More aid - to libraries
(similar to school aid);. 21-^Ex-"
names; of /the
previous
mar¬
The State-wide election for a
keting of* farm products by the
State Comptroller to succeed the
Agriculture.. Department;
22 >~
late Morris S. Tremaine was can¬
Paroles for lifers; 23—A highway
celed Monday, in an
Court of
safety-education'.commission;
est tribunal.
The court, in a 4 to
that "no election
3 decision ruled
.
.
24
and; the
pended.
w.:;:J:;,
successful
runner-up
issue sold
•/
r;
bidder
fon the
/.; - /•'-■
)1:
ap-
:-t
.*•
: ;
lkst
also
are
<:f
;/-•'//,
./f/r;-'*Ndv»; 4th
$1,030,000 Terrebonne Par., La.
This,
parish
sales1
Appeals, the State's.high¬ —Money to set
"They can help to counter infla¬
"Enough has been said about for the office of Comptroller can
during the current phase of the social
consequences of slums be held this year.**/ /
y
;
,•;
Second, they and blighted
The contest had been scheduled
areas—crime, " juve¬
can assist in the transformation to
nile
delinquency, moral degen¬ between Joseph V;
O'Leary, Dem¬
a defense economy.
Finally, they
eracy and so on.
About the con¬ ocrat and American-Labor
Party
can
ease
the post-defense read¬
tribution of blight to these evils
candidate, and Frank C. Moore,
justment.
there is no argument.
Too little the Republican nominee
who had
"In helping the fight against
attention has been paid to the in¬ been
seeking to run as a city
roads that blight is waging on Fusion
x inflation, State and local gov¬
candidate in addition,
ernments can also strengthen
municipal
treasuries,
and
this
The court's decision in call-//;
their
own
finances
immeaspect of the problem is one that
ing off the election resulted^
is of paramount importance to all
diately and in preparation for
from Republican
this.time. ;
pansion of the grading and
Comptroller
tion
.
at
seen
tising;, 19—Improved conservation
'U';'■'■'< ■/■»■/.
■/,
N. Y. State
the defense program.
-
Unemployment Com¬
vigorous contest is fore¬ build limited-access highways; 18
—More money "for Tourist; adver¬
proposal; > '/ ' M/'- V
•
.
the
cast for this
opinion by the
;
under
lr amend¬
bond issue originally • authorized of-juvenile.delinquents; 16—More //We list herewith the more! im-,'v }
p 6 r t a h t ":municipal
offerings
solely for grade crossing elimina¬ State; police; 17—Permission to
the
very, life and
cities," said H.
Gordon Bollman, chief of the ad¬
existence
the
confronting New York State pensation/Act; 14—More money
voters.
This would divert some for school? and colleges;,45—Im¬
$-30,000,000 to highways and park¬ provements .to the schools • for
ways from the $300,000,000 State hapdicappedand homes for,.. care
ment
"
tion.
.
spread
blight through cities is something
address written ministrative
for the 18th annual conference of
cities could
'/
•
Exercise Financial Restraint
qt
;
.
has.' not made'/any recent
bonds."- .Vv,/ "/■• v ?,'/.•
,
up a Home Guard.
The Governor said that he was / z:;Nov. 5th
disappointed that no progress was $2,543,000 Martin Co. and St. Lucie
made in the field of labor legisla¬
Inlet Dist. and Port Auth., Fla.
tion:
He also is disappointed in This appears to be the- Initial piece of !
financing by this combined authority;,,. / >
not having reduced State payrolls;
but says he thinks that this can ;i 'C ■;•///>
Nov. l2th
still be done.
He says he is proud $500,000 Lafayette
Par., La. " c;:
of the buying system set up since We do not find a record of any recent
'
•
■
Jan. 1
an
ment,
and.
(he vetoed
a
bill to create
.autonomous
-
buying - depart¬
preferring™ his own • plan),*
believes
Commission
efforts to ob- '»> vice work.'*
his /CivilT Service
can
/
make
civil
' ser¬
sales
by
j'Lv;
V e
this parish.
county awarded bonds
/
'
.
i
NoVr 18th
.;
$900,009 Cuyahoga Co.,
The
,
f
..»/•
;//';■ ;
Ohio-5
/
:/
,
^
in September tb <' 5»v\
•Ayhdicate; headed hy- Braun/ Bosworth, Jk
Qo, of Toledo., Second best bid was entered
by Otis & Co.-of Cleveland/!.
''i'. / ;
;
.
<.
•
Volume .154 dNumbfef 14000
THE COMMERCIAL & FINANCIAL CHRONICLE
owned by the Bond Club of Phila¬
Phila.
Municipal Men
Enjoyed Gala Dinner
delphia,, was
informal
an
University
Club
.dinner
m
that
city
satire
the
on
name
more
THE FAJARDO SUGAR COMPANY OF PORTO RICO
spon¬
sored
by the I. B. A. This one Ed
Fitch put across with a verbal
barrage that kept the boys in an
hysterical state.'■
The
genial
Mr.; Quintard
ANNUAL
To the Stockholders
The F ajardo
of
Suplee, Yeatman & Company, Inc..
kept the gathering in a constant
the
at
a
serious film of similar
PHILADELPHIA, PA. — The
Municipal Bond Club of Philadel¬
phia, a newcomer in the field of
security
dealers
organizations,
held
809
on
state of
Thursday, Oct. 2nd.
record
by
some
boys'
interesting
kept
look
on.
./.'
/■./'.
...
cane ground into sugar, 492,509 tons.
Factory output, 56,203 tons of sugar, or 449,621 bags of
Analysts To Meet
250 lbs. each.
f
The October Luncheon
Meeting
York Society of Se¬
curity Analysts, Inc., will be held
today at the Lawyers' Club at
12.30 p.m.
The group will be ad¬
dressed by George Spencer, assist¬
of
the
ant
director
of
the
Public
each
during
the
by
crop
which
law,
it
necessary
FAJARDO
THE
Util¬
SUGAR
made
And
«
charge of the analytical work
with
Bud
:
Schaufler,
Waiter
<
Moncure
bcnumann,
,
Biddle
Dolphin
,
Reserve
Covers, $1.35
tip.
ing
per. person
Reservations
ior
for
"
and
tural
loans..
other
Miscellaneous, at cost
includ¬
ket
value
and
Planted
Materials
and
der
Web
Dougherty,
Webster
A,
Co.; Gene Arnold, Harriman
Dick
Buckley
Parks,
Dougherty
from
&
Bros.v
.
privilege
of
B^hler
to
act
William
m
cle
Forest
as
H.
*
accounts
died
Oct.
on
for
PORTO
BASS,
President.
RICO
31, 1941
/■/ t.j./-,-
Stock:
■
/''•/,/"'l>/':
;"/"v
issued—
not
»•
■
■
/
but
/■
«.
/
i
.
•/:
each
'
.-■.</• ../•
Authorized—700,000
shares
of
$20.00
each
—323,890 shares
of
$20.00
each
$6,477,800,
Capital
Stock
Hands
of
hand,
on
bond
at
and
net
as
a
V
Liabilities:
Planters*
Organization
Value)
in
1,000,
29,722
'
,,
accounts
Accounts
/
'
$44,745.55
payable
and
sundry
accruals
515,373.86
■
/
Mortgage
witnin
installment
one
maturing
year
29,722.22
•
589,841 .03 :
,
Reserve
'/
"
for
issued
.,
Surplus:
Balance, August
con¬
Add—Profit
/
187,782.54
for
in
protested
certain
with
year
annexed
(per
account).
1,082,847.06
$8,050,379.00
v
Deduct:
Income
pro¬
for
tax
the
July
•*
7
^$115,603.77
Dividends paid
22,766.72
'
current
year
in¬
years'
year
during
the
taxes........—
■■o.rr,
1 9 4 0,
paid
Treasurer of Puerto Rico with
prior
the
31,
43,486.97
from
taxes
ended
being
are
_.l.
to
$6,967,531.94
the
July 31,1941 before
providing for income taxes
in
income
which
recoverable
come
1, 1940
for
ended
2,591,614.48
equal
an
escrow
46 f
Earned
$30,000.00
/" respect
230,498
security ;un-
additional
Amount
Contingencies
Surplus:
1,709,205.58
hand—
on
as
deposited
connection
'w
(Par
'
/•
.
Payable (Less Amount Shown Below
Current Liability) Maturing in 1947.—.
Current
1
amount
partrer
Associated
Public
.
Mortgage
158,326.06
price—
deposited
Cash
t
of
the
/•'"
,
sugar
_______
banks
posed
18.
Directors,
109,345.16
assessments
m
OF
SHEET—JULY
Assets:
der
for
in
Abraham & Co., New York City
the
Organizations
7,038,893.31
Smith. .Smith
OsterweiL
/' ^
(less res.)..
receivable
sale
in
Cash
.
Leon
Sheet
—138,444.00
tract
Other
was
year.
consolidated Balance
and
JOHN
475,631.89
un-
sugar on
Cash
withdrawn effective Oct. 20.
*
during the
found
Profit
For
Issued
Sugar Act of 1937
•/ /
collected494,854.86
Molasses
John
alternate
certified
/
■
;
v
hand, less reserve
for expenses of shipping, sell¬
rethed
Gallatin, New York City,
tsr
'
receivable
Raw
partnership in Hardy & Co.,
The
.
time
to
be
of
Sugar Growers'
ment Company and
from
Government
ing, etc.
New York City, as of Oct. 23.
Ripley & Co.;
time
will
Common:- /// '•
Miscellaneous accounts and bills
following
.
Law",,
take over,
held by
acres
Loss (including The Faj¬
Association, the Fajardo Develop¬
the Loiza Sugar Company), duly
by public accountants.
ardo
802,774.
the
Accounts
.
"Land
to
power
Growing Cane:
supplies..
receivable
Federal
the
The New York Stock Exchange
^
so-called
with
15,000 shares of $100.00
growing cane—$1,173,688.74
Compensation
Weekly Firm Changes
Dammes
from
Statement
Authorized
29,802.03
(no mar-
sold
P.
the
in excess of 500
"
and
383,680.67
(since
Herbert
holders
Preferred:
obtainable',100,000.00
Current Assets and
Planters'
weekly firm changes:
authority
corporations, partnerships, associations, etc.
The valid¬
ity of said law is being tested at the present time in
Courts by other organizations.
More detailed in¬
formation in this respect has been supplied to our stock¬
Capital
should- be
announced-:, the
enacted
an
LIABILITIES
/
* V
/
'
'
as
.
N. Y. Stock Exchange
•
Rico
up
;
^_$11,076,264.35
depreciation
4,570,764.26
.•
chairman, Bowling Green 9-3789.
Members may bring guests...- <
v
has
set
COMPANY
estate'mortgages, iriclud- /.
'
y
ing interest due thereon (less -:
r
/
//reserve)
$253,878.64
Chattel mortgages and agricul.
made through Miss Lennon, office
of Shelby Cullom Davis, program
started
was
excellent condition.
yet by the Supreme
with the Quo War¬
the so-called
"500
Acre Law",
in August 1940.
In the mean¬
with compensation, lands
Real
.
.
which
BALANCE
Livestock and Equipment (Less
Depreciation, of Equipment)___
Investments:
7;
'
Co.
&
ity Act of 1935.'.
Co.
&
involving
trial
Puerto
$6,505,500.
Work Animals,
to
of the SEC under the Public Util¬
Plant
Less- -Reserve
respect
public utilities, will speak on
"Aspects of the SEC Regulation of
Utility Holding ^Companies" par¬
ticularly stressing : the functions
and
Property
ASSETS
into the
cane
connection
to
Associated
CONSOLIDATED
finance of the New England Pub¬
lic Service Co. Mr. Spencer, who
Commission
,._/•■
and
Exchange Commission, and form¬
erly vice-president in- charge of
of the
trial,
which
time,
While the grinding of our standing cane was restricted
ities Division of the Securities and
is in
ranto
Attached
■
growing
1942 crop appears to be in
decision has been rendered
Court of Puerto Rico in
:
34,185 tons of sugar, or*217,480 bags of
140,000 bags of 100 lbs. each.
Factory output,
lbs.
:
;
•
■
•'
•'
ground, 288^33 tons..
cane
250
-
Loiza
;
Total
New
/
•
/
'
of
the
Total
NY
amount
The
No
Fajardo
considerable
a
crop season, at the same time the marketing quota
increased to allow us to ship and sell all reserve
stocks.
„
grinding commenced January 30, 1941 and ended
June 10, 1941 covering a period of 123 working days. The
total cane ground amounted to 780,742 tons.
The factory
output was 90,388 tons of sugar.
Included in said figures
is the output of the Loiza Sugar Company.
The following is a comparative statement showing the
individual output of The Fajardo Sugar Company of
Porto Rico and the Loiza Sugar Company:
should
to
1942
was
Directors
*
STOCKHOLDERS FOR 1941
carry
,
The
"off
being
and
Rico.
Porto
permanent
the
are
Association
quite
prove
A
of
moments"
the
back
shots.
of
guard
'
of
THE
Sugar Company of Porto Rico
of
Board
TO
hereby submits its twentythird annual report of The Fajardo Sugar Company of
with his incessant
nerves
flashlight
Your
REPORT
650,050.00
765,653.77
96,253.69
SEC Anplications For ;
Broker Dealer Registry
'if
rfgv
$7,284,725.23
Deferred Charges
to Profit and Loss:
insurance, taxes, rent
Prepaid
Capital
:
-
T The
following anplications for
registration as brokers and deal¬
have been made with the Se¬
ers
D.'ck -Parks,' Buckley Bros.': George Wyckoff,
A.
sion
Buckley' Bros.'; Russell Schuler, First Boston
Corp.;
Russ
"
'
-
.
Schaffer" {sitting),
Dunne
Mackey
Co;
&
and
curities
Webster Dougherty & Co.; Walter F.xte;*,
■"
\
the
on
Oct.
Exchange
dates
a
Oct.
indicated:
F.
1941—F. L. Dupreo &
St.,
Harlan,
Ky.
Dupree, Mary W. Dupree
6,
Central
L.
.
Russell
and
Associated
And
K. Rowley,, officers
1941—Building and Loan
Mart,
31
Clinton
St., Newark
N.; J:. Michael S. Precker, sole
oroprietor; , J... D_ 7 Choffy. . 101
Cedar St., New York City, sole
proprietor,; Joseph Daniel Choffy
formerly a partner in J. D. Choffy
'
THE
FOR
2, 1941—Walter R. Mile-
"
Co..
THE FAJARDO SUGAR COMPANY OF PORTO RICO
Sugar
AND
JULY
ENDED
YEAR
LOSS
ACCOUNT
31,
.
under
Government
Act
1941
and molasses produced..— $6,069,019.96
from the Federal
Compensation
of
and
1937
servation
$3,272.69
the
the
Soil
31,
and
7////'
:
/:
;
■
areas
,:,
■
'
.
SheffCr,
congreve;
".-V
t
.Tliis ' Lighly.
succeSsful
.
5,520,325.42
selling, &c.
$1,188,517.35
terer, and Franklin O'Neill
•f
••
Add—Profit
on
322,318.97
depreciation...—....
/:/:■''
.'
-
'
■'/
./•■: •
;
-.•'$866,198.38
of prior crop..
sugar
Net
216,648.68
served-1
*•'
1;\>\
•••
7-7
vr2,>
Entertainment was provided by
Bob
Fitch
Hall
&
and
Fitch,
Ed
Co.,/Inc.,7and
of two sets of extremely
ing moving pictures.
E.
M,
consisted
interest¬
The' former
sponsored; pictures of the leading
Oct.
11, 1941—Wm. C. HeineCo., 10 South La Salle
St., Chicago, 111., Alfred E. Stan¬
meyer, George J, Kaspari, FeFx
E. -Dreyer.' and Teresa L. Stan¬
meyer,
for
The
Quo
carried at
before
year,
providing
for
i__-__-____.___.___
$1,082,847.06
Public
141
V
New
Accountants
Broadway ;
York City !
the
The
We
The
President
and
Fajardo
Sugar
have
examined
Fajardo
officers.
'
Puerto
are
Puerto "Rico.
still
The
7
Havana, Cuba .:
San Juan, P. R.
;
'
'
Newark. N. J.
October
Directors
Company
the
of
15th,
of
of Porto
consolidated
Bugar Company
the
Evans;
Porto
'
Marches
Off'',
dition
to
Paul- A.
Schroeder and
subse¬
a
.
reserve'
•
Rico
brought by the Gov¬
certain
of the
com-:
included in the consolidated
against
are
pending
in
Government
the
of
Supreme Court
Puerto
Rico
of
enacted
law setting up a Land Author-i
over, with compensation to the.
a
1941.,
fiscal
year
then ended, in conformity with generally
accepted accounting principles applied on a basis con¬
sistent with that of the preceding year.
Rico:
balance
Rico
sheet
and
sheet and related consolidated
profit and loss
account present fairly the position of The
Fajardo Sugar
Company of Porto Rico and associated organizations at
July 31, 1941 and the results of their operations for the
of
asso¬
George
Goggin,
Receiver
of
Morrison
Bond Co., Ltd., Debtor, 354 South
Spring St.,, Los Angeles, Calif., a
.
game.- "America '
.,
owners, lands In excess of 500 acres owned
by corpor¬
ations, associations, partnerships, etc.
No proceedings'
thereunder have been brought against the
companies
included in the consolidated accounts, and the
validity,
of the act is under attack in the courts
by others. /.
,T.i Bitting Bldg., Wichita, Kans., a
sole proprietorship.
Oct. 15, 1941—D. R. Comenzo
Co., 2 Broadway,- New York City,
sole proprietorship; Fowler Buck Dominick R. Comenzo, sole pro¬
Howard,
211
First Nat'l Bank prietor; Edwin H. Gibb has with¬
Bldg., Longview, Tex., a sole pro¬ drawn as partner in E. H. Gibb
Gwendolyn
prices, less
selling, etc. z
crop at
at the
such'
•*
•
V:/'.
To
realized
In our opinion, subject to the
foregoing and to
adjustments as may be made on final review of the
tax matters, the accompanying consolidated
*•
•
1942
balance
•/'.
•Cable-Address: All Offices
"Lotorikol"
the
sugar on hand
sold and shipped
companies'
Telephone / .„; ,:/
Barclay 7-5580
,
to
raw
been
Warranto proceedings
of
statements
forward
All
has
of shipping,
expenses
ernment
Is
&
Oct. 13, 1941—Cornell, Schroethe country and
slow - motion der & Co.,' 120 South La Salle
scenes with a lecture pointing out
St., /Chicago, i;111.,; George
D.
the blocking, mousertrapping and
-Wilkinson, Jr.j-an officer, in ad¬
other sundry -.fine points of the
•
the
,
.
football games of
accompanied
for
taxes
tis, officers, J. W. Odgers having
mann
and
carried
only.
date
during the current year,
ity with power to take
STAGG, MATHER & HOUGH
Tex., a sole proprietorship.
■■■
profit
.income
Cur¬
Withdrawn; D. Heffler Company.
4613 Clarendon Road, Brooklyn.
N. Y., David Heffler, sole pro¬
prietor; Rush M. Jackson, 416 N.
Chaparral
St.,
Corpus
Christi
cost
sheet
panies whose accounts
affair Curtis Stith, Russell Phillin Dot-
presided over by A.- Webster
Dougherty, A/>Webster Dougherty
&. Co-, its .President,, and was at¬
tended by 63 members out. of a
total' enrollment, of
73. All of
those i attending/, were - ''in - the
mood" long 4 before dinner was
Was
been
direct
balance
quently
of producing, manufacturing,
& Co:*
Frazier
have
their
119,899.64
Deduct—Provision for
tested accounting records of the
companies
supporting evidence, by methods and to the
deemed appropriate.
governmental
$6,708,842.77
shipping,
we
Included In planted and growing cane are areas
which
uncut at the
end of the
1941
crop due to
restrictions on sugar production.
These
.
r// "
21,795.62
——
income
Less—Expenses
or
other
extent
remained
498,127.55
-
Miscellaneous
amined
/;,
before
1941)
Interest
(net)
-$14,932,803.47
Con¬
(including .7,
July
Program
received
,,7,603.941.16
-r
accounting procedures of the companies and," without
making a detailed audit of the transactions, have ex¬
;
*
:
.;
7Vy/'7
Sugar
Oct. 9,
"iiC'l -yyy
;»7
z.
Oct.
10, 1941—Colonial Bond
E. W:\Clark &. Co./'Will and Share
Corp., First Nat'l Bank
Stroud & CO;; Inc.i;•- * i.
Bldg.,
Baltimore," ; Md., Wilmer
319,215.93
.
: 7/v,7-/
ciated organizations as of July 31, 1941 and the consol¬
idated profit and loss account for the
year then ended,
have reviewed the system of Internal control and
the
Organizations
PROFIT
CONSOLIDATED
St., Alameda, Calif.,
sole proprietorship.
r
surplus
;/'.7.,
$14,932,803.47
Commis¬
1221 Sherman
105,700.90
prietorship; Dwight J. Wilson, 312
&
Co., 74 Trinity Place, New York
./
STAGG, MATHER
&
HOUGH
City, Percy W. Archard and
McCarthy being the
maining partners; Selected Roj
ties, Inc., Ill Broadway,
York City, oil
foyalty deal
Paul S.
Stacey, >Walter W.
Try tell, and Nathan Young,:
Clifford
ficers.
*
.
i
THE COMMERCIAL & FINANCIAL CHRONICLE'
810
NY
Savings Bankers At While Sulphur Springs
Plan Co-operative Advertising Campaign
i
A
wide
State
cooperative
advertising campaign for New York
recommended on Oct. 21 at White Sulphur
mutual savings banks was
Springs, W. Va., by the Committee
Public Relations of the -Savings
campaign will embrace a
20-minute motion picture, advertising in the daily and weekly news¬
Association
Banks
of
New
on
The
York.
in all savings bank areas,
radio program built around Amer-<S>
ican family life.
It was presented
to the convention by a sound slide
papers
well
as
an
as
half-hour dramatic
a
economic basis, decent
accommodations for the
ilies who
Committee.
haps $30 to $45
objectives
of
of
population, for those fam¬
our
filrfi prepared
by Ruthrauff &
Ryan, Advertising Counsel to the
"The
living
mass
afford to pay per¬
can
Of the estimated 525,000 units
of
defense
housing
required
•f the Public Relations Committee
during the 12 months starting
July 1, 1941, 400,000 can prob-"
campaign
:and
are
of
Secretary
Savings Bank.
I
Rochester
the
ablv
"It is designed to:
fundamental
prosperous
life.
1
.
.
"2.
to, the
sound
of
way
Bring
and
under¬
an
of
.
.
.
Government in
the sale of Defense Stamps and
"The
ithat
Committee's
enter-
Dr. Jones said:
v
institutions
whose
be raised but it should be done
in such
a
Federal
tion.
to maintain the
way as
credit
possible,
and
serious
a
The
prevent, if
price infla¬
latter is
of
one
the
principal
objectives in every?
consideration of defense financ¬
Dr.
' ■]'■■■/;,</<; '
■;
ing.
Jones
arises
in
of
out
:+-.1
+
:
pointed out that the
the present situation
men^ expenditures estimated ati
$24,000,000,000 for the current fis
cal year- Inflation in time of war
has one of its basic
in the
causes
ndded that
to counteract these
in¬
wl11
and
undoubtedly
become
'all-out'
more
flation, that it will induce
to
savers
•
to
ers
!
save
save
more,
contribute
non-
Manufacturers' New Orders
and present sav¬
Again Decline
September According To Conference Board
and that it will
materially
In
the
to
purchase of Defense Bonds and
'
j
Currently show-:
This, the most recent full length animated cartoon to come from
by far the best of the recent lot.
It has none
Fantasia, or the self adulation of Reluctant
Dragon.
In it's way it's almost as fresh as the famous Snow White!
the Disney studios, is
of the weirdness of
and
beautiful
as
Pinocchio.
as
It's central figure is an elephant,
but!
an elephant!
It's a cute blue-eyed baby pachyderm, a bundle!
from heaven sent to Mrs. Jumbo who is on the train
heading north.'
He's a soft, lovable flop eared
will" win
,when
for
you will ever see, and finally to his triumph
(by imbibing of champagne) they can be used!
We thought the sound effects were particularly hilarious;!
a
he
scene
as
discovers
flying.
the
pigmy with a beatific grin which
It is these outsize ears that lead first, to as
heart.
your
pathetic
startled
noise
made
by Casey Jones, Jr., the locomotive, when
pushed from behind set
"The
Chocolate
1
off into howls.
us
Soldier"
(M-G-M), starring
Nelson
Eddy
Rise Stevens; with Nigel Bruce, Florence Bates and others.
and
Directed
by Roy Del Ruth.
The
.
.
found
company
itself
with
two
properties
it's
on
hands,
Oscar Straus' Chocolate Soldier and Ferenc Molnar's The Guardsman.
much head scratching it must have come to the conclusion
After
stories
good the combination should be terrific.!
was
current Chocolate Soldier.
The main plot revolves
comedy actors, newly married.
He, dra-!
of his wife, disguises himself as a famous Russian!
musical
singer to put her to the test.
no
knew
one
there is
The
if
she
from
score
In the stage version of The Guardsman!
discovered
the masquerade but on the screen
She knows,; but he doesn't know she knows.
Chocolate Soldier is as tuneful and delightful
question.
no
the
the
but
total result is far from satisfactory.
Miss Stevens
sings beautifully and acts well.
The same can't be said of Nelson
Eddy, for while he sings well he is no Alfred Lunt.
as
ever
"Target for Tonight,"
It
describes
as
we
air
an
want
ever
raid
to
English picture distributed by Warner:
Germany by the RAF as realistically!
an
over
see;
-
It shows the
steps before the raid from
former
is
actual
an
RAF
member.
The
scenes
the
over
territory with ack-ack shells bursting around the planes
ingly realistic.■■ :V
/ Y
■
./•
•:
German
terrify-
are
•.
NEW,.YORK,NIGHT LIFE ",v
The
crowds
;jw:: r, .7'*'
' !
■
;.,.Vv.'--
;
•
standing under the Wilson si°m lauvhing at the
of electric squirrels, the bear and the North
Wind, all for'
free.
That restaurant under the
sign where you can eat as much;
as you want for
only two bits (spaghetti and coffee).
1:. Broadway
full of soldiers and sailors walking
up and down the street.
The
crowds hanging over the ice
skating rink in Rockefeller Plaza
;
shrieks of laughter when somebody sits down—but hard.
The
.
antics
.
.
.
.
.
.
.
.
should
paign
particularly to the Board, remained at about the same level as in the preceding
month, with a decrease in shipments of nondurable goods offsetting a
be
-j'. forceful.
<
The statement
was
rise in durable goods.
also made at
tion at White
As
a
result of the decline in
orders
Sulphur Springs that
/"this crisis presents the most ex¬
was
traordinary opportunity for
ings bank advertising which
This
sav¬
of
end
month
the
slightly lower than in August.
is the first drop in the un¬
filled
you
the
at
since
index
order
of
You
have
which
with
is
Government
a
striving
and
New
can we
of
luxuries
for
and
for
all
-
'
you
cooperatively or individu¬
ally, cannot be selfish. This is
no
is
time
no
for
tries.
Smaller declines
within
success
stories-
It
is
dazed
and
ment
creased.
we
may
become
by the fleeting false
Housing,
in
of
on
addressing
Oct.
21
the Con-
discussed
de¬
he said:
Defense hpusing is merely
fense housing;
'
building equip¬
housefurnishings in¬
In the clothing, ma¬
a
problem is how to produce,
on
either durable
change.
151.4
Inven¬
The
Board's
facturers'
from
to
202
201
there
index
of
shipments
in
in
July
shipments
to
were
Durable
the
on
whole
increase, although
declines in iron and
steel nonferrous metals and of¬
fice
equipment.
were
Shipments of
goods
as
a
whole
5% lower than in August,
allowing for seasonal variation,
although
cals
shipments
increased.
In
of
chemi¬
the clothing
want original Italian
you
132 W. 43d St.
and
write
menus
with
drop
or
in
at
Halloween
(and Thanks-giving) around the corner here's a couple of cider drinks ('by cour-4
tesy of Waldorf-Astoria Bar Book) you might like to try: Non-alco->
holic—
spoon sugar—1 egg—shake well; fill with chilled
cider;
stir well and serve.
Alcoholic—(to make 1 quart "Cider Nectar")
juice of Vz- lemon," 1" spoon sugar; jigger each brandy and sherry;!
ice; 1 quart cider; mint on top. v.! Recommended reading—Jerome
or
nondur¬
Weidman's
in-
the
which
the
companies included
"miscellaneous
group,"
is included in neither of
sub-groups.
In
the
durable
goods
indus¬
tries the largest increases were
reported
the
by
automotive
equipment, electrical equipment
and
railroad
equipment com¬
panies.
steel, nonferrous
housefurnishings in-,
and
dustries.
The largest
goods
shoe
and
increases
were
and
in
paper
Unfilled
The
index
orders
ments
unfilled
was
orders
the first
March, 1940. Low¬
increased ship¬
and
of
combined
reduce
to
to 534 at the end
September,
but
remained
171% above the year-ago
figure.
following table gives The
Conference
Schuster)'
.
.
The
.
St.
.1;. The "he's" in the washroom shaving.
.
-All using
passing it back and forth while the attendant goes batty
dering if there's
10c tip in the whole gang.
a
grass—gladiodas and something else
knew there
minds
asked
she,
were
of the
us
.
.
.
toi
one
won¬
The quiet elegance f
.
.
we
forgot the
story Marty
man
(Best Foot Forward)
Marty
,
>
I
play
thought
case
ber
the
of
Amen,
non-official
Never
.
.
;
.
re¬
gin rummy and
some
touched
enter
the
;v
v.
the value of manufacturers-^ in¬
ventories.
Board's
indexes
of
shipments,
new
of
orders
tomb
was
of
a
mem¬
Tut-Ank-?
r
,
v
.!
,i'-';
for
the
and for the
indexes
preceding
based
month
on
the 1935-1.939
average as
seasonal
corresponding month
op
1940i, together with percent-!
changes. 7 These indexes, all
age
and unfilled orders for Septem¬
ber,
100,
(1935-1939
=
'Aug.,,1941
Durable
Orders
Unfilled
Orders
—_
164.7
'
234
231
+ 1.6
152
+1
118
—5
162
170
231
249
171
— _~-
534
537
197
>
+ 31
m
■
Sept.
+ ?3
116.0
136
to
+ 1.7
127.4
127.7
1—
Goods-.,
-1-
Sept., '41
122.4
202
,\
201
Goods
Non-durable
New
129.5
to
1940
148.9.
167.4
Goods—.
j._
SeDt,
(revised)
151.4
Goods
1941
100)
"
1941
Durable
monthly
adjusted for
Percentage change f
Aug., '41
Sept.
Sept..
Non-durable
are
change.
inventories; shipments and ORDERS—SEPTEMBER.
Inventories
',!
the
point, is Errol Flynnl'
Collada who
same
party to
V-.Y,,; ' .'CY+. ■"
v.; '•
.
arguing with Benito Collada and then grabbing
you're interested it is the
first
of...
May tells: 'He*
you., never
of CoUada's toreador capes to illustrate a
And in-
name
people who played gin rummy
many
cute chorine if she would like to
a
stuff!":The
one
so
answered, 7 "Why
Shipments
The
&
of the Barberry Room with it's newest flower
arrangements—pampas
slightly the backlog of unfilled
orders for durable goods, while
little change was shown for non¬
durable
goods.
The adjusted
index declined from a high of
537 in August
(Simon
Orders
It
1%.
decline since
er
of
Therei Anymore"
the "she's" all dressed up in party dresses
waiting for the "he's"
Small declines occurred
in the iron and
metal
"I'll* Never?Go
Clifton Fadiman's "Reading I've Liked" (Simon & Schuster).
debs and their swains putting it on at the Larue on E. 58th
show up.
decreased
September.:
,.*Tf
razor
manu¬
August
v
Ricciardi's,
tial rise for
declined
and
Inn.
.
non¬
industries.
Shipments
big plate glass windows around the rink (English Cafe on one side
and Cafe Francais on the other)! behind which
people sit, eat, and!
watch the skaters.
The best- soup we have ever tasted is served!
here.
And for daquiries that don't come
any better try Olney
able goods because of a substan¬
boot
nondurable
specialized aspect of a problem
that had concerned many of us
for the past 7 or 8 years.
That
to
100)-
goods
nondurable
little
Defense
'
durable
for
continued
Coordinator
equal
the
was
goods
the
September
chinery and chemical industries
ing this country and its citizens
Herbert S. Colton, legal advisor
in
there
secure.
vention
were re¬
..
...
were
ported in the office equipment
metal products industries.
The real threat from
that
prosperity of the moment to face
and accomplish the task of mak¬
to
*
and'
The threat from abroad
is too real.
too
decreases
time to glorify private in¬
terests.
>
point since
The iron and steel
the decline, and
led
New orders for
campaign, whether
do it
v
lowest
by the electrical equip¬
ment, paper and textile indus¬
of
is advertising.
Your
revised
a
shown
useless
do this. That force
can
the
substantial
'
force
from
last January.
think will
be off the market soon?
Only
one
231
to
at
now
articles which people
;
rose
than
in
7%
industry
sorts
The
index
tories of both durable and
orders
new
figure of 219 in August (19351939 equal 100).
The index is
check the present
spending
^o in¬
inventories.
Board
index
So you can serve every
How
their
Conference
increased over
the August level.
The combined
index
showed
a
greater rise
declined
would-saver who calls.
flood
Manufacturers continue
crease
September,
bringing the seasonally adjusted
prices down.
Therefore, people can save. And
you
are
not only traditional
custodians of their savings, in
your own right.
You now are
agencies of the Government for
the sale of its Defense Savings
Bonds.
Orders
mer¬
Manufacturers'
.;.;v. j
■
!'Y1
Inventories
(1935-1939
hold
to
shipments
,..
*•
1.7%
Board further said:
successfully
manufacturers
chants
•{
declined sharply.
see."
ever
orders, says
and textile industries
March,
Inventories
Harford Powel, 1940.
continued
to
Information, Defense show an upward trend.
Under
Savings Staff, in stating this said: date of Oct. 28,. the Conference
will
Director
new
the Board, the backlog of unfilled^
the Association's Annual Conven¬
a1
photograph of the scene to be bombed, the preliminary plans, the
take off, the arrival over the
objective, to the return. You won't
find any Clark Gables or Tyrone Powers in the
picture.
Eve^y per¬
.
For the second consecutive month new orders received by manu¬
Stamps.
With the full force of
in
the
September, according to the Division of
Treasury
behind savings, facturers declined
the additional effect of this cam¬ Industrial Economics of The Conference Board.
Shipments, according
..
.
(Walt Disney), distributed by RKO.
ing at the Broadway Theatre, N. Y.
bulge with funds seeking
effort to bring
meet this general problem.
I
Rear Admiral Wat T. Cluverius,
widespread savings," ^'The home
building industry! United States Navy, retired, and
said Mr. Gray, "seems well sus¬
will be encouraged to continue to President of the Worcester Polytained by the remarks of the vari¬
handle the largest possible sha^e technic Institute, also addressed
ous
authorities
who
have
ad¬
of the job," Mr. Colton stated. "We the Convention, as did Brig. Gen.
dressed this meeting.
New York
deem
it important
that normal
Jrehon, Chief of the Construction
State leads the nation both in de¬
processes of financing be disturbed Division,
Office of the Quarter¬
fense contracts awarded and per¬
as little as is consistent with tne
master General, War Department;,
centage increase in income."
He stark
I John C. Gall, Counsel to the Na¬
realities of the situation."
added:
"The financing of the defense tional Association of Manufactur¬
j
If inflation is to be avoided program would provide us with ers, etc. Henry Bruere, President
a
substantial
portion of this
quite adequate problems if we of the Bowery Savings Bank of
new
buying
power
must
be were
starting from scratch instead New York, was re-elected Presi¬
diverted
into
savings.
Your of
taking off under the initial dent of the New York State Sav¬
Committee
believes
that
the
handicap of a $50,000,000,000 debt ings Banks Association at the Oct.
campaign will play an important and an
already heavy tax burden," 22 session of the Convention.
part in safeguarding existing
deposits agai-xst loss tnrougn in¬
an
about
SCREEN
"Dumbo"
what
Govern-
enormous
THE
investment. Savings banks have
conclusion
:
u IP-TOWimMFfm 3
The
staggering
sums
re¬
quired for defense must and will
"Thus,
Areas of defense
i
f
.
;
™uch ™ore important and effec- that if one of the
*lve wben. the price control bill The result is the
ready
existing
machinery
in now pending in Congress is en-- around a pair of
their cooperative institutions to ucted.
\
; matically jealous
vaults
Bonds.
|
those
to
the
to
vention.
activity and, consequently of flationary tendencies regulatory
mortgage demand, will not al- measures relating to priorities and
ways occur in ready proximity Price ceilings have been adopted
"3. Give full cooperation and
support
bv orivate
concentrated.
mutual
savings
as a vital force in the
American economic system.
;
Montefort Jones, Pro¬
Finance, University of
Pittsburgh, in addressing the Con-;
while1 competition by the Government
jand consumers for the industrial!
tag from July J, 1941 to June 30,' output. The problem is becoming
1912 will probably equal that for acute »as shortages in basic mathe previous year, the direction terials are developing, and price
of its flow will be changed and indices
are rising steadily.
He
American
about
of
the volume of residential build-
.
standing
banking
built
prise," he added.
"I. Develop a public apprecia¬
tion of
thrift and savings
as
.!
be
Dr.
danger
month.
a
three-fold,"
stated James W.. Gray, Chairman
this
stated
fessor
Thursday, October 30, 1941
,' +1(1
+ 48
+ M
+ 37
—7
4-35
•
,
"
—1
"
+ 171
.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000
154
811
":t|
Treasury Offers Notes
To Meet RFC, CCG Liens
This is
and is not
an announcement
to
be construed
(Continued from First Page)
He
[Mr.
Morgenthau]
said
the defense program would re¬
as
The
offer
an
to
sell
solicitation of an offer to buy the securities herein mentioned.
or as a
offering is tnade only by the Prospectus.
,
,
quire that the Treasury float
large securities issues -'at least
other month."
every
don't want to go
"We
market
"and
too
one
fusion
•'
often,"
he
to prevent
way
would
be
con¬
have
to
$38,000,000
to the
added,
the
Treasury the only borrower." 7
'
Some interest money also can
saved by the process, Mr.
-
be
•
Morgenthau asserted.
other
"The
agencies have to
for their money than
"
pay more
the Treasury, and so the
•
First
agen-
"v
7 cies could not object if we lent
them the money as cheap or
cheaper than they could get di¬
rectly
from
the
public," he
'
*
,
'
Mortgage Bonds, Series A,
-
...
said.
Mr.
been
with
Jesse
"
.
:
;■
•'
•
'
;
Due October 1,1971
Price 107%
Morgenthau
also-re¬
that the proposal had
discussed
.
Dated October 1,1941
•
marked
'7
..
and accrued interest
H.
Jones,
Federal Loan Adminis¬
trator, and, he said, "Mr. Jones
is •• sympathetic.",:..
,•
The
.
Prospectus
The Treasury notes now offered
in
exchange
CCC
and
for
RFC
maturing
will
notes
be
as are
may
be obtained in
in which this
any state
registered dealers and
are
is circulated from only such of-the undersigned
announcement
offering these securities in compliance with the securities law in such
state.
dated
Nov. 1 and will bear interest from
that
date
the
at
of
rate
payable
1%
per
HALSEY, STUART & CO. INC.
semi-an¬
nual basis on March 15 and Sept.
15.
They will mature on March
annum,
on
a
1946, and will not be subject
for redemption prior to
maturity.
15,
GLORE, FORGAN &. CO.
There
A. G. BECKER & CO.
outstanding
$299,839,000 of %% RFC notes of
Series P and $204,241,000 of 1%
are
HARRIS, HALL & COMPANY
INCORPORATED
call
to
(INCORPORATED)
CENTRAL REPUBLIC COMPANY
(INCORPORATED)
CCC notes of Series E.
The
subscription books for this
offering
of
were
business
The
closed
Oct.
of
text
ficial
7
at the
end
BLAIR &,
24.
the
circular of
United
Oct.
follows:
23
America
Nov. 1, 1941.
Due March 15,
Interest
payable March 15
1%
PRESSPRICH &, CO.
W.
R.
TUCKER, ANTHONY &, CO.
1946.
Ortobrr 29, 1941
and
^
Sept. 15.
to
1941 Department
Circular No. 671
Bureau of
Service
Fiscal
the
the
Treasury Department,
Washington, Oct. 23, 1941.
of Notes
tion
and Invita¬
Tenders
for
■
The Secretary of the Treas¬
pursuant to the authority of
the Second Liberty Bond Act, as
ury,
amended, invites subscriptions, at
the people of the United
par from
States for 1% notes of the United
States, designated Treasury Notes
of Series A-1946, the offering to
be limited to the amount of sub¬
scriptions entered as provided in
the
two
next succeeding
para¬
7"':' ,7;777
graphs.
7
of the Treas¬
The Secretary
2.
for
offers to apply the proceeds
of Reconstruction Fi¬
nance Corporation Notes of Series
maturing Nov. 1, 1941, ten¬
dered for payment in accordance
P,
with
sections
III
and
IV
notes
shall
taxes,
imposed.
from
all
after
taxation
imposed
on
of
any
the
United
States,
here¬
now. pr
the principal
or
or
by
local
any
taxing authority.
The
3.
notes
will
be
accepted
during such time and under
such rules and regulations as shall
be prescribed or approved by the
Secretary of the Treasury in pay¬
ment of income and profits taxes
payable at the maturity of the
notes.
4.
'
7'
to
7
''K :7
-
The notes will be acceptable
secure
moneys,
but
deposits- of
public
will not bear the
circulation privilege.
5.
Bearer
in
notes
attached
denominations
000.
in
tomers, but only the Federal Re¬
Banks and the
partment
Treasury De¬
authorized to act
are
■>;-7
with
will
interest
be
issued
of
$100, $500,
$10,000 and $100,-
The notes will not be issued
registered form.
notice;
take
and
he
action
any
these
in
final.
shall
to
reserva¬
these
be
.,
7
.;
in
lotted
will
be
full.
sent
Allotment
out
allotment.
IV.
1.
at
notes
allotted hereunder must be made
before Nov.
1, 1941, or on
and may be made
application of the
principal proceeds of payment of
a like par amount of Reconstruc¬
tion
Finance
Corporation Notes
on
or
later allotment,
through
only
of Series
or
P, maturing Nov. 1, 1941,
Commodity Credit Corpo¬
of
ration
Notes
of
Series
ing
Nov. 15, 1941.
Credit
Corporation
j Series
E
tendered
E, matur¬
Commodity
Notes
purchase
dated Nov. 15-
•
per
and
will
bear
interest
1%
annum, payable on a semi¬
basis on March 15 and
annual
dered for payment, or
receive
Credit
lotments
subscriptions, to make al¬
on
the basis and up to
purchase, to a par the amounts indicated by the Sec¬
amount equal to the par amount retary of the Treasury to the Fed¬
of Treasury Notes of Series A- eral Reserve Banks of the respec¬
Commodity
Corporation Notes of Series
E tendered for
each year until the
1946 subscribed for.
Banking in¬
principal amount becomes pay¬
able.
They will mature March stitutions generally may submit
subscriptions for account of cus¬
15, 1946, and will not be subject
Sept.
15
.
in
tive
districts,
notices,
notes
to
to
issue
receive
allotted, to
allotment
payment for
make
delivery
advance of 10.94%. Total
an
of
assets
the
company
in¬
$610,269 on June 30,
$731,381 on Sept. 30, 1941.
*
formation
Hilbert
Co.,
&
of
the
of Oct. 23rd gave the address
the firm's New York office as
of
During the first nine months of
the year, $26,722 was received by
the company in interest and divi¬
.After expenses of $22,225
dends.
net income
remaining amounted to
$4,496.
This was augmented by
Street, the office heretofore
net realized profits of $11,209.
s
maintained by Schoellkopf & Co.
The company has had .the un¬
The firm will occupy the offices at
usual experience of bemg able to
120 Broadway in which Hilbert,
Condon & Bassett have been lo¬ report a successively higher net
cated.
The
new
organization, asset value per share adjusted for
members of the New York Stock dividends paid, at the end of each
Exchange, was formed by Webb quarterly period since June 30,
11
Wall
members of the firm
Hilbert and
of Schoellkopf & Co.
1940.
are
the
of
for
hold¬
($4.619565
per
$1,000)
will be
1.
Subscriptions will be re- paid following acceptance of the
ers thereof subscribe for Treasury
received at the Federal Reserve
notes. '.j
: • :
notes
hereunder.
Tenders
of
Banks and branches and at the
Series E notes for that purpose
V.
General Provisions
Treasury/ Department, Washing¬
are invited.
1. As fiscal agents of the United
ton, and should be accompanied
II.
Description of Notes
by Reconstruction Finance Cor¬ States, =; Federal
Reserve Banks
1. The notes will be dated Nov. poration Notes of Series P ten-'1 are authorized and requested to
that date at the rate of
the
"Financial Chronicle" in its issue
for
par
reporting
Schoellkopf,
.
Payment
Payment
-
v,
,....
tered
net
1941 to
Correction
In
upon
the extent to which the
1941,
Investment Trusts
creased from
notices
promptly
.
1,
Henry Morgenthau, Jr.,
Secretary of the Treasury.
may
respects
Subject
6. The notes will be subject to must have coupons
behalf of the Commodity
offers to pur¬ general regulations of the Treas-, 1941, attached, and payment will
chase on Nov. 1, 1941, at par and ury
Department, now or here¬ be made at par and accrued in¬
Accrued
accrued;:interest, Commodity after prescribed, governing United terest to Nov. 1, 1941.
States notes.
Credit
Corporation
Notes
of
; :
i interest from May 15, 1941, to
Nov. 1,. 1941, on Series E notes
iSeries E, maturing Nov. 15, 1941, III.
Subscription and Allotment
from
on
full-paid subscrip¬
allotted, and they may issue
interim receipts pending delivery
-
ury, on
to
notes
(Continued from page 807)
as official agencies.
of the definitive notes.
$6.>3 on June 30, 1941, according
2. The Secretary of the Treas¬ to the
2. The Secretary of the Treas¬
quarterly report.
An in¬
ury reserves the right to reject ury may at any time, or from time crease of only 5.69% was recorded
to time, prescribe supplemental or
any subscription, in whole or in
by the Standard Statistics 90 stock
part, to allot less than the amount amendatory rules and regulations average during the same period, it
of notes applied for, and to close governing the offering, which will was
reported, while the American
the books as to any or all sub¬ be communicated promptly to the
Foreign
Investing
Corporation's
Federal Reserve Banks.
scriptions at any time without
index of 50 foreign bonds regis¬
Credit Corporation,
-
of
tions
tions, all subscriptions will be al¬
at par
$1,000, $5,000,
.invited.
hereafter
or
by 'any State, or
possessions of the
Tenders of Series P notes for that
are
subject to all
now
interest thereof
of this
The Secretary of the Treas¬
be
from
ject to. estate,.. inheritance, gift or
other excise taxes/ whether Fedr
eral or State, but shall be exempt
coupons
3.
derived
The notes shall be sub¬
circular, to payment for Treasury
notes
subscribed for hereunder.
purpose
to
serve
income
ury
of payment
prior
redemption
-
The
Federal
Office of the Secretary,
Offering
call
maturity.
2.
Public Debt
1.
CORPORATION
Treasury's of¬
of
States
LEE HIGGINSOIM
CO., INC.
Treasury Notes of Series A-1946.
Dated and bearing interest from
I.
'
now
the
Moody's Commodity
Index Slightly Higher
Moody's
Daily Commodity In¬
slightly, from 207.1
dex advanced
week ago
to 207.6 this Tuesday.
principal individual -changes
were the advance in hogs and the
a
The
decline in wheat.
The movement of the index was
as
follows:
Tuesday,
Oct.
207.1
207.4
208.6
;
208.5
—208.3
Thursdav, Oct. 23
Oct.
25_;
Monday,
Oct.
208.0
27
Oct.
28
Two
weeks
Month
Year
1940
ago,
ago,
____—________
Oct.
ago,
Septi
'Oct.
213.3
"Good
Neighbor"
of
our
,
policy
Latin
-
on
the
American
friends.
The
Latin
was
V
history
of
American
discussed
Robert
S.
American
the
improved
credit
in
relations
article
by
Byfield, president of
Foreign Investing Corp.
an
which appeared in the New York
Herald
Tribune
Mr.
on
Sunday, Oct.
Byfield pointed out that
the Latin Americas
raw
material
steady
rise
in
are
16
9
17
;
commodity
prices
prosperity. On
top of this, the Export-Import
Bank has made large and liberal
has brought great
loans which have the
on
149.3
219.9
-171.6
principally
and the
exporters,
171.8
31
High—Sept.
American obligations,
explanation for this record
be found in the effect of the
1^4.2
High—Dec.
LOW —Feb.
207.6
210.7
14
27
28
Low —Aug.
1941
Latin
—
Wednesday, Oct. 22__
Tuesday,
the company's funds
for the most part in
credit
12.
21
Friday, Oct. 24
Saturday,
may
Since
invested
same
effect
the international financial po¬
sition of the borrower as favor¬
able trade balances.
'
7
'
'•
THE COMMERCIAL & FINANCIAL CHRONICLE
812
that
B. & O. Notes Look Good
that august body.
/ The - 4% w secured notes,
due
Aug. 1, 1944, of the Baltimore.&'
eptness of the brass hats
make
collection
same
retreat from Dunkirk.
Even
in Africa
HIGH-GRADE
garrison
INVESTMENTS
haven't
almost
New
a
year.
*
*
&
I don't know
Exchanges
Stock
Boston
they have a beseiged
at Tobruk they
been able to help for
1
Chicago
York,
off
as
I did but
I feel
a
*
why I sounded
having done it
little better.
Now to
Members
Since the previous column
appeared the market has con¬
tinued to say nothing. It pays
little
York
Stock
Exchange
a
New
York
Curb
Exchange
news
Cotton
Exchange
New
1
;
'.J
NEW
-
.
DETROIT
PITTSBURGH
GENEVA,
either
broke down to
the
YORK
CHICAGO
BOSTON
( good
kind
of
news
into subsequent
days. On October 16th prices
Bldg.
N. Y. Cotton Exchange
to
over
carry
other Exchanges
And
attention to bad
itdoes
but seldom does the ef¬
of
fect
of Trade
Orleans Cotton Exchange
Board
Chicago
more
than
news
Inc.
Exchange,
Commodity
SWITZERLAND
a
new
Two
move.
low
number of stocks broke
a
if-
individual
But
broke
issues
through the stock averages
(computed on closes) did not.
This brings up the possibility
WALL STREET
NEW YORK CITY
Export—Imports—Futures
meet
has
who
in
tries
the
security
with
wife
to
other
A dealer coming
one:
into
Greenwich
one
from
York
New
detailed memorandum issued by
G. A. Saxton &
Co., Inc., 70 Pine
Street, New York City. There are
morning heard a fellow several considerations contribut¬
say to a man who was
ing to the belief that these notes
seeing
him
off,
"Goodby, old will be taken care of at maturity,
hob with the family budget but chap,
I had a wonderful week¬ the .' memorandum
states;
the
I
leads to many a marital quarrel. end.
certainly enjoyed your growing scarcity; of short-term
One evening he came home and wife's kisses—they were wonder¬ rails
still
selling at substantial
When the train got under discounts and previous successes
his
wife
greeted him excitedly ful."
and told him about a chair she way the dealer couldn't wait to with
similar
situations
may
in
a
a
pen¬
Monday
passenger
had
ask
picked
signed,
he
up "for a song."
Re¬
looked at it.
It was
overstuffed
montrosity of the
period and looked
former
owners
had
as
if
been
pachyderms.
The
springs
had
sagged in the center and at least
one
coil
was
peeping \ slyly
through the ragged upholstery.
"Isn't
it
a
perfect -gem?"
she
if
asked.."Now
I
I
had
the
all!"
the
big
buyers
B.
morning, while his wife was still
asleep, the security dealer called
in a traveling junkman, paid him
picking
him
take
the
That same evening,
coming home tired, his wife met
him again with a gleam in her
eye.
A gleam he came to know
as
coming from a "surprise" ac¬
quisition.
"Guess
what?"
she
greeted.
The man didn't know
"That chair," she said barely able
to contain herself, "the one we
have
in
the
attic;
the one
I
bought the other day.^ Well, to¬
day I ran into a junkman with
the mate—but the identical thing
—and I bought it.
Now we have
the pair.
Aren't you glad?"
away.
over
bring about
the
near
future
more
'
earnings, financial position, and
collateral, and discusses the sink¬
are
,
-
tric.
companies
insurance
Fire
bacco
had
themselves
you
ing fund, the plan for Modification
of Interest Charges and Matur¬
it's mate
just how I would reupholster them.
They'd be per¬
for the library."
Early next
and
be
could
hear
I
-
fect
dollar
he
"Didn't
widespread in¬
say," asked the dealer, "that you terest in ' and rising prices for
enjoyed his wife's kisses?" . •, * these notes, which seem to have
"Why yes. I guess you did," the been neglected by investors in the
passenger answered calmly. "He's search
for
profit
opportunities
such a nice fellow I didn't want
among short-term rails until just
to hurt his feelings.
You see, I recently. The memorandum con¬
didn't
actually
enjoy them at tains a statistical summary of
know
relic
how
fellow
brazen.
so
,
.
thinks
of American To¬
& Co. are
Parrish
.
.
.
ities, and the effect of RFC loans
Elec¬
Westinghouse
up
Goodbody &
cottonseed oil
(May
And
.
and
Co.
fu¬
possible wage increases.
tures) around 12c are attractive
but expects wheat to be lower in
request.
Co. upon
v%
term.
near
Erie RR. Interesting
/;
of those radio
the
kind that solve the problems oi
all mankind, had a man before
him. "I'm a salesman," explained
One evening one
! Beatrice
male
the
//.
Copies of the memorandum may
be obtained from G. A. Saxton &
prepared an analysis of the
Company and the
securities to be issued under the
have
Erie
"One night I came
and couldn't get into
speaker.
late
home
my
against
and
there
•
he
saw
he
me
Reorganization, which dis¬
the effect of the reorgan¬
cusses
my
When
man.
Railroad
Plan of
So I put a laddei
living room window
climbed
up.
When I gol
I saw my wife with another
house.
/
Joseph Walker
& Sons,
120
Broadway, New York City, mem¬
bers New York Stock Exchange,
Fairfaxes,
ization
the road and its secur¬
on
Copies of the analysis may
had from Joseph Walker M
ities;
be
came
Sons upon request. v.
1
"A prophet is without honor in noticed he was wearing a police¬
18th and October 23rd—may
is
determined
to
man's coat.
I knocked again. He Commission
well represent a bottom for his own circle" mourns Ken (J.
H. Brooks)
Dietz sorrowfully if came over opened the window fight to the last ditch against any
the decline.
There are two
/ /:/.y" \ ; Y/.ty
inaccurately.
"Here it has been and said if I didn't get away he'd major revisions./Commissioner Ganson Purthings to watch for to see if months that I've been telling my make trouble for me, Now what
cell made that clear on Tuesthis condition is merely an¬ people to get out of American I want to know is can he make
;
/
day ' w h e n
the / hearings
Tobacco—the dividend would be trouble for me?"
other possibility or is more
opened, and again yesterdayr
cut—and what do you think hap¬
tangible. If the market con¬ pens? / Dutifully we answered
when, among other things, he .
?
tinues moving sidewise as it "what?"
quickly objected to a sugges- Y
"I'll tell you what,"
tion by Representative Cole/
is doing, with more bad divi¬ says Ken dolefully. "They said
(D„ Md.), that the Commis- I
if Tobacco cuts its dividend we'll
dend news affecting only in¬
sion be enlarged in view of
buy more." That, we hastened to
dividual issues that will be
its enormous task.
(Continued from First Page)
point out, is nothing to cry about.
one
The hearings up to last evening
good sign.
If certain On the contrary. He now has be necessary under the new ordei
of
competitive bidding in the were quite heated in spots with
stocks creep up in the face of orders which is more than can
be said for many people.
"Sure! utility field. /".".
Commissioner Purcell and Rep¬
uncertain or downright bad
Bankers
feel
that
if the
I got orders!" explained'Ken sar-i
resentative
Wadsworth of New
news,
that will be another castically; "but they're orders for /'market developed/a jpizable
York
putting
on
several
ex¬
good indication. But in any quotes—not Stocks!'? / -v.vh&£-.f •! / run of. new issues it would
changes whichteven got-into the
aid immeasurably in smoking,
Public Utility Holding Company
case
the: lows of the dates
out the insurance companies
Recommended
Reading:
"Our
Act.
:.///:'■
//•• /. y
mentioned above have to hold.
among other things.
Its A
Sellers' Market
Seething Labor Front" in "Back¬
ground," published monthly by
Conversely, they hold, there if
The response which greeted the
If, on the other hand, prices Lord, Abbett. .. ." Federal Taxes" nothing much that can be done Central Illinois Power offering
in Merrill Lynch, p. F. & B. midunder
present circumstances to served to convince observers that
now
rally to say the highs of
month letter.
Robert Inger- shape the course of things sincf
the
market
is
still strongly a
October 22nd, on little vol¬
soll's "Report on Russia" in news¬ currently
deals are too isolated "sellers' affair."
ume
the danger of another paper "pm."
/.yy'.;,
to; force a continuous survey oi
On the basis of rating the* :
break will become real.
the situation.
issue
was
considered
as./'Here's a couple of "week-end"
priced quite fully even
in
Summing up: A continua¬ stories we picked up and thought Central Illinois Public Service
prevailing circumstances. But
Dealers reported
tion of present dullness with you
a
good and
might like to know about:
the point was made that the well-diversified demand for thf
stocks
keeping
themselves A security salesman was invited
supply of new issues has been .
of
Central
Illinois
spend
the week-end
at a $38,000,000
above recent lows is bullish; to
scant for many months.
Public Service Company 30-yeai
client's home to discuss purchases.
a
sharp rally to recent highs One evening before coming down 3%% bonds which came to mar¬
The
issue, it was contended,
ket yesterday.
on small volume is bearish.
was
priced to the "money mar¬
to
dinner
he stepped into the
ket" and with scarcity the rule
Priced at 107 the issue was
bathroom to wash.
Imagine his
that
SUGAR
ends
business
know
we
chant for what she calls antiques,
a
condition that not only raises
a
their October 18th lows.
LAMBORN & CO.
on
days later,
Saturday, October 18th, they
rallied back about two points.
(Incidentally I seldom trust
Saturday rallies.) By October
23rd prices sagged down again
and
99
make
it's
New
York
man
Victorian
1856
H. Hentz & Co.
New
a
A
an
get back to the market. ;
Established
Company, offer an
interesting, sitqation according, to
fuddy-duddies that man¬
aged things so well that it's
only claim to victory is the
PROVIDENCE, RHODE ISLAND
Members
Ohio Railroad
of
BANKERS
I
up
For it is the
F. H. PRINCE
Thursday, October^30/ 1941
the
two
lows—October
over
told
and
me
to go away.
.
•
DIgby 4-2727
.
..
•
.
,v
-
f
Tomorrow's Markets
Walter
Whyte
Says
(Continued from page 803)
.-/
for the
exiting business news,
past was suf¬
ficient to get this market of
ours
to cutting rugs like a
■news
that in the
kind
same
The
jitterbug.
school
high
of
news
today
makes the market act like it
trudging along behind a
Chopin funeral dirge.
was
*
News of
from
larger nature came
three
John L.
diferent
Lewis'
sources.
throwing his
around; the Presi¬
implied declaration of
against Hitler, and the
weight
dent's
war
seriousness
German
the
of
conflict.
RussianWhat
effect of the first two will
I don't know.
the
be,
^something else entirely.
Our
.
Reporter's
..
,
...
I'm
trying
I know what I scientific
would like it to be, but that's
.
to
about
be
coldly
horror
the
whole
taking
thing (if trading technic can
be scientific)
because deep
down I'd rather see a
rally,
on
big volume, small volume,
he
when
saw
his
hostess
bath.
Mumbling apolo¬
gies he hurriedly
backed out
Later that evening he explained
his intrusion to his host who ap¬
buyers are inclined to welcome
a chance to participate in a new
reported moving out in lively
with insurance
manner
a
v
panics
in New
offering.
England and
the Middle West taking
sizable
com-
down
:
//
.
Westinghouse
subscriptions.
Success
its
of
/
..
..
Electric
stock
financing
attention / That there is no real cleavasrc
through an offering of new com¬
So he tried explaining again. "It's in the ranks of investment bank¬
;
So far as the war is con¬
mon stock in the amount of 534,all right," assured his host/
"J ers, notwithstanding differences 000 shares to preferred and com¬
cerned the British Cabinet is or no volume at all, and take
heard you the first time—Skinny of opinion with regard to com¬
mon, stockholders
on
a
"rights"
;still busy explaining to it's my chances that I've been thing isn't she?" . . i Here's an- petitive bidding, was evident in
basis will be followed shortly by
! nationals (and the world at
the
circumstances
surrounding an
wrong.
For I'd rather the
offering
of
$20,000,000
of
,
-
*
m
.u
parently didn't pay any
large) why any military di¬ market went up and proved of those he-who-fights-andby them is impossible. me wrong than have it go runs away - lives - to - fightThey quote all sorts of figures down and make me a hero.
another-day guys you'd fetter
'to prove it, implying that it is So much for that. ■//
/
not consider them too lightly.
up
to us to do something
More next Thursday.
Meanwhile
•about it; I have read a great
you
are
still
V
—Walter Whyte
many of the ponderous state¬ holding a few stocks and if
ments
attributed
to
the while they're not setting the
[The views expressed in this
iBritish General Staff.
I am tape afire they're still acting article do not necessarily at any
•at times even tempted to be¬ well enough to hold.
How¬ time coincide with those' of the
lieve them if I weren't con¬ ever, they too have "stops" Chronicle. They are presented as
stantly reminded of the in- and if you want to be one those of the author only.]
version
the
,
*
*
*
.
<
r
marketing of this issue.
Firms
-
fied
.
which
in
winning
the
ranks
group
marketing.
Securities
identi
unsuccessful
were
quickly
syndicate,
work
the
with:
Act
to
\yent
¬
Westinghouse Electric & Manu¬
facturing Company debentures.
Stockholders
to
proposed
with the
aid
authorized
Hearings
Begin
the opening of hearings
proposed amendments to the
Securities Act before the House
With
Foreign Commerce
Committee it became evident tha*
Interstate and
Securities
a
the
*
financ
¬
when
new
they
issue
of
""
.
.
$50,000,000/The management,
however, disclosed that for."
the
present
is-
,
sue
only the smaller amount.
,
on
the
yesterday
ing
in its
approved
debenture
and
The
-
stock
it intends to
,
financing ./was ' a
shareholders sub¬
marked success,
scribing for all" but about 6% of
T - /'' :
Exchange the total offered. '
■J
\f} r
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000 ^;
Volume 154
813
The Securities Salesman's Corner
This announcement is under
solicitation
V
x>kr:$em'e 'to develop this column into a clearing house for
we could pass along some things that the other fellow is
doing which is helping to meet present-day conditions it no doubt
r It is
ideas.
•
'
•
no circumstances to be construed as an
offer oj these securities for sale or as a
offer to-buy any oj such securities. The offering is made only by the prospectus which, hoaran offer by any underwriter to sett securities in any stale to any person to whom it is,,
unlawjul jor such underwriter to make such offer in such slate.
an
*
:
If
would be of some interest to all concerned.
oj
does not constitute
ever,
In this connection, we
-
iwould sincerely appreciate your comments or criticisms and any
rsuggestions you might wish to send along.
Salesman Buys
:
Black Hills Power and
,iU,.
j^And Opens Large Account;.:;":.,^;
$2,000,000 Krst Mortgage Bonds, Series A, 3%%"
]
This is a true story. *',It is a story of how a-tenacious salesman
finally got a break. - We don't approve of subterfuge, but since "life's
ra funny proposition," there are times, when the end justifies the means.
y;.\
...
was' 'a':certain.' ihvestor. whose, office
Due
'.i•? -[T;vs-iS vij i\?
on
;
practically eyery salesnianger^ list of most of the leading Dealers
his.community.^: He (knew se*^
■/ -T;
Wt were always, turned over at
mpttoy^;HiS
pox
5^^statistical.
office
jhe
7^7
rates;' '
of this
moral
that
with
Jg: iand^hfeattitude* towardv bond
^•
•
salesmen
at times even overr
was
'bearingrf,/^ r\ V:
any.one_-u»til
is
story
do
C
atre tickets,
j,.
some
for
some
for- this
hop-,
"outer office for hours on .end,
5i/iing against hope that they Flight
V some day: get; ari order: :: Among
v
:this group of hopefuls, one bright
>; ^afternoon, sat a certain salesman!
•
[
interview until
'* it—then
•
dwell
*
you'll
get
basis for confidence and
Sometimes he called in the morn-
friendship.
Then
button-holing "Mr.
he tried
once
evening,* and
the
he .tried
ing,
Hard-to-Sell"
know
you've
went
which
is
he
as
"
\
^
out to
got
*-«4«
he
But
unsuccessful.
was
tween
was
almost ready to give up
talk
.more
..
:;was
'
C
;
*
•
...
then
—
«i;'!
f -." '
.rvV '.'C.-.'y- plus,
•.
;"j
^ V
'
\
And the Taving continued
'
-
be¬
'
.'
door
into
;
the sanctum-sanctorum'. Excusing
himself
not
stated :that
he
he
'
,
the Preferred Stock, accrued dividends from
September 1, 1941 to the date of delivery
ao to
'
proper
The
Pennsylvania
show
our
was
sold
out.
E. H. Rollins & Sons
•
r
Incorporated
•
A. C.
».V
■
-
that
Sees
he
the salesman
,
was
he received
was
now
this
in
The
*
investment
con-
The
is
paid by
counts.
States
De¬
interest
on
greater than
us
on
savings
is
ac¬
The bonds may be pur¬
individuals, firms
or
estates, but not by banks.
We
gladly offer our facilities to
back with four
of
imagine. The tickets were marked
and ten cents apiece
bonds
and this is what he collected from
the
grateful, and no longer
hard
to
see,
prospect.
Those
tickets actually cost him over six
now
and
Nation's
fort.. ;
.
ance
make
a
preparedness
wide
ef¬
than
of
the
was
bonds
thereafter-
ceived many
He
also
re¬
phone calls at his of¬
fice for theatre tickets.
His
con¬
nections never failed him nor did
his
client
friends
ever
fail
to
of his wonderful
tell
his
connec¬
Of course,
the securities business he received
from this account more than .re¬
tions in show business.
loans
address before
an
should
a
interest,
savings
our
of
the
71
:
"
/
appear
before
a State
hearing on Nov. 3rd
Springfield, 111. on charges of
illegal practices filed by the State
Commission,
and
on
Nov. 7th before the regional office
of the Securities and
Exchange
.
on
similar
charges.
The firm is alleged to have con¬
ducted business while insolvent,
•
; work
v.
*:
necessary
.,
good, we be¬
important-that no
undue
an
either lender
hardship
on
borrower.
or
nite
part
of
our
hundreds
of
thousands
sumers
In¬
to
of
using
some
form of
periodically
needs
in
■
consumer
V*
Y■'
<'5
'
impression is
prevalent in some sections of
the country that should be Cor¬
rected.
Many bankers
report
•that'the people in their com¬
munities are of the opinion that
Regulation W eliminates instal¬
ment credit; others are hesitant
about asking for needed finan¬
cial relief because they think it
•
of
erroneous
Its provisions
Regulation W.
now-
needs
vices.
,
An
are
supply
and ser¬
to
goods
•
; is unpatriotic. No one need suf¬
fer because of the requirements
con¬
have become accustomed
"credit "
their
and
economy
undue hard-
no
ship to either borrowers or
lenders, and yet, in the light of
current terms, the regulations
do represent definite curtail¬
ment.^' 1 ;• •• •.-•/';*>4-17
-
—i—
stalment lending is now a defi¬
compared
.
,i
common
is
great a contraction at
time would operate pri¬
can
that
such
credit
the
of the average consumer
be well taken
care
of.
These figures may be inade¬
quate,
have
but
all
the
indices
available point
stantial reduction
that
further
no
we
this is shown in column (3).
Railroad Securities
to a sub¬
enough so
—
(Continued from
contraction
page
results do not
should be made ih
terms per¬
mitted under Regulation W un¬
ductions realized in fixed charges
it
is
recognized
that
earnings
power.
As
t-7
to
as
six
two,
Great
Northern
and
Plate," have actually re¬
charges more than enough
to offset a wage increase of 10%.
"Nickel
duced
meas¬
ured in results per common
does the net re¬
much as $2.00
case
a share, and for six of the thirteen
companies covered the net cost
would be less than $1.00. Of these
from the peak of the last decade
elapsed to to the indicated current level.
gauge accurately how far pre¬
The difference between columns
sent regulations have affected
(1) and (2) represents the net de¬
volume.
cline in
no
sult amount
til sufficient time has
/
In
ing.
805)
"
The
too discourag¬
seem
share
.
Net Reduction
at
Commission
.
the
lieve -it
volume, and more, for
instalment financing of durable
goods. Mr. French further said in
'
t-
regulations be issued that would
total
part:
:
-
many ; sacrifices; are
>for
\
CHICAGO, ILL. — The invest¬
ment
firm
of Haskell, Scott &
Jennings, Inc., 120 South La Salle
Securities
September
■/;v
Street, has been ordered to
by the Federal
in times of national
emergency
is substantial—about 25% of
year
heretofore.
Hearing Ordered
ordered
•.
state-?
and to
counts,
have
engaged
in
in Common
The
Securities
and
Exchange
Commission
will
charge at its
hearing that the company is in-^
solvent, has borrowed on cus¬
tomers'
securities
without
their
consent, and has committed other
irregularities.
.
David
and
H.
Jennings, President
Treasurer of the firm, stated
that he had not been served with
the
show
cause
not know what
orders
Share
•mstimated
fraudulent transactions.
and
does
charges have been
to have misrepresented its con¬
made, but that SEC investigators
paid the., salesman for the extras dition to the Secretary of State, had probed the company's records
he paid .for the . .theatre tickets, to have failed to keep proper ac¬ for several months.
be
credit conference
consumer
While
ushered right in.
He sold this client many blocks of
these
with the previous September last
discontinu¬
as
He
'
r
should result in
:
"
for
month
per¬
ing to get the best buy from the
agencies—the difference be nut up
out of his own pocket.
This is
what he meant when he said he
hours.
,
marily against those of small in¬
come.
The regulations issued
thus far by the Federal Reserve
Board appear to be fair and
1
goods indicate that-no further contraction in
held by Ohio banks at Columbus,
fund facilities will be available
office he didn't have to wait for
durable
of the American Bankers Associa-^
vx'
..
Other
apiece, he had walked one
another try¬
thus
end of Broadway to
The next time he called at this
Preliminary statistics showing a drop of at least 25%
credit loans by banks for instalment
financing
terms
sonal and direct contribution to
his
had friends in show business.
'
'*
.
Too
;v:any
Reserye Board under .Regulation W at this time, it was
asserted on Oct. 23
by Walter B. French, Deputy Manager
enable you to convert any part
of
your
savings into defense
all that you can
four dollars
dollars
^
Incorporated
-
consumer
] tion, in
-
action because
United
bonds
chased by
The reception
orchestra tickets.
Grant¬
says:-^-'.'
Bonds.
these
Of course, this
Within an hour
agreeable.
take
accounts
nections and believed he could do
impossible..
and
In¬
in
is
fense
regular box office prices—that
he had excellent theatrical ;,con-:
was
' '
Allyn and Company
Drop In Consumer Credit Financing
Figures submitted by 200 banks
x
■ S. * * •
-y
in all parts of the
country to the
suggested that many ABA's Consumer
Credit Depart¬
depositors may wish to invest
ment, Mr. French declared, "indi¬
the proceeds of their savings
cate that the reduction for the
at
.the
< v
for
savings, accounts.
prevailing
It
get tickets
would like to try and
v-
•
:
i
October 29, 1941
[:; ditions....
Undaunted,
him
on
We
of
curtain time and the
salesman' told
Co.
Lives
on-
announcement
prised, Mr. Prospect asked what
he could do.Mt was only a few!
hours until
1
->'t
•
Dillon, Read & Co.
securities.
Discontinues Interest
tinued
was certain
of assistance.;: Sur-!
be
V-
'
>
Jan. 1 all interest will be discon¬
could
help but hear rthe conversacould
V .!
;
Copies oj the prospectus may be obtained jrom such oj the undersigned
(who are among the underwriters named in the prospectus) as may
tegalty offer these securities under applicable securities laws.
that
get
ing ..Annuities, Philadelphia, an¬
nounced on Oct. 19 that effective
1;lion and if allowed,-he
he
V
t:: ;.i
"-
S
1 ■.
-
share for the Common Stock
per
sales 'i
your
confidence by selling
client the
surances
.'entered J; the ...open
"
'
and
••
;
"
'
*}'■-'* 'v 4'
***
share for the Preferred Stock
per
.
'
Get the right list of people to call
in ;this
vein.
'"'r1
l./.Y-i','. Jc
•:.
7-."1 •v7\. 7 r
'
1
who begin
you'll
••
Maintain
your
and our bond salesman
up his ears.
"Why is it
,v,;: out that we can't get the tickets"
•
* J " y"*.'■ *J
'
,
v
'•i'X
*•'
,
$16.50
V r
'
a
keep doing this day after day.
no
one
around here attends to
That is all there is to selling se¬
these things " went on the voice
curities. / That, and a whole lot of
from inside. ^A week ago I told
reading, study, -knowledge, and
my secretary Jto get those four
plenty of patience and wrap it all
orchestra seats for this show toup and you get the real answer—
"night."
I've promised my wife;
*-\:i
that we'd take some friends and just WORK.
y;;
f f:V-y, rv.; C.*. *'
»}
-now
at the last moment, I. find
;
»•
;r"C:-"$100
i
i
on,
.
*" N
■'
you
other—then
order.
open
picked
people
each
security and make
in
impatient callers, he heard
,"Mr. Hard-to-Sell" grumbling to
'someone at his deskThe door
v
'/,.*>
j
'■/[
■
then only—offer your specific
the ghost.
As he once again sat
the outer office with several
;
»
^Prices:;■'»>
spark
evident
always
two
like
to
He
.
*
'ft
■
being made. Subject
to sell the Bonds- to -an-institutional purchaser.
't.
* ^ • ■ % .•
s".
* * *<'V "
■' y„ t ^
l;V*'*'|'h "'V
"
lunch.
•'
•
share
Read-At'Co'."'
hhs agreed to purchase the Bonds from theCompany
-i\Zv\--t! and
■
*
•!.-
even
when
that
f.'
•-'$» certain terms and conditions, Dillbn,
v:"^--
^
fer
:*N°' pnhlk offering of the Bonds is
;■ V
^
interest
your
.
Value $1
•
V'-
•
..
•
^
i
*.
,
i
,
M^
•
it—show
upon
^
v
•'..-.••.I'-
^
:
find
you
100,000 Shares Common Stock ' '
....
-
.
before.
He had called many4imes
v-'*.•••'•
V
Find out .what this is, search
every
:
■
:
-*7.
story, y:;
a
^
A
that, but they -;
or
for it, grope for it, do this in
*
..
'■
j
a real soft spot somewhere that interests them to a
greater degree than all. else,
y.
1.
7
i
•
first
j all have
r
.
i-r
^
.<
'
" i, •'
i
>
:j
:
..y.c'i f*!*
liking for the-? ^.
a
f
<
business ;•*
you
!"r/,
.
Par Value $100 per share
i
L.■;
v7:V
^
•;
their, confidence. Some
obtain
T people have
|.v';,Hegave bus^ess to a ;few; se-i
t, .iected securitiesjfoen...\i The others.
-
yourean'i
f
"
•
i'y'
f-
in
£■> life Was investing his
September 1, 1971
8,500 Shares 5% Cumulative Preferred Stock
usually full of
was
I^rrwattiagv.bwidAsal«smeni:>/:He:^waston^ of the "prize prospects":
a*
Light Company
Theatre Tickets
\."V :7.:!.
1A% Wage
Earning
Increase
Atchison, Topeka & Santa Fe__
Coast Line
!—
'■Reduction in
Fixed Charges
Power
5,324
$1,236
>
—
Louisville
&
2,607
5,752
3,513
1,818
1.25
2,996
1,758
1.06
12,171
9.109
0.47
:
Central
s
Nashville
_____
Central—
0.03
/
—]
Northern
Illinois
1.39
/ 1,664
_,
Chesapeake &■ Ohio
Great
New
York
New
-
York, Chicago & St. Louis
;—
a
700
0.63
4,907
13,931
______—...
Southern Pacific
7,129
3outhern Railway
3,249
Union
*In
Pacific
4,669
0.69
1.37
01,948
1,373
.:
1.45
1,286
,
1.52
thousands.
tNet estimate,
aReduction in
bDoes
would
a
1,450
,
Pennsylvania
•
$1.88
'
520
2,844
Atlantic
not
offset
after allowing for the saving in taxes.
10% wage increase.
,
.
.
.
1
„
-'
-
charges greater than
include
reduction
large part
or
of wage
elimination-of drain of losses of
increase.
subsidiaries
*
•
which
-
THE COMMERCIAL &
814
FINANCIAL CHRONICLE
Thursday, October 30, 1941
Calendar of New Security Flotations;
Proceeds—Will
OFFERINGS
INDUSTRIAL
BENEFICIAL
:
Industrial
Beneficial
tered
?
SEC
with
2%%
Loan
been
ing
Business
holding
A
—
are engaged in the per¬
finance business, and the acceptance
respectively
follows
as
less
underwritten
(all of New
by
York
otherwise indicated);!
1941.
un¬
*'
amount
the
4:45
P.M.,
so
Oct,
on
.
■Smith, Barney & Co„r^r..n.._.
by the Company through its
iocal organization.
Not underwritten.
$2,805,000
23,
"1
•.
own
800,000
Co-.-w—
&
425,000
Alex. Brown & Sons,
Baltimore,
375,000
Merrill Lynch,
,'
Witter
Dean
&
&
) Whiting,
Fourth
S. Fran.___
325,000
Boston______
275,000
Weeks &
225,000
Stubbs,
Inc.,
Boston
175,000
j Putnam & Co., Hartford, Conn—
; Piper, Jaffray & Hopwood, Minn.
140,000
and
140,000
Rogers & Tracy, Inc., Chicago__
140,000
jj
Offering—The Debentures will be offered
to the public, at a price to be supplied by
;
be
be
used
to
out¬
reduce
standing bank loans and commercial
'
v
Effective
1941.
4:45
P.M.,
E.S.T.
Oct.
on
{Bonds,
5%
SEC
Light
&
Power
$2,115,000
Series
A,
due
shares
100,000
register-
Co.
First
1971;
cumulative. preferred
and
Mortgage
shares
9,400
stock,
$100
par;
stock, $1 par
common
v
Address—Rapid City, S. D.
Business—Incorporated in South Dakota
ion
Aug. 27, 1941, for purpose of contin'iuing business and operations of the Da,
kota
Properties
Inc., and
ities,
of
General
Public
Util¬
business and opera¬
tions of the Dakota Power Properties ol
the Dakota Power Co. Engaged in gener¬
ation, transmission, distribution and sale
of electricity, in 12 communities in west"»ern South Dakota, and various unincorp¬
orated
the
communities
Offering—The
and
bonds
Dillon, Read & Co.
rural
to
are
at
areas.
103 y*
be
sold
in
and
to
turn
J will be resold by latter to Equitable Life
(Assurance Society of the U. S. at 103%.
•The
preferred stock and
number of shares of
be
issued
in
undetermined
an
stock
common
to General Public
to
are
Utilities,
Inc.,
part
ta
payment for the so-called Dako¬
Properties to be acquired frqm
Dakota Power Co.
The
remaining shares of common stock, as
well as the preferred and common stock
to be received by General Public
Utilities,
Inc., will be offered to the public
Proceeds—To
bonds* and
Dakota
Co.
Power
sideration
quired,
for
be
used
Inc.,
the balance of
the
Balance
will
Utilities,
to
proceeds
net
con¬
be
will
ac¬
be
to
working capital.
^
Registration Statement No. 2-4832. Form
A-2.
(9-6-41)
'
Offered—Pref.
the
Pref,. at
stocks, Oct. 29,
com.
100 per
sh.
the
and
at
com.
'
>
CENTRAL ILLINOIS PUBLIC SERVICE CO.
Illinois
1,
Public
Service
Co.
regis¬
of first
with
mortgage
the SEC $38,000,000
bonds, Series A, 3%%, due Oct.
1971.
scribed
E.
Adams
St., Springfield,
v/(
in.
Business—This
operating
company,
a
subsidiary, of Middle West Corp., is en¬
gaged principally in generating, purchas¬
ing, distributing and selling electricity in
vides
southern
and
Illinois.
Also, pro¬
ice, water and steam heat ser¬
gas,
vice.
are
and
Offering—The
bonds
to be sold by company under the com¬
petitive
bidding rule under SEC's Public
Holding
Company
Act
of
1935.
"Names of underwriters, and public offering
Utility
be supplied
registration statement.
by
Proceeds—Proceeds
from
price,
bonds,
will
amendment
to
together with other
sale
the
of
funds of
com¬
are
interest,
accrued
and
.
,
Registration Statement No. 2-4856. Form
for
P.M., E.S.T., on Oct.
16,
,
Bids—Will
the
bonds.
received
be
by the
company
from it of $38,000,000
will be opened by the
purchase
Proposals
at room 2158, 20 N. Wacker
Chicago, at 12 noon (C.S.T.), Oct.
company
Drive,
27.
Offered—Oct.
29
at
107
and
int.,
by
Halsey Stuart & Co., Inc. and associates, J
Electric
Louisville Gas &
with
stock,
no
150,000
SEC
par
Co.
has regis¬
shares
common
value.
Address—311 W. Chestnut St.,
Louisville,
Ky.
Business—This
operating
utility
.
sub¬
sidiary of Standard Gas & Electric Co. is
engaged principally in the electric and gas
business in Louisville, Ky., and vicinity. .
Underwriters—To be named by amend¬
ment.
Harden,
portion
to
be
119,
to be of¬
fered to the public, at price to be supplied
by amendment.
t
150,000
,>
.
-M
I "
shares
V
T
s
i
i
I
S
and
in
F-i.
ol
(io-u-41).
Ohio
Securities
&
Eaton
BALANCED
HOWARD
&
Balanced
Howard
that
convertible
offered
the
Co.,
Bear,
A. G. Becker & Co.-, Biddle,
Co., Blair & Co., Inc., Blair,
Bonner & Co.,
Blyth & Co., Inc.,, Bonbright & Co., Alex. Brown & Sons, H.;M.
Byllesby & Co., Inc.
.'■■,;>.^
Jackson
Address—25 Federal St.,
Offering—The
regis-
Shares
public, at the market
:•
Proceeds—For
v
be
>;
offered
to
Howard,
Inc.,
>4i,
,'j*
v
?.
Registration Statement No. 2-4860. Form
(10-15-41)
-;;;
A2
.
Pacific
ELECTRIC CO.
&
Gas
&
Electric
SEC
First
Preferred Stock, $25 par
175,000
Cumulative
•
.
.•
•
.
H.
Cohu
&
Cq,l
SUPPLY
&
■,,;/.,. ■ •./;•;.:
■,.
-/'IX
Air
Terminal,
.
service
and
Burof
sale
'
Brashedrs & Cq„ Ld»
Underwriters—G.
Angeles, Cal.
'■' ;■■■
■■/
Offering—The number of shares to be
offered
by
the underwriter
consists
of
the 69,800 shares currently registered with
SEC, and 16,433 shares previously regisshares
;
.
-
1,000
stock, $1 par
Address—Lockheed
with
No, of
•
Co.________L_ 1,000
mon
.<
shs.of
pfd stk
1,500
—__
1,000
&
MANUFACTURING
tered
•• v. Amt. or:
Bonds ?
•
4,000
Torrey_:_
Cruttenden
86,233
i'-'>
■'
-
V,v
Sons___^.X—4,000
CORP., .';
standing
the
SEC.
■>,
of
aggregate
already issued and out¬
are
and
Such
•
be
to
are
offered
to
public
ior accoupt of certain selling shareholders,
to be offered to public at arbitrary prices
be
to
time
determined
to
time
by
with
to existing
regard
4
from
underwriter
cir¬
Such offering prioe will not
125% not be less than 110% of the
highest bid price during the day of sale.
cumstances.
-
exceed
.
,
Underwriting
commission on
the
86,233
shares of 25 -cents per- share :v
Proceeds will accrue to the selling stock¬
holders, u..iibv.V'.-r.-..'.r.--.-.
A':
V
'
,
Airplane Manufacturing & Supply Corp.,
registered with SEC 69,000 shares com¬
Genera)
providing,
service in
communities
and
surrounding, terri¬
tories in Illinois, including Kewanee,. Mon¬
mouth, Macomb, Lincoln, Belvidere, Hari
risburg, Olney, Mendota and Mt. Carmel
Underwriters, and amount of bonds and
preferred stock underwritten by each, fol
.(/V
Sb
Tully
&
AIRPLANE
stock
Co., is engaged* in
competition, telephone
'
Co.*J:_du_^_-_—_ 5,000
Victor Common &
regis¬
180
low:
&
t airplane equipment
Telephone
■■■
Rollins
"./V
of
r ••
10,000
Springfield,
subsidiary
V?
CurtisiJ, 10,000
bank, Cal.'
Business—Purchase,
I
preferred
•
&:
Mitchum,;
and 24,000
111.;^
v
registered
5 %'
shares
1971;
cumulative
$5
following
the
\
Co.______:______?__12,5O0
&
Wampler
Fuller,
par
' 1
"
Co.
with
of
1,
r-
•-...
Pacific Co. of California
TELEPHONE COT
Telephone Co.
■i Address—607 E. Adams St.,
1X
PACIFIC GAS
Commercial
bonds, due Oct.
without
•%('"•;i'.C""i
investment
COMMERCIAL
Illinois
5;
:
&
E.
2-4865. -Form
WEDNESDAY, NOV. 12
ILLINOIS
Business—This
Boston, Mass.
:
'
will
shares
Underwriters—Eaton
•
*
Stem,
(10-23-41) '■ --m
-
the
preferred stock will ';
public by
Beane
Subscription price is $2.50 per
Registration Statement No.
with
Merrill, Lynch,- Pierce, Fenner &
Proceeds will be used for payment of cer*'
tain outstanding bank loans and notes-
shares
:
Business—Investment Trust
the
Weld
share
Al.
amendment
an
statement
Exchange Commission dis¬
its 50,000 shares of $1.37%
Shares
subscription
to
stockholders*
Unsubscribed portion-will be pur¬
by Max Kaltcr, director of com¬
pn behalf of a syndicate which lit:
pany,
by
and
White,
-
represents.
offered
prepay
jfiled
registration
to
-
for
par.
chased
be
supplied
Syracuse,"
■■■:'.% ;-V-V
at
no
f
FUND
Fund
with SEC 500,000 Trust
ered
Boston■
&
Y.
3%%
MONDAY, NOV. 3
EATON
follows;
as
Nichols .^Ave.y
be
to
cumulative
tered with SEC $5,750,000 of first mortgage
V,
•
be
offerings of unsub¬
by the under¬
market price then
are
i.r
,,
sale of paper, with its mil!
Holyoke, Mass.
•*. c'-:;
Registration Statement No. 2-4858. Form
facture
located
made
the
1947.
Morrill,
H.
purchased
price to be supplied
All
at
Banc
Whelen
.
,.
•
Registration Statement No. 2-4807. Form
Bonbrigbt & Co.; Inc.;::
A-l. Filed- (7-31-41)
(San Francisco* -:
New. York
$2,875,000' 12,000 ;i
5 Effective^:* p.m: E.S.T: Sept. :17
as 'of U
Paine; .Webber & Co.,
'T1 v' ' ' ;'. (
'
• ;'
4.45 p.m. sept.: e,. 1941
'
New York
2,156,000 - 9,000 1
AMERICAN BAKERIES,
Mitclium, Tully & Col,";1
X;«■
.
,
Address—245 Market St.,
cai.
■
■?*-
San Francisco;
.
-
Central Republic Co., Inc., Clark, Dodge
& Co., E. W. Clark & Co., Courts & Co,,
Curtiss, House & Co., Paul H. Davis & Co.,
Dick & Merle-Smith, Dominick & Dominick,
Drcxel
&
Co.,„ Eastman, Dillon & Co.,
Elkins, Morris & Co., Emanuel & Co., Eastbrook & Co., Equitable Securities Corp.
Farwell, Chapman & Co., Field, Richards
Co., The First Boston Corp., The Firsl
&
Cleveland
Robert
Corp.,
First
of
Michigan
Corp.,
Garrett
& Sons, Glore, Forgan &
& MacGregor. Inc., Goldman,
Co., Graham, Parsons & Co.,
Grubbs, Scott & Co.
,
Co.,
&
Hallgarten & Co., Harriman, Ripley &
Co., Inc., Harris, Hall & Co. (Inc.), Hawley, Shepard & Co., H&yden, Miller <& Co.,
Hayden, Stone & Co., Hemphill, Noyes &
Co., J. J. B. Hllliard & Son, Hornblower
&
and central
Chicago, Jackson & Curtis, Janney
\r
'■
'_•.
Kalman
&
Co., Kean, Taylor & Co.,
Kidder, Peabody & Co., Knight, Dickinson
Co., Ladenburg, Thalmann & Co., Laird
&
Co.,
jLaird,
Lanahan
&
Bissell
Co;,
Lazard Freres
&
W.
Meeds,
&
W.
W.
C.
Langley & Co.,
Co., Lee, Higginson Corp.;
Lehman
Brothers, .-Adolph
Lewisohn
Carl M. Loeb, Rhoades & Co.
&
Mackubin,
Legg &
Co.,
Laurence M.
Marks
&
Co., Mason-Hagan,) Inc., A. E.
Masten & Co., McDonald-Coolidge & -Co.,
Mellon
Securities
Merrill
Lynch,
Pierce, Fenner &
Merrill, Turben
& Co., The Milwaukee Co., Mitchum, Tully
&
California
Underwriter—Blyth
Francisco,
Cal,:
.;
&
public,
at
due
Co.,
Moore,
Corp.,
Beane,
Leonard
Lynch,
&
F.
S.
Moseley & Co.,
Maynard H. Murch & Co.,
Murphy & Co., W, H. Newbold's
M.-P.
Son
&
Co.,
Newhard, Cook & Co., Paine,
Webber & Co., Arthur Perry & Co., R. W,
Pressprich & Co., Putnam & Co.
Reir.holdt & Gardner, Riter & Co., The
Robinson-Humphrey Co., E. H. Rollins &
Sons Inc.,
L. F. Rothschild & Co., SchoellHutton & Pomeroy, Inc., Schroder
Rockefeller
&
Co., Inc., Schwabacher &
Scott & Stringfellow, Shields & Co.,
Singer, Deane & Scribner, Smith, Barney
& Co., Smith, Moore
& Co., William R.
Staats
Co.,
Starkweather
&
Co.,
Stein
Bros. Sb Boyce, Stern Brothers & Co., Stern,
Co.,
Wampler & Co., Inc., Stone & Webster &
Blodget, Inc., Stroud & Co., Inc., Swiss
American
Corp.,
will be
Witter &
Weeks
&
Stubbs,
Co., Yarnall & Co.
Proceeds—For payment
Dean
Inc.,
outstanding bank
loans, construction of plant additions, pur¬
of
additional
equipment,
and for
working capital.
chase
Registration Statement No, 2-4849. Form
A.2^-25-41)
stock, $50 par value, to be offered
stockholders
first
to
1941,
at
common
of
record
of
one-fifth
each
share
rate
for
stock
of
Oct.
15,
share
of
preferred
of
or
a
held, is fixed at $70 per
share.
Subscription offer expires Oct. 28,
1941 at 3 P.M., E.S.T.
Unsubscribed por¬
tion
of
such
underwriters,
is
shares
shares
and
understood
were
to
be
offered
purchased
to public,
by
ai
by later amendment.
that
taken by
Effective—3
to
by
statementi
to
used
*
at
pay
or
outstanding
Series
6s,
B
Registration Statement No. 2-4861; Form
A-2.
(10-15-41
San
Francisco,
Cal.)^' X;
WEDNESDAY, NOV. 5 ;
PHILADELPHIA
ELECTRIC
■
K
SEC
$20,000,000 of First and Refunding
Mortgage 2%% bonds, due Dec. 1, 1971 ■ •
Address—1000 Chestnut St.,
Philadelphia,
over
95%
of
the
stock holders.
P.M„ E.S.T.,, Oct.
14,
tration
""
statement
preferred stock,
ceived from
T' V V
sale
from
bonds
of
7,000 additional
re¬
sale
of
electricity and gas in southeastern
Pennsylvania, including Philadelphia and
vicinity
V
C
\i
Underwriting and Offering—The bonds
sold
aid
sale
of
the
bonds
will
be
and
Co.
Illinois
promissory notes
Remainder of net .pro¬
to reimburse, in part;
company's treasury for additions, exten¬
sions, batterments and improvements to its
plants and property
be
1V2%
of
with
LLC
bonds,
clue
!
SUNDAY, NOV. 9
ELMORE
OIL
Corp.
^
CORP.
Oil
registered
with
14,000 shares common stock, $5 par
Address
—
Stevens-Harle
Bldg.,
SEC
value;
DurantJ
Okla.
Business—Engaged in the oil business;
buying, selling oil and/or gas leases; owns
and operates certain oil and gas leases and
equipment in Brown and Jack Counties;
Tex., •".'
■: I.
:
■<%.,'■'./
FIBRE
ea
?"
f
T
CO.-
Fibre Co. registered
$8,500,000
of
first
mortgage
Nov.-1, 1956 (interest rate to
Paper
by amendment); 40,000 shares $5
convertible preferred stock! no
and
an
indeterminable number of
shares
of
no
pur
common
issuance
stock, to be
upon conversion
preferred stock ;;
Address—Hamilton, O.
the
' '
.■■
■
.
of the
Proceeds
will
additional wells,
laase,
be
used
for
of
drilling
5
the equipping of a certain
and for
working capital
Registration Statement No. 2-4864. Form
A-l. (10-21-41)
of
one
types of paper known in the tradci
papers and book papers,
and is
the largest domestic manufacturers
of coated papers
Underwriters
:■•■ ;
W.
are
E.
:
Hutton
'
•
&
Co
and
Goldman, Sachs & Co., both of New
York, N. Y.
•
(" '"■,*
,.•>"[
■ T
Offering—The bonds and preferred stock
will
be
be
offered
supplied
Proceeds
standing
the
to
by
public,
amendment
will be used
of
aggregate
at prices to
"
■
:
,
to redeem
$8,660,000
the
of
tered
sion
Butler
with
lative
par
BUTLER
SEC
120,000
convertible
value;
and
RADIATOR
Radiator
shares
preferred
120,000
has
5%
stock,
shares
of
regis-'
cumu¬
$2.50
$1
par
stock, latter reserved for conver¬
issuance of the preferred
;
upon
.
,
DATES
Business
-sDevelopment
dialing devices ■
telephone
of
through- registered
brokers
automatio
T-;,-:;
Underwriter—Nonq;; Stock
will
be
sold
dealers
and
Offering—Public offering price, $3 per
share, underwriting commission 75 cents
;
per' share
■■■:}^
>
Proceeds—For
ment
/-'T
■■•
engineering and develop¬
working capital
V';1
expenses; and
;
Registration Statement No. 2-4752. Form
A-i.
'v
(5-5-41)
Effective
.
P.M.*
but
E.S.T,,
BEACON
v
apparently
May
24,
;■
deficient
4:4#
1941 '
ASSOCIATES,
;
INC.
Associates, Inc. registered SEO
6%
Participating Sinking Fund
Debentures, due July 1, 1971
;
$500,000
,
Beacon Associates, Inc. interest rate on
$500,000 Participating Sinking Fund Series
A Debentures, due
July I, 1971. changed
from
to
6%
to
61/a%
amendment
1941
per
filed
out-'
according
annum,
with
SEC
July
Address—216
Turks
Head
business
in
achusetts
,
Rhode
;-.v..,
Provi¬
Bldg.,
- ■)■;
.v;
in
the
small
Island
and
■...
loan
Mass¬
',
;
;•:•:•.■
Offering—The Debentures will be offered
to
the
Co.,
sion
of
public
Inc.,
is
at
100
Boston;
by
F.
L,
Putnam
underwriting
<b
■
commis¬
15%, leaving net price to company
85
Underwriter—F. L.
Boston
Proceeds—Will
be
Putnam
& .Co„
advanced
Incu
to
subsid¬
or
will
iary
for
for payment of debt incurred on
pro¬
their
working
capital
bo
'
viding funds for advances to subsidiaries
Registration Statement No. 2-4790. Form
A-2.
(6-27-41)
{
,
OF OFFERING
Effective-^3.00
a list of issues
statements were filed
more ago,
but whose
below
present
„
21,
•
dence, R. 1.
.
T
Business—Engaged
4%%,
UNDETERMINED
We
■
■
Eliza¬
usea
as
of
July
17,
P.M.
E.S.T.*
AugUBt
23. '
1941
whose registration
days
twenty
offering
mined
or
dates
or
have
not
unknown
are
been
to
BEAR
MINING
Bear
deter¬
153,145
us.
AND
shares
Address
shares
—
Milling Co," registered
stock, $1 pa**'
Majestic Bldg., Denver, J
of
common
513
stock,
latter
reserved
of the
Address—Bendix
Cumulative
for
Issuance
upon
ly
at
N. J.
$1
will
share,
per
/
•
be
offered
selling
publiecommission.
35%
Proceeds
and
preferred.
Airport, Bendix,
Offering—Stock
Con¬
Business—Company is manufacturer and
of airplane parts,
equipment,
distributor
•
„
Underwriter—None
registered with SEC
vertible Preferred Stock, no par; and maxi¬
mum
of 100,000
shares $1 par common
conversion
;
Business—Mining and milling
INC.
$1.37%
MILLNG -COMPANY
Mining and
Colo.
ASSOCIATES,
50,000
CORP.
Corp,
,
J.
...
Air Associates, Inc.,
TUESDAY, NOV. 11
Pierce
N.
;
sinking fund debentures ($4,125,000 prin¬
cipal amount due 1950, at 104 Va; $4,535,000
principal amount of the 1938 Issue af
102Va), requiring $8,947,663.
Balance of
net
proceeds will
be
added to working
capital
•?' •
Registration Statement No. 2-4867. Forn)
A2.. (10-25-41)
>
; '
AIR
PIERCE
received :
Beacon
■' -•'■'. ','■
*
white
,,
■
v
re¬
<,,■
business—Largest domestic manufacture*
Offering—The shares will be offered to
the public direct by company,
at $5 per
-
be
will
par ■■ v-.;v;
Address—1201 East Grand Street,
beth,
filed
be
Underwriters—None
,/•■'.
price
be soid'M:\.
?:>;•; ""i:"*;.';'-.?.- Registration Statement No. 2-4714. Form
(3-28-41) •
T
&
cumulative
used
Registration Statement No. 2-4863. Form
A2. (10-17-41)
■:-;
PAPER
Champion
as
will
at
A-2.
Stand-,
THURSDAY, NOW 13
CHAMPION
of
ing $20,000,000
:r
"
■
will
June
and for other corporate purposes V;
Registration Statement No. 2-4866. Form
A2. (10-24-41) v.
TV.' >•'■■
ap¬
payable to banks.
states
-
be offered to pul)filed by amendment ^
by L. A. Cushman, Jr., chairman of board
company, for whose account the stock v
erly,
plied to pay company's presently outstand¬
ceeds
souther
named
of
Telephone Co., to make additions and
to company's plant and prop¬
served for
from
in
to be
Proceeds—All proceeds
betterments
ing Company Act of 1935.
Names of un¬
derwriters, and price to public, will be
supplied by later amendment
Proceeds—$20,000,000 of the net pro¬
ceeds
under
M
distribut¬
and
.
par;
be
"
!
Bldg^
AUTOMATIC TELEPHONE DIALER, INO.
Balance of net- proceeds .will be used tu"
Automatic
Telephone - Dialer,
Inc,' re¬
"purchase from General Telephone Corp
gistered 75,000 shares of common stock,
the outstanding Capital stocks of i Central
no
the competitive bidding
rule U-50 of the SEC's Public Utility Hold¬
will
11c
^6
Business—This
subsidiary in the United
Gas
Improvement
Co.
holding (.company
system, is engaged primarily in production,
purchase,
transmission,
distribution
and
bakery products
Underwriter—None
I, 1970, at 105%; 17,098
preferred stock, ' at $110 per
share;
1,108./shares $6 preferred-*s£ocki
owned by parent company,, at latter's cost.
due
St.
Offering—Stock will
common
bonds,
Pryor
15,000
stock
common
Ten
ing
shares
stock, will be used in; part to re¬
tire -following securities of •company: $5,*
750,000 First
Mortgage
Series, A, 3%'/?
par
Business—Manufacturing
and
together with $105,000
sale
no
520
Atlanta,' Ga.
,
the
of
B
Address—No,
to' the
Proceeds
Bakeries Co: registered
American
;
shares. Class
and .preferred stock tu
public;, the bonds at
106Va, and the preferred stock,at a price
to be supplied by amendment to. the regis¬
offered
,
common
1941.
719,0°0 (•> 3,000
?;
Offering—Bonds
Illinois .Telephone
CO.
Philadelphia Electric Co. registered with
Pa.
Angeles
Los
be
shares
Mortgage
■J
so
price to be supplied
It
1, 1941
offered
supplied
share
Subscription price of the 534,426 shares
common
be
company's
.
Refunding
Elmore
Spencer Trask & Co.
Corp., G. H. Walker & Co., Wells-Dickey
Co., Wertheim & Co., White, Weld & Co.,
Whiting,
be
maturity
&
Dec.
San
*
z/A
a
Proceeds—Will
First
Inc.,
Co.,
price to
emendment to registration
before
" v
>■
v.
Offering—The shares
the
of
Co.".
operating pub¬
an
tributing and selling electricity and natural
gas throughout a large part, of northern
Weeks, W. E. Hutton & Co., The Illinois
Co.
,
Business—Company is
lic utility company engaged, prinpipaHy;i:
business
of
generating, purchasing,., dis¬
Glover
Sachs
.
Offering—The
I.,.-.
is
either
common
?
to
are
according to
will continue
trust
are
Elmer C. Tucker,
and Joseph K„ Holmes.
Address—642 Main St., Holyoke, Mass.
Business—Company is engaged in manu-,
ol
Stearns & Co.,
(Ky.)
LOUISVILLE GAS & ELECTRIC CO.
tered
share
unless terminated
1944,
terminated
voting
trustees
Voting
ol
Tucker, Anthony & Co., Union Securities
Effective—4:45
1941.
each
rate
Kuhn, Loeb & Co., A. C. Allyn & Co., J.
S. Bache & Co., Bacon, Whipple & Co.,
Baker,
Watts & Co.,
Baker,
Weeks
&
(10-8-41)
A2.
stock.
numbering
ers,
kopf,
to be applied to redemption, on
or about 30 days after delivery of the new
bonds, of the outstanding $38,000,000 of
first mortgage Series A 3%% bonds, due
Dec.
1,
1968, to be redeemed at 105%
pany,
for
at
the
Sept. 2,
Ralph
prevailing (NYSE), or at such other prices
as Kuhn, Loeb & Co., representative of the
underwriters, may determine.
Underwrit¬
G.
Underwriters
shares
stock
writers
Sons,
-
Address—607
central
subscription
share
a
534,426
subscribed
&
tered
of
for
Unless
terms,
until
by underwriters, at a
by amendment.
Underwriters may or may
not, as they may determine, make one oi
more public or other offerings of such un¬
&
and
$16.50 per share.
Central
and
to
and
the
properties
of
'
added
1941,
Sept. 2,
earlier.
first
preferred
outstanding
will
;
stock
Public
sale of the
from
company
common
General
pay
shares
Underwriters—Unsubscribed
Power
that company and
•
15,
such
Hill
to
534,426
N.
offered
■
fect until
associated
common stock so held, at a
price to be supplied by amendment. Rights
Oct. 28, 1941.
27,
| Offered—Oct. 28, 1941 at 100 and int.
[BLACK HILLS POWER & LIGHT CO.
I
Black
fed with
and
to
has
company
its
closing
•
voting
trust
certificates
provide
that the voting trust shall continue in ef¬
expire
'■
/
The
to
■
The
preferred and
paper
(10-17-41)
turbines
-Address—701
Co.
$100 par.
stockholders of company of record
one-fifth
Registration Statement No. 2-4862. Form
A2.
steam
share.
stock to
per
Proceeds—$300,000
Securities
ELWAIN CO.1":*:
ri
Business—Engaged.. ih( manufacture and
Voting Trustees of Crocker McEl- sale of heating boilers and radiators, steam
registered with the SEC voting heating and highi pressure ; boilers, Unatrust
flow engines, radiatorKValves, boiler gauges
certificates,
to
be -issued
in
ex¬
and thermometers '
change for a like number of shares of
: V
1,684 shares of 7% preferred stock, $100 '•,- Underwriters—None
V■"
par, and 15,000 shares of common stock,Offering—The preferred
stock will b«
its
offered
common
Oct.
Proceeds—Will
of
Offering—The
t amendment
.
sale
V
-v
outstand¬
ing bank loans; $200,000 for purchase of
additional machinery;
balance for plant
additions and working capital.
\
Registration Statement No. 2-4851. Form
A-2.
(9-27-41). ■:>' •
r
The
equipment.
I
'
1
>
CROCKER MC
wain
Business—Engaged,
together ; with
Its
subsidiaries, in manufacture and sale ol
machinery, apparatus and appliances for
generation,
transmission,
utilization and
control of electricity and in manufacture
Co.,
Curtis,
THURSDAY, OCT. 30
Pittsburgh,
Ave,,
pa,
v/;- :
$2.25
be
and Sub¬
rights in
par
is
underwriters: u \
375,000
|Hornblower & Weeks__^—
*
$50
Warrants
Address—306
—•__
i Jackson
scription
Pierce, Fenner &
Beane
•
•
value,
evidencing
respect of such shares.
375,000
(Hemphill, Noyes & Co._______:=_
stock,
common
375,000
Stone
'
Westinghouse Electric & Manufacturing
Co.
registered with SEC 534,426 shares
-475,000
& Co.--.__—-
■
iHayden,
co.
600,000
jE. H. Rollins & Sons, Inc.___™
.Ladenburg, Thalmann & Co.„^'
iRiter
TURING
accessories;
amendment.
WESTINGHOUSE ELECTRIC & MANUFAC¬
800,000
Peabody & Co—;
; Kidder,
become
course
and
Offering—preferred
public,
at- price
to
1
2,175,000
Inc._,
(Blair & Co.,
commission
effective, that
is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which normally
become effective in seven days. ■q^:s
These dates, unless otherwise specified, are as of 4:30
P.M. Eastern Standard Time as per rule 930(b).
Offerings will rarely be made before the day follow¬
ing.
*
:vv:-■
,
E.S.T.
.
a
tion statements will in normal
additional
Offered
i Eastman, Dillon & Co_____:,,—-
,
of
of
,
Effective
each,
City,
sale
from
Remain¬
undertaking
this
for
supplies
Underwriter—White, Weld & Co., New
York, is prinoipal underwriter; others to
be
named
by amendment.
Underwriting
list of issues whose registration statements were filed less than twenty
days ago.
These issues
are grouped
according to the dates on which the registra¬
heretofore has
basis for issu¬
as
A-2.
Underwriters, and amount of the deben¬
■are
Following is
Registration Statement No. 2-4848, Form
(9-24-41).
-•/.(
(business, and activities related thereto
tures
material,
ex¬
long-term debt.
needed,
stock;
in
funds
(approximately
needed,
company has temporarily obtained $3,150,000 by bank loans.
sidiaries of which
sonal
company
or
obtained
be
common
sub¬
company,
for
of which
none
by
amount
will
•Del.
{
used
of stock
ance
1, 19S6
St., Wilmington,
Market
Address—1300
$7,000,000),
regis¬
Corp.
Fifteen-Year
10,000,000
due Oct.
Debentures,
reimbuse
to
used
pended
CORP.
LOAN
be
company's treasury
for
construction
part
—
For
operation
development equipment
mining
property
near
Breckenrjdge, Colo..
RegistfSWm Statement
A-l.
(11-12-40)
.
,
No.
2-4571. Form
•
.
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000
Volume 154
815
Calendar of New Security Flotations
i'
of
shares
5Va %
stock,
preferred
shares
Inc.
registered
39,334
cumulative
convertibli
Teller,
Bonwit
of
$30
and
par,
Address—721
York
New
ston
be
filed
202
of
at
except
will
shares
be
preferred
will be
by
A-l.
Bridgeport
of
of
shares
no
Fla.
com¬
stock
for
reserved
be
to
of
conversion
issuance
upon
preferred
stock.
Dividend
rate
of
the
preferred
stock will be supplied by amendment.
cesses
and
brass
In
manufactures
first offered
Oct.
basis
the
on
Oct.
record
circumstances,
before
or
alloys
will
of
at
of
of
share
one
approximately
Underwriting—Any
stock
subscribed
not
offer,
scription
will
and
sold
derwriters
under
preferred
follows (all of New York, N.
unless otherwise indicated):
% of Unsub. Pfd. Stk.
Y.,
are
as
be Purchased
to
to
A2.
(9-17-4H
&
Hutton
E.
Hornblower
&
Co—
and Blodget,
Co._
Noyes & Co._,—.—_____ 7.847
& Co,.
—
5.886
Trask & Co
5.886
Bosworth, Chanute, Loughridge
&
Co., Denver—-—
3.924
Reynolds & Ccu—
— 3.924
Auchlnloss, Parker & Redpath,
Wash., D. C
1962
/ Proceeds—Proceeds, plus other funds of
company,
will be applied to payment of
outstanding $2,874,000 3%
notes of com¬
(10-10-41).
Power
dividends at the rate
of 5'/a %
per annum and that the shares
-will be first offered to common stockhold¬
of record Oct.
at
stock
tional
the
share, at the rate of one
preferred stock for each 37
stock held.
Subscription
wjll expire on Nov. 5, 1941.
Unsub¬
shares will be offered to the public
offer
price of $105 per share by underwrit¬
who will receive a commission from
a
ers,
of $2 per share on all of the
of preferred stock plus an
per
share on all of such
actually purchased by them
.the company
25,486 shares
additional $2
shares
INC.
BULLION,
-
the
ten
cent
,
Bank
Act
the
of
the
reserved
be
represent
of
exchange
com¬
National
which
Light
Co.
conditions
other
of
its
with
and
security
holders
they
of
to Kuhn,
sold
which
and
retaining
shares
as
Loeb & Co.,
by
of
the
been
convert¬
$100
of $1
that
par
such
After
disposition,
MINES,
com¬
such
com¬
of
22,500
the
proceeds
will
Telephone Co.
registered with
100,000 shares capital stock, $10 par.
Alakea
Address—1128
St.,
Honolulu,
Hawaii.
vv\
•
^
Business—Company
is
an
independent
public utility furnishing telephone service
on
the
Islands
of
Oahu, Hawaii, Maui,
Kauai, and Malokai, Territory of Hawaii,
radio telephone service between said Islands
Territory
istration
of
preferred
of
$1
of
6
par
cent
per
1941.
stockholders
of
record
Oct.
565,000
cumulativt
and the same number ol
cent par common 35,000 share?
then
held.
i
.
,
«
,
$1
par
6 per cent
Subscription
cumulative preferred
shares
Underwriter—None
previously
sold to promoters at: Honolulu to highest bidder therefor not
$1 and 1,320,000 shares of 1 cent com¬
Offering—Preferred will be. offered ai
later than Dec. 27, 1941, and proceeds from
mon
previously sold to promoters at 2.65
$1 per share, and common at 10 cents pel
the auction sale in excess of $10 per share
cents a share '
SllH I't*'
"•
■
;
1
v
*. - * V .
(after deduction expenses of auction) will
Proceeds—For
development
of
mining
Address—Seattle, ."Washington ;
: ;;•;„
be distributed pro rata to stockholders of
Business—Mining
and Milling •'■"/; .'/V record
properties,
purchase of machinery and
Oct.
15,
1941,
whose
fractional
Proceeds
For property, construction
equipment, and working capital
,
V ;
iinterests are disposed of and to holders of
development and working capital
Registration Statement No. 2-4763. Form
unexercised warrants.
•*'
Underwriters—Kressly and Campbell
A-O-l
' 5-20-411
•
/
Proceeds
to
prepay 'Outstanding
short
Effective—4:45 P.M., E.S.T. on Sept. 23,
Registration Statement No. 2-4697. Form; term bank loans, additions to plant and
A-l.
(3-21-41)
\
/ ;. ,, ;
1941 as of 4:45 P.M.. E.S.T., Aug. 10. 1941.
! 'equipment, working capital.
Effective—4:45
P.M.,
E.S.T.,
April
9 ; .i Registration Statement No. 2-4855. Form
COLUMBIA GAS & ELECTRIC CORP.
1941
■
/•
A2.
:Z;/^;/'/'''-;/iv ''VV
(10-6-41)
Columbia Gas & Electric Corp.
regis¬
Effective—4:45 P.M., E.S.T., on Oct. 17,'
KIRK-LAND GOLD RAND, LTD
I
tered
$28,000,000 serial" debentures,; dUt
1941.
-1942 to 1951, and $92,000,000 sinking fund
Kirkland
Gold
Rand, Ltd., ■ registered
debentures due 1961
; ■.'
i
:
NORTHERN
NATURAL
GAS
CO.
with SEC,
under refiling,' 500,000 share?
Address—61 Broadway, N, Y. C.
common stock $1 par
/ Northern
' •
.
-.
Natural
Gas
Co.
registered
i
Business—Public
utility
holding comAddress—360 St., James St., West, Mon¬
710,500 shares of common stock, $20 par
pany
' /
/
treal, Quebec, Canada
Address — Aquila Court Bldg., Omaha,
Offering—Both issues will be publlclj
Business—Engaged in development, ac¬
Nebraska v-.
offered at prices to filed by amendmeni
quiring,
holding,
selling
and
operating
Business—Production
and
transmission
Proceeds—To Tedeera $50,000,000 Deb 5s.
gold,
silver
and
other mineral mines
v..
,
,—
.
.
.
•
stock)
,
.
*
•
$4,750,700 Deb. 5s, due April 15,
'1952;
$50,000,000 Deb, 5s, 1961; to pur¬
chase
$3,750,000
4% guaranteed
serial
'notes due 1942-46 off Ohio Fuel Gas Co.,
a
subsidiary,
and $3,750,000 guaranteed
serial
notes of United Fuel Gas Co., a
subsidiary, from the holders thereof; andto make'a $3,402,090 capital contribution
to Cinn., Newport & Covington Ry Co. tc
enable that Company to redeem its out¬
standing $3,303,000 1st & Ref. 6s, 1947
of
•1952;
Registration Statement No.
'•{4-10-41)
2-4736. Form
A-2.
Company Is still in
•
Underwriters—To
equipment
Spoxane,
to
,
.
Open-end Investment
Investments in bonds.
—
trust,
amend¬
development,
working
and
1
capital
TELEPHONE
CROSSE
-
of
shares
Address—La
common
Crosse,
CORP.
I
■
Corp. ..registered
stock,
$10
pai
Wisconsin
Business*—Telephone service to La Crosse
-
.
Underwriter—Alex. .Brdwn
&
Sons
stock registered win be
publicly offered at price to be filed by
amendment, except that 2,406 shares will
.
Co.,
and
others
by amendment
Railways
and
Co.,
United Light &
North American Light
ana
Co.
Power
Natural
Northern
shares
to
stock
lic
of
its
its
proposed $o
has
been
to 355,250
Gas
Co.
filed
be offered to the pub¬
from 710,500 shares
According to the amend¬
ment, such 355,250 shares are those that
are
presently
owned,
and
outstanding,
by
the
applied
par
by
cent
North
American
Light
&
Power
Co.,
of
to
vannah
the
A
of
preferred
and
in
of
under
the
extraction
ACCEPTANCES,
shares
$50
dividend
shares
20
par,
stock,
the
with
contract
stock,
common
no
Wall
to
are
of
ferred
for
each
10
making
small
fered
shares
stock,
divideno
scares Clas?
Class
B
and
at
common
Underwriting
Class
Class
$1,000
A2.
and
Proceeds—To
$55
bank
4,
Oil
shares
Address
loans,
leasehold
interests
properties
wells
in
thereon,
and
proven
in
has
Tex.,
shares
shares
at
at
oil
from
or
Co.;
to
of
oil
July
1,
1941,
deeds
San An¬
purchase
and
ing mortgage
used
to
Registration
west
1941 at 11 A. M., E.S.T.
Co.
of
/
Miami
-
.
Coral Gables,
($200,000),
to
prices from
at
per
acre
Proceeds
.
For
—
development
and
of
lands,
and working cap¬
equipment,
ital
•
•
Registration Statement No, 2-4767. Form
S-10
Form
4:45
registered with
cumulative preferred
with
(5-23-41)
notice
Effective—Under
2-4824
will be sold to the
$20 per acre up to
Offering—Interests
public
divi¬
as
added
No.
registered warranty
interests in oil and
Florida
County,
$150
work¬
Statement
of
capital
2-4816 Form
Address—Theatre Building,
Dade
outstand¬
pay
indebtedness
$50
purchase
Underwriters—None
company,
remaining $26,626 will be
ing capital
A-l.
Land
purchase of
be
for
CO.
representing
miles
50
44,-
74,157
•;s'/'.
Proceeds—Will
at
druggists,
used
lands in the Everglades, plofida, about
gas
company.
by
retail
be
LAND
Virginia
in
Offering—118,907- shares
to
be
offered
public at $2,375 per share; remaining
984 shares registered constitute shares is¬
sued
engage
(5-22-41)
VIRGINIA
to
dends.,
to
store
Effective—Oct 7,
proven
interests
share
1941,
drug
(exclusively)
share
A-2
'.-••
and
properties.
York
per
28,
mineral
drilling
royalty
agreed
$1.75
$2,
./•,'••/'' /■-.
production
Texas,
acquire
developed
Penn
stock
Ave.,
Pittsburgh,
equipment, and for working
Registration Statement No.
par.
acquire
common
Proceeds—Will
Antonio.
producing
Underwriter—Willard
tonio,
$2
San
par
in Delaware on
in business of
merchandise
Underwriting—None
Offering—The 4,000 shares of common
stock will be sold by the company direct
per
stock,
Pitts¬
of
Druggists
registered with the SEC 4,000
no
selling
Corp. registered with SEC!
Bldg.,
Wholesale
Inc.,
April
and
1940
common
OF
INC,
Business—Incorporated
CORP.
Milam
—
DRUGGISTS
WHOLESALE
Pa.
>•
to
Texamerica
OIL
the
slock may be of¬
by. company, at $25 per
discretion of company
Address—6543
share
preferreo
B
(11-12-40)
Effective—Dec.
sole
United
/
capital
Registration Statement No, 2-4570. Form
A-2.
of
(9-23-41)
shares
working
TEXAMERICA
in
burgh,
share
per
on
-Class
on
repay
others
PITTSBURGH,
wil\
A
per
$1,100
commission $50'
A,
than Dec.
shares preferred
at
UNITED
and
extend
may
portion
plant additions
improvements, purchase of new ma¬
chinery and equipment, for retirement of
outstanding $5 preferred stock, and for
working capital
Registration Statement No. 2-4847.
Form'
Orlando, Fla.
installment note>
offered, at
but company
Unsubscribed
Proceeds will be used for
Underwriter—Leedy, Wheeler & Co., Or
lando, Fla.
v.
:
publicly
and 4
common,
an
loans
Offering—Preferred
date,
1941.
200*000
par
St.,
Business—Discounting
and
$60
A
Sa¬
Corp.-
named
shares new preferred for each share out¬
standing $5 preferred stock.
Subscription
period comprises the ten days following
to
registerec
Preferred
Class
par; and 30
no
raw
preferred, shares
regis¬
be offered for subscription to
outstanding common stock and
$5 preferred stock of company, of record
Nov. 10, 1941, or the tenth day after of¬
fering of the stock to stockholders, which¬
ever
is later, at a price of $25 per share,
on
following basis: Jone share new pre¬
INC.
Inc.
Ever¬
of
sugar-house adja¬
Sugar is presently
a
Sugar Refining
holders
1
Acceptances,
.
of
consists
Offering—The
tered
com¬
(9-6-41)
Cumu¬
Preferred
in
sugar-cane
Underwriter—None
15,
Address—26
of
deficiency
P.M., E.S.T., Sept. 21, 1941.
(8-27-41)
TRAILER
COMPANY
SEC
Co.
4,547
stock;
7%
and
par,
no
shares
81,095
com¬
par
Address—31st
cinnati,
America
shares
$100
stock,
mon
of
Whit worth
&
Robertson
Aves.,
Cin¬
O.
Business—Manufacture,
assembly,
diswith the SEC, disclosing that the number
Dribution
and
and
sale
of
semi-trailers,
equipment,
tractors
and
commercial
trailers
bodies,
parts
bodies and cabs for
trailer
truck
trucks
Underwriters—None
Offering—The
fered
by
price
ferred
of
$100
and
through
7%
$8
rights,
at
for
shares to be of¬
Its stockholders
all
per
per
preferred
stock
mon
to
-share of
share for
irate
and
5
each
7%
pre¬
common,
of 2%% shares
shares of com¬
share
of
7%
pre¬
ferred stock held, and at rate of one Share
stock
common
mon
stock
for
sharfe
each
of
com-!
held.
Subscription rights evi¬
denced by
Warrants will expire on the
Thirtieth' day
after date -of issue.
Un¬
subscribed
offered
portion
for
sale,
may
be
sold
at
same
unsold
Any
at
shares
the
of
will
be
prices, to all
shares then
to
general
extension,
same
retire¬
prices
pubilo
Pi oceeds—For
plant
ment
certain bur.k loans, and for working
capital
Registration Statement No. 2-4803. Form
A-2.
(7-29-41)
(Cleveland)
of
4.45
p.m.
13
at 1:15
E.S.T.
Sept.
UNION LIGHT, HEAT AND
PANY
Union
Light,
Heat
gistered
25,000
shares
and
P.M.,
17,
E.S.T.
1941
$100
par
re¬
common
stock
Address—4th
Main
Ohio
due
Sept.
Mortgage
lative
St.,
First Mortgage 5% bonds,
1951;
and $74,375 Second
1,
6% Non-Cumu¬
1, 1961
Bldg.,
Seattle,
Bonds.
Income
Interest,
due Sept.
Securities
Address—311
Wash.
...
■
.
Business—Incorporated on July 3, 1941
acquire title to Whltworth Apartment,
Seattle, Wash., and to own and operate
said
apartment
■to
Underwriters—None
Offering—All
ed
will
be
divided
of
the
offered
organization,
securities register¬
under
of
Re¬
148,750
un¬
Plan
a
of
holders
to
fractional
latter
Shares,
repre¬
Certificates of Interest. Latter
:may be surrendered under the plan through
Seattle-First
National
Bank,
Seattle,
sented
by
Wash.
share
af
Owner of
will
each 25/148,750
receive:
(a)
$12.50
fractional
par
value
first
<of
nne
mortgage bonds, $1250 jiar value
second
mortgage income bonds, and
share
of
capital stock - of the new
company
Registration Statement No. 2-4811. Form
(8-8-41)
(San Francisco, Cal.)
-1.
WILLIAMS
Williams
(000,000
HYDRAULICS,
Hydraulics,
shares
$5
par
INC.
registered
Inc.
Class
A
1,-
common
stock
Address—Alameda, Cal.
Business—Deep-sea dredging and manu¬
of equipment therefor
facture
Underwriters
—
Offering—Public
share,
Co.
common
Brown
Hartwell
Com¬
pany
POWER COMPower
shares
registered
stock, 25
Inc.,
Apartment,
5,950
cents par $74,375
'
-
above
company
SEC
INC.
APARTMENT,
WHITWORTH
AMERICA
OF
'
Ti-Hiipf
>
of
Clewiston, Fla.
share,
as
of
Florida
therefrom
disposed
common
company
Series
Convertible
conversion
culture
glades
Deben¬
Insurance
an
6.4%
and
par,
upon
sugar
company
Guaranteed
indebtedness
Southern
reduced
shares.
Sugar Corp registered with
shares
Address—Clewiston, Fla.,
Business—Principal business
aggregate
by
the •outstanding
Effective—Sept.
an
registration statement
par
value common
$20
States
record
of
Form
CORP.
expiration date to not later
and
by
for
.
SUGAR
the
750
and
held
2-4379,
the
all
SOUTHERN
(4-21-41)
amendment
of
be
stockholders.
stockholders,
selling
A-2.
Telephone
Crosse
.■
Registration Statement No. 2-4741. Form
(6-16-41)
LA
.
&
Offering—Stock will be publicly offered
at price to be filed by amendment
Proceeds—All proceeds will be
received
by
purchase of:
gas
be named
to
share
per
natural
Underwriter—Blyth
Registration Statement No. 2-4727. Form
Offering—All
J
Business
limited
Ave.,
cents
A-l. Refiled
Wis.
Riverside
43%
is
Proceeds—For
stock.
.
by
Offering—Above shares to be offered to;
at $1.25 per share; underwriting
commission
32,080
Address—601
named
public
BOND FUND, INC.
Composite Bond Fund, -Inc., registered
with SEC 32,500 shares $1
par , common
Wash.
be
ment
La
COMPOSITE
the development stage!
bonds
Pub¬
A-2
of
debt
current
companies,, and
stock
oil
share.
per
562,500 shares com¬
stock $1 par, .latter .reserved for Issu-*
ance
($650,000 4V,
insurance com-'
to an
Serial
to
are
,
.
$100,016
Statement No.
$25
poses
at
shares
capital
for
$5.32
stock¬
new
Hoosier
be
at
basis,
costs
200,000
mon
Co., Inc..
with
received
12,500 shares $10
funded
no
of¬
com¬
share
a
held
5
Utility Co. and for "other corporate pur¬
.
'
.
CO.
regis¬
securities
bank- .and
a
acquire
-
..
$350,000
and
by offering one share for each 4
offer ex¬
pires Dec. 20, 1941.
Full shares of such
stock, representing fractional interests and
also shares called
for by
warrant to be
issued to stockholders, which are not exer¬
cised,
will be sold
at public auction in
stock
shares of 1
;
covering
statement
,
its
to
shares
be
other
Tex.. ",v
•/ v
Business—Engaged
in
marketing of crude oil,
'//■'■
CO.
TELEPHONE
at
Participating
cumu¬
■
together
to
of
to
119,891
Mutual
share
INC.
sale
pany,
be
company
(3-29-41)
MUTUAL
Oahu,
Co.
6%
shares
Ind.
first mortgage bonds
Statement No. 2-4715. Form
Registration
SEC
stock,
$1,152,280
Loeb
and certain
company
Inc. has filed a reg¬
Mines,
preferred
pre¬
par
Kuhn,
investment
an
Proceeds—None
A-2
shares
understood
are
received
of
shares
107,500
is
It
since
have
into' 30,000
mon
POWER
Power
2,000
Underwriter—Central Republic
B
shares of $5 no par pre¬
and 2,150 shares of no par
to
repay
lative
in
and
ap¬
share
mortgage
STATES
United
SEC
is sole underwriter
N
Proceeds—From sale of the 2,000 share?
lic
one
(3-30-40)
UNITED
public utility company en¬
transmitting,
distributing
and
selling electricity in southeastern Indiana
Offering — The preferred stock will be
offered
to
public at a price to be sup¬
plied by amendment
stock.
preferred
and Schroder Rockefeller &
stock
Co.
and
stock of company, it
such holdings as promptly
practicable in light of then
55%
Corp.
common
&
development,
INDIANA
Indiana
SEC
Address—Rushville,
common
Inc., 30,000
ed
for
Business-—A
gaged
common
since its incorporation in
together about 72% of the
stock, or 36%
each.
On Dec.
1940,
ferred
A-2.
at 'I
preferred stock, $100 par
150
preferred
offering
will
proposed
17%
of the outstanding
of Moore-McCormack Lines
Beavan
used
lative
for
share
a
associated
Registration
named.
public
with
retain
Co.,
for the $6 preferred
Power &
interests
3i;
contem¬
of
Kensington
Dead-
Bldg.,
&
company
15.
shares
Nat'l
Dakota
Business—Gold mining
South
will
shares
proximately
com¬
declaration
a
Company
company
KENSINGTON
par
Address—1st
wood,
best
Rockefeller
Schroder
ships at sea, and also wireless
telegraph
service
between
Oahu,
Lanai,
will have ceased to be either a subsidiary
or
an
affiliate of National Power & Light: Hawaii, Maui and Malokai.
Underwriters—There is,no underwriting
Co.
or
Electric Bond & Share Co.
in connection with this offering.
Registration Statement No. 2-4827 Form
Offering—Company is offering the 100,A-2.
(8-29-41)
000
shares
for
subscription at $10 per
registered 110,000 share?
of
$1 par 8%
non-cumulative preferred
stock and 110,000 shares of common stock
_
SEC
that
common
be
mind.
In
Inc.,
Bullion,
that
that if, .upon termin¬
proposed exchange plan, Na¬
& Light still holds as much
and
market
scribed
at
ofi
dispose
shall
as
of
Power
5%
as
will
shares of common
with
Holding
of such
ation
In¬
Sons
to
a
held
first
construction
Registration Statement No. 2-4830. Form
common
the
offered
of
of
5/94ths of
subscribe
share
and
parent
•
- ■» :
-
underwriter
be
Southeastern
Inc.
mon.
Light,
&
National
of
and
&
-
<
[
each
25/94ths
of
On
unit.
$2,835,000
:
*
5/94ths
may
Proceeds—To
Assess
•
tered
and
•
Rollins
H.
Value
Par
SEC
Wash.
to
units
Stock,
tures
Offering—The preferred and 85,000 com¬
mon
shares
will
be
offered
publicly at
prices to be filed by amendment.
150,-
ferred
contemplating
also
24, 1941, for subscrip¬
$105 per
of
share
including cit¬
Galveston.
Light owns,
&
'/.,,■
trade
corporated
Cent
with
in
receive
Substantially all outstanding stock Is held
by Columbia Gas & Electric Corp.
purchase
of
equipment,
building,
and
working capital
v.
•
Registration Statement No, 2-4829. Fornr
AO-1, (9-3-41) (San Francisco)
pany,
New
Broadway,
Underwriters—E.
common
Tex
public offering contem¬
Company is advised by
No
filed
stock
mon
ferred stock will bear
ers
tion
Houston,
is ah operating pub¬
and
initially,
plating,
on Oct. 21, 1941.
disclosing that pre¬
Amendment—Filed
stock
common
St.,
in Texas,
area
Power
the
under
<•!.,*
rmivm
ami
•
Al¬
bert V. Moore, president, and Emmet J.
McCormack, vice president and treasur¬
er—officers and, directors associated with
Fannin
—
has
pany
p««r.
par
stock
initially.
plated
National
SI
shares
Underwriter—None.
Effective 3 P.M., E.S.T.
American
The
company
Offering
cumulative
$1«<)
f-gisrerpu
shares
Houston
of
Inc.
York .City
Business—Operation of vessels in South
1927,
rural
tensive
ies
requiring $2,917,110.
■Registration Statement No. 2-4857. Form
Address—5
about
in
pany,
A-2.
utility
$b
common,
conversion
par.
principally
engaged
generating,
transmitting, distributing
and selling electricity at retail and whole¬
sale, serving 150 communities and an ex¬
lic
of
Lines,
registered
Electric
&
will
per
from
499,987
Business—Company
Peabody
Spencer,
shares
000
company I.
Address—900
Hemphill,
Kidder,
,
1341.
500,000
outstanding
of
chares
13
of
;
its
Light Co.,
holds
options
9.809
shares of
preferred- stock,
parent National Power
which latter company also
to purchase the remaining
by
6.
JJNXS,
each
holders
Chicago,
Oct.
on
which
of
stock,
&
10.790
v
Weeks
&
30,000
Form
no
E.S.T.,
ES.l', Oct
P.M.,
Moore-McCorinark
CO.
stock,
common
Form
outstanding
has
common
held
an
its
of
(Company
of
are
W.
SEC
with
shares
4:45
Co.
share
Proceeds—Will be
of
;
V;./'''
:
POWER
&
of
MOORE-McCQR MACK
& Power Co. regis¬
indeterminate number
Lighting
Houston
tered
of
•'
'.:,.///'
■
LIGHTING
purchase
and equipment.
(9-17-41)
as
Co.,
HOUSTON
—21.525
Stone & Webster
Inc._15.695
Union Securities Corp——_______12,752
Murphy
M.-P.
G.
-
preferred
working
each
for
subsidiary
Stock
Offering—To
one
capital,
for
machinery
Effective—4:45 P.M.,
follows:
as
Registration Statement No. 2-4845;
supplied
each,
applied
of
Registration Statement No. 2-4844.
1941
142,667 shares of company's
stock, no par.
Further de¬
be
supplied
by
post-effective
the
public,
to
tools,
A-l.
amendment
purchased by un¬
at price to
be
•
be
will
consisting
conversion of the
on
Proceeds
preferred
tails
by
amendment..
Names of
underwriters, and the percentages of such
unsubscribed
stock
to
be
purchased by
be
/
share,
$7
sub¬
above
unit
of
each
for issuance
to redeem at 102%, the $52,000,000 of company's First Mortgage 5s of
1954; $15,893,370 to, redeem at $110 per
Nov. 5, 1941.
shares of preferred
to
units
in
of
$53,170,000
+.'stock for each 37 shares of common stock
held.
Subscription • price will be supplied
by
amendment.
.The subscription offer
expires
of common,
the
Mining
subscribe
share
for
and owned by
a
to
mon
COMPANY
SOUTHEASTERN
company
shares
MINING
Underwriter—No
of preferred and 10 shares of com¬
stock, at price of $140 per unit." Re¬
maining 64,531% shares common reserved
are to be sold by company
competitive'bidding Rule U-,5:0
SEC's Public Utility Holding Com¬
Proceeds
stock outstanding
Light & Railways Co.,
Light & Power Co.
Common
cents
mon
t
ment
fer
These shares consti¬
Address—Spokane,
Business—Mining
share
Act.
Names /of underwriters and
to public, will be supplied by posteffective amendment to registration state¬
in
able
par
shares registered, the
preferred and 64,531%
will be offered to pub¬
the
the
the
Gas
Offering—Stockholders
for
Municipal
lic
securi¬
and -Offering—The
$1
Louis
Mo.
Shares
'
•
by
6,453 Ye
8har«
and other portions
"
Underwiiter—Columbia
Corp.
United
1,500,000 shares 1
registered with
stock,
common
Lambert-St.
—
(Offering—Of
American
exception uf
;<with
area),
tuted
United
CORP.
AIRCRAFT
Robertson,
offered
•
price
date on
subscription
for
sup¬
Miami
<&
became^ effective.
Pueblo
Business—Engaged in designing and de¬
veloping
aircraft
and of manufacturing
and
selling parts
for
aircraft;. expects
presently to engage in business of manu¬
facturing, testing and selling aircraft
Underwriting—None,
; Securities
to be
registered
pany
be
(or,
"Florida
of
Underwriting
ties
later
a
1941)
28,
1941
24,
•'
-
and
PUEBLO
shares
Address
Is an
coast
under
holders of company's com¬
to
of
stock
cert&in
metal
\
Bond
The
355,230 additional shares orghrallj
registered with the SEC on April 21, 1943
public offering, and withdrawn from
registration
were
subsequently registered
for
of
(3-29-41)
Airport,
•■
'markets
s(,ock
preferred
Ave.,
subsidiary - of
Florida
pro¬
forms.
various
Offering—The
mon
and
-
(Electric
Light
&
Jacksonville
the
of
non-ferrous
and
non-ferrous
other
and
and other
zinc
copper,
.metals
purchases
•
be
/•
Second
E.
S.
.
east
Address—30 Grand St., Bridgeport, Conn.
Business—^Company
stock, will
by
stock
129.063%
Mortgage
$10;000,000 Sink¬
operating public utility'en¬
gaged principally in generating, transmitting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas),
serving most of " the territory along 'the
convertible
the
the
System)
(including
scrip
certificates
fractions
of
shares),
such common
.for
owned
6,453'/a
shares
6%
Non-Cumulative
Convertible Preferred Stock, $100 par, and
,
registered
Co.
First
1971;
Business—This
Power
stock
mon
Is
which
MCDONNELL
Par.
Interest rates on the
Debentures, and the dividend
$100
and
on
Address—25
with
par
registered
SEC
CO.
Light
$45*000,000
due Oct. 1,
Bonds
25,486 shares, cumulative convertible
stock; $100 par; and indeter¬
number
&
Power
Stock,
preferred
minate
Form
Fund
and
CO.
registered
Telephone
Registration Statement No. 2-4717. Form
A-2.
'
><
-
2-4825
LIGHT
&
preferred
plied by amendment,
Co.
Brass
investment
•
No.
Co.,
preferred
Debentures, due Oct. 1, 1956;
140,000 shares Cumulative Preferred
ing
rate
,
POWER
-SEC
bonds,
(4-30-41)
SEC
for
*
&
company,
phone
(8-28-41)
with;
Atlai
Registration Statement No. 2-4748. Font
BRASS
used
Statement
Electric
Central
Middle
Western
Tele¬
will donate a portion
to La
Crosse Telephone Corp. and latter
will
use
proceeds
to retire outstanding
parent
value
•/
■
to
McDonnell Aircraft Corp.
pany
BRIDGEPORT
be
*
FLORIDA
the American Co., parents, anc
proceeds will be received by the com¬
A-2.
/
sold
■Proceeds—Stock
distri¬
foi
Corp. and
/no
asset
Proceeds—Will
Registration
com¬
reserved
sold
for
net
%V2%.•
Florida
Proceeds—Stock
effect
such
purposes.
prices tc
that 106,-
amendment,
by
common
conversion
i
and
offered
publicly
be
will
mon
Prelerred
—
In
at
public
Co.
the
the
City
Terms
Offering
dis¬
at
then
value
to
shares
said
be
Offering—To be offered to the public ai
then
prevailing market price.
/
Underwriters—To be filed by amendmem
.
purchasing
asset
plus
specialty
of
net
bution
Yorl
•'
.
Business—Operation
tributor,
131,201
stock, $1 par
Fifth
Avenue,
New
common
City
Co.,
Underwriting—Murphey,Favre
&
Spokane, Wash., Is underwriter and
INC.
TELLER,
BONYVIT
Cincinnati,
offering
underwriting
$5
$1
price,
commission,
per
per
share
Proceeds—Purchase
of plant and
■equip¬
ment; purchase of seagoing vessel; equip¬
ment,
and
working
capital
Registration Statement No. 2-4133. Form
~
and
are
account
to
of
be
offered
to
American Light
public
&
for
the
Power
Co.
Business
company
Operating
electric" utility 1 A-l.
(7-19-39)
Effective—May
-
29
as
of
v
;
April
t
u
18,
.
1940
FINANCIAL CHRONICLE
THE COMMERCIAL &
816
Handbook
CALL US.
; The 1941 edition of "Securities
Government and Its
Instrumentalities", a 75-page pub¬
AVIATIONS
{a specialist in each division)
published
by The First Boston Corporation
as a reference for institutional and
individual investors. A number
innovations
are
of
INCORPORATED
45
new
Enterprise 6015
york
.
1941 the Government's fiscal
ends June 30) or later, and
various tables reflect operations
for the first six months of 1941.
chronological
a
guaran¬
January 1939
to date. In addition all outstanding
securities of the various Federal
.
.
.
York Reserve
1
President, George Har-
v
New
rison, recently remarked that
to
further
designed
action
limit
discourage bank sub-
or
v
,
Government
issues seemed essential.
scriptions to
This
may
drastic
lines
be
.
.
"feeler"
a
but
these
along
action
■
'
new
.
jor cash borrowing by the Treas¬
ury,
if Secretary. Morgenthau's
cash holds out that long,
Chances are it will, for the work¬
holdings of New York City's member banks
The bond
jumped $718,000,000.
Bank
,
fully dis¬
obligations
Treasury
agencies
214s in cash—for much
Former
logical date for the next ma¬
more
agencies are
cussed, including the
1-1397
large amounts
for
paid
new
Banks
Issue
RFC and CCC
deals are out of the way, the mar¬
ket should have a breathing spell
until late November or early De¬
cember.
^ December seems the
teed financing from
,
Banks
of the
the
that
.
credit
Next
The
of
record
and
Treasury
S.
U.
Y.
N.
Teletype
.
,
Now
One section of the handbook sets
the
HAnover 2-8780
St., N.Y.
"rolling
30,
forth
Mfg. Co.
over" of maturities but larger amounts than had been ex¬
it is also probable that the big
pected, by the way. ... Treasury's
banks
are
buying
longer-term
deposits in the week covering, the
Treasury notes. ...
financing at the Federal Reserve
1-576
Enterprise 1250
Enterprise 64-25
Pfd.
Airlines,
Y. Security Dealers Ass'n
Members N.
25 Broad
turing notes with other note is¬
sues.
No doubt there was some
Teletype
telephone
boston
telephone
hartford
June
Bell
telephone
philadelphia
2-3600
RECTOR
YORK
NEW
STREET,
NASSAU
telephone
Zinc
holdings, the story behind that is
that the banks replaced the ma¬
Association
York Security Dealers
Members New
;
m. s. wien & co.
not out on a
time. ...
small drop in note
the
for
As
year
-
American
limb at a dangerous
Kobbe, Gearhart & Company
,
•
-
/
Cigar-Whelan
Browne & Sharpe
left; that they're
,
Mfg. Co.
Wallower
Evans
y
Mexican Internal & Ext'l Bonds
with bonds; that they still
plenty of buying power
up
tHd figures
included are of
United
have
particularly with
reference
to
portfolio manage¬
ment, the effect of taxation on
coupon
income, and details re¬
garding the new U. S. Defense
Savings Bonds, while all the main
features of earlier editions have
been
brought up to the latest
tables
Merrimac
Pfd.^
-V
—
presented in the
available date. Most of
All Issues
short-pull. . . V It indicates
that the banks are not loaded
Securities
and for other Over-the-Counter
edition,
new
and
INDUSTRIALS
-
Water; Service,
Federal
.
that the largest
stayed away
from the most attractive Govern¬
ment bond offering in years. . . .
Incidentally, the small rise
is bullish generally for the
market
at least for the—
trading markets in
It AILS
-
.
the nation
in
banks
For actual
of the U. S.
lication, has just been
distributed.-
highly unlikely
Govts.
on
will be—
But it's
been—and
has
issue
well
First Boston Issues
Thursday,. October 30, 1941
:
long way off....
seems a
It's possible, though, that a pat¬
the $2,000,whose issues are fully guaranteed
tern
for financing will emerge
up only $81,000,000 in the week ended Oct. 22—the
000,000 mark and money will be
Defense bond3
as to principal and interest by the
period covering the day the banks paid for the Treasury's coming in from sales of defense after a while.
Government.
for individuals.
7. Tax anticipa¬
new 2V2S.
At the same time, the note holdings of these bonds, sales of tax anticipation
tion notes for corporations (and
Among the variety of charts banks were down only $4,000,000. . , , Both these figures notes and possibly from increased
individuals)
long-term Gov¬
contained
in
the
booklet
are
issues of treasury bills.
;
came as distinct surprises to Government bond dealers. . . .
ernment bonds for insurance com¬
It's useless to talk now about
graphs indicating recent charges
Both
led
to
some
conclusions <S>
:
in
the
balance
of
outstanding
the
terms
of an offering duei panies, trust funds, estates, etc.
which while generally accepted as bonds.
They sold considerable
.7
Bills and short-term Govern¬
short, medium and long term se¬
but the oddsi
amounts of the bonds they bought weeks from now,
accurate, may be questioned by
ment issues for commercial banks.
curities of the Government; the
at par to insurance companies, to favor another long-term flotation.'
astute observers.
Then, restrictions on sub¬
steady shrinkage in the volume of
And if that is so, investors may
individual
investors,
to
trust
The
feeling
around Wall
tax exempt issues outstanding; a
take their time
in building up scriptions would be in order. . . .
of
six
the
ing balance is close to
were
.
.
.
,
...
,
.
.
.
.
.
.
.
.
.
table
the trend and
terest
amount
bearing
the
Chapters and charts in the new
booklet which had not appeared
in
bank
may
that
interpretation
logical.
bonds.
short-term
of
1
of
the
.
.
particular section showed clearly
that some large-scale liquidation
was
seems
going
on.
.
This alone
.
.
the small increase
in
that
would explain
...
holdings
bond
rise
in
reason for the
period. .
bond holdings of
Beyond question, the
in that week is
insurance
companies bought huge amounts
of the 2V2s..
Beyond doubt, the
new
banks engaged in heavy
in
trading
the
.
.
The handbook may be obtained
at the office of The First Boston
Corporation,
York
City,
100 Broadway,
upon
New
request.
We regret
to announce
that
Law.
*
*
Mr. H. Wisner Miller
our
firm
He
his office with us.
.
52
ESTABLISHED
Broadway
1922
'*
,
-New York, N.
;
"h'
"
*
Rights
90,388
{
Spokane International
WE WILL BUY,
SUBJECT:
r'
'
it
probably 1 will be
The odds are that
occurs,
...
exchange
$10,000 Minnesota & Ontario Paper 5s, 1960, at
»
*
•
-
WE OFFER, SUBJECT:
:
v
.
„
87%
$10,000 Carrier Corp., 4%s, 1948, at 95 "
V
-
,'■> * I'
,
♦
«
,
3%s, 1969, at 108%
100 Shares Durez Plastics &
6%
Chemicals, Inc., Common, at 46%
FULLER, CRUTTENDEN & COMPANY
71
-
Stock
Exchange
Broadway, N. Y. BOwling Green 9-7030
-
Bell
Teletype
2T5T
1-61 !
them
out
B,
Shapleigh Syassociated with
their mu¬
nicipal bond department.5 Mr. Symonds was formerly first VicePresident
sensible,
a
that
manager ; of
as
from
maturities
of
Chace,
•'
of Commodity
this
officer
Distributors, Inc.
Goodspeed Now
Geo.
telling us ex¬
With W. R. Bull & Co.
(Special
to The
Financial
Chronicle)
-
:
HAVEN,' CONN.—George
S. Goodspeed has become asso¬
incidentally, for ciated with W. R. Bull & Co., Inc.,
days are getting 215 Church Street. Mr. Goodspeed
do,
to
Whiteside &
was an
•'
these
NEW
pace.
*
.
.
The premium of
notes must
17/32 bid on the new
pretty large to the holders
of the RFCs and CCCs that sold
look
out
on
Members Chicago Stock Exchange
120 South La Salle
St., Chicago
•
english
previous rumors., that the
"rights" were going to be
dutch
elimin¬
ated.
*.<
500 Shares Gary Electric & Gas, Common, at
HAY, FALES & CO.
York
announce
monds has become
' be
policy of rolling over Symonds, Inc. and
Well, perhaps this uncertainty
exactly
what
Morgenthau
wanted to create. . . , At least, it
will hold the premiums down. . . .
is
Telephone Dea 0500
Excess reserves are
•
Teletyp$_£G-35
more
in
i
.
.
They'll be down a lot.
.
November 1 boost
requirements becomes
after the
reserve
.•
/
l
:
,
M .t
1
■«> »J
i
Stocks
with
Bought
down to $4,-
since Aug. 16,
660,000,000, lowest
1939.
swedish
Market
Inside The
New
will
gravy
work
can
traders
able
1948, at 95
$15,000 Chicago Junction Railway 4s, 1945, at 104
/
>
Members
Municipals For Perry
whip-sawed badly./. , They can't was formerly local manager for
their minds what's going Fahnestock & Co. and prior there¬
to happen to the rights and they're to was an officer of, the R. F.
buying and selling at an unprofit¬ Griggs Co; and Ross Beason & Co.
*
"
'
$50,000 Northern Indiana Public Service
Deep Rock Oil
-1';
"
B,
That
.
that the
make up
<
t
,
.
to
Mr. Bass
of sugar.
tons
1942 crop appears
be in excellent condition.
states
BOSTON,
MASS. — Arthur
simply was too sweet. . . .
elimination of the "rights," Perry & Co., Inc., 31 Milk Street,
thing
'
Eagle Lock
*'
The
actly what the Treasury intends to
do
about ~ the - "rights"
over
a
period of months. . , . That an¬
nouncement would be the fair
Y.
income
in the
predicted here, the "right"
values on the guaranteed issues
were maintained in the most re¬
cent Government operation. . . .
That doesn't mean, of course, that
the market will see a repetition
of a deal such as we had in the
nouncement soon,
,
and' depreciation,
taxes.
This
expenses
beforfe
compares
2 point
to
If. inay be that we'll get an an¬
preferred
.
'
IV2
a
As
short
$10,000 Indianapolis, Columbus & Southern. 6s,
i
than
them at
buy
can
you
more
You
opening of Boston
shipments to Great
for
not
profitable
the
Britain, Iceland and Russia (Arch¬
angel). Copies may be had from
Clark, Kohl & Eyman upon re¬
quest.
but
thinned out instead of taken away
Clokey & Miller
prepared an analysis of the effect
Boston & Maine RR.
after
with a profit of $710,711
preceding year. John Bass,
premium. . . . And the emphasis President, reports that the total
cane ground amounted
here is on the lower figure. . . .
to 780,742
tons and the factory output was
if
notes,
\
,;#
organizations
and associated
reports for the fiscal year ended
July 31, 1941, a profit of $1,082,847
.
.
base*7'.
Clark, KohL& Eyman, 55 Lib¬
Harbor
.
Sugar Co. of Porto
The Fajardo
Rico
.
.
the
,
erty Street, New York City, have
of
.
gradual.
of October 31, 1941.
will continue to have
*
stocks
.
altogether.
Write For Analysis
on
as
.
.
protect yourself against un¬
anticipated dips in the market,
unexpected demands for funds.
Spread your portfolio over
the short-term and long-term list.
Hold some of the maturing
—to
But
General Partner of
a
as
Fajardo Sugar Reports
$1,082,847 Profit
policy to follow these
The best
days is one of strict "staggering of
maturities".
Keep some cash
if-
retires
'
!'
the open
issue
CHICAGO, ILL. — Edward J.
Hughes, Secretary of State of the
State of Illinois, has cancelled the
registration of John J. Seerley &
Co., 105 South La Salle Street, as
dealer and broker in securities,
on the grounds that the firm had
been found by the State Secretary
to., have= violated the Securities
bonds in
in long-term
market.
positions
2%s in the near future.
Registration Revoked
-
.
While the rest
market was buoyant, this
under pressure.
New York banks
that the
.
.
first
The
(1)
.
after the offering,
the short-term bond list appeared
in
minor
.
Immediately
That
be—but here is another
more
.
selling
by
2V2S
long-term
blocks
portfolios
in-and-out
tion status.
the
of
amount
the
profits by so doing.
some
.
of course, they
And,
.
The second reason is that
the banks offset their purchases of
$1,590,000,000. . . . The im¬
pression is that the Treas¬
ury
accomplished
what
it
wished—a widespread distri¬
bution of the bonds outside of
Fed¬
1916.
previous editions deal with
practical
investment
questions
such as the complications brougnt
about by the growing scarcity of
tax exempt issues and the effect
of new taxes upon income; excess
reserves
of member banks; and
ownership of Government securi¬
ties by types and by tax exemp¬
in
issued
.
.
(2)
atively few of the new 214s,
of the in¬
of
debt
froze
United
States, subscribed to compar¬
1940, and
eral Government since
the
in
city
largest
coupon
note issues for the year
funds.
Street is that the banks in the
combined
return
income plus market
action of all Treasury bond and
giving
from
.
.
f
.
.
•
\4%
I-*'
t
,
-
—
and
Bonds
affidavits
Sold
—
Quoted
Herbert E. Stern & Co.
'Members* New
30
Pine
York
Curb
Exchange
Street, New York
WHitehall 3-2160
Teletype NY 1-496
@FedFRASER