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BUS.
ADltt
Hi! 13 139
Final Edition
In 2 Sections—Section 1
Beg. U. 8. Pat. Office;
WI™ WHICH HAS BEEN COMBINED THE FINANCIAL REPORTER
T hursday
Volume
New
Number 3991
154
Thursday
York, N. Y., Thursday, October 9, 1941
Price 40 Cents
a
Copy
REPORTER'S
REPORT
President Roosevelt to ask congress
While
the A.B.A,
convention
not the
was
largest on
reporter who
record, its sessions were the best attended. To a
struggled through reams of mimeographed press releases on
speeches for something meaty to report, it is had to under¬
stand, but the bankers crowded in day after day to hear
sessions
The whole burden and theme of<^
"defense," and cago) heard about it from Charles
its effect on finance.
It nearly j Palmer and George Van Schaick,
monopolised the speeches as well the American Bar Association at
as
between-session
room-party Indianapolis heard about it from
conversation. Incidentally defense Robert Jackson, the Farm Equip¬
the convention
was
monopolising all the con¬ ment people from Walter Tower
ventions.
In the last week the (Iron & Steel Institute) and the
mortgage bankers (also in Chi- American Metal Congress heard
it
in
John
Hamm,
San
Morgenthau having definitely
BROOKLYN TRUST
details
COMPANY
next
Chicago.
week
the
Secretary
quest
George V. McLaughlin
new
fense
BROOKLYN
NEW YORK
was
re¬
scrutinize
they
even
applied.
pleases
Deposit Insurance
unnecessary
loans
orities
Member Federal
word of the
bankets
Morgenthau's
that
down
banker
a
ural
non-de¬
before
Very
official approval
Corporation
to
the
seek
years
;v;
a
Cultivation
the
A.
fact
satisfied
that
the
new
mar¬
it
premium.
Page 498
1
.
by
caution.
;i
recalled,
ago
d i
year
on some
of his
should
chip in their sacri¬
move
Company,
hardly
s p o s e
f
real estate
says
E. M. Fisher at
^^
^Page .'497
R. R. Marquardt
before A. B. A. terms savings business
in bank activity.
factor
stabilizing
a
Page 496
(Continued
.
to a
508)
on page
2%s to
it
(vis-a-vis
Col.
McCor-
the Tribune
threatens to spend $20,000,000 to
beat it, but that is chicken-feed
(Continued on page 508)
They
say
Items
486
Securities
.___
•/
Bond
—
After
Selector
(The)
opera¬
A
$204,425,000 to be offered to hold¬
ers of the outstanding 1
per cent
notes, maturing December 15
cur¬
the
"right to
subscribe" or the "exchange op¬
tion," which they carry, ruling at
bid
the
and
Trust
&
102 ll/32s
service with Chase
Cos.—..—502
All-Out-Taxation
Needed
Koenecke
President
Elected
—-
_
Stockton Trust Division President—
Warns Against Destroying Incentive
Free Enterprise Must be Safeguarded
Financing Defense Program
—.—_
Bankers Response
Commends
Business
Savings
——_
correspondent
489
490
490
492
493
•
494
495
Member
Stabilizing Fac-
a
General
Ayres Honored
Neutrality Act Repeal Not
tral
—_
—
Tasks
War Affecting Real Estate
Citizen
Support
of
Defense
Faces
facilities
Federal
Deposit Insurance
Corporation
497
Un-neu'
•
;
497
498
Major
of¬
Sale
Neccessary
500
Bond
Inflation
Met
Problems
fication
i—___— 500
;
Diversi¬
my
Committee
____.—;__
of Field
Bank Cultivation
Selling Credit
Urges
Consumer
511)
page
Credit
United States
501
__—————
Administrative
503
of
;___
____—
on
Government
504
504
Necessary
Securities
R. H. JOHNSON & CO.
New York Trust
Company
Philadelphia
Established 1899
"
"The
;i|-
64 Wall Street
/•
Bonds
FIRST BOSTON
Capital Funds. $37,500,000
ma. New
York
CORPORATION
M
AA
Chicago
New York
Moncure Biddle & Co.
;
BOSTON
PHILADELPHIA
CHICAGO
*.•
PHILADELPHIA
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
PHILADELPHIA
MADISON
AVENUE
AND 40TH
CariM.Loeb,Rhoades&Co
BOSTON
NEW YORK
IOO BROADWAY
CLEVELAND
t
City of
INVESTMENT SECURITIES
J,
*
.
fered.
(Continued
;
^V
B" A
Nation
•
.
Broaden your customer
^
"
-
512
——_——___
482
Banks
on
.
..
Whyte
Competitive Bidding Rule Hurts Small
tion will involve an aggregate of
$1,504,425,000 new bonds, of which
;L
$1,200,000,000 will be offered pub¬
licly for cash and $100,000,000 sold
direct to government trust funds.
Plans provide for the balance,
of
OF THE CITY OF NEW YORK
485
483
3—511
Says
Uptown
BANK
(The)—_ 486
Markets—Walter
Investors
value
NATIONAL
,___—484
l—:
CHASE
487
i-*;—i——, 481
Salesman's Corner
Tomorrow's
of insur-
next, in exchange. The latter
rently are selling to reflect
THE
Flotations 509
Securities
Railroad
Items
102 10/32s
Stocks—
Security
Trusts
—
Personnel
was
Treasury's over-all
market's
New
Municipal Market • (The)
505
Our
Reporters Reports-——________ 481
&
d of thirty-five
a group
A v.A. 'Ai?
Insurance
of
Jottings
fortnight
a
INDEX
; iv
Investment
ance companies at 101.842 or
the equivalent of about a 2.67
yield basis.
him
.
(Incorporated)
1L.
.
American Telephone
,
Chicago newspaper world
is agog over the
new morning
paper Marshall Field III will soon
angel in competition with the Chi¬
cago Tribune. It will be no P. M.,
but will carry advertising, pre¬
sumably avoid the fellow-traveller
slant but be strongly interven¬
OTIS & CO.
Fred
A.
Convention.
A.
,
>*'<yf..^A:; A';.
Telegraph
than
more
conceded, would
was
The
mick).
A. B.
urged
Page 500
15
securities would find the
bankers gave
tionist
B.
prevailing generally in
government bond circles was that
Mr.
Morgenthau might be ex¬
pected to fix an interest rate of •^Vyf 'ABank and
2 Vz per cent for the issue which,
Calendar
for his nat¬
The
YO RK
u}-::: \
credit
A. B. A. presents testimonial of honor to Brig. Gen. Leonard P. Ayres.
f
NlE
selling
division of
it
that
ket decidedly receptive.
pri¬
fices also for defense.
,
bank
of
new
quarterly date, observers
were
of national
field
'
Page 504
with
came
September
the
up
of
banks
War emergency radically affecting
of
view
of
O'Hair
-
fact
slight element of surprise,
in
Page 494
■
decision
$1,300,000,000 in
passed
.•
.the
on
the
Treasury's
at this time
money
little
statements about how farmers and
OF
thirty
Mr. Morgenthau looked slightly
embarrassed at the applause the
labor
i.';
.u"
issue,
that
;
BA NK
of
Notwithstanding
at
their loan applications to turn
President
are
maturity
con¬
it
»'
workers.
-'A
The idea
to
week
around
■
Most cheering
Chartered 1866
financing, for which
due today, would be
the consensus among
Wall Street government bond men
was that he would probably set a
Association of
Food Chains will build their
vention
1.
Three major tasks faced by nation says Economic Policy Commisj sion of A. B. A.
3j:
an¬
nounced that
aide;
Henderson
while the National
27,000,000
SV,".'.;.
from
Francisco
for extension of social security
additional
cover
With Secretary of the Treasury
is nearly
about
may
'
long-term,
round-tables with unprecented interest.
are
program—Plan
STREET
FINCH, WILSON & CO.
Over-the-Counter
TEN''
: /
Members
New
York
Stock
•
Exchange
ROCKEFELLER
61
BROADWAY
PLAZA
Commission
NEW YORK
HART SMITH & CO.
Kobbe, Gearhart & Co.
Executed
v'
Orders
for
Carefully
Institutions
and; Individuals
Members
t
INCORPORATED
Members N.
45 Nassau
London
Geneva
Buenos Aires
Member
Y. Security Dealers Ass'n
Street
Tel. Rector 2-3600
Federal
New York
Insurance
Teletype N. Y. 1-576
1
..•
•
.
,*
i
i
II
'I '
I .\4
York
Security
WILLIAM
ST., N.Y.
New
of the
52
Deposit
Bell
Corporation
4
Teletype
1*
7 "
■
■■
.
*
'
/
(
/
/
j
■
Assn. ■■■?*
HAnover 2-0980
NY
Montreal
New York
.
Dealers
1-395
-
Toronto
120 BROADWAY, NEW YORK
Thursday, October 9, 1941
& FINANCIAL CHRONICLE
THE COMMERCIAL
4 8:2
*
'
I' TELEPHONE
'
OR
■
US
TELEGRAPH
;
ON
.■■■,/'•
.
TITLE COMPANY
40 Wall
!
Telephone
Wickwire
,-
Spencer
opportunity to hold high-grade investment securities through
operation of the Securities and Exchange Commission's
ruling compelling competitive bidding for public, utility securitiesr-^'a ruling not in the public interest,"—Emmett
F. Connely, President of the Investment Bankers Association
alleged on Oct. 7.
^
Speaking before the American
Life Convention at the Edgewater
of America,
Members
Dealers Assn.
/
1-2480
HAnover 2-4660
System Teletype, N. Y.
Hell
Y.
St., New York, N.
•,
„
Hotel, Chicago, Mr. Con¬
nely
asserted that more than
$100,000,000 of highest grade se¬
curities that rested • in the hands
of
thousands
of
investors .six
Beach
f
will now be held- by
four
institutional
buyers.
He
called'the recent sale of a $90,000,000 American Telephone and Tele¬
•months ago
American Service
Preferred
*-
"
'
Commonwealth
Gas
& Common
:/,.'/
t
6s-48
Stock
&
Bonds
"
graph Co. bond issue to three in¬
surance companies—"a great mis¬
take" and added, "I think it was
International Bridge
Detroit
a
•'
'
.'
*/,/'.
,
Bldg.
Utica Gas & Electric
:
portunism and a plethora of in¬
vestment funds may have been the
.-Common " :/■//-•>
dominating factor, but opportun¬
sometimes backfires." ' Mr.
5s-56
,f ,/>.];/;
ism
Connely added:
Frank C. Masterson & Co.
64
.
Hubert
New
WALL
STV
shortsighted policy, on the part
insurance companies.
Op¬
of the
Terminal & Transportation
J
Ameri¬
can-Telephone and Telegraph
HAnover 2-9470.
Teletype; NY 1-1140
Co.
i sell
to
its
bond
issue
of
Olsento
r CHICAGO,
ILL.
Kneeland
&
,•
Wilbert O.
—
associated with
Olsen has become
Board of
Inc.;
Co.,
American Ordnance/
/? Corporation
•;
trading for dealers,
banks, insurance companies and
Other7 Institutional: buyers. : Mr.
Olsen was formerly a partner of
projector)
jiharge
/(depth
t-'v
of municipal
OFTHEYGUN
MANUFACTURERS
and is in charge
Trade Building,
for
The Most Effective Weapon
the Submarine
Combatting
/
Information
;
on
t
Request
.
MARSH and COMPANY
V
BROADWAY, NEW YORK
42
Green
BO.
Tele. NY 1-1206
9-9085
■
~
bids
to
fair
doing
and to many
"
The
companies will meed him for the
L purpose of shifting some of their
holdings. •
\
'
irreparable
-
all classes of investors
harm to
security dealers. ;x.
range it viewpoint
long
,
4
!?f:l 'ilf, in the meantime, he has
opinion^ /bevioi '•.llost much.of his outlet for sefirm, sound fihancurities»because of a dearth of
cial mechanism for this country. im proper -merchandise, his entire
Recent history abroad is ade¬ ¥ distributive machinery will have
in
should,
cussed
my
quate proof that when private
investment banking *is5 Gemin¬
ated private
enterprise dies/£J
The investment banker is an
essential
cog
in
our
economic
structure." Just as the day* may
and I say will come, when
services will again-be wel¬
come,
his
••-' ■■//
a
on
': >' -■/./"
■
'•/
'
-
•:
A'.?.
/
" A /''iJ-' * 1 •
-.
AM?TRADING MARKETS IN
REAL ESTATE
rebuilt.7' That cannot be
t^idone overnight.
It is essential
f that our machinery of dLstribu4'jtion be kept functioning by .the
v? cooperation of the forces of fi;■) mance vthat-have-been an ally
^investment ^: banking during
v. the
last 150 years. I It ;|seems
to -rbe
will the
comed by the issuer, so
day come
■
•
that the dire,
strange
SECURITIES
/
A i'■>":■>**?•, t
'.*/*'■ r i/l
f■'/r
sr.
•' V;'
shaskan & co.
Members New York Stock Exchange
'
EXCHANGE PL.,N.Y/ .DIGBY.4-4950
V 40
Bell Teletype
necessity
,
^//
NY 1-953
preserving* investment bank"not be apparent /to
all, because of what it stands for
in our system of free enterprise.
of
when the'insurance
:ing should
v"
'•'
a
Presidents Past and Present
Utilities
Cities
So.
Crescent
Public
Old
Coal
Ben
Service <3s,
Co.
1948
6s,
'/a 3V2S, 1958*
.rit
.
expressing his
-. doubts
as to the soundness and
"'"
desirability of competitive bid:,%ding by insurance companies,
w
Association
s
Tudor
"
/";•
'
'
Units'
City
-1
We
specialize An
tilso
all- Westchester■
County Securities including
Certificates
and
Mortgage
■'
INC.
BROADWAY
/
NEW YORK, N.Y.
Bell
grave concern over
;
,
Southwest Co.
f
.
!
Washington
Missouri-Kansas Pipe Line
j#3Royally..
/ /••■:
:
Mr.
the
L
:///
the
/passing
Public
DIcby
4-6329
.
New, York
Members
New
TRADING
65
Exchange
Stock
/
HERBERT
the
N.
S.
T.
Herbert H. Blizzard & Co., Philadelphia, new President of
and THOMAS AKIN, Akin-Lambert Co., Los Angeles, retiring Presi¬
BLIZZARD,
H.
A.,
dent, in front of the registration
board at the Association's
Teletype
NY
1-1525
v
Birmingham Elec; 6% Pfd.
r.
Birmingham Elec. 7% Pfd.
investors
out
of
high^
investments through
the
the
this
Steiner, Rouse & Co.
Members New York Stock Exchange
: /
/* v ■/•
Mr. Connely said that the brief
./. by
the? Investment
Bankers
YORK
Tele. NY 1-1817-18
DIgby 4-7140
frozen
.submitted
DEPARTMENT
BROADWAY, NEW
be
interpretation / of
powers" granted
it under
Act."
York Curb Exchange
-
v
Alabama Mills
Utility
r:'SEC's
Peter P.McDermott &Co.
Members
small
when
,/. come
d would
■
Security Dealers Ass'n
Y.
42 Broadway, New York
/
designed to break up the
large holding companies, never
that the day would
grade
Common
•
/
•
Established 1922
Members N.
j / envisaged
Steel
Wickwire Spencer
Pollak Manufacturing
'.■ /
Westgate Carey Trust
i
.
Holding Company Act. a Tineas-
k
"A";
Carey Trust
Westgatet Carey—Overriding
Ture'
Autocar Common
;/
Group—All Series
Underwriters
..'X'C/"I am certain that Congress,
L in
(Tommy Gun)
>
panics which recently purchased
the $90,000,000 American Tele¬
phone and Telegraph bond issue.
•
V
>
Class
of three insurance com-
"/ group
Thompson Automatic Arms r
Telegraph Com.
/ Postal
the possible
bid- JOHN J. O'KANE JR. & CO.
/Mr./ Douglas's
company,
Connelly
added,
headed
}
•i
Group Number One Oil Co.
competitive
i/ ding may do the country's in;
-vestment
banking machinery.
7-8500
1-2361
NY
that
damage
.
-
MArble
Teletype
/.
20 S. BROADWAY
YON'KERS, N.Y. '
2-7634
KEctor
vestment banker and expressed
Bank Stocks
Schoonover, deWillers & Co.
110
^
Carey Trust Original
/
in
N/Y-if recognized the, highly
important function of the in-
Preferred
Co.
Oil
.
week,
of
i
Houston
Last
/.Lewis W. Douglas, president of
r
the. Mutual Life: Insurance Co.
'
Common
Corp.
Eastern
;
National Security Traders
1954
.
v
1958 *
5s,
Thompson Paper
&
Stevens
.
1-4^3l
NY
BBDL TELETYPE
*1' h/i
$90,000,000. competitively," the the municipal bond firm of SaunT
management has been so, be¬ ders, Olsen & Lyons, and in the
deviled for following the'sound
past was im charge of municipal
practice of financing ..through trading for Link, .Gorman & Co.
their traditional
bankers that ahd Sincere & Co /
*
-I assume this is the reason they
elected to follow the trend that
,
ulation that required the
YORK,'
NEW
;,.. ; /•
"While there is yo law or reg¬
•
Exchange
Curb
York
being deprived, of .the
the
J.F.Reilly&Co.
-
HA 2-2772
N.Y.
Exchansre PL,
y. ^ *
'»■ **
Thousands of small investors are
Automatic Arms
"
40
1920
Security Dealers Ass'n
York
,
Manage Man;!
Says SEG Competitive Bidding Rule Hurts
Small Investor; Nation Needs Sound Finance! Trading for Kneeland
j --.Thompson
50 Broad
Broadway, New York -
New
Lebanon
City
Security
Established
Members
BROADWAY, NEW YORK
•'/;• /':
.
Steel
KATZ BROS/
'"fa
:
York Stocjs Exchange
V' {,
Common
..
Wickwire Spencer
Inc.
.wpV'-y
.0
York
£
/'"-/■/;.
•;
1-2033
NY
Atlantic
120
2-2300
REctor
U
Mew
r
,
165
WHitehall 4-6300
Teletype
Philadelphia
Members New
.
Autocar
iiodson & company,
Indies Sugar
West
<
,
1
Wertheim &
York/Stock Exchange
yew
St., N.Y.
Bell
/,;»
Marlin Rockwell
Mewburger, Loeb & Co.
/..Members
/.;■-V/
Arms
Wabash R.R. New fw.
SPECIALISTS"
ARE
"WE
Automatic
Thompson
Pfd. "A"
Pub.
Marathon Paper Mills
CERTIFICATES
MORTGAGE
Sylvania Industrial7
Airways
V.T.C.
&
.Common
Aeronca Aircraft
Seaboard
Cons.
'Hearst
Differential Wheel
Alegre Sugar
{!!'.,./
Air Line 5s, 1931
Punta
1944
Autocar Co.
Braniff
,
Ohio 4s,
&
<
Panhandle Eastern Pipe Line
(all issues)
<
Baltimore
LOCAL
markets in:
Actual trading
Kansas Pipe Line
Missouri
Associated Gas & Elec. Corp.
•
Association
to
the
SEC
25 Broad St.
New
......
v,; Brown-Marx Bldg.
York, N.Y.': Birmingham, Ala.
NY 1-1557
that
*
,•
BH 198
.
Direct-Wire'-'
••'■•
opposing the proposal pointed out
M
\
competitive bidding "would
an already serious situ¬
convention in New OrJeahs: aggrevate
ation brought on bv private place¬
ments in view of the fact that
insurance
Trading Markets on
Offerings Wanted:
Central R. R. & Banking
5s,
gredit
The "MINNE" Situation
Minneapolis & St. Louis 6s 1932
4Vis, 1980
,
•
-
<
Minneapolis & St. Louis 5s 1934
Minneapolis & St. Louis 4s 1949
big
4
step
Des Moines & Ft.
securities
-
on
direct
•
bids,"
We
-
"This," he said, "has happened in
the space of five months." In con¬
1942
j
would
Dodge 4s '35
V '
Iowa Central 4s 1051
Iowa Central 5s 1938
;
,
«
clusion he stated:
-1' d "I have heard the absurd
•',;*■
ar-
.
5s, 1946
.
Frederic H. Hatch & Co.
:
.
fi.A.Saxton&Co.,lnc.
NEW
YORK
BOSTON
Incorporated
/
'
gument that the smaller buyers
shouldn't buy these high-grade
securities.
Why shouldn't they?
•"'If this country's biggest buyers
feel that they need the protec¬
tion of
'
v
I
' Members-New
York Security Dealers
Association .; t
*
63 Wall St.,
New York, N. Y.
Belt Teletype NY 1-897
'
these
top notch credits.
why not the little fellow, who is
more in need of protec¬
all the
tion."
have
trader
enced
an
to
one
a
opening
is
who
in
^
letter
full
for either
thoroughly
group
assistant
assume
some
;
Hoboken Ferry
,
Trad er Wanted
into the picture and buy the best
"
Colorado & Southern
companies
av
"
experi¬
securities or
of
trader-j with
responsibility
additional training/
ability
;
after
.
Apply by
only giving -complete
details.
Bristol & Willett
Established
1920
Members N.Y. Security
115
Dealers' Ass'n
Broadway, N.Y. Tel. BArelay 7-0700
1
Volume
154
Number 3991
THE COMMERCIAL & FINANCIAL CHRONICLE
483
COMMERCIAL and
FINANCIAL CHRONICLE
U.
Reg.
with
S.
Patent
has
which
Office
been
combined
the
B.
William
■:
25
'
Spruce
'
>0;
New
Street,
BEekman
;
AND COMPANY
Dana Company
Publishers
?.'
5% Cumulative Preferred Stock, Series A
Walter Whyte
York
3-3341
cdd
Bought
-
Sold
*
Herbert D. Seibert,
Says—
Editor and Publisher
:r WiUiam Dana Seibert,'^President
Thursday, October 9, 1941
Published three
times
tising
issue)
on
a
week
'■
)
adver¬
statistical issues
with
Tuesday and
sccond-ciass
as
matter
September
12 1941, at the post office at New
Yoric, N. Y.,
■tinder the Act of March 3, 1879.
■
.
;
•
Subscriptions' hi" United States and' Posses-
rions,
$18.00 ofperCanada,
year, . $19.50
$10.00 per
for year,
6 months;
Dominion
$10.75
n
6
months.
South
and
Central
advertisements
funds.
-v
,
must be
'
•
„
in New
made
'
!..
day's lows
v,'
York
'
.7
«
"V
now
action to .be; avoided- these
list
still
;
above
,|
■
j
;| : ||
•
By-WALTER WHYTE j
„
-
|#
GUARANTEED
'I If there is anything mope
finger a lackadaisacal stock tape and come
out with nice-nice
predictions
BO.
%j3>.
52
Of. 9-6400
NEW
•
YORK
Teletype
■
N.Y.
1-1063
Lewis Thomson Joins i
] Edward D. Jones
ST..
LOUIS,
,
Thomson
is
Go.
MO.—Lewis
;
affiliated
now
*
W.
with
iEdward D. Jones & Co., Boatmen's
Bank Building, members of the
New York, St. Louis, and Chicago
{since 1909 has been head of Lewis
quite
seems
evident
that
up!"
when
it's
given
Dept.
WHitehall
4-6551
td oppose certain
4V*S,
proposed
throughout the country, it
appears
that they
were not
"
7i/2S,
Common
V
ade*-
Joseph McManus & Co.
Members
of dealers to oppose amendments to the Act which, if
y enacted into law, might expand 4'unlisted
trading privileges"
in securities that are- now
traded in the Over-the-Counter
New
York
Curb Exchange
Chicago Stock Exchange
39
Broadway, New York
DIgby 4-2290
1
Tele. NY 1-1610-11
!
!
-
.
1939
Flour Mills of America
&i, grpups
.
1967
Cespedes Sugar
Vf qiiately represented in previous discussions of the proposed
I:w amendments and they will, in all likelihood, look to local
no
single
aay
sum
total at the
-
hb's-dowh-he's-up-
he's-down" affairs.
Burton,
Cluett
Dana,
120
Broadway, New York City, mem¬
>
bers of i the
change,-
New
announce
Gillette
has
York
Stock
was
office,
<jt
;■ •
V:'"
4c
to look like
the optimists
1500
'
/
| McClave Co. Partner
Afta R.
New
&
and
"
*
*
•
■■
■
■-
-
•
Ctfs.
Ctfs.
Title
Co.'s
Trust
Participations
INC.
Members New York Security Dealers Assn.
39
Broadway, New York, N. Y.
2-8970
^Teletype NT
1-1203
T '
tvv-
Kalley Joins
to.The
Co.
Co.
I. GOLOWATER & CO.
.
Market
Bateman, Eichler Co.
(Special
Title
Mtge.
other
all
Bank
HAnover
...
&
In
Ctfs.
Co.
Complete Statistical Information
in their local
Financial
Place
for—
Low Priced
Stocks
Chronicle)
LOS
ANGELES, CALIF.—Alta
R. Kalley has become associated
ah individual
with
Bateman,
Eichler & Co., 453
took - a - smacking floor" broker and prior thereto a
[Mercantile Trust Company /of St. market
South Spring Street, members of
Xouil * '
|hr * -I
around, and eveh^^ thOugh lit partner in R. J. Johnson & Co.
the Los Angeles Stock Exchange.
The old partnership of McClave
recovered■ alittle before the
Miss Kalley wias formerly • ViceAmy.
Bond
re¬
Walnut Street.
'v.
i'*■ v.-.;;,^i
Joseph H. Amy, member of the
York Stock Exchange, wiil
become, a parner in McClave &
were
Co., 254 Park Avenue, New York
it on City, as of October 15th.
Mr.
|W. Thomson &Co;, -specialists in slowly but surely taking
municipal and corporation securi¬
the chin. IThjat morning ijthe
ties; prior thereto he was with the
with them
in
Invited
Mtge.
Lawyers
New
and
y
..
of
and other stock
Marshbank, Inc., have become as-';
Joseph H. Amy To Be
be counted Out.
Last
members
nounce
sociated
side/stays on its *• feet-dohg
enough to permit the other to
| ;
Co.,
merly with v Frazier Jelke & Co. dent and Secretary-Treasurer,
fdr many-years, recently being a spectively, of Sherry,
Hugg
Neither partner^ ih|the firm.
;
&
Specialists
Inquiries
Lawyers
PA. —Rey¬
commodity *; exchanges, an¬
that John L. Hugg and
for¬ John J. Sherry,»
formerly Presi-,
associated
with themt Mr. Gillette
nolds
Are
READ ESTATESECURITIES
Reynolds Go. in PhiEa.
| PHILADELPHIA,'
Ex| York, Philadelphia
that George M.
become
We
Hugg & Sherry WHIi
Burton, CM, Dana
is
to outright
complete bear-
or
The
up
Geo. M. Gillette with
wholly
end of almost any given
day is
scarcely nothing more than an
Irish staiMoff|-One of. those
.
Over-the-
From-;letters received by us from Over-the-Gounter dealers
shrieking! "down!
Yet
oyer
*
strictly
seems
bullishness
"he's
the
virtually wipe out Over-the-Counter trading.,
It' iriarkets.
Tuesday was, one ;of
the few: days when, it" began
Mr. Thomson
{Stock Exchanges.
Securities
STREET, NEW YORK
aro
ishness.
_
Broadway
nobody else wants,
Obsolete
WALL
•! amendments to the Securities Exchange Act, which if made
t
I
days when the
to say, - "upj
There are other- days
market
RAILROAD STOCKS-BONDS
1
1
——tr V
now
il law|would
tiresome than to
down!"
;.r~
that
professional O O.
Aldred Investment Trust
X| It
individual
r
|< CQuhter dealers will have to unite
stop prices.
There
Telephone "
D
Over-the-counter Betters Unite
v. **•••;
|||; bonds |i|
a
Telephone:
prices must hold—Stocks- in
I don't know what it is.
railroad
even
,
everybody else is weari
ing sackcloth and ashes, then
Specialists in
or
*
looks like im¬
when
_
for
:
*
Teletype; NY 1-5
"
/
LI. D'b
or
portant level-~If severed, re¬
America.
(Spain, Mexico and Cuba, $21.50 per year, $11.75
tor 6
months; Great Britain, Continental Eur¬
ope (-except Spain), Asia, Australia and 'Africa,
•23.00 per year, $12.50 for 6 months. NOTE: On
(account of the fluctuations in the rates of ex¬
change, remittances
for
foreign
subscriptions
and
|
.
99
.
,
for
'
curities
,
1
Saturday)
Gray, Western Representative, Field Building
(Telephone State
0613)., London—Edwards
&
Bniith, 1 Drapers' Gardens, London, E.C. .'»•
Copyright 1941 by William B. Dana Company.
Reentered
Street, New York
Telephone; HAnover 2-4300 {
Two points under last Tues¬
[every
and
news
Other; pfficest/ Chicago—In, charge -oi. Fred' flf.
r
25 Broad
D'«,
We're
C D D's (Cat and
Dog
Doctors). Bring in your stray se¬
Spencer Trask & Co.
Riggs, Business Manager
(Thursday. (general
M
D's!
|
,
William D.
Quoted
Not
{Frederick'W.*Jones,-Managing--Kd-ito^'
!
liCHTEnsifin
"
Cincinnati Gas & Electric Co.
Tomorrow's Markets
Financial Reporter
American
wgs £ formerly
Ordnance
;
Bagdad Copper
Bendix
Home
Appliances
>
& Co. will be dissolved
P. Bates in Rollins
Percy H. Bates has become
sociated
with
the
of Oc¬
close, it was still glassy eyed tober 14th and a new partnership president and manager of the
trading department of D. G. Grant
reeling when ; the - bell formed on the 15th, with Clifford
Company.';
ended that day.
H.YMcCall, Arthur Sewall, 2nd,
Majestic Radio & Tel.
municipal
'
'
Jk
sfc
Robert
}V
as¬
de¬
The obvious and
Ahny|
generally
partment of E. H. Rollins & Sons,
accepted reason was the all
Inc., 44 Wall Street, New York
out -Nazi drivo; against ' Mos¬
City.
Mr. Bates was formerly
cow.
manager of the municipal trading
*
*
*
;
;
J
department of Cranberry & Co.
jand prior thereto was New York
It's
a
strange commentary
general
partners,
and
Kearny, as limited part¬
ner, .Charles S. O'Neill; Jr., havinglwithdrawn from the firmv |
Pennsylvania
Commission
on
has
that
"can you
&
Curtis, 115 Broad¬ sons giving investment advice for
York City, announce compensation or soliciting clients
top this?"
BANK QUALITY BOND
YIELDING 6%%
Municipal
Dept. of Content-Hano
(Continued
on page
508)
years.' f
HAnover 2-7783
Securities
announced
and after October 8th all
per¬
for Dougherty, Corkran
on the state of affairs when way,^ NevY
i& Co. and was a partner in C. M.
that Vernon L. Mason has been must be licensed
the
by the State in
<)sborne & Co.
very capitalistic
stock
market acts punch drunk be¬ appointed v! manager *. of r their. accordance with an act passed by
municipal bond department.
Mr. the legislature last June.
Those
cause
the chief Communist
Mason has been associated with not complying with this
in
requireJackson & Curtis for the past ten rnent will be subject to fine and
city is threatened.
manager
St., N. Y.
Teletype N. Y. 1-1481
Must1 Register in Pa.
♦V. L. Mason Promoted
I Jackson
Broad
50
I nvesfment Advisers
The
.
stein bros.
Stokes and Joseph H.
W.
as
M.I N.
"
Nimmo
j imprisonment.
v
Circular
^
Content, Hano & Co., 39 Broad¬
way, New York City, members of
the New York Stock Exchange,
on
Request
r:
that
^announce
Alfred
L.
Nimmo
A. 0. VAN SUETENDAEL
15 N. B'WAY
We have orders in:
-
.
N. Y. City
.
lias become associated with them
in
their
ment.
municipal
Nimmo
Mr.
bond
was
depart¬
formerly
Turner, Knight & Sholten
Knight & Co., specializing in
New
York Municipals and au¬
thorities and prior thereto was in
the trading department of T.- Mr
Lynch & Co. and was with Burr
•
FOOTE BROS. GEAR. & MACHINE CORP.
Preferred
Bell
-
YONKERS, N. Y.
Telephone MArble 7«-9524
Teletype Yonkers 23H
Stock
with
and
&
Co., Inc. and Hemphill, Noyes
&
Co.
;V,||
\
.
FOOTE BROS. GEAR & MACHINE CORP. Common Stock
HAMILTON
I
R," H. Johnson
MFG.
CO. Class
A.
Pref.
Partic.
Stock
V Washington Gas
& Electric Company
UNITED PRINTERS & PUBLISHERS Preferred Stock ?
: :
|
GISHOLT MACHINE CO. Common Stock
HART-CARTER
n.—iMW—
Wabash Ry. Study
Ready
CO.
Preferred
Stock
;
5s, due 1955
5
5V2*f due 1953
Va st due 1947
6s, due 1960
VIKING PUMP CO. Common Stock
Bought—Sold—Quoted
& Co., 64 Wall
street, New York City, have pre¬
pared
a
statistical study of the
Reorganization Plan of the IWabash Railway Co., as approved by
the I. C. C. and the Court,
copies
iof which will be sent by the firm
upon request. •
1
and
j Municipal Department
|
as
Cuba Co.
■
A.QALLYNandGOMPANY
R.E.Swart&Co.
INCORPORATED
INCORPORATED
CHICAGO
NEW YORK
40
Tel.:
EXCHANGE
HAnover
PLACE,
2-0510
NEW YORK
Tele.:
NY
1-1073
i
Thursday, October 9, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
484
BIRMINGHAM
New York
City
'
We
pleased to announce that
are
VERNON L. MASON
Securities
3% Bonds
_
has been
$15,000 due 1946 @
1.20%
1947 @
1.35%
5,000 due
Macdonald & Bunting
Municipal Bond Department
Jackson & Curtis
R. D. WHITE & CO.
Stock Exchange
Tele.
2-7673
HAnover
NY
1-1619
Principal Stock and
NEW YORK CITY
115 BROADWAY
DIVIDEND NOTICES
.
Commodity Exchanges
CORPORATION BONDS
York
New
Toronto
Members
1-356
Teletype NY
MUNICIPALS
and
REctor 2-5255
Broadway, N. Y.
120
SOUTHERN
ESTABLISHED 1879
'
York, N. Y.
Broad St., New
41
ALABAMA
BIRMINGHAM,
Complete statistical data
available on all Canadian mines
Toronto
MARX & CO.
appointed manager of our
Traded in U. S. Funds
Members
^
DALLAS
TO HOLDERS OF RECEIPTS ISSUED BY
GENERAL ELECTRIC COMPANY REPRE¬
COLUMBIA
GAS
ONE SHARE OF COMMON STOCK WITH¬
Directors
TIOM OF AMERICA
has
interest in frastion of share of common
60, quarterly, $1.50 per share
No.
out par
50, quarterly, $1.25 per share
No.
quarterly, $1.25
payable
share
per
of
November 15,1941, to holders of
on
record at close of business
5/0 Lexington Avenue,
General Hectric Company,
October 20, 1941.
IDale Parker
issued to the common stocX-
The Receipts were
of General
DOMESTIC
to the holders
FINANCE
(Special
Inc.,
of the receipts is to receive their
against such outstanding Receipts in ac¬
set aside
DIVIDEND NOTICES
sale of
Corporation of America
cordance with their terms. These net proceeds
to
COMMON STOCK
:
A
quarterly dividend of 35c
a share, plus an extra divi
dend of 10c a share, has
MASS.
been declared
the
on
fiERfML ELECTRIC COMPANY
By: W. W. TRENCH, Secretary
com¬
holders of record Oct.27,1941.
BRITISH-AMERICAN
Cumulative Preference Stock
Stock
and predeces¬
constituent company has
The
tached
been declared at the rate of
50c
■;
36
OFFICES
a
close.
Bearer resident
by the Board
September 17, 1941
for the quarter ending September 30,
1941, equal to 2% of its par value,
will be paid upon the Common Capital
Stock of this Company by check on.
October 15, 1941, to shareholders of
record at the close of business on Sep¬
on
in
will
involved under
expenses
,
\
any
the Press at
on
later date.
E. A. BLOCKLEY
Secretary j
Rusham House,
Surrey.
of,
the
5
common
November
1,
stock,
1941,
holders of record
11,
share
per
Inc.
has
on
payable
stock¬
to
on
October
1,
vestment
of
firm
KANN,
'
Members Detroit Stock Exchange
Close
Street,
announce
F.
Financial
Co.
Harris &
E.
Active
to The
President
Financial
to The
(Special
Financial
Chronicle)
Kutnow
with
has
them
zation
and
become
associated
in their sales organi¬
that
Charles
I. Wells
joined them as assistant statis¬
tician.
an
Mr. Kutnow was formerly
officer of N. S.
Hkll
& Co., Inc.
Trading Marhetg
ANGELES, CALIF.—HerStone Hatch, formerly with
THE
LEECE-NEVILLE
,
with J.
W. Goldsbury
Co., 807 Marquette
Chronicle)
Financial
to The
(Spnclal
Teletype DE 222
LOS
Chronicle)
COMPANY
„
COMMON
Prospectus
Chronicle)
OHIO—Ivan L.
connected
A. Cayne & Co., Fidelity
STOCK
Request
on
VAN GRANT & CO.
&
PENOBSCOT
BLDG.
DETROIT
Avenue.
Bell
Telephone
Cadillac
to The
(Special
Financial
Teletype
DE
6134
49
Chronicle)
PASADENA, CALIF. —Lyman
J. Gage is now associated with
Lester & Co., 234 East Colorado
Street. Mr. Gage was previously
with Mason Brothers and prior
thereto with Norman B. Courteney
& Co. and B. B. Robinson & Co.
Dealer Briefs
CLEVELAND,
Morton
with M.
become
has
Building.
Lawrence
He was previously (with
Cook & Co., Investors
to The
(Special
Financial
Chronicle)
CLEVELAND, OHIO —Arthur
M. Davies, formerly with Merrill
Lynch, Pierce, Fenner &
Beane,
Good-
has become associated with
Co., National City
Bank
'
The
to
Financial
Chronicle)
COLO.
come
has be¬
affiliated with Boettcher &
Co.,
Exchange
Parnham
Ray
Building.
;
.
National
Bank
to The
(Special
Bank
Building.
to
The
Financial
Chronicle)
WORTH, TEX.—Craw¬
ford
Lynn
Gilligan
has
been
added to the staff of Willard York
Co., whose main office
in
the South Texas
is located
Bank Build¬
ing, San Antonio, Texas.
/■Snociel
to
The
Fimncial
FRESNO, CALIF.
—
C^-on'cle)
Fred G.
Philadelphia, Pa,
Chronicle)
to The
(Special
\
Financial
It's
with
ciated
Chronicle)
Bankamerica
Com¬
300 Montgomery Street. Mr.
previously with George
Co., Kendall Thomp¬
Co. and in the past was Sacra¬
H. Grant &
mento manager
for Gersten & Co.
and Miller & Co.
all it
Financial
Wm.
now
P.
clouded
an
outlook
than
the
WASH.—George
many years
with
Harper & Son & Co., is
to
me
that there
are
powerful
secular
forces
making
for the rise. Looking
back for a year or so, despite ex¬
treme bearishness, the market is
10%
Chronicle)
seems
very
*
more
to The
(Special
imagine
and yet securities hold
up reasonably well.
Of course,
there could be
(and probably
will be) new shocks from over¬
seas, which could cause tempor¬
ary
declines but underneath it
Ratto was
son
to
more
present,
.
FRANCISCO,
CALIF.—
Eugene H. Ratto has become asso¬
pany,
hard
much
SAN
Hemmen,
(Sneclal
Financial
ANTONIO, TEX. — Ed¬
ward I. Lee has joined the staff
of Willard York Co., South Texas
SAN
SEATTLE,
;,
Keen,
that James M.
'
BUHL BUILDING
Phone Cherry H5bo
McCahill & Co., has become con¬
(Special
Rambo,
;n;,v:
ALISON 6- CO.
Building,
Mr. Ebner
Bond
FORT
1941
.
nected
Inc., 1518 Locust
Close & Kerner,
has
H.
Chronicle)
COLORADO SPRINGS,
October
1941.
O.
Calif.
Francisco,
San
Russ
America,
of
ors
.i
'--a"i,
with Protected Invest¬
connected
Mr. Scheid was pre¬
to The
—Walter
quarterly dividend
cents
Charles L. Ebner, Jr. has become
Paine.
September, 1941.
PHILADELPHIA, PA.—The in¬
a
STOCKS <&•BONDS
Chronicle)
ANGELES, CALIF.—
LOS
was
;;; ' .1:• Building.
7'
With Rambo, Keen,
declared
Maes
(Special
(Special
body &
Egham,
17th
Directors
MICHIGAN
Financial
to The
& Co. for many years.
Secretary-Treasurer
of
Financial
to The
this subject
San Francisco, California.
Board
Mr.
Syndicate, and L. W. Simon & Co.
>
,
be published in
event
a
of
and the heavy in¬
transit
in
.
Transfer Books
TRIUMPH EXPLOSIVES,
231
Co.,
&
Street.
so
exceptional risk
existing conditions.
A further notice
A cash dividend declared
The
Miller
Salle
to
is
Talon
the
surance
Common Stock Dividend No. 103
D. H. Foote,
R.
(Special
.
deposited.
scheme can be arranged, the
exchange of Talons will be
avoiding
loss
DIVIDEND NOTICE
tember 30, 1941. The
will not be closed.
S.
La
in respect
postponed until after the war, thus
PACIFIC GAS AND ELECTRIC CO.
•
with
South
a
the
whilst
treasurer
If this
c
Trading Markets In All
the
Louis
,
actual
Directors
Chronicle)
West Sixth Street.
Chronicle)-
ILL.—Peter
Trust
THOS. A. CLARK
of
Financial
to The
ANGELES, CALIF.—Louis
M. Wiskow has been added to
;
deposited
be
regular
quarterly dividend of 50tf per share on the out¬
standing Common Stock, payable on November 1,
1941, to stockholders of record on October 15,
,
t
CHICAGO, ILL. — Arthur M.
with the Guaranty Hollaman is now affiliated with
Company of New York in
Thompson, Davis & Phipps, Inc.,
New York, that Company will issue
120 South La Salle Street.
Mr.
a
receipt for the deposited Talon Hollaman was formerly consulting
and future dividends will be paid accountant for Crahen, Sullivan,
without
presentation of coupons O'Toole & Sullivan.
PRODUCTS CORPORATION
September 25, 1941
(Special
LOS
staff of Conrad, Bruce & Co., 530
Financial
to The
(Special
CHICAGO,
plan is under consid¬
eration whereunder, if Talon No. 3
in America
not
V -
DETROIT
1012
Miles
—
joined the
vv
Inc.,
was
Stock Warrants to
1941. The transfer books will
Wilder Building,
Co.,
&
i
NATIONAL DISTILLERS
The Board of Directors has declared
C.
has
MO.—Merle F.
affiliated with Bar¬
Baltimore Avenue. "'
P
- -
TEXAS
Ft. Worth-Houston-San Antonio
Chronicle)
•
STATES
9
ChronlCleV
now
Ilerrick
,
MICKLE,:^;
IN
Warrants
Ordinary Stock
'-Vice-Pres. and Treasurer '
}■
RAUSCHER, PIERCE & CO.
mon
Bearer for
CHICAGO, ILL.—Stanley Mor¬
payable 30th rill has become associated with Mitchum, Tully & Co. and Dean
&
Co.,
is
now
with
September, 1941. Holders of Talon Talcott, Potter & Co., 141 West Witter
No. 3 are asked NOT to deposit Jackson Boulevard.
He was for¬ Richardson & Co., Inc., 510 South
.*
the Talon with the Company until merly with Daniel F. Rice & Co. Spring Street. ' .
Talon No. 4 is ready for exchange, and
priori thereto with Fuller,
(Special to The Financial Chronicle)
of which notification will be pub¬ Rodney & Co., Merrill Lynch, E.
MINNEAPOLIS, MINN. — Ed¬
A. Pierce & Cassatt, Fenner &
lished later.
ward W. Wichman, formerly with
For
the benefit of holders of Beane,
and Abbott, Proctor &
a
L. E.
Carpenter
is
Moft
rett
CHARLOTTE, ; N.
Smith
Salle Street.
187) at¬
(No.
coupon
Talon No. 3
to
Stock
of
share, payable Nov.
1, 1941, to holders of record
Oct. 27, 1941. r
'
last
Preferred Stocks
Southwestern Securities
DALLAS,
Financial
to The
KANSAS CITY,
Co.,
&
viously associated with Konsberg
the company
sor
Day
staff of R. S. Dickson & Co., Inc.,
,
ORDINARY STOCK
of
on
us
formerly
Edgerton,
previously with Morrison
Co., Ltd. and prior thereto
CHICAGO, ILL.—Leo
Joseph was
manager of the trading de¬
Scheid is now connected with
partment for Fewel, Marache &
Ryan-Nichols & Co., 105 South La
Co., Paul J. Marache & Co., and
BEARER WARRANTS FOR
the Cumu¬
on
Preference
Check
was
T0BACC0_C0MPANY, LIMITED
NOTICE "TO HOLDERS OF
''
The 52nd consecutive quar¬
terly dividend
lative
A.
to Thev Financial
(Special
DIVIDEND
CONSECUTIVE
Charles
Sears Building.
Reitzel, Inc., and Bond & Good¬
win, Inc. of Illinois.
payable Nov. 1, 1941, to
52ND
of
(Special
formerly with Remer, Mitchell &
October 3rd, 1941
stock of the company,
mon
was
for
manager
Co.
Francisco,
—
Maes has become associated
¬
San
Mr. Wheaton
Calif.
local
amount
Receipts.
Street,
gomery
Ry. & Ter. 6% 1951
All Texas Utility
Chronicle}
Financial
to The
(Special
represented by such
$1.01 for each 1-S share
Dallas
main office is located at 211 Mont¬
James H.
Nutter, Jr. has been added to the
staff
the common stock of Radio
Southwestern Life Ins. Co.
associated
Bourne &
only right now remaining
rata shares of the net proceeds of the
pro
CORPORATION
become
Skaggs & Co., whose
with Davis,
Colby & Co., 30 Federal Street.
Electric Company of record
December 16, 1932. The
has
Wheaton
become associated with Gerald S.
BOSTON,
holders
Chronicle)
Financial
to The
BOSTON, MASS.—Frederick E.
Dunlap, formerly with Raymond
& Co. and Sherman Gleason, has
& Pfd.
Great Southern Life Ins. Co.
lication in this column.
before November 21, 1941.
New Yon City, on or
Secretary
October 2, 1941
wholly void and
value unless surrendered for redemp.ion to
no
Quoted
New Mexico Gas Co. Com.
stoc'i with¬
value of Raiiie Corporation of America are
reminded that the Receipts become
5% Cumulative Preference Stock
No. 39,
contemplate making additions to your personnel, please
particulars to the Editor of the Financial Chronicle for pub¬
you
send in
(Special
5% Series
Cumulative Preferred Stock,
—
Pepper
Republic Insurance
If
Receipts representing
All holdsrs of the alms
6% Preferred Stock, Series A
Sold
—
Dr.
^
following dividends:
declared this day the
Cumulative
of
Board
Bought
OUT PAR VALUE OF RADIO CORPORA-
CORPORATION
The
PERSONNEL ITEMS
IN FRACTION OF
SENTING INTEREST
ELECTRIC
&
higher. The figures mean
than today's sentiment —
Frank L. Newburger,
Newburger,
Loeb & Co.
for
connected with
Bruce & Co.,
Conrad,
1411 Fourth Avenue
Write for
Otis
&
Pamphlet
Terminal Tower,
Cleveland, Ohio, has prepared a
special pamphlet descriptive of
(Special to The Financial Chronicle)
SEATTLE, WASH. — Lloyd A. the City of Euclid, Ohio, and its
Martin has been added to the staff bonds, featured by a map of the
of Lester
L. Fenton, Securities city showing the location of 18
important industrial plants.
V "
Building.
Building.
Co.,
MWWMWWWmfWWMWftl'MtWBIWVIKW.'ea^l^am^WSfciWf^
Number 3991
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
485
DETROIT
Guaranteed
LISTED AND UNLISTED
TRADING MARKETS IN
-
Railroad
SECURITIES
Unlisted Railroad Securities
Stocks
•
Ltd
Aluminum
and Old
<
Bell
New
Brazil
3o$epb talker $ Sons
Mtwktrt Nrw York St«k
Charles A. Parcells & Co.
of
Members
Stock
Detroit
PENOBSCOT
Exchange
Broadway
Tel. REctor
STOCKS
NEW YORK
BUILDING
Members
GUARANTIED
V ,61
A
DETROIT,
in
11
York
Stock
Bell
REORGANIZATION
Mining & Smelting
Distillers Seagram
New York
RAILROAD
1111
Cons.
Exchange
Telephone—DIgby 4-4933
2-6600
(1VTSince18551
1
New
Broadway
Dome
Teletype—NY 1-310
SECURITIES
MICH.
Walker
Hudson
RAILROAD
SECURITIES
'%.■
Massey-Harris
*S. .H-f
r
New
York
Stock
Exchange
York
Curb
Associate
Detroit
Stock
The fourth
OR
■
Exchange
Chicago Stock Exchange
Inquiries
Ford Building,
S. H. dUNGER CO.
40
DETROIT
Exchange PI., New York
Phone
Randolph
Telephone:
invited
DIgby
4-4832
Teletype
N. Y.
1-1779
5530
would
indicate
that
usual
the
not
may
Enjoys Fall Outing
HARTFORD,
AMERICAN LA FRANCE
FOAMITE CORP.
Income Sl/z
&
-
1956
cert
to
Swimming, horseshoes,
badminton, and a con¬
by Roland Stenzel from Bach
Beethoven
and
back
to
Bach
features of the day.
The Committee in charge of the
outing comprised: - Harold Faust,
were
Walnut
St., Philadelphia
Pennypacker
PH
8200
30
ST. LOUIS
is
quite- possible
Equitable Securities Corp., Chair¬
man;
Charles W. Gould, Com¬
plaint Department; E. C. Palmer,
Estabrook
&ft Co.;
Willard
A.
Snow, Jr., Lazard Freres & Co.,
and
John
H.
Beardsley, Conning
should
establish
month
next
or
11.8%,
results
of
the
The City of Rio de
Louis
St.
Stock
Stock
Exchange
Exchange
Chicago Stk. Exch. Chicago Bd. of Trade
Assoc.
Member Chicago Mercantile Exch.
New
York
Curb Exchange Associate
The
county
following
estimated
Postal
Phone
Bell
7600
Long Distance
Teletype—ST L 593
Janeiro, Fed¬
the United States
results
on
its five-year
secured
gold bonds
due April 1, 1933, at the rate of
$3.6975
per
$1,000
bond,
or
13.325%
of
the
dollar
amount
of
ing these also
says—
provisions
of Presidential Decree No. 23829
of Feb. 5,
1934, as reenacted and
modified by Decree Law No. 2085
of March 8, 1940.
Cash payment at this rate, to
Ca
be in full payment
Oct.
due
made
SAINT LOUIS
1,
upon
bonds at
509 OUVE ST.
of the interest
1939, is now being
presentation of the
the offices
of
the spe¬
cial
agents, White, Weld & Co.,
Street, New York, or
Brown Brothers Harriman & Co.,
59 Wall Street, New York.
40
Members
St.
Stock
Louis
Wall
Exchange
Curb to Retire Seat
Arrangements have been made
by the New York Curb Exchange
to
purchase and retire the mem¬
bership of Orrin B., Zoline at
CORRECTION
Mr. Baruch not in
Market
2nd we
M. Baruch
is said to be the heavy buyer of
International Nickel.
And now
.
In
our
issue of October
asserted that "Bernard
he
is
active
in
a
group
$1,000.
The transaction! will be
completed at the termination of a
seven-day posting period which
begins tomorrow. Present market
for Curb Exchange seat is $1,000
bid
by the
Exchange, offered at
buying $2,500.
Tel."
•
We are now reliably informed
that Mr. Baruch has not been a
International Tel. &
buyer
and is
Tel. &
International Nickel,
not active in International
Tel,' He has not any inter¬
of
w
Steel
Convention
The American Institute of Steel
Construction, Inc., New York City,
will hold its 19th annual conven¬
of these stocks, nor
tion Oct. 14-17 at the Greenbrier
has he been active in the securi¬
ties market for some years.
We Hotel; White Sulphur Springs,
est in either
regret our error.
>
Ohio
Valley
W. Va.
Coast
Pacific
Central
Western-.
Allegheny
Northwest. ~
Atlantic
the
-
Increase
States.—
•
New
New
York
Stock
Exchange
*
379,053
18.7
703,867
17.9
911,837
13.3
265,517
12.1
224,618
12.0
York
We
of
Chicago
can
supply
930,936
11.8
203,030
11.4
V; .V
J
■
bonds of the
1
WHitehall
Trans-Mo.-Kans.__
298,272
8.4
products)
Great
518,106
5.0
coast.
The Great Lakes
dropped from
the list in third quarter
estimates to last place in the com¬
ing
of
on
period,
the
of
natural
a
curtailment
automobiles
in
and
reflection
production
other
sumers
goods to make way for de¬
Among individual
commodities, automobiles,
and
parts
are
trucks
expected to make
the poorest
showing, down almost
ago. Cotton seed
and products (except oil), cotton,
15% from
a year
and
potatoes
fruits
other
than
of
.
■■
;/t,.
,\l
'
issue.
same
NEW YORK
ST.,
' Teletype: NY 1-2050
3-3450
canned foods
(also other
moving from the west
has
of
had
the
tankers to
the
same
effect
petroleum product tonnage to
the eastern seaboard.
As
fect
In
heavier
the
coke
higher,
are
sections,
estimated
coal
14.9%
and
concentrates
13.1%
and
petroleum
products
9.6%. At least two of the gains,
canned
goods
and
petroleum
ores
be traced directly
arising from the
war effort, just as the decline in
automobile tonnage may be attri¬
buted to the emergency. Removal
products,
to
of
can
dislocations
ships from intercoastal routes
the diversion
has made necessary
to the rails of an
increasing vol¬
R.
Robertson
and
Lester
to the
Nomi¬
i
Members
elected
are
(chairman), How¬
Hovey,
S.
Harris, Chandler
Joseph J. Thorndike and
Walter
P. Tobey.
v*.'/' ''V.:
"
:'s
•*
New York Bond Club
fe'i
*
r
•
■
-
"
Colonel: Joseph A.
of
Baer, Chief
Staff, 2nd Corps Area, will ad¬
the southwest than
other
On
that
section
this
of
basis
it
Southern
on
first
season
upturn.
automobile
particular
As brokers
on
meeting
of
ers
Club on Oct. 22.
J. Taylor
Foster, president of the
Bond
Club, will preside at the luncheon
which will inaugurate the 1941-42
series of luncheon meetings, to be
addressed by prominent speakers.
country.
is
expected
The
roads,
Wabash,
will
we
invito
defaulted
blocks
or
in
un¬
locations in
will
bond
the
as
aggravated
he
effort
war
while
the
tions
affecting
increases,
favorable
continental
widen
goods
consumers
probably
inquiries
odd lois of
railroad
Pflugfelder, Bampton &
Rust, 61 Broadway, New YorkCity, shows the following range,
for Jan.
1, 1939 to date; High
—34%, low—14%, last 33%.
so-called
and
The
index of
will
Pacific
disloca¬
the
trans¬
carriers
will
further.
We specialize in
■
^
luncheon
to be held at the Bank¬
Defaulted RR Bond Index
any
the
continue among the leaders in
the
its
the
be seen, the net ef¬
be more favorable
can
will
questionably experience some
are the only other
groups
slowing down in the rate of
expected to show declines.
The
improvement but should conmost
important gains estimated
are
agricultural implements an^« ^J4fnue to report at least
moderate gains with other in¬
vehicles, other than automobiles;
dustrial activity compensating
canned goods; gravel, sand and
for
the
loss
of
automobile
stone;
machinery
and
boilers;
business. The unfavorable dischemicals
and
explosives;
and
and
Mark
Watson.-
'•
citrus
paper, paperboard and prepared
roofing. Gains in these items are
expected to run from 17.7% to
29.9%.
and
inquiries invited
Transfer
British
on
con¬
needs.
Wilson
at
ume
on
fense
Vice-
re-elected
was
dress the Bond Club of New York
8.9
second
the annual election
Sept. -29.
Archibald R.
Col. Baer to Address !
WALL
10.0
Lakes
re-elected
was
Hodges
again elected Treasurer.
%
Governing, committee
mem¬
bers elected were Harry W. Besse,
Ralph
Hornblower,
Constantine
Hutchins, William B. Long, M.
ard
EROY A. STRASBURGER & CO.
412,168
——
'Change Head
Yerxa
Daniel Fingree
liens at substantial concessions
724,064
Northwest
Toronto
nating Committee for 1941-42
new york central
10.2
Southeast
2-0980
1-395
at
on
President
i
10.0
—
limited amount
underlying:
624,361
England
a
registered bonds of several
Dealer
^
HAnover
NY
was
.%
•
held
Giroux
Members
from current levels of coupon
Loadings
Y.
Montreal
\
E.
change
Bear, Stearns & Co.
various
(in cars)
N.
Teletype
President of the Boston Stock Ex¬
105,449
New
The notice regard¬
ted in accordance with
&
for
"o-'thwest
Pacific
1, 1939
These funds have been remit¬
Jjr/x
'
ended Oct.
external
John
shows
tabulation
(Estimated)
Midwest
such interest.
CEntral
sec¬
will vary
greatly as will the performance
of individual commodity groups.
of Brazil, has remitted to its spe¬
cial agents funds for the payment
of * interest' for' meV six. months
6%
Members
York
New
different
in
ST.,
York
Boston
so.
Rio to Pay Bond Interest
eral District of
Bank Building, ST. LOUIS
for
base
Power
&
Corp.
J. E. Yerxa Re-Elected
Issued)
Naturally, while traffic for the
industry is expected to expand
tions
WILLIAM
strong
Third Quarter
Unlisted Securities
Boatmen's
firm
a
Water
Lawrence
HART SMITH & CO.
New
Securities
(When
a
sharp upturn in rail security
prices,
particularly
stocks and
second grade bonds, during the
St. Louis Listed and
Established- ,1922
the
regions, arranged in order of the
prospective gains.
& Co.
Edward D. Jones & Co
of
Continuation
able.
Car
Mines
Reorganization
actual
favor¬
that
earnings background through the
balance of the year, coupled with
settlement of the wage question,
tending.
BOENNING & CO.
it
Steel
Gold
Wright-Hargreaves Mines
Railroad
that
so
Club
fishing,
1606
the conservative side
err on
results may be even more
in
St.
Bell
proportions
this
year.
Moreover, the Advisory JBoards,
when they err, seem inclined to
bers of the Bond Club of Hartford
convened at the Manitook Lake
Granby on Oct. 4 for
their fall outing which was
pro¬
nounced a huge success
by all at¬
Stock
Common
CONN. —Mem-
Shawinigan
52
assume
normal
PHILADELPHIA
National
Pioneer
year-end seasonal decline in rail¬
traffic
Pfd.
&
Power
Mclntyre Porcupine Mines
quarter traffic estimates have been released
by the Shippers' Advisory Boards, with the aggregate for the
country as a whole expected to run 11.8% above a year ago.
This would compare with a gain of 18% last
quarter. Con¬
sidering the relatively high level of business prevailing to¬
wards the end of 1940, realization of the Boards' forecast
would be highly creditable and<^
road
Hartford Bond Club
Pfd.
Mines
Com.
Montreal
,
,
Members
'New
Shore
Lake
Watling,Lerchen&Co.
*
&
Com.
Bay Min. & Smelt.
Imperial Oil Ltd.
BIDS MADE ON BONDS WITH
V
Mines
Fanny Farmer
Hiram
•
Traction
Canadian Pacific Ry.
PFLUGFELDER, BAMPTON & RUST
ExrLtmf*
SSB^
Dwlcn In
120
Telephone of Canada
,
highest grade rails
Wholesaling io Dealers
We also maintain net markets in
MIL. NOR. 4 "As/39 (Brown)
Oil Royalties
SEABOARD ALL FLA* 6s/35
NEW JERSEY &
Send for our new booklet
N.Y.5s/50
"PETROLEUM ON PARADE"
CHI. MIL. ST. P. fldj. 5s/2000
MOP
1. h. rothchild 6c
HAnover 2-9175
will
help
sell Royalties
you
tellier & company
co.
Members
Eastern. Oil
specialists in rails
11 wall street
It
5'/;s/49
42
n.y.c.
Tele. NY 1-1293
Royalty
Broadway
Bowling: Green 9-7947
Dealers
Ass'n.
New York City
Teletype NY 1-1171
Co.
Merck &
Thursday, October 9, 1941
CHRONICLE
& FINANCIAL
THE COMMERCIAL
486
NATIONAL BANK
%
,
iTHE CANADIAN BANK
Christiana Securities
of EGYPT
'
West Indies
Missouri-Kansas Pipe
This Week^-Bank Stocks
•>,
Statements of New York City banks just published as of
the unofficial Sept. 30, 1941 date show a mixed earnings
jtrend for the third quarter of 1941, but continue to show a
Unlisled Issues
requirements
is likely to take another
NoV.
1st
MARKETS IN
120
Penna. Co. for Ins.
ing Governments, bank stockholders
may expect a fuller invested
?
3 -6s,
-
cars,
%
Pfd.
&
2039
K-f.
Phone
Phila.
Teletype
compared to
1940, 17
"i in earnings is
higher, 8 lower and
cated.
Twenty-three of the 25
An
interesting
dividend-paying stocks earned
indi-
dividends
10 of
the banks, in fact, showing full
coverage of the entire year's divi¬
dends for the 9 months of 1941.
the
There
in
months of
9
was one
third
the
the
the
requirements.
Whether the expansion in loans
will continue at the fast recent
which had
—3rd Quarter—
Trust
Bankers
Bonk of
Brooklyn
Hanover_I_
National
Chase
82.06
$44.13
$2.00Q
11.27
33°.22
14.00Q
0.73
23.67
"'0.90Q
3.51
172.77
92.33
4.00Q
0.37
1.27
1.18
32.57
1.40SA
accounts will
0.65
2.33
,
19.29
Trust
Fulton
National
___
Irving
Trust
County
Lawyers
Trust
Trust
■'*
»•
Manufacturers-, (a ).^
Ka'tl.
New
,
.21.38
0.80Q
47.05
2.40Q
87.63
3.00Q
6.58
36.85
57.20
960.35
24.00Q
18.97.
70.58
69.47
1,192.78
100.00Q
10.00Q
York
3.18
7.65
8.50
245.85
7.98
1.09
12.95
7.71
256.10
10.22
309.31
0.50
20.80
95.89
96.08
1,456.24
80.00Q
1.79
1.35
50.25
A? 1.40Q
36.76
2.00Q
3.17
10.58
.
0.18
:
0.56
'
0.99
National—
Public
V.
i
3-85
2.30
45.31
0.25
0.75
0.66
62.70
dl.96
•d0.54
d2.06
14.54
2.58
0.79
well
Title
Guar.
Underwriters
U.
"Including
(a)Operating
extra.
Bank
showed
a
s
earnings,
Farmers
Trust
$372,000,000
of 1941, and decline
$1,500,000,000 in excess reserves
quarter
York.
New
Commercial
L.
loans
alone
45.83
In
of
at
ex¬
upon
served
ing
any
it
event,
continued
in
earning <■'. assets,?
loans, and decline j
in idle excess reserves, have j
not
resulted in sharper in- j
creases in
earnings is trace- j
able
to
the
banks' natural
conservatism in building .up ,
"hidden reserves," as well as
the
necessity of
providing j
higher taxes and in some
amortization
maturities
of
Government
security
hold¬
ings have been shortened. De¬
spite these factors, however,
a
moderately upward trend
cases,
charges
higher
as
tax
and
loss
in
increase
for
makes
to
customer
it
very
that
appears
a
in
excess
Over ;
the
I
special
period,
to
the very
of
in
a
Secretary
v
based
transactions
on
ready recorded this
year.
structed
me
;
present
In past
.
years,
the
found
Tax
very
many
Form
firms
helpful in opening new doors and
Australia and New Zealand
mon
New York
Stock
ten
com-;
listed
the
New
on
York Stock Exchange
larly
attractive • for
purchase.
Copies of
as
particu-!
investment
the
leaflet
containing brief summaries of the
situations
obtained
upon
in these stocks
from
request.
Estabrook
may
&
be
Co.
York Stock
•
Since
certainly
ask us to
Defense
Frequently clients
pmake purchase of
v.
Bonds for them and
?
.that it would be
a
we
believe
matter of con-
directed
Is
to
the
transactions.
-v-these
v
it
mission
our
belief that
should
-vsuch service.
.a
of your
?
be
no
Customers'
has
York
the sale, of
be
handled
;;
Bonds? were
in. security
£143,903,000
DAVIDSON, K.B.E..
General Manager
ALFRED
Head Office: George Street, SYDNEY
and
t 8/0
New
With over
Australia, in
largest bank in Austru'.asia.
branches
in
of
States
all
Zealand, Fiji,'Papua and New'Guinea,
and
London,
and
efficient
traders
It
offers
to investors,
in
...
these
,■'
?
OFFICES:
Threadneedle
47
complete
most
interested
-.w
LONDON
29
the
banking service
travellers
and
countries.
for
j
the oldest
The Bank of New South Wales is
We hope to hear
Street,
E.
C.
Berkeley Square, W. 1 V
arrangements with Banks
throughout the U. S. A.'
Agency
favorable consideration
Ins. Stocks Status Good
Old Ben Coal Bonds
The
current
first'-mortgage
Ben
Coal
situation
6s,
1948,
for
the
of
Old
Company, should be of
the risks involved two years ago,
the memorandum states.
Copies
portfolios*. by Scherck, Richter Co.
1
memorandum discuss¬
A timely
Recommended
i
;
on
bonds
j
8,780,000
£23,710,000
30th
Assets
1940
com-
charged
.
Exchange) V
Defense
SIR
6,150,000
;>rof this matter..,
in¬
endorse
Sept.,
£8,780,000
—
—
.
Aggregate
,
sale many firms as well of the memorandum and a detailed
as
individuals in this business analysis, including map of prop¬
have
been
recommending
to erties and description of oil fields,
their clients inclusion of these will be sent to dealers on request \
put
Capital
J
men
.
1817)
(ESTABLISHED
Paid«Up
tax-switch¬ expenditures of "shoeleather and
more
is salesmanship" :, decidedly
excellent and' productive.
making their analyses, sales¬
particular interest to dealers, ac¬
cording- to a memorandum just
Our Association as .you may. issued by Scherck,: Richter Comknow is composed of men who oany; L a n d r e t h Building, St.
are engaged in handling securi?
Louis,-Mo. Recent developments
ties business for the public and should make these first mortgage
our membership is drawn from
sinking fund 6s attractive, at pres¬
ent prices to many investors who
the
-pajority of commission
firms doing business on the New did not feel justified in assuming
Ex¬
recommending
stocks
bank of
new south wales
tax conscious and do not have
attention
was
j
extremely
jy:;;
;
V-'v-y
loss" inventory of his
investment holdings.
r
-
.
Bank, Ltd.
Deacon's
"gain and
through, stock brokerage firms..;
:
Associateed Bank
'
should make their
to write you
Bonds
--r■
Williams
a
Liahility of Prop.
ing the recent action of the As?
sociation
of
Stock, Exchange
.
£4,125,965
£69,921,933
Deposits
Further,
<
£3,780,192
fund.
Reserve
al¬
.
London, England
Capital (fully paidliJ
Reserve
letter
New
Bishopsgate,
258 1'
offices,
DEPARTMENT
FOREIGN
CHIEF
V
The Association of
Brokers; of
Whyte
of
humber
Total
3
Manager
William
for
their clients
of
General
out his
work
OFFICE—Edinburgh
HEAD
!
The letter follows:
prepared by Hstabrook & Co., 1$
State Street, Boston, Mass., mem¬
of the
' J'-;?
Fund
comprehensive
for participating in the
Defense
change,
j
Commercial Banking
of
Reserve
prospective client,^
contained
require¬
Suggested for Investment!
•j An interesting leaflet'has been
Years
200
t.
Handle Defense Bonds
further push by
reserve
Royal Charter 1727 -
by
Incorporated
them with the tool—a Tax Form—
non-
by the
ments, might stiffen money rates
at least fractionally, with result¬
ant better return to the banks. >4
bers
.
*;
Royal Bank of Scotland
easy
it enables the customer to take
are
firms in urging that
,
r
'
.
and. Executorships
undertaken
also
liability.
It explains, simply
concisely, the capital gain and
provisions. . It provides space
-computing
the
customer's
status
well-establish
may
Asks That Dealers
pansion
for
incentive for cutting down
convenience
decline
given
..
of
description
every
exchange .business
and
Trusteeships
*
gain and loss position and clearly
reveals onportunities for reducing
for
called
substantial ex- j
especially
i
taxes
increase.
to
conducts
Bank
?
benefits of the current
...
-
heavy
reserves,
$1,100,000,000, or 84%.
.:
??%-
Treasury,
Henry Morgenthau, Jr.; by Thom¬
as B. Meek., President of the-As¬
lem, either in loans or the ever
available Governments; and that sociation of Customers'... Brokers.
$715,000,000 (41%) above a year
ago. In fact, since Feb. 8, 1939,
commercial loans have increased
That all this
v\v:-
In working out a
prospect for volume expan¬
sion in earning assets is no prob¬
the
$218,000,000
third quarter and
and
the
the
the
"securities-selling''
pure
the
liability will surely open the
program
industries
continue
.
Fund.£2,200,000
Reserve
banking
A
plea that stock brokerage J/.venience to the public as well as
tries and those trades stimulated
firms be permitted to handle, De¬ Can aid to Defense Bonds sales,
by actual spending of-allocated
if we .were permitted to handle
Bonds
purchases for .the
National
Defense -funds
should fense
(10%) for
now stand
panded
>
open
for
form
banks; but loans to defense indus¬
Compared to a
rear ago, the banks show a $2,500,900,000 (26%) expansion in earn¬
ing assets, compared to $1,250,000,900 gain in deposits, which began
their recent decline in the second
reserves.
excess
4.00Q
"70.00Q
and
' 7.
Zanzibar
Capital.£4,000,000
Capital
.W? . £2,000,000
—
—
the
much
desired
confidential to be ."sold" on the idea of analyz¬
basis of contact between salesman ing.their situations. ; By providing
■
204.33
defense
Ceylon, Kenya
Aden and
and
Paid-Up
The
people
1.50Q
'
1,543.87
ties
in
in
pared to $116,000,000 decline
deposits and $450,000,000 drop
C.
Subscribed
directing tax-switching busi¬
ness
their way.
This 4 year*' it
door to many a needed revision of
dormant
investment
portfolios. should be even more so.- People
has witnessed "an
average weekly expansion of $18,000,000 since last April, appears
to depend on the effect of priori¬
(3%) expansion in earning assets
Eor the third quarter of 1941, com¬
effort.
The
j
10.33
which
'*'
*.
Likewise,cit
46.29
d—Deficit..
®?v'
5.00Q
6.01
pace*
wide
a
tax
1.00SA
>
as
More
long-term positions.
structs
0.60Q
officially reported.
Co..
reporting
banks
sixteen
weekly
15.34
15.29
(b)Including City
The
9.78
0.18
Trust_
—I
Trust
S.
Tr.__
&
,
0.20
as
however, the way is
for following up
long lists of inactive and prospec-v
tive clients without encountering
the
resistence
that usually ob¬
'
0.21
National
Sterling
have to take action
important,
now
12.00Q
;■ 81.19
:
presents
accordance with short-term
in
f
6.00SA
30.14
1.15
3.90
r.27
0.92
;
1.39
%
2.91
2.9 L /
j
o.4i
.
•'
1.30
;
.'1.61
)
0.57
V
0.51
33.27
'Trust'-- '
'.
0.75
2.20
0.17
...
8.00Q
5.09
0.49
City
1.80Q
v.
dl2.36
32.74
-
,
228.36
-
2.16
0.75
"
Kings
39.30
;
3.42
3.86
Trust
Guaranty
•
;'V'v 1.80
,7.97
4.00SA
0.98
0.25
12.89-
Bank
1.70
9.40
situation
0.75
0.75
1.12
National
First
Grace
salesman, this
3.77
_____
Avenue
•
3.80
*
Fifth
security
the
To
13,92
?
0.82
0.25
Trust
Dividends
$2.27'
This
losses.
3.41.,
Exchange
Empire
Annual
1.23
2.98
■■•
Bishopsgate,
E.
Burma,
v
1.06
0.58
"V
c
O.
inexpensive Capital Gain and Loss
long-term capital losses on secuiy. Tax
Form
published
by
the
ity holdings. Moreover, these tax Monthly Stock Digest Service, 89
savings will far outweigh any Broad
Street, New York City.
costs- involved in registering the
0.26
Natl._^
,
ingly large tax savings by taking
1.29"
•
V'
i'-
?.
amazf4-————
ones—will be able to effect
1.05
0.44
**■*.
Uganda
income bracket—even the relatively low
every
0.26
Continental
Corn
r-
almost
in
unprecedented
potentialities for directly develop¬
ing business.
Naturally; active
___
v
India,
Colony
-i'-y
v^
business-building opportunity.
4.11
■
vvg:
-A'**
and
26,
'
in
Branches
in
Government
London,
& Hanover St.
Exchange PI.
On the basis of the new income tax rate schedule,
$0.77
Chemical
Commercial
of
mendous
4.48
Trust
Central
•
...
1941
1940
1941
-'4
•
Sept. 30,
;i
Office:
Head
AGENY
YORK
NEW
\
the
to
Kenya. Colony
,f
$0.66
Manhattan
of
Bank
____
Y.l
N.
Book Value
Earnings —9 Months—
1940
1941
1
Nov.
the
and
increase in reserve
been discounted for some time.
Bankers
/For the balance of '1941;-sharply increased personal in¬
tax rates, coupled with capital gain and loss provisions
the Federal Revenue Act,voffer security salesmen a tre¬
as
reserves
excess
dividend reduction
Indicated
compared with
sharp expansion in loans, in
face of continuing decline in
Governments,
1941,
quarter,
of the
feature
relative
but all 25 earned their
for
;
42%".
of
■
.
■??.
in
SUDAN
the
and
.
come
quarter statements is the
stability of holdings of
third
quarter,
the
for
EGYPT
C.
J
>
of INDIA, LIMITED-
Jamaica;
Bridgetown,
and
Port
of
Spain,
f
1941? were 1,069
compared to 749 cars :for
increase
an
i
even.
dividends
1 Kingston,
J Barbados,
! Trinidad.
Opportunities to Reduce Tax Liabilities
Shewn by Capital Gain & Loss Tax Form
.
clearly
were
England; Havana;
London,
^
2-2280
/
HAnover
PH 257
v.-principal Towns
•;■
>
V?:;
•
NATIONAL BANK
*
; geles;
Hr-*
or
"New York Phone
•*
1477
Locust
v
.
E.
1
:
Philadelphia
Street,
Chestnut
as
in all. the
Branches
y-
*
.
Street,
William
Branches %
corresponding week?in-11940-,
the
H. N. NASH & CO.
1431
•.
King
'
Phila. Transportation Co.
.? £3,000,000
' LONDON AGENCY
7
.
V;'
In
every
important
J city-and town in Canada and New¬
foundland, also in Portland, Oregon;
San 'Francisco; "Seattle;
Los An-
a
ending Sept. 27,
1941
their
?•
ings for the railroad for the week
(distinctly higher. For the 9 months
2
interested.>in Canadian
{.business.-.
•
and
■,
is well equipped to
Canada and
of
Jdividuals
Lichtenstein
issued
yj.
6
with
(serve corporations, firms and in-
& Co.,; who,
report von the
Georgia & Fiorida RR., ;have re¬
S.
B.
recently
quarter
banks
>
Ga.-Fla. Carloadings Up
Insurance Co.
Atlantic City Fire
higher profits for. the
of 1941 - compared
to third quarter of 1940; 12 were
lower; and 2 were unchanged.
Among the largest banks, how¬
ever—the "big three" for instance
L-the third quarter earnings were
of
;.
1-1248-49 yi.
Teletype—NY
J 13,000,000
.? A
*
20,000,000
]Jthe commercial and financial life
k V
|
Philadelphia National Bank
showed
third
NEW YORK CITY
'
'
Cairo
1
No.
CAPITAL
RESERVE' FUND
,.
ceived advices that total car load¬
position by the banks in betteryielding earning assets.
!
Of the 27 banks listed' below,
13
Reserve
Gibbs, Manager Trading Department)
(L. A.
Lives etc.
on
v
'This Bank is in close touch
Telephone: BArclay 7-3500 ?:•'
V
Girard Trust Co.
-
to low-yield¬
tinues in preference
Paid-Up Capital...$30,000,000
'• -*.
-t'C'
Cairo
Register
FULLY PAID
:>
Exchange
Stock
York
BROADWAY,
Bell
•
.
>hila. Tr. Co.
half billion in excess reserves, so
that if the expansion in loans con¬
New
Members
Deposits continued to decline, excess reserves dropped, and
doans rose substantially as holdings of Government securities
were kept about unchanged.-The
in reserve
y
Established 1867
V; '
,
Commercial
TORONTO
OFFICE:
HEAD
■
Office
Head
Laird, Bissell & Meeds
months of 1941.
'dominantly upward earnings trend for the 9
Line
■
■
.':***
'
*
OF COMMERCE
"■
Inquiries invited in all
t
,
increase
Sugar;;v;
ing the favorable status of insur¬
ance
stocks under the Revenue
Act of 1941, an
important factor in
has been
the outlook for equities,
prepared by Huff, Gcyer & Hecht,
Inc., 67; Wall Street, New York
City, /specialists- in i; insurance
stocks; copies of this interesting
memorandum: will" .be
sent.; by
them to dealers and salesmen on
.
request.>•.... -...' i
A Bond Buy
An
;^
for Banks
interesting circular describ¬
bond of bank quality yield¬
6%% has been prepared for
by A. O. Van Suetendael,
15 ;■ North • Broadway,
ing
a
ing
distribution
Yonkers,
N.
ies may be
Y„ from whom cop¬
obtained
upon
request*-
Mgaia'tB'>law':<lw*aiwwSB*6Ws^^
Volume
Number 3991
154
THE COMMERCIAL & FINANCIAL CHRONICLE
487
favorable status of insurance stocks
Trusts
under the revenue act of 1941
%*
/ .,
A /timely. memorandum
in
outlook
the
dealers. and
X,;X
for
discussing
equities
salesmen
is
available,
interested
MARKETS J IN
PRIMARY
this* important
■■
in
request,
on.
Insurance
INSURANCE
factor
,
to
Bond
Stocks.
*
*.
y.
Huff, Geyer & Heciit, Inc.
;'
y
*>
v
ft.
.rJtoV
Low-Priced Common
The
only proper test for an investment trust is to coirw
its results with those of individual investors. The 6'/3
year record of an individual account, which is
interesting for
comparative purposes, has been analyzed by the distributors
Xv; First Mutual
pare
Stocks
Trust
Fund
of
Telephone
'^reet;. > wmtehaii.3%7&2, X(
■hyii'
'?•>.;
lly^RrqspeQtvse3[
SystemWeletype—NYA --2875/7/-•%•<
l\:
Viv/
v'-0
10 Post Office
-Hubbard
Square, Boston—w
;
SECURITIES
RESEARCH
CORPORATION
Cedar Street, New York
Commonwealth Investment
Company. In this account,
January, 1935 and June, 1941, there were transac-
tions in 69 blocks of securities,
inf1'
47 of which profits were recorded
&
————,'
-
.
,
Through this
account (averag¬
$20,000) passed many
highly-rated issues and. market
City^l
ing
•
-
.
between
M
upon <> request. \
NATIONAL
X'
0650 *
.v
yV.
Series—Low-Priced Bonds
Preferred .'Stocks-—Income Series
'./V
STOCKS'-
about
...
-
/.>-
•
leaders:
Guy A; Neison with
The Securities Salesman's Corner |p||:N/Rollins & Sons
/•
;
(Special ' to- The
financial
MINNEAPOLIS,;.
is
desire to
develop this column, into a clearing house for
ideas. 'If we could pass along some things that the other fellow is
tiding which is helping to meet present-day conditions it no doubt
would be of some interest to all concerned., In this connection, we
'••Kryi boould'* sincerely- appreciate your comments or y criticisms <and any
;f :
suggestions you might wish, to send along,
.?-*J
our
A.
Nelson
has
Standard
taken,
MGuy
MINN.
existed
the
;■
X'; the many, advantages
of. the various leaders in the fire and
//Casualty: fieldrUlf you wish to go into the details of the
.'*■ 'insurance'•-biisiness,: quite'natur-f.
X'X-i; ally^VtanyX.presentation' of -.the don't think your clients realize
,
.....
,
The
to
Financial
Chronicle)'
affiliated
1
of
investment
the
'
with
H.
year'pdriod
result
was
occurred
blocks
many
on over
monwealth
of
,.
Com¬
Investment
Com-
securities of the various comparl-
pany—North/ American.
ies becomes complicated.
curities Company—r e ports
that this particular investor
-
-
Se¬
securities
and
and
two
•/
all
place
other
-
V
'
/-
jX So -sidestep, the details. X; The
major
record of Jthe leading
panies."-'''XXi(
companies
^ield
Casualty ;
and
;
(Then show the record.
in the fire and casualty insurance
V
Fire
com.-,
Procure
briefcase,.loose-leaf is to.be pre¬
ferred, Select; a minimum of f ifJ
teen outstanding insurance com¬
insurance our
V' ■ mod e r nv industrial, civilization panies that you particularly favor.
-stops—completely. It's the truth! Set up their history and outstand-^
<■( •
Enough to say. that PRIORITIES ing characteristics like the followy DO NOT AFFECT IT—-and if you i ing sample.
.,
.
* ■ .,.*
-
•
speaks for itself. Y Enough,
business
to say that the insurance
r
,
a
XX is J basic; v without
.
.
amount, of/these bonds
t,0' exhaust the
of
sum
IIAS
COMPANY
THIS
sufficient
noon
*-<yyyyr--*t....;:i
;.v;
■'
results
mutual
companies
by the actual record.
The
obtaining
diversification
3.
as
of
than
good from the mutuals and
from
and
was
dependable
more
than
individual
holdings. XvX',
Oct.
X. 4,. No need to make decisions on
purchases and sales of individual
on
•
securities.
X.\ :••- ;>XX/:FOR' 68 YEARS••('-•!:: X/)X/
'VJf.v; -iu
Home Insurance Company
Xs-"'
(.
income in
In 1940, the" Home repdrted ffie highest premiuib
•
:
;
" "
"
'.'
Of
'"V,v
--?Reported Total
•'
Assets per Share
'
'
1940
■:;■"XX-' i
>
Total Assets '
(
'
; S:
Dec.' 30,
;
r
age, commissions and taxes on in¬
panies — total", investment ' over' dividual transactions more -than
$80,000. Customer is pleased—he
equalled the original load on mushould / ;
be-^v en -though
Dow tualS over a period of years, L. ,)
Jones'"* Industrial "averages
are
7. No profits or losses to report
down
"
-
about
tire sale
Reported Liquidating
..
' : Value per Share
•
stocks
Percentage Distribution of Assets,
V Regular
dividend
annual
rate
Dec, 30th, '40 /-.•/. $ 1.60. (including extras) payable
Heal estate and mortgages-_ 0.3% S.. A. February and August. / At
U. S. Government bonds
4.1% current market yield about 4.75%.
9.0.%
.Preferred stocks -_y—---13.3%
Other Bonds
•'Railroad
a 4.70%; return
interim.
!
com:
stocksA*-'--- 3.4%
-
stocks23.9%
Subsidiary com. stocks-1'--_ 12.2%
Cash
—:-26.7%
,: Industrial com.
*■
Other assets
-
_
-
-
-
_
-
1.2 %
-
i ^ Segregation ^dfpremium
(
\ '-'i
;
Fire'-,-------—-'-y-—-46-4%
;; Motor vehicle XiXy_37.7%
,
<-
Tornado and .Winds——:- 5.4%
Inland Marine..
:3.3%
--- -
'
'
.-_,yy--yXX-:-----^;3.2%111
Ocean Marine
-
-- --
-2.6%
1.4%
Miscel.
•
I
5
,
-1936-1940
i;y
.
■
V -:V:
1~
.
.
investment'-;
-
X, 1
.
- •
■.y,>
Underwriting
'.•••prof-it
1.58
0.24
-Xi
Set- each,
-••Total $1.92
,
company
after
manner—page
record
speak
nothing
of
any
like
in
up
,
MAKE
YOUR
income
taxes
CALLS
'
YOij
DO,: THE ~ BEST
"YOU'VE
EVER
HAD
IDEAS
-WELL
AS
BE
*
'
outlook
in
all
the
is
annals
■A
to
tax
stocks
-
these
days
rates
are
102
increased activity/
owing, to rearmament'
and
aid-to-the-democracies
has*
considerably improved the oper¬
ating revenues and also the net1
of Class I railways.
Re-i
organizations have made progress
and
much
as
If you
of
available
for
in¬
the
yields
in
vanishing interest
of
five
from
per
four
to
as.
cent.
LOSSES
"we know of
a
are
now
more^
portation Act of 1940 has
recog-l
nized the necessity of
treating the
railroads and their main
competi-'
tors, motor and water traffic,
an
equal
further
basis.
encouraged
proceed
with
in
grams
The
Act
on
has
companies to:
consolidation
accordance
pro-4
with
their!
once
created,
prove
itself—
salesman in New
not.
or
roads
left
words, the. rail-*1
recognized as havipg;
their
historic
losses:)
8.
.
book
X/'' ;
-
Material
status
of
mo-;
nopoly and have been granted the;
rights of a type of enterprise
threatened and crowded today
byf,
less costly and more
profitable
of
means
transportation."
j
;■;;//V(';
J
(He
showed
account
profitable!
whether
In bther
are
The
reduction in record
keeping of dividends and individ¬
ual
transactions,
; The ability to liquidate all or
part of his interest in the mutuals
.1
importance of tax saving®
the
new
law
revenue
on
is'
all sides.
Hugh
W. Long and Company, distribu¬
tors of New York Stocks, Manhat-I
tan Bond Fund, and Fundamental
Investors points out in a letter tc*
'9.
any time at net asset value-.
"
10. The ease with which addi¬
.It
j
(
r
<
the
.
and
shares- of
the
is
be
-
invested
'these- three
involved
-
this type,
'
'-•
-
of-investor that
trusts
can
which they
tion
serve
best,
rely for their
of
dealers
$1,000
income will
$226 and
$50,000
tax
a
term
of
that
on
mean
a
reduc-f
$10,000
a
tax
a
income
net
net
saving of
similar reduction
a
would
on
or
their
investors
can
take
short-term losses
long-!
on
som^
investments, thereby df4
fecting considerable tax saving®
(Continued on page 507)
I j;
''•jftVIhe; Tix : Afct this* ^ear. y.At" the'
greatly X raised
income
fax
rates,
your
^clients—active,
afford
pective^-^oan't
conscious.,>r:;
.-.
7'•
plified
proved ^
ducers,
Write
of
though
phone
for
also
carry
NATIONAL INVESTORS
CORPORATION
MANHATTAN
Prospectus
PROSPECTU^foN
: sim¬
BON^FUND
the/Capital
provisions,
tremendous
even
or
Loss
tax
•,,(.;•'
explanations
and
pros-
be
td
r•
•':. The: Formis:' which
Gain
inactive,
not
have
business-pro¬
trifling
in
on
request
HUGH W.IOHG and-COMPANY
/
MONTHLY STOCK DIGEST SERVICE
Broad
Street
"New
York
City
15
PYNE,
KENDALL
484
&
Bloomfieid
HOLLISTER
Ave.
"
WHitehall
4-7840
REQUEST
Wholesale/ Distei^htors
cost.
details.
Montclair, N.J.
/
a
mean
saving of $590.
Many
always
are
•
mutual
on
could
investment
(f .There's buoiness-building dynamite
89
don't think this method
presentation will
vroads
some
being stressed
available.
CAPITAL GAINS AND
years;
where
still
recent
of railroads
under
the
in
since
Fire
110, Aetna for 34,
Agricultural " for
77,
American
(of Newark) for 69, Continental"
for
88, Insurance Company of
North: America for 67, Hanover
for 88, National Liberty for 81,
National Fire for 69, Security of;
New
Hampshire for 47, West¬
chester for 70, and these are only
the beginning of a long list of
companies that make up the in¬
surance
its
September issue»l
emphasizes the mote:
ties
mutuals
for computing
River,j*corW
dividends for
Franklin
1
approach of government:
regulation in recent years and
says in part:X
XXX''■•;•'•"■'';"/ \ j
and no
purposes
for net "gains.
pay
tional' capital
X FORMS
■:-?•
industry.
Sit down with your client—then
turn the pages.' North
tinuous
in
study
was
usually
paying
taxes
on
profits even though many securi¬
at
Let the
page.
American
|
.'i
'
MIGHT ( JUST
forgotten;
this
fo£ itself. There
it
other
vestment
•.t1940-Earnings■;.•%
1 .iFrom
•
:•
earnings
average
year
:
■
for
during the
'
------
Public Util. com. stocks
3.7%
Rank' stocks—y r. y2.2%
r: ^
time
AND SEE YOUR CLIENTS—UN¬
.v
v.
the
12%. appreciation,
a
plus'
'.yyyf:>;j LESS)
"
.
from
made, the insurance
show
$44.75" X ■'.A,;. $I35,256,086.00 '
$27.58
- v
XBUT
X;"-:Capitalization-:consists solely of 3,000,000 shares of $5.00 par,;.;::
..
16%
was
,
caPdal -stock X/y-X--
;j
-.!
ideas,, thus definitely abanYhpk ;feityXwho showed ten fire X;& The
hiring; in effect of three doning previous thoughts of
main-;
insurance -companies
records-set
full-time,
experienced
manage¬ taining
every
mile of trackage
up in; this manner to a- large inment
,
its history totaling over $66,000,000.;
....
Lord, A b b e 11' s authoritative
Background analyzes the
railroad;
r
(highest given.
-
own
\
'Vr,
Xr Capital—$15,000,000
: ;
XX
; V I^
•'! ;Surplus—$42,855,000
organizations to supervise
y
•'!' ^ Organized in 1853X the Home Insurance Co. is the largest fire Vestor in securities who had never his funds. 1
: insurance
institutfon/irr the Western Hemisphere,;,;.The company is .before .bought a fire insurance
fi, A reduction in ,buying an^
X 'licensed in all states,(also Alaska, Hawaii,;Puerto Rico, Canada, Cuba stock./His first sale was for over<
selling costs; for odd-lot broker¬
2,000 shai'es in five different com¬
.
1
satisfactorily capitalized than even
much before in their history. The Trans-4
An income return equally as
uniform
(•:•:(
Investment Company Briefs
j
returns
obtained
possible with individual securities.
the' corporate trust department of
the; bank, It Broad Street, New
York, at 12 o'clock
..-X
better
broader
$198,519.08
considera¬
the
2.
held in the sinking
fund. 'Tenders will be opened at
3X1941.:'^
The
by
which
DIVIDENDS EVERY YEAR
PAID
following
''
proven
of-an
,
;
1.
.tenders fpr: the sale to it at prices
not exceeding their principal
•miiount(hnd accrued interest
the
on
tions:
position.
:
"The
.
well-
managed mutual funds, based
'
development.
A study 0$
this 6V2 year record
may be help¬
ful to other investors in the
same
realistic
X
the proceeds in Common-.
wealth
future
The
decided to sell all his individual
I
■A
were
twice
losses.
were
as
distributors
The
McMillin. & Co.j Union Commerce
available
or
i
well
small
despite the fact that profits
realized
SFj •
LOS ANGELES
x
x
was
a
'
i
634 SO. SPRING
.
.
despite
largest single invest¬
totalling $4,200,
good profit was made;
a
'
<
'
of
time
one
which
on
as
INCOtf 0*A! ID
15 EXCHANGE PLACE
the
loss
a
'
j
[
>
HUGH W. LONG and COMPANY
Yet
of
X
loss
net
,
E.
PROSPECTUS ON REQUEST
or
period
JERSEY CITY
ment at
.
'
realized
were
end
account—the
Secretary of Borton, Kay & Co.,
become
the
the fact, that the account
X CLEVELAND, OHIO—Richard
Kay^formerly Vice-President and
has
Losses
the
at
47 of the
years on
diversified at all times for
E. McMillin Co;
•(Special
Jersey, to
actually
were
available
$1,637:
Building, specialists in insurance
how important this factor is to
stocks. /; X-f "■ X'--';.'('•"■ ' • This is them now—it's time you brought
; u; confusing
to the investor, i Loss it to their attention ..SHARPLY:;
'
ratios, reinsurance, the different Enough to say that STRIKES ARE New S. Wales Bond Tenders
-(X; types of coverage, unearned NOT HANDICAPPING THE IN¬
X The Chase National Bank of
XX premiums-reserves,., etc.^ etc., are SURANCE BUSINESS. Put it this
the City of New York is notifying
v";.'-. essential parts of the total infor- way,. "The labor racketeers have holders
:of State of New South
/" / mation any dealer and salesman never yet been able to invade the
external
5%
should have before he makes an field v of, the
intelligent,- -highly Wales,; " Australia,
fund •" gold bonds,; due
offering to his client—but the less skilled and well compensated in¬ sinking
.y !
hel says about them the better. ;> surance specialists who staff, opr. April >1/ 1958, that it will accept
V
;
*
net
6V2
Kay Has Joined
xf H.
"•♦
New
only 22 of the 69 issues.
on
years
has--operated the Guy A. Nelson
Company in Minneapol is. •
X
R:
6X2
at
This
;\-4 If you do—make your presentation brief. ; There is no
.-frit finer group of investments in this country today. Most alert
(id^aler^nnd securities salesinenr know this is a: provable fact;
£>! The.generai:public, vhoweVer, still has much to learn about
of
Profits
were
69 blocks.
with E: H. Rollins & Sons, IncorpOrted; Northwestern Bank Buildfor many
or
end of the
associated
Want to Sell Insurance Stocks?;
'/■
Oil
few.
name a
Chronicle)
become
ingy Mr.: Nelson
Montgomery Ward,- Gen¬
Electric, General Motors,
eral
>:
,/
incomohmul
EXCHANGE PL.
JERSEY CITY
,i
634 SO. SPRING ST.
LOS ANGELES
COMMERCIAL & FINANCIAL
THE
Be
.
V..
•
U-
...
'■
■
■
/'';,
.1-
' ! « 1
Now,
i
lf'*\
come
were
.
>."
.
.
....
,L
in
of 1941,
ramparts of
rolling steel for
even
devoted solely to the arts of
And from
peace.
war
-•
v,' V
Armored Force from industries which
once
the
*
in this autumn
numbers
our
'
a
a
host of other plants which
few years ago were as remote
making of munitions
itself
come
as
hundreds of
they
no
were
As the national effort
credit
uses,
in
in
assists
in
bank
converting plants to new
helping to create additional plants,
making needed tools, in financing pur¬
chases of materials, in
from
contracting and in
less essential
many
all necessary to
facilitating sub¬
dozens of other ways,
swift and
sure
completion
of rearmament.
broadens,
more
The Chase National
and
Bank, in its manifold
industrial fighters
relationships with banking and industry
play their vital parts. Behind
throughout the country, is aiding in vigor¬
of these often unsung
for democracy
the great task at hand. For
Ways
from
contributions to defense.
more
Thursday, October 9, 1941
CHRONICLE
them, in turn, stands the mobilized bank
ous
measure
in the rearming
THE CHASE NATIONAL
OF THE CITY OF
Member Federal
NEW YORK
Deposit Insurance Corporation
I■
"
of the nation.
BANK
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3991
154
489'
stake in the
tion, just
I
Out7^ Taxation Needed ta Pay
as
long ago to
I For Defense without Inflation
in
their individual
see
machine.
war
I
am
dent about the outcome
fight
evil t of
this
it
rears
fronts, because I have a deep
and abiding faith in the com¬
inflation^-
head."
its
In
school-
unions,
trades,
labor:
his address Secretary Morgenthau
classes
or
stated
Savings Program. M> I
can
see
novalue,, either! in
terms of economics or of morale,
f
that "under the
impact of
comparatively modest
our
Defense
expen¬
ditures up to now, our national in¬
has
come
increased
000,000 in
by
and
a year,
in ;
high-pressuring people to
take money out of banks savings
$14,000,-
feel¬
we are
accounts
ing all the preliminary symptoms
of
serious price inflation.
a
will the
efit, financial and moral, in per¬
suading spenders to set aside,
systematically, week after week,
a
part of their current income
now," he said, "when
shall be spending much faster
we
and when the
for
civilian
supplies of materials
will
use
for
smaller
be
today? Where will
prices be then, if we do not act
courageously to check them now?"
to say that
on
"it is im¬
ments.
indispensable method
paying for defense without in¬
"all-out"
is
that
has
taxation,
not
this year.
ica
a
in
tried
spite of the good start
that Congess has made in raising
will
which
have
year."
thau went
be
lic,
bill,
Morgen¬
will
| effort.
if it is to raise the neces¬
revenue, place the neces¬
sary check upon inflation, and
take the profit out of war.
ation, and I
The
dent
-
second
try.
know
I
whenever
we
count
can
wholehearted
your
I
I
have
to
come
without
sible
adding
months.
a
.
dividual
only
needs.
-
in
;
-
that
it has
only
begun
to
organizations has given its en¬
dorsement to system^tm saving.
....
and voluntary
.
.
.
plans
are
more
than
payroll allotment
now in operation in
five
thousand
com¬
panies employing between five
! and six million workers. ,1 Our
I strongest efforts must now be
made
in our
great industrial
centers, and must be directed at
the
good sense and patriotism
t!;v
of the workers themselves.
.*
*
I
our
can
find
no
.
usefulness, for
present purposes, in the old
-Liberty Loan method of fixing
money
quotas for communities,
serve,
of the people's money, to make
sure that
any present-day de¬
Of
course, such a combina¬
of-emergency taxes, priori¬
ties, savings and price-control
cause
some
it
course*
;;
'
to
the
hope to win unless
all
onto
ideas
pleasures
the
of
as
usual?
as
front.
How
we
rubbish
business
as
I
flation.
can
You
first
ing
heap
usual,
inflation
sure
are
over your
cations
for
your
of
the
for
weapons
checking inflation at its
source.
find, on look¬
lists, many appli¬
for non-de¬
that would in¬
money
projects
volve competition
fori steel
or
| copper or any ©f the thousand
and
so
materials
one
will be utterly
needed
now
desperately for
defense
our
inadequate
com¬
pared to the need.
Perhaps "in-!
adequate" is too mild and char-:
itable
a
make
ourselves
word.
We
trying to
are
the
of
arsenal
democracy by devoting only 20%!
of our factory and mining out-:
put to defense, only 30% of our,
output of durable goods, only'
10%
able
of our output of non-dur¬
goods, and only 16% of our!
That surely is
far from total defense or
national income.
very
all
out effort.
Nobody
,
I:!-.';/;!::!'I
can
.
fense program as now planned,
will be more than 50 billion
dollars. !Thi3
lars
of
the
j
billion dol¬
10
all
the
original
building construc¬
in the United
1927.
It is twice
total
investment
States since;
much
as
in
railways. It is twice
as
the
American!
as
much
as
the total value of all passengerj
automobiles
produced in
thisj
country i during
the
14 f
past
|:.|
years.
Yet there is
ever
for
us
over
the
mere
no
to
what-;
reason
be
discouraged,,
'
effort.
such
If you can postpone all
loans until a
later day, without waiting for
the priorties to become broader,
you will be doing a real and
on
unnecessary
ahead.
■we
are
size
of
the
job
In spite of a slow start,
now on the road to an
expansion of production which
we
act now,
will
confound
those of narrow.
Most Ameri¬
cans, J.
see
thinks are beginning to
that they have a personal
.
will
that
all
the.
raw
the
become
supply
priority
of
materials
sys¬
effective
so
practically
for
all
pur¬
Americans
we
can
do any
job that !
set ourselves to do.
'
mis¬
as
are
in
asked
no
commissions for
this .work, and you
for none.
But in
order
to
wider
distribution
enable
to
to
you
give
ttwed/mertS
Defense
to
am
happy to
GOOD FARMERS ARE A
...
the
you
Series
E
bonds
which
keep in stock for customers.
I hope that this will relieve the
banks,
especially; the: small
banks, of a real burden, and, I
hope that you will not hesitate
•:to
tell
at
us
the
feel .may be
hampering
the sale of these bonds.
"you"in
-
•
.Wider
savings and greater
taxes will not, of course, be
enough in themselves to cope
with the inflation that
fronts
us.-
You have
ment
seen
issued
the joint state¬
last
wp^k
QJNCp okGANKATiO^r eighteen years ago the twelve Federal inter-
] M mediate credit banks Have supplied "good farmerswith nearly
j five and one-quarter billion dollars in credit to carry on their current
.
1 operations. In thus bringing together desirable credit needs, these
•
'<
banks .counterbalance.loans, to—cotton
and tobacco
in tiSe
.
south, t dairymen in the- northeast, - cattle and Jamb feeders in • the
-
growers
j mid-west," fruit raisers and "range
owners in' the far west, and for
| other essential agricultural pujqooses the country; over.
_
j Capital to finance this accommodation is obtained through the sale
of consolidated
now con-
U
,
l
Treasury of
any similar burdens whicn you
.
|
than
more
value
tion
is
spreading the gospel
savings in times like these.
for
i.
*
emphasize too
often or too strongly the magni¬
tude, of
the. job.; which
we
American people have set out
to do. Let me give you a few
simple illustrations. At present
prices the cost of the total de¬
to
fense
usual and comforts
conquer
in
one
effective
most
In my
can
have
You
therefore,
hands,
opinion, com¬
placency is our major source of
weakness today in building our
defenses, for: it saps our will
and clouds our minds, and blinds
us to the stupendous size of the
job that confronts, us.
We
as
much of the ammunition of in-
fight
another
of inflation,
we
home
credit, and
Those lists contain within them
enemy i
the
go
expanded
why my first plea to
bankers is that ' you
scrutinize
closely
your
own
lists of applications for loans.
As
on
of
you
hardship, some sacrifice.
We
now
engaged in a world
struggle that demands all our
energies and all the. qualities
enemy,
not
wall
That is
-
are
compelled
shall
Humpty Dumpty
climbing up that
higher prices again.
cause-some
that have made America great.
a result of that effort we are
of
custodians
as
'
inconvenience;
will'
yours
scendants
tion
Will
and
this morning
that it will no longer be neces¬
sary for you to put up collateral
result
reach workers' payrolls.
Every
one of the great national labor
.
-
million dollars of de¬
billion
a
then they,
even
its agents in selling
as
announce
in-
far short of our
It falls short especially
fewer than 2,910 banks
be
soon
half, but
a
of America to produce over the
long pull is almost limitless. Wei
effort
Savings Bonds, I
It has yielded us
falls
tainly it
came, no
with 790
ture, not only as sound financial
policy but as sound anti-infla¬
tionary practice.
"Of!
They will
distant future
There
far is certainly not below our
expectations, but just as cer-
/
inevitable collapse
the
tem
bankers
.' so
*
not
the
a
quarter dollars a month," Secre¬
tary Morganthau added:
ourselves in time.;
In this
have
unneces¬
The
more
atelyf:on|hon-
vast
you
investors.
suggested,
repeatedly, that
Government cut down immedi-
and
vision and little faith who cried,""
"It can't be done." The capacity
"
*
already
but
once
billion
a
ex¬
risen slowly
now
than
more
lasting service to your country.
I hope that in the not too
to
The way
one-half•'million
and
reserve
i
the home front if
of
billion and a.half dollars from
.two
thus building a fur¬
for the future.
I
and
to
posits were compelled to sus¬
pend operations in the five-year
period
from
1921
to
1925.
Humpty
Dumpty
had
fallen
from. the top of a very high
wall, and many years of effort
were
needed to pick up the
pieces.
It: is our job at the
Treasury and the Federal Re¬
as a possible method
absorbing several billion dol¬
lars of next year's national in¬
of
I" I
penditures have
and
an
effort
Pointing out that "defense
more
taxed
When
program
come
tional
private
the stock
any
upon
needed for the Na¬
sionaries in
The Defense Savings Program
has now been in progress for
five
promptly, if it
heavily and bor¬
rowed more widely from genuine
savings." He further stated:—
extension of the social security
ther
those days
resources
just as we can ensure the defeat
of foreign tyranny if we rouse
Defense Bonds but also
I/national income.
'
reach
already suggested
of
against
encroachment
eager
not
on
sarily to bank deposits, to bor¬
row
instead from private in¬
vestors, large and small, and
thus to reduce the inflationary
pressure of our swiftly rising
shall
.
to proceed now, however, is to
finance our needs as far as pos¬
.
cooper¬
perfectly confi¬
am
we
have
acted
had
guarding
of
numbers
;
cooperation
banks for funds.
your
that
Treasury
will continue to depend greatly
upon the bankers of America,
of
dividuals throughout the coun¬
.
of voluntary
who are willing and
to put their savings to
work for their country..
indispensable
drawing off excess
consumer purchases
is by bor¬
rowing
as
much
as
possible
from the genuine savings of in-
.
road
the Government
...
I
throw
We shall continue along
that
method
war.
the
at
accordance with their ability to
sary
\
bonuses
Treasury believe
that the voluntary Defense Sav¬
ings Program has already awak¬
ened a greater sense of pride
in America and a greater sense
of participation in the national
pay,
.
The
no more striking reminder
the spirit of these times, no
We
a
genuinely "all-out"
genuine levy upon all in
a
such
.
be small, but there could
finer example to the pub¬
to follow the
to
*
of
that
so
the country.
better safeguard for the days of
economic strain that are sure
corrected
year
no
of
to say:—
on
tax| bill next
The
have
to
Secretary
offer
to
start the fashion
can
may
be
$3,500,000,000 in additional reve¬
nue.
With the help of the new
Revenue Act of 1941," he noted
"our tax structure will yield about
$14,000,000,000 in revenue, but in
my opinion it still contains many
fine qualities and many omissions
next
like
The banks of Amer¬
it will sweep
total amount
been
yet
should
a
that
that "our
method
I
:
suggestion, for example,
every Christmas bonus in
the United States be paid in De¬
fense Savings Bonds or Stamps
as
;J Mr. Morgenthau told the bank¬
flation
,
some
if
used
be
of the nation, in your own bank
and your own community, in
extent have been avoided
to
had
,
have
spending that the
Treasury is most anxious to di¬
vert
into I Defense I Savings
Bonds is the spending produced
by pay increases and bonuses,
and by increased dividend pay¬
effective brake upon inflation."
of
good and their
own
The kind of
perative that we set aside a great
part of that national income, and
especially the increase in the na¬
tional income, if we are to put an
ers
their
country's good.
than they are
He went
great ben¬
a
see
needs, .j in the fight
against rising prices and falling
living standards. It is now ask¬
ing for additional power through
the price-control bill, which I
hope will be passed by j Con¬
gress without delay.
-
insur¬
life
of
out
or
But I do
ance.
What
inflationary forces be six
months from
this
in
individuals
:
whatever it
that ;
mean
must
defense purposes will not
into any unnecessary civilian
projects
But until that day
comes, I hope that you will con¬
stitute yourselves the sentinels
,
wherever
should
which
go
mon
sense
of
the
American
necessity of action to avert inflation was stressed by Secretary of the Treasury
.1
Morgenthau, in an address before the annual Convention of the American Bankers' Asso¬ | people.
ciation at Chicago on Oct. 2, at which time he said that "the most important task of
Earlier in his remarks Secretary
American bankers lies immediately ahead, and it is a broader and bigger task than any Morgenthau stated that "we now
know that the inflation of a quar¬
you have yet been called upon to perform. That is the task of doing everything in your
ter-century ago, with all of its in¬
power, not only as bankers but as influential and respected leaders in your communities, justices and dislocations, could
to
That
for
both
The
/
the interests of national de¬
materials
confi¬
on
will be under full control
poses
fense
in the destruction of the
stake
Axis
fight against infla¬
most of them began
debentures, which
are
the joint and several obliga-
j
tion of the twelve banks. The reliable record of good farmers and
?•
inherent strength of. the issuing institutions have been important
hv
,
factors in
Federal Reserve System and the
establishing the debentures
on a
sound investment basis.
Treasury,* dealing
with
ine
raising of bank reserve require¬
ments
and
to
the
pledging
THE FEDERAL INTERMEDIATE CREDIT BANKS
limit of the
full
law,
cooperation
with the Office of Price Admin¬
SPRINGFIELD, MASS.
COLUMBIA, S. C.
NEW
istration
BALTIMORE, MD.
LOUISVILLE, KY.
ST.
and
the
new
Supply
i
'
and Priorities Allocations Board.
That joint statement was a
reminder
of
the
fact
that
the
Government already has power¬
ful weapons of control in its
hands, and that if it needs
power
more
it will ask Congress for
Further
CHARLES R. DUNN,
ORLEANS, LA.
LOUIS, MO.
ST.
PAUL, MINN.
OMAHA, NEB.
information regarding the Debentures
Fiscal Agent
may
WICHITA, KAN.
HOUSTON, TEX.
be obtained from
31 Nassau
BERKELEY, CAL.
SPOKANE, WASH.
.
;
I ' )
Street, New York, N. Y.
,
THE COMMERCIAL &
Henry W. Koeseke, President Security Bank
Association
American Bankers
i
;
»
V
■
i.....
-;
j
.
■.
*/
t
•
Henry W. Koeneke, President of the Security Bank of
City, Okla., was elected President of the American
Bankers Association at the,closing session of its 67th Annual
Convention in Chicago.on Oct 2. Mr. Koeneke was advanced!,
from the office of First Vice-President; which he filled last
•.
'
Hemingway, President of<$
W. L.
the ;>•
Treasurer
Vice-President
2nd
Vice-President
1st
and
:/yvr':'. •••'"''.y,./!//.Y '#'/./•/;://;
#/ :
:' :•
year.
President
Elected President of ABA
Ponca
t
1941-1942
of Ponca City
?
,
,
OFFICERS
>
Thursday, October 9, J94L
FINANCIAL CHRONICLE-
Y
Mercantile-Commerce Bank
Trust
Co., / St. Louis, was
from Second Vice-Presi¬
elevated
'
service
dent to First Vice-President. A. L.
jM. Wiggins, President of the Bank
of Hartsville, Hartsville, S. C., was
elected /Second -/ Vice-President.
,::y
the ensuing year we;
expect to continue this program/
and, in addition, add another
'During
of
for" the
•
.
similarcharacter'
;■ a
banks;..' Thel
member
•Y- added
activity wilLbe the in•; tensive study and
discussion of
some highly important services,,
'/ which banks are rendering to
:
the, public at the present time.!
These meetings will be in the/
,
•
Wiggins has been Chairman of
he
Association's
Committee on
..
Vir.
•
Legislation for the past
years.y/..V'
federal
hree
nature of clinic sessions wherein-
[ At a meeting of the Executive
Council of the Association William
/
the'
ABA.-;
estate
Y
VY>V'" With the close of this conven-
L.
W.
H. W. Koeneke
A.. L.
Hemingway
M.
Wni.
Wiggins
Augustine
F.
\
tion, the Association
!
67th year
lived
;.)Y-
It is
2,500
organizations of its kind in extimes of deep pessimism.
the ten oldest of the
Y
Senior
Executive Mgr.
Deputy
Secretary
General Counsel
Mgr."'
,„
r
'
among
the other
lifetime it has
seen many hundreds of other organizations live for awhile and
perish. Therefore, we may speak
of our Association as an -insu-
i
today.
istence
;
enters the rY
through wars, 'panics,
prosperity, and through
On
••
;
!
Having
ship
i '
and
;
h
;
advancement
I
tion's-
• of
the Associawelfare*! Each admini¬
stration builds on
what has gone
this
platform .:,to-
On
j
before.
!
night ai^e a group of men
i
as
Presidents in former years
each", contributed
their
share to the advancement of the
Association's
prestige., : I
am
f
Br.
•
Frank W. Simmonds
Harold Stonier
/r
f."
*'
W.
Hill
(•
Y
through the work of the organization.,
enable
In all
the
-
we
have this
reservation
—
be changed to
to do our part in the
us
may
nation's
defense
welfare
of
On
to carry the manifold serv¬
of the organization to the
program.
The
trans¬
country
the
a
number
of
occassions
during the life of this Associa¬
tion beginning in 1875 we have
answered the nation's call. Uncle
bankers in every section of the
country.
These meetings have
Sam can
been in the nature of small con¬
depend
on us now
just
past, for this organiza¬
tion is still the American Bank¬
as
did service to the banks all over
j
ahead
year
cends all else.
regional conference pro¬
a
ago.!
plans, therefore, for
our
fundamental
ventions and have been a splen-
THE DIME SAVINGS-BANK OF BROOKLYN
formed
everything
ices
j
the Association has per-'
work for the govern¬
ment that was not even thought
of when we left our convention
year
.
twelve months
took
-
During
you for the
opportunity this position afi'ords
me to
give all I have to the
cause
of
chartered
banking
gram
service :.wher-.
the past!
patriotic
needed..
ever
Beginning in 1936, the Amer¬
ican Bankers Association under¬
;
whole. These are
hours. The govern-..
meat must depend on its citizens,
and their respective organiza¬
tions
during
such
times
to
a
as
render
"7
•
Statement, September 1, 1941
.
,
i
In addition to its
emergency
j deeply grateful to
j
;
'
•••:
Richard
J. Needham
"r. vY
J:..
D.
splendid vehicle to
out this objective,
responsibili¬
ties to its members, the Amer¬
ican Bankers Association has an
carry
country
who
have
the American Bankers
in
obligation to the people of the.
to the
energy
my
where;
areas
our
will prove a
any one man. Through the ye^s
j - hundreds of men have given of
time
of
Association. (The clinic sessions
..
their
in
country banks
carry on the banking service of !
the nation, I am anxious that
these banks become aware of,
the many advantages which can
/come to them through member¬
»
!
of
most
spent
life
business
tution,..but unlike many tnstituL tionsy, it is not the shadovv^of
,
agricultural"
mortgages,
many
hand, during its
I
single-'
// considered in this manner.
of its existence. It.has
on
days of
a
Problems of urban real*
credit, consumer credit,, operat-.;
ing technique, insurance, and
protection and customer relations will be among the topics,
>
;
_
the consideration of
subject.
j In his.inaugural remarks Presi¬
dent Koeneke said in parti
two days will be devoted-
one or
to
Vice-President of
the National Shawmut Bank of
Boston, was elected Treasurer of
1\; Augustine,
in the
ers
the nation.
Association.
BROOKLYN, N. Y.
■'is
Cash
on
R. Stockton New ABA Trust Division Pres.;
RESOURCES
Hand and in Banks
U.:S> Government Obligations 1 __*.Jiiti-iiti.
iUuhi.-.
States—
Bonds
of
Bonds
of Cities,-^...—
Bonds of C ounti es~
_
i'
- - - - - - - - - - -
—
Towns,.____'jit__L£Li
of RaiIroads_!:L-_L-^i__^4L!r.4-.-:--.I-i-,-.i.
Bonds- of
Bonds
Bonds of Public
J-'
91 "T'TiT
^
$1.4,228,035.06
——
Utilities—
1
Houses
Other Real Estate-
Banking
N.
Interest Due and
_
„
_
_:
Li _U
Accrued
i'
J
^
Other Assets-__——________ _1.—I —1
—.
(
;
..
'
Due
Due
\//
V
205,666
Depositors---
•____
Depositors-
1 JiIIJ_L—iIJjJi.
_
(Investment Value)—
'
—
Chicago,
he
held
Sept. 29 during the convention of the Ameri¬
Mr., Stockton was elevated from
during
the
which#
past
year.
was. elected Vice-President
of the Division.
Henry A. Theis,
Minns.,,
Vice-President
$243,085,215.43.
City,,
—$203,421,031.24
—
--
,
the
1,216,109.25;,
1,819,370.00
* 943,369.85
Trust
35,685,335.09
v
was
Trust
Guaranty
elected
Executive
*
Chairman
Division..
of
of
the
According
to
Committee
precedent, Mr. Theis; will become
respectively Vice-President and
President of the- Trust Division, of
the American Bankers Associa¬
tion in the succeeding two. years.
Mr.
k.
on
Bankers Association.
Louis S; Readley; Vice-President
bf the First Trust Co. of St. Paul,
■
$207,299,880-.34
v... .>
Surplus
' i
! V,
■
elected President op the Trust Division of the
annual meeting held
Company of New York, New York
—
Other Liabilities-__ 1
•
was
the office of Vice-President,
LIABILITIES
_______________
31,887 Christmas Club.
'
C.;
can
3,429,800.00
4,498,905.00
1,491,945.86
; * 7,791.89
■' "h
Y
.■ ■
American Bankers' Association at the
133,981,088.01
1 _ill__iJJJiXl-•. .LitL'i'11 JlI/' i. 'j'
.2
*4
Y
..
Vice-President and; Trust Officer
Wachovia Bank and Trust: Co., of Winston.-Salem,
of the
'1,247,850.00'
—_____—
—^
...
Richard G. Stockton,
-
at
Company
Securities Corporation—'&i2A
Bonds and Mortgages
rYYY'.>
i
Investment in Savings Banks, Trust
and Institutional
Theis Chairman of Executive Committee
!
—57,880,316.96
y: 416,626.23
10,60.6,022.8.4
1,693,329.76
'i j 612 ,313 .70
6,982,171.62
6,009,018.51
Theis
was
born
in
Ger-
mania, Pa., in 1884, and was grad¬
uated
from
Lafayette
College
with honors in 1904.
He joined
/
the
Trust
Guaranty
and
until
ments
the;
in
worked
1907,
"to
company
Co. in
various
he
with
when
go
Franklin Society for
1904
depart¬
left
the
Home Build¬
ing and Savings,, of which insti¬
he became Vice-President
tution
and
General
turned
Manager.
He re¬
Guaranty Trust
the
to
in September, 1918, and was
appointed an Assistant Trust Offi¬
cer.
He was made an Assistant
Co*
Vice-President
and
1927.
Feb.
-
on
IT, 1926,
June 9,
;'
v
Theis was one of the orig¬
Mr.
inal
on
Vice-President
a
members
mittee
of
the
of the Fee< Com¬
Corporate Fidu-
(Continued on Page 5040
1
Volume
Number 3991
154
THE COMMERCIAL & FINANCIAL CHRONICLE
<r-
The
right forearm
the Statue of
Liberty
or
ar¬
rived first in this country-
for display in the
i in 1876
Centennial Exposition at
&$&>>:•
Philadelphia.
It
Madison
(extreme right in pic¬
York
$w?$m
ture).
It
until
1884
remained there
while
||
funds
raised for the base
were
H^rnr
Square Park
Fifth Avenue in New
on
W^.
then removed ->
was
to
of the Statue.
The
was
>jr
arm
was
returned
to
France for
completion of the entire Statue which subsequently arrived at Bedloe's Island and
of this symbol of liberty was considered quite an engineering feat in its day. Keeping
and encourage all lovers of freedom is the quiet determination of 130 million people.
erected late in 1884. The raising
its flame burning brightly to
warm
Wwm..
; -:7 V. " •
iwMwm
nPHROUGH
good times and bad since>1853 this
ilpSilS
W0m
4w&
/SVV
JL
institution has been
providing sound insurance
protection to American property
owners; We
mm
believe
Wrnrn
this entitles
,.u
.■
1
.
about
*•
'y';'
'
the claim that
'v.< ''' '
'i' 1
vV
''V
-
we
'i.
'
»
VSS/S.&
know
?'
something
-i]>'*■.'"
\
4»
,
1
'i*
good insurance. Of all the forms of insurance
u
that
us to
c.
1
,
vj; 1
e,<
the individual
serve
-I
^
1
:
;
r-
''a
^
&MM
none
can
the finest kind of insurance that will
compare
with
serve us
all——
SliW§W$&M0i%$
W^W^Mwmw^M
".
United States Defense Bonds. For the safest invest¬
the world—for insurance that will
ment in
-
r
/
V
•.-*•
■••••
-v
■
•"
:
••••• -
#*;•'. r.:*
guard
.
:
V
.TV
our
☆
help safe-
v.-i v"
j
i\ •*«
'
/V": /
V
v^ V./T
liberty—Buy United States Defense Bonds.
'
lllpiili
THE HOME *
AA?z<fcc&<Z7zcc<
V NEW YORR/^II^
(4 7he Home, through
leading insurance
Homes
FIRE
its agents
protector
of American Industry c
AUTOMOBILE
♦
I
and brokers, is America's
of American Homes and the H
•
MARINE
INSURANCE
jpafattgii
J
'
*
THE COMMERCIAL &
492
taxes, their
inflationary.
Against
Destroying Incentive
ABA Warns
Representation without
taxation may be as vicious as
taxation
without
representa¬
tion.
public policy. <$>
however, that
in determining types and meth¬
ods
of
taxation
the burden
should be distributed equitably
This is sound
receive
who
those
creased
population.
in¬
whole
the
over
Unless
wages
from defense pay
It
and
profits
proportionate
does
not
destroy
enterprise^itself
or.
gers
be avoided, but only
can
,by .persistent, ..intelligent, {and
the
effort.
united
both
To
pointed out in the reso¬
lutions that the United States to¬
was
of
bankers
•
1
.
these
of
United
the
■
the
tasks
States
pledge their full support.
day faces two major- tasks:
The first is to speed up the
Other
matters
to
as
whjch the
effort, to turn out ships Association went on record in its
and planes and tanks and guns resolutions were the following:
more rapidly.
Bank Lending Policies
This means con¬
Bankers are aiding the De¬
centrating more on defense and
less on luxuries and comforts,
fense Program by loans for the
i
The second task is to avoid
erection of defense plants, and
for the purchase of raw mate¬
unbalancing our economic ma¬
rials and the payment of wages
chinery by this vast defense
in the defense industries.
Such
activity
and
spending.
The
defense
'
\
it
that
either
incentive for enterprise.
Equally, it is necessary that
the power of taxation must not
be used to destroy enterprise,
which is the only source both
of taxes and of the unparalleled
standard of living of this coun¬
try.
While a heavy burden of
taxes may be necessary, each
proportion of the cost of the defense effort through taxa¬
tion," was contained in resolutions adopted by the Associa¬
tion on Oct 2, which, on the subject of taxation added:
It is necessary,
uncontrol¬
politically
lable.
policy of the Federal
sure
be
Unless all of the
ing Federal taxes, spending will
American Bankers' Association
Government to meet a large
Commendation by the
of "the
will
spending
people share knowingly in pay¬
become
Thursday, October 9, 1941
FINANCIAL CHRONICLE
Treasury
threatens
tax must be scrutinized to make
later
that
warns
now.
inflation
Inflation
depression.
These
reached huge sums
have
loans
and continue to mount.
means
Association
This
recognizes
assistance that
rendered by
sound
credit in stimulating
the in¬
creased
production of "Food
dan-
the
important
be
may
'
and Feed for Defense."
of
-
Bank¬
will work with the farmers
ers
this
to
country
attain
the
production
required.
the position that
higher
reaffirm
We
in
agricultural
credit,
in
as
other
fields, government lend¬
ing agencies should supplement
and not supplant the banks.
Banks are observing both the
letter and the spirit of the new
EE MI
controlling
for
regulations
in¬
stalment credit.
is
This
liberal
defense and for
lending
for
all
This is a time
for
lending
for
time
a
conservative
other purposes.
when
their
in
interest
own
people generally should be pay¬
MAKING these five wordsjob
mean
helpful
to
thissomething
bank has been
doing
American business is
ing their debts instead of bor¬
a
rowing more.
This
for 27 years.
In
Spanish they
and that's the
American
The first overseas unit of any
American
national bank—National City's Buenos
(founded 1914)
Aires branch
say,
"To help
you transact
City
was
Latin-American
Differences in customs, in
lations
help
are
only
a
quarter
banking and exchange
problem of the small business
man
than
does
his
banker.
Small business has a vital role
in defense.
Bankers have aided
and
will
continue to
aid in
,
regu¬
few of the problems business faces. To
a
disposal the experience of more
you, we put at your
than
operation rather than by gov¬
ernment regulations.
Small Business and Defense
No
man
knows better the
relationships that is proving to be of in¬
M,
of
a century,
and
an
organization
speeding expansion of the de¬
fense
com¬
through
our
group
of officials at
our
Head Office is
-
cooperating
ex¬
public
profit.
in
est
Through these
lated
experience,
men,
as
a
we
all three issues.
Control
Price
meaning into those
A.
controlling
of
policy
in¬
flation must include direct con¬
..
trol
not
also
"TO HELP YOU TRANSACT BUSINESS"
only
over
prices, but
elements
cost
the
over
,
the cause of prices.
Such controls must be equitable.
which
->
THE
are
pressure groups should be
allowed to obtain unfair advan¬
No
tage
IfflOML CITI Ml OF IW till
HEAD
obligations
service
and
without
In their own self inter¬
urge all citizens to buy
these branches and this accumu¬
we try to put extra
five words that say:
*
branches there.
our
these
of
sale
clusively engaged in Latin-American relationships and is
daily contact with
tax antici¬
is a sound
inflationary
Banks are
vigorously in the
bonds, stamps, and
pation notes.
This
step in' resisting
credit expansion.
Head Office in New York,
through Correspondent Banks from coast to coast. In
a
effort of
government to borrow di¬
rectly from its citizens through
the
sale
of
defense
savings
the
knowledge and experience is at the disposal of
addition,
and
Savings Bonds
Bankers endorse the
and the Caribbean.
or
sub-
pieces" plan.
the "bits and
Defense
American banks
through
program
contracts to small business
:
prising 41 branches throughout South and Central America
This
avoid
expansion for excessive
accumulation or for
other
speculative
purposes.
This objective can be attained
best through our voluntary co¬
knowledge of
>
time
a
to
credit
the first American national bank to
creasing value to business here.
and
inventory
object of National City's widespread Latin-
this field. Since 1914 we've built up a
enter
business"—
is
to keep their own
order
in
houses
organization.
National
particularly
for bankers
53
OFFICE:
AVAIL
IIHA!MCHES
67
STREET
IN
CHEATER
NEW
over
citizens In a
position to exert
other
less favorable
political pressure.
We believe
all of our people are prepared
cooperate in proposals which
fair and just to all, but we
believe that complete coopera¬
to
YORK
are
LATIN
AMERICAN
BRANCHES
dependent upon the fair¬
of the program
adopted. There must be no ex¬
ception; there must be equality
tion is
Canal Zone
Argentina
_
Buenos Aires
{Sub-branches)
Havana
Cristobal
(iSub-branches)
Ciudad Trujillo }
Barahona
Peru
Santiago
Galiano
La Vega
Puerto Rico
Valparaiso
La Lonja
Puerto Plata
Cuatro
Caminos
Chile
•
Rio de
*
Caibarien
Brazil
Janeiro
Colombia
Pernambuco
Santos (Agy.)
Sao Paulo
ok
ness
Panama
Panama
Lima
Bogota
Medellin
Manzanillo
Barranquilla
Santiago
Caguas
Santiago de los
Ponce
Caballeros
CORRESPONDENT
IMPORTANT
CITY
OF
Mayaguez
of sacrifice.
■
-
Non-Defense
Montevideo
Spending
This Association
'
Caracas
heartily ap¬
the, creation by the Conof a joint Committee to
proves
Venezuela
gress
investigate
Federal
expendi¬
recommend the re¬
of non-essential spend¬
tures and to
duction
Corporation
BANKS
THE
and justice
-
1812
Member Federal Deposit Insurance
AND
Uruguay
Bayamon
Macoris
Matanzas
AFFILIATES
San Juan
Arccibo
San Pedro de
Cardenas
ESTABLISHED
BRANCHES,
Republic
.
_
Rosario
Mexico City
Republic
Balboa
Flores
Plaza Once
Mexico
Dominican
Cuba
IN
WORLD
EVERY
*
COMMERCIALLY
ing at this time of emergency.
the service, tax¬
When men in
payers,
are
the
businessmen, and others
asked for sacrifices,
agencies
of Government
being
(Continued on Page 499)
mtMmMMmmmrnwMmmiammmMMmMJmsmmMmmmmmmimitiJ
tl«»**IW«a»W(>M«»M««*l(»IHMI«««W*S^**.«»lfc*H»Wl»d&«k»d*^
Volume 154
Number 3991
THE COMMERCIAL & FINANCIAL CHRONICLE
the
U. S. Free
;v;
,*
that to
moral.
Will
number
of
of
ence
v
greatest
every man's life.
people over a period
Mr. Young, who ad¬
count
the Round Table Confer¬
away
time?"
dressed
the
of such
itely reversed.
•
that
dictation
—
and
sult
of" thinking. ~:j Farmers,workers, business men—we all
of
social
our
differences
is
is
must
do
a
themselves for upward of
hundred
years.
Government
will
extraordinary
unless that people quickly
arrive at a reconcilation of their
must
differences
that
we
discipline, native to America, to
a degree thi3
country has not seen
but
all
means
must
incomes
as
possess
group
prey upon each other except at
day
of
•
costly.
■■v
have
of
of
more
The theory that we can
quantities of congoods and yet have a
that
mean
the
-
'
>
the
preserve
his
ness
right to work at
choosing, the busi¬
with the right to do
man
in
fair
a
and
size
statute
our
we
chase
have
done.
Every orte should realize
that
a
lies
in
the
maximum
-
•
of
classes.
of
gained
the
r
economy, whether those
rest
in
the
hands
of
rations,
y
,
v
business
workers.
or
of the
[
laws.
farmers
Who among
un¬
a
long
time
lief
labor
groups — many of
idea is
find
commend-
in
the
—
minds
through
of
as
diametrically opposite
long term best inwhole—force
».'.5
to
tors
for
all, and governmental dictation
subsidization
will
augurated,
tinue
to
invade
which,
once
probably
the
in¬
con¬
privacy of
not
systems.
but has
when
of
banking
That is what happens
bonds representing gov¬
ernmental deficits are sold to
there occurred
world
As
cies,
r
.
;
^
a
result of those fiscal
poli¬
find ourselves in
situ¬
we
might be likened to
the strewing of numerous fire-
through the shipment of
goods and through the sale of
equities in American industry.
crackers in the yard of a
■
V
(Continued
con-
mm Trust Company
OP SCW YORK
Main Office:
Uptown Office:
>
BROADWAY
1002
(Singer Building)
MADISON
Socializes
lit
Personal Trusts
Personal Itankiiifj
liOAItH OP IIIKtiCTOKSLewib Spencer
Edmund p.
Morris, Chairman of the Board
Rogers, Chairman of the Executive Committee
our monetary system and
payment of excessive prices
the
for silver should be immediate-
our
ly discontinued.
fail,
In view of the
inflated condition of
our
mone¬
tary supply, it also would be
sound
de¬
:
to
move
were
a
the President
relinq uish his
emergency
monetary powers.,,
■
Arthur
.jopn p. pea body
J... Morris, President
Henry W.
bull
Charles Scribner
Stanley A. Sweet
John A. Larkin
Charles 8.
Bernon S. Prentice
O'Donnell Iselin
russell v. cruikshank
Franklin B.
e. t0wn8end irvin
de
Russell E.
lord
Burke
Stephen
C.
Clark
Meaita Federal Reserve
.
•Mr.'.Young in his address also
coursey
charles J.
fal
.
s
nourbe
System and Federal Deposit Insurance Corporation
^
IIIillllllllllllllllllllllllIIIIIIIIlllllllllllll!lllllllll!Tilli!llllll!l!lllllll!lll!ll!l!lllllllllllliltllfi'tiiiiUi(!?fi!|
at
•
meas¬
point out the"'principle fac¬
which
this
fense
been
affect
early
our
economy
stage: :of
effort.
There
our
also
expenditures
general bookkeeper for all of
failed by more than $40,000,-
000,000
to
between
balance
us.
said, "that"
the' accounts
"By that I; mean," he
some
of
us
owe
de-.
of- Us
through the medium of the gov¬
ernment's
bookkeeping • system."
of
more
-
than i
From his remarks
Banking Service
??;®;;in Washington, D. C.
others
has
pointed out the fact that
governmental
of
us,
.
$40,000,000,000
we
also quote:
Riggs National Bank
to the
course
'"A 'iv-.-r
-F'
\
welcomes the
;v'Y>*'
opportunity to
in the
\
.
;
Nation's Capital
■
;
England; Mutual Life Insurance: Co
George
BOSTON
Willard
t
George O. Vass
Vice-President
'
and Cashier
Resources
v
•
;
.
*
over
$160,000,000
V,:.
:
-
Smith, President
/
.„-S
Chairman of the Board
OF
V •••'•* •'*' -**
serve
Bankers, their clients and friends
of
President and
*.•
'
'•
Founded
INSURANCE COMPANY CHARTERED IN AMERICA
^
-
i
1836
.t*>
Member Federal Deposit Insurance
Brown
.
Ly its founders,
MUTUAL LIFE
AVE.
(Bet. 77th & 78th Sts.)
Robert V. Fleming
FIRST
family
Page 499)
on
government securities
...
New
a
ation which
gold
149
out,
It has
care
Those funds,
through the pur¬
trusteeship and complete mutuality
New England Mutual has come unshaken
through every test of strength for a century:
has continued
to provide distinctive life insurance
protection and to increase steadily
in strength and service to its
members.
chartered
which
caused
A Living Tradition
\
people's savings.
of by inflating,
deposits which represent
integral part of our money
supply.
foreigners to send gold to Amer¬
ica. We received some of this
'.V :' )::'j "•/?*'■
Holding fast
taxation-
an
unsettled
an
situation
by
been funded
bank
climbing debt,
our
covered
never
been taken
banks.
Along with
been
the
enter
"
being done.
•
or
nation's monetary and
present circumstances,
gold.coming into the country should not be permitted to
'■
a
those accounts confused with the
Under
with the mistaken be¬
that justice is
that
so
substantial part
of the nation's
depression deficit not only has
-new
has
retaliatory
Of that amount, about
$12,000,000,000 was created by
placing government securities
Government, through
policies, has gotten
total of. deposits*
[
In
In these remarks -I have tried
between outright inflation with
miseries
secure
ures.
its
accompanying
and
will
come
correct such misconceived
coun¬
choice
a
to
$24,000,000,000 during that
period.
to bear upon our law.makers to ernment which acts in
the capacity
own
a
can
June 30, 1933 and June
30, 1940. This increase was more
a
of
sum
Today, I conceive it to be our called ,tq" the attention of the
duty, 'j as thinking citizens, to bankers that during the 25 years
bring every possible influence ended in. 1940,: our 'Federal Gov¬
most
demands
terest and to those of the
.
:
us
by
tween
a
in the light of history, to real¬
ize that thoughtless people for
measures
try
•
corpo-
and
Americans
emotionalism
ther making of
in
It is hard to sit by and see farm
i running
to their
>'
reality
mand
•;
•
country
our
fiscal
ernment.securities now held by
banks, or an outflow of gold, or
liquidation of loans and investments will, reduce the sum
inevit¬
group.
money
.
.
for many years supplanted cold
derstanding of these principles.
ation
favored
once
profits
broader
a
un¬
point of balance. Always, they
go to the point of persecution
.
There must be
whose
v
men,
will
of
of
posits
■
above4 taxes,
effort.
our
the
with commercial banks
its
such
a
process
reduces bank
-deposits. That'ig not true for
the banking system as a whole,
generally speaking, as only the
payment or shifting of govern-
as
no
temporary " advantage
by a group of people
fellows
->•
absorption
monetary system
country's supply
including bank de¬
more than 50%
be¬
gold in
increased
Federal
our
such reactions do not stop at the
.f resulting % -from % our ■. inflated
..
country
a
really have
-
monetary system.
cial banks and of the
of
years
of such
our
The effect of the sale of gov¬
securities to commer¬
than
the.
-
par¬
ably bring about a reaction in
the long run.
Unfortunately,
consumption by all of us.
An¬
other lies in heavy taxation applied against new-found profits
-
we
thing,,
Such laws must be
the^r
over
lies in the curtailment of their
•
where
ours
quantity of consumAnother protection
goods.-
er
production
vicious
a.
ticularly in such
the greatest protections we can
have
against runaway prices
•
'
is
»
the
presence
our people, represent
only. sound way io. finance
deficit. Many bankers labor
[•under the misapprehension that
today so
many laws that, in final effect,
hamper these aims. Class legis¬
the
One
Sales
it into
by all of
books
lation
•'
k
made available
It is unfortunate that
on
;
and
defense
upright
manner.
production ;of
businesses.
Federal
try. Personal sacrifice on the
part of every American is re¬
quired in order to increase such
savings for use in our common
own
business
*
into
for.
us
of foreigners.*
acquired, we took
huge debt in our economy has
far-reaching significance, - but,
even more important is the fact
that in managing the debt our
Tnose funds should be provided
from the savings of the coun¬
job
a
r
Over
essence
every-day goods snould be neg¬
lected during this period.. And
parenthetically, let me add that
I am glad to learn that something is to be done to preserve
small
bank
siderable^ quantities>, of
addi¬
tional
funes will
be- needed.
>
•
«
inflating
for the defense
worthwhile
a
money.
free
with the
projected has been proven to be
ridiculous, but this does not
;
pay
Selective
raise
to
We cannot
men.
enterprise—the farmer
with the right to farm as his
judgment dictates; the worker
production. As articles
defense production for the
i
•
of free
must
we
great
sumer
r
the
of
heavy cost. We must band to¬
gether for the common good—
The
get scarcer they become
;
of
process
possible, "the expense must be
met by taxation.;: A broadening
'
V
commercial
effort. To the maximum degree
a
people for every¬
is competing with
goods
defense
written during
as
during the period
of this emergency if we are to ^Tax is undoubtedly required to
help accomplish those ends and
-emerge
therefrom
a
solvent
God, so far, we are
only to work, save,
lend and sacrifice." ^;;
;
Mr. Young continued:
Commodity
prices
have
demands
history;
deposits to
use
of
'-
whether pruno
lay¬
We could wish
know.
We cannot afford to continue
a
upon
rise.
end—na¬
The
to
credited it
we
ernment
problems
of
today
ignored, lest their re¬
stretch far
ahead.
wastefully,
or
that'
the
taxation;
up
such
for gov¬
open
we
to
called
substantial
ef¬
ability.
all
grace
a
defense
can
we
we
equitable
ernmental
for many a year. Churchill called
it 'blood, sweat and tears'; by the
shown
necessary
man
desires for
our
our
must
curtail
luxuries;
profits;
submit
heavy
self
a
all
for
all must control
job
exercise
understand
we
instincts
our
certainly continue to do this
and
to
come
principle;
for
a
national
Tectsf of that history. What each
man can do is purely
up to him,
and
his. willingness,
and . his
;
:
.
should do for themselves and did
to
the
•
way.
that Government must do the job
of control which a free people
directing
subsidization f of that sort
\. :today> to offset to the maximum
intolerable- to the American
[extent possible the adverse ef-
Financing at the
Convention declared that, "a re¬
on
are
these past few years, were much
different. Effort is " demanded
v
our
sults
dently
the
why
cannot be
sent
was
the' accounts
to
that is
and
war
it
But however
about
sult of the last
/
We all agree, I am sure, that
President and our Congress
tional
world broke
new
from the old
state
places:
our
fort
was on ac¬
things
colonies of the
Defense
It
toward
socialism which must be defin¬
they produce the^
for
good
road
a
origin,/generally
two
of
safekeeping and
speaking,
$15,000,000,000 represents unpaid costs
of the last war; about $27,000,000,000 represents unpaid costs
of financing the depression. The
[.depression was largely the re¬
in
feel
traveled
v
.
greatest
its
happen and many Amer¬
we
already
have
icans
Some
represented by U.
Government .securities, had
S.
.out to defend. We do not want
laws that
are
to:
American
Must Be Safeguarded
Pointing out that "we have on our statute books to-day
a
great many of us sincerely believe are foreign
to the ideals of
democracy," Benjamin E. Young, VicePresident of the National Bank of Detroit, of
Detroit, Mich.,
stated at the annual convention of the ABA in
Chicago on
Oct 1 that "these enactments are
legal but I wonder if they
That debt,
contemplated, while
the
security
of
sovereignty; can des¬
troy the very thing we have set
■
.
;
size
V essential,
-mil
„
493
••
.
Corporation^,
. f
.
yards
times,
Financing of Massive Defense Program
Should Be Done Through Normal Channels
V '
top
ners
of that the tank
greater than the whole of the
Motors
outfit.
And
add to that the ship¬
in the
of
iW."
•
rates
A
about
lot
of
important
factor
bankers
cussed
flared
will
for
for
the
is-.
*
■'
..
■'
.
1 'V
■,
is seeing that the
of the defense pro-
is accomplished as far as
possible through the - normal
channels of private capital and,
independent bank credit rather,
than by the government.
We
want to be aggressive in seek¬
.;gram
interest rate that
an
you
pay
job
financing
part >of his story.
You are
justified in asking your cus¬
tomer
^
Our
a
'41,
part of the coun-
i
with the 1 •%% rate, but that
does not tell anything. That isn't
and for a number of
years ahead.
As a nation,' we
have made two decisions which
of
program,
you
real service to their cus-
a
<•.
the
should
he
if
of the
Most
job.
tomers.
.
outset
what
because
the, legal
alert and
try have set up such organiza¬
up
prospects for the business
give
tions within their shops to ren¬
loans
defense
Jones
Jesse
is /by
most
the
bankers in this
,
.
lot at the
a
thing
on
be.
:jr
••■•.••
this
money
you
clear of
you are
on
der
heard
We
it presents for
defense ;program
the
far
which calls
for production of .ships greater
than the capacity in all the ship¬
to say:
and
urgent
..
General
building
most
our
important industry.
United States, to
defense loans.
are
by Lend-Lease. Thus,
making of munitions has
become
" f
opportunity
an
rate, if
thorized
communities, what
smaller
service
the
even
you,
to ; think of
trebles and
stop
thing
of these
will
we
unlimited. aid to Great
Britain and- her allies, as au¬
then it trickles to the four cor¬
I / Our
when you
you
that
when
business; the business of mak¬
ing tanks requires an industry
the whole
this coun¬
try. The bomber industry alone
will be, upon completion," he said
"a greater industry than the whole
of the automobile business of this
country." In part Mr. Brown went
industry greater than
automobile industry of
on
capacity."
When
The second is that
the
the
of
him, and he can afford to pay
extend
ling our present production of
our
for
but
nation ~on
and also in the
customer, not
your
rental
for
armed
strongly
air.
percentage must be raised
35 to 45%, which means treb¬
the
on
alone
for a num¬
forward.; The first
land, and at sea,
this
to
you
ber of years
a
r
give to
will shape our course
decision is that we will become
determi¬
big job.
Only 15% of our present in¬
capacity is being used
for defense.
It is estimated that
annual Convention of the American Bankers'
Association at Chicago Oct 1, Mark A. Brown, Vice-President
of the Harris Trust & Savings Bank of Chicago told the
bankers that "it is difficult to comprehend the massiveness
of this defense program. The bomber program alone," he
Put
with
dustrial
cing at the
declared, ''calls for the creation in<£
a limited number of months of an
future
nation to do a great
Table Conference on Defense Finan¬
Before the Round
of the world in normal
we
are
really looking
the
into
Thursday, October 9, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
494
these loans. When we re¬
applications for amounts
ing
service
ceive
beyond our legal limits, let us
willing to cooperate with
•
be
neighbors, with the other
community prefer¬
our
banks in the
ably, but if not, with our cor¬
respondent banks, and when we
these applications thaf
-receive
■
consider
not
do
we
bankable,
should endeavor to find out
we
how
We
make them bank¬
can
we
v' /'••• ••
v-'/'
selling money. We are
able.;/:
are
selling credit. The banker of to¬
morrow is going to recognize it
he does
good deal more than
a
out of this
are in at the
today, after we get
that we
emergency
moment.
You
,i
,
there
know,
three
are
phases to this defense program:
the
letting
then
the
tooling
;
contract;
of
/ first,
up,
getting
then
everything all in order, and
•
production. That is the big item,
big production. Plants all over
this country are going into big
and
WHATtoday
is taking
place inbest
the automobile
indus¬
is perhaps
described by
the
try
right
away;
the impossible will take a little longer."
So many jfcats
been
worth of machine tools
tic
performed by the automobile industry that few
people realize how totally different from its
operations are the defense jobs which the
defense work, and the
to
of others for
normal
exacting
new
/ defense program.
Despite tne idle funds bank¬
are
currently
concerned
training of. thousands
ers
that today they
period of their business careers.
.1
poration's Divisions
*
—
Chrysler, De Soto, Dodge,
Extend Social Security//
.
Since the defense program was
Plymouth, Engineering, Airtemp; Amplex, Parts
begun, Chrysler.;
the load.
The
an
work, and they, are contributing their
increasingly substantial share of
:
.
/:./.,•/;.
combined skills and
.;
responsibilities undertaken, and the great
progress
ductive facilities
thus far made, cannot be measured in terms
-
machines,
of dollars, nor men, nor
nor even
deliv¬
purposes, v,;.'
so
.
eries
to
date. In fact, the
beginning
—
but to get
notable achievement of
organizing
on
so
.
production stage is just
far
so soon
is in itself
devoted
to
are
v;
l
*•-
>
,
:
-
millions of workers. The purposes
Defense—the Number One
would be to serve as a slight
ence,
deterrent to inflation and to ease
'J
Security Act are:
'possible
as
in
}
t
To make coverage as
L
specialists—are at work on the
draftsmen and other
to, a
A
.
Social
the part of this industry.
industry
economy' after the
emergency. Mr. Roosevelt further
explained that the two main ob-/
jectives sought by revising the
peacetime
)ob.;The per¬
laboratories—iri-
of
transition
the
■
eluding engineers, scientists, metallurgists, designers,
planning, and building, and 1
-the
confer¬
program,
his: press
President-told
.••'V./ "'v
a
^enlarged,
the
of
*
'
«j„
that he would soon
extend the social
program . to,' additional
30
Sept.
security
V
its
vast engineering
resources
are
largely
/
V""yi-V, " rv
'
*/'h* /*[ -Sp
;
Roosevelt announced
President
ask Congress to
being widely utilized for defense
!•,,,(* £;*u
-
on
Corporation's pro¬
sonnel of its technical and research
broad
both unemploy¬
ment insurance and old-age pen-
Chrysler Corporation's participation in the de- j
fense program
.
,v
.
i">'
individual and
experience, j
Furthermore, just as Chrysler
,
y
—
assigned important, parts of its defense
have been
Corporation and other automobile manufacturers
have assumed
bankers can be assured
enter the busiest
about,
skills. j—7 -f/';7///v
production facilities of all of Chrysler Cor-
The
industry
has undertaken to do.
of dollars
and other equipment, but
shifting of important key,men from domes¬
also the
of engineering and production have
■^production 9t the moment.
•
'
/ Charles Garland, who was the
financial adviser until a few
weeks ago, of the OPM
said,
Z "Dollars must be supplied in
larger quantities than ever be¬
fore in our history to finance the
possible, the designing,
building and installation of millions
be done
"The difficult thing can
observer who said:
adaptation of ex¬
building of new factories, the
isting facilities wherever
has entailed, not only the designing
<
development of various Army and Navy
projects.
/
engineering
.
."//:/7Y/':^r;; /.//// ' f
sions..'•
/*- Z/./'ViV- \v"
-
work
To
2.
out
7 /
a
;/T
system1
-whereby Federal assistance will
be
in poorer States.
increased
There
are
now
about 40,000,000
covered by the Social
Security Act and Board officials
pointed out that the extension of
the
program
might include an
additional 27,000,000 p e rso n s',
listed
as'Vfolio^s:,; 2,500,000 do¬
mestic
servants, 3;4,500,000
farm
laborers, 5,000,000 self-employed,
7,000,000 farm operators, 3,000,000
casual
laborers, 4,000,000 public
persons
.
employees
table
SOME
,
DEFENSE PRODUCTS OF CHRYSLER
and
ARMY TANKS
.
TROOP
•
FORCINGS
.
ANTI-AIRCRAFT CANNONS
AND CARGO
.
BOMBER FUSELAGE SECTIONS
MOTOR TRANSPORTS
POWDERED METAL PARTS' .•
WEAPON CARRIERS
.
; CANTONMENT FURNACES
•
*
.
-COMMAND RECONNAISSANCE CARS
AMBULANCES
FIELD KITCHENS
'
COMPRESSORS
-
MARINE
MAR1NP
ARMY CARRY-ALLS
/ . ' TENT HEATERS
"
•*
.
AND
INDUSTRIAL ENGINES
AlVIV.IVmtGTntAI
VNriNFS
V
.
.J.,,
■.
_
the
same
day
FIELD RADIO
.
.
.
DURALUMIN
-REFRIGERATION
- - - • f • i •*
tary
of
McNutt,
GET
THE
(GOOD
THINGS
FIRST
FROM
CHRYSLER
"CORPORATION
with Secretary of
Morgenthau, Secre¬
Labor Perkins, Paul V.
Federal
Security Ad¬
ministrator;
Harold
D, v Smith,
Budget Director;4 Arthur J. Altmeyer,
Chairman of the Social
Security Board, and Roy Blough,
Chief of the
you
chari¬
" / J
The President conferred earlier
CORPORATION
the Treasury
CARS
1,000,000
workers.
sion
of
the
Tax Research Divi¬
Treasury.
Volume
^Number
154
>
3991
THE COMMERCIAL & FINANCIAL CHRONICLE
495
'
Old General
Commends Response
of Bankers to Needs I
P.
D.
Houston, in his annual address
President of
as
ABA
the
presented at:: the 'opening session' of its annual
convention at Chicago on; Oct. 1, stated that "in this
year
of many distractions it has been important to
keep the vital
service that banks are performing continuously* before the
public." He went on to say— r /
1
J
_
!
banking activity4
and
banker opinion has been
w.idely publicized. ; The Asso¬
Organized
'•i
has
ciation
continued
to
semble
on
quired.
More and
ized authority
centralf-
more
Will'be exercised,
Not until recently have the
people begun- to realize this.
Only the curtailments of motor
as¬
data
the normal
Hindenburg
von
delighted with the opportunity
to
,?■;/ was of the same opinion, for in
-his memoirs he wrote of Amer-
•
here
meet
This
week.
in
^
will
be
67th
our
>
iean industry: "Her brilliant, if
'pitiless war industry had enterecl the service of patriotism
and
had not failed it.
They
understood -war,"
•
The
V-
i." fern is
ican
>
r-
•
American
banking
vital part of the
a
of
sys-
Amerf-
the
its part.v
be
At the
start of the
; :
.-i, ■:T
of
the
Amer¬
Association
Bankers
was
this
will
week
most
be
important in the
of
-
The
held
tion's
welfare
of
country
our
credit
.
conversion
of
from
economy
many
felt.
in
of which
It
is
our
and,
in
tion,
addi¬
i
n
of
T
on" the
defense
lend-
(Continued
President
banks, and
to
give
'results
the
of
has
r
this
take
5 the
tb
of
made this work
They must have materials for
w~..L
their
to
thank
must
banks
which
_
occasion
thousands
and
new3
column.,.
editorial
to
space
possible by
re¬
sponding . to the Association's
.".questionnaires
and
otherwise
assisted
in
the
compilation
and
publication -of these
•
vital
It will be necessary to
studies.
of
kind
this
continue
activity
in 'order to build an accumulat¬
r
spond
to
continuing to
such
requests
data
we
find
by
help
as
In
to
you.
of
Bank
We
for
pride in the
which the banks
At the beginning of
those
were
that
asserted
who
unequal
were
That
needs
«
have
the
of
their
and
zation
up
under
in
taking
have
we
done
and
that
are
we
/
back
won
4
vidual has
public
commendation, over the
radio for their
service from the
-Secretary of the Treasury.
Yet
we
have seen but
beginning
of
our
war
the
C'
9
near
Port Neches and Nederland, Tex.
?:>*■/
-f:'T
1
" '
'• '
,»
.
developing
new
products from
materials of little value in
raw
"
themselves/ And in the van;of the pioneers in this work have
;
v
>•
always been the refining technicians of The Pure Oil Company.
-
.Petroleum
;
refining took'
a
giant
strMe forwardrecently; when Pure
Gil's
new
plant
at
.thermal
*
product—a? major contribution
the
A
year
the question that
ago
enough.
Time
of the
was
the
collapse
of, Italy,
battle of Russia have
■
fast
move
es¬
The courage of the Brit¬
sence.
ish,
whether
was
the
all given
Second
runs.
largest "poly-plant" in the
towered unit is
high
•octane
huge, multi-
designed
to
gasoline from
produce
gases
and *'
than
mote
tury our
products normally burned under
stills,
or
largely wasted.
a
quarter
of
Company has been
the leaders in
developing
duction,
processes, new
new
a cen¬
among
new pro¬
prod¬
Today, producing operations
ucts.
in
to
industry's conservation effort.
For
polymerization
Smiths Bluff .Refinery started
United States—this
ten
states
and
modern refineries
a
network of five
supply
15,000 dealers through
more
a
than
well-bal¬
anced transpoftation system.
'
time..
However, time is still
the essence, but I think we
us
of
are
is
on
our
dual
a
Rearmament
way.
operation.
It is
J
the
function of the army and of the
:
navy
to
say
what is needed and
.
The
petroleum industry is watch-,
ing this
est j
new
equipment with inter¬
because it makes
product? from
an
a
much-wanted.
almost unwanted
4 All the facilities of this Company
are
the
devoted
to
American
more
reason
one
purpose—giving
motorist
to
the function of industry to pro¬
duce it.
To get the job done the
has
government
some
of
talent
in
ceed,
this
have
the
authority
the least
-I
the
to
draft
managerial
To suc¬
management /must
amount of
greatest
possible
and
'
Suffer
interference.
believe,
in
had
best
the country.
as
Bernard Baruch
his
book, "American
Industry in the War," that given
sufficient
unity "The mobilized
a weapon
of offense
more
productive capacity will be de-^
manded by it, more and more of
our banking service will be re¬
has
*
history of-petroleum refining has been largely the story of
safety of the nation.
industry of America is
conflict
1
its initial
will increasingly
dominate the nation's activity.
More and more of the country's
The
\
1
to
stated
efforts.
',V
group should be permitted
exploit the emergency at the
expense
of others, or at the
one
,
agency,
'
The
no
equal stake.. No
an
us
outsold
every
other
and they received the
'
of The Pure Oil Company's Smiths Bluff Refinery,
Political
Every,- indi¬
groups.
pressure
could
They
to
by giving po¬
individuals or
democracy
program.
Our
bulletin was
adopted as the standard primor.
Banks spent thousands of doL
lars to advertise these bonds.
be
can
now.
maintained with*:de4
fense authorities, bulletins and
•other literature were produced,
and
advertising material was
put-'be-^
up
effort in
engaged must be
litical rewards to
was
was
Section
in. pro¬
people recog-
confronted
enthusiasm
m «
war
held, con-
same
of
credit
the
the
It cannot be
the
;bind the Defense Savings Bond
care
partisanship have
place
in
it.
Winning a
requires the concentrated,
united effort of all the people.
ade¬
provided.
The overwhelming
majority - of
defense
supply
loans
were
made by
banks.
Even
the
critics ' were
con¬
founded.
The results speak for
themselves.
'
/
i
The
same
organization,, the
as
war
lending on defense contracts.
vttact
I
do
no
leadership of the National De¬
fense Loans Committee to fos¬
Many meetings were
all
programs, and
nationwide organic
set
was
received.
will
defense
turning
We
a
be
we
successful. V There
the support
affirmed
Last fall
■'
as
which
there
circles
the banks
have .called ori
many of you for extra service
and you,have given it.
■>
then
applications
more
will
job
ernment
to
the
credit
would ; develop.
banks
quacy.
ter
a
$ nize
From the outset of the program
we
for
defense
places
It is important that the gov¬
political
in
bring
now.
the rearmament program
i
business
-
needs of the nation in the pres¬
ent crisis.
Many
good
responded to the financial
have
will
that
viding
take
in
manner
It
loans
know
*
can
small
the program develops we
now.
Term.*
Houston,
the
goods orders to many
which have not felt them up to
v
Houston, who is Chairman
of the Board of the American Na¬
tional
defense
..
service.
it necessary to
Mr.
•said: in part;
they
or
production.; The government is
now
undertaking a program to
relieve this distress by spread¬
ing orders for military supplies
throughout the economy.
We
applaud
this
program
and
pledge our support to this effort
to preserve the business order,
As
outlining
the
business
them* for
shall have new' opportunties
for
v''/'V. T'T
the activities of
Association during the year
send
have
man.
re¬
-
normal
especially
ing record of bank lending and
other service.
I know you will
all
Petroleum Conservation
to
He added:
it3
:a
genf
Houston
D.
A New Pure Oil Contribution
of The armed forces."
"Many," he
said, "have been deprived of their
very
life blood which consists
of the materials they must have
if they are to stay in business."
thes^
and ha&
erous
P.
"a
enterprises, especially on the
type of business, by vir¬
tue of the priorities requirements
merit of
data
to
hardship"
smaller
the
accorded
occa¬
refer
address to
ness
rec¬
ognized
his
took
which he noted
"has been worked on many busi¬
The
press.V;..
in
tragic
the
to.the
survey
press
sion
r.
,
Houston
tent
than
even
or
defense
anything
seen—more
than the mind
ever
the
imagined."
of any
po¬
world
terrible
man
has
Be
sure
a
Page 499)
on
production, gasoline restric¬
tions, the disappearance of silk
stockings,
shortages
in
consumer
goods and the depriva¬
tions of priorities have driven
these facts home.
activity
g
the
na¬
peace
are now being
hope that these
car
Tending activf
ity of banks
and
The delibera¬
convention will be
our
economy to a war economy in¬
volves
' great
readjustments,
•practical banking operation, we
chiefly with
the
for
public
devoted to both.
an¬
Jt will
-shall- be concerned
are
the
tions of
fshall discuss various aspects of
,
dual role to. per¬
financial service.
of
one
The
emergency.
a
tinue to shrve the normal needs
founded two-thirds
during one of the na¬
tion's greatest crises. - While we
bankers, Mr.,
-;
•;
-11
}'
The members
ican
together
nals of the Association,
j
Convention
>;
convention.
century ago.1 Our conven¬
a
tion
-
;:-,y': j -V
annual
assembled
-
nation's history since the Asso¬
ciation
j
:
have
,
of
have
They must1 serve the
growing needs of the govern¬
ment it its program of national
defense, and they must con¬
for counsel in every year of the
■
production system.It is
doing and will continue to do
in welcoming the
Houston said:T :
-4
:
-
consecutive
"We
time
form.
'
•
this
banks
Chicago this
with Pure
more
and
-
496
THE COMMERCIAL & FINANCIAL CHRONICLE
quardt also had the following to
^Savings Business
In Bank
Stabilizing Factor
a
say:
;
»
-
"» t
tt
'
:a'.}<•>.;v;j
.'»»*.*
^
> *>. i, y'Zfc V, ».,-<«
i
* -if
'>
banks
"would
be
unable
to
survive
•would have to go out of
said Mr.
number
and<*>
business,
Marquardt, who is also
of banks
—
and branches
—-—
are
attitude
The savings business of most country banks is a stabiliz¬
ing factor in the bank's over-all activity, Roy R. Marquardt,
President of the Savings Division of the American Bankers
Association, stated on Sept. 29 at the Association's annual
convention in Chicago.
If savings deposits were removed
a
business.
social
tional Bank of
of
»
ill-advised
toward
The
?.
,
the
their
savings
the
Federal
In
of the slight
to
banks
consequence
profit
which
through saving deposits;
of
them
of
many
•
with
on
savings
i
Many depositors in
consequence
to believe that banks were
came
not
interested
that
bankers
in
their savings;
almost
resented
terest and dividends
wide¬
policy df accepting
savings deposits,
can ' increase
community good
will toward
banks, make a small
profit, and pay a reasonable, if
low, rate to depositors.
The
all
restrictions.
dounded to their credit.
a
banks, by
hedged the acceptance
deposits
spread feeling of the uselessriess
of savings. J The low return on
invested capital has. caused in-
caused
change in this attitude.
It has
conducted surveys showing that
came
receiving savings deposits. The
popular reaction to this attitude
of bank, or the supposed atti¬
tude
of
banks, has not re¬
Government
H
in
development of
security by
the
First
Chicago.
Na¬
Mr. Mar¬
in
banks to
reach
a
low
point without parallel in
the history of the United States.
The
has
tried-
Bankers
to
giving
about
rate
of
interest
long-time deposits of little
a
to
ac¬
tivity, will find it possible to
transfer sizable amounts to the
;
surplus account.
As practices in
shipping, in
merchandising, and in manu¬
facturing change and new credit
Association
bring
a
fide
preferential
Savings Division of the
American
bona
Division has developed plan
by
which banks, through
———-—-
deposited
Vice-President
-
Members
of .the
Executive
Committee and. Officers of; the
Division - -have felt that some
Activity, Says R. R. Marqnardt
ifrom commercial banks
j
.
Thursday, October 9, 1941
a
situations
competition
appear,
with banks
develops.
It grows
opportunity created by
changing practice.
of
out
Whether
stantly
changing
"»■'!
!•
bankers
been
point.
have
alert
trends
Banks
to
is
con¬
discern
beside
will
the
find
that
~
they should furnish
financial
tomers
will
.
;K*:.
».
;
else
or
do,
complete
their
cus¬
another
A
so.
a
to
agency
will dis-
bank
that it cannot accept only
of all bona fide
cover
y
service
three-fourths
savings offered it and expect no
competition from agencies other
than banks.
'y. \
i
;
It cannot neglect its potential
customer.
It is not possible to
.
the
wrap
savings
of
people
a
in
savings banks. Strictly sav¬
ings banks are rarities outside
biffest asset
;-of the: Atlantic seaboard states.
Seventy-four
per
banks
savings
have
of
cent
•
all
depart¬
ments or
accept savings.
So
the future of savings in banks
is not limited
but
rests
to
with
savings banks
banks
of mixed
deposits.
The
ings
*
Savings
tinues
Division
confident
business
that
of
con¬
the
sav¬
banks, is
greatest business
in
the
the world,
affecting as it does the lives of
people more directly than
any other phase of finance; and
more
the
Division
ers
should
that
urges
be
alert
bank¬
to
com¬
munity needs; that changing
practices
in
business
require
similar changes in banking pro¬
cedure; and that country banks
should
their
W,
'e
began
business back in 1847, the
same year
began using postage'stamps. At that time, there
states
United States
sions.
ers,
we
wars,
The
in which the
involved, and through major panics and depres¬
Today The Penn Mutual has
than 400,000
more
North
policyhold¬
whose insurance with this company amounts to $2,000,000,000
a sum
about
equal
to
the total national income of 1847.'
asset
asset
back in the early days is also
cultural
ten
finance
sented
during
plaque
The
years.
behalf
on
of
the
policies which have marked the development of this 94-year-old
of
the
North
Dakota
Bankers
Agricultural
Mr. Irish
Com¬
introduced
was
general session of the
Oct.
on
Thompson,
1
by Otis A.
Chairman
of
the
ABA's
Agricultural Commission.
The agricultural activities of the
North Dakota Bankers Association
during the past ten years have
included, intensive banker-farmer
cooperation throughout the state.
life insurance
company.
''' Y V
:
Bankers
*Y
of
the
keen
interest
stock
projects.
state
in
have
THE
.
M
t
't
If
k
business
at
record
to
the
Wells
Wells
.
President
H«
r.
high
levels
current
"busi¬
just released by
Fargo Bank & Union
of San Francisco.
The
Fargo index of the State's
business
JOHN A. STEVENSON
Up
California
Outlook"
ness
company
in
continued
Trust Co.
insurance
live¬
-
according
the
taken
and
crop
Calif. Business Still
August
life
pre¬
Associa¬
Houston, ABA Pres¬
ident, to Fred A. Irish, Chairman
.
today—the public's confidence in the sound and progressive
agri¬
the past
was
tion by P. D.
mittee.
biggest
our
Bankers
awarded
Oct. 1 for its work in the field
farm improvement and
Convention
biggest
of
Chicago
on
at the first
Our
Dakota
was
Association's
—
vary
those
the
honor plaque of the Agricultural
Commission
of
the
American
Bankers Association at
of
was
to"
from
■%rWte! Plaque
only 29
were
Association
have lived through four
hesitate
Uncle Sam
in the Union.
Since then,
not
practices
activity
rose
to
165%
of
the
1935-39 average last
month,
against 159.9 in July and 114.6
in August, 1940.
Comparing Aug¬
as
independence
square
•
philadelphia.
pa.
ust
with
Index
tion,
July, all four of the
(industrial produc¬
freight
carloadings, bank
factors
debits,
and
department
sales) advanced.
-
store
/ Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3991
154
These regulations were estab¬
in the hope and belief
American ships did not
lished
ABA Presents Testimonial of Honor to
that if
sail
Brigadier General Leonard P. Ayres
i
testimonial
A
of honor was presented to Brig. Gen.
Ayres at the first general session of the 67th an¬
Leonard P.
nual
of
convention
the
American
Bankers
Association
at
•
Chicago on Oct. 1. The testimonial was presented to Gen.
f Ayres by P. D. Houston, A. B. A. President, on behalf of the
; member banks of the Association. An embossed manuscript
Jon parchment bound in a leather^:
counsel when critical issues
1 folio, the testimonial reads as fol¬
lows:
"In offering
.
l'; "Through the
members of country
years
the
gency at
American
ne
high quality of his patriotism. His
example is an inspiration to us
been
enlight¬
ened
by
"We
of Leonard P.
recent
Ayres.
merit
the
Army
voking
membership expresses our deep
gratitude to him for his work as
a banker,
his splendid efforts as
h i
"This
ad¬
before
confer¬
lectures
s
dent
Ayres
the
body
Col.
outstanding
of
involved.
has
Each
called
him
zens
of
same
defiant and truculent and
which
on
subdued
land
neutral
conquered
and
and
peaceful
combat
States
our
official
made
the German Government
upon ships trading with
or
sailing to nations at war.
They were made upon American
ships on the roadways of the
high seas, where internal law
says they had a right to be and
the
where
the
States
say
ruthless
neutral
spirit
World
nations.
that
War,
The
dominated
during
enhanced and
brutalized by the Nazi doctrines
of Hitler, has recently attacked
laws
of
they had
the
a
United
right to
be.
the
family,
service
look forward
We
as
with
Vice-President-on-
the Cleveland
Trust
Co<
Brigadier-General, as
our issue of July 19,
333. He was recalled by the
Department last October as
page
War
Chief Statistical Officer.
for
Senator Connally Tells ABA
Convention
Neutrality Act Repeal Not Un-neutral
According to Senator Tom Connally, of the U. S. Senate
Committee
on
Foreign Relations, "the repeal of the so-called
Neutrality Act would not be un-neutral." Senator Connally
made
this
in
statement
addressing the annual convention
of the American Bankers' Association at
Chicago
Oct 2
on
and he added:
After
its
repeal,
f: States would be
i
The act
law.
of
arming
the
prohibits
merchant ships.
7:
a
international
der
-
the United^
neutral unour
I favor the
trade
it
ruthlessly at¬
tacked upon the high seas, while
on lawful business, ought to be
allowed to
the
ing
and
the
to
so-called
In the fall
of
Arms
are
the sale and
permitted to sail under interna¬
their entering
going on lawful
missions to the ports of nations
are
gone,
shed
and
the
of
Shall
we
rights
of
we
abandon
succumb
wild and fantastic plot
Hitler
for
world
dominion? Shall we tremble be¬
cause
limitations
of
people,
upon
that
-
nations
and munitions secured be¬
fore the
same
shores.
American
denied
the
should leave
right
ships
to
ships
were
on commerce
of the
doctrine
that
commerce
the world,
is
essential to
and
trade with
and likewise essen¬
tion at
in
transport
car¬
with any na¬
The President was
to
establish
belligerent
which American
sail.
our
were
American
prohibited from
war.
authorized
zones
was
war
acquire title to the
rying
maintenance
It
at
in the United
arms
light of our historic and
traditional
the Act
the free¬
shipping and upon
our
and munitions.
doctrine of freedom of the seas,
our
laid
arms
Conqueror
forth his sword?
a
American
stretches
the
In the
safety and the lives of
the
arms
this
and
tect the
purchasing
of Adolf
empire
the peace and to pro¬
States should
them?
before
to
extreme anxiety to
an
required
surrender them? Shall
we
arms
However, still
preserve
dom
citizens.
our
re¬
against
shipment of
war.
Em¬
It
the rights of our citizens.
the protection
for
cringingly
Shall
fashion,
glorious
blood, for their main¬
our
tenance
undeni¬
under the law of na¬
have, in years that
in
prohibition
at
ated by
zones or
We
tions.
Company
in the interest of peace, motiv¬
of the ban against
able rights
the
nations
I favor the removal
our
The Standard Fire Insurance
1939, the Con¬
the
enacted
gress
moved
are
Company
Connally
our
These
The Automobile Insurance
of
by modify¬
seas
respect to the freedom of
ships to sail wherever they
war.
our
doctrine
bargo Repeal Resolution.
at
Casualty and Surety Company
should
we
ity Act should be amended with
combat
Company
also said in part:
view that the so-called Neutral¬
tional law.
Life
Mtm.
Insurance
The 7£tna
States,
reordain
amending the
or
further
my
view that
my
reassert
In his address Senator
property and their rights.
therefore,
United
Neutrality Act.
de¬
their
decks—for the defense of their
is,
the
freedom of the
fense of human lives upon
It
with
adherence
for their neces¬
arm
self-defense—for
sary
is
now
being
now
ships of
re¬
peal of that provision. It is my
view that merchant ships that
are
tial to the safety of the
other neutral nations which may
The
combat
areas
into
ships could not
f
These 7Etna>
were
upon/ships within
They were not
States.
from
Naval
zones.
noted in
was
succeeding
on
right to sail under international
a
made
the rank of
"No sacrifice of time or energy
has been too great for him when
the interests of the Association
President
the high seas where they had a
peace
be wrong, with .its
swarming submarined and sur¬
face raiders upon the seas, sank
the ships and murdered the citi¬
within combat zones, they would
not be attacked or sunk upon
law, accepted and recognized by
all civilized nations. That hope
and belief have proven illusory.
The
brutal
Nazi
philosophy,
tacked
not
Cleveland, Ohio, was nomi¬
nated on July 10 last by Presi¬
dent Roosevelt for promotion to
to the
profes¬
sion.
were
of
Ayres,
leave of
our
Destroyer... These attacks
the .desire to live
anticipation to the day when
he may
return to the banking
of profession."
School of Banking have made an
science and the art of
of home and
in/
v
keen
Graduate
contribution
United
the
distinguished
leader.
a
each year be¬
fore the stu¬
p.
his
and
and
of
testimonial
member
a
con¬
•
permitted
'
merchant
submarine at¬
the
ing
His
and
not
American
a Nazi
United
recognition of his
profound
writing,
his
thought - pro¬
ences
l.
with
delighted
were
further
by the Government in mak¬
him a Brigadier-General in
ventions,
were
sunk
ships, and
all.
the
brilliant mind
our
ports of belligerent
and
in this national emer¬
great personal sacrifice,
again demonstrated the
ciation
have
the
Holland, Denmark and Norway
and
Belgium,1 who had com¬
no .wropg, unless the love
mitted
his services to the
Bankers Asso-.
dresses
Col.
has
arose.
to
nations and
497
Companies write practically
every
form of insurance and bonding protection
s
'
THE COMMERCIAL & FINANCIAL CHRONICLE
498
as
Three
Major Tasks Are Faced by Ike Nation i
Says Economic Policy Connnission of ABA
*•
'
"
1
•
' '
<
is
taking immediate steps to minimize inflation, according
Policy Commission of the
.American Bankers-Association presented at the annual
on
.
'
Sept.
under
Convention
at
all
the
other
Lend-Lease
democra¬
disbursed.
'
■
their
ever
-
is still short of the rate of sink¬
30. The Commission is of the board of the National CityChairmanship of W. Bank of New York. The report
ings.
Aid
to
is
England
been
'■
•
there
still
most
everything. Our productive
for
in the long run will be
very
effective," but the long run is
still a long way off.
The Treasr
■'Our
fiscal;
30
concluded
year
our
government
000,000.000
for
about
8%
was
income.
Britain
the
same
the
*'
GENERAL
ACCEPTANCE
MOTORS
In
terms
of
facing
sales of the
mounting
and
we
Corporation
On
of
have
we
have
air
conditioning;
equipment;
delco
trucks;
cmc
lighting,
bedford,
power
many wise discus¬
by government officials,
by economists, by men of affairs
eral
are
"
V.
•
'•
•
'* •*,'
"
only just begun to
•
•
/•
.
presenting in turn to
which
credits, widely diversified
employed
•
.
In
being in
•;
^^
.'
■'
,•
:
•'
excess
'
t.
of
'.. *'•'
/->;*••
'
•
/?">
r-.r-; "l'x
obtaining short term accommodation,
houses
and
.
standard form of note.-
This-
unavoidable
tanks
or
and
in
t'"~.
•
■
A
confused, at
v
Strikes
gmac
issues
obligation it offers to
defense
labor
production.
have
unrest
delay is political in the broader
:
/
v
:.-}H
'
and denominations at current discount rates.
■
*
■
f1-' .'
i
it lies in the problem of
sense;
/i
faces three
challenging tasks.
country
and
first
The
,'
is
to
speed
machinery of defense.
major
the
up
Its great¬
present handicap is inertia.
The British speeded up when
the bombs began to fall on Lon¬
don
and
Coventry and South¬
Our real test is whether
we
can
apply ourselves to the
task without being bombed into
INSTALMENT
ampton.
PLAN
it.
i.
t
:■■■'
must-
energy
from
sities
to
many
points
fense.
This
of
transferred
luxuries
even
some
producing
-
Non-defense
request.
be
producing
comforts and.
available, in limited amounts,
give
way
must
to
a
at
de¬
shifting
machines
and
Such
and
neces¬
weapons.
activities
means some
workers
materials.
and
readjustment
is not easy.
executive office
new york
in principal cities
Again,
:
and
fact
in
encourage¬
Y
.....
price
possible
stability
unless
is im¬
agricultural
prices
are stable, but the Con¬
has passed bills stimulat¬
further agricultural price
ing
;
Furthermore,
without
some
prospect of price and wage con¬
trol shortages of materials are
accentuated.
afford
can
No
manufacturer
to
accept a defense
contract or, in fact, any
order,
until he has made sure of the
materials needed to produce the
to
Every producer is forced
stock
long
with
up
materials,
as
he feels that price and
as
cost
controls
will
be
inadequate.
The
tardy and
'
bankers
of
the
United
States have a large responsi¬
bility in the situation. In every
community
ential
bankers
and
influ¬
are
respected
informed
are
both
principles which
ation
citizens.
of
ties.
greater
a
interests
to
the
and
obtainable.
some
In
will be
unemployed,
on,
some
injustices will be done, and we
shall
all
have
to
This
do
without
and
re¬
is
a
time
national
for
good.
bankers
to
know, and
discuss these prob¬
lems
their
the process
toes will be stepped
communi¬
power
sponsibility for influencing the
general will of. the people to
subordinate selfish and political
Representatives,
many
the
the
and
Few other groups of men
have
the best technical industrial ad¬
vice
own
the
situ¬
to
as
business
citizens of their
to
as
govern a
of this sort and
activities
The whole mechan¬
infinitely complicated.
Those who determine priorities
and allocations will need help,
our good will and patience, and
is
ism
branches
restraint,
governmental
ment. "R \
By nature of their vocation they
Second, much of the nation's
J'
mental
with
goods.
est
MOTO R-S
some stability
but wages have been
rising without effective govern¬
of wages,
advances.
Under all these circumstances
GENERAL
achieved without
huge country with diverse in¬
terests, backgrounds, and preju¬
dices, even when Ihey are all
agreed on a major objective as
they now are on the objectives
of arming for defense and send¬
G
Similarly, it is clear that sta-,
bility
of
prices
cannot
be
gress
the
upon
for continued spending.
bringing together in an effective
united effort the people of a
ing aid to Britain.
notes are
greatly curtailed,
accomplished
because politicians cherish pork
barrel largess, bureaucrats cling
to their posts, and special
priv¬
ilege groups exert great pressure
reluctantly
from
non-defense to less
and
be
now
Y but little has been
little
been costlyr Another reason for
,*'•
banks and institutions, in "convenient'maturities
These
,
should
some
a
government has
For example, it is generally
agreed that government spend¬
ing for non-defense purposes
ma¬
and
,<
profitable
profitable
V.'
almost
increasingly power¬
they oppose effective
to prevent inflation.
and
.measures
sound organization.
a
instances turned
some
slowly
'•
one
in part
petent, and at others not putting
first things first.
Industry has
$80,000,000.
in
and
against the self-
encouraged and yielded to their
demands, many of these groups
points, bureaucratic and incom¬
region and enterprise,
to
as
reflects
are
task has been
'
action
recent years, as
in
capital
agreement
every case runs
Government organization for the
i
<
general
the
have been
to have the detailed blue¬
prints, the proper tools, the es¬
sential
materials,
the trained
<
i
V
in
But
interest of large groups of people
with great political power.
In
sary
.The business consists of investments in self-liquidating "
.
right.
are
ourselves for the kind
of emergency the Axis Powers
men,
foreign made automotive vehicles.
-i
agreement and
cal
guns,
especially one of
such stupendous size. It is neces-
and other
vauxhall
be
they recommend requires politi¬
chine
,
to
These people are in gen¬
they
Even
beginning any program of pro¬
duction, whether of automobiles
heating
and
ques¬
been
ful,
appliances for refrigeration and
these
defense, the
sions
have grown
affiliates:
of
up
flation, the real problem is more
"political than ecenomic. There
ties
wide
are
defense
activities, and the
avoidance of disruption and in¬
the real and substantial difficul¬
-
we
inflation
to
and
world
of
readjustment from non-defense
dol¬
month for defense.
a
and
frigidaire
three
each of the democracies.
cadillac, buick, oldsmobile, pontiac, chevrolet
automobiles;
all
following products of General
its
that
us
threat
tions; speeding
the
now
billion
one
over
Our slowness
Motors
the
now.
prepare
retail
Secretary of the Treasury
pointing out what needs
so
and
boom
prices and
now
done.
is
engaged primarily in facilitating wholesale distribution
war-time
Even
buying
lars
is
every
spent
spending
that
along with arid
highly inflationary ten¬
The
power
of the money
this" disparity is much
greater.
Our rate of production
V* IT ■ M
disruption
goes
has just warned
was
tional income.
these
to lessen
wages have been rising very ir¬
regularly and discordantly. From
this point forward these
dangers
are likely to become more
acute.'
Great
$13,000,000,000 for war
perhaps half of her
national income, and
Germany,
the equivalent of possibly $24,000,000,000 which was in the
neighborhood of C0% of her na-.
CORPORATION
of
with its
dencies.
about
which
im¬
follows
national
spent the squivalent
do
a way as
economic
customarily
$6,-?
which
year
must
.
spent
defense,
of
,
Iii the
serious
the' standard
...
June
on
resources.
the defense
without
'
Third,
we
things in such
position may be illuisby estimates that in the
trated
large
forward
carry
pairment- of
before used in combat; but
is not yet enough of al¬
machine is the best there is and
by the English.
them intelligently we
use
our
mainly material bought and paid
declares that the defense program
very
we
program
'delay and disappoint-
In certain directions
however,
If
can
program is
brilliant achieve¬
of
engineers and industrialists, our
army and navy technicians, have
designed' better weapons than
begun but the rate of launchings
the
actually
":
\
some
things we want. At this
point the defense program- will
really begin to hurt.1 We have,
procurement
ment.
construction, but will
many months to complete.
has
J"
mixture
ment hnd
-
under
take
The
•
a
The new merchant fleet is well
Chicago <£
Randolph Burgess, Vice-Chairman
Daily statement shows that
only about $200,000,000 of the
appropriations of $7,000,000 for
ury
training is only well
begun and their equipment is
incomplete. The two-ocean navy
to the report of the Economic
A.
been going
TtY says, in
we
but
and
B.
not
have begun late. Nearly
two million men are under arms
cies
The nation faces three
A.
has
enough.
•'
'
Like
'
major and challenging tasks—
speeding up the machinery of defense, transferring industrial
^production activities from luxuries and comforts to weapons,
fast
part.
'
A
whole
a
ahead
Thursday, October; 9, ! 1941
with
Senators
both
and
national
state.
There
are,
moreover,
certain
specific activities directly with¬
in
the
He
sale
can
of
function
greatly
defense
of
the
banker.
encourage
bonds
in
the
his
WWMmtWIIIttllMMMMiaMBBaWM^
serves
community, and the fine record
of their sale already reflects the
r
U, S. Free
Enterprise
Must Be Safeguarded
way the bankers of this country
have been behind the campaign.
I
The banker
in many cases
can
(Concluded from Page 493)
give direct aid to defense indus-
of boys.
,tries, either in assisting smaller
;
lie
firms to obtain sub-contracts, or
.
■>
Also by putting his own
,
1
needed
exercise
will
This
house
been strewn all
own
but
restraint.
to
when, in their
interest and the interest of
is
time
a
j, the community,
boy gets the
to light one that the fire¬
works start. That has been, our
situation/ Firecrackers ;have
in the best of order the banker
,
some
years—it is
urge
defense financing..
•
The firecrackers eould
harmlessly for
only when
contracts to
get their requests into bankable
form so that banks can do the
firms with
aiding
499
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3991
Volume 154
over
the place
everybody has been afraid
light
a
in money
match. The increase
supply and in gold re¬
has been
certain
accompanied by
social legislation which
has retarded the desire of many
controls—our
people to borrow money and to
into new and expand old
ventures.
We might have gone
balanced and
enter
considerable degree
on
with
of
temporary
Hitler
That
a
safety—but
marched
Mr.
Poland.
into
the missing match and
was
it appeared
in our midst in two
guises — Defense Program and
Aid to the Democracies. So, the
defense
the
flation
of
our
worries,
not
became,
program
cause
immediate in¬
but the match
der
un¬
system of direct govern¬
mental controls. Our monetary
a
greater profits so there will be
now in the
politics and it is in that
system, therefore, is
field of
field
that
must take
Our
second
serious
handicap
in
We have
have
We
of
security
—
where
there is
no
the
in
a
its members.
permitted ourselves to
people gener-
should pay debts and not
F acquire them. This is a time
v
ally
making loans
in
careful
be
to
It is
\ for non-defense purposes.
a
!
loans and in¬
This is a
time to get old
vestments cleaned up..
time to do those things
[
wish
we
5
*
1929,
'
or
which
had done in 1919,
we
If each of us will
1937.
in- order, it
put his own house
for the banks and
good for their customers, and
wholesome for the country,
will be good
'<
these
.
deal
good
A
y.
said
being
is
?VERY
inevita-
the
about
days
JLj
depression
afterjthe conclusion of the war,
;
;
bility
of
and in
thai connection plans
severe
a
While all recognize
the economic shock of shifting
from war to peace, a severe depression should not be fatalisti¬
proper cure.
...
of steel
user
steel production. Truly,
a poor
avoid a
:
defense
only
save
\
ago
During
)
i
up
cilities. For this
The purchase
does exactly
this. Other saving has the same
effect. The curtailment of nondefense spending, while it hurts
now,
builds a backlog of de-
claim
we
time it takes
build
a
future.
ing
Against
Destroying Incentive
ABA Warns
to
prepare,
must,
■
when steel is
492)
are,looking
demonstrate
to sacrifice
activities for the
must
themselves
non-essential
/:• I
research
^
each in his own
community,;to
justice
>
peacetime production. Already we
are finding better and wider use for
.y
bounded
and
■/
We have un-r
Defense
faith in the resources
We
for
obli¬
meeting to the fullest its
gations in this trying hour.
have enduring
ability of the American
to: preserve
and
at
cost
any
start on
locations
We
.we
upon
of
they enjoy in this free Repub¬
pledge our full support to
effective policies and programs
of our government to defend
We
.
our
have
we
arise and dis-
deliveries of steel for
our
no
purposes may occur,
we
may
rely
who constitute the
business. For
doubt of the
shall win the
and
basis. And
common
customers,
ourselves,
outcome.
We
against time and
race
national need and
we
shall become
:
increasingly able
tomers
Of Bankers te Needs
"
in
us.
the understanding cooperation
life line of
lic.
preserve, democracy
democratic institutions.
that
confident that
are
the
privileges / which
and
better
,
purely domestic
'■>
people
serve
first with all of
comes
where difficulties may
:
confidence in the
and methods, born
new means
necessity, that will
.than the old.
.
capacity of this country
rights
steel,
of
principles of liberty and
all.
materials
invaluably to
of defense
.
ends.
are
for
are
resourceful.
accomplished in the
more
ever
development
everlastingly grate¬
ful for the privilege vof living
in a democracy which holds fast
to the
engineering staffs,
which will contribute
•
-,;We
we
the future and the part
to
Much will be
.
work toward these
trial,
much in demand,
so
and
becoming
oldfashioned virtues of working
and saving.
The bankers here
assembled
pledge themselves,
call for the
These times
came.
spurred by the current necessity,
■■i
Defense Program;
but know¬
U-S'S Steels shall have in it. Our
willingness
their
come
be ready when it
we must
In the midst of this present
_
;
exfa-
steel-mak¬
in ordinary times,
reserve and prepare for the
This we did, not knowing
ing capacity
cushion.
(Concluded, from Page
no
ordinary foresight. By virtue of the
when the call would
:
an
expansion and modernization of fa¬
bonds
mand as a post-war
,
was at
invested hundreds of millions in
and non-
period.
defense
period when
its lowest ebb, we
recent years, a
production
spending now, and so
buying power for the
post-war
of
j
consumer
a year
provided capacity far be¬
yond then-needed requirements, are
today being utilized.
or two
inevitable, and
proposed cure is
one. The. best way to
post-war depression is
restrain
to
backbone
a
of steel. Facilities which
in any case the
y
acutely
the nation's defense has
cally accepted as
;
is
of the effect of the defense
program on
are
proposed for huge government
spending programs as the
1
aware
AMERICAN BRIDGE COMPANY
CARNEGIE-ILLINOIS
•
AMERICAN STEEL & WIRE COMPANY
CORPORATION
STEEL
•
COLUMBIA
STEEL
•
to serve our cus¬
better than
ever
before.
-
BOYLE MANUFACTURING COMPANY
COMPANY
•
CYCLONE
FENCE
DIVISION,
(Concluded from Page 495)
American
adjustments
can
-be
STEEL
be
same
time,
avoided
and
American
business structure must be
intact.
•
NATIONAL
TUBE
COMPANY
•
OILWELL SUPPLY COMPANY
COMPANY
COMPANY
•
'
TENNESSEE
UNITED
STATES
COAL, IRON
STEEL
&
RAILROAD
EXPORT COMPANY
•
COMPANY
•
•
SCULLY
UNIVERSAL ATLAS
VIRGINIA BRIDGE COMPANY
At
inflation must
the
Company
financial
requirements must be>met.
the
Wire
PRODUCTS
CEMENT
the people.
government's
&
accom¬
plished with the least harm to
The
Sleel
kept
UNITED
STATES
idea
be¬
of
world
security ex¬
as a strong unified people
imposes its will to live in peace
with equal opportunity for all
direction.
curious
a
enamored
cept
upset social
an
Certainly, our minds have
turned
to
come
social
place.
is the result of
order.
divide.
more
movements
future
groups,
trying to gain some ad¬
vantage over the other.
We=
spend much time arguing over
the division of profits — we
spend little time pursuing the
old American habit of creating
system of checks
coming
into
each
and balances—have become un¬
we are
divided
become
which lighted the fire.
So now our normal economic
STEEL
kV',1
«!£J<?Lu?" !«5W-W.»*^aJiWH.*»w* wn
WMiWiWMiMSW^^'WWWiWIIIWiW^^
I
War Emergency Radically Is Affecting Real
Estate Says E. M. Fisher at ABU Convention
Viewing the present national emergency as radically
affecting the real estate and mortgage situation in this coun¬
try, Ernest M. Fisher, Director of Research in Mortgage and
Real Estate Finance of the American Bankers Association,
stated
on
Sept. 30 at
a
amortization will be found pos-
result.
armed
to those actu¬
ally engaged in strictly defense
activities.
Introduction of the defense
program,
Mr.
Fisher
de¬
forces,
The
or
'■■■;
which is
quently expressed
cies
over
tenden¬
to
gestion which has
^
large popu¬
in the past a
practice to assume that,
so long as payments are met in
accordance with requirements,
common
v
J
to be concerned about the mortgage portfolio. The weak spots and strains
lation shifts
<
has
trial
where workers
seek
ment
employ¬
in: de¬
fense
indus¬
tries. and
has
:
would
to
the
it becomes
part
It
mili¬
M.
a
result
acute.
the
until
industrial
and
-
production
that may come,
The
on
to say:
ultimate
effect
of
these
where
V
reasonable to sup¬
therefore,
that in areas
defense activities
are
im¬
migrations cannot yet be fore¬
seen.
Already they have caused portant banks should take ad¬
a rapid decline in
vacancies in vantage of the opportunity of dis¬
In
many
urban areas, they have posing of other real estate.
areas losing population because of
accelerated the tendency toward
defense activities, there will not
rising rents, and in some cases
be this, opportunity."
Mr. Fisher
they have brought about a situ¬
further
said:
A
•'
ation in - which it is a major
problem to find shelter for those
who are engaged in the con¬
struction of defense plants, in
terials,
in
members
of
the
recommends
the
workers
earners.
with mortgage
itself.
The New York
Stock Exchange
The
situa¬
amortization at as
the condition of
borrower will permit.
In
a pace as
the total of
borrowed as reported by
Exchange
close of
YEARS
.DOMESTIC
AND
OF
firms
member
business Sept.
aggregated $417,132,303 a de¬
crease
Aug.
the
with
Savings
total
from
other
of
v:A'v .,a'.:
borrowed
a
money
banks, trust companies and
lenders in the United States,
excluding borrowings from
other
securities
national
of
members
York
exchanges reported by New
Stock Exchange member
of the close
The
total
compiled
on
of
$417,132,303.
money
borrowed,
the same basis, as of
the close of business Aug.
was
firms as
of business Sept. 30,
aggregated
1941,
$513,242,068. '
In part
30, 1941,
and
and
able to the Government for the
Savings
financing
the national de¬
There are, as we
of
one
only
know,
which
two
ways
by
can raise
obligations;
is taxation and the other is
funds
a
democracy
to
meet
its
The stated plan of
Government : is for about
the
two-thirds
tional
of
defense
taxation,
the
the
to
cost
be
of
na¬
paid
by
balance-through
the sale of bonds.
The present defense program,
as it does into a great
billions... of; dollars, will
necessitate
large; government
borrowings. All this borrowing
could undoubtedly be through
running
many
bonds
marketed in
a
wholesale
the banks taking the
greater part of them. The effect
of this would, however, be in¬
flationary for it would tremen¬
manner,
dously expand bank deposits.
Furthermore, A itwould
not
result in increasing the amount
Savings
Stamps.
of
sav¬
than
suggested
be
can
Defense
all
However,
medium
better
no
ings
ings Bonds, as their name indi¬
cates, is to make some of our
national curent savings avail¬
fense program.
spend
will
portion of it should be saved
a
"The purpose of Defense Sav¬
families
their
much of the increase.
also said:
•.
AAAy-
and many new
It can be ex¬
pected that these wage earners
Mr. Benson
borrowing.
Exchange follows:
The
of the
announcement
The
068.
compared
total of $513,242,-
of $96,109,765 as
A
95
the sale of De¬
*
their full
wage
fense
of the
and savings to
thrift
A
.
developed
many
announced Oct. 2 that
30
*.
being done by
encouraging
Philip A. Benson
as
.
never
and to
Borrowings
holdings the same general rule
rapid
rendering necessary
to
connection
In
tion suggests
the manufacture of defense ma¬
services
V
ability in
*
*
have
We
possibilities in this country. Now
we
see
increased earnings for
N. Y. S. E.
Stock
\v'.
strength
Bonds.
that "it appears
pose,
about
feared.
that is
inflation
the
bankers of the
may
increased buy¬
means
which naturally leads
higher prices of goods and
commodities, and helps to bring
nation
and
blow.
money
This
power
to
aiding the
great work
any
manifestations,
earliest
•
Fisher went
ing
contribute
anticipate its severest impact is
to reduce the severity of the
de-
,
ers.
never
shock
to recognize its
for
prepared
well
which
for
as
their
na¬
; fense has been attained.
In the
uncertainties of a complex and
Fisher, "that this - migration of
population will prove to be one of
swiftly changing situation, it
the
largest internal migrations
may be that this period is much
that the country has ever seen. It
further removed than we wish
will probably be equal to, if not
to believe.
•
>
exceed in magnitude, the internal
"With
respect to real -estate
migrations set in motion by the policy," said Mr. Fisher, "it seems
first World War and by the dis¬ likely
that, generally speaking,
charge of members of the armed the market during the emergency
forces upon its termination." Mr. will be an active one." He added
increased number of wage earn¬
t
a
added that
arrive
not
and
machines
work
savings and enlisting them in
defense program.
The ex¬
the
itself
men
mortgage portfolio represents a
sizable block of assets.
To be
v
plateau of maximum
,
with
before, and he
A.
will
fend
of
penditures of vast sums for
defense produces a greatly in¬
creased amount of wages and an
possibility of
having to de¬
and analysis
period has not yet been
reached
the nation's
of
in
the
against
portfolio are available
utilized by some
of the most farsighted institu¬
tions.
They well repay their
costs to all institutions whose
attempted will
areas
fenses
that
observed
is building up its de¬
and are being
likely that the most
seems
acute
of
armed
"It is probable," said Mr.
expansion
forces.
Fisher
of
number
Benson
Mr.
the
of
w
tary centers as
Ernest
this close scrutiny
depend in large measure upon
.intensity or the problem and
•
been
toward
be
Associa-^
f the American Bankers
ion.
this country
maintaining
The methods for
A
!
areas
legislation designed ,to
grant authority to control rents.
The extent to which such con-
declared at Chicago on Oct. 1 at a round table con¬
ference on defense financing held at the annual convention
N. Y.,
'■A'-
imminent. A a,
tional
; centers
gone
these
in
sion and the introduction of
been
have
rentals
have brought about wide discus¬
indus¬
toward
in
come
President of the Dime Savings Bank of Brooklyn,
A. Benson,
portfolio, therefore, are
detected until collapse was
not
lands, it ,is
many
of
'
critical areas, and1 the
consequent increase which has
'
reason
no
darkening
every United States citizen to support his gov¬
ernment in its task of building for national defense, Philip
the duty
the
in
many
throughout the
country.
Part
of the migra¬
tion
in
is
there
:
toward inflation, the con¬
occurred
holdings. It has been
in too many cases
■
clared, has led
portfolio and of the
real estate
fre¬
so
quality of the loans in the
mortgage
v
;A A'-';■■■ ^ a:;.;..7' v.;
concern
With the shadows of war
-
the
:
to Build for National Defense
V sible.
,
A' Finally, the situation empha¬
sizes the prime importance of
continuous and close scrutiny of
that it is probable
that before the<^
defense program is'ended greater
arnd more profound changes will
of Defense EM Sale
family income, accelerated
A
round table conference on bank man¬
agement at the Association's annual convention at Chicago
with increases in
cases,
many
Thursday, October 9, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
500
Bonds
and
,
the sale of Defense
Bonds we -need not
fear the loss of deposits.
It is
true that there may be some
In urging
money
withdrawn to buy bonds.
Savings banks have noticed such
withdrawals from their deposi¬
tors' accounts. But,
they feel that
depositor who makes a with¬
drawal from his savings account
a
of buying a bond
his account again.
far as possible, the
for the purpose
will build up
However, as
public should be asked to save
and buy bonds rather than to
draw on an accumulated fund
of savings
for the purpose.
The idea of
should
sized.
systematic savings
be
constantly
If citizens have
empha¬
obli¬
an
gation to support their Govern¬
ment at this time, and I am sure
they have, that obligation is not
discharged merely by buying a
bond. Each one should plan to
put part tof his - monthly-,-? or
weekly
income v into. Defense
Savings Bonds or; Stamps." ;,A
EXPERIENCE IN
FOREIGN
7 AVAILABLE TO BANKS AND
BUSINESS
BANKERS
Serving Correspondent Banks
Since
■>•¥'
1858
*-•••
-
A
CORN EXCHANGE NATIONAL BANK
and
Trust
J
Company
PHILADELPHIA
Member
HOWARD A. LOEB, Chairman
|
Bank
& Trust
Insurance
Corporation
■■Ho
Company
PHILADELPHIA
Member of Federal Deposit Insurance
Deposit
TRADEIMENI
National
HERBERT W. GOODALL, President
Federal
Corporation
.."A
*
A
7
.
.
• •>
a
*
*
\ 'M'i
•
*u» *4
a
Volume
Number 3991
154
THE COMMERCIAL & FINANCIAL CHRONICLE
f.
have some place if we are to
obtain the fullest diversification
desirable.
Met
'
••'
*'
1
by Diversification
'
.
•••
•
'
'
:
.
While
stating that "I do not believe that we can judge
sufficiently well to lay plans of a definite charac¬
ter," Carl W. Fenninger, in his address at Chicago on Sept.
the future
29
President of the Trust Division of the ABA observed
as
that
"if, however,
know the important problems which
today, make plans to cure
we
to face the trust business
seem
them
and
in
making such plans^
provide all the flexibility that is
practical, we should certainly be
in better position for the future,
regardless of what may happen."
Mr.
Fenninger,
who
is
VicePresident
Co. of
Indeed, it is probable that there
is no single thing that will pro¬
tect
tion of
ment and
7
yield
a
•
beneficiaries, and
effect of the
abroad.and
:t:
•
our
sec-
legislation and ad-
been
justify
upon
these two
In
discussing the
question I want also to
speak about inflation, which in
the
■
entire
•
haps
selves
Trust
I
were
the
investments
number of years
have resulted
in the elimination of many of
the
higher rate bonds upon
which we used to rely for the
bulk
of
those
able
investing;
our
not
falling
in
the
have risen
class
which make
the
to
yields
have
trust
and
possible to
which
•
in
~
make
broadest
the
no
this
of
our
press
trust
men
to
and
be
seems
brave
vestment
rules
do
they
of
laws
until
to
force
hedge,
so
so to speak, against the
depreciation which will almost
certainly
occur
in prices of
long term low coupon bonds.
support
It
trust funds.
would
though
seem-as
remedy
was
the character of
fit
not
the
unduly,
but
to
devise
means for obtaining diversifica¬
tion broad enough in character
to divide the risk of deprecia¬
principle might hold true
far ] as
cerned. - i
in
inflation is
so
do
I
man
not
has
'
•'
•
believe
any
It is
that
trust
of
know
temerity to say
thing presents a
against inflation.
that.
prove
balanced
ments
of
benefic¬
6,
to
49^
ofthe
jYew^ain @ffm
cf&he
trite
a
saying
stocks
common
are
bonds—we all
some
What
we
do
Juitic
®u"'
not
all
classes
of
securities
;
PUBLIC NATIONAL BANK & TRUST CO.
of
New
York
on
request
C. E. Unterberg
Members New York
6l
6-
Co.
Security Dealers Ass'n
Broadway, New York
Bell
the
/
jtnnouncmff
for their
look
maintenance
Markets for Dealers €r Institutional Investors
Memorandum
.
la
realize, however is that in a well
portfolio of invest¬
that any given
■■■.[.
mass
course
some
real
hedge
need
circumstances
must
and
better than
the
to
no
our
'
?:•
argument
is
of it.
come
con¬
..
there
in
cating the broadening of invest¬
ment powers, but it is certainly
true that if these broadening
efforts result successfully in the
near
future
much
good will
tion into as many parts as pos¬
same
that
neces¬
we
lists
It would appear that the
units
me
It is probable that even now
are somewhat late in advo¬
investment
sible.
great
who
System Teletype
•
BOwling Green 9-3565
NY
1-1666
trust
busi¬
we
1
/ smaller
ways
and
accounts
means can
unless
be devised
for
-
reducing those costs in proportion to the profit to be de¬
rived
from
course
creased
there
the
accounts. *• "Of
compensation
is
whether
somewhat
a
or
real
not
can
but
I
question
the
be in-^
think
as
to
charges to
be
er
rigid and
are
*
that estate taxes will break up
some
often
of
The significance of this is
present estates into much small¬
the
to
coming into the
units
be made for the administration
of accounts in the future can
which
changes too late to bene¬
the
iaries
not to lower
our
the
and
enough to
Too
trusts.
investment
best
retard
estates
definitely hamper the manage¬
ment
remain
are
of
face the fact that restrictive in¬
as
immediate
we
greatly
accumulation
so
income
who
of
those
It
come.
should
J we
legislators
difficulties
time
likely to prevail for
are
years
call¬
prices
low
and
the
to meet this situation within the
if
seems
of
states, notably Massa¬
is beginning to im¬
itself on the minds of both
bond
itself
will
It
increased
to be
in
present
the question of how
field
taxes
that
glad
am
of trust funds,
sometimes very
is
certain
taxes.
diversi¬
investment
that
to
estate
a
investment
There
creasing burden of both income
prac-
but
ity.
in¬
our
sev-
the
answer
of
to
prevailing
rates
few minutes to
effect
invest¬
for the average corporate secur¬
than
;■
atten¬
not
conservatism
lower
a
probable
and
for
.
just
'•
your
lower total volume
consider the cost of administer^
ing
*
in¬
sarily provide
or
the
.,*
draw
of
sufficiently
as
the
realize
that
or
V*
tion for
to
chusetts,
all know that the low inter¬
est rates that have prevailed for
a
,
want
of
may
investors
wherever
pears
difficulties in making
today than
other features.
Of course,
any
we
,
*
I
standpoint
perhaps most apparent when
ac¬
>
;
to say there ap¬
a growing interest
subject and that the
"prudent man theory" of invest¬
ment which prevails in a few
were
primary
trust
ment.
■;
broad
small
V
\
trust funds.
suggestions that low inter¬
est rates and inflation
strong ef¬
forts should be made to provide
for the adoption of the "prudent
man
theory" of trust invest¬
giving
to
the development of
growth industries in
fication
questionnaire
recently sent out and there
more
securities,
.
counts.,1^:
think of, I venture to
that we devote our¬
ticable
investment
of
of
way
diversification
Having in mind all of
program
business.
an
restrictions
that prevent the use of certain
types
pensive
is
them
perhaps the most difficult
problem in the investment side
to
are
ness.
most
the
of institutions and smaller
the
suggest
pre¬
on
there
and
a,
trust funds
care
powers,
practical * and inex¬
origin.
private
elimination
capitalization
of
Committee
where
are narrow
certainly
of
-
individual
.
<
From
administering trusts' as
business, this means almost"
with broad investment
eral others which you may per¬
•
our
protecting ourselves to a great
extent against inflation.
;
To sum up this part of the
statement we may say that in
those jurisdictions where trust
premise.
of; those
a
appears
coupled
of our im¬
issues.
Another
the factors mentioned
first
men
long step toward
it
if
'
many
seasoned
ments.
the minds of many
a
because
possible,
debt from the
•
some
Our
"
the
servative
-
Policies received many answers
-
these
clude certain types of bonds but
which in the opinion of con-
sents
■
been
is
of
so-called
questions.
)
have
One
Another
war
observations
!
which
which
tax
gone
make
capitali¬
im¬
portant industrial organizations.
upon the operation of
organizations under wartime conditions already evident
our
it is probable that we will also
have
Trust Fund
~to
to
our
ministrative regulations.
I should like to make
accomplished,
invest¬
should "also
give very definite consideration
to | the
use
of
the
Common
zation of many of our very
defense
own
be
program
in
.
the
have
recent
bonded
prices wnich will
reasonable rate of re¬
turn for
l, ond,
be
with
we
difficulties
course
comparatively
is'
accounts at
our
to
seem
some
of
placement of
portant bond
One, the difficulty of obtaining satisfactory investments for
;
can
matters
attempting broad diver¬
sification
mediately ahead of us have to
do largely with two things:
.
are
we
meet in
our
mo-
im¬
are
To
satisfactory method-
There
which
which
those
investments
the most
Continuing, he said:
It would seem as though
principal difficulties at the
-
inflation."
problem
inflation, broad diversifica¬
and
of the Division at its annual meet¬
ing.
against
us
meet both the interest
head
as
ital values
we
connection
ment
have
long
ago' passed the idea of "putting
all our eggs in one basket" and
watching tne basket. If diver¬
sification, intended to minimize
risks, stabilize income and cap¬
investment laws
of the Provident Trust
Philadelphia, spoke
I think
In
501
sr/^/.ou/'S^ Je"
large enough to assure busi¬
coming to us rather than
ness
(Continued
on
Page
504)
V
THE COMMERCIAL & FINANCIAL CHRONICLE
502
institutional
with
investors is located in the United
Co.
running into hun¬ Rubber
Building
at
mortgage
contracts
of millions of dollars.
dreds
Avenue
the
The
The
Manufacturers
Trust
Co.,
New
York
an¬
nounced this week that in accordance with the
made last
new
Rockefeller
Center
Office of the Colonial Trust Com¬
City,
agreement
July with Superintendent of Insurance Louis H.
Pink, and approved by Justice George E. Brower of the Su¬
preme Court of New York, it took over on Oct. 1, by merger,
the mortgage servicing business of The Mortgage Corp. of
of New ^ork
pany
opened
Sept. 30
was
a
S.
cere¬
Klee-
President, received the flags
of the 21 American republics from
Dr. L. S. Rowe, Director General
of the Pan American Union.
In
The merger was ap-<£
accepting the flags, Mr, Kleeman
Trust
Co.
This said that in his
proved at a special meeting of the Manufacturers
opinion there is
stockholders
of
Manufacturers office will function with substan¬
New York.
nothing
Trust
Co.
that
was
held
important to na¬
tially the same staff that was em¬ tional defense today than strength¬
ployed by The Mortgage Corp. ening unity and solidarity with
Sept.
on
3; referred to in our issue of Sept.
18, page 221.
;f
,
v
It is stated that the Manufacturers
.
all
more
Latin-American
our
Trust
^neigh¬
and
first
48th
Street,
commercial
Rockefeller
Center
Sixth Avenue.
on
States
Sixth
and
to
be
located
It has Colonial
throughout and
complete commercial
personal
facilities.
It
will
headquarters
as
bank's
Colonel
V.
the
business,
Clement
Jen¬
kins, President of the Sixth Ave¬
Association, Inc., who origi¬
E.
Bennett,
formerly
est
of The Mortgage
Americas," Eugene F. Kinkead, Chairman of the bank's Ex¬
stockbroker
r s
of Condition as at close of business
after
.^ 354,140,771.46
U. S. Government Securities
State and
Municipal Bonds
years
years
in
*
the
Following
an
1901
Reserves
N?.
*
;
.
A
At
82,877,864.69
U 4,912,519.15
v
.
,
.
,
,
,
824,959.50
.
Preferred Stock Dividend
(Payable October 15,1941)
222,319.50
Outstanding Acceptances
Liability as Endorser
and Foreign Bills
.
.
Deposits
.
.
7,640,002.93
Acceptances
on
.
New
York
appointed
Mr.
Patton
was
sistant 'cashier
trollers
formerly /
an
:in
Comp¬
the
Department,
<
National
bank.
Miss
Kerr
joined the
August
Zinsser,'
Vice-Chairman
Committee
Bank
in
and
Executive
of
Central
Savings
City of New York,
the
President
and
trustee
the
of
the
of
institution
from 1926 to 1936, retired on Sept:
27
on
his
70th
birthday.
Mr.
Zinsser's
trusteeship
began
in
1915, and when he became Presi¬
dent of the
resources
bank in
1926
its total
$162,000,000.
were
resources
total
of
grow
having seen
to the present
than
more
making
Central
eighth
The
the
largest
Public
mutual
National
Co.
Trust
of
New
that at
nounced
Bank
and
York,
an¬
meeting of the
Board of Directors held Sept. 25,
George R. Howatt of the Bond
Investment
pointed
that
a
Division
was
ap¬
Assistant Cashier; and
an
Lewis
H.
Semel
and
Joseph
Zurhellen, both of the Credit
Department, were appointed As¬
O.
sistant
Cashiers.
feller,/Center
Kolb
Bank
on
Oct. 21, 1907, and a few
the
eleven
past
in 1909 with the Citizens National
Trust
Bank she went to its
new
elected
then
Main
at
7
years.
was
Third
and
location,
streets,
a
Co.
a
Helm, /Vice-Presi¬
Chemical
of
Bank
New -York,
director of the
tors held Sept. 18.
sole
bank at
He is
a
mem¬
charge of the entire work of
ber
of
the safe deposit department. Mrs.
Ida M. Rieger, safe deposit super¬
the
Corn
and of the Association of Reserve
visor and former assistant person¬
nel manager of the bank, will suc¬
ber of the Ecoonmic
Miss
Kerr.
the
Beard
on
of
Products
City Bankers.
Directors
Refining
He is also
II.
a mem¬
Policy Com¬
Mr. Helm was grad¬
uated in 1920 from Princeton Uni¬
City, made announcement versity and
Credit
Sept. 23 of the election of Wil¬ the
immediately
Department
entered
of
PALMER
Chairman, Lincoln
Alkali Works, Inc.
President, Cluett, Peabody
Savings Bank
& Co., Inc.
•"
EDWIN J. BEINECKE
PAOLINO GERLI
Chairman, Sperry &
Hutchinson Co.
GEORGE J. PATTERSON
President,
President, Scrantori &
E. Gerli & Co., Inc.
Lehigh Coal Co.
EDGAlt S. BLOOM
President, Atlantic,
HARVEY D. GIBSON
Gulf
President
and West
Indies
Steamship-Lines
President,'George A.
OSWALD L. JOHNSTON
Spicer
Manufacturing Corp.
Bartlett
\'f:
■
'
GUY W. VAUGHAN
Atkinson
Mines Co.
Corporation
Corporation
SAMUEL McROBERTS
HORACE C. FLANIGAN
Aew York
Vice-President
JOHN M. FRANKLIN
President, Curtiss-Wright
President, The Jones-
Aipissing
City
Vice-Chairman
'
President. John P.
Lines
&
Company
*
BANKING
President, Western Union
Co., Inc.
OFFICES
'•
IN
Jersey
of the Board
ALBERT N. WILLIAMS
Maguire
Telegraph Company
Principal Office: 55 Broad Street, New York City
67
New
•
.
HENRY C. VON ELM
JOHN P. MAGUIRE
»•
President, United States
BANKING In
Chairman, Trust Committee
•
CHARLES L. JONES
ELLIS P. EARLE
ERNEST STAL'FFEN,
Simpson Thacher &
Prcsiden t,
'
President, Home
Company
Insurance Co.
Company
President,
Corporation
HAROLD V. SMITH
President,
Lambert
CHARLES A. DANA
:
Chairman, General Bronze
JOHN L. JOHNSTON
LOU II. CHANDALL
Fuller
HAROLD C. RICHARD
•
GREATER
NEW
>
.
.
For
over
40
years,
this large, modern New Jersey bank has
served important corporations,
unincorporated companies and
individuals to effect certain economies.
YORK
Full information
European Representative Office: 1, Cornhill, London, E. C. 3
on
request.
v
•
-
Member Federal Reserve
■
Member New
System
York Clearing House Association
Member Federal
Both Common and
The
Preferred shares have
a par
Preferred is convertible into and has
Common
to
the
extent
COMMERCIAL
TRUST COMPANY
Deposit Insurance Corporation
of $50
per
a
value of $20 each.
preference
over
the
of
Co.
mission of the American Bankers
York
President, Malhieson
&
was
meeting of the Board of Direc¬
where for many years she was in
The New York Trust Co., New
#1,082,462,811.05
office. ; Mr.
for
Association.
985,665,789.65
C.
He
has the satisfaction of
the
has been associated with the bank
319,355.63
.
CHARLES I'ROEB
as¬
if,
:
DIRECTORS
EDWIN M. ALLEN
was
Assistant-. Cashier.
an
staff of the old American National
ceed
,
of
troller, and Frank R. Rappel
placed in charge
that bank's safe deposit vault.
Harold " H.
When the institution was merged dent
of the
Common Stock Dividend
(Payable October 1,1941)
Bank
Na¬
Sept. 0, W. Jpsiah L. Patton
appointed an Assistant Comp¬
was
of
40,986,644.69
A.
City
the
The
of
M.
months later
8 8,892,780.00
.
;•
Directors
the
Surplus and
.
held
regular meeting, of
of
tional
3,244,358.78
32,998,440.00
Undivided Profits
the
6,877,077.95
LIABILITIES
Common Stock
At
2,937,274.07
$1,082,462,811.05
......
appointed
Assistant Treasurers.
*
18,042,939.99
11,728,000.00
.
that
William
y
270,305,220.42
.
been
Kerr, who for more
Arthur S. Kleeman, President
than 30 years has been in charge
of the Safe Deposit Department of the Colonial Trust Co. of New
at the Head Office of the Citizens York,
announces that Walter. E.
National Trust & Savings Bank Kolb, Vice-President, will be in
of Los Angdles, has retired from charge of the bank's new Rocke¬
.
Acceptances
First
Philadelphia, Mr. Batten
Assistant
Hallie
Equities
banking business.
association of 19
the
Manager of the
Clearing House in
and later was made Manager.
39,179,113.68
Accrued Interest and Other Resources
Preferred Stock
with
became
Loans, Bills Purchased and
Customers' Liability for
Mr.
Philadelphia
2,237,750.00
Other Securities
Other Real Estate
Vice-
who was 75, retired two
ago
after a career of 57
Bank in
33,476,339.07
.......
Stock of Federal Reserve Bank
Bankers'Acceptances
a
illness of two years.
an
years
340,293,965.63
Mortgages
Banking Houses
was
Batten,
RESOURCES
......
have
and
$220,000,000,
country's
savings
tor of the Public Service Corpo¬
bank.
The number of depositors
ration of New Jersey.
also increased during that period
from
less
than
130,000 to over
Clarence
H.
Batten,
retired
202,000.
Manager
of
the
Philadelphia
Clearing House, died on Sept. 29
E. Chester Gersten, President of
at his home in Woodbury, N. J.,
September 30, 1941
Cash and Due from Banks
and
President of the Paterson Savings
Institution.
He was also a Direc¬
TRUST COMPANY
Condensed Statement
Sanford
The in¬
announced
Morrison
the
bank
Manufacture
J.
nated the idea of the "Avenue of
Company is the ninth larg¬ bors, and that the surest way to
ecutive
Committee and S.
Sarin the United States, do
this
is to
Corp.
develop two-way
geant
Voeck,
Executive
Viceof New York, has been elected a with resources in excess of $1,- trade, which will make the United
As a result of this States the best customer of Latin- President, also were present.
Vice-President of Manufacturers 000,000,000.
Trust Co.
For the time being, merger, the bank's announcement America, as well as its largest
Garret A. Hobart, son of Garret
the quarters at 42 Broadway, New adds, it is now also in the very supplier.
He said that it was in
A. Hobart, Vice-President of the
York, formerly the head office of front rank of institutions through¬ this spirit of mutual helpfulness
United
States
under
President
The
Mortgage
Corp.,
will
be out the country extending mort¬ that he was dedicating the bank's
maintained
as
an
office of the gage management facilities, serv¬ Rockefeller Center Office to Pan McKinley, died of heart disease
on Sept. 29 at his home in Halemortgage management division of ing thousands of individual and American unity.
The new office
don, N. J. A native of Paterson,
N. J., Mr. Hobart was a retired
Peter
President
also
Charles
F.
Assistant Treas¬
Vice-President/
as
stitution
and
and for the handling of loans in¬
cident to the national defense pro¬
nue
urer,
will
also
for
Latin-American
gram..
lis McDonald 3d,
banking, trust and safe Board
deposit
serve
is
in
bank
decorations
officially offer
with
at which Arthur
mony
man,
on
Thursday, October 9, 1941'
Capital
of NEW JERSEY
$3,400,000
15
share and accrued dividends.
Exchange PI., Jersey
•
Surplus
$3,225,000
City, N. J.
Three minutes from Cortlandt Street
Member Federal Reserve System
if
and Federal Deposit Insurance Corp.
the
'JHWAJWWIi"
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3951
•;,
Chemical National Bank.
He
Harrison
was
and
in
the
Chemical
He is
1929
School
Princeton
Bank
Trust
of
elected
Co.
of the
Graduate
Council
University
President: of
the
Alumni
and
setts
Princeton
Association
on
Sept.
,
•Herbert
E.
of
Smith,
18, filling,
who
a
in
entire *
1889,
In 7 1926,
„
elected
United
States Rubber
director
the; executive
and
company
of
its
,:
and
<
the
of
active
He
is
on
that
also
for
many
in-
years
officers
Conn., at the
tion, Minneapolis, Minn., Pres¬
;
ident of
nams
of 71.
age
President
was
also
was
the
of
the
Com¬
Savings
,
Banks
and
President
served for two years as
.of
had
President
Savings Banks.,.
y7'.77
,
Mr.; Wadhams
had
meeting held Sept. 24. The group
comprises 64 savings bank offices
Chairman of the State
lcated in
when
of
served
of
;
the
First
tee
77
of the
7.,
'
for the coming year include Adam
Section of
the American Bankers;
tion.
Mr.
from
the
on Sept. 29 dur-;
ing the convention of the Associa-;
Duncan
was
the
of
American
Insti¬
Little Rock, Ark., Presi¬
the ABA
Division;
Murray
elevated
ond
."•'
State
Bank
Mr.
of
man
tee;
the'Executive
John
of
dent
Savings
J. Hickey,
the
Greater
Bank,
Treasurer;
New
C.
Board
the
from
was
of
Sec¬
office
Vice-President.
Lauder Hodges,
ager:
of
Association,
the
Executive. Man-,
California Bankers
the
San
Second
Section.
Francisco,
of
and
the
Redfield,
former
Chairman
of
New
and
the Kings
Savings Bank; and Robert E. Mof-
members
of
to Ihe Board of Control;
they are: G. Harold Welch, Secre¬
tary of Connecticut Bankers As¬
\'^v, v.-777 sociation, New Haven, and'Gordon
Peyton, President, D. Palmer, Secretary of the Ala¬
The Minnesota National Bank, bama Bankers Association, Tusca¬
loosa.
Duluth, Minn.;
.
the
Direc¬
began his banking
full and continued support of their
the
with
career
New
Haven
savings banks in the sale of United
County National Bank which was
States defense savings bonds and
merged in 1915 v/ith the New
defense stamps.
' ■'--V-77 '7'/. Haven
Bank, N. B. A. He rose
■
Statement of Condition September 3d, 1941
to Cashier of the combined insti¬
.
Milton
Altmark,
Samuel Rinz-
ler and Louis Friseh
of the
Directors
were
elected
Montrose
Indus-
rial
Bank, Brooklyn,
Mr.
Altmark is
mark, Inc.,
and Mr.
Frisch
Mr.
-
on
Sept. 10.
with Milton
President.
post
of the Randforce Amusement Cor¬
<■'
made
was
the- Chase
Trusty Co.,
7? Edward
Mount
dent of the Northern Westchester
KatonalV Ny Y„
died
on
having
1933
hepled
to
or¬
a
bank at
Sparkhill, N. Y., before
F. Leo Nolan, Assistant Cashier
of the Glens Falls National Bank
Colt
in
New
there until
York
City,
Mr.
in'
the
Co.
as
a
Falls
first
51.
Mr. Nolan had
employ of Glens
banks since
1906, having
age
in
of
the
worked
National
for
the
Bank, which
Merchants
later
absorbed by the Brownstone
was
Bank.
•,»
$ 80,699,350.36
York,
1910
i
Tiust
. ,.,
.
.
.
.
.....
$169,155,824.21
he-
July
on
$
Capital
came
officer of the
new
Trust
Undivided. Profits
Reserved for Taxes,
Dividend
yy
i.
Unearned Discount
19,
2,877,307.38
.
.
Deposits
•;
•
•
♦
•
•
•
-
Interest, Expenses, etc*
*..
.
and
a
trustee
Later,
Payable October 1, 1941...........
qf the
bank
United States Government and other securities carried at $433,750
•r'
deposits and for other
and
National
luth,
been
has
at
one
time
First
and
Bank
in
appointed
Mr.
Trust
Ronald
duties Sept.
assumed
his
,
(Continued, on Page 506)
KINGSLEY,
Chairman
WILLIAMSON
PELL, President
JOHN J. PHELPS
BARKLIE HENRY
BENJAMIN STRONG:
JOHNSLOANE
GEORGE de FOREST LORD
JOHN HAY WHITNEY
FRANK L.POLK
ROLAND L. REDMOND
G.FORREST
JOHN P. WILSON
HAMILTON HADLEY
JAMES H.
BUTTERWORTH,Jr.
BREWSTER, Jr.
Du-
ViceMEMBER
Fidelity and Co¬
Co., Louisville, Ky.
15.
M.
FRANCIS T. P. PLIMPTON
President of the
lumbia
are pledged to secure public
required by law.
TRUSTEES
the
American
pui poses
on
.
George W. Ronald, former busi¬
manager of the Minneapolis
with
300,000.00
Mr.
ness
,
1,279,906.27
10,882.48
.'/
Hartford-Con¬
Co.
5
Journal"
136,687,728.08
•
$169,155,824.21
Scott became trust officer, then
a Vice-President on Jan.
22, 1925
Jan. 19, 1928.
2,000,000.00
26,000,000.00
Surplus
1919* he became associated trust
necticut
;
6,688,500.00
840,000.00
5,854,385.83
1,900,000.00
331,213.04
UABHJT1ES
remaining
when
Co.
25,699,316.56
14,217,058.42
32,926,000.00
Hartford
trust
Hartford
;
"Star
been
...... •
.
Accrued Interest Receivable*
officer/and when
I that bank incorporated with the
associated
the
.
Real Estate
Scott. In 1914 he joined the Coni necticut Trust and Safe:Deposit
died
Co., Glens Falls, N. Y.,
Sept. 11 in that city at
•
.
Bonds and Mortgages
5
and Trust
on
-vy-
-
Other Bonds
WILLIAM
!
•.
•
-
o!
Stock in Federal Reserve Bank
A
to Hartford to practice law with
the firm of Perkins, Wells &
it
going to Katonah.
•
firm, of Curtis, Mallet,. Provost &
:
Later Mr. Fielder organized
man.
Banks.
♦'Courant" of Sept. 17:
Mr, Scott, then entered the law
in 19.19.:
A native of
Asbury Park, N. J., he began his
banking career there as a young
ganize
New
contained
was
>
Sept. 12; at his home- in Katonah.
He was 59 years old.
Mr. Fielder
had been President of the bank
of
60 years old.
was
The
following aceount of his activities
City.
Presi¬
He
Scott practiced law before enter¬
•
Fielder,
•'y
:
United States Treasury Bonds and Notes
on
ing the banking field in 1914.
National
all of- New - York
America,
iiv
Bills Purchased
charge of the trust department
bf the Hartford-Connecticut Trust
•
since
Cash
Clement Scott, a Vice-President
in
the Trust Co. of North
Bank and
vv:
Loans
native
on
■;.
RESOURCES
the
of Directors.
Sept. 16.
Sept. 24 by the Standard National
Bank of W'oodside, L. L, N. Y., of
the
appointment of Edward J.
Dugan as an Assistant Cashier.
Mr. Dugan has previously been
associated
with
the
Equitable
■'
resigned that
Chairman of
»7 Co.,. of Hartford,. Conn., died
Announcement
:177YK
elected
was
He later
become
to
Board
and
poration.
Bank,
1923
Rinzler and
Secretary-Treasurer, respectively,
•::
in
and
Alt-
President
are
tution
new
i'
V
of
were
elected
Haven
fett, President of the Hamburg member of the
Board
Savings Bank.
vy;7 tors.;
■'•■■.;•,
The group unanimously pledged
;
Mr. Redfield
was
Vice-President
Two
Bank,
N. B. A., New
Haven* Conn., died
at his nome in that city on Sept.
17 following a short -illness. Al¬
though retiring in 1937 as Chair¬
man, Mr. Redfield continued as a
Klinck,
County
of
G.
President
York
Secretary
as
Jacob
President
William
Commit¬
Vice-Presi¬
of
Bowman
unsuccessfully in 1924 and
7 :77777y:-.
1926.
;
elevated:
Vice-President
First
Section.
elected
Banking ABA;
dent of
B.
elected
the
Schneider,
Jr., President of the
Roosevelt Savings Bank, as Chair¬
elected!
Association at the annual meeting;
Wachovia Bank and Trust Co.,
ers,
.
ernor
was
President of' the State Secretaries;
held at ,Chicago
tute of
.
named
and
James H. Penick, President, W.
B. Worthen Company, Bank¬
<
"
ation, of Minneapolis,
Trust Company of New York;
M.
Hanes,
President,
dent
Brooklyn, Queens, Long
created, until 1928.
Staten
Island, with He also served a term in the Gen¬
77' National Bank, Montgomery,
1,900,000
depositors eral Assembly in 1911 and was
Ala., and President of the
and aggregate deposits of $1,546,- elected State Senator in 1913, 1915
ABA National Bank Division;
In 1918 he was a can¬
7.27,829. Mr. Upton succeeds Rob¬ and 1933.
Harry A.
Bryant,
President,
ert S. Darbee, President of. the didate
forj: Lieutenant Governor
Parsons
Commercial
Bank,
of; Connecticut and
Bay Ridge Savings Bank.
sought the
Parsons Kans.;
^
Other officers and members of Republican nomination for Gov¬
and
-
.
Brooklyn, Brooklyn, N. Y.;V.
W. C. Bowman, President, First
was
Bank
D.
Houston, Chairman of
..-Board,
American
National
Bank, Nashville,. Term.; :
George T, Newell, Vice-presi¬
dent,
Manufacturers
Trust
Co,, New York, N. Y", Presi¬
77
Philip A. Benson,
President,
The Dime Savings Bank of
the Association;
Hanover
P.
dent, National Shawmut Bank,
Boston, Mass., Treasurer of
as
Duncan, Jr.,' Secretary,
office of First
Winston-Salem, N. C.;
Vice-*;
V
L.
Hemingway, President, President, which he held during
Mercantile-Commerce \ Bank the past yeai. : Fred M. Bowman*
and Trust Co., St. Louis, Mo., Secretary Kansas Bankers Associ-j
ABA First Vice-President; •
ation,
of
Topeka,
Kans.,
was,
W. Koeneke,
7,7 Ponca City, Okla., Chairman;
W.
F;, Augustine,
Vice-Presiy
William
of the Minnesota Bankers Associ¬
W.
National
than
committee
':
:
Robert.,
The full commit¬
following:
President, The
Security Bank of Ponca City,
consists
H.
New ABA Section Chief ;
State Sec¬
.
Central
Bank, Boston.,
j
(Connecti¬
cut) Board of Finance from 1915,
it
Parsons,.' Kansas;
Jr., President pf
Hanover
Bank
&
Minn., and Charles E. Spencer, Jr.,
President
Association
bank,
•
Tor¬
of the Connecticut Association
York, at the annual
executive
ABA
Vice-Presi¬
dent,
Washington 7 Mutual
Savings Bank, Seattle, Wash.,
.President of the Savings Division, ABA;
(' 7."
William S. Gray, Jr., President,
Minnesota National Bank, Duluth,
Mr. Wad-
former
a
National
Mutual;
Queens County Savings Bank of
Flushing, L. I., N; Y., was elected
Chairman of Group V of the Sav¬
ings
Banksr Association of the
the
the
retaries Section;
Stuart C. Frazier,
Co., of New York City; B.
Murray Peyton, President of the
a
He
more
com¬
of the Association.
Trust
Republican affairs, died
Sept. 17 at his home in Goshen,
'Joseph Upton* President of the of;"
Island
The Administrative
William Duncan, Jr., Secretary,
Minnesota Bankers Assoeia-
the heads of
Parsons
.
Security Bank
of^
William S. Gray,
Con¬
rington Savings-;'.Bank and: was
director of the Rubber Manufac¬ also an official of the
Brooks Bank
turers Association., 77 777' y 7:;;7 & Trust
Co., both of Torrington.
State of New
and
the
of
the \ Central
necticut
of
director of several
a
mercial
John My Wadhams, banker of
Torrington, Conn., who had been
Co., and is
committee
the
-
the American
"
was
of
of
its five
the
President
rubber
-
member
subsidiaries.
the Association
Burgin,
of
City, Ponca City, Okla.
consists
Oct.
on
by Henry W. Koeneke, President of the
Mr. Koeneke is President of the
.
Jose.
he
Vice-President
now a
of Ponca
mittee
spent ' his
>
in ■; the
career
business.
Sept.
San
.
has
•.
Association.
*
Chicago
the annual; convention of
Robert
Mr. Smith,
vacancy.'
born< im
was:.
Calif.,
Rodgers
Vice-President
of
announced at
was
Divisions, the three imme¬
Quincy Savings Banks; Treasurer, diate past Presidents, the Presi¬
F. Nutting, President of dent of the American Institute of
the: Cambridgeporc Savings Bank; Banking, and four members ap¬
and Secretary, Sterling R. Whit- pointed by the President.'
y
beck, Treasurer of the Nonotuck I The four appointed by the Pres¬
ident -iwere
Savings Bank, Northampton.
Harry : A.
Bryant,
:
Co., was elected a Trustee of the
Brooklyn Trust Co. at a meeting
on
C.
>
Executive
close
the
at
Bankers Association
Bate-
vilie Savings Bank; Second Vice-
Vice-Presi¬
of the Board of Trustees
ican Bankers Association
2
Jr., President of the Somer-
man,
>. <
,
>.
Personnel of the Administrative Committee of the Amer¬
.
J.
E. Spencer, Jr., Presi¬
dent,
First National Bank;*
Boston, Mass.;
Richard
G:;
Stockton,
VicePresident, Wachovia Bank and
Trust
Co.* Winston
Salem,
■N. C., President of the ABA
Trust Division;
—
A.
L. M.
Wiggins, President,
: Bank of Hartsville, Bartsville,
S. C,, Second-Vice-President
.
Savings
Massachu¬
Vice-President,. Charles
Na¬
United States Rubber
the
of
annual convention at Swampscott.
Other officers elected, were: First
President,
dent of the
Charles
h7v'ABA Administrative Committee
13 at the closing
organization's 24th
session of the
Vice-
Association.
President of
Banks
Re¬
elected Vice-Chair-
was
Princeton
tional
&
University Fund.
cently he
man
Vice-President
a
Taylor,. Treasurer
Sav¬
ings Bank, Worcester, Mass., Was
trustee of the Kimberley
and
a. member
of
The
a
G.
of the Worcester- Five: Cents
appointed a*junior officer in 1926
503
FEDERAL DEPOSIT INSURANCE CORPORATION
7
imnmwmiHmMMimMMMMMMMM^
wwiwfKWWWjw
people
*
Bankers
meeting of the
are
ample
profits in country banks if these institutions will combine
the principles and low cost of mass production with a per¬
sonalized merchandising program,—the reminder coming
from Fred L. O'Hair, President of the Central National Bank,
tual
under¬
If
a
b
is
money
from
place
he
nity,
.
Fred £. O'Hair
A
recently
com¬
.
an
indeed
as
country
of
fall
oi
with
in
have
price.
Other
products
of
ings from all sources have been
lower each succeeding year of
universal
the four year period.
and
....
The
:
V'
/'
are
Stoller Corp. for many of the pic-1
tures used in this issue.
:
•
the
vision.
Wood
Netherland,
day
to us
his
John
problems. f He know*
/his immediate need but that is
own
about all.
;
J to
It
to
seems
to be
me
into debt—so he
go
There
out.
tunity to
elevated
lies
big
a
oppor¬
But with
serve.
the
table conference
,
public administration, would do ;
justice,
can
we
assume
that/
bank manage¬
on
Sept. 30 at the annual
Ac¬
convention
of the ABA.
ment
on
character
size /of
cording to Mr.
;
"in¬
for
..
though
they
ciently.
The
State and
Other Bonds and Investments.
111,709,666.00
Loans and Discounts
132,370,740.51
——1
—
•
•
Banking Houses
.
545,227.82
:——-
5,058,294.34
.
Other Real Estate—
Mortgages
on
Acceptances
Other Assets
costs
• V" .'
few
a
of
the
this
in
Common
regard.
that
will
900,000.00
October 1, 1941——
4,863,352.26
Reserves, Taxes,: Interest, etc.
(less'own acceptances
held, in
portfolio) u.
[
New
3,815,108.21
Deposits
(including Official and Certified
Checks Outstanding
953,635,048.96
$2^213,899.25)
He is
we
K
$1,039,758,857.58
Obligations and other securities carried at
$37,382,963.59 in the foregoing statement are deposited to
secure public funds and for other purposes required by law.
House Association
Member Federal Reserve System
Member Federal Deposit Insurance
of
York.
To
York
the
Corporation
walk
:
;/
proudly
"his
into
purposes
for7
to
that
,
Can
like
we
do
these?
all
this
in
times
Yes,
if
we
have
the courage of which If
Without courage in times:
these, we had best retire
courage,
spoke.
like
from the field of free enterprise. /
But the American way is ahead,:
:
and meticulous attention to de-
f
Trust
of
the
State
'..
of
,
-
?
J
Mr. Theis has long been active
ican
a
Bankers
Association
and
is
member of the Division's Exec¬
Committee.
utive
chairman of the
has
Division's
been
is
also
a
member
the Trust Policies Committee.
served
also
as
a
that
member
wrote
■'
astern.'
not
;
/
present emergency, Mr.;
Burgess stated that it is up to all/
Of us now, to do several specific,;
In
of
the
He
the
text
books, "Trust Business I and II,"
used by the American Insti¬
Banking. He was a mem¬
.
Association
NRA
tee,
and also
on
the
Council..
Code
served
Association's
«
Bankers
Commit¬
for
a
year
Research
•
'■
field.
So
far
as
is of immense importance
are
the
1; ment credit within the scope of •
■.
the Reserve Board's regulations.Too
: :
;
■
if
we
perpetual battle to make decent
human living universal.
If we as bankers, faithful to
our
trust
and
believing that
favoritism has
no
place in quasi-
sharp a contraction wouldcertainly not be in the public *
interest at this time.
2. We should endeavor to in-1crease
the scope of banks' activ- •
this field, because it is*
ities in
their
rightful field and can beby them at the*
least expense to the consumer.
best
the
going to keep democracy
help it to progress and
the hitherto unsung
but
win
American
z
man
is
concerned,
the
golden rule is a' good rule to
live by.
It is not incompatible
with good banking practice. It
alive and
the
'
little
of
tute of
of
'•
As we approach this problem
then, let us use common sense
and coolness, but above all the
Christian, social and economic
principles:, that we have been
preaching and lately more wide¬
ly practicing in the general
now
ber
,"*•
t
banking
Com¬
Costs and Charges since
on
and
1929,
He
tail.
Compa¬
in the Trust Division of the Amer¬
committee
Charter Member New York Clearing
also quote:
as
Association
mittee
U. S. Government
o
bank" and negotiate a loan at a
rate in a business-
■.
member of the executive
a
committee
1,546,052.45
206,969.46
t
will
•1
Other Liabilities
:
*
regain, retain :
position of fi- i
nancial confessor, fiscal advisor, 1
and monetary next friend to the*
public at large, to which we all;
aspire.
/
; ■ .;*•/•//,• :
increase
or
op-
reasonable
of
must be tern-
/ like way is a privilege never to
the Association's ;; be forgotten. Certainly such obthings:
;zff-z/fz / /'■ / f
ff"////;
Vice-President in 1934 and 1935, : jectives are worthy of
dignified :
-f. 1. We should do our utmost
and as President in 1936 and 1937.
quarters,, considerate treatment !■■* to continue extensions of
instal-v
New
;/////': •/'/• z,;
"the
that
portunity
the
to
as
and; bankers
likewise stated
John Burg-ess
Stockton, f
Association
City, served
nies
$5,361,160.66;
Acceptances Outstanding
the
partment." He
"
Dividend Payable
come
small loan de¬
study
!
we
in
especially small, extended to
the inexperienced borrower j is'
to be put. And what an oppor-.
tunity is here afforded for banksi
bank
a
through
have
methods
•'£'<
which credit, large or small, but
contact
with
Trust
I
intensive
administrative
ciaries
8,607,434.45 $78,607,434.45
—-
into
charges,
(Continued from Page 490)
;
if 50,000,000.00V -
Surplus^
we
Tbeis Division Chiefs
LIABILITIES
Undivided Profits
as
the';
asset ;
would build respect for
judgment,
wisdom
first oppor¬
tunity to come
reducing
well.
I empha¬
minutes ago the
kM Elects
3,813,678.62
$20,000,000.00" '":
effi¬
point is that
we
perate
acquire the security of established
produce other savings substan¬ credit at 'his bank' to acquire
valuable equipment for comforts
tial in character.
or
convenience with, the help of
'his bank' is a powerful and mov¬
ing relationship." From his address
of
*
$1,039,758,857.58
_
less
substantially
doubt
no
1,340,456.97
_
j
Capital Stock.
If
"
1,560,355.76
.
——
Credits Granted
our
Fund
80,404,862.38
Municipal Bonds
for
value
•
27,498,484.76
it
do
by
borrower's
•
even
or
commission
but
sized
304,326,712.73
money
lay plans not just for in¬
creasing
U. S. Government
who may do the
less;
measured
terms,* fair in ap-praisal, unprejudiced in judg-7
worthy of ser¬
V ment, impartial as to accidents
ious, dignified
treatment, for z of birth, race or religion.
If we as bankers are to do our /
many
an
in¬ />;;•:
full
duty,/ we must exercise*
dividual's only
(Concluded from Page 501)
/ to individuals
is
the
statement?
our
ing is a bank¬
ing
function
Inflation Problems
$371,130,377.69
.
the office of Vice-
departments of banks perform a'
and worth-while credit function in this country'seconomy and at the same time place the banker in direct '
touch with a large number of people who need and deserve k
small loans, was the opinion expressed by John
Burgess;/
Diversify to Meet
30, 1941
Acceptances and Call Loans
from
Vice-President of the Northwestern National Bank & Trust:
ASSETS
Direct
Association atr
meeting held at Chi¬
Co., Minneapolis, Minn., at a rounds-
must
Bankers'
>
•"/
tional
work
Obligations,
and Fully Guaranteed.
■
banker.
.
1_—
'
necessary
get
can
opportunity goes the responsi¬
bility to conserve, •'« the-tradi¬
1^24
Cash and Due from Banks
*
•
That Consumer credit
obligation to teach him how
our
TRUST COMPANY
of business, September
•
Burgess Finds Consumer Credit Is
{
Necessary Function of Commercial Banks:
Burgess
At the close
Bankers
annual
stalment loan¬
CONDENSED STATEMENT OF CONDITION
/._!__1
,
,
Greystone-^
the
Vice-
■
Broadway, New York-.;-
to
President
Kanabec cago during the convention of the
Mr.
Bowman
was
Mora/ Minn., was Association.
elected Vice-President of the Di¬
bewildered
.
Founded
indebted
-
:
present
average
responsibility .* of
the
If we accept both op¬
portunity and responsibility the
banking business c«n take botn
competition and regulation in
its stride. v
'
165
States
"">/•
American
credit customer may seem
when
considering
;
credit, which is the thing
8t
United
the
cago on Sept. 29 during the con¬
vention of the Association. Frank
better understand¬
a
method..
money—
BANK
the
of
President, which he held during
President
Mercantile-Commerce the past year. S. A. Phillips, Vice-'Bank and Trust Co., St. Louis, President
of; the First National"
their markets. They test public
Mo,, was elected Chairman of the Bank, Louisville, Ky., was elected;
opinion. We can use the same Division's Executive Committee. Vice-President of the Division
"
Our stock in trade is the one
commodity,
V ".'f
f
public.- Sales managers gather
all
availablef facts
regarding,
use
profited by large volume
with small margin.
'V:*\
■
■
ing of the money needs of the
in
1937; net profits
ratio 21% lower. Ratios of earn-
than
of
Vice-President
Division.
doing this, how¬
we are
selves with
businesses
general
elected
••.
perhaps we should give P.
Powers,
thought to equipping our- State
Bank,
ever,
C some
better product at a
a
•
product—credit—is good.
,
we are.
America
'
While
out-
responsible for each
stories
lower
operating earnings to deposits
all'insured banks 28% lower
*
;
critical eye, and
ten: thousand
customer
"
1940
1
general pattern—giving the
one
■
*
-r
a
executives
W. W.
President
Everybody uses.it at one time or ABA State Bank Div. Pres.
Heads ABA Nat. Bank Div. J
another. Not only do we have
James H.
a
better
margin in retailing
Peniekj President W.
W. C. Bowman* President of the"
than wholesaling, but that is our B. Worthen Co., bankers, of Little
First National Bank of Montgom¬
natural field. Our job is to de¬ Rock, Ark., was elected President
of the State Bank Division of the ery,
Ala., was elected President of;
velop that field; to carry a bet¬
American Bankers Association at
ter understanding of it to the
the National Bank Division of the"
the annual meeting held at Chi¬
public.
answer.
viewpoint of
we are
these
cess
parison of reports of the Bank
Management Commission of the
A. B. A. shows the ratios of net
*
prob¬
Perhaps
we
haven't
made
enough effort to produce profits
by improving our product, en¬
larging our field, reducing oui
costs and
prices. Yet the suc¬
he
also said:
published
the
banks,
his
In
trade.
Our
Call it "self-analysis of a
country banker." Let us assume
of
the
address
correct
Mutual
Washington
held during the past year.
What do Slocum,
don't have? ? Salesmanship,
w.e
century.
the
the
of
George Stoller Now
In Greystone Studios;
Vice-Presi¬
Cv; Frazier,
The United and have served the leading trade
Wef
other businesses have that Savings Bank, Detroit, Mich., was publications an associations.
mostly.
sider.
that
said
must
be prepared to
serve
the
business with
to
commu¬
bankers
a
with
Stuart
dent
into
experiments
mere
these
I suggest that we examine our
its
proper
in the
found
bank's
maintain
lived
us com¬
ABA Sav. Div. Head
I
than
more
day necessities.
every
lem, have tried various solutions, but apparently have not
;
y
quarter of
a
have
We
will
mu¬
standing
all.
ward for
more
result in
with
from
Greencastle, Ind. Addressing the<^
Division on Sept,, 29 at Chicago,
/ The rapid rise in deposits in
this period may somewhat disMr. O'Hair declared that the culti¬
> tort
the picture by the. use of
vation of the field of selling credit
:
will
these ratios.
yield
Nevertheless, our
large oppor¬
job is to convert deposits into
tunities, and +. earning assets for profit. .The
trend of profits has been down¬
closer contact
people
Twenty
money.
Mr. George Stoller, the founder :
25,000 Savings Bank, of Seattle, Wash.,
was elected President of the Sav¬
of
the
Blank
&
Stoller
other sources of credit, not in¬
Corp.,
cluding Government agencies. ings Division of the American which is no longer in "business, has>
Bankers Association at the annual
An entire new generation of po¬
announced
his
association
with
tential customers has grown up meeting held at Chicago on Sept.
29 during the convention of the the Greystone-Stoller Corp.
.■/'
to depend on others than our¬
American
Bankers
Association. ;
Both Mr. Stoller and the Grey- \
selves for their credit needs. In
Mr. Frazier was elevated from the stone studios have been doing the'
the same time other businesses
office of Vice-President, which he photographic
work for business
have developed their products
National Bank Division of the A. B. A. that there
with
as
Now 13,000 of
country.
pete
reminded at the annual
were
use
odd years ago some 25,000 banks
did the credit business of the
Bank Cultivation of Field of Selling
Credit Is Urged by Fred L. Q'Hair of ABA
*
Thursday, October 9, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
504
3.
cultivated
The banks should maintain
"
.
their positions in this field because
when defense industries
*
liquidated a vast amount of
labor and capital will have to be'
employed in * consumer goods
are
industries, and the banks should
be in a position to stimulate a
revival in these peace-time in¬
dustries
through
the
smoothoperation of the machinery ofinstalment sales and
financing.
Volume 154
Number 3991
THE COMMERCIAL & FINANCIAL CHRONICLE
to
adequate
energy for
This, an offi¬
require some in¬
assure
505
FLORIDA
essential industries.
cial
SPECIALIZINO
added, may
producing
non-defense
goods "to get along with less
power for a few weeks." >
•
dustries
In recent weeks considerable at¬
tention
bond
has
devoted
been
fraternity
which
has
sustained
existed
in
and
tions
tax
the
the
to
in
nection
based
by the
contrast
tions
price gains
obliga¬
exempt
dullness
with national
reported
which
1941
ready
ended.
exhibited
defense, is
from collec¬
trends
upon
for
fiscal
the
in
States
oc¬
by U. S. Treasury and other high
curred in collections of State
grade issues. In a new spurt of
activity in the municipal market
during ' the past several ; days,
dealers reported that substantial
inroads were made in the supply
income taxes,
of
offerings generally. In fact,
number of unsold balances of
issues
that
shelves
are
had
been
-
is
interest
said
a
on
all types
:
The
current
awards
>■
in prices. V
4%
-;rf
likelihood
v
"duration."
There is
no
levies
treme
'
doubt that the
interest
in
exempt
issues,
but
every
buyer is aware of
in¬
formed
'
held
be
can
out
right
asserting a
issues
outstanding
now
a n
^The need for diversity in large
portfolios contributes to the cur¬
municipal bonds,
explains in
been
have
recorded
in
in
certain,
of
over
credit and
United
No
adding
untold
bonds to
has drawn
submission
at
up
the
a
and
are
not often
very
laxities of administration to which
serious,
the
chargeable, recit¬
ing concrete cases, by way of
illustration, and in every instance
proposing a legislative remedy.
sufficient
A
of default operates as a
temptation to default, the cer¬
tainty that they will act after de¬
defects
few
of
are
the
bills
submitted
to
Legislature for
were
enacted.
this purpose
Others will be sub¬
mitted to the next Legislature by
the board.
;
:
.
Kendall
faults
were
*
more
on
,
ascribable ~ to
of
or
all de¬
that
tax-supported bonds
four
Inadequacy
loss
,
found
of
the
decline
valuations,
one
,
major
whose
overdue.
refusal
in
claims
will
to
Governor
have
of
the
in
act
advance
That's
spirit and the
do it in Nevada." 4 '
' jNevada, he said, has a clean j
pretty * well assures ulti¬
mately the discharge of the obli¬
gations
of
communities
which
cuff,
have not lost the power to pay.
is
Deprecates
Maryland's Tax Cut
.
taxes levied, failure to apply
silver
currency
dollars
in
this
(paper J
silver
f
bacco tax
taxes/'
to debt service taxes collected
V. therefor.
officials
the bur¬
to minimize
other "nuisance"
or
>•'
...
far, and to
a
.New
;•[
Holders of the bonds
on
the ill-
Tacoma, Wash., toll bridge,
underpressure of a "freak"
gale, collapsed and fell into the
which
narrows
last
November
7, now
of principal
interest, and in most cases a
premium above the nominal value
can
obtain
payment
and
England's Oldest and Largest Banking Institution
\
•
The
legis¬
NATIONAL BANK
of
BOSTON
1784
1941
23 banking offices in boston
Foreign Branches
A CONDENSED
in
Argentina
STATEMENT
Anticipating approval of the
the
by
Republican-con¬
as
fat, assembly ways and means
committee-
of September
the statute
of CONDITION
24, 1941
RESOURCES
Cash and Due from Banks
$431,658,655.54
........
United States Government Obligations
-Municipal financing rules, now
education, and
New
York
last week
by
250
laws, would be
municipal finance officers from gathered into one statute setting
Eastern states, various spokesmen up what Moffat termed a "stand¬
ard financing procedure."
for cities large and small urged
The
proposed legislation also
economy as the keynote of these
would implement revised munici¬
times.
The heavy
underscoring
pal financing provisions of the
of
economical operation is,
of state constitution
of
Cuba
said,
chairman,
bible."
part
and
Covering all Offices and Foreign Branches
1942 legislature, Mof¬
trolled
,
housing,
numerous
other
143,309,774.10
State and Municipal Securities
Stock of Federal Reserve Bank
15,002,895.09
2,010,000.00
....."
Other Securities..
17,779,280.60
Loans and Discounts
304,583,556.87
Customers' Liability for Acceptances
5,932,455.49
Banking Houses
12,251,143.54
Other Real Estate
1,655,290.42
Other Assets
3,699,281.12
Total
$937,882,332.77
LIABILITIES
adopted in 1938.
course,
Deposits
advisable.
of capital out¬
But in the field
lays
already
taking
are
situation.
care
to
Unable
of the
obtain ma¬
terials, the states and cities are
cutting their capital improvements
sharply, and the new bonds
finance the enterprises are
pearing
in
slower
that
ap¬
I
Government
on
in Transit with
Reserve for
possibility of rationing of
electricity to some New England
industries has developed recently
amid the continuing controversy
over
terns
•
restriction
the Eastern
of
Discount
.$8,972,229.78
.;
Less: Held for Investment
The
gasoline sales
volume.
$833,403,447,77
"Acceptances Executed
New
England Power
municipalities, priorities Rationing Foreseen
by
Foreign Branches
T
.
'
...
Officials
1941 State Tax
State
tax
collections
of the
Commission
7%
for
the
said
8,709,914.59
$27,812,500.00
|
Undivided Profits
39,187,500.00
....
...
sea¬
the
extended
drought had resulted in a critical
situation with respect to hydro¬
electric bower in Maine and west¬
proach
Bureau of the
Census. This figure,
tion
To
meet
possible eventualities,
rapid accelera¬ they * said, commission engineers
of business activities in con¬ are working on a rationing plan
which reflects the
15,847,882.95
Total
82,847,882.95
$937,882,332.77
Federal Power
ending in 1941 will ap¬
$4,500,000,000, increasing ern Massachusetts, and that a
7% above 1940, according to a shortage of electricity might be¬
come
general
throughout New
preliminary report of State Tax
Collections: 1941, released by the England.
fiscal year
3,397,723.22
2,312,960.77
Contingencies
Capital
Surplus
287,377.51
Interest, Taxes, Dividend and Unearned
Other Liabilities
Reserve for
I 6,923,025.96
.2,049,203.82
:
board.
Collections Up
i
■
Payment Available
$49,000,000, has evoked a response
from the State of Nevada. —
Nevada hasn't bought red ink in
propensity to 75{years, it has* $1,291,385.42 in
over-estimate the percentage of the treasury, its total bonded, in¬
the taxes assessed that will be debtedness on July 1 was $431,000,
collected.
Defaults
from
these and its only taxes are on real esgo too
i
state
taboo)
in its jeans, and a \
tax rate of only 69^ cents.
;
It has no sales tax, inheri- j
tance, state income tax, to- {
Governor O'Conor's widely pub¬
licized
announcement
that
he
collect
the pioneer
way we
fault
Nevada
rate,
P.
the system for
become
to
courts
E.
gasoline
Democrat like Mr.
is¬
He adds that while the
of
property,
Carville,
a
O'Conor, said
keeping the books
balanced was simple. 1
'
"Sit tight," he said.
"Sit on
the taxes.
Pay as you go, on the
traditional cash-and-carry basis.
compel
behalf
assessed 4 >
of
failure
courts
levies
or
factors:
tax
sues
for
personal
liquor.
measure
1942
eventually the local financial
in
tate,
he adds,
causes,
county, city, town, village
lesser units of government,
bill
they often are pre¬
Treasury obligations.
attended
ILLINOIS
was
Commission, created by
This com¬
Treasury
conference
a
has listed the defects of law and
taxes, funds accounting, and other
financing activities.
Municipal Over-Financing
Danger Stressed
At
BANKIIOC\J^_^v/CHICACO
gener¬
a
meeting of the Municipal
"We hope to make
*
tSt NAT
Phone Atlantic 1170
^
RECrummer & Company
had
with regulation of
Subsequent legisla¬
tures will be asked, he explained,
to add provisions on budgeting,
reasons
ferred
which
occasions
brought about the defaults.
Ac¬
cordingly, Gaynor Kendall, chief
analyst, in his report to the board,
borrowing.
portfolios, but state and city is¬
sues
are a
different matter. For
local
and
causes
will deal only
difficulty will be encountered, it
is
,
recent
and
large
Treasury obligations.
amounts
lative
Building
PITTSBURGH, PA.
cover
part the much larger recent ad¬
vances
in
such securities
than
States
Commonwealth
session, which incorporates
a comprehensive local finance act.
Assemblyman
Moffat
reports
that the
1942 bill, designed to
rent demand for
probably
STORMS AND CO.
for
lative
d
-
and
Municipal
for *42
Finance
mission
AV;>;;
exempt.
glad
regarding
fated
for
tax
to
be
will
the State Legislature.
bonds will remain exempt. In two
is
We
inquiry
obligation.
no
den borne by taxpayers, in which
laudable endeavor they frequently
a
important legal actions the Treas¬
ury
at
familiarity with these
any
bf
predicted for all local .units in New
York
State
by Republican As¬
semblyman Abbot Low Moffat, at
the
that
them
proposing better legis¬
safeguards
against
the
Co's.
request
000,000 in 1941 reported increases
.
ally stronger fiscal structure
the
Treasury drive to terminate recip¬
rocal tax immunity and no assur¬
ance
of
bonds.
answer
on
with
Improved
and foreshadowed at Washington
stimulated
to
Circular
comprehensive
a
Finance Law Ready
ex¬
have
background
us
Tacoma Bridgfe Bond
enacted
being
now
gives
had reduced Maryland's personal
",
^
Vi" / > v property tax rate 8 cents and that
Inadequate tax rates, he says, are his state is now in the black with
most frequently due to the desire only its bonded indebtedness of
N. Y. State
/
itself
The best "Hedge" security for
long experience in handling Flori¬
issues
municipal
the
history of defaults on
bonds owned by the permanent
school fund studied was to qualify
re¬
over
last year as. follows: New
York, 5%; Illinois^ 4%; Indiana,
3%, and New Jersey, 6%. > r
of
pects at the present time, more¬
over are for light new issues for
-
States
igan, and Wisconsin, other States
collections exceeding $100,-
resale by such holders. The pros¬
the
Thirteen
ing
/
,
is mod¬
The end which the State Board
the
unusual gains over last
year as follows: Michigan, 18%;
Virginia,;. 18%; North' Carolina,
15%; North Dakota, 15%.; Georgia,
13%;
Kentucky,
13%;
Oregon,
13%; South Carolina, 13%; Cali¬
fornia,
11%; Washington,; 10%;
Wisconsin,
10%; Montana, 9%,
and Tennessee, 7%. •
/
In addition to California, Mich¬
est, for the bonds, rest primarily
in
institutional ^portfolios
and
much
,
Among
ported
lower yields, has
investment houses searching for
fundamental causes. The present
scarcity value of state and city
bonds is held by the experts to
be a leading factor in the up¬
swing. Notwithstanding the vast
total of such bonds outstanding,
not
1940.
over
collections.
and consequent
is
total of
the States with fiscal
that have already ended, all
but Delaware reported increased
-
high grade municipal
flotations at ever mounting prices
there
1940,
over
a
years
of
the market supply usually
to
com¬
$1,796,000,000. Unemployment
compensation taxes increased
.
toward
trend
9%
$149,000,000,
or
i
buying. This was sup¬
ported by the reoffering of some
of the bonds that had changed
;
of sales taxes
bined increased
have,
fessional
hands at mark-ups
from
collections:
8%; alcoholic bev¬
8%, and tobacco prod¬
ucts, 6%.
Total collections of
attributed to pro¬
was
last year.
over
erages,
been distinctly apparent, although
the major portion of the increased
animation
13%
up
which
gasoline,
„■
com1-
to
were
17%,
rose
and general sales taxes,
increased
pletely moved out. Increased in¬
vestor
which
Other sales taxes also showed
new
lying
said to have been
-
da
of Education had in -view in hav¬
increases
A.
MORTGAGES
Banks and Insurance
Our
:
Most striking
H.
INSURED
MUNICIPAL BONDS
Texas Education Board
Studies Bond Defaults
have al¬
years
F.
FLORIDA
The
figures of Old Colony Trust Company, which is beneficially
by the stockholders of The First National Bank of Boston,
owned
are
not
included in the above statement.
A.
'
t.
of
the
obligations,
of action just
r-
ington Toll. Bridge Authority,
?
An ordinance has been passed
Ai
Associated Press
an
twelfth
institution
the
founded .125 years
was
•
the previous of-
At
Oct. 21.
welled up as we read
the States"
the
as.
holders
U. Florthe bank, an-j;
Sept. 13, Fred
on
ence,/ President of
nounced that there
are now out-*
ago.
Mr.
July 30/ was standing 200,000 share of common V;!
fering of housing notes in- k mentioned in these columns Aug. stock of the par value of $20
/ terest
rates
ranged
from
each, and it is contemplated that1.;/
2, page) 638. a AV/A 50,000 additional shares will be
0.33% to 0.44%. //. *
A;
Funds obtained from v the sale
present v
Nelson C. Denney, a Vice-Presi-. issued,v ratably,- to . the
shareholders, at
of the-nbtes will be used to-re¬ dent. of the1
$20 per - share, )
Fidelity-Philadelphia
pay
the United States Housing Trust'Co., Philadelphia, Pa., died thereby providing $1,000,000 tov •
,,/'■
I* Memories of the "War Between
by the board authorizing the trus-,
tee to accept the bonds for can-'
him
President ;, since
October 14 and the
remainder will be marketed
be opened
Wants to Secede
marks,
tion
Bids for 13 of the issues will
Oregon County
result
the
as
taken by the Wash¬
Thursday, October 9, 1941
CHRONICLE
THE COMMERCIAL & FINANCIAL
506
.
Lloyd's -death
on
.
dispatch re¬
All of the $3,750,000 of porting that the residents of Curry
Oregon believe they
the Original issue of that' amount County in
are being slighted by their home
of 3 and
securities maturing
State, so they're planning to se¬ Authority for money already ad¬ on
cover the increase in the capital
Sept. 1, 1960, with the exception
Sept.' 15 in the Cooper Hos¬
cede, .Asserting the State is re¬ vanced
on
loan
contracts, , to¬ pital, Camden, N. J., after an ill¬ stock.- His letter went on to say:
of $85,000 that became optional
fusing to
develop the county's gether with accrued interest, or ness of seven months.
The increase in the capital ac-'
Mr. Denon
*
Sept. 1, last, at par, are to
retire
mineral" resources,
the
County to
maturing
short-term
receive a price of 104 and interest
ney, who lived in Merchantville, [ count of the bank was deemed
Court appointed a commission to paper, and the balance will be
N./ J., had been associated with
advisable by the Board'so as- to ?
to Oct. 1.
The optional bonds are
used for construction costs dur¬
better
prepare the -bank
the)/ Fidelity-Philadelphia / Trust
1
- tb meet ;;'
to be retired, at the call price of study secession procedure and to
ing
the
term
of
the
notes//^///))
the growing volume of business !;
Co. for 55 years.
/ "l
AAA
apply for admission to California.
100, but interest also will be paid
1,
1941.
,
'
A
Following
on
them to Oct. 1.
^ d
Local Housing
made from
policies of
$.5,200,000 covering-thd structure
and, $240,000 ' pn ; its operation.
; Payment is to be
receipts on insurance
and salvage
,
;//A'v
City
,
Amount
■
\
„
Maturity
$24,000,000
5- 6-1942
Scranton, Pa.
1,000,000
6-30-1942
Camden, N. J.i^L-V
1,410.000 ; 5- 6-1942
Washington, D. C .w
9,140,000
5- 6-1942
Baltimore,
Md—
18,225.000
5- 6-1942
St. ClaiT Co., 111.—/.' ' 1,880,000
9-30-1942
New Albany, Ind.
416,000
9,30-1942
Mass
Boston,
—
Twenty-seven local housing au¬
.
thorities
cash
to
planning
offer
$85,000,000 of tempo¬
loan notes later this
rary
rights to the author¬
are.
than
more
month.
970,000
9-30-1942
Charles, La.___
500,000
3-31-1942
'
A
;V;^V A
;
/
'*!) I
-4'-
i
Edwhrd ' A.
>
-that is steadily bislhg developed
-
-
Young / has
elected,/ President; of
the
throughout. the ' Southwest, arid ?.
been
also
North
a
Side Deposit Bank,
Pittsburgh, ;to
fill the vacancy caused by A the
death
of/ A.
V. V Purnell, / Mr.
dent/and
the
bank
with
even
more
con¬
substantially
towards the maintenance of Dal¬
las
the financial center of the' A-
as
Southwest..
the
Director ,* since
a
provide
tribute
has served as Vice-Presi¬
Young
to
capital structure that will
-'))/...
:
organization in 1934.
Ed¬ / The present surplus of the'
bank is $4,000,000, and it is also
Galveston, Tex.—
800.000
6-30t1942 win O. Long, Secretary of the D.
Corpus Christi, Tex.
918.000 11-10-1942 L.
Clark Co.,' was elected Viceproposed that $1,000,000 will be
Oakland, Cal.
2,650,000 '3-31-1942
Twin Falls,
Idaho—
150,000
3-31-1942 •President., of /the. bank. v,,He also ^ transferred from-...the. undivided V'
profitSi account to the surplus A
a
director since
Issues scheduled for sale on Oct. has/served- as
the bank's organization.
account, making the surplus $5,21 follow:
000,000. This will give the bank
Raymond M. Merritt was elected
City
Amount / Maturity
a
Assistant
Secretary.
Other offi¬
paid-up capital and surplus of
Providence, R. I._— $5,000 000
5- 6-1942
Anaconda, Mont. /.—/
376.000
6- 6-1942 cers of the bank include Raymond
$ 10,000,000.
: - v
Montgomery, Ala.
1,480,000 11-10-1942 G.
Geltz, Treasurer/and Stanley
Public participation in the tem¬
Crowe, Secretary.
/v
The Pubhc National Bank and
poral
financing of the USHA
Trust
Company of ;New York/ /
slum clearance program was in¬
William E. Howard, Vice-Presi¬ formally opened on Oct. 6 its new /
itiated about two years ago with
dent of
the Braddock National and
Lake
months.
loss ol use and occupancy.
i._—
Quincy, 111.
three to 12
Maturities range from
ity, plus payments of $220,000 to
cover
/
Schedule Note Offerings f
The claim on the span itself was
Settled Aug. 26 for' $4,000,000
issues scheduled
are
for sale Oct. 14:
Units A
bank's
;
___
BoosoosasGe&Q
u__
i
.i
__
_
—
..
/ /
>
Co.
Brown Brothers Harriman &
private bankers
PHILADELPHIA
BOSTON
NEW YORK
•
ASSETS
Due
and
from
the
more
Alexander
im-
Fleet- Ryland,
Vice-
t a n t
municipal
offerings President of the First and Mer¬
($500,000 or over—short term chants National Bank, Richmond,
issues
excluded), which /are' to Va pdied on Sept. 17 of a heart
Securities
United States Government
Valued
Cost
at
Call Loans
Market whichever Lower
or
Acceptances
and
$ 38,307,662.22
Banks
of
46,981,812.51
.
.
.
Other Banks
come
the
and
Securities Called
Valued
Loans
at
Cost
ou
.
Marketable Bonds
Cost
at
or
Acceptances
on
.
.
.
.
12,246,995-75
.
.
.
7,644,851.15
•
last
Acceptances
'A/'*-
.
.
.$125,454,483-58
.
v
3,847,886.22 $129,302,369.80
.
.
.
.
8,166,085 91
.$
<
.
Less Own Acceptances////
'Held
Portfolio.
in
669,172.46
.
.
.
im¬
an
Follow¬
64 years of age:
was
1899.
made cashier in
was
Vice-President
the
lowing
National
in
1918,
merger
of
1908 and
and
the
as
the inevitable
pansion of the bank.
statement
E/ ;
In
Chester
recent
a
Gersten,
President, hailed the purchase of
t^e
building
new
as
symbolizing/
33 years of sound progress for the
institpt'ori,
ber
30th
loans
statement
of
-
.The Bank's Septem¬
shows
$87,725,486.21:
total
total
de¬
posits of/ $179,201.588.90;/capital
surplus and undivided profits of
fol¬ $18,125,268.8-1 a"d total
of $201,618,904.73.
...
First
wi th the - Merchants
re¬
sult of the steady growth and ex¬
The
Na¬
new
home
of
resources :
Public
Na-
/-
elected tional is completely equipped with ;,
Vice-President of the combined up-to-date
of /modern
banking A
bidder.
The
institution, the: present First and facilit;es and appointments.
$504,000 Union City, N. J.
area occupied
Merchants National Bank.
by the Bank itselfThis
city has not negotiated any recent
Mr. Ryland was one of the or¬ represents a 60% increase in head¬
bond sales.
/V "/ v:
;/«/>///; •
ganizers of the Richmond Chapter quarters office space; and consists
$14,100,000 Philadelphia, Pa.
of iv the
American
Institute
of of. the
sub-basement,
a
lower
Syndicate
headed
by Drexel
& Co.
of Banking and was a member for banking level and the main bank-i
Philadelphia, obtained award of the bonds
three
years i of
the
Executive ing floor together with the. first • !
offered in Dec. 1939. Second best bid was
second mezzanines and the A
entered
by the First Boston Corp./'and Council of the American Bankers' and
associates.
"/ /./,//
' / A/// :///;
Association,
representing
Vir¬ entire second and third floors.
and
York,
7,496,913-45
tional
Bank
in
1928,
was
>
.
„
.
Lehman Bros, of
the bonds offered
Phelps. Fenn & Co.. of
associates,
second best
December.
New
LIABILITIES
.
He
A//
headed
by
York,
purchased
Syndicate
329,160.85
/
in-Richmond.
home
last ing his graduation from the Vir¬
also ap¬ ginia Military Institute in 1897,
Mr. Ryland joined the First Na¬
$661,000 Onondaga Co., N. Y.
$151,513,262.80
M
Deposits—Demand
are
He
his
at
the
Oct. 9th (Today)
Stocks
and
,
Deposits—Time
sold
isue
bidder
attack
tional Bank of Richmond in
New
Other Assets
for
runner-up
The
32,469,331.21
Market whichever Lower
Customers'Liability
successful
the
previous
pended.
6,005,631.54
.
.
Advances.
and
Valued
Maturing Within 1 Year
Market whichever Lower
or
of
names
7,527,817-57
.
in the near future.
up
it
acterized
herewith
p o r
Hand
on
home of Public National is
*
J
at
We list
Cash
-
interest rates averaging
The, building,
1, succeeding i George A.. Todd, pressive structure.
0.50%, thus affecting sub¬ who will retire at that
time./ Mr. was acquired by the bank from)
stantial savings over the rate of
the
New
York
Stock Exchange, in
Todd has served the bank for the
interest the USHA is required to
past 54 years and has been. Presi¬ an outright purchase for cash.' In
charge for its loans.
'VV
dent since
1929. t Mr.
Howard commenting on the move from its' '
joined the institution in 1932,. be¬ former/ headquarters in ?William
Major Sales
'
\
coming Vice-President in 1934. / Street/officials of the Bank char¬
sale
Scheduled
of Condition, September SO, 1941
Statement
than
081,000
have been stitution's Board of Directors. He
placed through public competitive will assume his new duties on Oct.
all, more
such
notes
enlarged main office quarters
own
9-story building
at 67 Broad Street,
recently acquired bv purchase. > The new
in the bank's
about
1
;
Bank, Braddock, Pa., on Sept. 17
$835,- was elected President by the in¬
In
notes.
Business. Established 1818
/A////, s-V
of local authorities'
sale
the first
•
;
Accrued Interest, Expenses, etc
Reserve
! Capital
,
Contingencies
for
.
.
.
.
.
:./'.
.
.
...
.
.
.
.
.
.
.
.'"
1
.
.
Oct,
'
ginia. /He also was a member of The sub-basement, two floors be- *
the Association • of Reserve City low street level, contains exten- - >
14th
$3,000,000 South Carolina,
$ 2,000,000.00
Bankers.A/. • /
most
of
long-term
State
••"$151,513,262.80
sold
Federal Reserve. Bank of Cleve¬ occupied by various departmental /
The main banking :
land, announced on Sept. 17 the of the Bank.
admission to membership in the floor on the street level is a nota- />
Federal
Reserve System of the ble example of modern banking
v
of New York, and associates,
Refer
to
remarks
obligations.;
...
..
Prbscoit S. Bush
-'
'
•"
/ .Ray
'
y
-'?•'!
■*
A'V1' M
:<
Investment Advisory
on
these
;
\
Nov. 4th
$1,030,000 Terrebonne Par., La.
This
parish
sales
of
has
not
made-
any
recent
bronze fillets.
to $60,000 mosaic and
Thq //
Officers of the second and third floors will pro-J
vide
bank are: H. J. Sousley, / Presi¬
space for the Bank's, various/./
dent^ :H. i M. Povenmire, Vice- departments, quarters for.officer^
other,than
those located op mairi.
President; Lloyd McElroy, Cash¬
ier, and 'J./A./ Welsh, Assistant banking floor, President's office,
on
was
Nov;
increased
as
Charles W. Eliason,
Stephen Y; Hord
Howard P. Maeder
H. Pelham Curtis
Thomas McCancb
Jr .(a**.)
(&*&)
Ernest E. Nelson(b.,«.)
Donald K. Walker
John C. West
(nil*.')
•
'
well
and
as
conference
recreation
rooms, /.
rooms
for
employees.
The
fourth to riihth- floors, rented to
tional
Bank, of C Chicago, have
business
concerns.
The
Public
Na-^
elected George H. Goessele to the
position of Cashiers Mr. Goessele tional .Bank and Trust Co. it is.//
who was formerly Assistant Cash¬ stated now ranks 45th among the /
(Continued, from Page 503)
nation's leading banking organiza¬
ier, takes over the post of Cashier,
Isaac
W.
Roberts
has:
been temporarily
held* by Edwin J. tions. It was founded in 1908 and
elected President of the Philadel¬ Tietz, Vice-President of the bank. has a total of 30 officers with com- /
plete banking facilities. „ Of these,
phia Savings Fund Society, Phila¬
The Board of Directors of the 11 are in Manhattan, 10 in the
delphia, Pa., succeeding the late
Bronx and 9 in Brooklyn.
.
Stacy B. Lloyd, it
announced Republic National Bank of Dallas
Na¬
men
and
women
Trust
Companies
•.
As siuant Manage ft
Merritt T. Cooke
»
Items About Banks,
Managers
Alister C. Colquhoun
directors'
■//AA; •'/. //Ay /;•
Service.,,
H. D. pennington, General Manager
Charles F. Breed (*"«»)
*
12, 1914.
Directors of the Industrial
Edward Abrams («&.)
level will be A
was
Cashier.
bonds.
The lower banking
of
Bank, Ada, Ohio. /. The interior, with its 30-foot accoust- /
organized in 1902 with ical ceiling, massive bronze doors /;
12
columns /with, marbleauthorized /capital of $30,000, and
which
14th entry.
Fleming,./President
J.
Liberty
bank
$6,856,000 USHA temporary loans
See note under the Oct.
Sale of Securities
•' -r
! Knight Woolley
Louis Curtis
above
,/■•/.■/
an
Orders Executed for the Purchase or
MorAis
.
Oct. 21st
Domestic and
Deposit Accounts • Loans • Acceptances
Commercial Letters oj Credit
W. A. Harriman
given
; ::
FACILITIES
Completb Facilities for
Foreign Banking
Moreau D. Brown '
,
AM.
certificates of indebtedness was
last
March,
the award going to a
$62,118,000 USIIA temporary loans
E. R. Harriman
' ;
highway
Corp.
.
types known.
13,345,623-99
syndicate headed by Lehman Bros, of New
out-bidding
the
Union Securities
PARTNERS
sive vaults which are of the most
modern
issue
recent
York,
Thatcher M. Brown
/
State of
The
11,345,623-99
Surplus
186,317-62
1,182,037-94
Alfred B. Meacham
Arthur R. Rowe (*"»«)
Edwin K. Merrill
L. Parks Shipley
Arthur K. Paddock
Harry L. Wills
"
William A. Hess (nil*.)
"•
Joseph R. Kenny
-
.
/.
was
Sept. 12 by the Board of Man¬ have called a special meeting of
Mr. Roberts, whose asso¬ the shareholders of the bank, to
ciation with the bank dates from be held Oct. 14, for the purpose
on
George E. Paul, Comptroller
-
Arthur B. Smith, Auditor
Licensed u Private Bankers and subject to examination and regulation
of the State of New Yotk and by the Department of Banking of the
Subject to supervision and examination by the
by the Superintendent of Banks
Commonwealth of Pennsylvania.
Commissioner of Banks of the Commonwealth of
Massachusetts.
f//f/j///f/s//f/////f//fss/r//f//rfJ7/f/f//sff/jr///f/Sff//////Mtr/Jors/fffff/xff/ffi
K.
Percy H. Johnston and Frank
Houston, Chairman and PresK;-
was made a man¬ of
voting upon the proposal to dent, respectively, of the Chemical
is promoted from the office increase the capital stock of the Bank & Trust Co., New York '
institution-from
of Vice-President to which he was
$4,000,000 to $5,- City, announced on Sept. 24 the
elected in June, 1931.
His elec- lCOJ,000. /In a letter sent to stoek- organization of a Quarter-Century
1922
ager,
'
agers.
when he
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3991
154
composed of directors, offi¬
Club
$371,130,378, against York City, as of Sept. 30, 1941
June 30, 1941, and shows deposits of $983,665,790 and
on
Sept. 30,
1940. resources of $1,082,4-32,811, com¬
Loans and discounts amounted to pared with deposits of $856,162,984
$159,869,225, against $156,683,246 and resources of $950,811,789 on
on
June 30,'1941, and $137,284,- Sept. 30, 1940.
Cash and due from
769 a year ago.
Capital and sur¬ banks is listed at $354,140,771, as
plus remained unchanged at $20,- against $304,071,786 a year ago.
S.
Government
Securities
000,000, and $50,000,000, respec¬ U.
tively. 'Undivided profits totaled stands at $340,293,966; one year
$8,607,434, compared with $8,357,- ago it was $304,005,430. Loans and
142 on June 30, 1941, and $7,637,- bills
purchased
is $270,305,220,
which compares with $210,541,450
757 on Sept. 30, 1940.
;
a
year ago.
Preferred stock is
shown as $8,892,780, common as
The statement of the Chase Na¬
$32,998,440, and surplus and un¬
tional
Bank
of ; New York
for divided
profits as $40,986,645. Net
Sept. 30, 1941, made public Oct.
operating earnings for the three
2, shows deposits of $3,587,562,000,
months ending Sept. 30, 1941, after
compared with $3,615,428,000 on
amortization, taxes, etc., as well as
June 30, 1941, and $3,251,342,000
dividends on preferred stock, but
on Sept. 30, 1940.
Total resources
before reserves, amounted to $1,amounted to $3,856,799,000 com¬
642,225, or 99 oehts a share, as
pared with $3,889,161,000 on June
compared with$l,663,051, or $l".fll
30, ; 1941
and $3,522,990,000 on
Sept. 30, 1940; cash in the bank's per share, for the corresponding
amounted to
employees ;\who Tiave $362,126,568
served the Dank or its constituent $493,877,893
and
cers
institutions
continuously
for,
25
more.
The membership
117, consisting of 94 ac¬
employed and 23 on the
or
years
totals
tively
pension
tively
with
list.
Each member ac¬
employed was presented
gold service emblem; ;a
diamond having been added for
a
each additional five years of ser¬
Pensioned
vice.
ceived
employees
of
pumber
.
re¬
indicating:. the
emblems
r
served
years
up
>
to
the time of their retirement.
{ Oldest
service is
John
point" of
in
employee
F.
Flaacke,-.As-
bank and
President of the Club,
now in his 71st; year of
istant Secretary of the
Honorary
who-4s
service.>'
continuous
; ■
The Guaranty Trust Co. of New
{
York,
announced
Ford
Treasurer
yir,
Assistant
an
as
of Robert S. Den-
and
Secretary.
Assistant
an
a$
of
the:*appointment
P.
Francis
recently
City,
York
New
J
'
Fletcher
dent
and
W;
of'the
Director
a
Presi¬
Rockwell,
-
Na¬
tional Lead Co., has been elected
a member of the Board of Direc¬
tors of the
Irving Trust Co., New
City, it was announced Sept.
York
12
President
by Harry E. Ward,
the institution.
of
is- also
Mr.
of
Director
a
Rockwell
Patino
the
Mines and Enterprises and of the
Doehler Die Casting Corp.
•
C.
William
Corp., New York <City,
Sept. 13 in Paterson Gen¬
Hospital, Paterson* N. J. He
Banking
died
Federal
.
on
deposit
Reserve
Bank
with
the
period last
44
was
years
Broklyn, : Mr.
losses
The
Fulton
Trust
$29,820,755 and total assets of $34,-
ernment
997,820
securities, $1,339,079,000
compared with $1,437,225,000 and
$1,045,425,000; loans and discounts,
$773,036,000 compared with $773,392,000 and $625,579,000. On Sept;
30, 1941, the capital of the bank
was
$100,270,000 and the surplus
$100,270,000, both amounts un¬
changed.
The undivided 'profits
account
on- Sept.
30,
1941,
amounted to $40,441,000 compared
with $37,183,000 on June 30, 1941
and; $36,535,000 on Sept. 30, 1940.
New York reports
statement
Manufacturers
of
condition
Trust
Co.,
of
the
last
such
day
the sudden
in
broken
investment
result, their
a
record
Corp.
as
years.
"The
business
of
these
your
as
tax selling
your
Christmas
,
From
broadside received from
a
far,
are
when
the
and
Hare's Ltd., distributors
of Insur¬
period
last
creased
ment
Group Shares:
.;
company
34.0%
and
their
income, 9.1%.
,
"In the readjustment
of security
holdings, which is now becoming
essential, greater preference will
undoubtedly be shown for stabil¬
ity of earnings, rather than for
sudden huge profits; for continu¬
ous, rather than prospective divi¬
dends; and for moderate price
changes over sensational market
etc."
•
Harriman
Brothers
.
'
as
an
increase
total
in
assets
on
ings and
the outlook
$32863,124
on
on Sept.
30, 1940.
Other asset items com¬
pare as follows with the figures
months ago and a year
Cash,
$38,307,662
against
$39,3:2,068 and $38,063,614, re¬
spectively; United States Govern¬
ment securities (valued at lower
of
cost
or
market), $46,981,813
three
ago:
$44 627,927
against
$49,703,-
and
021; marketable bonds
and stocks
cumulative
Eastern
preferred
Gas
&
Fuel
$8,722,539; and
$6,-
and within
a
reasonable time
cases
dividends
after
•
in
both companies, for
on
of
over
a
memorandum just is¬
70
Pine
Street,
New
possibilities of this stock
ticularly
attractive,
with
be
additional
obtained
the
June 30.
More insurance
V4. >.7,;
•••:
':f
,-•;•/
Vv"v
<
'
-
•
«•';
v"
'
4
} '>•'/
.'v v :•
Probability of need for additional
cash to pay rising estate
gests again giving
levies
sug¬
thought to
your
life insurance.
;
May
we
help you?
of Sept. 30, 1941,
Bank & Trust Co.,
In its statement
Chem cal
New
York,
reported
also the
tory,
history.
Deposits,
highest in the bank's his¬
amounted
Total
total re¬
high¬
of $1,039,758,858, the
sources
est in the bank's
resources
to
$953,635,049.
compared
with
$1,028,080,283 at end of June, and
with $892,984,415 a year .ago. The
peak deposit figure compares with
$940,555,890 on June, 30, 1941, and
with
$808,542,554 • on Sept. - 30,
1940.
'?
The
'
v.";; v.^
bank's
Government
holdings
obligations
of
: ;
(direct
fully guaranteed) amounted
to
$304,326,713, compared with
$319,537,627 three months ago,
and with $118,623,503 a year ago.
Cash on hand and due from banks
?md
^^Fudeniial
Jttaimmw **
'
U.; S.
are
par-i
to
which,
information,
from
Higher taxes,
'
City.
according
the memorandum, copies of
frf I'I
i"
Co., Inc.,
York
The income and price appreciation
may
Statistical
have been distinguished
for retaining in their business a Department of G. A. Saxton & Co.
90 years,
totaled $916,902 on Sept. 30,
New against $922,901
an average
cording to
sued by G. A. Saxton &
542,185.
the
of
Associates
be raised to the full rate next
stocks
ket), $12,248,993 against $12,695,184
and
$10,401,688; customers'
liabilities on acceptances, $7,664,-
against
stock
may
basis
(valued at lower of cost or mar¬
851
for further
improvement, the possibilities are
good that dividends on the 6%
year
this
secured by collat¬ try group) will undoubtedly rank
high in popularity.
$27,348,344, against
"The
old-fashioned
virtue
of
$25,627,186 on June 30. State and
municipal bonds were $3,092,983, thrift is at the bottom of the su¬
compared with $2,585,045; time perior performance of the stocks
those
insurance
companies
loans secured by collateral were of
$942,402 against $911,054 on June which comprise the portfolio of
Insurance
Group
Shares.
These
30.
The
undivided ' profits
ac¬
with
and $21,795,006
1
j. In view of the increased earn¬
of
On
totaled
\
30
I
•' (
leading fire insurance companies
action.
loans
demand
eral
30,
compared
f
1941.
June 30,
surplus
June
■■■•'•
East. Gas-Fuel Attractive
to
last year. Capital and
of $13,345,624 compared
with $13,326,121 three months ago
and $13,285,254 a year ago. Loans
and
advances
were
$32,489,331
■
Cash, (which can be compared advan¬ thereafter small payments made
tageously with almost any indus¬ against the unpaid arrears, ac-?
y." S. Government securities and
752,498
$151,513,263 compared with $150,£37,304 on June 30,
1941, and
$142,454,118 on Sept. 30, 1940.
Deposits increased to $129,302,370, compared with $127,082,581
on
June 30, and $121,541,297: on
Sept.
.
*
&
New York, private bankers,
of
Sept.
30,
1941,
shows
|
'
w
""
•■{'
of
sta Lement
financial
The
Brown
com¬
demands and labor disturb-4
wage
ances,
Banking
position he held at his death. His
was in Ridgewood, N. J.'
These
1
=
in¬
invest¬
comparatively are most
favorably situated in relation to
taxes, price ceilings, priorities;
June, 1919,
was founded,
home
under¬
panies
1
ance
Their
year.
writing profit margin has
through the ranks to the
rose
com¬
their 'all time peak.'
So
their net premiums written
18.8% in excess of the similar
clerk'in
a
un¬
averages
panies this year will undoubtedly
For the convenience of dealers,
Hugh W. Long and Company has
distributed forms prepared by the
Monthly Stock Digest Service ex¬
plaining the capital gain and loss
provisions of the new law.;,
.;V ;
in its statement of Sept.
As
dividend
60
over
rush
future
and
exceed
Do
market.
early as well
shopping.
total deposits of
their
over),
the
$27,531,110 and assets of $32,-
count,
The
before
take
to
of
and
of "cash" sales is liable to depress
1941, compared with deposits
30,
of
is
time
December when
Company of
investments in United States Gov¬
The
(50%
old.
A native of
Thompson joined
American
French
the
for
issues.
banks,
-/
values
improving their positions
by reinvesting in better-situated earnings.
and other
$1,328,312,000 compared
$1,311,005,000 and - $1,440,940,000[n on the respective dates;
profits
thereby increasing liquidating
487)
page
and also
year.
with
annual
on
eral
Co.,
and
Thompson,'; Vice-
..
President of the French American
(Continued from
portion
generous
very
Investment Trusts
on
,
vaults
507
/
•
-
ffinmpattg nf Amrrtnt
Home Office, NEWARK, N. J.
%
THE COMMERCIAL & FINANCIAL CHRONICLE
508
than stock
*
*
HIGH-GRADE
INVESTMENTS
Members
Stock
Boston
ered
Chicago
York.
last
to
Tuesday the
market acted all right.
At
least
it
didn't
act
badly
enough to worry people. But
during the first two hours that
day it took a tumble and
ended the day not far from
the lows.
Yesterday it recov¬
PROVIDENCE, RHODE ISLAND
New
&
little but that's about
a
all that could be said for it.
Exchanges
..*'*
*y"
*
1856
must
H. Hentz & Co.
Members
'
.
York
New
Stock
Exchange
Curb
Exchange
York
New
York
New
Cotton
Commodity
Orleans
New
And
N. Y.
other
Cotton
BOSTON
of
Cotton
Inc.
Exchanges
CHICAGO
GENEVA,
that
it did the
as
The
7.7'7:
."$•«
Chicago
further
hopes
Federal
advanced
is
the
on
it
have
to
close to what is
Recent
y;7;
.'777 ^7:777.^?777-.V
.
paper¬
in
sells
we
still
tion
? V
■?
*
-
*
.
the
on
Need
York,
this
a
a
has
*
of "all-out"
4-2727
Hold that
*
!
7:7
.
Shipbuilding with 26
managed
to
*
*
better
act
■' 7 777-77'
■
•
Savage Arms is not
near
>77,?:
it's
17 % critical level and should
from
Preservation
before
7.;f?;;7777?
new
they
just managed
it's 23% stop by a
clear
between 24
in
is
are
the
came
25. 7 But
and
high after purchase advice
24%.
about
was
Since then
today as a BB holders have gotten a 30c divi¬
air rifle in stopping a panzer dend which brings the price
division.
Dividend
yields, down to about 24 and a small
price times earnings ratios, fraction. I therefore suggest
big earnings and all the rest that the stop be lowered to 23.
of the yardsticks are just so ■777;
J.'-'V; *
7 * 7777777.
much gibberish today. No one
The last stock in our list is
pays any attention to them Warner Bros., bought at about
with the possible exception of 5 with a
stop at 3%. There is
statisticians.
Even
the old no
change in the stop in this
technical signals are ignored.
one.
r
*
**"'.,
*
use
7.
The big talk today—if any¬
body
can be said to talk about
it—is the action of the market
*
In
sis
.■"
citizens
by
N.
testify at
State
Y.
speaking of the market it
unit.
rather
as
It's
"what's
-.7?'"?■
The
hearing
*
"77*77; * ;7;7' .7';4:'7
stocks for
method
companies—in favor.
head
single
stock
mined is based
Young
E.
777:/".Y'''; •;?•; •-■•■
-
Page 493
.•
on
the
.
prices. If
that happens you are to sell
buy them back
record.
all-time
an
first
It's futile to
the market is strong, or
weak, when the stock you are
concerned with is doing noth¬
ing or going down. Still, as
most people are market rather
*
❖
7'
*
your
wishes.
before.".
recent
sions
.
.
remark
Smartest
was
any
Sorry
than
And
of
investments
meeting
the
rest
earnings,
no
of
the
matter
how big, play a small part in to-
need
of
is
cars
Finance Corp.
Of
interest
vised
regarded
interest
by
problem
of A.
B.
C.
and
Interesting
is
dealers
to
Broadway, New York.
a
The
company's
stocks
Other
*
bonds
and
Federal
surplus
shows
allowing
the
taxes
a
growth
year
to
The
Financial
Chronicle)
Mrs. Dorothy Flanagan, a
limited partner in the form organ¬
ization having also withdrawn.
evaluation. Sorry,
information on company's
market
those
Page 492
views
not
coincide
Page 504
of Savings Division, A. B. A.
Page 504
'
'
'
"
Duncan Jr.
•'
•'
'
•
elected
President
of
i
\
State
Secretaries
'
r.--.
7
7 7';.:
Section,
-7-;7,7V7--.7
\ Page 503
• w'V
■; -7 A. B. A.
A. B. A. agricultural plaque awarded to North Dakota Bankers Asso-'
'
ciation.'
•
'
'
7
*"V7
^
.
'
^77*7,7''? v.77'.
7
Page 497
Massiveness of defense program discussed by Mark A. Brown before
A.
B.
A.
777'-.'7'.-7,7
<
Licenses Revoked
'
•
Page 494
•
Cottam in Santa Barbara
Whyte
expressed in this
necessarily at any
with
are
those
of
the
vresented
of the author only.]
(Special
MILWAUKEE, WIS.—The De¬
partment of Securities of the State
Wisconsin has announced
of
of Clarence A.
the licenses
that
Gun-
a
P.
had
men
to
SANTA
The
Financial 'Chronicle)
BARBARA,
CALIF.—
J. Russell Cottam is engaging in a
general
offices
at
Cottam
of
brokerage business from
488
Lilac
Drive.
Mr.
previously President
Industrial Investment Corpora¬
tion
was
of Sana Barbara.
"fraudulent
used
practices" in their busi¬
with the Rev. Fr.
Milwaukee, who
sustained a net loss of $5,161.60
in transactions with Gundersen,
as
SEC Sues Gerber Corp. 7
dealings
Thomas Pierce of
the
while
made
the
securities
net
a
same
had
profit of $4,153.99 in
transactions.
Richardson
(Special
dealers
to The
•.
,
from
in
a
offices
again en¬
securities business
at
New
York
was
previously
New York
City.
as
an
Securities
has
and
filed
165
Broadway,
Mr. Richardson
in business in
individual dealer
Exchange
a
civil
ac¬
tion in the Federal District Court
of New York seeking a mandatory
injunction directing the Gerber
Corporation, 120 Broadway, New
York City, to permit inspection of
Corporation
Chronicle)
John J. Richardson is
gaging
The
Commission
its books and records.
Re-opens
Financial
with
the
has
The Gerber
been
Commission
registered
since
1936,
but has refused to make available
to
the
and
Commission for
examination
which
records
keep.
it
the
is
inspection
books
and
required
:
to
..
and
prior thereto was an officer
of Edgar H. Stapper & Co., Inc.
R. H.
New Firm Name
McWilliams, Jr. Co.
BIRMINGHAM, ALA. —Ward,
Sterne
&
Co.,
First
National
Building,
announce
that
their
Thursday.
Thp«i
•
"
and
*
*
next
—Walter
Chronirlp.
destroy incentive for enterprise—
?•■;
77,.-r77:7;-'\7 ?•?:7?.v77.777;;. ?■
/
ness
ners,
time
'?Page 495
business
Marjorie W. Chapin, limited part¬
do
which
•
Stuart C. Frazier elected President
two
HOLLYWOOD,
article
taxes
resolutions.
in
•
Federal taxation incident to defense costs
dealer in securities, and
McCrory, a represen¬
7-H-7:Y',7; tative of Gundersen, have been
revoked on the grounds that the
7
.
More
on
efforts
77-7"7v* ,*7u7,.
and
Now Bennett & Co.
[The
A.—Pledges support to
man.
b>»
commended
1
Charles
1940. v:
Page 501
<
•
.7;7,*
dersen,
no
7
country
James II. Penick elected President of State Bank Division, A. B. A.'
$6,505 growth for the entire
have
against
warns
for the six months ended June 30,
1941 of $7,616 as compared with
day's
B.
A.
of
needs
were
dividends
increased
earned
as
:777:77f7.77v-7
offered,
brings down to date the earnings
of the company and shows that
after paying bond interest
and
for
of
business
A. B. A. in resolutions
folder,
the regular
prospectus issued at the time the
A
as
inflation—Speaks
re¬
supplements
common
Fenninger
a
Corp.- by
Reichart, DeWitt & Co., Inc.," 165
Finance
W.
A.
in
four-page .folder.,on-..-Pru¬
Class
financial
Houston
behalf of small
discus¬
dential Personal Finance
which
support
sale.
bond
Division
to
response
William
pressure
permit personal
The stock you are inter¬
better
defense
stresses
Moffatt's statement that
*
Thanks
ested in isn't acting any worse or
market.
of
President
war
gasoline-shortage
of work does not
replies.
Convention
A.
of
of Trust
Bankers
started,
the port of New York is suffering
some congestion.
Railroad-steam¬
ship team-work has prevented it
"
Brooklyn, N. Y.
for
B.
For the
...
the
since
time
dividend plans.
'
■
A.
.
(Special
theory
If the
break their critical
will be able to
,
—
points under last Tues¬ eral and limited partner; Max
day's lows these stocks will Hebgen, Edwin J. Greer, and Mrs.
doing. Still, any answer
cheaper.
applicable to the market as a
whole seldom applies to any
o. J.,
urged by B.
laws hampering aims.
.
Fast-growing
super-markets will be chief bene¬
ficiaries of coming food " mark¬
ups.
Pre-tax liquor sales here
these issues have been deter¬
customary to ask, them.
Not because they aren't
market doing?"
good stocks but because you
than how's a
say
enterprise
A.—Finds many
Page 500
Diversification
on common
Miscellaneous.
prices at which stops in
the
individual issue.
free
com¬
legislative
two
."..sji
is difficult not to treat it
B.
Philip A. Benson at
issues; and
CALIF. — The
above.
firm name of Greenwood, Bennett
and the outcome of the war. expounded
market
holds, these stocks & Co., Equitable Building, has
Of the two the latter given
will hold too. If the market been changed to Bennett & Co.,
more newspaper space is the
Don L; Greenwood having with¬
reacts any further these stocks
better conversation piece. We
drawn from partnership
in the
will also react.
But if the
firm. Partners of the new organi¬
are, however, more concerned
market sells off more than zation are: Dana H. Bennett, gen¬
with the former.
■
A.
77'17'--77:"7:7;-?7 -7;77777"' " 7-7Page 489
of
essence
Page 497
are
"play on
words." Real question is rate of
deliveries or "tank car potential."
small fraction. This last
(Continued from page 483)
;
of paying for defense without
means
At A. B. A. Convention Senator Connally urges repeal of Neutrality
Act.
com¬
Swift & Co.
to
•",
of
V'77'',; ^77-, -7.77 v-,7V;,...
.
Walter Whyte
!
as
77;7;Y7"'7;:7f;?7777777">77S'7
conven¬
ground that
talk of idle tank
"
T omorrow's Ma rkets
much
taxation
stop at 34 is
stop is another one that
also be held.
as
,
inflation stressed by Secretary Morgenthau before A. B. A.
invest¬
insurance
presidents to
.
'.v'":.; '7|-
of
F
(2) at least two life company
>.:v
7
too.
N. Y.
everything
changed. Even old values
Y
7
panies against big companies'
,
*
also in the clear.
■
Chicago
of small
ing
Bendix with
then,
country.
ago
unless it breaks it.
than the market.
But
mechanism for
bonds
out
getting all the
';
Export—Imports—Futures
?7
Page 500
7
for the Erie
positions in. Anaconda
despite all the shooting is still
a
couple of points away from
it's 25 stop price.
Hold on
as
Says
7..?7:7^7>7-77
-v.-.
■7.;7l7'~-7 ?7'-7\ ;?7r'--77<7;7!.--:77' -,;-'777'Page 432
777777 777:
mile-stones
Page 504
September.
SEC competitive bidding rule for utility securities hurts small investors—Head of I. B. A. sees need for sound
-77
banking history: (1) Morgan
Stanley puts in a competitive bid
have
SUGAR
t.
Stock Exchange borrowings declined in
E. F. Connely says
ment
from
Now for the stocks
*
:
,
function of
necessary
:-77; 77V. 7,V,/7,
77:v77.;7.7'::",
much
finished
777:'777;7:
month.
important resistance years
True, it didn't pene¬ this,"
one
DIgby
on
lending
banks, remarks before A. B. A.
financial
The
life
NEW YORK CITY
off
7
it is rumored,
Chicago Daily
?. .?:•{?■, ?;7':-
paper,
run
News presses.
came
very
STREET
WALL
new
will be
credit
consumer
bonds; (2) Equitable
Richard G. Stockton elected President of Trust Division, A. B. A.—
it bought a few
H. A. Theis becomes Chairman of Executive Committee.
("you'll see more of
Page 490
level.
say SEC officials); (3) Tele¬
trate it but that in itself is phone asks for competitive bids; W. C. Bowman elected President of National Bank Division, A. B. A.
(4) three insurance companies
; Page 504
cold comfort.
The burden of
walk off with the Telephone of¬
proof is now up to the market. fering, by-passing the bankers; A. B. A. Administrative Committee organized.
If the coming rally is to start (5) quantity discounts for large
Page 503
(i.e., insurance compa¬
the market must not get more buyers
nies?) offered in a recent under¬ II. W. Koeneke elected President of A. B. A.—Other Officers Chosen—
than two points under Tues¬
Remarks of Mr. Koeneke.
,77.
writing.
7
?'
.^
Page 490
Incidentally, look for
(1)
day's lows. So much for that.
vigorous protests this week
? 7'7"; 777/.
*
* 7 * 7?-: ;7-/'7;7:.7
LAMBORN & CO.
99
(Continued from First Page)
7",
Burgess finds
New York
great Field estate.
a
DETROIT
SWITZERLAND
selling off
spend, even after
alimony and P. M. Said to have 77
$25,000,000 now, he will get an¬
other $40,000,000 in 1943 from the
market
■
PITTSBURGH
however
'.
!
:
John
to
.
YORK
.
noted
has
.
Trade
Exchange
Exchange Bldg.
NEW
■
Exchange
Exchange,
Board
Chicago
*
in
be
77
what
Field
work of TFR-300 than New
./'
■
All this is history and inter¬
esting only in retrospect. It
Established
inued from First Page)
the social-minded
Mr.
*
*
to
Up
BANKERS
33
little space to it.
a
F. H. PRINCE
£6
conscious, I'll give
7
Thursday, October 9,, 1941
B. J. Welch in Utica
UTICA,
N.
Y.—Bernard
J.
Welch has formed the B. J. Welch
Company
with
offices
at
110
firm
name
has
been
Ward, Sterne, Agee
Principals of the firm
changed to
&
Leach.
are Mervyn
Sterne, Rucker Agee and Ed*
Genesee Street to engage in a se¬
H.
curities business.
mund C. Leach.
,
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3991
154
509
Calendar of New
OFFERINGS
KEYES
FIBRE
Keyes
Fibre
$1,400,000
4 Mi %
Portland,
of
Bank
Commerce
Me.
York, others to be named by amend¬
Smith, Barney & Co. is authorized
whether
a
public or
any
other offering of all or any part of the
Bldg.,
of
made
from
cipally
57.16%
spruce
of company's
held
by
and
its
Co.
/
open
pulp derived prin¬
pulpwood.
Aboui
voting securities are
cash
■
to
be
registration
Offering—To
be
by
to
to be supplied by amendment
Proceeds—(a)
to provide funds for
of
entire
of
outstanding
Mortgage Serial 6%
First
predecessor company
(assumed by
pany). ,(b) to pay $172,000 of bank
of
and
company
balance
subsidiary,
a
working
for
re¬
com¬
loan?
and
(c)
capital
Keyes Fibre Co. filed an amendment with
the
SEC
disclosing
Inc., of Boston,
the
of
entire
First
bonds,
that
has
of
issue
1,
&
Burr,
agreed to underwrite
company's $1,400,000
Sinking Fund
4V2I0
Mortgage
due Oct.
Coffin
1956.
v
9/
Offered—Oct.
1.
Detroit, Toledo and Ironton Railroad Company
Ten-Year Serial Notes
.
Form
Dated October 1,1941. Due $400,000 each October
1, from^942 to 1951, inclusive.
expired Oct. 6.
Entire
by stockholders (with
Rights
1941.
for
subscribed
issue
$1,125,000
bonds oi
$4,000,000
(9-17-41)
26,
at
price
tirement
the
Effective—11 A.M., E.S.T., Sept. 26, 1941.
Offered—To stockholders of record Sept.
amend¬
public,
\
.
Registration Statement No. 2-4843.
A2.
statement
offered
in
made
be
bank loans
w'
Av
.
named
be
funds, of which at least $5,000,000
applied to payment of present
will
England Public Service Co
subsidiary, Central Maine Powei
■
shall
or to
Further
manner.
carton?
egg
stock
.V
v
market,
dealers or in any other
details
as
to
disposi¬
tion
of
unsubscribed
portion
of
such
shares
will be supplied by amendment
't Proceeds will be
added
to
company's
variety
New
Underwriter—To
ment
and
New Issue
determine
unsubscribed
wide
a
moulded pulp products comprising more
than 60 items and including plates, dishes,
material
groundwood
group
to
of
egg-packing
portion of such
by u-derwritheaded by Smith, Barney & Co.,
underwritten
ment.
1
Business—Manufactures
Security Flotations
unsubscribed
be
New
registered with SEC
Mortgage Sinking Fund
due Oct. 1, 1956
Co.
Address—806
Any
will
ing
CO.
First
Bonds,
1941.
shares
The Notes mature and bear interest,
than 1,000 shares which
employees).
Company
filed
amendment with SEC,
disclosing
that
the
underwriters
have
agreed
to
purchase
from
company,
at
price of $98 per share net to company,
any of
the 113,519 shares of company's
no
par common stock not subscribed
for
by exercise of subscription warrants issued
to
holders
of
company's
outstanding
exception of
will
capital
1942.
chased
0.50%
•
1943
V
1944
1.50%
1945
1946.
of
of
respectively,
follows:
as
to
stock.
Names
ages
less
offered
be
underwriters,
unsubscribed
by each,
are
and
stock
2.20%
percent¬
to
be
1947
2.50%
1948
..2.75%
1949
3.00%
1950
.......3.25%
\
1951
pur¬
follows:
as
% of
DOW
CHEMICAL
CO.
Chemical
Dow
.
.
*!..:(
y!-
.hV:
Co.
registered with SEC
113,519 shares common stock, no par
Address—Midland, Mich.
Business—Engaged in manufacture and
sale
diversified
of
line
organic. chemicals,
magnesium alloys
of
also
inorganic
and
magnesium
and
)
Underwriting and Offering—The shares
registered will first be offered to common
stockholders of company of record at close
of
business Sept. 26,
then
shares
share.
held,
Such
1941. for subscription
price of $100 per
at
rights
will
expire
Oct.
6.
Unsub. Stock
Smith, Barney & Co., N.
13.21364
Eluth & Co., Inc., N. Y.
8.80910
Curtiss, House & Co., Cleveland2,21901
Dillon, Read & Co., N. Y
9.69001
First Boston Corp., N. Y.'
8.80910
First of Michigan Corp., N. Y.„
3.52364
Goldman, Sachs & Co., N. Y
4.40455
Ilarriman, Ripley & Co., Inc., N.Y.
8.80910
Janney 8c Co., Phila.___——
4.40455
Kuhn, Loeb & Co., N. Y._
9.69001
Lee Higginson Corp., N. Y
6.16637
Price 100% and accrued interest
These Notes
us
Mellon Securities Corp., Pitts.—
8.80910
Morgan Stanley & Co., N. Y—_ 11.45182
Following is
a list of issues whose registration state¬
filed less than twenty days ago. * -These issues
ments were
are offered,
subject to prior sale, when, as and if issued and received
by
subject to the approval of the Interstate Commerce Commission and
subject to the approval of all legal proceedings by counsel.
and
Harriman Ripley & Co.
Mellon Securities Corporation
Incorporated
grouped according to the dates on which the registra¬
tion statements will in normal course become effective, that
are
is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which normally
become effective in
days.
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. •,
>;
seven
Address—750
SUNDAY, OCT. 12
UNITED
STATES
United
SEC
States
200,000
SUGAR
CORP.'
Sugar Corp registered with
6.4% Series A Cumu¬
shares
lative
.
Participating Convertible Preferred
Stock, $25 par, and 562,500 shares com¬
mon stock $1 par, latter reserved for issu¬
ance
upon
conversion of the preferred
Address—Clewiston, Fla.
Business—Principal business consists of
the
culture
of
sugar-cane
in the Ever¬
extraction of raw
sugar
therefrom
sugar-house adja¬
cent to Clewiston, Fla.
Sugar is presently
disposed of under the contract with Sa¬
vannah Sugar Refining Corp.
of
glades
,
Florida
and
in a
Underwriter—None
named
Offering—The
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: one share new pre¬
tered
are
holders
ferred
to
each
shares
10
common,
and 4
shares new preferred for each share out¬
standing $5 preferred stock.
Subscription
period comprises the ten days following
the record date, but company may extend
the expiration date to not later than Dec.
15,
1941.
Unsubscribed portion of the
200,000 shares preferred stock may be of¬
fered at others
by company, at $25 per
share, in sole discretion of company
Proceeds will be used for plant additions
an
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
A2.
(9-23-41)
Louisville
tered
with
Gas
SEC
Electric Co.. has
150,000
shares
&
ufacture
and
sale
and
produced
cooled
engine
are
seven
engines
take-offs
at
of spare
sale
of
&
of
245
and
330
horse
Offering—To
be
offered
power,
re¬
July
on
31,
to
public,
at
amendment.
The
be
to
shares
A-l.
supplied by
registered
issued and outstand¬
are
no par value.
Address—311 W. Chestnut St., Louisville,
stock,
Ky.
TURING
CO.
Westinghouse Electric
Co.
registered
with
&
SEC
common
Manufacturing
534,426 shares
value, and Sub¬
stock, $50 par
scription Warrants evidencing
respect of such shares.
'
Address—306
Fourth
rights
•:•••1
•
in
••
«■;
Pittsburgh,
Ave.,
Pa.
Business—Engaged,
together
with
its
subsidiaries, in manufacture and sale of
machinery,
apparatus and appliances for
transmission, utilization
and
generation,
control
of
sale
and
electricity
of
steam
equipment.
Offering—The
be
offered
Oct.
to
in
and
turbines
534,426
manufacture
associated
and
shares
outstanding
will
first
preferred
and
stockholders of company of record
common
15,
1941,
one-fifth
such
of
for
subscription
share
a
534,426
for
at rate
each
share
of
of
operating
utility
sub¬
sidiary of Standard Gas & Electric Co. is
engaged principally in the electric and gas
business in Louisville, Ky., and vicinity.
shares
are
to
be
portion
of
purchased
by underwriters, at a price to be supplied
by amendment.
Underwriters may or may
not,
they
as
public
more
Business—This
Lanahan
Sons,
Mellon
Securities
Singer,
& Co.,
Proceeds—Will
part
company's
be
used
treasury
pended
for
construction
$7,000,000), none of which
to
reimbuse
for
funds
in
ex¬
(approximately
heretofore has
basis for issu¬
ance of stock or long-term debt.
Remain¬
ing amount needed, for this undertakine
will be obtained from sale of additional
common stock;
of the amount so needed,
company has temporarily obtained $3,150,been
used
by
company
as
by bank loans.
Registration Statement No.
A-2.
(9-24-41).
000
2-4848, Form
subscribed
scribed
may
or
one
Jacobs
SEC
AIRCRAFT ENGINE CO.
Aircraft Engine Co. registered
140,000 shares capital stock, $1
*
All
at
the
market
price
then
Bache
&
Stearns
&
Co., A. G. Becker & Co., Biddle,
Co., Blair & Co., Inc., Blair.
Co., Blyth & Co., Inc., Bonbright & Co., Alex. Brown & Sons, H. M.
Byllesby & Co., Inc.
Whelen
&
Bonner
&
Central
Republic Co., Inc., Clark, Dodge
W. Clark & Co.,- Courts & Co.,
Curtiss, House & Co., Paul H. Davis & Co.,
Dick & Merle-Smith, Dominick &
Dominick,
Drexel
&
Co., Eastman,
Dillon &
Co.,
Elkins, Morris & Co., Emanuel & Co., East&
Co.,
E.
&
Co., Equitable Securities Corp.
Farwell, Chapman & Co., Field, Richards
&
Co.,
The
Cleveland
Robert
Co.,
First
Lynch,
Glover
First
Stern,
Wampler &
Blodget,
American
Co., Inc., Stone 8c Webster &
Inc., Stroud & Co., Inc., Swiss
Corp., Spencer Trask & Co.
Tucker, Anthony &
Corp., G. H. Walker
Co., Wertheim & Co.,
Whiting,
Weeks
&
Lexington,
issued to stockholders, which
Co.,
cised,
Hooser
&
Co.,
Inc.,
also
Ky.,
Lexington,
Almstedt
Bros., Louisville,
2,000;
Bankers Bond Co., Inc., Louisville, 750.
Offering—To
be
offered
to
public^ at
price to be supplied by amendment.
; <
Proceeds, plus treasury funds to extent
Seourity
&
Bond
will be used for redemption on
21, 1941, of company's 8,000 shares
outstanding 6% cumulative preferred stock,
at redemption price of $106
per share, or
to repay funds temporarily borrowed for
Co., Union Securities
& Co., Wells-Dickey
White, Weld & Co.,
Stubbs,
Inc.,
Dean
\
' v,.
Registration Statement No. 2-4852. Form
A-2.
(9-29-41)."
Victor
Chemical
Address—141 W. Jackson
111.-• .:yV;'Business
THURSDAY, OCT. 16
ASSOCIATES,
Air
50.000
shares
vertible Preferred
stock,
INC.
$1.37V*
Cumulative
Stock,
no
par; and maxi¬
100,000 shares $1 par common
latter reserved for issuance upon
conversion
of
the
Address—Bendix
Airport,
Bendix,
N. J.
of
airplane parts, equipment,
supplies and accessories.
Underwriter—White, Weld & Co., New
is principal underwriter; others to
be
named by
amendment.
Underwriting
commission
is
$2.25
share.
stock to
public,
at
price
to
be
be
offered
by
amendment.
additional
machinery; balance for plant
working capital.
Registration Statement No. 2-4851. Form
A-2.
(9-27-41).
additions
and
oxalic
Lexington Telephone
CO.
Co.
SEC
8,000 shares 5.2%
ferred Stock, $100 par.
Address—151
N.
Upper
St.,
Pre¬
Business—Provides
5
communities
and
telephone
Lexington,
their
service
environs
to
in
OF OFFERING
.
twenty days or more ago, but
offering dates have not been
mined
or
unknown
are
and formic acid.
Eberstadt 8c Co., Inc.,
to
whose
deter¬
us.
Underwriter—F.
MANUFACTURING
,
bank,
full outstanding serial
airplane equipment
Address—Lockheed
Business—Purchase,
Angeles, Cal.
'
Offering—The
A-2.
offered
working
(9-30-41).
ADEL
PRECISION
PRODUCTS
CORP.
Precision
Adel
with
-
Products Corp. registered
150,000 shares capital stock,
the SEC
cents par value.
Address—10777 Vanowen St., Los Angeles,
Cal.
/•i,
-tv:.
Business—Business principally is the de¬
manufacture
and
sale
of
air¬
tered
with
86,233
shares
15,
aggregated
$2,000,000
on
1941.
Underwriters
o
Cavanaugh, Morgan 8c
are:
Co., Los Angeles; Lester & Co., Los Angeles;
Van Grant & Co., Detroit, Mich.
Offering—The shares will be offered to
public
commission
Proceeds
of
the
at
$3
is
60
will
share; underwriting
cents per share.
be
per
used
indebtedness
increase
its
working
to
of
pay
off
company,
a
(9-30-41
San
to
capital.
be
to
Form
Francisco)
MUTUAL
Mutual
TELEPHONE
Telephone
100,000 shares capital
Address—1128
Alakea
to
of
Los
to
Such
aggregate
already issued and
to
offered
be
exceed
by
with
bo
to
of
out¬
publio
underwriter
125% not be less
price
Underwriting
shares
of
than
during
25
cents
the
on
86,233
share
per
to the
accrue
110% of tho
day of sale.
the
commission
Proceeds will
from
regard to existing cir¬
offering price will not
Such
selling stock¬
holders
Registration Statement No,
2-4807. Form
Filed
(7-31-41)
(San
Francisco) j
Effective—3 p.m. E.S.T. Sept. 17 as of
A-l.
4.45
p.m.
Sept. 6,
AMERICAN
1941
BAKERIES
American
Bakeries
Class
B
Address—No.
no
CO.
Co.
par
520
registered
Pryor
at
St.
Bldg.,
Ga.
bakery
products
Offering—Stock
lic
15,000
stock
common
Ten
Underwriter—None
stock, $10 par.
St.,
Honolulu,
Co.,
shares
of
Business—Manufacturing
with
sale
selling shareholders,
public at arbitrary prices
to
time
highest bid
ing
registered
Co.
SEC.
are
determined
Atlanta,
CO.
&
j:
number
are
offered
be
to
shares
Registration Statement No. 2-4854
A2.
part
and
and
for account of certain
time
Sept.
service
Brashears
,.
the
standing and
cumstances.
orders
Bur-
by
the
underwriter
consists
of
the 69,800 shares currently
registered with
SEC, and 16,433 shares previously regis¬
of
and equipment, consisting
supports, hydraulic equipment and
other
precision
products,' and
synthetic
rubber compound cushions
and supports.
Terminal,
■■
Underwriters—G.
craft accessories
line
Air
Cal.
bank loans; balance
capital, expansion of manu¬
facturing facilities.
Registration Statement No. 2-4853. Form
for
SUPPLY
&
CORP.
Offering—Shares to be offered to public,
at price to be supplied by amendment.
Proceeds to extent of $750,000 to pay in
price to
Proceeds—All
be
in
and
distribut¬
souther
states
named
will
be
filed
offered
by
proceeds
to
pub¬
amendment
will
be
received
Oahu,
by L. A. Cushman, Jr., chairman of board
of company, for whose account the stock
public
will
Territory of Hawaii.
Business—Company is an independent
utility furnishing telephone service
on
the
Islands
of
Oahu,
Hawaii, Maui,
Kauai, and Malokai, Territory of Hawaii,
telegraph
registered with
Cumulative
Ky.
&
acid
radio telephone service between said Islands
and certain ships at sea, and also
wireless
SATURDAY, OCT. 18
LEXINGTON TELEPONE
(10-6-41)
We present below a list of issues
whose registration statements were filed
,
':'•'
New York, is sole underwriter.
SEC
Proceeds—$300,000 to prepay outstand¬
bank loans; $200,000 for purchase of
ing
...
.
UNDETERMINED
—
SATURDAY, OCT. 25
supplied
warrants.
Airplane Manufacturing & Supply Corp.i
registered with SEC 69,000 shares com¬
mon
stock, $1 par
per
Offering—Preferred
to
of
AIRPLANE
Business—Company is manufacturer and
distributor
stockholders
phorous,
the
preferred.
to
technical
purposes;
also,
various
other
chemicals & products, including ferro phos¬
Con¬
of
in;
to
prepay
outstanding
short
loans, additions to plant and
equipment, working capital.
Registration Statement No. 2-4855. Form
Manufacturers
phosphorus,
high grade phosphoric acid and phosphates
for
food,
pharmaceutical
and
numerous
Unfilled
Associates, Inc., registered with SEC
be
auction
bank
^
"VH
'•
to
not exer¬
are
Proceeds
term
Blvd., Chicago,
'X'■ ■
i;
warrant
publio
rata
pro
DATES
WORKS
by
at
15,
1941,
whose
fractional
disposed of and to holders of
are
Works
registered with
54,000 shares of capital stock, $5
value.
par
Oct,
unexercised
SEC
velopment,
AIR
distributed
A2.
VICTOR CHEMICAL
working
.
be
SUNDAY, OCT. 19
the
sold
to
highest bidder therefor not
later than Dec. 27, 1941, and proceeds from
the auction sale in excess of $10 per share
(after deduction expenses of auction) will
interests
purpose. !'
be
Honolulu
record
such
for
called
will
Nov.
20
capital.
Registration Statement No. 2-4849. Form
A-2. (9-25-41).
H:
shares
necessary,
Witter 8c Co., Yarnall & Co.
Proceeds—For payment outstanding bank
loans, construction of plant additions, pur¬
chase
of
additional
equipment, and for
Boston
Corp., The First
of Michigan Corp.,
Sons, Glore, Forgan &
& MacGregor, Inc., Goldman,
Corp.,
Garrett
Van
3,000;
2,250;
:
& Scribner, Smith, Barney
Smith, Moore & Co., William R.
Co.,
Starkweather
&
Co.,
Stein
Staats
mum
Co.,' Bacon, Whipple & Co.,
Baker,
Watts
&
Co.,
Baker, Weeks
&
Harden, Banc Ohio Securities Co., Bear,
TUESDAY, OCT. 14
JACOBS
Merrill
Bros. & Boyce, Stern Brothers &
Co.,
or
offerings of unsub¬
to be made by the under¬
is
either
determine, make
other offerings of such un¬
stock.
stock
writers
brook
with
Rhoades & Co.
Deane
S.
"
Co.,
L. F. Rothschild & Co., Schoellkopf, Hutton & Pomeroy, Inc., Schroder
Rockefeller & Co.,
Inc., Schwabacher &
Co., Scott & Stringfellow, Shields & Co.,
by amendment.
Offering—The
&
Sons Inc.,
York,
ment.
Langley
Corp.,
Beane,
Pierce,
underwriters, may determine.
Underwrit¬
ers, numbering 119, are as follows:
Kuhn, Loeb & Co., A. C. Allyn & Co., J.
by
C.
shares then held.
Subscription offer ex¬
pires Dec. 20, 1941.
Full shares of such
stock, representing fractional interests and
&
150,000 shares to be of¬
fered to the public, at price to be supplied
named
W.
Carl M. Loeb,
material,
be
Co.,
Mackubin,
Legg
&
Co.,
Laurence
M.
&
Co., Mason-Hagan, Inc., A. E.
Masten & Co., McDonald-Coolidge &
Co.,
prevailing (NYSE), or at such other prices
as Kuhn, Loeb &
Co., representative of the
Underwriters—To
&
Fayette, Jessamine and Woodford Counties,
Ky.
V;:,
>v>;
•
'
Underwriters, and number of share un¬
derwritten by each, are as follows: J.'D.
Marks
amend¬
.
...
Reinholdt & Gardner, Riter & Co., The
Robinson-Humphrey Co., E. H. Rollins &
(9-25-41).
WESTINGHOUSE ELECTRIC & MANUFAC¬
Underwriters—Unsubscribed
regis¬
...
Fenner &
Merrill, Turben
Co., The Milwaukee Co., Mitchum, Tully
ing and will be sold for the account of five & Co., Moore, Leonard & Lynch, F. S.
selling stockholders.,
fthH ,-fj Moseley & Co., Maynard H. Murch & Co.,
G, M.-P. Murphy & ,Co„ W. H. Newbold's
Underwriter—Riter & Co., Philadelphia,
Son & Co., Newhard, Cook &
is sole underwriter.
;
Co., Paine,
Webber & Co., Arthur Perry & Co., R. W.
Proceeds—To the selling stockholders.
Registration Statement No. 2-4850. Form Pressprich 8c Co., Putnam' & Co.
:t ^ v:
price
common stock so held, at a
price to be supplied by amendment. Rights
Oct. 28, 1941,
common
)\iy:
Lazard Freres & Co., Lee, Higginson
Corp.,
Lehman
Brothers,
Adolph
Lewisohn
&
Engines
cylinder, radial, airtwo - series,
rated
for
spectively.
Unfilled
orders
1941, exceeded $20,000,000.
Co.
Kalman
&
Co.,
Kean, Taylor & Co.,
Kidder, Peabody & Co., Knight, Dickinson
& Co., Ladenburg, Thalmann &
Co., Laird
&
Co.,
Laird, Bissell & Meeds, W. W.
parts therefor,
accessories.
Weeks, W. E. Hutton & Co., The Illinois
of Chicago, Jackson 8c
Curtis, Janney
Co.
expire
& ELECTRIC CO.
&
&
Co., Graham, Parsons & Co.,
Grubbs, Scott & Co.
;>
Hallgarten & Co., Harriman, Ripley &
Co., Inc., Harris, Hall & Co. (Inc.), Hawley, Shepard & Co., Eayden, MUler & Co.,
Hayden, Stone & Co., Hemphill, Noyes &
Co., J. J. B. Hilliard & Son, Homblower
St.,. Pottstown, Pa.
Business—Engaged in development, man¬
ufacture and sale of aircraft engines, man¬
preferred and
MONDAY, OCT. 13
LOUISVILLE GAS
Sachs
Queen
of
for
October 3,1941.
service
between
Oahu,
Lanai,
Hawaii, Maui and Malokai.
Underwriters—There is no
share
to
its
stockholders
15, 1941, by offering
one
of
record
Oct.
share for each 4
sold
(3-28-41)
AUTOMATIC
Automatic
gistered
no
underwriting
in connection with this
offering.
Offering—Company is offering the 100,000
shares
for
subscription at $10 per
be
Registration Statement No. 2-4714. Form
A-2.
,
TELEPHONE
Telephone
75,000
shares
DIALER, INC.
Dialer,
Inc.
re¬
of
common
stock,
par
Address—1201 East
beth,
N.
Street,
Eliza¬
J.
Business
telephone
Grand
Development
dialing devices
of
—
Underwriter—None.
Stock
through registered brokers
automatlo
will
and
be
sold
dealers
THE COMMERCIAL & FINANCIAL CHRONICLE
510
Thursday, October 9, 1941
v
Calendar of New Security Flotations
engineering and develop¬
and working capital
expenses
ten
'
but
Effective
P.M.,
E.S.T.,
May
CORPORATION
common
stock
Chicago,
111.
»-
Dearborn
•
•
i
operates
stock of
Chicago,
der
National Bank ol
agent for voting trustees un¬
held
company
as
ing
of
Corp.
is
subject
are
which
Agreement
It
June
1951,
16,
of
to
Build¬
Beacon
Voting
a
Trust
subject
ASSOCIATES,
Beacon
Associates,
$500,000
6%
registered
SEC
Debentures, due July 1, 1971
Beacon Associates, Ind. interest rate on
$500,000 Participating Sinking Fund Series
1,
changed
from 6%
to 6%% Per annum, according
to
amendment
filed
with SEC
July 21,
A
Debentures,
July
due
1971,
1941
Address—216
Turks
Head
$4,750,700
$50,000,000
in
notes
Deb.
and
5s,
due
5s,
1961;
15,
April
to
pur¬
guaranteed
$3,750,000
Fuel
United
of
Gas
the holders
from
COMPOSITE
and
Island
Mass¬
.
BOND
Composite
with
SEC
L.
Putnam
Sc
Co., -a
thereof;
limited
/
advanced
be
Fund,
registered
Inc.,
$1
shares
capital or will be
used for payment of debt incurred on pro¬
viding funds for advances to subsidiaries
.<v t
Registration Statement No. 2-4790. Form
A-2.
(6-27-41)
V.vY ■y.1; ,'Y
par
common
Riverside
Ave.,
Spokane,
investment
Open-end
—
investments,
to
in
Wash.,
purchasing
asset
said
then
value
in
V
bonds.
of
as
Bear
and
shares
Address
of
Milling
-
,
„
22,
Z
COMPANY
MILLNG
registered
Co.
$1
stock,
common
513
—
August
"
.
AND
Mining
153,145
E.S.T.,
1941
MINING
BEAR
,
17,
July
P.M.
Majestic Bldg.,
par
then
Business—Mining
and
Proceeds—Will
*
effect
.
Denver,
Underwriter—None
>•'/
and
For development equipment
—
operation
property
mining
Breckenridge, Colo.
!
near?
Y;v -By.
>
Registration Statement No. 2-4571. Form
A-l.
(11-12-40)
BLACK
HILLS
1
Hill
Black
;v.j
POWER
Power
be
LIGHT
&
CO.
i
and
100,000
shares common
stock, $1 par
Address—Rapid City, S. D.
Business—Incorporated in South Dakota
Aug.
on
1941,
27,
business
uing
kota
ities,
Inc.,
tions
of
for
purpose
of contin¬
and
operations of the Da¬
of General Public Util¬
the business and opera¬
Properties
and
Dakota
the
Power
Properties of
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
communities
Offering—The
Dillon,
will
Read
bonds
Co.
&
resold
be
by
rural
and
to
are
103V*
at
latter
in
the
at
distri¬
price.
investment
No.
2-4825
Form
with
Equitable Life
Assurance Society of the U. S. at 103 3/<.
The preferred stock and an undetermined
number of shares of
,
be
issued
in
part
ta
Power
to
stock
common
to
Utilities, Inc.,
so-called Dako¬
for the
Properties to be acquired from
that company and 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
payment
Proceeds—To
bonds
'
are
Public
General
and
company from
common stock will
sale of the
be
used
to
pay
General
Public Utilities,
Inc., and
Dakota Power Co. the balance of the con¬
sideration
for
the
properties to be ac¬
quired. Balance of net proceeds will be
added to working capital.
•
Registration Statement No. 2-4832. Form
: A-2. (9-6-41)
BONWIT
TELLER,
Bonwit
Teller,
of
shares
LIGHT
&
CO.
of
common
Address—721
registered
cumulative
stock,
preferred
shares
39,334
convertible
$50
par,
and
stock, $1 par
Fifth
131,202
Business—Operation
New
York
be
will
filed
Fund Debentures, due Oct. 1,
1956;
and 140,000 shares Cumulative Preferred
Stock,
$100
Bonds
and
202
of
shares
of
proceeds will
pany
'
Second
E.
Fla. :
v .4i ■
Business—This subsidiary
Ave.,
Miami,
Power
&
System)
be
106,-
reserved
for
Light' (Electric
is
Bond
&
Share
operating public utility en¬
in generating, transmit¬
ting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas),
serving most of the territory along the
coast
of
Florida
(with
sold
be received
by
Atlas
parents, and
by the com¬
.
(4-30-41)
After
to
ceased
be
either
Power
Share
&
SEC
Paper
Co.
YYY"'
2-4827
Form
^;
registered
under
the
the
to be
are
bidding Rule U-50
Utility Holding Com¬
Public
Act.
Names of
to public, will be
ment
amendment
>
sold by company
competitive
SEC's
effective
to
underwriters
and
supplied by postregistration state¬
amendment
"
Form
(9-17-41)
GULF
"
$15 par value
E.
42nd
York,
St,f> New
POWER
COMPANY
Gulf
Power
Co.
registered with
SEC
$5,600,000
First
Mortgage
due
Bonds,
Sept. 1, 1971. Interest rate will be supplied
statement,
becomes
but
effective,
Paper
99%
to
of
the
time
by amendment
Address—8-10 N. Palafox St., Pensacola,
Business
An
the
assets
Power
&
the
stock
International
Co. (New York, formed in 1898)
exchange for stocks, warrants and war¬
rant scrip of company and assumption by
Paper
all liabilities of
company
of
Paper
Power Co.
of
&
assets,
will
a
be
International
After this acquisition
plan of consolidation of said
Paper Co. into the company
presented
Directors
approval
for
stockholders
and
Co.
Paper
the
and
was
where
they
rule
of
SEC
by
Corp., will be
tion at 10314
applied
follows:
as
of $2,500,000
5%
redemp¬
First and
First
and
Refunding Mortgage
bonds
as
may have been issued to the RFC; and
balance to be used for additions and im¬
(9-8-41)
Effective—4:45
P.M.,
E.S.T.,
Sept.
22,
Declaration Effective—The SEC
permitted to
tions
filed
by
become
on
effective
Sept.
declara¬
regarding
company
the
at
the
sale
office
McDonnell
SEC
of
of
the
bonds
will
be
Commonwealth
Southern
Corp.
(parent),
City, before 11 a.m.
20
Pine
E.S.T.
Oct.
&
St,
7,
rate is to be specified by
multiples of %%, but not ex¬
3Va%
-'Y'
Coupon
in
-
Aircraft
6,453 Va
129,063 Vrt
■"?
shares
Address
Airport,
Stock, $100 par, and
stock,
common
Lambert-St.
—
Robertson,'
!:»
j
>
4
>
public
Mo:
offered
SEC
v..:.
of
of common,
lic
units
in
each
stock
value
Business—Engaged
in development and
of a chain of retail food stores,
buildings and controlled parking built
or to
be built under Revolving Top Build¬
ing and Parking Control Patent Franchises
owned by company- in Roswell, N.M. Later*
it was decided to expand operations to in¬
11
additional
stores
located
in
9
clude
cities
in
New
buquerque
-V
j
MISSISSIPPI
COMPANY
POWER
will
under
direction of
dent
-
be
sold
public
\
.
in
Al-r
each
successive
$13.50,
in
nities
'
will
of
$19.50
-BJ
used
to
purchase
located
be
to
and
in 9
,•
11
commu¬
Mexico
New
for
shares
11,170
$18
•'
to
share
per
$16.50,
be
offered
be
prices
block
$15,
stores
grocery
■?":
r
each:
;■
agents
its executive vice-presi*
following
at
:; ;
The
company's
shares
per. share;.> y
Proceeds
will
registered with
Mortgage Bonds, due
Sept. 1, 1971. Interest rate to be supplied
including 3
by
//
:
Offering—The
Co.
Mississippi
Power
SEC $8,927,000 First
Mexico,
•' y-'/P
r ■'
Underwriting—No 1 underwriters.
stock
»
'
:
Albu¬
Ave.,
'/y'- // /-v
store
i;,
•
Central
operation
of preferred and 10 shares of com¬
stock, at price of $140 per unit.
Re¬
maining 64,531% .shares common reserved
for issuance on conversion of the preferred
Proceeds for working capital, purchase
of tools;, machinery and equipment.
...Registration Statement No. 2-4844. • Form
.
E.
N.M.
mon
.
V
with
50 cents
stock,
common
y/yZyftry ■!;?/;'.«•';>:$■['/'"y ;/>;",i
Address—512
share
A-l./ (9-17-41)
These shares consti¬
outstanding and owned by
55,850 shares
par
shares registered, the
preferred and 64,531%
will be offered to pub¬
unit consisting of one
the
shares
shares
the
querque,
by company Vv/p?/
Offering—Of
-
6,453 V6
offering, and withdrawn from
-were
subsequently registered
PARQUAY OPERATING, INC.
V '
Parquay Operating Inc., registered
par
Municipal
/ 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 tonbe
'!■>v-•V
;
Registration Statement No. 2-4842.
Form
'
y
Gulfport, Miss. Al., (9-16-41)
Business—A subsidiary of Commonwealth
& Southern Corp. this company is engaged
PARQUAY ROYALTY CO.
:
within the southeastern portion of Miss¬
Parquay
Royalty
Co.'. registered
with
issippi, in the generation, purchase, dis¬ SEC 9,091 shares common stock, 25 cents
tribution and sale of electricity at retail
par' value •. '•
in 135 communities, rural areas, and sale
4 Aadress^~5i2
l!.
Central
Avei»
Albtt-*
at wholesale of electricity to 6 rural- co-, querque, . N.M.'
,
.
operative associations
/ r:v ' / >'•/
Business—Company
owns
one
grocery
Offering and Underwriting—The bonds store built under Revolving Top Building
will be offered to
the public at a price Patent which, is leased for period of 10
to be supplied by amendment. The bonds years from Nov. 20, 1937,
Company in¬
by
amendment
Address—2500
14th
St.",
-
engaged
are
primar¬
,
will
be
under
sold
competitive
SEC's
the
Proceeds—From
bonds, ,to-
the
of
sale
and
substantial
has
also
investments
'
subsidiaries
adian
paper,
in
Can¬
YYY. Y'v
Underwriter—No commitment to take the
shares registered has been made
.
issued
Stock
Purchase
holder
each
titling
.exercise
upon
Common
shares
Warrants,
thereof
purchase
to
to
held
option
Calvin
by
A.
Agar,
40.000
expir¬
entitling
him
to
purchase. such
shares at: price of $15 per share,
1945
31,
ing Dec.
Proceeds —For
poses.-
KENSINGTON
:!';?Y;/Y*Y
2-4838.
No.
MINES,
Inc. has filed a reg¬
statement
covering
565,000
of
shares
$1
par
6
cent
per
cumulative
the same number of
shares of 1 cent par common 35,000 shares
of $1 par 6 per cent cumulative preferred
shares
previously
sold to promoters at
$1 and 1,320,000 shares of 1 cent com¬
mon
previously sold to promoters at 2.65
stock
preferred
and
share
a
Washington
Milling
/ZY;Y'Y
construction,
Address—Seattle,
and
Business—Mining
Proceeds
—
For
property,
development and working capital
Underwriters—Kressly and Campbell
Registration Statement No. 2-4697. Form
A-l. (3r21-41)
//,.
Effective—4:45
P.M.,
E.S.T.,
April
9,
1941
bonds
SEC,
RAND,
LTD
ceeding 3V2e,<».
St.
A-y Refiled (6-16-41)
CROSSE
La
Crosse
TELEPHONE
Telephone
CORP.
Corp.
registered
$10 par
of common stock,
Address—La Crosse,
Wisconsin
shares
&
000
Broadway,
to
Offering—All stock
registered will be
offered at price to be filed by
amendment, except that 2,406 shares will
be sold to Central Electric & Telephone
:'
Co.
flUf
\
MINING
registered
cents
will
Wash.
be
The
about
Sons
&
bert
V.
In¬
(9-3-41) /(San
Shawnee
chiles
Chiles
Shawnee
970
shares
Address
Francisco)
the
of
Syndicate
and
stock
of
common
which
have
into
30,000
shares
ed
ferred
and
It
Co.
shares
been
since
of
of
retaining
are
that
Understood
shares
of the
by
the
of
com¬
Loeb
such
com*
ments
of
110,500
of
shares
Address
tered
Underwriter—Blyth
&
Co.,
be named
with. SEC
and
Power
Co.-
<
•
shares
stock
to
of
been
its
its
proposed
has
lic
to
to
filed
be offered to
.
owned,
and
(u
regis*
uumuZ
6%
price
a
to
be
sup¬
-• j
together
be
with
received
and
a
aggregate
by
company
($660,000 4%
insurance
Serial Guaranteed
bank
12,500
and
shares
$10
par
com*
Deben*
insurance
an
com¬
common
be applied by company to
the outstanding capital stock
funded-indebtedness of Hoosier Pub¬
are
to
all
lic Utility Co. and for other
corporate pur¬
poses
•//• * ■
.
Registration Statement No. 2-4830. Form
A-2
an
(9-6-41)
SOUTHERN
Southern
150
no
shares
par,
common
B
outstanding,
20
ACCEPTANCES, INC.
Acceptances,
Inc.
registered
$50
dividend
shares
stock,
common
:
r.
stock,
Preferred
stock
Class
A
$60 dividend
and 30 shares Class
no par;
no
par
i
l
"rii: '■ i', »•» i.
pany,
v
shares
r
$350,000
to
and
,
355,250 shares. According to the amend¬
such 355,250 shares are those that
presently
at
of other securities
pany,
tures
the pub¬
710,500
sale
acquire
ment,
are
stock,
$1,152,280 to
stock)
registration statement
$20 par value common
from
public
first mortgage bonds to an
*-:
reduced
to
and other«
y\.y
Co.
Co.
shares
from
-
Gas
n(? "ir|v||$
.Y
CO.
stock, $100 par
preferred
of
Registration Statement No. 2-4741. Form
(4-21-41)
Northern
Natural
2,000
Power
y .'vy'
by amendment'
Offering—Stock will be publicly offered
at price to be filed by amendment,.'.
Proceeds—All proceeds will be received
by selling stockholders, United Light &
Railways'-Co., and North • American Light
to
■
POWER
Underwriter—Central Republic C«„ Inc.,
Chicago, is sole underwriter
Proceeds—From sale of the 2,000 shares
: '... V
transmission
and
natural gas
INDIANA
plied by amendment,, •;
registered
stock, $20 par
Court Bldg., Omaha,
Business—Production
of
on
state¬
Address—Rushville, Ind.
!
■V Business—A public utility
company en¬
gaged in transmitting,
distributing /and
selling-electricity in southeastern Indiana
Offering —v The preferred stock will be
common
Aquila
—
Nebraska
insufficient
Indiana
lative preferred
CO.
GAS
4:4$
18,, 1941
/'■■».
Southeastern
/
v
Gas v.Co.
and
untrue
deficient
1941
Sept.
fact
SOUTHEASTERN
offered
Natural
24,
'.f. 4'.v
yf,v/Yyyg
NATURAL
Northern
apparently
May
Order—Issued
grounds, of
1.:/
company
but
E.S.T.,
Stop
pre¬
par
(5-5-41)
Effective
P.M.,
Registration Statement No. 2-4715. Form
(3-29-41) /J/
,
NORTHERN
J
oil and gas properties
/ •
Z
Registration Statement No. 2-4753. Form
A-l.
proceeds will be
.
;
,
par
Kuhn,
of
22,500
no
investment
an
as
Proceeds—None
gas
chase of additional shares at $10 per share
Proceeds—For drilling and development
with
par
107,500 shares of $1
Is
and
,,
be
held reserved for options given
purchasers of the 4,985 shares, for pur^
to
convert¬
$100
oil
,
will
Al¬
its
2,150
9,-
Offering—4,985 shares are to be present¬
ly offered at $10 per
share, and balancd
incorporation in
1927, retain together about 72% of the
common
stock, or
36% each.
On Dec
31, 1940, they sold to Kuhn, Ldeb & Co.,
Beavan Corp. and Schroder Rockefeller &
Co., Incy 30,000 shares of $5 no par pre¬
ferred
registered
Denham
-
and ap¬
associated
directors
since
:
stock, $10 par
'
Bldg., Denver,
common
320
—
Business—Development
properties
■
Underwriter—None>v
Emmet J
and treasur¬
president
vice
and
company
Y ''
syndicate
.
stock.
55% of preferred,
president, and
er—officers
2
at
•.
Colo.
foi
offering
will represent
the, outstanding commoc
Moore,
McCormack,
'
'■
'
Registration Statement No. 2-4829. Form
AO-1Z
150,-
reserved
be
of
proximately
public
development;
building,
and
<
17%
of
Moore-McCormack Lines
stock
to
'
named.
for
used
of
equipment,
working capital ■■
the preferred Zv v/:.:/:/■■■•y
proposed
Y
offered
be
.
of
i
underwriter
purchase
New
amendment.
by
shares
iri■■
share -;«:.'//• .* *
per
Proceeds—Will
/
,
;■
r:.» -
''
COMPANY
Address—Spokane,
Business—Mining
T Gffering—To
INC.
Inc.
Rollins
H.
filed
be
common
conversion
of
Sons
publicly
:■ i
/
And. Schroder Rockefeller ^ it
'•■/-yw/'Z/yv
Inc.
Co.,
amendment
Brown
share for
of
1,117
per
blocks
/ Pueblo Mining Co. registered with SEC
1,500,000 shares 1 Cent Par Value Assess¬
able Common Stock'
-"•/»
/
4 1
»
'
A-2.
Wis.
;
Underwriter—Alex.
LINES,
Lines,
$1 par
common.
corporated
\
\ Proceeds—For development, purchase oi
equipment and working capital
Registration Statement No. 2-4727. Form
4 a
•■.',
^ '
■
,
■
'■
cumulative convertibh
$100 par,
and
235.00C
Underwriters—E.
received
Offering—Above shares to be offered to
public at $1.25 per share; underwriting
commission is 43% cents per share
32,080
>
,
(9-16-41)
-
PUEBLO
York Clt)
r
BusineHs—Operation pf( vessels; in SoutfcAmerican trade
m ',
yy .y /y-':-
A-2
' ■ : v/ Y.
development, ac¬
holding,
selling
and
operating
gold,
silver and other mineral
mines.
Company is still in the development stage
Underwriters—To be named by amend¬
;
AT;
of $5
Address—5
James
treal, Quebec, Canada
Business—Engaged in
'
,
.
stock,
preferred
shares of
quiring,
ment
•
Moore-McCormack
mon
Mon¬
successive
next
lol-
at
blocks: $30
1,117'shares;
stores,-finance a purchasing de¬
partment- including' warehouses, etc.
Registration Statement No. 2-484lr"Form
Commonwealth &
of
MOORE-McCORMACK
30,000 shares
Ltd.," registered
refiling, 500,000 shares
St., West,
offered
following
Underwriter—No
Rand,
under
$1 par
vice-president v
be
to
grocery
on
Bids for the sale of
up to 11 A.M.
office
at
.
Cdrp., (parent) 20 Pine St., N. Y.
City.
Coupon rate Hs to-be specified by
bidder in multiples of V» % / but hot, ex¬
stock
Address—360
of
each
Southern
&
GOLD
Gold
Kirkland
-executive
for
share for first block of
$32.50, $35, $37.50 and $40
received
be
will
14
Oct.
on
mon.
KIRKLAND
its
prices
per
zy
/
S.E.C.
Effective—The
proposed financing.
the
prices
INC.
of
Offering—Shares
lowfng
Offering—The preferred and 85,000 com¬
mon
shares
will
be
offered publicly
at
Kensington Mines,
istration
y.//,- -,...;vri.'///y-../cy
!
Declaration
pur¬
(9-12-41)
A-2.
underwriting.
Shares
by company's agents under di¬
plant.;
,
corporate
;'vY B- '
Statement
^
Registration
Form
'
general
rection
en¬
1942. Remaining 40,000
be issued' upon exercise of out¬
../i1..
>r
sold
shares each; and $50 per share for last
-y
block of 3,506 shares -,
Registration Statement No. 2-4834. Form
".
*. V
■ \
A-2.
(9-8-41)
Proceeds
to
finance
/yyy/iyyyzyy
purchase of con¬
Effective—2:30 P.M.,
E.S.T. • Sept. 23, struction, equipment and construction of
stock at $25 per share,
share common
one
; vL
23/40 shares are to
of outstanding
Offering—1,347,748
be
•.
be
to
and (c) to construction of
improvements to company's
interest,
additions
electric
unr
Underwriting—No
company,
$6,177,500
crued
buildings
operating companies throughout
Mexico, Arizona, Utah, Nevada an#
New
Cal.
will be used (a) to re¬
of 1st & Ref. Mtge. 5s,
1955,-at 103l/a and accrued interest, /(b.)
redemption of so much of the $2,750,000 of
1st & Ref. Mtge. 4s of 1951 as may have
been issued to the RFC, at 100 and ac¬
parent
store
grocery
other
(or
gethef with $250,000 in cash, to be received
Commonwealth
&
Southern'Corp.,
deem
build
to
der, that patent and controlled parking
patents for Parquay Operating, Inc.,'. and
irom
1941. *;•
specialty;
tends
bidding- rule, with underwriters to be sup¬
plied by amendment y
v ■ *
/ ?'■
"
f,
$1
Louis
Co.,
Power
&
Light
United Light & Railways Co., a subsidiary
of United Light & Power Co.
corp.
Corp. registered with
6%
Non-Cumulative
shares
Convertible Preferred
Business—Telephone service to La Crosse,
financing
aircraft
Light
offered
American
and became effective..'
tuted
McDonnell
of
registration
.
Sept. 25 permitted to become effective de¬
claration filed by company regarding the
LA
1941.
22
for
'•
-
be
piblic for 'the
& Power Co.
The 355,250 additional shares orginally
registered with the SEC on April 21, 1941,
book/and
bond papers, jute hoards, corrugated con¬
tainers, bags and allied products. Company
groundwood
common
bidding
underwriters
amendment
Proceeds—From sale of the bonds, to¬
gether with $250,000 In cash to be re¬
ceived
from
Commonwealth & Southern
ceeding
company.
and subsidiaries are conducted in the
S,
With
& Southern
(3-29-41)
American
to
are
account
preferred stock ■,:/;///' Z
Registration Statement No. 2-4717. Form
A-2.
North
and
"which
ily In manufacture and Sale of kraft paper
and
board
(bleached
and
unbleached),
of
1941.
In¬
pany
U.
competitive
bidders
said
June
Names
Y.
Board
of
of
formed in New York on
23, 1941. Principal operations of com¬
Company
under
received
Inter¬
of
Co.," including
of
in
operating subsidiary of
Corp., engaged
In northwestern portion of Florida in pur¬
chase and sale of electricity and gas
Offering and Underwriting — The bonds
will be sold to public at price to be
sup¬
plied by amendment. Bonds will be sold
—
Commonwealth
proposed
when it
International-Paper Co.
all-of
acquire
over
prior
.
Fla.
Co.,
,
•
cents
■
N.
i
•
Proceeds
will
be
applied
as
follows:
$53,170,000 to redeem at 102 V*, the $52,000,000 of company's First Mortgage 5s of
1954; $15,693,370 to redeem at $110 per
share, the 142,667 shares of company's
$7 preferred stock, no par.
Further de¬
tails
to
be
supplied
by
post-effective
4%
I
(
registered with
shares
of
common
Y.
N.
standing
A2.
,/•."
Co,
1,387,748 23/40
stock,
of
pany
subsidiary
& Light
a
by
company,
phone
with
security holders
disposition, company
Bond
expiring Sept. 26,
price
it
its
such
exception of
the Jacksonville area), and other portions
Florida
//
Underwriting and Offering—-The securi¬
registered Is owned by
Middle Western
Tele¬
will donate a portion
to. La Crosse Telephone Corp. and latter
will
use
proceeds
to
retire outstanding
parent
'
American
an
Bids—for
be
conditions ?and
of
,
.*•
of
gaged principally
of
much
as
company,
.
A-2.
Registration Statement No. 2-4748. Form
A-2.
S.
store
Corp. and the American Co.,
no
the
on
specialty
except that
will
will
rates
Debentures, and the dividend
on
the preferred stock, will be
sup¬
plied by amendment
preferred
Proceeds—Stock
Interest
to company's electric utility
plant.
Registration Statement No. 2-4833. Form
by amendment
Terms — Preferred and com¬
publicly offered at prices to
common
conversion
Par.
rate
City
amendment,
Mortgage
ing
provements
be
by
SEC
registered
York
Underwriters—To be filed
Offering
mon
Light Co.
$45,000,000
First
New
Avenue,
City
in
&
Refunding Mortgage bonds, due 1968; re¬
demption of so much of the $3,100,000 of
INC.
Inc.
5%%
Power
bonds, due Oct. 1, 1971; $10,000,000 Sink¬
ties
plan, Na¬
holds
of
INTERNATIONAL PAPER COMPANY
of
turn
to
other
ternational
east
termin¬
such
Electric
or
national
Registration Statement No. 2-4845.
to
sold
be
still
stock
and
Co.
upon
Registration Statement No.
A-2.
(8-29-41)
'
will
'
,
POWER
Florida
areas.
and
if,
affiliate of National
dis¬
for
for
used
Statement
(8-28-41)
FLORIDA
&
Light Co. register-)
ed
with
SEC
$2,115,000 First Mortgage
Bonds, Series A, due 1971; 9,400 shares
5% cumulative preferred Stock, $100 par;
.
Light
holdings as promptly
practicable in light., of then
International
Address—25
Offering—Stock will be offered public¬
ly at $1 per share, selling commission,
35%
"
■'■■y:.'?'
Proceeds
Co.
preferred
&
that
interests
have
an
and
-
Registration
A-l.
Bx, '■
milling
•'
: s
will
for the $6
Light
of
be
mind.
or
&
and
best
Co.,
shares
market
prevailing
purposes.
Colo.
.-
shall
market
the
which
of com¬
National
Power
common
dispose
&
Favre
underwriter
is
trust,
.
Effective—3:00
will
of
contem¬
Act
such proposed exchange
Power
5%
in
owns,
International
to public at such net asset value
8l/2%.•'•••
Offering—To be offered to the public at
subsid¬
to
working
Light
declaration
a
exchange
company
National
of
tional
as
of
the
advised by
that com¬
is
that
SEC
Company
contemplating
ation
2-4736. Form
bution
the
&
of
also
Light,
initially,
p
contem¬
-
with
Holding
stock
stock
as
&
;
,
Business—After the filing of registration
Business
net
the
mon
INC.
FUND,
Bond
32,500
Address—601
Inc.,
Co.,
■
offering
Company
-
Address—220
of
86
Galveston.
public
No
Power
plating,
stock.
plus
their
com¬
ZYYYYHYrY/Y
Spokane,
tributor,
for
Deb.
stock
common
communities and an ex¬
in Texas, including cit¬
and
Has" filed
.......
Underwriting—Murphey,
Proceeds—Will
,
4%
guaranteed
serial
1942-46 pf Ohio. Fuel Gas Co.,
due
Offering—The Debentures will be offered
to the public at
100 by F. L. Putnam &
Co.,
Inc., Boston: underwriting commis¬
sion is 15%, leaving net price to company
iary
:
.
issues
Registration Statement No.
(4*10-41)
loan
small
the
In
Rhode
Underwriter—F.
,
.
holding
"utility
A-2...
achusetts
Boston
C.
Wash.
dence, R. I.
Business—Engaged
business
Y.
N.
$3,750,000
subsidiary,
Provi¬
Bldg.,
National
pany
and
to m&ke a $3,402,090 capital contribution
to Cinn., Newport <fe Covington Ry Co. to
enable that Company to redeem its out¬
standing $3,303,000 1st & Ref. 6s, 1947
Fund
Sinking
area
initially.
plated
Corp.* regis¬
under
Broadway,
Power
transmitting,distributing
150
rural
Offering—
1961
1952;
serial
INC.
Inc.
Participating
National
outstanding
Houston
Power
subsidiary,
| Form F-l. (9-13-41)
BEACON
10„ 1941,
■
notes
2-4840
No.
Erectric
1952;
a
Statement
&
.
chase
statement
Registration
of
serving
of
ies
CORP.
will be publicly
offered at prices to filed by amendment
Proceeds—To redeem $50,000,000 Deb 5s,
registration
of
Gas
Offering—Both
June 16, 1941.
the agreement to
issuance of Voting
through
parent
which latter company also
to purchase the remaining
selling electricity at retail and whole¬
tensive
serial
debentures,
due
1951, and $92,000,000 sinking fund
Business—Public
extend
Certificates,
ELECTRIC
Address—61
•v
expired
proposed to
! Trust
stock
common
and
$28,000,000
pany
Voting Trust—The 109,084
of
its
generating,
sale,
&
debentures due
June
dated
agreement
1931
Extension
shares
Columbia
tered
,1942. to
First
trust
voting
16,
by
in
E.S.T. on Sept. 23,
GAS
par.
no
company).
~
Y'.'Address—900 Fannin St, Houston, Tex.
Business—Company is'an operating pub¬
lic
utility
company
principally
engaged
(5-20-41)
COLUMBIA
in
building
apartment
an
stock,
common
Proceeds—Stock
regis¬
number
of
■ .r:
of 4:45 P.M., E.S.T,, Aug.
Co.
Power
Underwriter—None.
St.,
Chicago. AH outstanding common
by
shares
13
Corp.—38
Building
Chicago, 111. ^ .
Business—Beacon
Building Corp.-owns
and
Y;Y:'Y<".YY\'
•••'•1
P.M.,
its
CO.
POWER
&
&
indeterminate
an
has outstanding 500,000 shares
stock, of which 499,987 shares
Light Co,
holds options
development
Effective—4:45
as
held
are
Of
mining
properties,
purchase
of
machinery
and
equipment, and working capital Registration Statement No. 2-4763. FOrm
St.,
of
common
&
'
Proceeds—For "
1941
Beacon
of
Address
.
Dead."V, '.:-
y
■
Share•
Corp.,
LaSalle
S.
of
Bank v Bldg.,"
Dakota
Y
mining
South
A-O-l
111.
Chicago,
S.
Building
Beacon
Trustee—135
of
Address
of
SEC
(Company
Nat'l
Offering—Preferred will be offered at
$1 per share, and common at 10 cents per
1 Beacon Building Corp., Lucius Teter, et
voting
trusteed of Beacon
Building
Corp.,
registered
with SEC voting trust
Certificates
for
109,084
shares
$1 - par
Lighting
with
shares
of
par
Underwriter—None
1941
24,
al,
,
tered
Business—Gold
4:45
deficient
apparently
BUILDING
BEACON
cent
wood,
(5-5-41)
A-l.
Inc.,
Address—1st
Registration Statement No. 2-4752. Form
LIGHTING
Houston
registered 110,000 shares
$1 par 8%
non-cumulative preterreo
stock and 110,000 shares of common stock,
Bullion,
of
per share
Proceeds—For
ment
HOUSTON
INC.
BULLION,
Offering—Public offering price, $3 per
underwriting commission 75 cents
share,
r,r.i y,
O !•;
1
t
a-, ty-fi.
in.Xi f t-:
H
I•
'l
v
£1;
l-'tlI, )
'
(
i
? : l*
r
■
Volume
{
•
Installment
Business—Discounting
loans
to
note*
Pla.
lando,
7v
<■
Registration
A-2.7(8-22-41)
Offering—Preferred and
Class A • will
be
publicly offered at $1,000 per share.
Class
B
common
at
$1,100
per
share
VIRGINIA
{Underwriting commission $50 on preferred
Class
and
.7.
loans,
bank
repay
•
and
•:
'7;;7;7/C777
working capital
Registration Statement No. 2-4570. Form
(11-12-40)
'
A 7?
|
deeds-
50
1940
4,
7-J," 3
;
CO.
representing
miles
Dade
A7r''7y,>:
•
.
TEXAMERICA
f
west
nine
for
Florida
County,
//
>' ?'
119,891
shares
Address —•
•;
stock,
common
v''
I
in
Business—Engaged
of
Antonio.
'•v.
./.
production
7
acre77/,.,"7
per.
Proceeds
For
—
7,7
of
and working
oil
interests
in
producing or
wells
and
proven
drilling
Texas,
York Co.,
shares
.
to
at
from
$2,
company.
shares
984
July
registered constitute shares is¬
by company, .as divi¬
1,. 1941;
.
.?/;■' L >'
outstand¬
dends. '
-v.:,.7V
c
'•' *.'•$
Proceeds—Will .be used to pay
indebtedness ($200,000), and
$26,626 will be added to work-i
ing mortgage
remaining
A-l.
TOMASINI
A.
T.
..
AY
^Bridge
SEC
an
3%.
Tomasinl.
of
due
Bonds,
1970
Fran¬
1,
Aug.
Address—25^ California St.; San
Cal.
.AY A.r.Y.7.;...
-
cisco,
Business—Holds
•maintain
■ibridgc
'and
San
.
a
Fleming, to
Point,. both in
California. - The Obligor—T, A. Tomaslni
—also has secured necessary approval of'
"Marin
'
County,
County
Point
near
Bluff
near
plans, permits and authority to, construct
the bridge from War Department of the
proceed
Project'
expected to be completed by June 27, 1944
'•'*
Underwriting and Offering—The Obligor
States, •-and
"with" construction
advertise for bids for
of' the bonds by inserting a
to
•proposes
part
that
to
of
•
the.project.;;
effect
in
one-or
general/circulation
more
-
all or'
notice
There
will
the city and
New York
underwriting
V
no
will be used to
Proceeds
A-l.
;
par,* and
$100
stock,
mon
110
cinnati, O'.
A *
Business—Manufacture,
assembly,
dls-
the
'
tribution
and
and
7.
of the
holders; of
to
Re¬
148,750. un¬
shares,
fractional
of
Plan
a
latter
repre¬
-stock
each
for
7%
of
share
pre-;
of
stock
common
mon
stock
held.
for
each
Subscription
com-'
of
share
rights
evi¬
expire on the
of issue.
Un¬
subscribed portion of the shares will be
offered
for sale,
at same, prices,
to all
stockholders.
Any
unsold shares then
denced
by
thirtieth
after
<
sold
be
may
will
Warrants
day
at
date
prices
same
of
receive!, 4a)
will
Y'7/
pubd.Si »v;
Piocreds—For
share
Williams
stock
Hydraulics,
$5
shares
A
Statement No. 2-4803. Form
A-2.
(7-29-41)
(Cleveland):;
7 Effective—Sept. 13 at 1:15 P.M.; E.S.T.
of
pany
^
'*f V
of
4.45
p.m.
E.S.T. Sept.
17, 1941
•/■
•
and
at
bankers
of
(7-19-39)
Effective—May
29
as
equip-;
AprU. 18,
of
institu¬
one
cent
per
to
dealers
reported
remain
decid¬
pending the Treasury's an-'
details
of
latest
7 The
Sales
Auction
7
'
pects of the American
recently
by 7
was
no
left
little
• * 4
.,77
submerged
that the outcome of that
-/•
Agency.
particular
and
man,
Robert
7
Sumner
E.
Pike,:
T.
Healy and Ganson
in
such
distant
on
In
the
one
other
instance the
end
of
fellow
the
wirej
buyer for ja large insurance cornany, /brushed
aside
the
bond
A
-
Pursell
man's sales talk until he had been
told how the "Bums"
I
were
in
which
;
permits
the
seek
goods at
gaining,
free
a
highest
unjust
seller
bid
j
N.-Yi Stock Exchange
to
i
A
7j
his
for
which
competition
has {
bar-;
permits
between
{Weekly Firm Changes
announced
the
weekly firm changes:
•
Offering—Stockholders will receive ofto subscribe to 25/94ths of one- com:,
share in units of 5/94ths of a share
for "each 5/94ths of a share* held at $5.32
for each unit.' On a share basis,
stock¬
holders
may
subscribe to 5 new shares
mon
7
ythose who wishvto/-buy?%the}/;|
goods.;7»<•
V? •; .7-{;;,* 'fV;y■(:j.
;
for. each share held at $100,016 per share.
Substantially all outstanding stock is held
for
"7
-;;. ' -
life /insurance
have created
a
■"••';■
(3-30-40).
UNITED
WHOLESALE
PITTSBURGH, INC.
DRUGGISTS
••
c
OF
•
burgh,
shares
;
•
i
Wholesale
United'
Transfer of the Exchange mem¬
to Walter H. Baumer will be
sidered
The insurance
on
Baumer
is
Perkins
&
-
October.
a
16th.
con¬
Mr.
partner in Erickson
but, A Howard A. Plummer, general
all,, in the interest of their partner in Evans, Stillman & Co.,
policyholders, they must invest." New York City, became a limited
Inc.,
no
Pa.
•
"•
•
common
■■
1
stock
Ave.,
Penn
,
in
Delaware, on
1941, to engage in business of
drug
store merchandise'
'.'-"/I
Underwriting—None V
-.
jr
April
28,
Offering—The 4,000 shares of common
will be sold by the company direct
stock
on
they
can
get,
the element of
centration
7-
selling
i
s.
-
Pittsburgh,"
■
Business—Incorporated
prices
touch
registered with the SEC 4,000
par
Address—6543
.
above
Pitts¬
of
Directed
of
Corporations
con-
obligations
among
a
7
of;
voked,
as
a
among
means
other reasons,
of assuring wider
distribution of such securities.
partner, effective October 1, 1941.
Wesley M. Oler, Exchange mem¬
ber
retired from partnership in
-
Pershing & Co., New York City,
few
/ insurance companies, although
competitive bidding -was in- 7
;
is
of
lack
a
the
usual
A A.;/..;;'*
/
.
Macdonald,
Frank
by
:■
The only kind thing that can be said for
is
is magnificient but
Brian
Aherne,
Rating
Borzage.
this is that the photog¬
far
so
as
the story itself
It's
concerned, well, it will probably appeal to women.
of the idyllic romance that is shattered by a
suitor,
The
grows
and meets
up
turns
man
that
be
out to
a
the
uncle
anyway,
yarn,
The niece
just lost her parents.
They fall in love.
The young
of the spurned suitor so uncle insists
young man.
son
be nipped in bud.
romance
other
niece who has
a
a
bullet from a spurned
only in the past but is per¬
groom heart broken lives
suaded to take in
They see each
You know the rest.
is sugar and
finally forgives and everything
The whole thing is cloyingly sweet and drippy with tear,s
honey.
and romance.
RESTAURANTS
visit, with food and service everything; one could possibly
last
The
want
are
drawback is the size of the room and crowds that
ony
waiting for
aways
hours
seems
is still the pleasant place we found it on
<14 E. 53d)
Barogue
our
we
as
it may
to
again and again.
seeing people wait for what
But be that
After
tables
wondered if
larger room would help.
a
Joseph's and Frank's little place is a restaurant to come
•,
.
..
J
ABOUT THE TOWN
Last week
.
got
we
a
wire ".
.
.
cordially invited
.
.
.
cocktails
Colony.
.
be
there."
••
Well,
it
.
looked
September 30, 1941.>
Interest of
Edward L,
on
Hicks,
Hicks & Price,
1 Chicago, 111.,- ceased September 9,
Jr.,
1941.
deceased,
in
the
like
rush hour
at Times
It seemed that anybody who wasn't too crippled to lift a
Square.
glass and could do it for free," was there.
Occasion was first edition
of Jimmy Bryant's
"Cafe Society Register," a book that is as
bar
to
the
as
see
even
Manhattan
phone
directory.
It lists the
names,
(unlisted one's too) of the New York
Everybody who came in made a bee line for
if their name was spelled right (our name wasn't—it
there!
We are that exclusive).
Artist Michael YVerboff
set.
room
7.
.
(paintings hang in Museum of Art, The Louvre, British Museum;)
in with a lovely girl and 10 minutes later he lost her.
Lou
came
Nova wearing an eye all puffed up with bluish pride getting his
picture taken every five seconds.
Gene Gaverello (Colony owner)
running around worrying about getting the mob out so his own
a place to sit.
Every press agent in town here
sopping up the "cuff" cocktails.
That young "producer" sitting in.
with Carole Landis is the former page at the Stork Club and
companies bership of Arthur F. Thurnauer patrons would have
companies must invest in the in¬
best
por¬
noticed except in retro¬
never
Jeanette
Ian Hunter.
raphy (all technicolor)
book
The Commissioners did not
Druggists
(MGM)
Through
Raymond,
wasn't
those issues which issuers cannot
•
•
"Smilin'
Gene
Walker
seller's- market for
afford to overlook.
There
grand acting more than makes up for it.
exclusive
"' ;V
Registration Statement No. )2-4379. Form
A-2.
affairs.
addresses and phone numbers
Co., Rochester, N. Y.,
formerly a Stock Exchange mem¬
by Columbia Gas & Electric Corp. > O.
creasingly
J
limited
number
{
of
}
Proceeds—To repay
current debt and
ber firm, whose Exchange mem¬
securities in which they are, per¬
$2,835,000 first mortgage bonds held by
bership ceased with the death of
parent and associated companies) and for
mitted to place their funds at the
Erickson Perkins.
construction costs
+
and
bership uf 7 Robert* P.
high-grade bond issues by the
huge
simple
a
wealthy congregation which resents his
following
—
;fer
afoul the
established
::vA-::A
Transfer of the Exchange mem¬
—
.
It's
For the picture's down to earth realism, it's human interest
spect.
would
The New York Stock Exchange
-
,
arms-length
or
1
Warner
screen,
Signed James McKinley Bryant. 7 Followed by phone
calls from Johnny Garvis ".
to be sure to be there.
Everybody
or 7
situation
a
-
and
candidate for the famed Academy
a
excitement and action but the lack is
.
Gibb • to
Hill, Jr., will be consid¬
ered on October 13th,
1941./
Mr.
'Ohio
the 7 situation Hill is a partner in Hill Brothers,
(•"■'Business'
Operating electric!• utility ;77'The f; crux r ;of
{company'";"fly.,'; • {v-'V;*-1-tr
seems to
I
be,''; they said, 'That the St. Louis,* which would then be¬
Underwriter
Columbia Gas. & Electric
come an Exchange member firm.
enormous
' investment •' demands
Corp.'
.
in
doing.
,
declared, in part "we
undemocratic
•w
March
"AAA."
family and finally find themselves in Denver where
a
.
fail to find anything
Rating
temporarily)
points as
that mentioned above by tele4;
phone, they scarcely received an
opportunity to state their busi-t
Messrs.. E.-'C.: Eicher, Chair-' - j
.
business
dealers reported that
contacting their established
clients
ness.
operation was satisfactory to the
Federal
Frederic
Methodist preacher who gives up the study of medicine
a
interference
far away
"Several
upon
doubt
no
as
that interest in the classic all but
'
.
Telephony
fi^,
or
Stars
Rapper.
nothing fancy about the story.
runs
Des
Moines, Iowa,
.Quite to the contrary, it devel¬
ops that the grip of baseball on
the nation's populace was such
6 Telegraph Company's recent
nancing,
picture that is
a
There's
the minister
7
-
environs
.
.on
Irving
"BA."
-
in the mid-west and
SEC
with
up
They raise
light
more
phase of the strug¬
World Series, fever which
gripped New York City and its
1940
(Continued from, First Page)
(Warner)
by
of its fi¬
Business Vs. Baseball
as
;'
Heaven"
to preach the gospel.
His wife, a daughter from a wealthy Canadian
family, joins him in his travels from one poor parish to another.
limited to that area; judg¬
ing by the experience of people
who contact institutional buyers
7*
in
Directed
translating Hartzell Spence's best seller to the
award.
means
..
„
In
Foot
Scott.
trayal of
yield
opened
was
gle in Russia.
-ivr1
"7.'
•
•
"One
Martha
|
' 7',"1 .'»
plant and
NEW MOVIES
comes
an¬
had
price of 102.4562.
a
institutions
the
on
Registration Statement No. 2-4133. Form
'' H
..VL
*.
Union Light, Heat and Power Co. re¬
gistered 25,000 shares $100 par common
stock
,7y Y ■
y "d y's> 77> v
Address—4th
& "Main
St.,.. Cincinnati;
3
a
or
nouncement
Com-,
of -seagoing vessel; equip-!
working capital ' ,7 f k"'A, -7 j
purchase
ment,
,
$3,000,000
balance
Meanwhile
aloof
manu¬
=;
f.'
V
' <*
Proceeds^Purchase
ment;
UNION LIGHT, HEAT AND TO WEB COM¬
PANY
*
-V.vi''< » i nancing, due today, and
^
of
out
edly choosey in their buying and
show a distinct disposition to hold
Offering—Publicroffering price," $5 tper!
commission,
$1 per
J i,
■;
'-the
that
on
The
that:
share,,* underwriting
-
,
,
suc¬
public subscription at 103.
7
*
Hartwell
Brown
—
A '
'
tion
basis,
/
l,-i
therefor
equipment
Underwriters
7:t
as
:
the
sounding
been placed with
common,
dreaging and
Business—Deep-sea
.•■•v.viv:;
•capital"
Registration
Jersey City, N. J,
pretty well
Doubtless,
about.
been
nounced
;7y■'A,7A/"A'A-A-i
v7;- 7
i-ji
Class
par
knew
was
7? awarded
\ ;A
registered
Inc.
Address—Alameda;y Cal7-'*
facture
had
{
HYDRAULICS; INC.
WILLIAMS
000,000
there
par
Statement :No, 2-4811. Form
(San Francisco, "Cal.). A / '!
(8-8-41)
E-X.
he
value
par
$12.50
/
y ;.
Registration
1
v7
extension, /retire-;
'ment certain b»r.k loans, and for working
plant
New York
..
' 4
up.
indications
'issue
what
value,
mortgage income' bonds,
and
of. capital
stock of the new
second
one
$12.50
bonds,
mortgage
company.7A
general
to
all
on
insurance
AA Soon after the bonds were
.
mon
the
_
,
ferred stock held, and at rate of one share
the hardest"
bonds and the syndicate made its
bid accordingly.
fS-s:T
'r77,.Y
Offering—The above shares to be of-1
Members of the.Securities and
fered by company to all its stockholders
at
price of $100 per share of 7% pre¬ Exchange. Commission, taking a
ferred
and
$8
per
share for
common,) Washington Correspondent to task
through rights, at rate of "2Va% shares
for his treatment of certain as¬
of
7% preferred and 5 shares of com-:
Underwriters—None
pay
institutional buyers to learn about
what
they would pay for the
register¬
securities
under
by
first
of
parts,
•$?A-H*i
trucks i7
and
•
operate
Certificates, of Interest. Latter,
may be surrendered under the plan through
Seattle-First
National
Bank, " Seattle.
Wash. "Gwiter of each 25/148,750 fractional
truck bodies and cabs for
equipment,
tractors
Power
Apartment.
and
own
7
bodies.
trailer
semi-trailers,
and
From
disclosing that the number
sale of commercial trailers!
SEC.
for Our Booklet
ESTABLISHED 1899.
;7•#. A v'A.7 15 Exchange Place
a
as
Buyer Had Issue Well Sold
"7i;
Cin¬
with
•'
v?\AY
Aves.,
Robertson
<fc
issues
companies don't grab
cumulative preferred
81,095 shares com-i
par
Address—31st
•
to
,A i:■-
offered
be
sented
with.
registered
Arrerica
4,547 shares 7%
'stock,
will
A-l'.
AMERICA ;
OF
COMPANY
'TRAILER
..v'.'T" -iior Co. of
SEC
Y*'•{Y\Ift1#*
-
which
Underwriters—None
toll bridge
Statement No. 2-4815. Form
(8-15-41)
-
and
apartment
construct, oper-
the tube and
and maintain
'ate
V ; Registration
Whitworth
to
Wash.,
Offering—All
ed
newspapers,
in
be
title
acquire
f-o
county of San Francisco, and in
'City.
Call
-
Seattle,
.said
to
proposes
of
other Exchanges.
A:•;7'';"-^••«:•''.?;::{;••• •?--i cessful bidder for the Gulf States
Business—Incorporated on Julyi" 3, .1941;
wash.-
'
United
in New
acceptable to the New York
Stoek Exchange and
i
.
dual
our
Jersey City, New Jersey, which
arrangement is
bid
lowest, allowing for*
nose
$74,375, Second
and
York and in
points
highest
through the
Interest,
share
build,
to
tube and
toll
Francisco
Bay
from
operate
across
.
Alameda
franchise
a
1,1951;,
Sept.
the
those
Income 'Bonds,
6% Non-Cumu¬
due Sept. 1, 1961
Address—3117 Securities
Bldg., -Seattle,
"
divided
register-;
common
advantages in
Transfer Agent
as
2 Rector Street
$14,315 First Mortgage 5% bonds,
organization,
individual,
$20,000,000
Revenue
•-
BONDS
REVENUE
BRIDGE
Toinasini,
with
ed
'
(8-27-411
shares
find
Srgiatrar mtii ulrattflfrr Qlompamj
"
-
registered
stock, 25
Inc.,
Apartment,
5,950
7
of
.
INC.
will
arrangement
again."
Just now he sees it
possible race to see "who can
Mortgage
lative
ing capital.'^nAAiA'A
7 Registration Statement No, 2-4824 Form
■
SEC
cents par
due
Offering—118,907
shares to be offered
public at $2,375 per share; remaining
sued
Whitworth
with
deficiency
'-
differential
SAVINGS
'v;As one wag in dealer circles
put it, "the boys have got to learn
how
to
price
things all
over
f941/-
APARTMENT,
WHITWORTH
An¬
tonio, Tex..,, has agreed to purchase, 44,-!
)'75tf shares' at $1.75 pei7 share and 74,157j
of
P.M., E.S.T.,. Sept,.21,
4:45
i
San
notice
Effective—Under
of
properties.;
oil
developed
Underwriter—Willard
1
proven
oil
thereon, acquire royalty'^interests in
in
properties
• You
.
fered and the coupon rate set.
cap¬
1V//.7
RegistrationvStatement No. 2-4767, Form
'S-10 ;ifi-23-4H
; ; "• o
V;
.
leasehold
OTHER
the difference in the price of- 7
lands,
,7'"•••'
AND
was
bonds
7 from the
.
development
equipment,
purchase of
ital
and
mineral
oil,, acquire
crude
.7"
par.
Bldg.j ! San
Milam
Tex.
marketing
$2
.$150
A
TAX
when
entered
were
TRANSFER
$5,600,000
/separated
Offering—Interests will be sold to the
public at prices from $20 per acre up to
registered with SEC
separate bids
the
This
Tuesday
on
STOCK
'
compe¬
30-year first
offered by the
Gulf Power Company.
A
"
;'v
.
again
mortgage
Miami
of
,V Underwriter*—None
7,1
CORP.
OIL
Texamerica Oil Corp.
,
the
groups
new
tition with each other.
evident
:,7
registered warranty
interests in
oil and
;
•
»
,
appears
investment
issues in
among
seeking out
>'/<•{:-j'" vr:^
/V":,7V
Land' Co.
rule
capital
<
2-4818 Form
No.
Address—Theatre Building, Coral Gables,
7
A-2.
j. .Effective —Dec.
for-working
Wide variation still
;
lands in the Everglades, Florida,;about
gas
7
Price Ideas Vary Widely
used
Statement
LAND
Virginia
Class B
and $55 on
A,
Proceeds—To
for
druggists, / at $50
7
' ,7'
for purchase of
511
.
equipment,' and
1
r
•
-retail
share
Proceeds—Will> be
•'•!
■\
(exclusively)
per
'
{
Underwriter—Leedy, Wheeler & Co., Or¬
j-
.
small
making
Pla.
Orlando,
St.,
Wall
Address—26
end
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3991
154
,
corner
Cafe Pierre, Bobby Gravis.
Frances Mercer of the stage and screen
looking as lovely as ever telling everybody about here new opening
at the Versailles.
Jimmy Bryant beaming at it all and greeting
everybody with "How nice of you to come."
Patricia Garfield nee
Jones managed to parlay a night in the local clink (for socking a
into
cop)
movie contract, saying "how chawming!" to everybody.
each other (an unusual sight. As a rule they're
They might let an "item" get out)
a
Columnists greeting
afraid
speak to each other.
with "wadda ya know!"
to
...
At
the
Promethus
Fountain in Radio
watching the penguins.
City—Bob Hope and Ray
Ray urges Bob to throw them
a
piece of fish,
Bob replies: "I would if I had last night's script
with me."
Mori's in "Long Island.
Edna Ferber apd George
Kaufman absorbed in a piece of paper.
When asked if it's a new
Bolger
.
.
,
.
.
.
play,,Edna replies:. "You bet-our afternpon's play at Belmont, and
what
a
bust!
.
.
.
At
Bedford
Inn
solo and when Laddie Sanford walks
belligerently "So I'm alone!
where
over
So what!"
Tommy
Manville
dines
to say hello, Tommy blasts
\.
THE COMMERCIAL & FINANCIAL CHRONICLE
51V
Electric
to
i
'
'
*
■
*
REMEMBER
*
.
Eastern Sugar Pfd.
I
i
Punta
Alegre Sugar
call
'
West Indies
and
ties
■*
Vertientes Camaguey
:
.
wide dealer contacts
95%
and active
—
trading markets in
OVEK-TIIE-COLNTER SECURITIES
Y"
J.F.Reilly&Co.
Members
York
New
INCORPORATED
'
telephone
N. Y.
Bell
System
and
handles
\
t
NEW
V
,
•
•
''
telephone
hartford
boston telephone
service and
handled, the
of
tele¬
toll
mes¬
ber
has
company
num¬
of
telephones in service has
by about 4,300,000 in
the past five years, it should be
increased
Ass'n cf S. E. Firms
noted that in the three year period
ended August,.1933, there was a
Approves Constitution
Stock
of
Association
The
approximately 2,600,telephones.
The number of
toll messages of the Company and
its
principal telephone subsidi¬
THE BOND SELECTOR
Ex¬
constitu¬
gives effect to the program of en¬
larged activities as contemplated
in
its
plan
for
reorganization
which
was
distributed
to
the
-members of the Association two
w.eeks
ago.
In
order
r
;
from
transition
accomplish
to
the
old
the
manage¬
ment of the Association to the new
form of
government, a new Nomi¬
nating Committee was elected
present officers and mem¬
bers of the Board of Governors
and the
resigned their positions, effective
November 17,
Governors will
of
•
when
The
a new
Board
elected.
be
Telephone Convertible 3s
American
Call
on
the
York
Stock
It will
,new
Board
of
the
awarded
to
a
debentures
of in¬
group
surance
Exchange.
•
v
a slate for the
a successor Nomi¬
propose
nating Committee, which will be
submitted
the
to
membership
on
Association's
Nov. 7, and which
will be voted upon at
nual meeting of the
the first an¬
reorganized
Association to be held
ber
17.
on
Novem¬
;
the
Of
000
or
(Special
•
95%
the
and
Leggett with
to
The
Financial
sell
questioned
due
to
their
debentures
the
almost
future
for
look
is
effected
CONSOLIDATED
Chronicle)
Operat'g
company
The
are
stock of
$140 per share.
by surrendering
at
company
This
they
1942,
common
Gross
Revs.
Income
what
may
the
com¬
following table
items in the
System
since
(000s
1935:
Common
per
Low
145%
$220,878
$261,880
$42,466
$210,497
$11.26
1,107,187
217,346
242,269
42,210
190,281
10.18
171V*
148
190,500
206,699
42,408'
155,543
8.32
150V4
111
1937
1,051,379
206,983
235,976
42,586
182,343
9.76
187
994,852
219,487
248,352
50,514
184,744
9.89
190 Va
919,116
183,161
183,161
52,244
132,918
7.12
160 »/2
an
increase
1 9 39
in
1940
of
6%
over
net
operating
only 1.6%. How¬
revenues,
revenues
rose
Sh.
;
149'/a
98%
since
of Western Electric. The fact that
net income of the parent company
rose
from $190,000,000 in 1939 to
$210,000,000 in
1940 was
due largely to greatly increased
business done in 1940 by Western
over
for
Deep Rock Oil
received.
Since
convertible
of
bonds
of
shares
its
the
of
71
Neic
York
Stock
17 John
St., New York
Teletype
NY
1-61^
*
being given to the
was
dealers
to
see
like, and powers
being given them to correct
some of the conditions they were
finding.
"And be it said to the
credit of the securities dealer,"
Mr. Baird continued, "as he is be¬
ginning to see the problem he is
moving to answer it; in fact, Mr.
were
Fulton and the Board of Govern¬
that
know
ors
having
are
we
for
requests
more
help
and
ex¬
share,
per
up
know exactly
we
how to meet.
V.
I
.
hope
will not
you
en¬
deavor to protect and defend se¬
sions
lete
run
that
or
obso¬
being
are
political basis.
a
on
inadequate,
are
ineffective
and
.
I
.
.
don't think you can fool the SEC
and,
we
as
work,
own
along in
won't fool the
move
you
our
se¬
curities dealer; which means that
if your
Commissioner is doing
constructive work and eliminating
red tape and bureaucracy,
you
have the
will
our
known.
»be
wholehearted
sup¬
membership."
Some indication may
however,
gleaned,
from
comparisons compiled by the
company
of earnings for
the
three months ended March 31,
and
before
1941,
taxes.
new
after
This
the
comparison
revealed that net income
share
BEFORE
new
per
taxes
equivalent to $3.32, and
AFTER new taxes to $2.50
was
y
for
the
the
per
1941,
year
the
For
best
is for around $10.00
share after new taxes, in¬
stead
of
$13.00
of Federal taxes
The
period.
quarter
full
estimate
;
American
the
on
basis
in effect.
now
Telephone
con¬
vertible 3s should find wide inter¬
est among
to
investors who are able
the meager return at
afford
current
market
prices, but who
capital appre¬
ciation offered by the call on the
company's common stock. In addi¬
tion, of course, loss of principal
through a possible trend of firmer
money rates is protected in con¬
siderable degree likewise by the
are
interested
in
conversion feature. The bonds are
callable in whole
in part after
or
September 1,1942 at 107 to August
31, 1944, and at lesser prices
thereafter.
common
from $5.57
.v"
•.
:•
V.:
t
VERTIENTES
;
however,
it should be stressed that the
consideration
accrue
supply experienced and
bankers and brokers.
bill
investment
only
now
in
which
Federal
in. effect
reflect
additional
;
CAMAGUEY
taxes
substantial
which
the
with
has
recently been
Tel. COrtlandt 7-7455
will
be
-
earnings
-
Sold
-
Present Market
tax
levied
earnings.
Ex¬
actly how they will affect net
against
Bought
Quoted
will
line
taxes
SUGAR
;
and
enacted into law. These addi¬
Broadway, N. Y. BOwling Green 9-7030
Bell
mirrow
over-the-counter
amounted to
ago, or at an annual rate of
tional
Exchange
Biloxi,
figures cited above take into
HAY, FALES & CO.
Members
at
what they looked
common
the
to
$13.60.
discriminating clients
to
Commissioners
Na¬
Securi¬
of the idea behind the N. A. S. D.
a
common
authorized
available
come
not
to
the
of
Miss., stated that in the evolving
$1,000 principal
plus $400 cash
324,000, an increase of 9.4% over
the corresponding period of 1940.
Operating income of $236,792,000
was
up 6.5% over 1940. Net in¬
do
qualified
of
Association
ties
the
.
mercial, professional, and advertising fields.
personnel
Inc., addressing the
convention
annual
tional
stock
tions, complete conversion (after
adjusting fixed charges) would
have resulted in $10,14 per share
instead of the reported $11.26.
For the six month period ended
May 31, 1941, Bell.System oper¬
ating revenue amounted to $630,-
rates
unusually
into
11.1%. On the basis if 1940 opera¬
carefully-selected, outstanding office per¬
men and women, in the com¬
are
Chairman of
Baird,
ities Dealers,
not
stock of 2,335,849
will, when added to the
18,686,794 shares now outstand¬
ing, bring the total to 21,022,643
shares, representing a dilution of
Tax
We
W.
the National Association of Secur¬
common
sonnel, both
efficient
1-1397
Cwn Oorreelive Power
,Robert
stockholders,
of cash will
In this connection,
offer their facilities to
were
shares of stock.
If all
are
converted, an ad¬
$93,433,000 of cash will
accrue
to
the
company,
fixed
charges will be reduqed by $7,000,000 annually, and the addi¬
$6.80
Nelmes Personnel Service
HAnover 2-8780
Y.
N.
MS® Gives Sealers
bonds
year
R. Hoe Co.
covered
ditional
140
;
only telephone sub¬
sidiaries are consolidated, this in¬
crease does not reflect operations
ever,
by
stock for the period
Eagle Lock
of
shares
Price Range
Net
Charges
other large indus¬
trial
enterprise,
the
American
Telephone
Company
has
been
feeling
the
results
of
higher
costs—materials and wages—and
sharply increased taxes. Despite
which
3s
rate
of
tional
Omitted)
Net to
St., N.Y.
Teletype
2,335,849
outlines
consoli¬
important
Fixed
every
of
total
a
been
$232,220,000
ten
the
1,052,658
Like
for
earnings of the
$1,174,322
1935—
to
or
for
are
the
out
itself.
1939___
1936_
1941
stock, the company has reserved
the out¬
on
Members N. Y. Security Dealers Ass'n
25 Broad
port of
been
amount
be and that,
1938
1940
at
the
High
175%
Revs.
of
messages
times.
bonds
dated income account of the Bell
EARNINGS.
Net Oper.
on
M.S.WIEN&CO.
curity laws and security commis¬
annually
have
above
Pfd.
Browne & Sharpe Mfg. Co.
000
about
bond depends
naturally, depends
they offer certain attractive
conversion features. At any time
1,
much
Common
Airlines,
Giving effect to recent financ¬
ing, fixed charges,;, of the con¬
solidated
company
will be in¬
creased by approximately $4,260,-
subscribed
Conse¬
prospects of the
stock
mon
un¬
as a
entirely
Zinc
aminations than
convertible
the
quently, the attractiveness of
cause
January
considering
conversion privilege.
quality and be¬
high
without
108
American
Assuming
that
the company
ultimately sells the balance of the
;
appraised at between 106 and
por¬
These debentures command
attention
bond, the con-
a
Wallower
'
5.6
as
their worth
wide
months
toll
have
vertible 3s due 1956 have been
the
tion.
the
CHICAGO, ILL. — Marvin C.
Leggett
has
become associated
with Crane, McMahon & Co., 209
South La Salle Street, members of
the New York Stock Exchange.
He will continue tp specialize in
the wholesale of Group Securities.
Mr. Leggett was formerly with
Distributors Group, Inc. and prior
thereto
was
manager of
the
wholesale department of Dempsey-Detmer & Co., was an officer
of Taussig, Day & Co., Inc. and in
the past was an officer in Kerfoot,
Leggett & Co.
Purely
$222,500,-
can
six
of
Company and its principal
telephone subsidiaries was about
15% greater than in the corres¬
ponding period of 1940.
twelve years.
subscribed for,
were
company
first
number
about $46,700,000. Despite the fact
principal amount of bonds
that new money to the total of
$40 in cash for each share of
about $222,500,000 was raised and
stock.
The bonds are currently
so added to the funded debt, an¬
selling at 112% and the stock is
nual fixed charges are still over
quoted at 154V2. At present prices,
$5,000,000 less than they were in
the bonds yield slightly more than
1935 before the company was able
2% to their maturity in 1956. The
to take advantage of easy money
conversion privilege at $140 pei
rates. On the basis of 1940 opera¬
share remains unchanged up to
tions, fixed charges as they now
December 31, 1954, or a period of
stand would
con¬
balance of the unsubscribed
convertible into
Crane, McMahon Co.
•
approximately
par,
37%
and
vertible 3s offered to stockholders
at
after
M. C.
of
$233,585,000
about
was
the
increase in telephones in service.1^
In
September,
$90,000,000
of $100
New
Board and
the
the
bentures; this offering represented new financing, the funds
to be used for new equipment and facilities for the large
.
of
In
the Stock
Within the past four months, the American Telephone
Company has been in the market for about $323,000,000,
most of which represents new money.
In July, the company
offered to stockholders $233,585,000 of 3% convertible de¬
thirty-five year 2%%
1940
than in 1935, but only
7% greater than in 1929.
about
companies under
the
elected consists of:
competitive bidding system. The
;
John L. Clark, Abbot, Proctor investment banking fraternity will
;& Paine, New York City.
not forget this issue for some time
Russell E. Gardner, Jr., Reinto
come
since the bonds were
:holdt & Gardner, St. Louis,
lost to bankers due to the higher
Y Elton Parks, Dominick & Dom- bid
submitted by the insurance
inick, New York City.
group. The purpose of the $90,Richard
Pigeon, Estabrook &
000,000 block of debentures is to
Co., Boston.
apply the proceeds toward re¬
:
Robert L. Stott, Wagner, Stott
demption of $94,306,000 of 5%%
& Co., New York City, and Chair¬
bonds due in 1943.
man
in
greater
A Prime Bond With A Valuable
;Y-;Y^vY'Y''
were
Committee
Nominating
aries
which
Association
the
of
tion
loss of
net
000
change Firms, at a special meet¬
ing, approved the new
Evans
Northern Natural Gas,
connec¬
number
recently stated: "While the
Enterprise 1250
6425
the
phones in
1-570
new york
with
tion
bell teletype
•
■
since the end of 1940. In
YORK
telephone
Enterprise 6015 •
Enterprise
-
'
Mexican Internal & Ext'l Bonds
about
increased
number
sages
1-2480
Y.
N.
Teletype,
philadelphia
2-3C00
REctor
HAnovcr 2-4660
* "
I
STREET,
NASSAU
45
Assn.
50 Broad St., New York,
States
steadily,
until at December 31,1940, it stood
at 17,484,000. On June 30, 1941,
telephones in service were 18,155,000, an increase of 671,000
York Security Dealers Association
' i Members New
'
'
Dealers
Security
V
<
4
'
Mfg. Co.
Cigar- Whelan T
'
1935, the subsidiaries of the com¬
pany
had in service 13,573,000
telephones.
Each year thereafter
Kobbe, Gearhart & Company
.
United
of
the
i
Merrimac
•
all the
telephone toll
originating in this coun¬
try, data on telephones in service
and toll messages handled give
a good indication of the trend of
operating revenues. At the end of
if you wish fast, accurate service
Botany Worsted Mills
1939.
messages
Sugar
>
of
rose
exactly
of the
United
Sugar
Triumph Explosives
that
income
almost
subsidiaries, controls about 80%
telephones in service in the
t
our
net
or
Since this company, through its
up-to-the-minute trading facili-
on our
'
whose
$32,787,000
double
$
..
^
Thursday, October 9, 1941
1941
for the year is ,nqt
4-4%
Herbert E. Stern & Co.
Members
30
New
Pine
York
Curb
Exchange
Street, New York
WHitehall 3-2160
Teletype NY 1-496
@FedFRASER