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SFP 7
Final
Edition
ESTABLISHED 0100 YEARS
I n 2M Sections
-
1d/jf
4
Section
1
Reg. U. S. Pat. Office
Volume 162
Number 4420
New
York, N. Y., Thursday, September 13, 1945
Price 60 Cents
General
Instrument
State and
Bond
Alaska Airlines
Bought—Sold—Quoted
COMMON STOCK
Information
Hirsch & Co
Successors to
hirsch,
lilienthal
and
&
co.
Geneva
Rep.
MAY
OBTAINED
64 Wall Street, New
BOSTON
DEALERS
from
HUGH W. LONG and COMPANY
PHILADELPHIA
Albany
Buffalo
Syracuse
Pittsburgh
Dallas
Wilkes Barre
Baltimore
Springfield
Woonsocket
Bond Department
Hardy & Co.
THE CHASE
Members New York Stock
York 5
Troy
and Dealers
BE
FROM
AUTHORIZED
or
HAnnver 2-0600
Cleveland
PROSPECTUS
Established 1927
.'v-
25 Broad St., New York 4, N. Y.
Chicago
Bonds
request
INVESTMENT SECURITIES
*
Teletype NY 1-210
Brokerage
Service
R. H. Johnson & Co.
Exchange
other Exchanges
-
on
Municipal
for Batiks, Brokers
York Stock
London
Exchange
Members New York Curb Exchange
IN CORPOSATIP
48
WALL STREET
NEW YORK
634 SO. SPRING ST
LOS ANGELES 14
3
Acme Aluminum
30 Broad St.\
Tel.
DIgby 4-7800
New York 4
NATIONAL BANK
7 Tele. NY 1-733
Alloys, Inc.
New England
Common & Preferred
CANADIAN
BOND
FINANCE
Aireon
Manufacturing
Public Service Co
SECURITIES
Corporation
SECONDARY
BROKERS
Preferred
*
Solar Aircraft
90c
Conv.
Prospectus
Bull, holden & c°
MEMBERS NEW
Copy
Corp
Common Stpck
Members New
a
Kobbe, Gearhart & Co.
incorporated
YORK STOCK EXCHANGE
14 Wall
st.. New York 5,N.Y.
TELEPHONE-RECTOR
2-6300
Members N.
Y. Security Dealers Ass'n
New York 5
45 Nassau Street
Tel.
REctor 2-3600
Teletype N. Y. 1-576
Philadelphia, Telephone:
Enterprise 6015
'
j
request
Reynolds & Co.
Telephone:
Bell
1
Preferred
on
Members New York Stock Exchange
120 Broadway,
PREFERREDS
Company
ira haupt & co
New
REctor 2-8600
NY
1-635
York
Security
Dealers
52 WILLIAM ST., N. Y. 5
New York 5, N. Y.
Teletype
Members
Members
Bell
Assn.
HAnover 2-0080
Teletype NY
1-395
111
of
Principal Exchanges
Broadway
New
York
REctor
10 Post Office Sq.
Boston
6
2-3100
9
Hancock 3750
Tele. NY 1-1920
New
Yor*
Montreal
Toronto
Direct
Private
Wire
to
Boston
ZZZTrading Markets in:
We Maintain Active
Lanova Corp.
Markets in U. S. FUNDS for
Home Title
CANADIAN INDUSTRIALS
Dumont Lab. A.
Guaranty
CANADIAN BANKS
General Machinery
Thursday, September 13, ig4s
FINANCIAL CHRONICLE
THE COMMERCIAL &
;
u.
CANADIAN MINES
Behdix' Helicopter
Stock
Rights
Bought
CANADIAN UTILITIES
Canadian Securities Dcp't.
Established 1920
Sold
Quoted
—
Analysis
Request
on
frjC PONNELL & Co.
Goodbody &. Co.
v..
—
Bought—Said—Quoted
:Members
'
:
' '
','
Members
Members N. Y. Stock
York Security Dealers Ass'n
Natl Ass'n of Securities Dealers, Inc.
New
10 Exchange
BELL
TELETYPE NY
NEW YORK 6, N. Y.
Teletype NY 1-672
BROADWAY
115
HA 2-2772
PI., N.Y. 5
Telephone BArclay 7-0100
York Stock
New
Exchange and Other Principal Exchange$
Exchange
Jlew York Curb Exchange-■
120 BROADWAY,
Tel.
Steiner, Rouse & Co
Members New York Stock
NEW YORK
REctor 2-7815
25 Broad
1-423
Exchange
St., New York 4, N. Y.
HAnover 2-0700
NY 1-1557
New Orleans, La.-Birmingham, Ala
Anemostat Corp.
Direct wires to
branch offices
our
Copeland Refrig.
Supply
Pfd.
Franklin Railway
Scale, Com. &
Howe
Kingan & Co.
Mississippi Glass, C. &
Simplicity Pattern,
U. S. Sugar.
P,
Pfd.
Com. & Pfd.
National Association of Real Estate Boards
Publishes Results of Inquiry Regarding Ef¬
Shows Effect Will Be Con¬
Will Be More Regional Than National and That
Manufacturers Will Use Realtors and Builders as Local Agents.
Many thoughtful Realtors have been wondering for some time how the manufacture and dis¬
fect of Prefabricated Houses
on
the Realtors' Business.v
Boston Terminal
fined to Low Cost Market, Distribution
prefabricated houses will affect the real estate
prefabrication. Dramatic things have been predicted for
tribution of
market. There has been much talk about
it. If the manufacture of prefabrioated
3x/2s
Metro West Side El 4s
..." ■'
V'..
Unspecified
*
'7.
••
y::'
American Forge &
Socket
Chicago CorpVv
Stock Exchange
Broadway, N. Y. 5
Members Baltimore
120
WOrth 2-4230
Bell
1-1227
Teletype N. Y.
Members New York Stock Exchange
Memoers New York Curb Exchange
65
'International
Power Securities
WHitehall 4-8120
Broadway
Bell System Teletype NY 1-1919
7s, 1952-1957
Southern Colorado Pr
Savoy Plaza
3/6s, 1956
•Traded on N. Y.
Great Amer. Industries
Curb Exchange
mmsm
Vanderhoef & Robinson
Hotel Waldorf-Astoria
'
\
■
.
>.
■.
"•
5
York Curb Exchange
Members New
Mil
Common
New York 5
31 Nassau Street,
COrtlandt 7-4070
Telephone
Teletype NY 1-1548
Bell System
Peaseway Houses
houses
Byrndun
tions, what part of the house market will it absorb? And what new
elements will it bring with it into
Corporation
Common
Caribbean Sugar
S.
Prefabrication is
Campbell
in
estate
the real
Common
instance,
how
Struthers-Wells
Realtors
have
Common
20 Pine
and
Street, New York 5
BeU Teletype NY
64
3-1223
1-1843
Stpd. Pfd.
a
new
factor
For
Cross Company*
business.
much
will
share
in distribution
of
Luscombe Airplane
New
England Public Service
Plain Preferreds
Northern New
England Co.
Oxford Paper
Great American Industries
'
Sreeive«v4uompami
Members N. Y.
37
Security Dealers Assn.
Wall St., N. Y. 5
Bell
Teletypes—NY
Hanover 2-4850
1-1126 &
,
*
Members
111
go
'52
Co.*
San Carlos Milling
J
in providing com¬
plete house and lot? How much
gap is left for the Realtor and
'l'-
-V"
'.
Analysis on request
N.
Security Dealers
Y.
Ass'n
Broadway, New York 6, N. Y.
NY 1-1026
BArclay 7-0570
builder to fill in?
These
tions.
real
United Piece Dye Works
Common <& Preferred
Liquidometer Corp.*
Delaware Rayon "A"*
New Bedford Rayon "A"*
Indiana Limestone, 6s,
in which real estate
figure? How far will pre¬
fabricators
YORK 5
,
prefab houses? Will prefabricators
try to take over Realtor functions
or depend upon Realtors?
What
effect will prefabricated homes
have on new developments or
existing neighborhoods?
What
size homes at what prices do pre¬
fabricators expect to offer? What
sales
and distribution
plans do
offices
Exchange
NEW
HAnoyer 2-9470
Teletype NY 1-1140
they -have
Boston & Maine,
York Curb
New
ST.
WALL
-
Preferred
Telephone: WHitehall
Frank C.Masierson & Co.
Members
,
of houses?
the marketing
•
Common
A.
into real propor-<S>-
springs
not
are
They
academic
ques¬
important to any
office that deals in
are
estate
The
interest
Haytian Corp.
in
prefab¬
ricated
houses
is
widespread.
Their novelty has brought them
considerable publicity. Many
houses.
Eastern
Sugar Associates
Common
people who will make up the
great post-war home market are
wondering if they won't do well
to buy a prefabricated house.
&
Preferred
Quotations Upon Request
FARIt &
1127
CO.
'
Members
*Reprinted from "Headlines,"
publication of the National Asso¬
ciation
of
Real
Estate
Boards,
with
July 30, 1945.
Currency Committee,
(Continued on page 1244)
New
*A statement filed by
the V Senate
1945.
Mr. Hart
Banking and
York
Stock
Exchange
New York Coffee & Sugar
120 WALL
August 30,
Exchange
ST., NEW
YORK
TEL. HANOVER 2-9612
•
Trading Markets for Dealers Only
Segal
New York Market
Lock & Hardware
Northeastern
Preferred
Water Co.
Ohio Securities
Wellman
$# Prior Pfd; Stock
Engineering Co.*
Common
*drcular
Upon Request
Bought—Sold—Quoted
Simons, Linbnin & Co.
Members New York Stock Exchange
25 Broad
Wm.J. Mericka&Co
St., New York 4, N. Y.
HAnover 2-0600
Tele. NY 1-210
BOUGHT
—
SOLD
—
QUOTED
INCORPORATED
Troster,Currie&Summers
Members N.
Y.
Security Dealers Ass'n
Members Cleveland Stock Exchange
Union
Commerce Bldg.,
Place, N. Y. 6
HA 2-2400
Teletype NY 1-376-377
Private
Wires
Detroit
-
to
Buffalo
Pittsburgh
-
-
Cleveland
St. Louis
Cleveland 14
Telephone MAin 8500
74 Trinity
29
Broadway, New York 8
WHitehall 4-3640
Direct Private Wire to Cleveland
MEMBERS NEW
One
Wall
YORK STOCK
Street,
EXCHANGE
New York
Telephone BOwling Green
5, N.
9-4800
Y.
Number 4420
Volume 162
THE COMMERCIAL &
FINANCIAL CHRONICLE
The
Reg.
low-priced stock in the
U.
S.
Patent
We
are
interested in
25 Park Place, New York 8
-
Public
STEEL
D.
AND COMPANY
Utility and Industrial
REctor 2-9570 to 9576
Herbert
RECONVERT
PREFERRED STOCKS
Seibert,
Editor and Publisher
YOURSELF!
How
William Dana Seibert, President•
CASTING
William D.
Spencer Trask
Riggs, Business Manager
Thursday, September 13, 1945
Report available on request
25
1
Published
STRAUSS BROS.
32
York
New
Members
Security
Broadway
every
Dealers Ass'n
Board of Trade
(general
BIdg.
CHICAGO 4
NEW YORK 4
DIgby 4-8640
week
Direct Wire Service
York—Chicago—St. Louis
Other
r
135
S.
La
Salle
.
Reentered
ruary
25,
York,
N.
3,
as
1942,
Y.,
second-class matter Feb¬
at
the post office at New
under
the
Act
of
March
1879.
Subscriptions in United States and
Possessions, $26.00 per year;. in Domin.on
of
Canada, $27.50 per year; South and
Antral
America, Spain,
Mexico,
and
Cuba,
$29.50
per
year;
Great
Britain,
Continental Europe (except Spain), Asia,
Australia and Africa, $31.00 per year.
Lawyers Mortgage Co.
Lawyers Title & Guar. Co.
N. Y. Title & Mtge. Co.
Prudence Co.
Other Publications
|;j
Bell
Holding That Labor and Politics
Labor Dedicate Itself to
That
be
made
in
New York
Mix, Secretary Ickes Urges That
BOUGHT
I
cause
yv
.
v
occasion
6.nited
ers
work-
Washington.
gath¬
ered
to
the
39
I
understand
hear
and watch
sweeten
grapes
upon
which they
been feasting for so long. *
of : his
up
of
some
those
have
But
politics.
member it.
Day, and politics and labor should
told
am
whom I
lands
Harold
Ickes
to
ivy
still
scratching,
Bendix Home
This is Labor
*An address by Secretary Ickes
a
Labor
Day
in
Rally
Balti¬
J.F.Reilly&Co.
New
(CIO), Sept. 3, 1945.
(Continued on page 1249)
HAnover
Be!!
you off'?"
Let
us
*
,
.
and
say
Send
'we have checked
and
.
place when the voter goes into
"comprehensive message"
Congress and pre¬
that in
dicted
the
forthcoming Congressional
election, the Democratic Party will give full sup¬
port to the "progressive" post-war program s out¬
lined by the President.
He contended that the
Republican Party leaders in Congress "who ex¬
pressed themselves on the message" were going
back
'20s"
.
r
.
The
purposely fail to do
Of course, in the
contrary
Let
a
us
say
voting
on
its
am
a
booth in
(Continued
Pfaudler Co.
Billings & Spencer
Laclede-Christy Clay Prod. &
Bought
conservatism
of
Members
170
-
so as
New
Punta
the
of
Mr.
the
Hannegan's
New
York
statement
"Herald
•
on page
Ass'n
WOrth 2-0300
Teletype NY 1-84
Alegre Sugar
Lea Fabrics
DIVIDEND
J 936
—
$12.50
1939
—
18.00
1243)
BIdg. 5/52
DUNNE &
1942
—
16.00
1945
to
date
Broad
*
•
'
$20.50
1938
—
—
20.00
1941
—
25.00
—
16.00
1944
—
16.00
dividend
due
about
September
current
*
w
rate
Yield
of
$16
to
Boston
«
per
& Trust Co.
annum
National Radiator (Jo.
7%%
over
Circular
Wire
26th
'
at
Private
Public National Bank
$10.00
1940
Next
St., New York U, N. Y.
3-0272—Teletype NY 1-956
RECORD
—
1943
$8—
COl
Members New York Security Dealers Ass%
;4
1937
,•
Office
as
on
Analyses available
to dealers
request
only
C. E. Unterberg & Co.
Members N.
1231)
lo.m
STOCK
COMMON
.
on page
&
♦
the NASD amendments the
:
y
Security Dealers
•Equitable
Tribune"
Thermatomic Carbon Co.
^
•
Sold
Haytian Corp.
WHitehall
to others. This, too,
>
York
Brgadway
Bell System
the
Party welcomed
HfRioo
"The Democratic Party is prepared to wage
1946 Congressional election campaign as a
a
in the investment banking business and
member of the NASD.
"Democratic
text
in
(Continued
..
was true.
I
;
Robert E. Hannegan
voting was for candidates and for certain Charter
amendments as well, the voter may evidence his franchise
<exact
"old-fashioned
the
follows:
If the
is his secret.
and
the
printed
he
to some and
to
Corp.
challenge."
pleases, or cast a blank ballot, without arousing the
animosity of the political worker bringing him to the polls
as
the
President Truman delivered to
^ew York State election he knows without a shadow of a
<hmbt that the ballot is a truly secret one and he can vpte
anyone else for that matter.
praised
Haloid
Bartgis Bros.
the
Chairman, of the Democratic National Com¬
mittee,
Chicago & Los Angeles
TRADING MARKETS
25
....
or
on
ques*
tions.
as
issued
.
.
analyze the implications contained in those
In the first
statement
Dealers Assn.
2-4785
Teletype, NY 1-2480
System
Party Will Back
Truman: Hannegan
evening of
Sept. 11, Robert E. Hannegan, Postmaster General
they favor or oppose the by-laws which would,
among other things, compel their members, as with all trad¬
ers, to register with the NASD and be subject to its dictation.
In this poll the traders are
being asked, too, if they feel an
■open meeting should be held to discuss the by-laws in ques¬
tion. This is one more reason for the SEC
holding another
■hearing at some reasonably distant date.
During the course of the hearing, while objections were
being raised to the pressure methods which were used by the
33oard of Governors and its official representatives in reach¬
ing non-voters and getting from them the required results,
'Commissioner Caffrey asked the following question: "Isn't
York Security
40 Exch. PL, New York 5, N. Y.
Private Wires to
Council
or,
a
Appliances
Bought—Sold—Quoted
talk
more, Md., under the auspices of
the
Baltimore
Industrial
Union
gar¬
of
are
here
come
Winters & Crampton
Members
j
at
cover¬
with
ed
Industries
Clyde Porcelain
I realize that this is not
political occasion.
a
I
didn't
I
that
of those
many
whether
car
Teletype NY 1-1203
sour
ivy—poi son
ivy, as I re¬
In
down in their
6, N. Y.
Triumph, Inc.
erally applied.
They might even
use some
internally.
It ought to
candidate and
•
you
CO.
Great American
:
that
followers with
go to press we learn the Security Traders Associa¬
tion of New York is polling its 450 members to determine
bring
QUOTED
Broadway
HAnover 2-8970
remedy for what ails
these patients is baking soda, lib¬
bedeck the
some
numerous
that what
they do in New York State on Election Day?
v•'
New York
best
Republican
we
•put and
-
rOY
Members New York Security Dealers Assn.
anyway, still itching to get their
hands
on
one-or. two. jobs
in
Auto¬
mobile
funds.
Democratic
As
•••',
L J. GOLOWATER &
complaints that NASD
generally did not get adequate notice that the SEC
had set a hearing on the new NASD by-laws for Aug. 29. In
some instances the notice was received on the
very morning
that the hearing took place.
For this reason it is to be hoped
that the Commission will promptly acquiesce in the request
of the National Security Traders Association for another oral Chairman of National Democratic Committee Praises President's "Com¬
hearing on the subject. The Association incidentally has prehensive Message" as "Progressive." Says Republican Leaders Are
registered its official disapproval of the proposed new by"Going Back to Old Fashioned Conservatism."
.J;-
SOLD
•
..
Complete Statistical Information
members
'
j: -;'y'
lastt>
when
ear
Notice of SEC
.
NEW YORK
always enjoyed talking to labor audiences.
This is be¬
they are intelligent. Among my most pleasant memories is the
Hearing on NASD
By-Law Amendments
laws.
■
have
:
Hearing on NASD Amendments Inade¬
quate. NASD Pressure Methods Compared With Elec¬
tioneering. Implications of Vote Interference by Those
Having Power to Discipline. Support of Securities Deal¬
ers Committee
Urged.
V
End, and
Program of Public Works and Larger Social Security Benefits
Be Inaugurated.
SEC
received
v
,.
CERTIFICATES
an
me
have
of
"c.
Securities Dept.
STREET,
a
exchange, remittances for
foreign subscriptions and advertisements
must
,
TITLE COMPANY
ICKES*
Labor and Advocates That Job Discrimination arid Poll Taxes
in the rate of
\
Do
me
We
WALL
99
Organizations Rid Its Ranks of Drones and Grafters.
Says Labor
Relations Is Not a One Way Street and That Labor Has
Responsibilities
and a Stake in Winning the Peace. Contends Government Is on
Side of
NOTE—On account of the fluctuations
Whitehall 4-6330
Teletype NY 1-2033
Obsolete
Secretary of the Interior
Quotation Record—Mth.$25 yr.
Monthly Earnings Record—Mth.,.$25 yr.
Members New York Stock Exchange
i 40 Wall St., N.Y. 5
Our
lot
a
;
Teletype NY 1-5
By HON. HAROLD L.
v
Bank and
Vewburger, Loeb & Co.
without
.....
Irrefragable Peace, as Well as to Full Em¬
ployment, Higher Pay and Better Working Conditions, and That Labor
Copyright 194* bv William B. Dana
Company
Bond & Mtge. Guar. Co.
i
i
Labor's Rights and Responsibilities
St.,
3, 111.
(Telephone: State 0613l;
Drapers' Gardens, London, E. C., Eng¬
land, c/o Edwards & Smith.
CERTIFICATES
those
bonds?
Telephone WHitehall 4-6551
1
TITLE COMPANY
and
fast,
come
Chicago
Kansas City-—Los Angeles
"reconverting"
stocks
renegotiation!
Broad Street, New York
Members New York Stock
Exchange
Monday
every
Offices:
bids
advertising issue)
(cont-plete statistical issue—market quo¬
tation
records,
corporation,
banking,
Ccearings, state and city news, etc.)
Teletype CO 129
about
obsolete
& Co.
Telephone HAnover 2-4300
Thursday
news and
and
a
Harrison 2075
Teletype NY 1-832. 834
New
twice
licrasTfin
B. S.
High Grade
Publishers
MICHIGAN
offerings of
Ofiice
William B. Dana Company
Automobile Industry
1227
and
FINANCIAL CHRONICLE
Retail Dealers!
a
COMMERCIAL
i
.
Established
1914
■
.
61
>
>/--
—
74 Trinity Place, New York 6, N. Y,
Telephone: BOwIing Green 9-7400
Y. Security Dealers
Ass'n~
"
Teletype: NY 1-375
Broadway, New York 6, N.
Telephone BOwling Green 9-3565
Teletype NY 1-1666
'
Y^
*
Home Sewing)
x
Bowser, Inc.*
,
Franklin Railway
....
ANALYSIS
Eng.*
W. J.
50
Established
& Dolphyn
1924
HAnover 2-4341
Teletype NY 1-2866
I
War
Maguire Industries
Majestic Radio &
of
Tel.
|
Marathon Paper
|
G
W. L. Maxson
Michigan Chemical*
MoxieCo.
^
Mastic
I
1
•
I
»
I
"
the NAM,
others
-
.-
I
we
Richard A. Forsyth,
served that in¬
ter national
fair.
Wickwire-Spencer
.is
"If
cannot
;
v
a -
a
a
sell,
| Winters & Crampton
"while rloans
—
ended June 30,1945.-
@ 6%
accompanied the party on part of
its travels. ""
'Detroit Office,
only stop gaps."
"Unless transac¬
profit both buyer and seller,
tions
| Aspinook Corp.
Berkshire Fine
trade will
"
.
PHILADELPHIA
80
83
-
Memorandum
Private
New
2-5035.-*
...
Spinning
In trading with State controlled
economies, Mr. Gaylord told his
National
Gruen Watch
Alabama Mills*
Coverage
.•
Sweden ; being
cial High School,
which
buy only if prices
for
"Americans will
are competitive,
they will expect to sell only at
competitive prices.",
as
| Textron Warrants
-
"Productivity
UTILITIES
American Gas
of
& Power
and
greater
power
and
of
use
brains.
ma¬
The
motivating force is the expecta¬
tion of profits or the fear of loss,"
Mr. Gaylord said.
"Free enter¬
Conn. Lt. & Pr.
Pfd.
prise
Iowa Southern Util.
Nassau Suffolk
work
chinery,
Central El. & Gas Com.
Cons. Elec. & Gas
of labor can* be
through better planning
increased
the
only
sure
means
to
Com.
England Co.
Northwest Utility, Pfd.
^Portland Elec. Pow., Prior Pfd.
Puget Sound Pow. & Lt., Com.
Queensboro Gas & Elec.'V6 Pfd.
VCircular
upon
request
fProspectus Upon Request
-«\>i
Ward & Co.
120
means
individual
to
...
a
.
man's opportunity to earn his
living depends on his loyalty to
the party in power," the NAM
official observed. "The only last¬
ing security is that which comes
from work, not from laws or Gov¬
ernment decrees."
Dealers Assn.
BROADWAY, NEW YORK
REctor 2-8700
5
NY
Wires to Chicago and Phila.
ENTERPRISE "PHONES
Hartf'd 6111
Buff. 6024
Bos. 2100
Inspects Industries
During
Mr.
Sweden—the
tion made
Gaylord's
result
of
a
visit
to
sugges¬
by the Swedish delega¬
with
in
well with collective
and in fact express
leaders.-
the
,
...
—_
Uddeholm, the ASEA electric
that,
",/";
Power -Co/'
-
T
Common
„
but
disclosing
that
establishment make
contract, there can be no strike
over interpretation
thereof.
Any
a
to interpretation must
arbitrated by the body legally
set up for the purpose. However,
strikes-may and do-occur over
the terms, of new contracts.
-.
-
-
1606 Walnut St.,
Philadelphia 3
;v
Pennypacker 8200
Phone
Private
PH 30
;
N. Y. C.
to
'
-
♦Circular Available
.
v.-'"
v.-
.
--I. '*•
V
.
.
■
V".
Dealer Inquiries
LERNER 8c CO.
10
Tel. HUB
OFFICE
Teletype BS 69
1990
Odd
In
discussing
with
other
"Chronicle's"
labor .and
the
reporter in Gothenburg, Mr. Carl
Erik Jacobson, director of Gotaverken, one of Gothenburg's wellknow shipyards, said: "The fact
that labor in Sweden is very well
organized is good for business.
Management and business know
how to get together here."
'/'.
,
(Continued
on page
1252)
Lots
&
Fractions
Botany Worsted Mills
;
matters
Invited
American Box Board Co.
SQUARE
BOSTON 9, MASS.
POST
*
COrtlandt 7-1202
^Consolidated Cement "AM ""
the
no
BOENNING & CO.
V * Riverside Cement
i
:
^Central Iron & Steel
by repeated
The workers
are strong advocates for free en¬
terprise and want to continue al¬
ways to do their own annual bar¬
gaining with their employers.
.'Once
the
management
and
as
.■;
*Kingan & Co.
:
deal
working conditions.
be
w
only
an
Angeles
Southern Colorado
l
Springfield
Giant Portland Cement
would be any more reluc¬
than Swedish labor to see
Government fix wages and
workers of
between
TRADING MARKETS
.
tant
Wire System
New
responsible
through
Not
statements
dispute
Rye, N. Y., last
year, he was
given the opportunity to see important steel mills
them to
visitor is also Struck
Conference
at
enables
labor
tion to the International Business
at
»•. «rft
-.
which
tem
-
•
2340/
Providence
Portland
group
the
Private
Street, Boston 10, Mass:
Tel. LIBerty
>
Gothenburg, and other parts of
this country, the employers get
very
V-Los Angeles
.Hagerstown, Md.
.-vr-
Telephone—^WHitehall 3-7253
N. Y.
F. L. PUTNAM & CO., INC.
77 Franklin
impor¬
Stockholm,
if
of
.54
Direct
industrialists
tant
•
Philadelphia, New York and Los
Inactive Securities
..
.Walnut Street, Philadelphia 2
with
conversations
from
positive gratification over a sys¬
dom
EST. 1926
Members N. Y. Security
one
free-?
apply
his ideas in a competitive place,
with
the
encouragement
of
profit
<" "We may well ask
whether political freedom can last
private capital, but it
1
or
legislation,
bargaining
.
*Bulletin
might ex¬
industrialists and
pect to find
other employers deploring their
lot. But, so far as one may judge
curity
It must not be confused with
Northern New
has
labor
country
in
been organized
a
and
York, Philadelphia
Los Angeles Stock Exchanges
"Pittsburgh, Pa.
•
...
Industrials—Utilities
great many years and one
which is among the leaders of the
world in the matter of social se¬
along
mere
..-
1529
New York
Secondary Distributions
Sweden
a
achieve economic advancement.
Ltg., Pfd.
New England Pub. Serv.,
is
.•
.?•?../
.•
-
BUCKLEY BROTHERS
Bank and Insurance Stocks
in
Labor
Memos..oil .request»
...
Members New
..
Retail New jEngland
Gaylord expects to visit
Oslo and Copenhagen before fly¬
audience at Stockholm's Commer¬
Consolidated Textile
"r
New England Markets
f
Paper & Type
....
Portland, Me., Enterprise 7018
Mr:
w
Textiles, Inc.
/ :
2 :
Telephone
York
Rector
-
request
on
ing home from Sweden.
stop," he added.
Buhl Bldg.
trading market
a
in these bonds
*
textiles
Tele. GR 184
Phone 94336
$16,198
American la¬
Legation in
the
at
Stockholm, and others. The writer
are
GRAND RAPIDS 2, MICH.
,
attache
bor
Exchange
Detroit Stock
Members
i
,
_
maintain
We
white, noble & co.
$77,783
Requirements
Interest
Request
on
-•
-
months-
six
terest,
,
cannot
subsidies
and
u——1- $539,950
•
Available for Bond In?
group
buy," he said,
we
Herbert M. Bratter
Outstanding
Gothenburg by
in
erected
Stock
Common
Report Furnished
<
community
also' a-
Gothenburg,
center
CORP,
'
Lime
Building
—
3-6% Bonds due Jan. 1,1966
works at
roller bearing
and
af¬
ob¬
Warner-Swasey
ball
Chemical
Calcium
Grade
High
of private construction
companies, cooperative establish¬
ments, etc.
Accompanying Mr. Gaylord on
these trips was Mr. Eric Kjellstrom, of the NAM staff, Mr. Don¬
ald W. Smith, American commer¬
cial
attache at Stockholm;
Mr.
Mr.
two-way
the
Eriksberg
of
dustries.
trade
.
plant at Torshammar, the
shipbuilding, the SKF
power
the
^Gaylord
Co., Pfd.
Kramfors,
and i
Sundsvall
10-day tour
of Swedish in¬
Sheraton Corp.
U. S. Finishing
industries in the neighborhood of
and
at
conclusion
Taca Airways*
I
at
a
Stromberg Carlson
I
of
told
•leaders
Sugar
-
company's
industrial
4
manufacturing plants
Vasteras, the. wood and pulp
of
.Swedish
of
Com.
Punta Aiegre
d,<3>
audience
an
Standard Stoker
I
o r
Board
the
H. K. Porter,
/Purolator*
1
y
chairman
Asphalt
Polaroid
a
of
Manufacturers
Magnesium
STOCKHOLM — Free enterprise in America has no fear
competition from State -controlled business abroad, Mr, Robert M.
SIMPLEX PAPER
Company
of Combating Depressions.
Slump in U. S., Tells Plan
England Lime
Com¬
petition With "Planned Economy." -Collective Bargaining in Sweden.
Professor Myrdal, Swedish Commerce Minister, Who Predicted Post-
Cement*
Liberty Aircraft Products
I
CRAND RAPIDS
New
Gaylord Gives Swedes His Views on Free Enterprise in
Tele. DE 507
Tele. BS 596
Economy"
By HERBERT 3VI. BRATTER
Robert M.
Cadillac 5752
MASS.
10,
Tel. Liberty 6190
Sweden's "Planned
Buhl Bldg., Detroit 26
FEDERAL STREET
75
Stock Exchange
Detroit
Members
Dayton Haigney & Co.
YORK 4, N. Y.
Broad Street, NEW
50
BOSTON
Lawrence Port
•
Teletype BS 424
Mercier, McDowell
HAnover 2-8380
(
Stamping Co.
Reports furnished on request
9, MASS.
BOSTON
Industries
Howell Elec. Motors
National
Morris Stein & Co.
J
»
1904
Broadway, N. Y. 4
General Industries Co.
INVITED
Bank Building
Shawmut
Vacuum Concrete
to
Established
& Session
1-714
DETROIT
Pont, Homsey Co.
Eitingon Schild
REQUEST
ON
du
Haskelite Mfg.
Lam son
Broadway
request.
on
INQUIRIES
S. Air Conditioning
CHAS. H. JONES & CO.
Triumph Industries
2-4500—120
System Teletype N. Y.
share.
Circular
Happiness Candy
"'.'.i■:.
Banigan & Co.
General Machinery
I
1908
Security Dealers Assn.
Price—About $33.50
Capitol 4330
Electrolux*
International Detrola
Y.
Cuba Company
■■
v.
Successors
Great Amer.
N.
REctor
Bell
Jardine Mining
Bought—Sold—Quoted
General Tin
Members
Oil
South Shore
Supply Co.
& Pfd.*
share
in 1944.
Footwear
Eastern
U.
Douglas Shoe, Com.
Du Mont Lab. "A"
E a r n ed—$4.03 per
per
Castings*
Continental Aviation &
Established
;
Reiter Foster Oil
Brockway Motors
Buckeye Steel
Buda Co.*
j.K.Rice,Jr.&C(k
share.
per
Currently—Paying $2.00
,i
v<
$20
Teletype NY 1-2425
2-7793
Hanover
quick assets in excess of
Net
* New York 5
v''
\
70 Pine Street
Standard Eng.
Am. Bantam Car, Com. & Ptd.
American Hardware*
Am. Win. Glass, Com. &Pfd,*
Armstrong Rubber, Com. & PM«t
Bendix Home Appliances
Aetna
;
Investment Securities
Underwriters and Distributors of
Homestead Insurance Co.
Capital Stock
Curb Exchange
CORPORATION;
FIRST COLONY
Irving Trust Co.
75,000 Shares
Special Letter on Request
and
*Prospectus
"
:
Kingan & Company
Capitalization
Convertible Preferred
Stock Listed on N. Y.
Common
NASHAWENA MILLS
Manufacturer of Tissue Patterns For
Cumulative
5M>%
INDUSTRIALS
Home Insurance Co.
Simplicity Pattern Co., Inc.
(The World's Largest
Thursday, September 13, 1945
CHRONICLE
COMMERCIAL & FINANCIAL
THE
-
pfd. & A
Empire Steel Corp. com.
,Pittsburgh Railways Co.
*
;
All
.
Warner
Issues
V' " *
.
Co. pfd. & com.
Wawaset Securities
H. M.
.
Byllesby & Company
PHILADELPHIA
OFFICE
Stock Exchange Bldg.
Pbene Rittenboiue 3717
•
"•
Phila. 2
Telitype PH
JJ
Volume
162
Number 4420
THE
COMMERCIAL
& FINANCIAL CHRONICLE
1229
panama coca-cola
Quarterly dividend paid July 16, 1945
DIVIDENDS:
1945
(to date) $1.75
—
~
1944 $2.75
—
Direct Private Wire Service
$.50
COAST-TO
.
—
■;
1943 $4.5#
New York
Approximate selling price—30
New Analysis
on
Chicago
-
COAST
-
; ;• •••'■-'
■.
St. Louis
-
>
Kansas City
-
Bank of Montreal
Canadian Bk. of Commerce
STRAUSS BROS.
Established 1914
Telephone: BOwling Green 9-7400
Royal Bank of Canada
Members New York Security Dealers Ass'n
32
Trinity Place, New York 6, N. Y.
Broadway
NEW
YORK
CHICAGO
DIgby 4-8640
Teletype NY 1-832-834
Teletype: NT 1-375
ST.
Andian National Corp.
Board of Trade Bldg.
4
Harrison
Teletype
White & Company
Assoc. Tel. & Tel.
4
2075
CG
129
Canadian Pacific Rwy.
Canadian
KANSAS CITY
Hydro Elec. Securities Com.
Pledger & Company, Inc.
Internat'l
& Gloversville
Goshia, Oliver
Gottron, Richard A.
a
Southeastern
r
,
George r. Cooley & Co.
INC.
Established
Corp.
52
William
1924
St., New York 5, N. Y.
WHitehall 4-3990
The Bankers Bond Co.
Green, Sam
Hastings, Russell M.
Hattier, Gilbert Jr.
Heaney, M. J.
Hecht, J; C.
v
:
L'■
Gillis, Russell & Co.
Graham. Thomas
All Issues
Pledger & Co., •
•
H. R. Hastings & Co.
White, Hattier & Sanford
Joseph McManus & Co.
Heimerdinger, John
Special Participating
Cleveland, Ohio
Louisville, Ky.
Los Angeles, Calif.
St. Regis Paper Pfd.
Orleans, La.
New York, N. Y.
Los Angeles, Calif.
Securities
Adams & Co..
Wm. J. Mericka & Co.
qAllen & Company
R. C. O'Donnell & Co.
BROAD
Mitchell; Hutchins & Co.
WALTER KANE, Asst. Mgr.
Curtis
HAnover
Members New, York Curb
Exchange
Chicago Stock Exchange
2-2600
Teletypes: NY ; 1-1017-19 4& .1-573
Direct Wire tb Los
Angeles
<
39 Broadway
Digby 4-3122
New York 6
Teletype NY 1-1610
Boettcher & Co.
Watling, Lerchen & Co.
Pflugfelder, Bampton & Rust
McLaughlin, Baiid & Reuss
Walker, Austin & Waggener
First of Michigan Co.
McDonald, Moore & Co.
Moreland & Co.
E. W. Price & Co.
Weil & Arnold
Sincere & Co.
Zingraf,
,
.1
;
•
Seattle, Wash,
-
Abbe, Richard F.r.
Akin, Thomas
Arnold, Henry J.
Barclay, Harold nV
Bloom, Ralph M.
.
Bradley,
R. Emmett
Fried
iw
New
Van Tuyl & Abbe
Akin-Lambert & Co.1
Clair S Hall & Co.
,
Caswell & Co.
Kitchen & Co.
Mackubin, Legg & Co.
Newman, Brown & Co.
Brown, Wm. Perry
Busbey, Fred E.:
Layne, M. A.
Dotts, Russell M.
-■Elder, George J.
•
Bi-good,
-
Fred E. Busbey & Co.
.
Los
York, N. Y.
Angeles, Calif.
Cincinnati. Ohio
Chicago, 111.
Chicago, 111.
Baltimore, Md.
New
Orleans, La.
Cayne, Ralston & Co.
Chicago, 111.
Cleveland, Ohio
Bioren & Co.
Philadelphia, Pa.
Mercier, McDowell &
Dolphyn
Detroit, Mich. ^ y
R. M., Jr.
;
Stroud & Co.
S?n'Leonard
'
Boettcher & Co.
Fusz-Schmelzle&Co.
Philadelphia, Pa.
Chicago, 111. r, /■ T
St. Louis, Mo.
/
;
Glas& Crane
New
niffc rmmD'
"as- R
"
Orleans/La.
>v
-
.
v
New
.
York,^.
■
Mackubin, Legg & Co.
I. M. Simon & Co.
Collin, Norton & Co.
>
George Eustis & Co.
Cincinnati, Ohio
Denver, Colo.
led
a
DIgby 4-7060
Jan.
Preferred
Kansas City, Mo.
New Orleans, La.
8
V
V.
.
Eastern
Sugar ;
Associates, Common
•
Ohio Match Co.
1
together
funds,
will
be
and improvement,
6% bonds, due in 2047.
The
new
benefit of
new;
to
other
applied
with
the redemption at 110 on
of the $81,161,600 refund¬
ing
•
amount of the new collateral trust
a
bonds
will
Series
B
63 Wall
have
the
Security Dealers">A%Vn
Street
New York
Bell Teletype NY 1-897
,
those
associated
RENEGOTIATIoksJ
Do
not
as
these
mere
A
with
rely upon
cold figures,
proceedings
riot
are
complete presentation of your
'- set
ea,ch
different
ahd
of'factors—favorable
unfavorable. That accounts for
>
' "
discussions of accounting.
case
is
necessary,
with
situation containing a
Morgan Stanley & Co. in the of¬
lack
tude
of
formulas
granted
COMPARISONS
ING
and
the
lati-
Renegotiatolrs.;
OF
OPERAT-
ARE
WITHOUT
DETAILS
,
!i>:
^
U
•
11
-f
7'
IRRELE¬
PROFITS
VANT
ESTABLISHING
HERVEY L.
THEM.
Ten
New
Park
York
RUSSELy
Avenue
16,
N.
Y. V-
V'
(" ^
J
Renegotiations Consultant
Jackson & Curtis: White, Weld &
others.
Y.
of the issue
Co.; Laurence M. Marks & Co. and
the
$({0
Incorporated
Members N.
sinking fund designed
retire about 3%%
Among
Frederic H. Hatch
-
4Ws.
of
5, N. Y.
Teletype NY 1-955
American Cyanamid
Chicago, 111.
Chicago, 111.
New York, N. Y.
4V2S,
new,.
company
an
:7
sale
Exchange
t
•
Co.
'':C-"•*'* U'
1 Wall St., New York
Lynchburg, Va.
St. Louis, Mo.
Cincinnati, Ohio
Philadelphia, Pa.
*
'•
.
Members New York Stock
Minneapolis, Minn.
Stone, Moore & Co.
Scott, Horner & Mason
Dempsey-Tegeler & Co.
W. C. Thornburgh & Co.
V
GUDE, WiNMILL & CO.
Allison-Williams Co.
\
-
Denver, Salt Lake Common'
Louis, Mo.
Baltimore, Md.
St. Louis, Mo.
New York, N. Y.
fering were: Blyth & Co., Inc.;
Goldman, Sachs & Co.; Harriman
Ripley & Co., Inc.; Kuhn, Loeb &
at 100 and
int.
The bonds are Co.; Lehman Brothers; Salomon
secured by the pledge of $82,500,-! Brothers & Hutzler; Glore, Forgan
000 of refunding and
improve¬ & Co.; Hallgarten & Co.; Hornment mortgage 4% bonds, due in blower & Weeks; W. E. Hutton &
Co.; Lee Higginson Corp.; F; S.
2047, equivalent to 150% of the
Moseley & Co.; Paine, Webber,
the
York 5, N. Y.
American Locomotive Old Pfd.
St.
by the Interstate Commerce Com¬
mission, the Morgan Stanley group
reoffered the bonds to the public
from
New
Offerings Wanted:
New York, N. Y.
Corp.
Scherck-Richter & Co.
Subject to approval of the terms
Proceeds
^
Teletype NY 1-897
Wabash Ref. 5s, 1980?> W
of
'
Bell
Y.
Minneapolis, Minn.
Dominion Securities
the award of
coupon.,
Street
Chicago & Gt. Western 4s, W$9
Western Pacific 5s, 1948
Detroit, Mich.
u, r
Laurence M. Marks & Co.
$55,000,000
y!
:V
Chicago, E. Illinois 5s, 1951
Northern; each year and calculated to re¬
Pacific Railway collateral
trust tire the entire issue by maturity,
bonds due in 1975.
The group subject, under, certain conditions,
to earnings of the road. :
bid 98 for the bonds with a 4"%.%
of
Consols
Incorporated
i
i
Y. Security Dealers Ass*n
Members N.
63 Wall
j
Chicago, 111.
]
.
underwriting syndicate that sub¬
mitted Sept. 6 the only bid for
issue
,
Y.%J
Frederic H. Hatch & Co.
Chicago, 111.
Cleveland, Ohio
Detroit, Mich.
Quigley & Co.
M. A. Manley & Co.
Hickey & Co.; i
Roggenburg & Co.
W. C. Roney & Co.
J. M. Dain & Co.
Stanley &
\
New York, N.Y.
Offer No. Pacific Bonds
received
4%
York, N. t.
Los Angeles, Calif.
Cleveland, Ohio
Goodbod.y & Co
toward
and
Issues
Securities Co. of N.
New
B. W. Pizzini & Co.
Morgan Stanley Group
Morgan
5%s '51
Minneapolis & St. Louis Ry,
Philadelphia, Pa.
Atlanta, Ga.
/
Wm. J. Mericka & Co.
-
Service
1948
Eastern Minnesota Pr.
Pacific Northwest Co.
v
1954
Detroit, Mich. ?
Fairman & Co.
Clement Curtis & Co.
.
6s
Detroit, Mich.
Georgia
Pflugfelder, Bampton & Rust
Charles M.
.
,
.a
East Coast Public
4s
York, N. Y.
York, N. Y.
Dallas, Texas
W. H. Newbold's Son & Co.
Welch, Edward.H.
Yarrow, Paul
The following were
among those
attending the 12th Annual
Meeting of the National Security Traders Association, held at Mack¬
inac
Island, Mich., Aug. 28-30, 1945:
Toronto
syzs-6s 1946
New
Trust Co. of
.
Jerry Tegeler, Dempsey-Tegeler & Co., St. Louis; J. W. Means, Trust,
Company of Georgia, Atlanta; Jack Heeht, Butler-Huff & Co., Los
Angeles; Wm. Perry Brown, Neviman, Brown & Co., New Orleans.
Montreal
Crescent Public Service
New
Stroud & Co.
..
Meeting, Mackinac Island, Mich.
2-09W
'
Detroit, Mich.
New York, N.Y.
Weil, Joseph H. \
At NSTA
HAnover
Community Water Service
Denver, Colo.
Detroit, Mich.
The Blue List
Morton, R. A.
Moseley, R. V.
Means, J. W.
Oetjen, Henry
O'Neil, R. R.
Parsons, Edw. E., Jr.
Phillips, Josef C.
Pizzini, B. Winthrop
Pulver, Henri P.
Quigley, J. L.
Quirk, A. B. <
Rogers, John
Roggenburg, Stanley
Roney, John
:
:
Rue, Maynard W.
Saunders, Walter F.
Scherck, Gordon
Sener, Joseph W.
Sestric, M. J.
Smith, Harold B.
Scrum, Kermit
Staib, Lee R.
Stone, Ernest E.
Strader, Ludwell
Tegeler, Jerome F.
Thornburgh, R. W.
Tryder, Alfred W.
Webster, Arthur I.
NSTA Notes
N. Y. 5
Teletype NY- 1-395
Hew York
Chicago, 111.
Ludington, Bert •
McGinnis, Patrick B.
McLaughlin, John F.
McPherson, W. Perry
Meyer, Frank P.
Miller, Don W.
Joseph McManus & Co.
NEW YORK 4, N. Y.
Telephone:
Si..
Bell
Orleans, La.
Chicago, 111.
Pittsburgh, Pa.
Longwell, Elmer G.
STREET
WILLIAM
New
ivioreiana, j^aul
30
52
Detroit, Mich.
Kingsbury & Alvis
Lestrange, George E. Moore, Leonard & Lynch *
Linder, Evar
Paine, Webber, Jackson &
Established, 1922
HART SMITH & CO.
New York, N. Y.
New York, N. Y.
Hunter & Co.
Koerner. Star C.
MICHAEL HEANEY, Mgr.
Sun Life Assurance
Chicago, 111.
Horsfield, T. J.
Hunter, Wellington
Kemp, Frank H. !
Kingsbury, J. W.
Curb and Unlisted
Request
on
Paper Co.
Noranda Mines
Detroit, Mich.
Hoshor. J. K.
Analysis
Minnesota & Ontario
New
Walter, Woody &
Heimerdinger
Cincinnati, Ohio
Hulburd, Warren & Chandler Chicago, 111.
Stifel, Nicolaus & Co.
St. Louis, Mo.
!
Holdings, Ltd.
Internat'I Milling, Pfd.
International Utilities
Toledo, Ohio
Butler-Huff & Co.
Teletype NY 1-2419
Higgins. Larry
Horning, Bert H.
rT
Goshia & Co.
Western Lumber
Electrolux
LOS ANGELES
Industries
6% & 7% Pfd.
Company Com. & Pfd.
Brown
Baum, Bernheimer Co.
LOUIS
Fonda, Johnstown
Great American
,
Los Angeles
-
request
HoixRsseSTrsster
74
:
'
«
C,
i
r-'^i
Thursday, September 13, 1945
CHRONICLE
THE COMMERCIAL & FINANCIAL
1230
& Light
Delaware Power
Common
Federal Water & Gas
Pacific Coast
Services
Over-the-Counter Quotation
For 32 Years
Common
Securities
1
'
'
SOLD
—
'
s
■
'•••
' •
./
■■
Orders Executed
Common
BOUGHT
f V"
Indiana
Public Service of
QUOTED
—
QUOTATION BUREAU, Inc.
NATIONAL
v
Paine, Webber, Jackson
*
'
Established 1913
'
46 Front Street, New
Schwabacher & Co.
York 4, N. Y.
San Francisco
Chicago
Members
v-V,
,,..
,
ESTABLISHED 1879
New York Stock Exchange
\
York
New
Curb Exchange
(Associate)
Trade
Chicago Board of
New York 5, N. Y,
14 Wall Street
Ontario Revises Its
Utility Securities
Public
period a fair amount
and the September-
holiday and vacation
Despite the summer
Private Wires to Principal Offices
San-Francisco
Monterey
working on a
refunding, is now
big issue
of Consumers
refunding bonds — $113,-
The
Tuesday and sometimes Wednes¬
day may be used). When too many
825,000 due 1975—is scheduled to
offerings
are
"bunched" on a
be offered early , this week. It re¬
given day, syndicate and sales
tires the 3^s due 1970 and l9bo,.
staffs are too busy to give them
and the 3V4S due 1969 and 1966.
Power
5%
The
loan—no
;
preferred stock is being
the aid of a bank
new stock being issued.
with
,fretired
attention.
proper
Also there are
occasional conflicts in the under¬
Niagara Hudson announced that
it would receive competitive bids
of its
^approximate one-third interest in
September 11th for the sale
meetings, to which each
member of the competing groups
writers'
send
representative to study the
a
and ask questions of
officials, lawyers, ac¬
countants, etc.
On Sept. 7, for
example, two important meetings
—dealing with the common stock
offerings of Central Hudson Gas
Company
American
North
and
pendence on U. S. gold policysimilar: to South Africa—can be
her
continuing
from
gold sales of
with
lians
the
of
cause
a
clash
American
company
thorities
shares of Pacific
It will
recalled that the latter offer¬
equal those
and. from wheat.
au¬
of
over
be
ing several months ago resulted
in only one bid, that of Blyth &
Co.
The SEC cancelled the deal,
that
holding
the
In
forthcoming.
been
have
should
bids
more
meantime the price-has advanced
and North American will probably
get
better deal.
week later, September 24th
a
A
bidding
another huge flotation
on
refunding
of American Tel. & Tel.
will
bonds
issue to
occur—a
$160,000,000
refund the 3 Y^
of 1966.:
Public Service of Indiana is
scheduled
bids
on
also
that day to receive
$48,000,000
on
refunding
and
$15,000,000
due
bonds
1975,
preferred stock will be exchanged
or
refunded.
operations are also
.planned (but without very defi¬
nite bidding dates as yet) by Bel¬
lows Falls Hydro-Electric, Brook¬
lyn Union Gas, Illinois Power,
Jersey Central Power & Light,
Montana
Power,
Pennsylvania
Power & Light, Seattle Gas Com¬
pany and Southwestern Bell Tel¬
ephone. Continental Gas & Electrie is expected to make an offer¬
ing of its stockholdings in Colum¬
Refunding
bus & Southern Ohio Electric.
Whether much
can
Later in the year or
year
the
drive .in
final
barrel" and repeating much of the
work done in recent
November
is
of the more
refund
is'
on
Protest
Central
P.
&
L., Kansas City
P. & L.. Kentucky Utilities, Long
Island Lighting, Minnesota Power
&
Light, New England Power
Association,
Northern < States
Power,
Ohio
Public
Service,
Pacific Power &
Light, Pacific
Telephone, Penn-Edison, Penn¬
sylvania Power & Light, Phila¬
delphia Co., Philadelphia Electric
Power, Rochester G. & E., South¬
ern
Natural
Gas, Southwestern
Bell Telephone. Toledo
Edison,
Utah P. & L., .West Penn Power,
and Wisconsin Electric Power.
A
(though
number
of
issues
(or blocks) may be forth¬
coming but the timing is very
difficult
to
issues
ascertain.
Among
City
Atlantic
are
Birmingham
Electric,
Carolina Power & Light, Cincin-
Electric,t
■
Associated Electric 5s 1981
Portland Electric Power 6s 1950
ceiving many protests from their
&
Co.
BROADWAY, NEW YORK 6. N. Y.
.
Direct
of
interests
the
which
public
investment
the
all represent."
we
He also inserted in the letter ex¬
cerpts from clients' letters to the
Federal Reserve Board indicating
needs
investor
the
that
in a letter addressed to
clients, who consider unfair and
relief
oppressive-discrimina¬
tory regulation."
The
text
Horn's
Mr.
of
and the excerpts
letter
follow:
sending
Our
consider
unfair
retroactive
Federal
75%
receiving
are
protests from their clients,
many
who
members
of
Reserve
and
unjust
of
features
Board's
the
gin
to
Chicago
a
If there is
reaction.
at all it is one of those
sluff
off
affairs that
are
pointed to as giving "buyers
an opportunity to buy."
colored stuff
rose
be warranted, certainly
there is little in current mar¬
Edison,
l^ss definite.
Most of
proposed or possible sales
are designed to facilitate holding
company
integration
programs;
and
in
the
some
may
shares
cases
decide
instead
public ottering.
consideration,
are
action to
say
otherwise,
yet to see unanim¬
accounts
whose
customers
mar¬
of
tions
the
founda¬
"The
common:
are
advance are so
powerful that no important
expected at
reaction is to be
this
juncture."
Another is,
"A
major liquidating move¬
ment would be illogical and
is
from
have been frozen are:
unlikely."
In both quota¬
"im-
tions the catchwords are
(Continued on page
1232)
Prohibition of substitution of
1.
securities
cially
of
value—espe¬
equal
that the war is over,
now
logically calls for
reap¬
a
praisal of the outlook ahead.
General
Prohibition of withdrawal of
2.
stock in
restricted account feven
a
Public Utilities
though the full price of the stock
deposited, if the account is still
is
restricted.
-
-
,
,
New Common
Prohibition of withdrawal of
3.
amount of money upon liqui¬
dation of a security, if the account
the
manage¬
distribute
of making a
to
When Issued
is still restricted after such liqui¬
Consolidated
Florida
Power, Gulf States Utilities, Hope
Natural
Gas, Kansas Power &
Light, Missouri Power & Li*ht,
Northern Indiana P. S., Northern
Natural Gas, Oklahoma G. & E.,
Rochester Gv & E., Scranton Elec¬
tric, Staten Island Edison—as well
Detroit
others
ket
any
We have been asked what can
Edison,
and,
this letter.
you
The chief complaints
recent
ruling.
margin
ruling
this
from
careful
after
which
To Members of the Association
Customers' Brokers:
the
resulting
"this
from
ments
Wire
but
any
but I have
unjust the retroactive features of the Federal Reserve Board's re¬
cent 75% margin ruling," and assures them that "your Officers and
Executive
Committee' will con- *-■
—
————~
tinue to promote every effort in be done to correct the inequities
these
29
lief in
All this
Association, states that "our members are re¬
of the
members
the
as
Gilbert j. Postley
doubt
little
the
Nowhere do I see any be¬
ty.
Margin Rules
Horn, of
of Customers'' Brokers,
aati Gas & Electric,
Crescent Public Service 6s 1954
is
There
that
on the
260 are
listed
issues
dation.
|
/
Liquidation of part
is suggested.
present.
gold-mining shares whose trading
share volume far exceeds that of
all other shares and whose dollar
trading volume equals one-half
(Continued on page 1243)
Association
the
,
American Gas & Power 3-5s & 3.6s 1953
good sign. Time
demand is
a
when
is
of Federal Reserve Board
ity in the market work out.
Regulations
Among the current forecasts
Peter P. McDermott & Co., and President such opinions as the following
Richard G.
of
stock
common
approaching
n
Increased bull¬
of holdings
Ask Correction of Inequities
'
Connecticut
River Power,
Detroit Edison, Duquesne Light,
Florida Power & Light, Georgia
Power, Gulf States Utilities, In¬
ternational
Telephone,
Jersey
somewhat
noons
Wilfred May
Canada's ^de
area.
may
Columbus & Southern Ohio Elec¬
tric,
bidding
Monday
A.
of
extent
sell
to
i
a g a
ishness not
Customers7 Brokers
Alabama
Maine Power, Central New York
Power, Columbia; Gas & Electric,
Bond
time for
are
Buffalo Niagara Electric.
Carolina Power & Light, Central
650
the
Of
Toronto Stock Exchange,
Power,
these
favorite
The
The
gold
in
,
difficult
preponderence of
stock market opinion is bull¬
mining are 50% higher ish. It ranges from mild op¬
her 40 leading industries.
timism to wild-eyed certain¬
than in
ness.
.
important companies
problematical.
;
years/ Some
expected to
more
Victory
-
early next
large number of otner re¬
funding issues are awaiting their
turn.
The refunding of 31A-s/4%
issues means
"turning over the
financing
be crowded into the period
before
a
exports to
all
Market
annual receipts
about $200 milfrom newsprint
They are 35%
the U. S.
The
gold-mining
industry
employs
100,000
men,
pays
salaries of
close
to
$100 million, and dis¬
tributes dividends of $45 millions.
Annual earnings of wage earners
her
tic general se¬
curities
busi¬
been done.
& Electric common.
Gas
normal
that
is realized
it
when
appreciated
By WALTER WHYTE
f.
service,
principal
support of her
economy
to
a
as
prospectus
will offer 700,000
Says-—
CANADA.—The United States gold-buying policy
assuredly has the widest possible repercussions in Canada, ranging
mining
Gas & Electric
stock
selling
stock, which sells around
practices. And
9j/2 on the Curb, earns about 55c
resu 11 a n 11 y
and pays 48c a share. About 8c
&
Electric
and
Pacific
Gas there is a
of earnings is reserved for im¬ & Electric—were both held simulcrisis respect¬
provements or bond retirements, tanepusly. There has been some
ing
the
Do¬
under a regulatory requirement. talk from time to time of forming
minion's over¬
On Sept. 17th some $26,000,000
a
"steering committee" to avoid all regulation
Minnesota
Power
&
Light
congestion and conflict of dates, of its domes¬
ibonds due 1975 will be bid for, but
apparently nothing has yet
Hudson
Central
common
Walter Whyte
an
TORONTO,
from
Sacramento
Tomorrow's Markets
Enlarged Commission. But Her Enforcement
Policy Is Based on "Let the Buyer Beware."
Act and
—
MAY
By A. WILFRED
Largely Prompted by U. S. Interest in Her Gold Mines,
.v.,
completed its bond Ontario Is About to Adopt a More Stringent Securities
preferred stock exchange. The old
customers and employees.
stock is held by
Santa Barbara
—
Oakland
—
Fresno
financing occurred in July and August,
October period promises to be still more active.
Brooklyn Borough Gas Company, .having
of utility
Teletype NY 1-928
COrtlandt 7-4150
Securities Act
Utility Financing Ahead
Heavy Calendar of
on
Pacific Coast Exchanges
.
Since this is
change
Board.
regulation of the
Board,
any
a
Reserve
Federal
must
We
from
come
that
are
of
customers
advised that many
brokerage
houses
have
already written letters of
protest
to
various
authorities.
ters
are
clients
Members New York
who
a
also
wish
to
register
120
suggest that they
write to Marriner Eccles, Chairman
of
the
Federal Reserve
Board,
a
protest,
copy
of
D.
C.,
and
mail
a
to Fred M. Vinson, Secretary
the
Treasury, and their Con-
continued
on page
1240)
Broadway, New York
Telephone:
we
Washington,
Stock Exchange
and other Exchanges
few of these let¬
enclosed.
If you have
Excerpts from
19
Congress St.
Telephone:
BUY
5
REctor 2-5000
>n
Boston
9
LAfayette 4620
VICTORY
BONDS
J
SALT LAKE CITY
WE
SPECIALIZE
IN
IMPORTANT
INVEST IN BROADWAY STAGE PLAY
Utah Power iS* Light
;
ESTABLISHED 1899
^
1,
Partnership Basis.
Utah
TELETYPE
LOS
ANGELES
NEW
OFFICE
TELETYPE
Financing Original Play
la-255
Play Deals With
PLEASE INSERT IN YOUR
Very
DIRECTORY
Timely:
160 S. Main St reet
Lake City
'
'
■
Returning Psychoneurotic War Veteran
company
SYSTEM
•
■
Broadway Stage Invites Your Investment
Limited
Edward L. Burton
BELL
-
Theatrical Producer Now
for
Salt
■ -
OUR
Preferreds
&
■
SU
•
Two
464
Hollywood Motion Picture Companies have
made
Oldest Investment House in Utah
a
.
bids for the
Broadway
Motion
Stage
price of Picture Rights.
..
ST. LOUIS
-
•
.
Carter H. Corbrey
Picture Rights—But
Production
will
So.
increase
TRINITY
•.
,
Trade papers report coming
Hollywood cycle of
Motion
Pictures
dealing
with
the
HOME
3908
OFFICE
returning
135
Psychoneurotic Veteran.-
So.
STATE
STIX & Co,
Co
&
Spring Street, Los Angeles 14, Calif.
La
Salle
6502
Street, Chicago 3, III.
!;
:
TELETYPE
CG-99
Box S 913
commercial and financial chronicle
INVESTMENT
509
25 PARK PLACE
SECURITIES
OLIVE
STREET
NEW YORK 8, N. Y.
Consolidated
St. Louis I.Mo*
Members St.
Louis Stock
SEC
Heaving on NASD
By-Law Amendments
Exchange
(Continued from page 1227)
The recent
Leland Electric Co.
Otis
&
Co.
and
& Co. of Cleveland
011
are
the
I
American Insulator
San Mauricio Gold Mines
United Artists Theatre
Circuit
Mindanao Mother Lode Mining
Circulars
on
M. H.
Request
am
cumu¬
separately
on
submitted to
me
for
F. BLEIBTREU &
my
Co., Inc.
PETER BARKEN
proposed amendments to
not
give
unrelated amendments.
32
Telephone HAnover 2-8681
Broadway, New York 4, N. Y.
tible
familiar with the Rules of the Association and know
Anemostat
that under the Rules I
amendments
can
help to block the passage of these
by not voting at all and I, therefore, make the
decision not to vote.
.
preferred stock is
common
conver¬
stock
of
the
company at the rate of two shares
of
common
ferred
for each share of pre¬
for five
years, and at the
rate of five shares of common for
-
Class
each three shares of preferred for
the next five years.
The
Leland
Electric Co., with
plant at Dayton, O., and
a
subsidiary plant at Guelph, Ont.,
manufactures
electric
motors
'Suddenly, and unexpectedly, I get a telephone call from
the Chairman of my Local Business Conduct Committee who
suggests that it might be advisable for me to vote. He points
out the duty that I have to vote.
By the tone of his voice, and
the tenor of the discussion, he leads
wants
me
debate.
tinent
a
soliloquizing
Since he knows I didn't vote and I have to send
165
a
signed form along revealing my identity with my ballot I
feel he probably will know, too, how I vote, even if I have
ranging up to 5 h.p. The company been told the voting is "secret." Of course, I can be most
has received approximately 68%
courageous and adhere to my original point of view.
How¬
of all the gasoline
pump motor
ever, it occurs to me that the Chairman of the Business Con¬
business in this country snice 1925,
duct Committee has wide discretionary powers and can make
while
the
Canadian
subsidiary
manufactures practically all of the the going very tough for me,
I know he can smile or frown
gasoline pump motors sold in Can¬
upon my mark-ups and spreads.
I know he can fine-comb
ada.
The company now has an
my books or not, as he pleases, to see how I run my business.
unfilled backlog of orders of
ap¬
I argue with myself that with the maize of rules and regula¬
proximately $5,560,000.
tions, if someone has the big stick out for another, even the
most circumspect investment house may be the subject of
Graham Ashmead Dies
Graham Ashmead, formerly an criticism, perhaps without justification.
I know that my own conduct and that of my employees
associate of J. P. Morgan & Co.,
Inc., died at his home in Locust, has been
circumspect. However, I fear that even though that
N- J., on
Sept. 9.
In special ad¬
be true, I may run into trouble, and so finally I yield and I
vices from
Locust, the New York
vote in the affirmative for by-laws and amendments towards
Times" said:
entered
ploy of Morgan
&
Co.
the
45
em¬
years
ifoq9u a rVnn^r and office boy. In
.^
ne paid several visits to Mex¬
ico
City as a representative of the
international committee of bank¬
ers on Mexico.
which my
passed.
of many, many thousands that
Polcorny Opens Own Office, is being regimented without being consulted? What of em¬
ALLENTOWN, PA.—J. M. Po- ployees, salesmen, traders, etc., etc.? This is the time for
korny will engage in a securities them to show
fight, to unite, and oppose the efforts to super¬
business from offices at 522 Ham¬
impose on the securities industry un-American restrictions
ilton
Street.
Mr.
Pokorny
wexr0Usly associated with
W.
York & Co.
was
large
group
—
N.
Leonard Cohen &
Co., 8 East Mar-
*
formerly
crusading in the interests of the investment banking business
and we feel that those in the securities field who are op¬
pointed
Burke
has
been
secretary.
ap¬
in their Los
at
650
Angeles, Calif., office
South
Spring
Street.
-
problems
post-war
facing
Lynch,
Pierce, Fenner & Beane, 70 Pine
Street, New York 5, N. Y.
industry
the
—
send
firms mentioned will be pleased to
Merrill
,
Research Comment—leaflet on
situations
several
interest—
of
Co., 60 Beaver Street,
H. Hentz &
New York.
Also
4, N. Y.
study of United
a
States
Pipe and Foundry Company.
Corporation
Excess
Profits
Taxes—tables of equivalent gross
F. Childs and Co.,
Street, New York 5, N. Y.
yields—C.
Wall
1
American Economic Outlook by
A.
Moore
Anthony
Montgomery—Tucker,
Broadway,
& Co., 120
5, N. Y.
Disposition of Wartime Railroad
Earnings—letter available to deal¬
ers—Vilas
&
Hickey,
49 Wall
Proprietorship
Baren
Offerings and Quotations—cur¬
lists—First Boston Corpora¬
rent
tion, 100 Broadway, New York 5,
N. Y.
Outlook for Tire Manufacturers
—new
of indicated opera¬
study
Over
-
the
-
Street, Chicago 4,
Counter
Review—
September
edition — Bristol
&
Willett, 115 Broadway, New York
6, N.-Y.
CHARLESTON, S. C.—Edward
Seabrook has taken over the
operated as Seabrook & Karow at 55 Broad Street
business formerly
doing
and
is
sole
proprietorship.
business
as
a
York
in
Peace
Time—
of the situation by Frank
Cryan-r-Brady & Co., 49 Wall
Railroads
in
the
Reconversion
Period—study of the outlook for
the railroads—McLaughlin, Baird
& Reuss,
8, N. Y.
—
Corporation
late
information
of
on
of company—William S.
Co., 42 Broadway, New4, N. Y.
i
' i
1 Wall Street, New York
Company—An¬
Baker-Raulong
condition and post-war
prospects—F. H. Roller & Co.,
Inc., Ill Broadway, New York 6,
N. Y.
: "
:
;
Also available are analyses-of
alysis of
Liquidometer Corp., Delaware
Rayon and New Bedford
Rlayon.
Benguet Consolidated Mining—
circular—F. Bleibtreu &
79 Wall
Also
on
Railroads
Street, New York 5, N. Y.
M.
Anemostat
America
growth
Street, New York 5, N. Y.
study
Seabrook
now
CO.
Telephone BOwling Green 9-2823-4
Building—A study of the three
basic
M.
,
arolyn
restrictions and to
well to give their
partners.
Corbrey Has Los Angeles
O'Connor Appoints
Teletype Installed
nor
ICAnG0' JLL-—D°y!e, O'CpnCarter H. Corbrey & Co. has
52n &o Co' lnc > 135 South :La installed a new teletype, LA 255,
pai)
Street, announces that Miss
BAREN
S.
per-
New York 4, N, Y..
interested parties the following literature:
South La Salle
now doing business posed to these continuing and expanding
proprietorship. N. Leon-' this attempted regimentation would do
C°hen arid Howard L. Kiser support to the efforts of that Committee.
were
It is understood that the
111.
sole
Attractive)
f products.
inquiries invited.
Up-to-date
information available.
Write
Recommendations and Literature
tions—Thomson & McKinnon, 231
jeta Street, is
new
retail.
Dealer-Brokeir Investment
and restraints.
We have the
Now Proprietorship
INDIANAPOLIS, IND.
I
highest regard for, and appreciation of, the
efforts of the Securities Dealers Committee which has been
Warren
for
42 Broadway,
sympathies in fact do not lean.
our
What of the
•
New York
opinion, there were innumerable such instances
and we firmly believe that in the absence of official NASD
interference the recent amendments would never have
In
of
'
«
WILLIAM
Broadway, New York
'equip¬
air-conditioning
distribution
air
types,
Revolutionary
Dealer
myself of all this and go into
all
for
7%-8%
growth company in a growing Industry.
A
its main
Mr. Ashmead
ment
systems.
situation
to vote in the affirmative.
I bethink
of
Manufacturer
HODSON& COMPANY,
Stock
Common
A
Current market
to believe that he
me
Corp.
of America
L:
into
Tele. NY 1-2500
Tel. WHitehall 4-6430
me a
dends.
The
Rhodes, Inc.
1
by-laws and then find that the ballot does
chance to vote
Sept. 11 of¬
lative convertible preferred stock
<of the Leland Electric Co.
(par
$25 per share) plus accrued divi¬
Eliminator
Mining
79 Wall St., New York 5, N. Y.
I examine the ballot and the
Curtiss, House
fered 25,000 shares of 5%
amendments
.
vote.
Stock Offered
.
Carbon Monoxide
Benguet
*
Co., Inc.,
Street, New York 5, N. Y.
available
are
memoranda
San Mauricio Gold Mines and
Mindanao Mother Lode Mining.
Christiana
Securities
Company
—analysis—Francis I. du Pont &
Co., 1 Wall Street, New York 5,
New York.
:
Consolidated
Class
Cement
A—Bulletin
on
Corp.
recent de-
(Continued on page 1253)
t
Thursday, September 13, 1945
CHRONICLE
& FINANCIAL
THE COMMERCIAL
1232
SPECIALISTS
Walter
Since
1929
■:['
SECURITIES
Seligman, Lubetkin & Co.
Primary Markets in:
Incorporated'"'
Members
selective." Another admits "it
in an adver¬
tisement recently published some facts about the City of New York
that should be very interesting to Real Estate Bondholders.
They stated that according to their recent survey, New York
plants expect to employ 37% more people after the war than they
did before.
According to their advertisement, New York makes
Consolidated Edison Company of New York,
The
Hotel, 4's
everything — needs every *skill—offers
every
opportunity.
almost
SHASKAN & CO.
into
Dlgby 4-4950
NY 1-953
York.,
tailspin.
a
"New York is a
The
business.
country spent over a billion dol¬
lars on it last year!
In normal
Certificate*
and
Mortgages
PRUDENCE AND
are
still
long of
don't act
They
stocks.
a
a
"New York is
a
too!
one,
turned out more
might
This
selective.
it's
like
would
writer
Of
either way."
move
course
to
when it wasn't. And to
know
point
possibility of a reaction
at this time as being "illogi¬
cal" is to completely disregard
the only thing that is logical
about the market, and that is
that it is never logical. Logic
implies sound r e a s o n i n g
at
as
A. M. Byers at 19,
for
Look
16.
stop
across
to the
Position is
they are okay.
follows:
trouble
21. Jones & Laughlin
35, stop 33, obstacles start
about 41. Paramount at
30V&,
at 281/2, will run into
stop
in
offerings
heavy
area
the
35
U. S. Steel at 56, stop 65,
begins feeling stock from 74.
Incidentally stop of 65 was
violated by a fraction some
Local
plants based on known facts. Unfor¬
weeks ago and snapped right
than 37 million
tunately there are only few back. Old readers of this col¬
paint center. A
gallons of paints and varnishes in
1939. More than a quart for every
facts"
"known
about^
things
that affect the
umn
will recall that a stock
price structure. held for more than a month
times, some 30%
of America's
"New York is a metal products If there is any maj or item in
with an average profit of 10
jewelry is made right here.
and
machinery center.
Boilers, market trends it is one apply¬
"New York is a food and bev¬
cabinets,
zippers,
lighting
fixpoints, the set stop must be
erage center. People must eat and
A broken
tures—in 1939 more than 77,000 ing to mob psychology.
by a full point to be¬
drink.
Food and beverages rep¬
people made metal products and man who buys a stock seldom come effective.
resent
REAL ESTATE BONDS
have
giant
jewelry center.
big
is
Jewelry
and Sell:
center.
kin,
other interesting por¬
tions of their advertisement:
TITLE CO.
Have
products
paper
a
A slow down in any one
line doesn't send New York City
plants.
We quote
We buy
'New York is
cup, have a nap¬
carton—more than
11% of the country's paper prod¬
ucts are made right here in New
all, New York's huge in¬
is spread among 27,000
Best of
dustry
Stock Exchange
York Curb Exchange
Members New York
N .Y.
Readers;'
five
#
*
any better than the market or
analysts are less posi¬
any worse. The best that pan
One says "the market is
be said for them is that so far
tive.
Real Estate Securities
N. Y. Athletic Club 2-5fs
fioff Teletype
few
a
Other
(Park Central Hotel)
40 EXCHANGE PL.,
them
sees
*
870-7th Ave. 4K's
Members New
figure it will be wise to
pull back and take stock of
one's position. Certainly with
points in the red.
165 Broadway, 4^'s
Beacon
around
or
that
Wbyle Says—
stocks who
~
HAnover 2-2100
Broad Street, New York 4
41
Hotel St George, 4's
■
'
Dealers Association
York Security
New
hits it.
even
portant reaction'' and "maj or the market so close to that ob¬
liquidating." If reactions do stacle it seems that it's
hardly
occur they can be pointed to
the time to plan new buying.
as being neither "important"
As a matter of fact when the
or "major." This liberal word
public is "sure" prices are go¬
tossing-around is usually poor
ing higher, is never the time
satisfaction to the holder of
to do buying of any kind.
Real Estate Securities
REAL ESTATE
it
But somewhere in
(Continued from page 1230) ^
'
in
before
down
Tomorrow's Markets
of
fourth
a
the
average
family budget. '1.4% of America's
food is processed here.
•", ''
"New York is a publishing cen¬
in the country.
person
machinery here.
sound
uses
business
reason¬
The last sentence answers
"New York is a wood products
ing. He buys on hopes and
center. Furniture, pianos, mould¬
C. S. D. of Grove City, Pa.,
sells
on
disappointment or
ings,
boxes,
kitchenware—actu¬
ter.
Newspapers, books, printed
fear. What kind of logic is and B. M. S. of New York.
ally
we're
the
second
largest
material are indispensable. More
; Last
stock in the list is
there in that kind of market
S1EGEL & CO.
59 Broadway. N.I, 6
Dlgby 4-2*70
Teletype NT 1-1942
22%
printing
from
here.
of
"New York is
essential
printing
machinery
comes
—
of
a clothing center.
clothing, the third
life.
women's
In
dresses alone, New York makes
yearly three-quarters of the en¬
MARKETS:
tire country's output!
Ambassador Hotel (L.
S/SO
w.
165
•••>:'%
it
in
was
1940.
The
In
h i
n
g
of
the
Field
Division, said:
"The reports
from
Detroit
these
communit i
indicate
are
that
.planning
boldly
Co.
to
sure"
Walter D. Fuller
ment
Central 4402
idly
it
as
can
reconversion.
be
as
provided
rap¬
after
The
reports
in
been checked
have
carefully after the data
case
every
as-
high
level, produc¬
tive ; employ¬
135 So. La Salle St.
CHICAGO
e s
bus inessmen
Myles Standish Co. Boston
&
were
re¬
ceived from individual employers.
We
believe
comparable figures
will be
submitted
later
by hun¬
dreds of other communities which
man
with
ex¬
cellent connections desires po¬
execution of orders and servic¬
Qual¬
ified to trade and do arbitrages;
Box
values and
nancial
Place,
how
to dis¬
undervalued securities.
L812,
make
the
ganization."
Experienced in
ing: out-of-town dealers.
Commercial & Fi¬
Chronicle,
25
New York 8, N.
re¬
ket
of
industry,
commerce
culture.
"
•
Employment
munities
rose
to
and agri¬
-;V
the
in
a
100
com¬
total of 4,837,-
it
at the peak of war produc¬
tion,
Fuller said.
4 The
cities
represent every section of the
country and range in size from
Park
Y.
The
up
report
into three
national
~
was
CED
or¬
-
broken
classifications.
down
Of the
towns
be
goals of employment
by
employer surveys
be reached.
This study will
be
completed and the results
nounced
in
two
100
tained
totals
after
other
47
factory
reconversion.
areas
had
job
An¬
completed
commercial and industrial surveys
and thus had a broader picture
about
were
to
These ehecksheets
individual
whose
each
of
ployers
the
100
on
figure
submitting
than 80%
"the
so
em¬
reports
to
have
num¬
this
right
Now
SUGAR
Exports—Imports—F utures
go
merely
In
if
pected.
a
H. Hentz & Co.
the
anybody
-
say
straight
whistle, and
180
milestone,
figure is
an
trouble
Market
through it,
I
a
The
around which
,
around
1856
Members
New
York
Stock
Exchange
New
York
Curb
Exchange
New
York
Commodity
Chicago
New
Orleans
And
Cotton
Exchange
Exchange,
Board
Cotton
of
•
Inc.
Trade
Exchange
other Exchanges
down again, they're
mistaken.
payrolls, Fuller
being
is
if the 180
as
Established
familiar
just because I
180, blow
then
said.
making public recently its
survey of potential post-war mar¬
kets, CED indicated -reconversion
probably would be completed by
Sept. 1, 1946.
; . 'v .
the
the market will go
in the community
their combined
is
thinks that
In
cf the total
Y.
advance to
an
in
As
corner.
employers
then totaled
areas
180
averages.
were
reports were
community
by
community.
STREET
Dlgby 4-2727
written it looks
ob¬
using the CED checksheet
method.
sent
communities
WALL
NEW YORK 5, N.
winner in
tion indicated
an¬
weeks,
The employment estimates from
the
ber of workers
prospective
three
he added.
more
their
or
99
Two weeks ago and again
last week I said that the ac¬
indicated
may
hundred.
a
reactions.
peacetime
100 areas, 43 reported on surveys
of
of
how
rapidly reconversion is being ac¬
complished and how soon: the
of their industrial
employment in
1940, also at the peak of the war
effort and • then
gave
forecasts
sampling
determine
to
for
selling at 50 makes it
practically every¬
body's eyes. If si professional
traded that way he wouldn't
last through more than two
a
second study which will
a
headed
LAMBORN & CO.
stock is
up
nationwide
a
communities
is
only.]
Yes, the public loves a win¬
ner, and
the fact that, the
to Philadelphia.
Mr. Fuller said the CED is now
making
those of the author
selling at 10 after
having declined from, say 50,
is a dog and nobody wants it.
But let it get back to 50 and
the whispers get around that
261
small
a
gets to a top.
A stock
,
Inc^'—-Chicago
Valiquet
s
Development
York
Roosevelt Hotel, Common
St. Louis
J
knows
been
writer
■■■■
communities had a total of 3,396,839
they expect to employ 4,231,623 persons
Curtis
man
Prince & Lafayette Streets
tribute
shining light. get into, or approach the
being h u m a n trouble zones.
makes mistakes.
And being
V.❖
*
human, will continue to make
More next Thursday.
them. But if there is one thing
—Walter Whyti
the market doesn't permit, or
[The views expressed in this
penalizes swiftly, it is sloppy
article do not necessarily at any
thinking.
Yet bullishness is time coincide with those of the
intensified the closer the mar¬ Chronicle. They are presented as
The
releasing <S>
CED
Corp.
that this column hasn't al¬
I
100
Co., and Chair¬
Real Estate Securities
'52—New
Nobody knows better than dispose of half of their hold¬
ings as, when and if the stocks
.
the data Wal- I of anticipated peacetime employter D. Fuller,
ment.
Ten additional communi¬
President
of ties had completed their surveys
Pub 1 i
of trust.
.
after reconversion has been completed.
the
sition
.
Committee for Economic Development, indicate total
employment after reconversion in those areas will be 24% greater
Teletype SF 61 & 62
Over the counter
styled and made right here.
leased by the
^
Montgomery St., San Francisco 4
CG-81
-
Reports from 100 cities and counties throughout the nation,
w. s*
J. S. Strauss & Co.
Devon
.
the fur center of the world."
workers in 1940 and reported
Lott Hotels,
.
Higher Employment Ahead
Enterprises
Broadway Bldg.
5s
.
CED Survey Indicates More Jobs Than in 1940
than
Bell
fur center
a
ways
4% /SB
155
in the
products
country. ~
A.)
4-6/48
S/64
wood
White Motors at 29^, stop
participation? Yet 90% of the
28.
Latter should start feel¬
board room participation is
the biggest of them all! Eight out based on
just that kind of ing the pinch about 35.
of every nine fur coats and fur
It would not be a bad idea
reasoning.
1^, * a*. *
* x
pieces' produced in America are
tor holders of the above to
entire
s.
Broadway Motors Bldg.
Midtown
maker of
"New York is
Food, shelter
FIRM
America's
than
and
or
it
area
is
go
may
CHICAGO
turn
Cotton
NEW
ex¬
may
N. Y.
Exchange Bldg.
YORK
DETROIT
GENEVA,
4,
N. Y.
PITTSBURGH
SWITZERLAND
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4420
Volume 162
1233
/
,
the hours of 10
,
;
a.
m.
and 5:30 p.
(E.W.T.)
m.
NOTE-:—From time to time, in this space,
there will appear an
'
Quotations and executions promptly handled
over
Americans.
a
Direct Private Wire
our
advertisement which,
hope will be of interest to our fellow
This is an extra article of
we
A list of these stocks is available upon request
*
>
,
SCHENLEY DISTILLERS CORPORATION
Twenty-two stocks traded on the New York Curb Exchange
are also traded on the San Francisco Stock Exchange between
-
ADVERTISEMENT
*
TRADING IN NEW YORK STOCKS
SAN FRANCISCO
series.
DISTILLERS CORP.
SCHENLEY
Kaiser & Co.
The "Boss" Is Back
MEMBERS
NEW
YORK STOCK
NEW
STREET
PINE
20
YORK
NEW
YORK CURB
EXCHANGE
EXCHANGE
1 5□ □
SAN FRANCISCO STOCK EXCHANGE
5
SAN
BUILDING
RUSS
FRANCISCO
4
By MARK MERIT
There's
Labor's Unfinished Business
(Continued from first page)
possess. Our land is marked with
the graves of heroes who died in
defense, and of patriots who
devoted their lives to its develop¬
its
Our
ment.
democracy
will
difficult to retain.
equally
tinue as
To build
of man endures.
which
in
mankind
therein
men—that is
with
I am
grateful to the Mutual
Broadcasting System for the op¬
talk with you on
I want to make
minute of my time
to
portunity
this Labor Day.
of
use
every
talk
to
this
over
of
matter
our
unfinished business with all of our
wage-earners, but
Labor Day with
I
When
I
Labor,
particularly on
those who
organized labor.
members of
are
Secretary
became
the obligation
that office by the
assumed
imposed
upon
Congressional Charter of the De¬
labor-for the wel¬
partment—to
who must earn
of all those
fare
strength f or
for
talents
That includes most of us.
wages.
My ob¬
requires that I furnjsh
with information
ligation
wage-earners
their progress, that
enforce those Federal laws de¬
to
necessary
I
signed to promote their wellbeing
and to protect them from harm
and exploitation. It also includes,
I believe, a duty to counsel with
the role they have to
them upon
play in our democratic progress
as
a
nation.
I would not have
accepted my present advocacy
the cause of wage-earners
of
if I had
right to counsel
inherent in the post.
not felt that this
was
of our coun¬
try have come a long way since
that first Monday in September,
1882, when Peter J. McGuire of
the Car pen ters' International
The wage-earners
Union in
New York
City, organ¬
celebra¬
ized the first Labor Day
tion. And the wage-earners
of his
long way from
days of 1827, when the car¬
penters had
struck against the
"sun-up to sun-down" work day.
Perhaps the present position of
labor is better understood when
day had
a
come
the
we
that just a short time
Congress
gave
official
Labor Day in 1894, Peter
recall
before
status to
McGuire had been
imprisoned for
daring to exercise the legitimate
functions of
There
the
is
a
no
union member.
need to
trace here
organized labor
the earliest guilds through
the birth and development of our
industrial economy.
Our nation
is young
in the family of the
world,
but
its
early
workers
knew the deadening fatigue of
"sun-up to siAn-down"; the minds
history
of
from
of
many
of its
children were
dulled and their bodies stunted by
15 to 17 hours
day in the mills;
the fingers of many were sacri¬
ficed to the spindles which spun
a
bread
their
wage-earner
is pro¬
with
his
in
and
to
fellows
labor
political
employers.
fering
and
It is
brute
and misery,
J
forces
of
history of suf¬
a
,
and of a con—
stant battle to establish the dig-
channels.
OF
Home Office Atlanta
•
right; it should have
sanction by govern¬
no
But when those who
paid
persisted in
denying that right, the Govern¬
ment was forced to insure it by
ment.
the worker his wages
The
law.
of the obstruc¬
tors was great, and organized la¬
bor was the final weight in the
scales of victory and justice.
By
that
accomplishment alone, or¬
ganized labor has been justified.
power
The reaffirmation
of that natural
marked service for
good. It was a step
necessary Mike to the dignity of
labor and the stabilization of our
right
a
was
common
industrial and
of it
cause
men
meet
can
as
Be¬
political life.
and management
equals
at
the
bar¬
gaining table.
to
the completion of
important piece of business
one
But there is much busi¬
still
to
be
finished.
Every
right has its responsibilities. Like
the right itself, these responsibil¬
ities stem from no man-made law,
of man
and society.
The security, prog¬
ress, and the welfare of one group
is measured finally in the secur¬
but from the very nature
progress and welfare of all
mankind. These goals of men are
ity,
rights.
It is
labor, as one who endeavored to
assist organized labor, and as one
who is
now
charged with respon¬
sibility for the welfare of all who
labor,
I
urge
you
members and
leaders of unions throughout the
country to be constantly aware
of your obligations and your op¬
portunities in achieving a fuller
measure
of democracy.
Develop
yourself,
and
inspire
within your fellow unionists an
increasingly sensitive interest in
the responsibility of labor to the
within
common
good.
this
day
we
pay
personal gain and gave their lives
to the cause of industrial democ¬
racy.
In honoring their persons,
let us not forget their cause. We
are
their trustees.
Ours is the
freedom of choice—to be honor¬
able in our trust, or to be indif¬
ferent to our obligations.
If we
would have peace in our hearts
and
souls,
we
must maintain
faith.
In our human selfishness
we
may
to
of
betray our trust for
30
world, the
new
economy.
new
era,
and
I cannot talk
such
some
business.
of
its
that
and to the reconversion of
unfinished
I will be most
that
organized
happy to
labor
has
put all of its energies into an edu¬
cational program for adult work¬
I
ers.
wish
in 1929." I think
I
its
diate subject for study than the
problems of industrial relation¬
ship. Where have we failed in our
past efforts to solve them? What
that
world
met
in the furnace of
tlaming
end
great conflict.
a
I think that out of the
smoldering
ruins of the old, there has arisen a
vision of a new and better world.
But I know that there will be
such
world, except
as
you
no
and
I
fashion it.
Full
talk
ment.
much
That
of
and
man
work.
employ¬
my mind,
who
woman
But
wants
have
cannot
we
we
every
unless
sumption. And
of
we
these— full
production,
if
have
we
will have
employment,
industrial
There
right,
obligation, to call for
upon
educational
the
even
con¬
none
full
or
our
as
to
power
result
a
consume
of chaotic
relations.
is
The great mass
consumers
will
all of indus¬
try's planning. There will be more
intelligent salesmanship. The
"know what" and the "know how"
have been
training
And,
emphasized in
our own
program.
and
over
repeat to
over, we
ourselves that old axiom which in
some
instances may have
been tem¬
porarily, short-sightedly shelved—
"The
consumer
is
boss"!
That's
atom. It ill behooves social scien¬
the way
it has always been. That's
tists to ignore problems which can
split apart our democratic society.
the way
it ought to be.
Yes, indeed—the "Boss" is Back!
dled by
FREE- Send
local communities.
and
lations arise in the plants and the
communities
in
which
people
work
principle of philos¬
ophy which calls upon the funda¬
mental and primary groups of our
society to assume, and to insist
upon the right to assume, every
function which they can properly
carry out themselves.
Thus, the
family should not surrender to the
a
of
benefit in the main by
throughout the country. It
enough for physical scien¬
concentrate on splitting the
individuals, small groups,
They are
not going to be solved by a few
people in Washington. Here gen¬
eral
principles may be agreed
upon.
Here general policies may
be enunciated. Here the legisla¬
tion must be enacted. But the dayto-day problems of industrial re¬
full consumption—
productive
machine
is
our
succeed
full
produc¬
full
to
are
we
them.
imme¬
And these problems must be han¬
have "full
cannot have full
we
if
in
better
no
to
production" of goods and services.
tion
do
we
of
in the future? Labor has the
tist to
meaif^'to
employment unless
And
must
participate
think
plans it had made dur¬
words.
is well
full
opportunity to work for
an
would
can
groups
Employment Means Full
encourage
throughout
the
I wish that union mem¬
assistance
Production
We
bers
of the
reams
by heart. Action now—instead of
die all around
us
has folded up
portfolios containing reams and
organized labor
groups
country.
American industry
its
to peace¬
-
and
that
inspire
study
pursuits.
ing the war—for post-war resump¬
tion. The words have been learned
would
and
live.
It
the real answers to
problems
must
there
is
our
be
that
industrial
They
going to be found only when
all of us pool our individual ef¬
forts. And labor can inspire these
efforts.
a
postcard
letter to
or
of schenley distillers
350 Fifth Ave.,N. Y. 1,N.
Y.,,
and you
will receive a booklet contain¬
ing reprints of earlier articles on various
subjects in this series.
most of that opportunity. We can¬
not do the job for you—not in a
democracy. Yours is the oppor¬
tunity,
yours is the responsibility.
A little while back I disclaimed
found.
are
merit
mark
corp.,
any
I
gift of prophecy.
organized
know
But I think
well
labor
enough. I think I know
manage¬
ment well
State the functions of raising and
pardoned for pointing to the story
enough, I think I know
well enough, to ven¬
ture the suggestion that next La¬
bor Day will find us much fur¬
educating its children. Vocational
groups,
such
as
labor
unions,
of management as a warning to
labor: Management had the op¬
mocracy.
should not surrender to the Gov¬
the
portunity, and an almost unlim¬
ited opportunity, to assume its re¬
sponsibilities to the common gpod
throughout much of the last hun¬
dred years and even before that
Federal
time.
those
ernment
can
which
aims
achieve alone.
they
And the town
city should not surrender to
State, nor the State to the
Government, those func¬
tions which it can perform itself.
Of
course,
there -are functions
which can be adequately and effi¬
ciently performed only by the
Federal Government
ondary
and
groups.
the
or
But
dignity of
other
sec¬
democracy,
demand
his own bur¬
dens well
and faithfully if we
wish to be independent and free.
Tom Paine stated a profound
that each of
truth
us
when
of
of
allowing
man,
carry
he
remarked
that
like dress, is the
innocence." And,
"Government,
of remorse.
cepting the responsibility of its
position, labor surrenders noth¬
ing; it assumes a greater dignity;
it seizes a broader opportunity.
it
SCI4C3
a
WiWiAVAN-i
'
on
things—I have not the
gift of <prophecy.
I agree with
Congressman Jerry Voorhis when
he said, "An old world began to
badge
"Responsibility,"
start
report
new
the
pieces of silver. But for us, as for
Judas, there must be the halter
Labor has its
look
or
reverent
homage to the memory of those
leaders of labor who sacrificed
On
to
legal
There is much talk today about
the
stalled and
peace
time
now
of
,
diminished
as
ground
the future.
in¬
just
is
solid
divisible, and democracy is indi¬
visible. As a friend of organized
indivisible,
of
continuation
vast industrial power
time
the
upon
marks
for labor.
ness
effort. The world will
a
along the road to permanent
our
Legal recognition of the right
organize and to bargain collec¬
tively
war
see
peace
bargain
natural
such
effort
collectively for
their mutual welfare.
This right
a
seen
never
America's conversion to
as
all-out
Phone LD-159
•
has
world
The
now
Private Wires
dry when
dynamic "American way" con¬
tinued to assert itself in other
that
BROKERS OF BONDS, STOCKS, COMMODITIES
unions
said the late
out pretty threads for the dresses Justice
Brandeis, "is the great
of the more
fortunate; and the developer." He spoke as a great
prophets and producers of indus¬ advocate of democracy and of the
trial democracy were subject to rights or organized labor. ,In ac¬
the
DISTRIBUTORS
announcing
the type
Japan—was hardly
Exchanges
INVESTMENT SECURITIES
his right to join
by the sale of their
their bread
Other Leading
UNDERWRITERS AND
Today, the
the
of
of
tected by law in
needed
all..
win
must
rights
stir in America.
new
a
on
capitulation of Enemy No. 1—
action
to
fellow
our
the
and
Protection1 of Wage-Earners
is
worthwhile job for
a
the
Members New York Stock Exchange and
labor
who
in
live
and
abundance,
and
peace
dwell
home
a
may
those
But,
of democracy will con¬
long as the spirit or soul
of
in wages.
be
difficult as the task may be, the
pursuit
nity
The ink
BANKERS
INVESTMENT
lost
for the basic necessity
governing force, it is a
some
badge of lost responsibility.
We
get
another
traffic
policeman
when we forget our resposibilities
and insist
ulations.
An
.
violating traffic reg¬
on
ir
.
.
.
Educational
Program
I will be very happy
Labor
Day I
can
if on next
report that or¬
feet planted firmly ganized labor has made
a
real
,
'
Since management is an insep¬
arable partner of labor, I may be
But
management surren¬
dered its right and its opportun¬
ity by practices which brought on
the demand for
ulation
and
government reg¬
"little by little and
Americans
ther
the long road of de¬
The destination, a more
perfect society, can be ours if we
down
but want it and work for it.
New York Stock
Exchange
Weekly Firm Change?
The New York Stock
Exchange
has announced the following firm
changes:
Aronson retired from
partnership in Bernard
& Co., New York, on
Sept. 4th.
Audrey
much by much," to quote Jeffer¬
limited
the Government was forced
to assume authority.
Labor now
has the opportunity to solve its
Aronson
son,
problems and to make certain that
the common good is not trans¬
gressed.
to
And I plead with labor
responsibility,
knowing that unless it does, .the
even
will
compelled to
sponsibility.
Labor
and
Americans
—
ner
effective Aug. 1st.
be
invited
assume
the
and
re¬
(Special
^
.
management
have
a
—
Arthur Graham Join?
Staff of John Douglas
all
1 tremendous
to The
OMAHA,
Graham
has
for himself in
and the services of my co-workers
past
the
that
Department, in meeting
challenge and making the
Financial
NEB.
challenge and a great oooortunity.
As Secretary
of Labor
I
pledge to all citizens, and espe¬
cially to our wage-earners, the full
support of my individual effort
in
I
this
assume
Government
Finlay L. Matheson, a general
in Matheson 8c] Lauro,
New York, became a limited part¬
partner
—
become
Chronicle)
Arthur
W.
associated
with John M. Douglas, Insurance
Building.
Mr. Graham, who has
recently been doing government
work, was formerly in business
was
Omaha and in
the
local Manager for Banc-
america-Blair
Corporation
Polk-Peterson Corporation.
and
Trading Market in
;
—We Maintain
_
SO. BEND RR. Com.
MOUNTAIN STATES
Common
INTERSTATE BAKERIES
La Salle Street
Tele. CG 271
Randolph 6960
COMPANY
;
.
Memorandum
,
Request
on
Salle St.
3
CHICAGO
KITCHEN & CO.
CG 1399
*
1820
Andover
•*'.'-y •4. • t
•
Exchange
Chicago Stock
South La
105
</"
Teletype CG 273
Pittsburgh
Minneapolis
Philadelphia
New York
CARLSON
of Chicago
Member
Street, Chicago 3
Telephone State 8711
CHICAGO 3
Tel.
So. La Salle
135
& Co.
First Securities Co.
Incorporated
Established 1922
120 South
CORP. Com. & Pfd.
STROMBERG
Stock
Cofoifttti
M.Byllesby aiidCompaiiy
H.
Schmidt & Co.
Hflbgggg
Henry C. Lytton
POWER CO., Com.
Electric & Gas
C. L
The
Active Markets In—
CHICAGO SO. SHORE &
Central
Thursday, September 13, 1945
CHRONICLE
COMMERCIAL & FINANCIAL
THE
135 South La Salle Street
Chicago 3, III.
CARTER H. CORBREY & CO.
National Association
of Securities Dealers
Member,
Wholesale Distributors
Middle West
Pacific Coast
—
For
Chicago Brevities
States Employment offices
throughout the Chicago area as labor priorities were removed and
thousands of men and women released from war plants, with the
avalanche of war contract cancellations precipitated by Japan s sur¬
render, were made available for civilian production.
,
^
Temporary shut downs were reported, some brief, some of longer
| SINCE 1908 MHI
FRED.W. FairmanCO-I
Members
Stock Exchange
Board of Trade
where
reconversion
major problems, the shift
from war to peacetime production
was
accomplished with relative
ease, plans having been laid and
made ready months ahead for the
transition. By the end of August,
Except
posed
■
A
were
area
capacity. Many were held
shortages of materials.
had
Realization
14,000
SALLE ST.
CHICAGO 4, ILLINOIS
Telephone Randolph 4068
Direct Private
Wire to New
CG 537
its
"several years."
Laboratories moved to
expand
its facilities at
an
Beatrice Creamery Co. ac¬
York.
quired the business and properties
Fosselman Creamery, Inc., of
Pasadena, Calif., and Spiegel, Inc.,
of
the
omously.
-
Government
ex¬
officials in Wash¬
completed by spring; all should
be finished by June, 1946, the
WiTe, Com.
Co., Com.
Steel Tubes Co., Com.
properties.
Principal
problems to be resolved were said
to be the Government's obligation
Central Steel &
Co., Com.
Majestic Radio broke ground on
a
•'Prospectus Available on Request,
$600,000 plant near Elgin,
new
Electro-Motive Corp., division
111.
General
of
•Wells-Gardner & Co., Com.
stated.
which
Motors,
nor¬
mally manufactures diesel electric
locomotives, was reported com¬
needed expansion of its
for peacetime production.
Established
1916
to
to
Board and forestall¬
Labor
War
ing the possibility of a resumption
of labor-management strife.
Sewell L. Avery was reported
presi¬
the
Stock Exchangee
Chicago Board of Trade r
Members Principal
Salle St., Chicago 3
10 So. La
Teletype CG 405
Tel. Franklin 8622
Indianapolis, Ind.
Rockford, 111.
-
as
plant
dency of the company in
General American Transportation
Co. leased
for
Park
development
special
E. J. Brach &
Sons, Alemite Die
Manufacturing
Co.,
Vascoloy-Ramet, Inc., an affiliate
of Fansteel Metallurgical
Corp.,
Cities Service Oil Co., and Petro-
Casting
&
Laboratories,
were
among
expansion
announcing
of
present facilities.
Four Page
Second Edition
Coleman
231 So. La Salle
-
V
Dearborn 1501
St.
Teletype CG 257
such
owned
Studebaker,
the
as
aricraft pro¬
Officials of the Clear¬
engaged
were
duction.
in
ing Industrial District confirmed
large demand for
We
Utilities Corp.
also reported
Dodge, and Buick plants, which
and
~T
were
government
properties
a
Consolidated Gas
reported
Electric Co., Royal
Co., Magnaflux
Box
Active bids
for
CHICAGO 4
or
Co., Patton Tractor & Equipment
Co., and Modern Die Casting Corp.
-
COMSTOCK & CO.
planned
already under way was
Continental
Brochure
lowing
est
declared
new
plants
they had had ten
Corp.
on
Request
Principal Stock Exchanges
Chicago Board of Trade
Members
231
SO. LA
SALLE ST.,
CHICAGO 4
Randolph 5686——CG 972
New
York Office
-
1 Wall St.
James
formerly
partner
of Doyle,
Co. The new firm
a
O'Connor
which will be
J. O'Connor,
&
general securities
will transact a
and has taken
Field Building.
business
resignation
of
Mr.
of
chair¬
and
Pennsylvania
four
disclosed that
seek to purchase
Detroit companies,
may
group
sub¬
sleeping car operating
sidiary.
Included in the Rockwell group
Co.,
Axle
Timken-Detroit
are
Lehman Brothers
Hupp Motor Car Corp., Standard
Steel Spring Co., and Pittsburgh
Meter Co., all metal
products
manufacturers.
Mr.
Rockwell said his group has am¬
ple funds to handle the operation.
The reported sale price of Pull¬
man's sleeping car service is $75,000,000. Pullman has until March
22, 1946, to dispose of this unit.
Equitable
Robert
Young
Allen
and
P.
Sept. 7
on
of 4% cum¬
stock at par
offered 200,000 shares
preferred
and
accrued
dividends
from Sept. 1.
Net proceeds from
the sale of these shares will be
ulative
($100)
the
5%
preferred stock, at $100 a share
applied to the redemption of
195,225 outstanding shares of
dividends from July
and accrued
1, 1945, to the date to be fixed for
redemption.
The
underwriters
offered
to.
holders
;
of
preferred
.
alent
Kirby of the Allegheny system
of railroads are associated with
the
to
difference
accrued
dividends
on
between
the new
the date of
stock from Sept. 1 to
Cyrus Eaton, a
of Otis & Co., said Otis
delivery and the dividends ac¬
crued on the 5% preferred from
$75,000,000
service but
how the purchase would be fi¬
nanced was not disclosed.
Sept. 1 to the date of redemption.
It is expected that the 5% stock
the Otis group.
member
was
to pay
willing
%
■
Stockholders
Nov.
19, 1945.
❖
Jj:
of
Co.
Biscuit
called for redemption on
be
will
ing $1,000,000; Cost of the financ¬
ing was deemed too high by the
majority group, which felt that a
loan from banks would be more
advantageous to both the
holders and the company.
stock¬
Fabricon Products
Stock
on
Market
Baker, Simonds & Co. on
11 offered 28,960 shares of
Mills, Inc.*
stockholders' personal accounts.
This is the first public offering
of
is offering
shares
in
this
which
is
basis of
one
share of the new pre¬
ferred for each share of common
Dillon, Read &
stdck hdld.
Co.,
other
(for¬
Paper
Co.),
of the largest pro¬
one
and
company
Wax
Detroit
ducers of
shares of a new 3%%,
value, cumulative pre¬
ferred, convertible into common
stock at any time at $50 a share.
Common stockholders have been
offered rights to subscribe On the
par
printed bread wrappers
food packaging mate¬
rials in the country.
Prior
to
50%
of
firm
was
aproximately
of the
the manufacture of
the
war
the sales
in
volume
trim foundation panels,
deadiener
felt, and other fiber products for
the automotive industry. Produc¬
group of under¬
writers
who will offer unsub¬
scribed shares to the public, fol¬
tion
lowing expiration of thfe subscrip¬
tion offer Sept. 19.
formerly operated by the
Inc.,
the
head
General Mills common stock¬
holders
recently
approved
a
three-for-one split of the com¬
increasing the authorized
number of shares from 1,000,009
mon,
to 3,000,000
Proceeds
of
no par
from
the
value.
sale
of the
preferred will be used to
help finance the company's post¬
war
expansion and improvement
new
com^
stock (par
merly
General
Sept.
$5) at $25 a share.
The stock is being sold for certain
mon
$100
sjs
vice, Willard F. Rockwell,
the
by
| ;
underwriting group headed
An
100,000
Jj:
Following the filing of a peti¬
by Otis & Co. in the U. S.
District Court in Philadelphia to
bid on Pullman's sleeping car ser¬
man
Allied Stores Pref.
the outstanding 5%
stock the opportunity
Harris Trust and Savings Bank to purchase shares of the newstock by tendering the 5% stock
here.
Formation of the new firm was in payment on a share-for-share
previously reported in the Chron¬ basis, subject to a cash adjustment
icle of Aug. 30.
payable to the stockholders equiv¬
fol¬
an
active trading inter¬
following Issues and invite
inquiries-
the
resumed in
having pur¬
chased the plant in River Rouge
this line was
in
July,
the
company
Consol¬
idated Paper Co. and
having en¬
tirely remodeled it for this pur¬
pose.
plastics division of Fab¬
utilizes phenol im¬
pregnated fabrics as laminating
materials, has made rapid strides
since the start of the war, and an¬
The
ricon,
which
other
recent
development is the
which produces
division
aniline
printed materials for wrapping
all
types of retail merchandise.
program.
Natl
Hotel
of
Cuba
Recent
Comprehensive
JOHN J. O'BRIEN
Analysis Available
Bankers Bldg. Chgo. 3/5 ws
6, '59
Merchants
C. P. U. 5Y2S, '52
La
Salle Bldg.,
New
York Curb (Associatet
New York Coffee & Sugar
Com.
Members
Members
New
York
Stock
Exchange
Chicago Stock Exchange
Associate Member New
185 South La Salle St.,
Tel. ANDover 5700
S.
La
Salle
Street
York Curb
CHICAGO
Chicago 3, III.
Tele. CG 650-651
?
Chicago Board of Trade
Brailsford & Co.
208
n- £
Tel.
State 9868
- :
Common
"
York
New
and other
Street
208
CHICAGO 4
4
Stock
FAROLL & COMPANY
Member
231 S. La Salle
Stock
Exch., Inc.
Chicago Stodk Exchange
STRAUS& BLOSSER
Request
Standard Silica Corp.
York Stock Exchange
New
on
Distilling Corp.
Common
Members
Building, Common
Analyses
&C0.
"CONEG PFD."
La Salle Madison Inc. 5, deb. 6s
One
HICKS Cr PRICE
Co.,
&
by
headed
Lehman Bros. Offers
maintain
in
your
Bagley
.Circular
•
chairmanship,
tion
Bismarck Hotel
The Chicago
addi¬
the
Ryan.
his
construction
New
by
Company
assume
the
to
tion
to
S|\*
others
Long-Bell Lumber
slated
work.
golar
AVAILABLE NOW
building in Highland
a
a
O'Connor
Consolidated
rejected a manage¬
ment proposal for the issuance of
a preferred stock to finance
ex¬
pay retroactive pay increases
pansion of manufacturing
and
Ward's Workers granted by the distribution facilities, approximat¬
Chicago
pleting
Paal ILDavis & Co.
of
for the sleeping car
❖
$
s5?
ington are still seeking a solution
for return of Montgomery Ward's
company
Firm
ILL. —Announce¬
is made of the organization
new investment
firm, J. -J.
CHICAGO,
ment
Tele. CG 573
Tel. STAte 4950
quarters
Associ¬
\ in the
ated with Mr. O'Connor will be
John C. Culbertson, Joseph F.
Concurrently plans were being
Hammel,
Fred
Freeman
and
laid by some local firms to extend
Norah
Campbell, all of whom
their
manufacturing
operations were formerly with Doyle, O'Con¬
into other territories;
Eversharp nor & Co.
is planning a new eastern plant
Mr. O'Connor has been in the
for the manufacture of a ballinvestment business on La Salle
bearing Writing instrument, ap¬ Street for more than 20 years and
proximately 100 miles from New prior to that was an officer in the
penditure of $1,250,000. Some of
the
new
buildings would be
Corp., Cora.
•Oak Mfg.
near
of $640,000,-
Abbott
York
•Gibson Refrigerator
Globe
sales
wartime
and
000 in 1944 for
Bell System
•Burton-Dixie
record of
1941
in
plant space
isfy.- Several new companies
completed teangemfents to -eiiter the Chicago area.
purchase of the
Store, one of
the largest retail establishments
in San Diego, Calif.
Clement D.
Ryan, resigning president and di¬
rector of Montgomery Ward
&
Co., will operate the store auton¬
sales in ex¬
forward to
of its peacetime
requests .for
as they fcould sat¬
many
as
Whitney Department
International Harvester Co.
cess
times
announced
Expansion far above pre-war
of the day.
levels was the order
looked
Midland Utilities
SOUTH LA
plants
war
$364,000,000
208
back by
Chicago
concen¬
trated within its corporate limits.
Write For M-3—-
study of
a 40-square
running close to
within
plants
1,275
mile
Midland Utilities
Midland
to tackle huge
backlogs of civilian orders.
LOS ANGELES 14
135 la Salle St
650 S. Spring St.
State 6502
CG 99
Trinity 3908
Chicago
freed of con¬
in plants now
trols and readying
CHICAGO 3
Chicago
conversion from
peacetime operations be¬
to
gan
DISTRIBUTION
Hew Investment
'
war
MARKET
SECONDARY
flooded United
workers
for
Calls
duration, as mass
UNDERWRITERS
J. J. fl'Gonnor Forms
Stock
Exchange
Principal Exchanges
So, La
Salle St.
CHICAGO 4
AnJornr
CG 95
4 ■-
4
*
4.
*'«
T»1|»
CC
inC
Number 4420
162
Volume
Our
THE COMMERCIAL &
FINANCIAL CHRONICLE
telephone number
has been
changed
We have
a
to
1235
INQUIRIES
continuing interest in the following:/
INVITED
American Barge Lines Co. Common
OEArbom 6161
MoEhda\
American Service Co. $3.00 Part. Pfd.
Anheuser Busch Inc. Capital
Bausch and Lomb
Optical Co. Common
Doyle, O'Connor & Co.
;
Incorporated
135 So. La Salle St.
i
W. C.
Langley Heads
Hospital Campaign
(ST.
Knox Kreutzer With
William C.
Langley, head of the
banking firm of W. C.
Langley & Co.,
115 Broadway,
New
York
City,
has accepted
chairmanshi p
Cam¬
paign to raise
200
ern
to
hospital
for
recently
Fenner
to
1927,
Mr. Kreutzer
b y
Bankers
He
is
a
graduate
Association.
new
William C.
present build¬
the
Water
Downtown
all of
127
-
will
Debtor and Creditor Countries;
1938, 1944 — Cleona Lewis — The
Brookings Institution, Washington
8, D. C—paper—750. ? - • r
.
Lower Manhattan
Interregional
serve
south of
Canal Street, comprising the
W§11
financial district, the in¬
Industry,
bert S.
Competition
South
vs.
for
shipping, textile, whole¬
City Kali
and
State
building
centers,
and
with
a
working population of more than
Pirates Will Get You, The, A
story of the Fight for Design Pro¬
million
arid
resident popula¬
a
tion of 40,000.
Mr.
Langley, who will head
the campaign to
give this
up
area
a
long needed modern hospital, has
spent his entire career in bank¬
ing. He was born in Brooklyn in
1882.
On
his
graduation
from
Yale in 1903, he started with the
American
Bank.
into
Exchange
Two
years
investment
National
later he went
banking
and the textile
business here and
He headed at one time four mills
in the South .and.
recently in
with
Union
as¬
Securities
Corp. merged the Goodall Worsted
Sanford Mills,
He is
director of several
a
cor¬
porations
including
American
McCampbell & Co.,
Inc., Standard Surety & Casualty
Co. of N. Y., Aetna Insurance Co..
The Century
Indemnity Co., The
Chicle
(Special
to
The
Financial
tection
—
and
many
with
years
the
Sylvan
Gotshal
versity
Press,
cloth—$2.00.
Method
of
of
New
Cline Building.
to
The
Financial
Co.,
Security
Stanley
was
Chronicle*
Building,
previously
Boettcher & Co. and
Mrs.
r
with
with the
was
Indexing
by
dustrial
Provisions
E.
■
>(Special
to
of
Walter Thompson Com40 Lexington Avenue, New
17, N. Y.—paper—16c.
Southern
State
Trends
nance
James
W.
and
and
Martin
Local
the
—
Financial
Chronicle)
«.
with
Forbes
Com¬
&
First National Bank Build¬
ing.'
;
Co., and
Treasurer
duras
Goodail-Sanford,
Gov.
Mining
Dewey
Member
and
of New York and Hon¬
Rosario
of
the
Mn Loeb Syndicate
Offers So. Pacific Bonds
The award
Co.
appointed
New
him
York
a
State
Iowa Electric Light
& Power
Fi¬
C00
(Special
to
The
Financial
COLO.—L. Delford
Fedderman has rejoined the staff
of Otis & Company, First National
in
$50,000,000
Building.
He has recently
serving in the U. S. Army.
(Special to The Financial
FT.
C.
•
Chronicle)
LAUDERDALE,
Shelton
FLA.—
Buchanan
affiliated
come
McKinnon.
with
Mr.
has
be¬
Thomson
Buchanan
&
was
previously
Washington,
D.
C.,
manager for Hemphill, Noyes &
Co.
Financial
Chronicle)
\
PORTLAND, ME.—Joseph D.
Gay has rejoined Maine Securities
Company, 465 Congress Street.
5
(Special to The Financial
PORTLAND,
Ramsdell is
Chronicle)
ME.—Lawson
with
now
H.
Coburn
&
Middlebrook, 465 Congress Street.
(Special to The'Financial
Red
Cross
campaigns
organized for the Navy Re¬
lief Society in New York the more
It
RALEIGH,
Morton
with
has
C.—David
become
W.
associated
George I. Griffin, Insurance
Building.
than
40
committees
and
in
the
(Speclal to Th* Financial
ST.
Com¬
Industry division.
8.'
LOUIS, f
Woodward
analyses of
—
is
Chronicle)
of the 1961
Sincere and Company
Exchange
Principal Exchanges
South La Salle
^
state
Stock
2400
Copies
on
request
MO.
now
Knight
—
with
Slayton
TRADING MARKETS
Durez
Salle Street
Street
CHICAGO
CHICAGO 4
CG
252
1996—
banking
3,
ILL.
Teletype CG 1122 Phone Central 5690
South
La
Salle
Street
j
Chicago 4, Illinois
Teletype CG
361
Phone State
0101
NEW YORK
MARKETS
Kuhn, Loeb &
longer maturities with
The average
an¬
interest cost to the railroad
the basis of the successful bid
on
will be 3.781%,
Bidding for the issues sepa¬
rately, Kuhn, Loeb & Co. and as¬
sociates offered 98 for series A
a
3%
arid
coupon;
for the
MIDWEST
STRAUSS BROSw
Members
New
York
Security Dealers
Board of Trade
Ass'n
Bldg., Chicago 4
Telephone: Harrison 2075
Teletype CG 129
Direct
Wire to New
York Office
a
similar price for both the series B
and series C bonds with a 4% cou¬
-
to
The
Financial
Chronicle)
,
The only
was
from
competing bid received
Halsey, Stuart & Co.,
Inc., and associates naming
price
a
of 99.41 for the series A bonds as
3s.
This group submitted no bids
the
or
1996 maturities.
Kuhn, Loeb &
Co.
and
2%s
of
99Vi\ the 3%s of 1986
at
ates
offered
the
associ¬
18-31
100
of
used
by
President Mercier of Southern
Pacific Co., in
commenting on the
that it will
re¬
reduction of $1,270,190 in
railroad's
annual
interest
the
Aircraft
"A"
Common
Chicago Corp. Common
Jan.
on
1, 1946, $159,459,000 of outstanding
refunding 4% bonds, due
Jan. 1, 1955.
stated
Howard
Southern
first and
refunding,
changes. Mr. Thorsen was previ¬
ously with the Western National
Bank of Cicero.
Federal Electric
to Southern Pacific Co. and other
be
sen
has become associated
with
David A. Noyes &
Co., 208 South
La Salle Street, members of the
New York and
Chicago Stock Ex¬
at
$25,000,000 series D 3%% bonds
will
CHICAGO, ILL.—Thor. R. Thor¬
and
Proceeds from the public offer¬
ing, together with those from sale
a
E. H. Rollins 4 Sons
Incorporated
135 South La
5
3
k
Direct
I
*
Wirea
H
To
Our
Offices
In
Cities
the
Throughouti
Country
|
j
The Outlook for
Investment
just
tire
rhanufacturers,
demand
car
Research
published
a
a
Department
study
new
copy
of
of
indicate
peak
the
which
Replacements and
BRAZIL
Dollar—Sterling
will
Issues
new-
operations
for
'
r
1
*
these
/:
'•
companies.
Bought
Prospectus Available
Members of Chicago Stock Exchange
209 S. La Salle Street
Tel. Dearborn 9200
—
Sold
—
Quoted
THOMSON & McKINNON
~
New
William A. Futter & Co.
•
and
CG
146
Stock
Exchange
principal
exchanges
231 South LaSalle Street
Chicago 4
Tele.
York
all
York
Indianapolis
in
Foreign
S. La Salle
Securities
Street
Chicago 4, Illinois
CHICAGO 4
New
ZIPPIN & COMPANY
Specialists
208
Toronto
i
Centra) 7540
Principal
TIRE MANUFACTURERS
;
Salle Street,
CHICAGO
CG 830
charges.
has
Common
Thorsen With Noyes
(Special
pon.
Members
120 South La
231
a 2%%
98 for bonds of each
3%% coupon.
—
Plastics &
v..•>
CASWELL & CO.
request
ADAMS & CO.
maturity with
be sent on request.
Mississippi Glass Co.
on
bonds
C, due
investment
coupon; and
sult in
Chemicals, Inc.
Common
231
series
an
Pacific RR. to retire at 105
Chronicle)
Common
Colorado Power
York
mortgage
the 3%s of 1996 at 99%.
and
merce
to
funds,
American
♦Circular
Pacific
for bonds of either the 1986
(Special to The
Racing
Commission recently to
fill the unexpired term of Herbert
Bayard Swope.
Mr. Langley has been active in
<
"A" & Common
•
War—
Lexington, Ky.— paper—50c.
Engineering Corp.
The group's winning* "basket"
bid named a price of 98 for bonds
Our
Other
first
new
bonds with
Gro-Cord Rubber Co.
Southern
and
Southern
nual
Chronicle)
DENVER,
been
Interstate Aircraft &
—$25,000,000 series A, due 1961,
$50,000,000 series B, due 1986, and
of the two
:
Vanderbilt
University Press, Nashville, Tenn.,
and University of Kentucky Press,
We have recent
Preferreds
Members New
of
RR.'s entire offering of $125,000,-
a
ures—J.
oany,
York
The
pany,
Jamieson—In¬
Section, Cali¬
Technology,
Pasadena 4, Calif.—paper—$1.
Institute
Preferred
Common
group headed by
Co. on Sept. 11.
Relations
fornia
&
Mohawk Liqueur Corp.
Antonio, Tex.
Agreements—Re¬
May
<
Common
Street.
went
and
City—
Preferred
Company, inc., Ill North 4th
Ranson-Davidson Co., Inc., in San
Bank
Collective
vised
York
V
asso¬
Co.,
World Fire and Marine Insurance
1234-8
York
^American Service Co.
"
Athens
Bank, has become
DENVER,
COLO. —Helen
D.
Stanley has joined the staff of
Bofcworth, Chanute, Loughridge &
Alfred
Lief—American Business
Problems Series—Columbia Uni¬
&
Preferred, Class
Chronicle)
AmENS, O.—Darrell II. Sams,
for
connected
in
and
South, in which latter field
Langley also has been active.
and
column.
DENVER, COLO.—Gola Kay is
firm.
own
in the
sociation
you contemplate making additions to
your personnel
please send in particulars to the Editor
of The Financial
Chronicle for publication in this
Y.—paper—500.
Primer for Postwar
Prosperity
—An analysis of America's
post¬
His family had long been iden-'
war
potential, based on actual
tified with the banking business
production and' consumption fig¬
1909. established his
Mr.
If
North—Her¬
surance,
a
New
TRADING MARKETS
Common
Broker-Dealer Personnel Items
Swan, 299 Broadway, New-
York 7, N.
and
to
*Howell Elec. Motors
pany,
Street
sale
J
Franklin County Coal Corp.
St. Louis
,
institution
new
and
Streets
Hospital- at
Broad Street.
The
Chicago
National
Bookshelf
Langley
ings of the Beekman Hospital at
CG
wire
Common
Founded 1890
(Special
hospital will
and
<
'.s
National Terminals
Corp.
7
incorporated
of
Business Man's
Board.
Beekman
Stifel, Nicolaus & Company
*
ciated with Roy E. Hawk & Com¬
the
8600
Direct
ACTIVE
or¬
Hospital's
replace
'
V'' /.
'■
Field Bldg., Chicago 3
Randolph
was
Williams College and was former¬
ly vice president of the trust com¬
pany
division of tne American
n-
Elisha Walker,
chairman
of
The
'
Common Stock
and
Beane, an¬
Kreutzer, for¬
merly vice president Of Sheridan,
Farwell & Morrison,
Inc., invest¬
ment counsellors, has become as¬
ganization.
Hospital. This
the
Pierce,
nounced that Knox
banking
Do wn.town
nounced
CORP.
•"
'■
v
HICKEY&Cti.
ILL.—Homer Harpartner of Merrill Lynch,
engaged in the trust company and
commercial banking field in Wis¬
consin and in that
year formed
his own investment
combined
Beekman-1
a
:
"
CHICAGO,
grave,
Prior
the
was
..>•
r
Building.
bed
-
-
♦
Western Light &
Telephone Co. Common
sociated with the firm's office in
che
Board
of
Trade
mod¬
a
LOUIS)
Trailmobile Co. Common
| Merrill Lynch In Cgo.
investment
build
'
Textron Inc. Common and Warrants
A
$2,750,000
'-i.1
v
New Jefferson Hotel Co.
4-6% Bonds
..
the
:-V
/
Mastic-Asphalt Co. Common
"
September 6, 1945
<of
GALVIN MFG.
■'
Hydraulic Press Mfg. Co. Common
Chicago 3, 111.
Teletype CG 1200
"v
r
Consolidated Gas Util.
Corp. Common
Randolph 4696 v
CG 451
Thursday, September 13, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
considered
A Post-War
CONTINUOUS INTEREST IN;
THE
SECURITIES OF
Le Roi Co.
Standard Silica Co.
Koehring Co.
Nekoosa-Edwardt Paper Co.
Wisconsin Power and
Light Co.
Corp.
Wisconsin Electric Power Co.
Compo Shoe Machinery
EAST MASON ST.
225
PHONES—Daly S392
Street,
&
Co.,
14
New York City, members
of the New York
and other
Stock Exchange
leading Exchanges, will
admit James C.
Hamilton Mfg. Co.
MILWAUKEE (2), WIS.
Teletype JM1 488
Gilheany to part¬
nership in the firm on Sept.
White, Noble Admits Two
14th.
M I C H
GRAND : RAPIDS,
White
Wall
Corp.
Marlin Rockwell
White,
B.
Noble and Margaret
are
limited
&
Noble
partners
Co.,
—
C.
in
Michigan
Bank
Member
and
ances
reserve
$12,000,000,000,
resumed its up¬
firm are V. Hud¬
son
White, Sheldon R. Noble,
George R. Hollister and Chester
of 5% or 6% a year,
which, although more than nor¬
mally rapid, was insignificant in
its speed in comparison with the
staggering rate of increase in the
gold stock and in Member Bank
M. Kolkoski.
At Denver Bond Club—IBA
Frolic
ward course,
but only at
The average rate at which our
The
country.
average
rate at which, the volume of money
year) seems to have
been slightly more rapid
than
might be considered to be normal,
particularly - because the. basis f of
such a rate of growth was too
largely increasing loans on securici¬
ties and real estate.' The average
(5%
grew
rate
a
at which
abnormality raised all
imponderables, which in¬
terfered with ordinary business
planning. Every abnormality imt
plies the necessity of corrective
tal;
l
The
Member Bank re-?
measures,
balances grew
and
until .1 they
are
taken, uncertainty is inevitable,
year),, although also
v
Some Aspects ofrMonetary History
interruption
to
forward
in
nor¬
in
of business
which could
progress
employment
in intensity
duration
or
Turning to English history prior
to 1914, we are struck by the un¬
usual consistency in the advance
of
business
activity, and the as¬
stability, jaf the trade
union employment indices, which
iri the period
1890-1899 had a
maximum swing of 5.5%, and in
the period 1900-1909 had a maxi¬
mum swing of 5.3%.
During these
tounding
the deposits of the joint
of
England
and
periods
stock
banks
Wales
grew
almost
consistently,
periods of recession having been
very minor both in degree and
ception of normal growth. Changes
in required reserve ratios were
made to offset in part the effec¬
tiveness of these great increases
in reserves. Nevertheless, the pos¬
sorts of
avoid any
;
are
growth of the volume of
the extraordinary base
established by these increases was
so'
enormously
abnormal
that
their general effect:was undoubt¬
edly more disturbing than stimu¬
lative* as was shown, by the far
less rapid increase in the volume of
money, and small demand for capi¬
monetarv
with the experience of the 1930s
times
many
in¬
enough to
or
greater than any reasonable con¬
(about 4% a
perhaps oil
the high side, could not be con4
serve
were
con¬
most
agitation, the
growth of these
compare
duration. The average annual rate
of advance for the first
period
was
about 4%, and for the second pe¬
riod about 2%—the average for
19 years having been
England's business ap¬
whole
the
about 3%.
money on
gold stock grew from 1918 to 1929
(3 % a year) might possibly be
Considered to be a bit low for this,
growing
figures
silver"
from
of
years
were near
the
sible
balances.
reserve
which
stock,
an aver¬
rate
age
These
•.
ad
was
normal cyclical
mal
small in comparison with the
actual increases in Member Bank
reserve
balance and in the gold
volume of money
partners in the
1933.
a
the
prices
factors
very
The
six times.
or
of
low
bal¬
from $2,000,000,000 to
grew
and
Omitting
the
"free
rates of
the
Building, members of the
Detroit Stock Exchange.
General
Trust
tense
in
called
Mills Co.
sideration
circulation (an aggregate sonable requirements of an excel¬
"volume of money" lent level of business activity and
herein) grew at an average rate of full: employment as to call for
somewhat less than 5% a year. anything like a five-fold increase
From the end of 1929 to the mid¬ in our gold stock, and a six-fold
dle of 1934, the gold stock and increase in Member Bank reserve
balances in the next six years. An
Member Blank reserve balances
showed very slight net changes, increase of 40% to 45% in Mem¬
but the volume of money shrank ber Bank reserve balances be¬
over 24%.
Following the cut in tween the end of 1929 and the end
the gold content of the dollar in of 1939 could not have been con¬
1934, our monetary gold stock in¬ sidered inadequate. Very roughly
creased
from
$4,000,000,000
to this would have been an increase
$20,000,000,000 in" 1939, or more of $1,000,000,000 from the end of
than five times within six years,
1929, or of $1,400,000,000 from the
rency
Tool Co.
Northern Paper
Helen
Gilheany as Partner
Holden
National
Chicago: State 0933
Ball, Holdenlo Admit
Bull,
bank
than
more
,
of money could be con¬
sidered to be so far below the rea¬
volume
deposits (exclusive of inter¬
deposits) and of the cur¬
bank
rather
normal,
commodity
movement.
(Continued from first page)
i
Manufacturing Co.
James
Money Policy
in
vance
to have grown more con¬
sistently, but less rapidly than
ours, and the advance iri deposits
pears
rriay
been
have
normal,
slightly
above
the advance in
as
com¬
modity prices was probably rather
more
than
a
normal
cyclical
I movement.
Interruptions in the
'
advance in the volume of reserves
of
these
minor
joint stock banks
in
were
duration.
degree. and
Their average
crease
annual rate of in¬
for the 19 .years was 5%.
with respect to re¬
The -custom
seems
to have changed
gradually during the period, arid
serves
of the Two Decades Before V; a tendency to maintain higher re¬
extravagantly abnormal!
serve ratios appeared as the years
World War
principal r abnormality in th^ J.7
;;'V -f
-•
i
If we examine tfte history ,of passed.
banking and monetary situation
thev quarter century prior to 1914! Employment and Regularity of
in the 1920s was. not to be found
sidered
The
<
in these rates
relative-
the
loans
some
of
against capital assets, ■ ancj
unusual
foreign. credits!
not
demand
and
consumed
reai estate
when * the
currently, thri
be po^t-?
for them may
indefinitely-
discover
.
that business
in the
early 1890s was disturbed by "free
silver" agitation,. and by other
matters, which caused .pressure on
our gold supply.
But after 1895',
over-expansion
Since; securities
are
growth, but .in
of
we
the. gold
agitation7 ha'd -abated!
stock began to increases
again.
For the whole era'from
1890 to 1911, the increase in the
gold stock averaged precisely 5%
a year.. The increase in individual
deposits subject to check averaged
Hence their
Growth,
V7
Iri
of Reserves and the
Volume of Money
Although
neither, this
English
during the
period presents an ideal Of
perfectly; regular business growth
accompanied by a perfectly regu¬
history.' nor
our
own
sairie
lar growth in bank reserves and
deposits; and by stable prices,
adversity without bringing out
both do seem to indicate that even
buyers.
Consequently, the ulti¬
an approximation of the ideal of
mate effects of over-extension of
regular advances in reserves and
about 6% a year, having been
credit against this type of asset
deposits at an 'average rate some¬
may be very severe.
{ somewhat less than the average where near thd
average long-term
for the " whole period in the first
In
the ensuing, four
years
a
rate of growth of business, cor¬
six
years, and rather more, than
business decline, the changes iri
rected for price changes, is likely
the gold stock were small.
Mem-? the average in the later years. The to fee accompanied by fairly stable
ber Bank reserve balances could advance in these items was thus
employment. at a high rate, and
have been caused to.. grow nor* not regular. It Was interrupted to
better results than were obtained
some
extent by minor crises in
m.ally, through open market operf
in the 1930s, either when reserves
1903
and
1907.
However,
the
ations, but were not; and they
failed to grow, or when they grew
showed; littleYiet:;changes ^It isi, course of these, items was generf with
-grossly excessive speed.
allyi upward, and suclf - reverse
therefore, possible to take, the
ooint of view that, in the middle movements as Occurred were less The First of Two Approaches to
of 1933, they were 12%' to >17%
severe - than ^the .reverse :' ttic>ve4 > *;
Money Policy ..
below what might have been exf ments of similar items from 1929
From this history, it is evident
to
1933.
The average rates of
^ected, if they had grown northat, there are two essentially dif¬
James E. Day, Vice-President of Chicago Stock Exchange, while visit¬
nally. However, neither Member growth.were probably somewhat
than
might have been ferent approaches to money policy
3ank
reserve
balances
nor
the greater
ing in Colorado.
Mr. Day has become well-known -for his excellent
work in building up the membership of the Exchange.
value may drop very low in
time^
of
^
;, <•
Wheelbarrow Race—7. A.
k, pushing;
Hogle & Co. Teim, William Sargeant, riding, Max Niemoth,
other pushers from the
x :
firm were Karl Mayer, Carl Stitt and Larryjnmon,^
""•*
————1■www <*.«.,
-^^-
—•
>
$gs$&8£^$$S8&1
THE COMMERCIAL &
FINANCIAL CHRONICLE
Number 4420
162
Volume
sulted in violent fluctuations and
times.
The one seeks
the volume of reserves ever present uncertainties. When
there is a marked departure from
of the Member Banks, or their
a fair
degree of regularity in the
equivalent by open market oper¬
in
peace
to govern
and/or their effectiveness,
through changes in reserve ra¬
tios, very largely according to the
following objectives:
ations,
The influencing of the com¬
1.
modity price level.
/ y
2. The influencing of the degree
of
maintenance
3. The
par¬
a
the
above.
: At least in the case of one and
attention is likely to be de¬
largely to the momentary
voted
of money as we use the term
ume
rate of
1
2. The
tivity
indices
which corresponds on the average
and
to
say,
the human aspects of the Prohibi¬
tion Act.
The motive is
rate of
something is
but the measures are out of ac¬
cord with the human nature of
so
the
over
long-term rate of
average
of
period,
a
4%
to
business,
our
a
likely to be
or
an average
year,
wrong,
going
or soon
ac¬
in¬
prices, business ac¬
tivity, capital values, the rate of
savings, and all other economic
on
Variables,
are
in circulation and com¬
prices, business activity,
valuations
of
of
capital
saying, and
all
of war,
cause
paragraphs-
-
.
are
.xA
-
„
dinarily less mobile than the in¬
dices of commodity prices or busi¬
activity.
An effort to guide, money 4 policy
by too heavy, emphasis upon. any
of the limited
objectives men¬
tioned above is like trying to hunt
ness
rabbits with
a
cow
control
that is, it
—
mobile
elements
which do not necessarily move in
the same degree or even in the
same
directoin, by means of an
element which is ordinarily much
less mobile—the volume of money.
The effect is likely to be to upset
without
cow
rabbits.
tempt
catching
many
It also represents an at¬
to
impossible that present pol¬
icies of
war
have had
a
finance will prove to
very considerable de¬
gree of success, because measures
can be enforced in
war times that
cannot be
employed in times of
peace.
for
Measures
brief
periods
successful
When
may
-
over
be employed
that
be
cannot
longer
periods.
the history of the
war
pe¬
riod to date is compared with the
history of other war periods, pres¬
ent
policies appear to have had
large
final
a
net progress from 1890 to
In England during that
of "know-how" to
finest
thus
possible
to
there is
no
into the
and
steadiness
advance
It is at
ment.
come
adjustment,
contribute
business
and
of
employ¬
apparent that
by which cen¬
once
means
tral
management of the volume
can
be
altogether
avoided, and the whole matter
of
money
thus left to "natural laws."
pre-1914
central management was more ex*
tensively determined by custom
by formula, but appears to
than
era, we
In the
had central
man¬
are
such
to
as
give
the natural economic
laws, and a
successful transition to such
ditions has been made.
ures can
accord
No
work forever unless
with
human
con¬
meas¬
they
nature
and
the natural laws.
been
directed
towards
sta¬
towards the direct management of
the
price level and the level of
business activity. It is to be par¬
ticularly noted that interest rates
in this era of extremely stable
employment were neither prepon¬
derantly low nor stable, but fluc¬
tuated widely.
'
7
;
,
In
the
interval
between
wars,
we had
in this country manage¬
ment of the money system by ap¬
praisal of conditions and the
ap¬
praisal laid heavy emphasis
of expansion of
immediate
theof
fundamentally by the size of the
commodity prices, and the imme¬
diate or nearby course of business ;;
activity. .The earlier history, par¬
deposits were set
by required reserve ratios limit¬
ing the volume of bank deposits
reserve,
not
and when deposits
press
on
there
reserves
was
automatic
an
tendency to
When "free silver"
easy money.
agitation
or
other events did not
nearby
or
on
action
ticularly
more
ence
in England, was much
satisfactory than the experi¬
in the interval between
in this
wars
country—particularly when
measured in the
light of the
of
curves -
cause an
undue decline in the gold
reserves,
or
new
discoveries or
other events did not cause an ex¬
employment
prices.
cessive increase in the gold" stock,
the system worked well,
except
difference of opinion as to what is
cause and what is effect.
But in
for
any
certain
a
lack
of
flexibility
which at times caused momentary
This is not
In
economics
event
we
commodity
there
can
(Continued
\
and
is
say
on page
often
that small
1238)
Offering Circular. The Offer of these Bonds is made only by means of the Offering
Circular, which should be read prior to any purchase of these Bonds.
,1
of the
"easy money" policy
.
NEW
ISSUES
late 1930s—that is, we have caused
Member Bank re¬
balances to continue to grow
abnormal rate, and thus pro¬
permitted
or
serve
at
an
'
$125,000,000
;
duced
abnormally low
interest
rates. By multitudinous price con¬
trols,
rationing
measures,
in¬
creased
Southern Pacific Railroad Company
•
;
■
First
:
S fe
Mortgage Bonds
penditures, deficits and low inter¬
;
est rates.
A
of maintaining ex¬
interest rates for war
finance has in it something a little
akin to the old theory that war
could be paid for without interest
cost by issuing non-interest bear¬
ing irredeemable paper, and
$25,000,000 2%% Series A, due January 1, 1961
$50,000,000 3%% Series B, due January 1, 1986
$50,000,000 3%% Series C, due January 1, 1996
policy
treme J y low.
j
Unconditionally guaranteed by endorsement
;
.regulations to qyercome the inflatiye .effect of such
a scheme. The difference is partly
one of degree and
partly one of
numerous
as to Principal and Interest
by Southern Pacific Company,. :
^
\
j
"
,
,
kind—low
interest
with
curities
instead
used
a
rates
and
se¬
;..iy v...
The issue and
sale of these Bonds are subject to authorization
by the Interstate Commerce Commission.
71:7" V
being
^maturity
of irredeemable
pa¬
apparent interest rate.
Although these differences of de¬
and
per
no
and kind
gree
are
important, we
still ask by what process the
particular low interest rates ac¬
OFFERING PRICES
may
Series A
—
tually used in this country today
were selected as correct, and what
limited phenomena by an
of
instru¬
the
ment which
overall
Series B
99^4%
In each
100%
—
with accrued interest from
Series C
—
99%%
will be upon prices, wages, capi¬
govern
the
exerts
course
only
influences.
The
of
such
a
policy is
growth of Member
reserves
and the volume of
be
a
money, which is not orderly, reg¬
ular, and
ultimate
tal
result
likely to
Bank
well related to the
long-
term rate of growth of our busi¬
ness, and distortion in the quality
profits, savings, busi¬
activity, employment, and
the interrelationships of these
and other economic factors, and
ber Bank
gold stock and
reserves
reasonable
too
rates,
our
grew at
at
times at
other
slowly, and at still other
at
rates
which
normal.
In
were
the
far
late
Mem¬
times
times
beyond
1920s,
we
were
reluctant to check the overexpansion of credit for fear of
hurting prices
nnd
thus the
ture
was
of
nordinate
amounts
measures
of
were
Then
•
credit
After this
reserves were
enough;
over¬
the extension of
capital assets.
experience,
panded
products;
whole credit struc¬
allowed to become
extended through
against
farm
not
legally offer these Bonds in compliance with the securities laws of the respective States,
the safety of our financial
institutions, if such rates are in¬
taken which caused
mem to
increase at a wholly ex¬
cessive rate.
All these events re¬
obtainable from only such of the undersigned
are
as may
upon
has
been
presented to tell
The reasoning which supports
ever
them is
Kuhn, Loeb & Co.
:
No formula
definitely continued.
not without
The
mere
indicates
questions
some
limita¬
Eastman, Dillon & Co.
Blyth & Co., Inc.
the
any
...
impossi¬
clear for¬
interrelation¬
ships affected are so numerous
complex, and so diverse. Many
of them cannot be usefully evalu¬
'Harridan Ripley & Co.
Glore, Forgan & Co.
"■"■"-;y'
Smith, Barney & Co.
either
in
abstract
terms
or
incorporated
statistics, but must be Worked out
/v';
F. S;
•
E. H. Rollins & Sons
Incorporated
Lee Higgiitson Corporation
'
•
Moseley & Co.
'
Shields &
Company
A. C. Allyn and
Company
.
R. W. Pressprich & Co.
practice either by trial or er¬
or by what is called "knowhow."
Probably the degree of
business activity and progressdepend as much upon the relation¬
Hallgarten & Co.
ships in the area of "know-how,"
as upon those which are expressed
Merrill Lynch, Pierce, Fenner & Beane
in
ror,
Kidder, Peabody & Co
tncorpoiaed
Stone & Webster and Blodget
and
ated
The First Boston Corporation *
statement of the
bility of presenting
mula, because the
-.'7
v7
Y;'.
:
-f
*>
'■
vt7..
•
Incorporated
•
in statistical series.
7
>
''
of
interest
has
been
rates
set
too
for
war
low,
Hornblower & Weeks
Drexel & Co.
Phelps, Fenn & Co.
finance
because
is far below normal, and even
it
September 12, 1945
the
long rates are below those which
4ror.,*-v
"
W. E. Hutton & C
Ail
Paine, Webber, Jackson & Curtis
.
It is not unlikely that the level
ex¬
suddenly,
A"*-
Copies of the Offering Circular
tions.
our
rates
values,
money, and/or qualitative distor¬
tion of the assets behind it. Thus in
hie interval between the World
July 1, 1945.
ness
us.
bank assets—that is, quantita¬
tive distortion of the volume of
of such
effect
case
all
of
Wars,
a
an
•
'
interest charges in the war debt
we have continued during the war,
.
agement of the money system by
formula. That is to say, the limits
did
the freest practical expression to
;
have
gold
until conditions
1914.
period,
bility and regularity in the growth
of the banking system and to¬
wards
the
preservation of
the
quality of bank assets, rather than
written
be
made great
we
prices, capital values, in¬
terest^rates^ the rate of savings,
profits, and all the interrelation¬
ships within and without the area
cause
will
not
magnitude.
some
sion to the natural laws; to allow
or
but the
answer
disturbances of
Under that system
approach
to
monetary
problems, namely, what should
the money system be capable of
doing and do to give such expres¬
measure of success,
the inflationary effect of war ex¬
the
7. The volume of money is or¬
the
is not
Money
Wartime Money Policy
in
is variable.
to
reason
In spite of these
weaknesses, it
J To mitigate the pyramiding of
among
6. The rate of turnover of money
seeks
become
markets.
antly low, rates of interest.
taxes,
and
war
bond
drives, we have sought to mitigate
mentioned
foregoing
variables.'
rate
all other
variables,
are
interrelationships
the factors
two
assets,
any and
economic factors
5. The
they
of black
our
,4. The relationships between the
volume of bank reserves, the vol¬
ume
of bank deposits and cur¬
modity
that
ultimately unworkable by
ployment is likely to be or about
to become highly irregular. When
the rate of growth of these mone¬
tary factors has been excessive be¬
3. The effects of changes, in
terest rates
rency
people
many
to
This statement brings us to the
accompanying price controls
rationing measures involve
worthy,
Approach
second
large
have
Second
Policy for Peace Times
continued,
Government
deficits
created: difficult conditions..
and
The
growth
The
to
also sectional.;
are
factors
used
1237
.
business
of
companies
growth
a
the day of retribu¬
tion may be deferred because of
trend.
The other approach, which we shortages built up during the war.
discuss
more
fully later, seeks Perhaps the pain of retribution
merely to obtain a rather decent can be eased, or possibly it may
degree of regularity in the ad¬ be largely avoided by reverting
vance
of reserves, and hence to as soon as possible after the war
to a policy of regularity.
encourage regularity in. the ad¬
In nor¬
vance of the volume of money at
mal peace/ times, it does not ap¬
a rate which accords on the aver¬
pear to be possible to depart from
the policy of regularity without
age with the long-term rate of
growth of our business, permitting unfortunate repercussions on em¬
prices and all other factors to ad-, ployment. It is to be noted that
the regularity or consistency in
just themselves.,
»1
With respect to the objectives the rate of-growth of reserves and
of the first approach, the follow¬
the volume of money which .we
have noted
in connection with
ing may be said:
1.
Commodity
price
indices regularity of business advance and
cover
only
part
of
the price steadiness of
employment was
phenomena.
They do not' reflect only approximate or relative, and
the values of most capital assets,
that it was not accompanied by
services, rents, insurance, trans¬ stable interest rates, or by uni¬
portation, and many other items. formity low, or even preponder¬
.
insurance
consider, a safe minimum. Prece¬
dents indicate that
excessively low
interest rates too long
to be wrong, and the curve of em¬
ticular level of interest rates.
4.
Some
combination of
two,
vol¬
the
and
reserves
herein, and from
2%
activity.
of business
growth of
life
iiHigiiiag
Tucker, Anthony & Co.
Dean Witter &
Cq.V/:j
71
''
?
'
I
/1
••t
11
*
THE
Thursday, September 13, 1945
CHRONICLE
COMMERCIAL & FINANCIAL
Royal Bank of Scotland
PRIMARY MARKETS IN
Statewide Distributors in
INSURANCE STOCKS
and
BANK
Boston
•
HUbbard
67 Wall Street
Square
WHitehali 3-0782
0650
PHILADELPHIA,
LOS
ST. LOUIS,
INCORPORATED
300 Montgomery
SAN
NEW YORK, BOSTON, CHICAGO,
Private Wires
49
650 South Spring Street
Street
between San Francisco,
IN
OFFICES
6011
Enterprise
Los
V
£115,681,681
and
By E. A. VAN DEUSEN
The
war
have been signalized by high fire losses,
years
heavy
from
decline in motor vehicle writings, and an increase
marine risks.
These four items probably constitute the
inland
advances
in
1942
'
$
American
Globe
Equitable
and
—4.23
—2.88 "
V
—2.32
—D.09
of
.
.:
•+-1.24*
:•
—2.15
—0.30
—9.01
—0.18
Rutgers
Merchants & Manufacturers
■..^
.
—-1.12'
much faster than the
Average
v
$
-^0.31
—0.66
1944
1943
—r-4.43;
—0.81
growth of business have been
of "more or less chaotic
Conditions, representing either de¬
—0.35
:
■: --
■
v
•-
ratio of this reserve to
ber Bank reserve
Government in
Kenya Colony and Uganda
Bankers to the
\
26, Btshopsgate,
London, E. C.
Burma, Ceylon, Kenya
Office:
Head
'''••77
i
J,
Branches In India,
Aden and Zanzibar
Colony and
£4,000,000
Capital———£2,000,000
Subscribed Capital
.
maximum or mini¬
2. No* fixed
mum
normal rate
periods
/.;"V
year..
1
caused to grow
be
could
.
1941
of INDIA, LIMITED
at the
paper reserve,
Reserve Banks,
which
rather
regularly in accordance with rea¬
sonable conceptions, as
revised
from 'time. to time, of the longterm average rate of growth of
our' business—say. 2%
to 4% a
Federal
representative com¬ ployment, and a very satisfactory
panies for the years 1941, 1942, 1943 and 1944. It will be found that and regular progress of business
While some companies reported underwriting profits in each of the activity, even though interest rates
four years, other companies suffered underwriting losses.each year,
were not steady- or,
on the averwhile still others show mixed results.
The first table shows 5 com¬
iger low; and . periods in which
reserves and the volume of money
panies with net underwriting losses for the entire war period.
have either greatly contracted* or
;
'
TABLE I
:
' V
grown for long at an average rate
Net Underwriting. LOSS Per Share
.
basic gold, or
To establish a
1.
gold, and
tQ review the underwriting results Of a list of 32
.
NATIONAL BANK
the following:
the
rate of growth of our
business, have usually been ac¬
companied by full and steady em¬
fire-marine insurance companies.
to be
management would appear
adequate base, and rea¬
an
Mills & Co.
the ideal which we
should seek ot approach in money
long-term
important factors which affect the underwriting operations of
• It
may be of interest, therefore,
most
Glyn
forth,
set
and the volume of money
sonably well proportioned to
marine losses, a
in
regular
rather
reserves
Deacon's Bank, Ltd.
Williams
(Continued from page 1237)
Insurance Stocks
—
Associated Banks:
Policy
A Post-War Money
Bank and Insurance Stocks
This Week
TOTAL ASSETS
CITIES
CALIFORNIA
7008
Enterprise
PROVIDENCE,
PRINCIPAL
7008
Enterprise
PORTLAND,
-
Smithfield, E. C. /
Charing Cross, S. W. I
64 New Bond Street, W. /
Teletype LA 533
Angeles, New York and Chicago
TELEPHONES TO
HARTFORD,
OFFICES*
Burlington Gardens, W, I
LOS ANGELES
Teletype SF 431-432
SEATTLE
ANGELES, SAN FRANCISCO,
8 West
FRANCISCO
Scotland
3 Bisbopsgate, E. C. 2
SECURITIES
INVESTMENT
CG-105
1-2875
NY
PRIVATE WIRE SYSTEM CONNECTING:
throughout
LONDON
FRanklin 7535
•
OFFICE—Edinburgh
Branches
Company
First California
Chicago 4
231 S. La Salle Street
NEW YORK 5
9
HEAD
Nevada
California and
Huff, Geyer i & Hecht
10 Post Office
Incorporated by Royal Charter 1727
Mem¬
balances would
i
Paid-Up
|
Reserve Fund
£2,200,000
Bank cohducts every description of
banking and exchange business
Trusteeships and Executorships
•f r; also undertaken
iThe
I
prescribed by law, but it would
be the stated policy that money
rates would be increasingly higher
as the reserve, ratio declined from
the initial ratio at the inaugura¬
tion of the system,- and increas¬
ingly lower as the ratio increased
over the initial ratio, with a view
to confining cyclical or other tem¬
porary departures from the line of
be
conditions
which
growth in our business, irrespec¬
depression and un¬
tive of gold movements in foreign
employment in the end; 7
]
The second tabulation shows 12 companies which reported net
ttade, or Changes in currency in
Turning from history to abstract
underwriting profits in each of the. war years,, as follows:
circulation due
to hoarding or
theory," one might imagine a sit¬
black market uses, or treasury
TABLE II
uation such that all economic in¬
operations., •
Net
Underwriting PROFITS Per Share
terrelationships were in perfect
j
2. A reserve for the Member
$
$
$
$
$
adjustment and the rate of busi¬
1942
19441941
1943
Average
ness
activity
and
employment long-term growth of the basic re¬ Banks which could depart slightly
Aetna
1.10
0.07
1.32
2.71
0.30
and temporarily from the more
were
constant.
The volume of serve to very small dimensions.
American
0.58
0.60
1.05
1.63
7
0.97
3. The gear ratio of total bank
uniform line of growth of the
Continental
1.77
1.45
1.53
2.63
1.48
money and its
rate of turnover
1.93
1.97
0.85
1.64
3.26
Fidelity-Phenix
basic reserve in order to meet in
would then also be constant, for deposits to Member Bank reserve
Fireman's Fund
3.89
1.09
4.59
5.79
7.61
practical manner
reasonable
if
the
volume
of money were balances, and their relation to the a
Glens Falls"
1.24 '
2.73
4.02 *
3.07
4.28 '
basic reserve would not be clear
cyclical variations, but only if
Great American
0.79
0.87
1.12
0.93
0.95v
artificially increased, those who
Hartford Fire.
\
6.40
8.55
9.55
8.04
8.13
received
the
additional
money and simple unless all banks were money rates reflect the departure
Home
;•
0.63
0.20
0.75
1.87
0.29
members of the Federal Reserve
from the line of normal growth.
would gain at the expense of those
Insurance Co. of N. A.___L
3.55
3.24.
6.61
4.41
4.24,
3/ Uniformity in the minimum
Phoenix
2.33
0.66
1.36 i.
0.57
who did hot. The relative wealth System, the practice of interbank
1.90
st. Paul F. & M
bank
1.52
2.12
rr
2.29
deposits were abandoned, ratio of required reserves to de¬
3.10
2.26
of all persons would be changed
and the required minimum ratio
posits of Member Banks (which
> »
It is interesting to observe in this group that the 1944 results of by the uneven dilution of the cir¬
of Member Bank
reserve were would be all banks), so that the
Fireman s Fund, Glens Falls, Great American and St. Paul were
culating medium.
All economic
uniform
for all banks
and all management of reserves can be
interrelationships of detail would
better than their four years average profits, also that in the cases of
classes of deposits.
clearly translated into a known
be in some measure changed, and
Hartford and Insurance of North America 1944 results were very
4.
If
changes were made to influence on the total volume of
the perfect adjustment of condi¬
close to the four year average.
bank deposits in the country.
tions destroyed. Business and em¬ overcome the difficulties set forth
The third tabulation shows 5 companies with mixed results but
4. Other minor technical im¬
whose
ployment would inevitably suffer- in three, the new required reserve
New Brunswick
—0.57
—0.24
—0.57
—0.34
—0.18
—0.57
'■
—1.52
York
Fire
—0.42
pression,
—0.65
—0.31
New
likely lead to
or
,
■v
.
,
'
,
f
average
for the four
period has been
year
a
net underwriting
if not immediately.
imagined that the
business in this ideal
ultimately,
TABLE
Net
If
III
Underwriting Results
Per
community grew at a constant rate
instead of being perfectly steady,
one would
assume that the vol¬
Average
1941
1942
1943
$
Fire
Assoc.
$
1944
Net Loss
$
$
1
—0.86
+ 0.24
—0.02
——0.68
+ 0.02
—0.71
+ 0.13
-—0.54
—0.01
+ 0.10
+ 1.60
—3.36
—0.8.9
+ 0.95
+ 0.45
—0.86
—0.35
+ 0.41
—3.04
+ 1.65
+ 0.53
—0.45
Franklin
National Fire
New
Hampshire
Westchester
—0.33
—0.28
the
underwriting profit.
Net
Underwriting Results Per Share
1941
_
:
1942
5
,
Baltimore
+
American
+
!
0.24
Boston
+
0.14
+
+
+15.42
Camden
—
o.ll
~~
Hanover
North
River
+
+
199
Springfield F. & M
+
3.87
If. S. Fire
+
1.28
It will be recollected
that
0.12
—
0.14
+ 3.10
—0.10
+ 0.30
1.16
+ 0.27
+ 0.33
+
0.50
+ 0.57
1.89
+ 1.05
+ 1.02
+
0.30
—1.30
+ 0.39
4.77
—
1.30
—1.71
+ 1.41
0.85
+
1.41
+ 1.41
+ 0.81
consequently marine underwriters
panies
•
;•>
seriously affected until the
Government
of
war
BANK
took
risk.
over
Some
particularly
this
class
the
com¬
of
affected,
for
Security Insurance of
real
and
;7';+7^7V;:77
example,"were Agricultural, Bos¬
ton, Fidelity-Phenix, Hanover, In¬
companies, in 1942,
either suffered a substantial de¬
crease in net underwriting profits
or else a net underwriting loss.
From an investment angle, it is
best
to
toward
INSURANCE
STOCKS
Bought—Sold—Quoted
Laird, Bissell & Meeds
,
,
sustain
Members New York Stock Exchange
Members
12,0 BROADWAY, NEW YORK 5, N. T.
and
Telephone: BArclay 7-3500
Bell Teletype—NY
1-1248-49
(L^ A. Gibbs, Manager Trading
Department)
I
New
other
WALL ST.
York
Stock
leading
77
' NEW YORK 5
Telephone Dlghy 4-252$
a
cautious
attitude
stocks
the
current
they ' cannot
Exchange
exchanges
hold
of, insurance
companies with below average
underwriting records.
For even
though such companies may have
a good investment income record,
a long unbroken dividend record
and enough investment income to
■U. S. Fire Insurance
gold
dividend
rates,
achieve long-term
stockholders' equity
will
left
be
the
of
over
Federal
*
the
in
Reserve
This excess
reserve.
basic
gold
segregated to meet any
would be
possible demand for gold for ex¬
port or other purposes without
disturbing the basic gold reserve
and the domestic monetary situa¬
It
back
these
set forth in
resaons
Banks> not required for the
tion.
-
New Haven
and
paper
hands
River, Phoenix, Providence-Washington, and U. S. Fire. Examina¬
tion of the tabulation will show
that
the
5. By prescribing a low required
ratio, a large excess of gold and
of North America, North
surance
were
year of heavy marine losses
due to enemy submarine action,
'
the
+ 0.17
+
the
constant
can
Money
world nothing" is
nothing ideal.
We
only approximate ideals.
In
light of the history and theory
In
+ 0.06
0.24
+
0.21
0.0
+ 6.02
+
Regularity in
the Growth of the Volume
C of
+16.67
0.93
easily within the
and
size,
for
+ 0.83
0.56
1942
small
daily capacity of the trading mar¬
kets in Government securities, and
below.
Net Profit
0.87
—
of
classes
five
<£
+ 0.98
0.39
—
—
was a
•Vs1-'
1944
4.36
+
1.55
+
+
+
o.27
Prov. Washington
Security
—
banks and all
deposits, in order to
uniform for all
would
Federal
also
be
Reserve
used
notes.
order
to
free
be
would
reserve
balances grew
much more
than normal as repre¬
sented by the growth of the basic
reserve, and by decreasing interest
rates, if Member Bank reserve
rapidly
subnormal rate
A fur¬
ther
qualification would be an
additional •statement of policy to
balances grew at a
declined appreciably.
or
the effect that the
tin
the
of
sketched
as
modified if it
should .be
above
normal opera-
system
appeared that a deterioration or
the quality of bank assets, which
could not be corrected by specific
controls or influences, called for a
credit. It
that
customs with re-
temporary restriction of
cannot
would also be the fund to which
gold
other
all
and
values,
factors
It
imports .could be added in
not to permit imports to
said,
be
changes in the
moreover,
spectjp the use of money, or
m
i no
technical
r
other
considerations
chahge the basic reserve.
mightfnot make it necessary or
advisable to depart slightly from
a
segregation of deposits at the any precise mathematical way of
Federal Reserve Banks
and
at carrying out the policy or operat¬
other
banks
into
two
classes, ing the system, particularly in the
which would be kept at parity and immediate period of readjustment
6. This plan would also require
properly
distributed
not set forth herein.
by
methods
This and
cer¬
tain other
purely mechanical fea¬
not interest us here,
they would affect only
need
tures
because
certain
internal
details
of
bank
operation.
This system is designed to pro¬
vide:
better
accord with the long-term rate of
average.
activity, money
savings, capital
Prices, business
rates,• the rate of
to
growth in
comparable with( that of compa¬
nies whose underwriting history is
than
provements.
economic
adjust
permit changes in Member Bank themselves subject only to the
reserve
balances* to be effected limitations imppsed by increasing
by
open
market operations of interest rates, if Member Bank
be
also
wards Greater
$•
2.69
—25.73
+
deposits should be low, and as
stated under three above should
to
Means of Attaining Greater Regu¬
Average
1943
$
o.67
in eco¬
interrelationships.
nomic
balances
Bank
Member
of
ratio
larity in the Growth of.■ Reserves,
and Exerting an Influence To¬
IV
A
Agricultural
also grow at
rate in order not to in¬
same
troduce disturbing changes
,
TABLE
of money should
ume
—1.67
■
The fourth tabulation gives the record of 10
companies having a
mixed war record, but whose average for the four
years shows a
net
of
volume
Share
next
we
1.
'
A basic
grow
reserve
a
war.
that common
It must be
sense
assumed
used
would be
in the operation of any system.
The system would appear to re¬
duce
the
discretionary
factor in
management of the money
system to a practical minimum,
the
and
to
give the greatest
freedom
.
regularly at
after the
of
opportunity
which would
natural
rate about in
out.
It should enable
out
a
laws
to
work
domestic
possible
for the
themselves
us to carry
.money.
policy
Volume
Number 4420
162
THE COMMERCIAL & FINANCIAL CHRONICLE
closely parallel to that of ^England
in the period reviewed, and should,
contribute
therefore,
much
as
as
possible through basic monetary
policyv to stability of employment,
consistent
stability
system
business
growth,
and
of prices.
Had such a
actually been in opera¬
tion in the interval between
wars,
it would
presumably have led to
somewhat less over-expansion of
credit against capital assets in the
1920s, and
late
to
adoption of a
policy much
promptly after 1929, but not
easy
very
more
money
the cut in the gold content of
the dollar in 1934 or the very ex¬
to
cessive increase in reserves which
followed that action.
"Based oh
other
historical
would
probably
precedents,
it
mitigated
have
the severity of the crisis and
pro¬
duced a more rapid
recovery, be¬
cause
it would have generated
general confidence. It would have
generated such confidence, be¬
cause
everyone would have been
able to
that both over-expan¬
sion and undue contraction, or if
one wishes to call them
that, any
tendency to either "inflation" or
"deflation" would at once
see
bring
into
play
corrective
forces,
and
onfitfpnt.
and
individual
planning
timing
of expansion pro¬
grams, a feature lacking through¬
out the 1930s by
reason, in part,
of the vagueness and confusion
of
monetary policy, which first eased
money tardily and then so exces¬
sively
over
expanded
reserves
that the future could not be con¬
fidently appraised in quantitative
terms or timing.
Under the pol¬
icy and system outlined it would
be
known
errors
of
positively that any
judgment made in money
management would necessarily be
small, and that exotic foreign or
other
influences
could
not
as
easily upset the domestic money
situation.
Confidence in our fu¬
ture^ would
creased.--;;:
It
would
necessarily
be
possible
somewhat
similar
using,
mechanism
the
herein.
In
in¬
be
'-'..rXf:;'
,
this
attain
to
ends
without
set
forth
event
provision
would be made whereby the dis¬
turbing effects of extraordinary
gold movements, currency hoard¬
ing and dehoarding and other dis¬
turbing factors would be offset by]
he
be
manner
of its execution would
perfectly clear at
To carry out the
policy and
operate the revised system per¬
fectly, would obviously require
that the banking system be not
obliged to absorb a constantly in¬
creasing amount of government
bonds.
The policy and its exe¬
cution could be only part of a pro¬
new
the volume of our
business rather than a temporary
splurge of activity.
Through the
action
of
the
should
be
possible
basic
reserve,
what
tell
to
it
part of the advance in the volume
is regarded
money
how much
as
perma¬
budget
or
small budgetary sur¬
a
plus,
except for
icits
in
times
depression.
the
problem
advance
of
any
more
to
of
attaining and
reasonably steady
a
in
business
our
reasonable money
other
considerable
There is far
maintaining
def¬
reasonable
of
„
gradiose
schemes
than
a
policy or than
construction or
which
upon
so
much reliance has been placed in
recent
years
both here and in
England.
That is
record of
shown
by the
England and this
try- when such schemes
coun¬
were
in ef¬
or
opinion
the
of
it should
more
of the
Through the ac¬
secure
Or, again
reserve
bal¬
the volume of
money.
advance
the
periods (except
1929 to 1932) when they' were not
in
effect.
It
is
within the field of
is
invention,
salesmanship,
could
say
policies
avoid monetary abnormali¬
to
was
we
ties which raise doubts, fears and
uncertainties; or which restrict
or distort other economic factors.
Looking
deeper,
objectives
these
have
in
monetary
turn
the
ob-
sensibly and
on
the] enterprise of American people;
planned in both timing and volume of bank deposits as would I that the essence of advance is to
degree.
<
be obtained by the system
t
All these things and
sug-j be found.
Objections to or fears concern¬ gested. However, it would be lessS many others are largely in the
clear that large gold movements] dark
ing this policy and system might
area
which economics and
were not disturbing to the domes-;
foe raised on the ground that
grandiose schemes do not effec¬
(1)
the initial base selected might not tic money situation.
Larger open, tively express or evaluate.
The
jectove of greater consistency and
foe correct; (2) the
gression of the basic
tary theory.
well
rate
of
reserve
pro¬
might
not be
.
correctly determined, and
that over a period the error
(3)
market
operations might, at times
Unusual changes in
be required.
the amount of currency in
lation would continue to
suggestions
cover
all
made
the
circu-j which might be
affect
do
monetary
not
even
measures
It is
controls
necessary.
possible
that
special
might be required from time to
serve balances unduly unless off¬
time for some years with respect
able total. To these objections the
following answers may be pre¬ set. Changes in the reserve ratios to certain foreign exchange trans¬
sented:
(1)
Assuming that the: are a crude method of making ad-: actions and gold movements—so
we
would
not
have
to
The existence of dif¬ that
system were initiated on a basis justments.
might accumulate to
adequate
close
to
to
sustain
the
war
consider¬
a
something
time
level
of
business activity, and shortly after
the war, the base could not
too>
small
rbe
and
strictive.
nence
It would
unduly
re7
obviouslyV.be
the volume of Member Banks'
ferent
reserve
kinds
of
ing of
reserves
re¬
ratios for different
deposits
and different
classes of banks, and the pyramid¬
deposits
banks
and
are
Federal
through interbank
the
fact
Reserve
policy nor the mechanics sug¬
gested would preclude some defi¬
cit financing to assist in the in,
that
all
of
the
cfpase
would
should
members
not
take in all the gold in the world.
It is to be noted that neither the
System,
of bank deposits, df they
decline
excessively,
make operations to carry out the
squeeze out the excessive growth
hqt
both
do
imply reasonable
,pf deposits during the war. To, policy suggested far less smooth,- limits to such procudures, because
do so would increase the
Under the Their objective is a greater degree
burden simple and certain.
of Government
debts, and bring revised system both the nolirv and of consistency in the advance of
about depression.
On the other
undesirable, if not impossible, to
hand, a further unusually rapid
increase in reserves and deposits
in the post-war years would
This announcement is not
only
increase
the
abnormalities,
add to troubles both in
and
imme¬
the
diate post-war and later
very
an
The
or a
Bond Men's Golf Meet
A
match
J between
teams representing the
Pa.
sustainable
average
advance
general
of
speed in the
business and
the stability of employment.
The
basic policy is founded primarily
history and secondarily
upon
is: Edward A. M.
of:
consist
Walter
A.
ton
Corp.
The
ture
golf match will be the fea¬
of a full day's outing
municipal men are hold¬
event
the local
ing at Manufacturers.
on
obvious platitudes of sound mone¬
It is not
enough merely to ad¬
gold stand¬
ard.
It is necessary also to re¬
turn to a gold standard so set up,
that its operation will contribute
to regularity of advance and em¬
ployment, and will not introduce
vocate
return to the
a
disturbances.
It is not enough to
or
"liberal"
"sound"
advocate
policies. It is necessary to
begin with conceptions which are
money
both
quantatively and
qualita¬
tively realistic, and to set up the
monetary system
be
clearly
of the
rect,
may
easily applied
and
practice.
that they
so
in
Keystone Company
Formed in Boston
BOSTON, MASS. — The Key¬
Company of Boston has been
stone
formed to carry on the business of
the Keystone Corporation of Bos¬
ton, 50 State Street.
Partners of
the
new
organization are S. L.
Sholley, Theodore A. Rehm, and
James W. Bridges. All were for-*
merly with Keystone Corporation,
of
which Mr.
dent and Mr.
dent and
policies also should be
also
solicitation of
cor¬
simple enough
to
command
general
confidence.
$113,825,000
could
to 1 Vz %
hardly be
over
1%
say
Consumers Power
at the most, and
would for various reasons be cer¬
a
year,
tain to be made on the
expansive
side.
An error of this
could
cept
not
be
over
magnitude
important ex¬
very
peribd, which
would give ample time for
grad¬
ual mitigation of the
error, and
for adjustment of other economic
factors to the error. The adjust¬
ments
would
gradual
as
First
long
a
_be
to exert
small
so
and
HH Dated September
Company
Mortgage Bonds, 'V/%% Series due 1975
I, 1945
.
Due September I, 197$
•
,
visible dis¬
no
.
iP*'
;s;
Price 102.37% and accrued interest
turbance.
Such a policy and system would
have the very great
advantage of
telling the world, through the
published statements of the Fed¬
eral Reserve
System, exactly what
the
rate
basic
of
progression
reserve
the
of
which
was
The
the
Prospectus
may
be obtained in
any
State in which this announcement is circulated from only such
of the undersigned and other dealers as may lawfully offer these securities in such State.
monetary authorities regarded as
more or less
permanent, and ex¬
actly what the departure of the
ilme of growth of Member Bank
HALSEY, STUART & CO. INC.
reserve balances and the volume
of
money from the line of growth
of the basic
reserve
was,
Was regarded as
sequently,
know
m
the
business
when
advances
eyes
men
which
of
and
the
monetary
how
au¬
excessive
it
was, and would have
equal assur¬
ance in
the event of a
cyclical
decLne that all that
can
sound
done,
limits
and
of
correction
that
such
sensible. *'- This
the
A.G. BECKER & CO.
would
PHELPS, FENN & CO.
SCHOELLKOPF, HUTTON & POMEROY, INC.
L.F. ROTHSCHILD & CO.
'
INCORPORATED
DICK &
'
,
MERLE-SMITH
•
HALLGARTEN & CO.
be
facilitate
GRAHAM, PARSONS & CO.
GREGORY & SON
INCORPORATED
be
quantitative
should
INCORPORATED
& CO.
BURR & COMPANY, INCa
be done
would
action
WERTHEIM
SALOMON BROS. & HUTZLER
by monetary action to
bring about
>a
(INCORPORATED)
would
rate of cyclical
becoming excessive
E. H. ROLLINS & SONS
OTIS & CO.
BEAR, STEARNS & CO.
Con¬
the
was
thorities,
temporary.
September 12, 1945.
''
'
*
Presi¬
support
,
offer to buy these securities»
an
was
Secretary.
The general principles
and
Sholley
Bridges Vice-Presi¬
post-war
of. constant study, but even if it
were not precisely
correct, the er¬
Schmidt,
Schmidt, Poole & Co.;
Alfred W. Tryder, W. H. Newbold's Son & Co.; Russell Ergood,
Stroud & Co., Inc.; G. Freeman
Grant, Dolphin & Co.; Edward
Boyd,
Jr.,
alternate,
Harriman
Ripley & Co., Inc.; Russell C.
Schuler, alternate, The First Bos¬
captain,
(2) It is assumed that the
eras.
the
golf
New York
Municipal Bond
Club and
the
Municipal Bond Club of Phila-?
delphia has been scheduled for
the local club's outing on Friday,
Sept. 14, at the Manufacturer?
Golf and Country Club, Oreland,
offering is made only by the Prospectus•
correct rate of progression for the
basic- reserve would be a matter
ror
offer to sell
:
Comprising the New York team
Cobden, captain,
Kean, Taylor & Co.; William Mor*
ances, it should be possible to tell
to what extent, if any, the volume] ton, .The Chase National Bank;
Raymond R. Wilson. Stone & Web¬
of money is regarded momentarily ;
ster and Blodget, Inc.; L. Walter
as
abnormally
great
or
small..
Dempsey, B. J. Van Ingen & Co.,
Using different words, we could
Inc.; Roald Morton, alternate, Blue
say that the objectives of the pol¬
List Publishing Co.; P. Scott Rus¬
icy are to avoid quantitative dis¬
tortion in the volume of money, sell, alternate, Glore, Forgan &
Co., and the team representing the
and qualitative distortion in bank
Philadelphia Municipal men will
assets which
tion of Member Bank
that the objective of the
in
Municipal
managers
system.
money
fect in comparison with the rate of
influences could be exerted
the
in
increase to reach the appropriate
level of permanent advance in the
ratios, so that, be¬ styiingj improved processes, de¬
two, somewhat similar j tailed prices and the hustle and
tween
influences would be
increase
of
Phila.-N.Y.
with the long-term rate of
vance
nent
reserve
that the extent of such corrective
the volume of money, and a bet¬
ter correlation of the rate of ad¬
gram which called for a balanced
traditional methods—that is,
open; "know-how," that
market operation and changes in technical
details,'
the*
time.
any
1239
HAYDEN, STONE & COc
*
and
Thursday, September 13, 1945
CHRONICLE
COMMERCIAL A FINANCIAL
THE
1240
We offer
subject to. prior sale
$250,000
Seaboard Railway Co.
Alberta
Chicago, Milwaukee, St.
When Issued Securities
(Province of)
"
'•
■
«
Broadway
61
Chicago
Railways Co.
"A"*5s,
Cons.
Members New York
Bell Teletype-NY
preferred stock, the company's only outstanding
attracting considerable investment buying interest in
recent markets not far from the year's high.
It is not too ditlicult
to remember back to the days when Great Northern was looked upon
speculative rather
but that the
just another "marginal" road and its stock as a
investment medium. There can be no question
fundamental traffic status of the'*
Ernst&Co.
York
New
and other
Commodity Exchs.
Exchange
Stock
leading Security and
120
231
Broadway, New York 5, N. Y.
LaSalle St.,
So.
/Chicago 4, 111*-
X.
J
Baltimore & Ohio
Conv.
justify the
oresent investment regard for the
shares.
Rail men fairly generally
look upon the stock now as one
of the most attractive in the list.
Ten years ago today there was
considerable apprehension in fi¬
nancial quarters as to how Great
fvorthern was going to be able to
meet a large maturity of 7% Gen¬
eral Mortgage bonds on July 1,
recent
of
ress
years
1936. Two weeks ago
Analysis on Request
maxed
.
Tel. CAP. 0425
:
Teletype BS 259
:
bond re¬
long series of
a
tirements, bond
bond conversions
St., Boston 9, Mass.
cli¬
This latest operation
bonds.
148 State
$75,-'
of long term
General
Mortgage bonds carrying coupons
of
3% %,
the proceeds, along
with treasury funds, to be utilized
for retirement of 3%% and 41/2%
000,000
and
refundings
in the process
which fixed charges have been
of
outlining their griev¬
requesting that the
regulation be changed.
V:
gressman,
sources
the Western Pacific
lines to a connection with Great
Northern in northern California,
and virtual rebuilding of Western
the company
successful in marketing
was
4V2S; 1960
remaining
ances
and
that your Officers
Rest assured
and
will
Committee
Executive
promote every effort
the interests of the investing
continue to
in
public which we all
•'
(Signed)
represent.
RICHARD G. HORN,
President.
of
tension
V
.
(Continued from page 1230)
Some of the principal
of lumber in
the country are in the territory
served by Great Northern and are
geographically so located as to
minimize the influences of intercoastal shipping competition. Ex¬
financial prog¬ portation.
property and the
MEMBERS
;
YORK 5, N. Y.
Margin Rules
Protest
Great Northern
than an
Stock Exchange
Customers' Brokers
stock, has been
as
interest
Telephone REctor 2-7340
1-310
Railroad Securities
1927
accrued
and
120 BROADWAY, NEW
New York 6
,
Telephone—DIgby 4-4933
V
•'
SUTRO BROS. & CO.
& rust
Exchange
York Stogk
(when issued) W'
104%%
Price
.
pflugfelder, bampt0n
Members New
'
:
:
only
Clearing Contracts
Exchange Stock
York Stock
New
'
Paul & Pacific R. R.
Mortgage 4s, 1994
V. T. C.
No Par Common
5% Preferred
4s, 41/2S, 5s, 5%s
4V2s
Income Mortgage
Mortgage 4s
First
1st
the thought that our nation
speculation. If
our
forefathers had not specu¬
lated we would not today have
our
railroads.
The West might
ject
has been built on
still be
son
a
not
speculated,
have
Y.
Telephone HAnover 2-7914
^
$19,330,000 to an indicat¬
level of $8,630,000, a reduction
cut from
ed
During the same period
has been in¬
of 55%.
would never have had
bomb and the war
Pacific,
developed new traffic Oppressive-Discriminatory Regu¬ would still be in progress at an
sources.
These are permanent lation Now!
the Association has even greater cost and at tremen¬
favorable factors and are being released the following excerpts dous additional loss of life. . .
"If the Federal Reserve Board
augmented by industrial growtn from clients' letters to the Federal
ever attempted to apply a similar
"
f and
opening up of new farm Reserve Board:
lands brought about by Govern¬
"The small investor, like the rule to the purchase and sale of
ment power and irrigation proj¬
small businessman, always bears real or personal property, revolu¬
ects in the northwest.
the brunt of regulation. But while tion would spring up overnight.
a
democratic Govern¬
In addition to its favorable traf¬ most governmental leaders are to¬ Imagine
fic position Great Northern is^ in¬ day trying to aid small business, ment telling a property holder
that heJ cannot sell one piece of
herently one of the most efficient the Federal Reserve Board has
railroad properties in the country,; promulgated
regulations which land until he has wiped out his
although with not so low an oper-: have no effect whatever on the mortgages on all other properties
ating ratio as the large bitumin-j big investor but which are caus¬ or established an equity in all
ous coal carriers.
On the average, ing the small investor gigantic other properties of 75%. Imagine
the Government telling a mer¬
for the five years 1936-194Q, and losses.
the heading "The
Under
Investor
Mackay to Resume
has
Mackay
Malcolm
Colonel
been
S.
from
released
active duty after
serving with the
Marine Corps since the outbreak
Colonel Mack-
of World War II.
3,092,539 shares at the
to
ay's release will become effective
fc, 1945, at which time
£8 of Oct.
present
time.
fixed
and
retirement
Debt
charge reduction has presumably
run
its full course for the time
being,
for what will be
through
sinking
except
accomplished
Foundry Com¬
profitable
in 1938, the road was,
ore tonnage
able to carry almost 24 %
of gross
through to net operating income
before
Federal
income
taxes.
.
Naturally the ratio has been high-'
er
the
in
boom
war
In
years.
comparison with this performance,
operations.
The general
he will resume his former con¬
mortgage represents. the entire
nections as partner of Laidlaw
funded debt other than equipment
and Company, 26 Broadway, New
obligations and is outstanding in
York City,
and a
Director of the aggregate amount of $226,American Car and
in
iron
particularly
the
creased,
through
bond conver¬
sions, by less than 600,000 shares
Duties at Laidlaw
Lieutenant
.
the sharp contraction
despite
outstanding
stock
fund
fixed
indicated
present
would
absorb
less
than
charges
10%
of
1936-1940 gross. In addi¬
tion, the company owns 829,337
shares of the profitable Chicago,
Burlington & Quincy stock.
average
„
On the
basis of the stock out¬
Nearly half of the total
pany.
—
and
present
fixed
carries
coupons
of 31/8 %
and standing
During the greater part of his
$175,000,000 bears interest at the charges, with adjustment of in¬
wartime
duty, Colonel Mackay rate of 3%% or less. The balance come taxes to reflect the lower
was
Commanding Officer of a of $51,527,300, with interest rates charges, the company would have
Marine Transport Squadron which
of 4% %, 5% and 5V2%, is all non- reported average earnings of more
supported landing operations at callable.
The largest of the high than $3.75 a share in the generally
unsatisfactory
period
1932-1941.
Peleliu, Leyte
and
Iwo
Jima, coupon series, $22,864,400 of 5 V2s.
527,300.
.
well
as
operating
as
tically
all
In
Peleliu
the
carried in
sonnel,
of
over
prac¬
the
Pacific.
operation
alone it
areas
two
matures in
in
7,500 military
and
a
per¬
million
half
pounds Qf vitally needed supplies,
and
evacuated
over
600 wounded.
Boston Elevated
the
little over six years
4%s
On the
Small
This
Relief from
Needs
most surely
the
atomic
.
same
chant he cannot sell his stock of
difficulties shqes until lie has paid for at
least 75 % of all other merchandise
upon the small investor.. .Caught
."
with his account frozen and the in his store!
war at an end, he has been faced
"Keep the margin at 75% if
with the alternatives of either your Board considers this neces¬
selling from 35% to 50% of his sary but make this ruling apply
total holdings in order to unfreeze only to new purchases involving
his account or holding securities cash.
In other words remove the
which he no longer desires and retroactive phase of the regula¬
Personally, from a strictly
which he knows must be depressed tion.
in
value
because
of changing business viewpoint, I believe a
50% margin ample for the pro¬
world conditions."
"I have heard it stated that the tection of the investor. If the odds
are
three to one against good
reason for your ruling was your
interest in the small man and your times ahead—as evidenced by the
75% margin—then We are in for
desire to protect him. It was fur¬
ther your desire to prevent in¬ bad times and even 75% will not
flation by increasing margins and be adequate protection. . ,
"If Federal Reserve is really
thereby keeping the small maa
out and thus, hopefully, discour¬ sincere in its desire to protect the
investor may I suggest that it ternaging speculation. May I here in¬
.
1942-1944, in¬
clusive, would have been close to
$8.00 a share. It is estimated that
.
Disposition of
Wartime Railroad
■"7'
Earnings
77''7i>:5'■■'■■•V
"
Letter Available to Dealers
passed
Over
of July 5th
works unsurmountable
basis average earn¬
along to stockholders, j should have little difficulty in
period of years Great holding that level in the post-war
Northern has experienced a far
years.
Dividends are paid semi¬
nore
favorable trend
of traffic
annually, the last payment having
ind revenues than have railroads
been $1.50 a share in June. An
as a whole or railroads in north¬
western territory.
One important increase to an annual $4.00 rate
be
.
"The newest ruling
ings for the years
in
setup, it | earnings this year will be around
is generally expected that a larger * the latter figure and if the excess
share of earnings will henceforth' profits tax is eliminated the road
and
progress already
made,
view of the present debt
reason.
Railway Co.
a
and. 5s
do
not
•nature until the 1970s.
With the
but
we
had
.
N.
Had Edi¬
might
barren waste.
the phonograph
or the electric bulb.
If our pres¬
ent Government had not specu¬
lated to the extent of two billion
dollars of taxpayers' money we
never
'
^
a
has
been
the
strong
de¬
pendence on iron ore which is not
vulnerable
competitive
to
trans-
this
7
December
next
,or
,
Vilas & Hickey
Members New York Stock Exchange
June
expectation.
Y.
Telephone: HAnover 2-7900
would not appear as an unreason¬
able
New York 5, N.
49 Wall Street
Teletype:
NY
1-911
,
5% Stock
Guaranteed by the
KEYES FIBRE
Commonwealth of
RAILROADS IN
Class A and Common
THE RECONVERSION PERIOD
Massachusetts
EXPRESO AEREO
Circular
on
request
k,\•'H.*.j
•
'
.V
«' '
,
'•;.,
V
.
)
•"
■
•
»
U&C *
•/'
•
> ' / y.'\'V:,v. . V;VV:'\7-^7;
Circular upon request
S
V.-:V rv'77r7' "r V'
'
SEABOARD ALL FLORIDA
6's
Adams & Peck
63
Wall
Street, New York 5
BOwling Green 9-8120
Boston
Tele. NY 1-724
Philadelphia
Mclaughlin, baird & reuss
'35
Members New York Stock Exchange '
1. h. rothchild <5
specialists in rails
co.
52
7 Member of National Association
of Securities Dealers, Inc.
Hartford
I
wall
HAnover
street
2-9072
n. y.
c.
8
tele. NY 1-1293
ONE
TEL.
WALL STREET
HANOVER
2-1355
NEW
TELETYPE
YORK S
NY
1-2155
THE COMMERCIAL & FINANCIAL
Number 4420
162
Volume
Dorarily'suspend its order of July
until a proper survey has beeni
made in order to learn what dam¬
5th
when,
done the investor
was
age
1, 1945, of all of the outstanding
Halsey Stuart Group
Offers $113,825,000
of
shares of $5
$105 a share.
14,
Consumers Pr. Bonds
substantially the same
..."
-
curities of
values.
-
"As
result of the raising of
a
margin requirements to 75% of
value of securities on the N. Y.
Stock Exchange, it does not seem
possible that you gave thought to
serious
financial
effect it
the
have
would
investors.
countless small
I have always had
on
...
the
award
of
the
bonds
competitive sale Sept. 10
Zu10h6799 for
Ihe
on
a
a
offering represents
est
at
the
preferred
•
,
stock
at
or
fore
Oct.
1,
ticated
loans
prior
to
1
of
be
Nov.
redeemed
are
the
The
entire
with
Fourth
Third
Citizens Trust &
is
company
Commonwealth
Corp.
which
common
owned
stock of
Los
proposes,
under
recapitalization plan, to
distribute to its stockholders all
Power,
stocks
principally
through the
Co.
and
the
Savings Bank of
TEX.
WORTH,
here
to
—
Joseph
engage
in
a
gen¬
ap¬
service
entirely in
Co.
renders
in
and
electric
Trust
eral securities business.
gas
Power
Union
offices
proved.
Consumers
13
James McDonald will shortly open
as well as the common
of its other northern sub¬
sidiaries, if the plan finally is
that-
Co.,
Morgan
Angeles.
FT.
stock of Consumers
common
&
Mr.
McDonald in Ft. Worth
an
amended
the
Eustis
Street.
the
by
Southern"
and
Geo.
for many years with the Fifth
was
(no par) common
All of the
Chronicle)
CINCINNATI, OHIO — George
C. V. Morgan has become associ¬
ated
the
be¬
Go. &
Financial
East
stock.
year.
bonds
constitute
to
811,716 shares
commencing
Jan.
will
(Special
outstanding will be 547,788 shares
of $4.50 preferred stock and 1,-
Regular redemption
prices begin at 106% and if the
same
after Sept.
case
Morgan Willi
funded debt of the company. Also
with 1956, cash or bonds equal to
1% of the total bonds authen¬
-
There is no premium in
1, 1972.
Upon completion of the present
financing the new bonds and bank
dividends, aggregates $140,-
each
Geo. Eusfis
either
con¬
on or
G. C. V.
|p?%.
191,924
.
ing fund for the bends,
will
on
of
The company will pay as a sink¬
bid
$15
all
803,720.
Net proceeds from the
sale, to¬
with bank loans of
000,000 and other funds,
used for the
redemption
or the maintenance
replacement fund, the special
redemption
prices
begin
at
3V2S, due in
1965,
at
103V2; $55,153,000
of
31/2S, due in 1970, at 106%, $21,832,000 of 31/4S, due in 1966, at
IO51/4, and $17,915,000 of 31/4S, due
in 1969, at 108.
The funds re¬
quired for all of these redemp¬
tions, exclusive of accrued inter¬
financing
gether
sinking fund
sist of: $18,925,000 of
of the
one
public
utility
operations this year.
1945,
The bonds to be redeemed
coupon.
largest
and
funded debt of the company, and
the redemption on or about Nov.
margin was _only 50%.
If,
this survey, xt is learned that;
the investor suffered no loss then
Halsey, Stuart & Co., Inc.,
jt would be proven that the recent
headed a nation-wide
group of
arbitrary increase was unneces¬
underwriters whicE on Sept. 12
sary.
I also urge that your Board
amend the ruling to permit the n£ner^d t0 the public $113,825,000
Consumers Power Co. first
withdrawal of cash -equity upon
mortgage bonds 2%% series due
cale of any part of the securities;
b°ads .are priced at
in a presently frozen margin ac¬ lno*«?rP'
102.37 and accrued
interest from
count and also permit the sale
Sept. 1. The underwriting
group
and purchase or exchange of se¬
won
the
from
CHRONICLE
natural
population of
a
territory with
more
an
Michigan
estimated
than 2,278,000.
faith in the American way of life
growth of American
and have invested my
savings
in
common
stocks of
American corporations, knowing
in that way I should enjoy their
and
the
in
industry,
I preferred this manner
success.
rather than buying real
installment plan (some
Government favored projects
of saving
estate
on
requiring only 10% equity). When
temporary conditions brought cer¬
tain equities below their true as¬
set value I would use my 50%
buy additional securi¬
when ' these securities
rose,:to prices in excess of their
value I would sell down to a 100%
credit and
and
ties,
invested position.
The recent in¬
to
of margin requirements
crease
75% 1 cannot help but feel is dis¬
of
favor
in
criminatory
the
wealthy and most discouraging to
man
of
small
means
who
the
should be encouraged by
instead.
ernment
time
the Gov¬
At the present
'
account.; is frozen and I
to make any changes
Some
which I have are selling for
my
unable
am
which would be profitable.::
stocks
less
than
their' net
and
some
at less
asset,
value;
their net
than
working capital and yet they are
only entitled to a 25% loan value.
It certainly
ridiculous and
will be so
modified that a person can at least
exchange securities in his present
I
do
seems
hope the ruling
without
account
penalty.
.
."
.
MKTAL «f MOTION
"I do wish to protest
against the
restrictions placed on margin ac¬
counts
effective
July 16,
1945,
wherein such restrictions apply to
substitutions
of cash
the
or
and/or
withdrawals
from SEAWATER
securities. As you know,
ruling requires, a 75%
margin before a substitu¬
tion can be made, and a like per¬
centage must remain after a cash
new
overall
withdrawal.
the
new
As
you
more
FOUR years ago the announcement was made
the
ruling disallows the with¬
drawal of
a
security from a re¬
stricted account even if paid Tor
in full.
or
I feel very strongly,
to
withdraw
of
Production
from
curities.
at Midland,
entirely foreign to se¬
Many others, due to the
war's ending and the changed na¬
tional economy, rightly desire to
overhaul their securtiy holdings.
prehistoric
a
water
With
say a
% margin after a
liquidation or
before a substitution. V'.
was
sea
one
to learn how to handle
was
continuous flow.
Dow learned to do—and at the very
had
suddenly
become
pounds
fabri¬
a
provided
all
the
i
But recovering it from ocean
complex chemical operation of this
J.
Ryan
V
L
A
N
T
A
have
OXV ILLE
general partner¬
ship in J.
B. Hanauer &
Raymond
Boulevard.
location be¬
essential
kind.
for
a
Dow has
extended this notable development so that in addi¬
world until Dow poured the first
tion to the recovery of
1941.
sion is producing
magnesium, its Texas Divi¬
caustic soda, and
other basic chemical materials
770 parts of sea
cubic mile of ocean water
of magnesium to
advertisement
companies,
KN
to
ideal
factors
cause
in
the
featuring Southern developments.
A
John
material
hundred million
year.
Freeport, Texas, proved to be an
it
This
time that mag¬
critical
a
needed in volume reaching several
something that had never been done in
part
therefore,
a
long list* of
essential to American
industry.
i
n. j.—Myer c. ei-
been admitted
is a
aluminum.
is
ready
to
do
its
by
series
Equitable
Securities
Corporation
Equitable has helped to finance many Southern
part
in
supplying
others
with
capital funds.
NEW
NASH V ILLE
Newark,
this metal that
of
far below the earth's surface
Another
was
The problem,
not a new venture
both in producing and
water, there is in every
70
of the
billion pounds
vast volumes of sea water in
nesium
was
ingot at Freeport in January,
these actions cannot now
be taken in a restricted account
stein
nine
full third lighter than
aircraft.
Michigan.
the history of the
However,
and
the
Since 1816, it
extracting magnesium from brine pumped
has been
lenstein
—
cating this remarkable weight saver.
through liquidation, to be used for
ostein, Ryan Are
Hanauer Partners
magnesium
into
magnesium
for Dow, the pioneer
funds,
Purposes
though there might be,
put
was
of fighting
struction
remotely desire to gamble
Many of these peo¬
desire
extracting
of
water. A
operation in Texas, at
Freeport on the Gulf, and from it have poured
millions of pounds of this metal so vital to the con¬
plant
great
speculate.
ple
problem
than
weighs only one-quarter as much as steel and
had solved
lightest of all structural metals—from sea
Mr.
Eccles, that these restrictions have
and are placing undue hardship
on a great
many people with mar¬
gin accounts—people who do not
oven
The
Company
Chemical
Dow
that
also know,
EQlilTABLE
BIRMINGHAM
Co., 1180
NEW
ORLEANS
Mr. Ellen-
Securities Corporation
YOUK
MEMPHIS
HARTFORD
GREENSBORO
CHATTANOOGA
formerly Commissioner
City of Newark.
Mr. Ryan
has been with the firm for a num¬
ber of years in
charge of the Trad¬
ing Department.
,
BROWNLEE O. CURREY, president
322 UNION
TWO WALL STREET, NEW
STREET, NASHVILLE 3, TENN.
:
\
YORK 5, N. Y
THE COMMERCIAL & FINANCIAL
1242
Thursday, September 13, 1945
CHRONICLE
Lobell
$200,000
Province of Nova Scotia
CANADIAN BONDS
office,
Principal and interest payable in New York and Canada
Price to
announced on Aug. 31
was
Province of
by the Securities and Exchange
Commission, Philadelphia advices
5% Bonds, due March 1, 1960
GOVERNMENT
/
SEC Post
in
resignation of Robert M.
Blair-Smith, Executive Assistant
and head.of its opinion writing
The
Non-Callable
that
on
"Herald
yield 2.95%
day to the New York
Tribune," from which we
ALBERTA
quote, also said:
Mr. Blair-Smith, who will en¬
PROVINCIAL
Wood, Gundy & Co.
MUNICIPAL
a
Incorporated
?!
CORPORATION
14 Wall
(Canada)
before
Street, New York 5
Commission,
the
to
sistant
Montreal
Toronto &
Wires to
Direct Private
law practice here, was
practicing attorney'in New York
joining the Commission.
Nathan D. Lobell, Special As¬
ter private
was
appointed Executive Assistant to
succeed Mr Blair-Smith. He is a
,
CANADIAN STOCKS
graduate of City College of New
York
and
Columbia University
Canadian Securities
BRUCE
By
delphia,
exchange experts
A.E.AMES&CO.
INCORPORATED
.
I
v'lj
This
WALL STREET
NEW YORK 5, N.
•
•
^
conception
rudely »
was
logic and an offi¬
cial announcement by the Cana¬
dian Minister of Finance.
The
Y.
next idea is
NY-1-1045
2-7231
RECTOR
an
abandonment of
previous
dollar
that
reasoning
Canadian
with
any
the
re¬
controls
laxation
of
should
Instead,
the premise that ster¬
based
exchange
appreciate.
on
revalued, it is as¬
ling will be
ALBERTA BONDS
sumed that the Canadian dollar
CANADIAN STOCKS
in the case of
the propaganda directed towards
placing the Canadian dollar at
parity responsible and irrespon¬
will be sympathetically affected.
Once
»Bought—Sold——Quoted
again,
sible
market
lyzed
(1)
as
the
CHARLES KING & CO.
be
ana¬
pound sterling
current
The
Canadian
dollar
weakness of
in the free
fundamentally a natural
by liquidation of
positions taken on the
assumption that a quick
profit of 10% was in the offing
on the return of the Canadian dol¬
weak bull
lar to its old
Flag,
and
Cana¬
the
and external
graduate of the Whar¬
of Finance and Uni¬
a
of - Pennsylvania
Law
School, was appointed supervis¬
ing attorney in ,the opinion-writr
ing office to succeed Julian M.
versity
Meer, now on military furlough.
It was learned today that an¬
other key attorney with the Com¬
the tre¬ mission, Frank Field, principal
Britain's attorney in the Cities Service Co.
huge frozen sterling indebtedness and Middle West Corp. groups in
will be solved in the following
the Public Utilities Division, has
manner:
been named assistant to George
(1) Agreement by many of the
Slaff, who will conduct an inves¬
Direct Private Wires to Buffalo,
Toronto and Montreal
It is also possible that
mendous
problem
of
creditor countries to
duction in the total.
a
drastic
The debt
re¬
was
incurred by British purchases of
war
materials expended for the
most part in the interests of all
concerned.
For example, India
was saved from occupation by the
Japanese, and the Middle-Eastern
countries enjoyed unprecedented
instead
German
of
servitude.
tigation
on
erably
consid¬
basis.
scaled-down
a
With
regard to South America, British
assets in those countries, gener¬
ously estimated, could be em¬
ployed as a set-off.
In this way,
the, isolation of the sterling area
gas industry
Power; Commis¬
Dominion Securities
,
40 Exchange Place, New YorkS.N.Y.
sion, and is expecting his release
from the SEC shortly.
Another
CORPORATION
natural
of
Federal
the
for
in the
attorney
Bell System
Teletype NY 1-702-3
same
Ambrose Selig, of New
also is planning to leave
the SEC to work with Mr. Slaff
and Mr. Field in the natural gas
groups,
York,
Mr. Field practiced
investigation.
homa for
of
State
home
his
in
law
(2) Replacement by U. S. dollar
credits in such cases
ail
School
ton
dian dollar.
prosperity
false
WHitehall 4-8980
Canada io Have
can
rumor
reaction caused
York 6,N.Y.
61 Broadway, New
as
follows:
market is
Toronto Stock Exchange
Members
The
20% discount?
to be considerably exercised recently con¬
killed by cold
;*r/-;1';'.:-;V;*/'v/'
V,
or
cerning the fate of the Canadian currency unit.
First, we are informd authoritatively that all arrangements had been made for its
immediate restoration to parity with the U. S. dollar.
L ./
itWO
appear
parity
Helfenstein, of Phila¬
Leonard
on
issues, both internal
Law School.
WILLIAMS
Should the Canadian dollar be at
Markets maintained
Okla¬
number of f years be¬
a
joining the staff of the Com¬
seven years ago. Mr. Selig
fore
mission
was
practicing attorney in his
New
York
City for
13
a
native
years
in
prior to coming to the SEC
1938.
dent Theodore
Budlong, Chairman
Committee, is ar¬
ranging a line-up of discussion
periods and speakers that will, we
hope,/ make it worth while for
of the Program
both
company
executives and
to par¬
their advertising managers
ticipate.
s
"The
same
meeting
place, Hotel
be at the
Roosevelt, New
will
York,
and on the same date,
Oct. 17, as previously announced,
parity.
would be terminated.
'v
but
will
be
extended through
(2) The sympathetic movement
(3) The .granting of U. S. dollar Canada's Wheat Production Oct. 18."
induced by the weakening of ster¬
credits to Britain sufficient to per¬
to Be Lower Than Yr. Ago
ling .futures has been given ex¬
mit rehabilitation of her industries
aggerated importance. And, fur¬
It is now apparent that wheat
and, full resumption of interna¬
thermore, for the following rea¬
production
in
Canada's Prairie
tional trade.
sons
it can be anticipated that
Provinces
will
be
substantially
Turning to the market for the
there will be no change in the
less than it was a year ago and
past week, Albertas again were
level of the pound after the ex¬
below the last ten-year average,
the sole active feature in the ex¬
piration of the Bank of England
according to the Bank of Mon¬
ternal section, and steady demand treal's crop report made available
guarantee on Sept. 30th:
DENVER, COLO.—At a meeb(a) At the time of the announce¬ extended their gains to 4 to 5 Sept. 6.
The Bank^ states that
ing of the Executive Committee
ment of the removal of the guarthere has been lack of rain in cer¬
points above their recent low
of the Rocky Mountain Group of
tee, it was officially stated that
tain sections and in4 others rust
level.
Internal bonds were weak
the IBA on June 26th, the follow¬
the step did not imply a change
and frost have caiiset| some dam¬
ing resolution was passed:
in the exchange value of sterling. and free funds slumped to 11%
age.
Sawfly damag^ is reported
"Mr. Peters made a motion that
(b) Britain in the immediate before rallying to 10%%. As re¬ to be severe in areas of south¬
Mr. Scanlan, the group Chairman,
transition period will have urgent
cently emphasized, wider swings western Saskatchewan. It is added
need of machinery to rejuvenate
that in the Province of Quebec appoint a committee to study the
in the free rate can now be an¬
needs of the investment bankers
her peacetime industries and raw
harvesting of an average grain
in the matter of personnel, with
material to replenish war-deplen- ticipated.
crop is progressing and threshing
Mining stocks were dull but this has commenced in some districts. particular reference to ways ana
ished
stocks.
Therefore,
a
$5
means
of attracting new blood.
section should benefit ultimately In Ontario, threshing of fall wheat
rather than a $3 pound would be
This
motion was seconded ana
has
been practically
completed,
following the welcome news of the
m ore
Mr. Peters
advantageous. Moreover,
with the yield average and the passed unanimously.
tightening of the Ontario securi¬
augmented his remarks by. say**
during
this
quality good. Threshing of spring
period,
owing
to
ing in his opinion a poll should be
ties law.
grains is well under way and be¬
world-wide shortages, the exporttaken of the various houses to iina
low normal returns are indicated.
With regard to future pros¬
price factor should not be of para¬
out how many jobs might be avail¬
The
continuance
of warm
pects, the general factors still
dry
mount importance.
and
this information oe
weather in the Maritime Provinces able,
favor
a
more
bullish
trend.
has caused late grains to mature given to the various colleges ana
(c) Britain, although anxious to
Treasury
Secretary
Vinson's
universities with the idea of get¬
too rapidly and the yields there
clear statement regarding the
retain her bargaining power, will
are
expected to be below aver¬ ting the mep to come down ana
necessity of low interest rates
not lightly initiate a currency war,
'
AU*.
+hp
age in some districts.
In Brit¬ aPP*y •"
can not fail eventually to have a
and in any case competing nations
In
accordance with
this, tne
ish Columbia recent rains have
beneficial effect on all invest¬
,
Full Citizen Status
Governor General
Athlone, in
The retiring
of Canada, the Earl of
speech from the throne, pre¬
pared by the Government for the
a
session
new
Parliament, an¬
have a
of
nounced that Canada is to
the
distinctive from
British Union Jack, and that
the
status
flag
of its
own,
■
h 'V.
vices
Canadians
of
ish subjects
•
Brit¬
as
is to be revised, ad¬
Associated
the
from
Press,
Ottawa, stated Sept. 6, and con¬
tinued:
.Canada at present is the only
British Dominion without a na¬
tional flag.
Mackenzie
Prime Minister W. L.
King recently has or¬
dered the flying of the red ensign
of! the Canadian Merchant Marine
official occasions. This is
op
a
the
right-hand
upper
a
red
small Union Jack in
field with
the Dominion coat of
and
corner
arms
in the
lower right.
IThere
thing
is
as
at
present no such
legally defined "Cana¬
a
dian citizen." Canadians
fied
as
"British
understood
classi¬
It is
Government
the
tends to create
are
subjects."
in¬
legal "Canadian
citizenship" status. Canadians still
would
a
British
be
subjects,
how¬
Rocky Mt. IBA Group
Studies Personnel
Needs
,
.
have
The
throne
speech made no
mention of steps to recognize of¬
ficially a national anthem.
Al¬
though "O Canada" is usually sung
ait
access
to the
Therefore, it
ever.
functions
anthem, it has
;
the
as
no
that
the
same
can
markets.
The
rumor
point
general maintenance
Dominion 3s of 1968, if substan¬
the existing relationship be¬
tween
the
U.
S.
dollar, the
provement in direct Dominions
towards
logical
a
factors
tiated, should
of
cause
marked im¬
and Nationals.
to
The
TOLEDO,
Financial
OHIO
—
Taylor, Deale
i
to have a 2-day An¬
Meeting of The Insurance
Advertising Conference was an¬
Sutherland
&
Warren T.
Co.,
President, and Chairman of
and Union
Licking Bank of New¬
'^111
Ohio
many
the Board of the Union Trust Co.
ark, Ohio.
Company
WHitehall 3-J874
Chronicle)
Building. Mr. Suter was for
years
&
64 WALL STREET, NEW YORK 5
Suter has become associated with
Ryan,
Meeting of Ins.
Advertising Conference
nounced
following
special meet¬
ing of the Executive Committee
held on August 30. Ralph
Smiley,
President
of
view of
abandoned.
CANADIAN SECURITIES
Government
♦
Provincial
♦
Municipal
♦
Corporate
a
the
IAC, said that
relaxing of ODT
restrictions, to permit gatherings
of
150 members traveling
from
out-of-town, the former plan to
have one-day
meeting restricted
to voting members
only, has been
in
the
He
"We feel- that
and
have
a
said:
we
can
go
full-fledged
ahead
unre¬
stricted business session that will
fully explore the problems before
insurance advertising men today.
With
Chairman
this
objective,
is
appointing Burdicfc
Simons, Sidlo, Simons,
Roberts «
Chairman of the group,
Peters, Writer «
Christensen,
and Wallace Coxhead, Bosworth, Chanute, Lougnridge & Co., to complete the com**
Co.,
Annual
Decision
official status.
Ryan Sutherland
(Special
benefited all root and field crops.
nual
—mmarnm—-
With
re¬
garding the imminent call of the
Canadian
Warrant T. Suter Is
ijr •***#
ment
weapon.
he deduced
,
as
Gerald
Peters,
mittee.
„
Pro¬
re¬
vet¬
erans
Administration," which *
available at the Veterans Admin¬
istration*' Headquarters, Keyston
4151, Extension 726, is being rec¬
ommended
to
members of tne
A bulletin
entitled, "Basic
visions
Of
the Vocational
habilitation Program of the
Rocky Mountain Group.
W. R. Stephens
Partner
ROCK, ARK. — Mrs.
Joye S. Stephens has .been, ad¬
mitted to partnership with Wilt
R. Stephens in W. R. Stephens in¬
vestment
Co., Ill West Secon
LITTLE
Viee-Presi- Street.
THE COMMERCIAL & FINANCIAL
Number 4420
162
Volume
ties and public.
Ontario Revises Its
No
one may
1243
CHRONICLE
tele¬
Party to Support Truman, Says Hannegan
phone from within Ontario to any
residence within or outside of On¬
(Continued from
tario, unless the person called is
Act
(Continued from
Exchange's total; 1,250 gold
are
traded, off the Ex¬
the
issues
change.
that somie Cana¬
official economists are wor¬
ried over the tenuous basis for the
industry, feeling that the future of
gold "depends on the mood of a
Small wonder
dian
half-dozen
inis Washington."
men
Meanwhile the Government grants
regular customer, or unless he
a
has
requested information about
the security in writing.
But this
page 1230)
rule
having existed in the present
Act, and evidently having been
widely broken, furnishes a typical
example of the laxity of enforce¬
cised by the old and new commis¬
sions.
While
the
codified
law
ostensibly provides stringent safe¬
guards—exceeding
the
British
Companies Act, and even the new
proposals for amendment thereof
ment of the formal law.
Thus it may be
opportunity for reason¬
ably adequate investor protec¬
Committee—they are viti¬
by laxity of enforcement.
There
has
been
(2)
liberal subsidy through its tax Commissioner functioning as such
in Ontario for the past 18 months,
laws, allowing the companies an
having
annual
depletion
deduction
of the : Attorney-General
doubled in the job during recent
33l/3%, and the shareholders at
months.
The new law provides
credit of 20% on their dividends
as a return of capital.
The com- ' for three Commissioners instead
of one, but only the Chairman is
panies figure nothing for de¬
a
their earnings state¬
in
pletion
ments.
v
7r
■
of securities
methods
The
tribution and trading are
dis¬
of^ vital
to the United States, hav¬
concern
ing caused the recent aggressive
actions of the SEC.
A total of
$600 millions of mining stocks on
Stock Exchange are
the Toronto
by Americans,
owned
who have
be
to
two
remunerated
basis.
ing
to function
are
the
and
on
a
The
Canadian
mining companies.
problem exists with re¬
spect to the companies on the Ex¬
change/ because they in great part
comprise
the
large,
legitimate
paying properties, and the in¬
vestor is protected by the Ex¬
change's listing requirements. The
big producing properties, visited
by your correspondent, are ef¬
ficient, scientifically managed and
stable industrial enterprises.
But just as in the United States,
there have been all.kinds of wild¬
cat oil stock sales in the wake of,
and in contrast
big
to, the legitimate
of the Standard and other
success
oil
Canada, there
sands of bees
in
likewise;
companies;
have
thou¬
been
swarming around
honey and trying to
capitalize- thereon.
It must be
the
proven
borne
in
that
mind
it
is
against
the speculative segment of Cana¬
dian mining operations that the
and
the
which it has
Important
in
United
follow
should
in¬
States
securities
Canadian
caveat
emptor,
the disclosure of infor¬
secure
mation
which, is available,
and
the other side to take America
on
back
disastrous
the
to
law
new
carries
for registration
dealers, with
taken by President
presenting his com¬
prehensive message to Congress,
On the other, it was rounded out
ing action
Truman
selves
the message.
on
"These Republican leaders have
frankly
is
now
stringent
It pro¬
going back to its 'old-fash¬
ioned conservatism.'
"The
Democratic
Party
in
now
Americans
in the United
States in July totaled
approxi¬
mately 1,761,092,600 therms, an
of
su¬
gas
of
increase
1.5%
total sales
over
will
know
accept the 'old-fashioned conser¬
vatism' of the Republican Party.
"Champions
of
conservatism
have long been at work within the
Republican Party to make it drop
of
1,735,432,900 therms in July,
1944; the American Gas Associa¬
tion announced on September 10.
Sales of manufactured and mixed
the Commission of
securities which are in the course
of primary distribution. Full dis¬
13,747,611,gain of 3.8% com¬
200
therms, a
pared with 13,242,567,200 therms
only initially and not periodically
31, 1945, were
25,626,372,300 therms, a gain of
5.1% over sales of 24,378,727,000
therms in the like period a year
thereafter.
542,909,100 therms a year earlier.
earlier.
must
be
made
on
forms
gas
prescribed
by the
Commission,
signed by every director and
promoter
concerned;
although
and
such
information
is
to
filed
be
Mining companies are
special provision re¬
quiring a complete report by an
engineer, geologist, or prospector
certified; by
the
Commission.
There,
are
detailed
sanctions
covered by a
placed
on
vestment
counsel.
therms
solicita¬
of particular
forbidding
telephone
interest to
are
7 months ending July
31, 1945, total sales of the gas-in¬
dustry were 15,558,275,500 therms,
a gain of 3.9% over 14,977,589,000
therms sold in the comparable
period of 1944. Manufactured and
mixed gas sales were 1,810,664,300
operations of in¬
the
Provisions
tion by
For the
for
the
increase of 4.4% over
sold
therms
the American authori¬
months,
1945
a
an
1,735,021,800
year
earlier
1936 election!
the
sold in the first 7 months of 1944.
Total
industry sales for the 12
Manufactured and mixed
sales for the 12 months ended
July 31, 1945, were 2,946,853,700
therms, up 3.5 % over 2,847,260,400
gas
a
year
earlier.
Sales
of natural gas were 22,679,518,600
therms, an increase of 5.3% over
21,531,466,600 therms sold in the
12 months ended July 31, 1944,
the
Association's
coming out openly for 'old-
"In
fashioned conservatism,' the party
Congress have answered
question.
•
777
"With the battle line sharply
leaders in
that
drawn, the Democratic
Parjty will
support of President
forward-looking post¬
Truman's
war
basic
We are pleased that
program.
the
issue is
no
longer con¬
Pubiicker Industries
1
Pfd. Stock on Market
!
Merrill
statement
and eluded.
con■
& Beane headed a banking group
for
the offering
of
shares
000
Sept. 12 of 100,$4.75 cumulative"
preferred stock (no par) of Pub¬
iicker Industries, Inc., at $100 a
share.
of
the
its abortive attempts to in¬
dict, and otherwise halt, the ques¬
This advertisement is not, and is under no circumstances to
securities
tionable selling stunts.
In
contrast
to
the
proven
for sale
loans and excise taxes upon
whiskies
of
drawal
The
finance
-//v;.,..
of finds—that
case
ore
is, where
public
financing
$104
a
through the sinking fund at $102
share
a
$101
Oct.
to
15, 1950,
the Government
lengthens these odds
to 360 to
these
1.
In addition to
the1 new issue the
capitalization of the
consists of 500,000 shares
outstanding
company
common
stock (ho par).
COLLATERAL TRUST 4>A% BONDS
It is with respect to
securities .that
of
both
urgency
regulation is being argued on
sides of the border.
Dated September
Canadian basic philisophy with
regard to financial
that
other
European countries.
emptor
thought
practical
have
Britain
Great
is
greater
than
of
Interest
regulation fol¬
lows
minute
code
is relied
as
The issue and sale of these Bonds are
Caveat
formal
lest
it
subject to authorization by the Interstate Commerce
Commission
sanc¬
Price 100% and Accrued Interest
as in England.
Britain, there is
skepticism about Government
pervision
1 in Mew York City
to have far
effectiveness
on,
in Great
payable March 1 and September
September 1,1973
and
tions; the obligation and the pos¬
sibility of protecting the indi¬
vidual
against speculative pro¬
clivities are denied; the criminal
And
Due
1,19^5
convey
Copies
the Offering Circular may be obtained in any Stale from only such of
of
as are registered or licensed dealers or brokers in such State.
the
undersigned
su¬
the im¬
plication of Government approval
and
legitimacy.
"Quite frankly,"
Premier Drew of the Prov¬
of Ontario
recently, "we do
believe that it is within the
said
ince
not
Power of any Government
agency
MORGAN STANLEY & CO.
HARRIMAN RIPLEY & CO.
GOLDMAN, SACHS & CO.
BLYTH & CO., INC.
Incorporated
to
take investors by the hand and
guide them past
every pitfall they
inay
that
the
encounter.
We
do
GLORE, FORGAN & CO.
SALOMON BROS. &
LEHMAN BROTHERS
believe
any implied assurance that
Government has in some way
HORNBLOWER & WEEKS
HALLGARTEN & CO.
approved
of securities which are
ottered to the public is in itself a
po^ibie
this
fundamental
Government
distaste
interference
degree
new
Act of 1945, and
of .supervision
WHITE, WELD & CO.
for
vides the
background of enforce¬
Act, her
F. S. MOSELEY & CO.
HIGGINSON CORPORATION
exer¬
September 7, 19^5.
'
•
W. E. HUTTON &
CO.
PAINE, WEBBER, JACKSON & CURTIS
LAURENCE M. MARKS & CO.
pro¬
ment of Ontario's present Securi¬
ties
the
LEE
encouragement to fraud."
777777S7
and at
thereafter.
Northern Pacific Railway Company
including
tax of 40%
Pub¬
share, at $102 to July 15,
are
out;
by
1955, and at $101 thereafter. The
also
will
be
redeemable
has been discovered—the odds
said to be .200 to 1 against
their coming through and paying
"
stock
$55,000,000
some
7
iicker, will be redeemable on 30
days' notice to July 15, 1950, at
offering is made only by the Offering Circular,
The
pro¬
ac¬
stock representing the
he construed as, an offering of these
ducers, the odds against wildcats
coming through may range as
high as 10,000 to 1.
Even in the
with¬
bonded
in
receivable.
new
first
to
and
warehouses
counts
be
to pay bank
solicitation of an offer to buy any of such securities,
or as a
will
sale
used by the company
of
*
Fenner
Pierce,
Lynch,
ire of the SEC has been directed—
with
state¬
recent
a
pointed out that the Re¬
publican Party was 'out of char¬
acter' with its 'me too' campaigns.
He did not make clear just what
positive line the party should
take.
'I
months ending July
therms sold
in
"Hamilton,
ment,
Proceeds
natural gas sales were
for the month amounted to
204,083,400 therms, a gain of 6.0%
over
the 192,523,800 therms sold
a
year earlier, and natural gas
sales were 1,557,009,200 therms, an
increase of 0.9% over sales of 1,-
closure
for Alfred M. Landon in
manager
being asked by Re¬
publican candidates for office to
Up in July
Hamilton, for example, campaign
wel¬
comes that
time
present
Among them is John D. Mk
fused."
tion
Sales
It provides for reg¬
istration with
party
too'
speculation
Gas Sales
annual renewal of such
registration.
their
the
of
pervision by the Commission, and
requires
that
stated
in recent elocu¬
worn
be all-out in
security which he is purchasing.
last
close
Party leaders in
expressed them¬
by Republican
Congress who
psuedo-liberality
of
mask
tions.
was
in
challenge. The air is
cleared of Republican
'me
smokescreens, and at elec¬
understand the kind and degree
of brokers
very
post-war
of the '20s.
"On the one hand, this clarify¬
economy
that they are
vides
all
vitally
March.
provisions for protection.
No serious
The
vestor
has
Parliament
by
.passed
was
Canada's
(3)
other
Commissioners
United States
comprise
30% of the total shareholders of
of
gold-mining industry, will con¬
tinue laxity in enforcement.
been holding up the.proclamation
of the new Securities Act which
received $400 millions therefrom.
residents
sire to continue the flow of cap¬
ital for the further development
Alleged difficulty in find¬
suitable Chairman and un-
remunerated
laissez-faire
basic
But
philosophy coupled with the de¬
part-time
a
clearcut,
against
tion.
Securities
no
pro¬
vide the
Cohen
ated
concluded that:
(1) The Ontario statutes
concurrently brought forth by the
straightforward
battle
reaction.
Events of the
last few days have shown the peo¬
ple of America just where the two
major political parties stand. The
issue is sharply drawn between a
progressive and courageous attack
on the new problems that war has
left in its wake, and an attempt
I
1227)
page
Thursday, September 13, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1244
Prefabricated Homes and the Real Estate Market
"Headlines" Makes a Survey
s
these questions de¬
Because all
-Common Stock
'i.ii
situation
to
on
normal
real estate business after the war.
The
editors of "Headlines" felt
houses
fabricated
upon
much
YORK 5, N. Y,
JOHN
By
If securities sold
"know
how"
acquired by
books—it
from
also
a
takes
The
need salesmen.
wouldn't
know
as
therefore sent
comprehensive questionnaires to
351 companies which had either
gone into prefabrication before or
during the war, or who demon¬
strated an interest in this field.
engaged in
prefabrication only as a temporary
war
activity.
Others have been
of
Many
DUTTON
themselves—we
We
houses.
cated
There Are People Who Can't Be Sold—They BUY!
v
to
possible about post-war
plans for prefabri¬
as
distribution
The Securities Salesman's Cornet
;
want
Realtors
that
Herrick,Waddell & Co., Inc.
effect
its
determine
request
55 LIBERTY STREET, NEW
"Headlines"
analyze the pre¬
study,
serious
serve
has attempted to
Prospectus
•
them
are
that not more than
summed
^-at the
(Continued from page 1226)
Resistoflex Corporation
ment
100 companies
outside—will try to man¬
ufacture
prefabricated h 0 me S
when material is available.
fairly
up
when
it
common senti¬
noted:
"Our
ex-
(California and Wis¬
heading) ; have definite
perience showed that we had a
higher degree of success with
Realtors, and thus intend to look
mainly among the Realtors foe
our post-war dealers."
plans to manufacture prefabricated
homes.
(Two
additional com¬
Despite much publicity about
shopping for homes in department
Thirty-seven companies
located
in 20 states
consin
manufacture,
panies
will
probably for
export only.
,
but
Two
still formulating their
were
more
plans but indicated they would be
in
the
market
in
substantial
force.)
Another 18 companies were un¬
decided as to their post-war activ¬
Some indicated live interest.
yet
ity.
Others indicated they are not
practicability of
their participation.
The
remaining
10
companies
"sold"
the
on
an
the
or
future, very few
considering this as
are
outlet.
Not
more than three
four indicated interest in this
method of sale.
,
.
,
in
stores
companies
Land
What
building lots for
prefabs? How about developments
featuring prefabs?
Who will buy
the land and make the site plans?
Manufacturers?^ Distributors? Ul¬
timate consumers?
is
Here
competent salesman cannot be learned
experience and practice.
However, the
Use
about
series
a
which have
of
questions
most direct
a
bearing
principles of sales psychology are applicable to the securities
business as in any other line of sales endeavor. sYou can have the
most attractive investment, or speculation, for offering to the public;
but if you don't know how to make them WANT IT you're licked.
V This week let's investigate the sales process which is involved
wheii you go out to sell the fellow who LIKES TO THINK THAT HE
MAKES UP HIS OWN MIND.
He is a pretty common type of every¬
the real estate office. It was
possible to lay out specific,,
categorical answers to these ques¬
tions, because so muchN depends
upon the acceptance of the prod¬
The woods
are full of this type.
Somewhere he has the idea in the back of his
head; that he has a mind of his own. He is usually a thinking fellow
and* tries to be well informed on most subjects.
He is an individ¬
ualist.
He has a highly developed ego—but he won't admit it any¬
affect
upon
same
not
of the market,
day human being, that you meet on every street corner.
land
"Headlines"
the
directly for mass-location of their
intelligent, he realizes that he must rely upon someone who knows
half
more
OWN
IS
JUDGMENT,
this
cal agents.
If he finds such a salesman he will become a
ing ot
that he is satisfied with the purchases that he makes.
develop into one of the most satisfactory accounts,
course,
This fellow
Gunnison Homes,
Inc.
can
just as long as you let him feel that he is doing the thinking and in¬
vestigating, AND THE BUYING. Try and jam something down his
throat and he may buy it—BUT NOT FROM YOU! He'll call up an¬
other broker and buy it (if he likes it) and you'll never hear about it.
This may all seem sort of strange—but there is more to it than
appears on the surface.
Modern psychology probably has a technical
»explanation—but it doesn't matter how many frustrations this fellow
ihas had in his childhood—the main point of importance to the salesman, is to recognize him when you meet him, and then give him the
kind of soothing syrup HE LIKES,
t '
' ij; It's the same old dose—you can use it time and , again.
It al¬
ways
brings results.
First, don't pressure your points. Become
friendly—be sympathetic to his ideas.
Take him to lunch.
Show an
interest in his interests.
Find out what he owns and why he owns
certain securities.
Don't criticize his investments, his ties, or his
ideas.
Tell him about a certain situation and why you like it. Sug¬
building houses or parts for a long
Still others have broken
time.
recent
months. Some engage only in the
within
field
this
into
production of assembled segments
of houses. But the companies to
4
questionnaires were
sent represented, without ques¬
tion, nearly the complete list of
actual or potential prefabricators
*
in
the
Whom
this
they will not partici¬
sure
1
sibilities of loss."
Naturally, not all of the com¬
on
Spam Troops Quit Tangier
5
,.i
In
to
an
Tangier, on the northeast coast of
Africa, end, the last of Spain's
troops
were
withdrawn
from
there
on
Sept. 6, according to
United Press advices
I
on
that date.
She will continue to share top
■representation with France in
a
blew international governing body,
on
which the United
ain
Russia
and
also
States, Brit¬
will
be
rep¬
resented, the Associated Press
The invitation to the United States
Russia
and
zone
ern
to
participate in the
the international
of this little city at the west¬
end
of
of the Strait of Gibraltar
gives these two nations their first
peacetime position in the Medi¬
Qualified
terranean.
Press, that:
This
will be
the
have three each
the -assembly.
on
The
Spain
diplomats something
gave
talk
to
allotted
position
strong
Because
about.
of
Axis-supported origin and its
duct
the
during
its
con¬
at
Potsdam
Franco
against
letting
the
join
the
government
United Nations.
Tangier
used
to
ternational
shoved
the
be
control
out
in
gime
in¬
Franco
international
and
1940
under
but
re¬
took over for
.
pattern
for
Spain alone.
The
new
by
concerned.
The plan would:
facts
and
who in¬
prefabricate after the war.
study covers this element
our
also.
also received
we
newcomers
Firms
Will Be
will hear ac¬
counts about prefabricated house
manufacturing that would lead
you to believe that there will be
a
plant turning out assembled
homes in every city.
You hear
you
glowing accounts of the possibil¬
This would* in¬
Re-establish the sovereign
Provide for
formal inter¬
erning the
met last month in Paris:
*
will
on
a
legislative assembly and one each
3.
tion
zone.
Permit
of
to the cus¬
There
is
great degree of
plans for land use.
Apparently not many companies
have projected plans for complete
developments. "Headlines" asked
all companies about preparation
of sites for dwellings, particularly
as to who would provide grading,
foundation, utilities, walks, land¬
scaping. Four companies expected
to do that part of the work them¬
selves; 15 expected to leave that
no
exactness in
to their local
agent; five wanted
to leave it to the customer; some
the various operations be¬
buyer and agent.
Some
failed to answer the question at
split
tween
'
all.
As
to
the
actual
erection
.
eventual
changes
in
considera¬
the
Tangier
How Much Prefabrication?
determine.
of these
local
a
catalog?
a
dealer
sample houses
show
Or
them
site?
on
Just
how
deeply real estate
offices will participate in the mar¬
But
easy to
fact
does
one
Prefabrication
To
some
is
a
the
of
structures
will
work
shipped in sub-assembly portions
opportunities for the real
Many
companies think they can
through Realtors. The most
popular distribution pattern among
the active companies is sale at fac¬
tory prices to local distributors.
Twenty-two of the 37 companies
checked
this
checked
likely
plan;
real
16
estate
of the
offices
distributors.
Real
22
as
estate
to small
to
be
trailer-type houses
hauled away from
ready
the fac¬
completely assembled. One
offers elaborately styled
log cabins that are delivered with
tory
company
the
logs
houses
all
vary
complete
in style
many are appeal¬
character for at¬
cut. The
somewhat
siderable
ing and of good
tractive
neighborhood
sponses
offices, development builders, and
ment.
the
home
output.
But
the
re¬
Altogether 59 of the 69 com-:
panies answering expect -to pre¬
fabricate or are considering
it.
account the propor¬
tion of known prefabricators who
into
Taking
did
not
oanies
houses
builders
far
exceed
expect
+0
regionally
market
—
not
Price
the
their
nation¬
environ¬
Present indications are
that the
prefabricated market will be es¬
sentially a low-price market. The
most popular price range reported,
to
"Headlines"
is
the
to
of the
$2,000
$4,000 house. Twenty-eight
'
35
companies
answering
this
companies, question are represented in this
most aggressive range. However, most companies
Steve 10ping pijjfaMiwaviou,; will market in more than one
One
in
and appearance;
given
ally.'
which
with. .prefab„plans, .jye .estimate
also at the top in other
by the compa¬
nies to building materials
dealers,
contractors, and department stores.
By far, the majority of com-
the.r^onnr-
and
nal international
new
are
^mentions"
companies turning up
answer
tion of
in 1923.
be com¬
pletely prefabricated.
Construc¬
tion principles and products vary
widely. They range all the way
from
large
multi-plan
houses
There may be consid¬
sales patterns to be used.
Dis¬
tributor "mentions" of real estate
statute, which created the origi¬
zone
and
operations,
sentiment
here also was split* with most
companies leaving this up to the
local agent. Severn out of 37 com¬
panies expected to do the actual
erection and finishing themselves.
finishing
offices
considerably
investment,
considerable
interest, and con¬
what different story.
2.
up
,
keting of prefabs is not
will
estate office in this field.
Active?
Sometimes
quisition entirely
loose term.
companies it
means
complete
houses
with
equipment; to others it mpans
only parts. Of the total respond¬
ing, 33 concerns expect to pro¬
duce complete houses, but not all
and select it from
erable
Many
rights of the Sultan of Morocco in
11.
offered, and say, "We'll take that
job with thet green shutters and
picket fence?" Will they sit down
stand out.
IIow
Only nine companies
velop land,
of the
"
from the men already in
business, or who have seriously
investigated it,, indicate a some¬
later for gov¬
'
on
However, only 18 companies al¬
together will acquire land directly
or through an agent.
Of these 18„
a
total of 13 expect to use real
estate offices to acquire and de¬
dicate
arrangement must be
the
governments
approved
a
government, as deter¬
American,
British,
and Russian experts who
by
and France each
representatives
So
But
from
ities in this field.
national agreement
Spain
tend to
stern stand
a
Tangier's
have-four
answers
President
war,
Premier Stalin took
based
are
in this field.
Truman, Prime Minister Attlee and
mined
French
received
opinions of those best established
the Tangier zone.
authorities
according to the Asso¬
disclosed,
ciated
Britain,
It isn't clear yet what voice they
will have on the commission.
re¬
ported from Washington, Sept. 4.
government
control commission,
Russia and the United States will
Allied de¬
mand that Spanish occupation of
the former international zone at
response
a
Most of the com¬
ficant in itself.
panies best known in prefabrica¬
tion did answer the survey.
In
turn, this means that the answers
are
terms.
tomer.-
to doubt";
"Savings are
questionable." Frequent opinion
was that only large companies can
afford to gamble on "much oppor¬
tunity for gains, and large pos^
us
■
understand.
development
in
leads
pation is the enthusiasm of the 37
companies who are going ahead
panies who received our inquiry
with
definite plans.
Typical of
replied. Some of them, such as
these is the attitude of perhaps
gest that you believe it would make a suitable addition to his port¬ those operators filling war con¬
the best known company in the
folio.
Answer his questions and be as thorough as is necessary in tracts, have no permanent interest
field.
Its
president says:
"We
'explaining your reasons why he should make the investment.
If in prefabrication, and they did not
'possible END YOUR INTERVIEW BY LEAVING HIM SOME LIT¬ respond. Others who had merely shipped to 38 states before the war
and will greatly expand after the
ERATURE TO READ AND EXPLAIN THAT YOU ARE GOING TO some
curiosity about the field
•CALL HIM ON THE TELEPHONE IN A COUPLE OF DAYS.
If could not reply about their post¬ war."
Distribution
war plans, because they had none,
you have done this job thoroughly and well, nine tim.es out of ten
Perhaps of most interest to
you can then pick up the telephone and say, "Hello Harry, how are
Others have had a taste of the
;you?" "Harry, you can buy ten of those Consolidated Psychology 5s, business and they don't want any Realtors, is. th& question of how
they are all right." He may only buy five of them, but if he is going more. But out of the total queried; prefabricated houses will be dis¬
69
responded—a larger number tributed in the post-war market.
jitojbuy at all, this is the way he'll do it.
a
j| Of course, Harry knows all the time that he wanted to be sold; than- we have noted in other sur¬ Will Mr. and Mrs. Prospect be
>but he never wants you to know it.
Incidentally, Harry"never veys for different purposes/This able to. go to some department
'reads those long SEC prospectuses—he also wants you to do it and proportion of responses is signi¬ store, look through the houses
then tell him about it in language that he can
that about
companies
indicated they will leave land ac¬
who have decided against partici¬
Replied?
means
active
pate. Reasons of those withdraw¬
ing from the field varied. Some
of them were:
"Our experience
.Offset against the doubts of the
18 who are undecided and the 10
country.
Who
were
This
of the
thinking
than he about the product he expects to buy—so he'll check
his salesman pretty carefully before he gives him the go sign.
loyal customer, provid¬
up
Seventeen expect to op¬
way through their lo¬
product:
erate
HIS
questionnaire,
only eight expect to acquire land
IN REALITY ONLY A
BLUFF TO HIDE HIS INNER SENSE OF TIMIDITY.
Since he is
IN
FIDENCE
which in turn will
use
practice. Out of
companies answering
active
the
OF CON¬
he would admit that HIS OUTWARD SHOW
than
more
That will determine the size
uct.
of
has
the
major
been
THE COMMERCIAL & FINANCIAL
Number 4420
Volume 162
But only six com¬
Brice range.
according to present plans
panies,
exclusively above $4,000
while 12 will confine themselves
exclusively to under $4,000. Six¬
teen
companies will enter the
above $6,000
field but none of
them will take a chance exclu¬
sively in this bracket. They will
produce lower-cost houses also.
Only one company hopes to be
will sell
to
inflexible
to
standardized
designs, and with factory
sales
high as they now are, savings
are questionable
except in stand¬
as
ardized
We
do
volume
believe
well
production.
but
.
.
.
companies will
some
the
supervising deal¬
its product ex¬
clusively or as a separate depart¬
ment.
Although nine companies
said they do not intend to develop
their own sales organizations, five
of these (in answering the next
merchandising
managers
Who
ers
wages
handle
financing, .most
framework, then, it is clear that
manufacturers apparently plan to
supply
companies expect to operate.
Do
4.
plan
you
wholesale
sell
to
dealers
Iributors such
local
to
parts f.o.b. the
loading platform.
The local agent does what is nec¬
essary in the field and makes his
own price
accordingly.
dis-
as:
Yes
6
6.
Dealers?
6
Do you
on
Building Materials
a
distributors
2
6
checking
other
dealers
don't
Most companies are con¬
or
middle-man
contradictory or
For this reason
their
sometimes be a little "off the
beam."
They serve more as in¬
dicators rather than rigid scien¬
tific summaries. *
fabricated houses will be aimed at
the low-cost market.
2. Distribution will be more re¬
gional than national.'
3. The maunfacturing companies
need* local agents, and they prefer
Realtors or local builders and de¬
velopers. ■'
\
'
4.
Most companies
have not
giyeri too great thought to land
use;' few have thought out the
problems of developments.
5. The number of prefabricated
.
houses 'that will: be sold is
highly
problematical. Obviously the pub¬
will
lic
need
and
the
Only
they
delivery will continue to be
big problem.; . , ."
question) said they plan to de¬
velop distributing agencies under
which local sales
com¬
to
exclusive
whether they could muster enough
two
of
add
a
method
of
distribution.
financing
and : organization
compete in the field.
3.
2.
Do
own
had
doubts
as
develop
organization?
you
sales
similar
plan
to
to
companies apparently hope
tion,
handling to relieve
problems.
get
real estate company vwould
a
commission
a
for
No
:V;"
\
,
territory would erect
for the company.
sell at wholesale
prices to local distributors such as:
Dealers?
Contractors?
Don't know
local sales
agencies will be
Department Stores?
their
in
agents
Yes
;
' '
:.
V
No
majority of the companies
plan to have their own sales or¬
ganizations, under which they use
varying dealer plans.- One com¬
pany specified it will have nine
regional, 43 zone and 275 district
Didn't
In
all,
•
11
Don't know
29
■
companies
checking
one or more
Number companies
4
answer
11
organization" plan, or both. With¬
in some such -supervisory-isales
their
and
offices get
work
5
it real
under
Many of the Well
companies do not want1 to
in this.
One- will
pany
through
which
Notice that
estate
Most
.
.
an
will
more
(Continued
operating domacquireuTand.
than two-thirds
l^ti)"1
on page
r..&;
u
acceptability is, the key. to the Size
of the
4
"
market.
This advertisement is not, and: is; under no ^circumstances 10 he construed as, an
offering of this stock for sale, or
offer to buy, or as a'solicitation of an offer to buy, any of such stock. The offering is made only by the
Prospectus; the Prospectus does not constitute an offer by any dealer to sell this stock 'in any State
to
any >person to whom it is Unlawful -for such dealer to make such offer in such State. - :
• -
problems of
transportation,
weather
hazard
during
erection, willingness; of
6. Not all technical
union
prefab
' to v-accept
labor
.
have been solved.
7. While prefabricated houses
will be marketed,-without quest
methods, - etc.,
estate
of the prefabs.
,
.
~
—
-
v-;
j
^
-
that it has
prefabricated
take
and
L
4.
f\
;
'
* -
-f
•'
sharp
is
in
/
'
*. • " '
•
I
"
'
.
$4.75 Cumulative Preferred Stock
<
,C
V
.
to
j
■
.
.
,
•
..
.
;
«
.
.
'.
,
•
.
'um
Price
query
the
$100 Per Share
business
-
would Tike "to
Copiei df the Prospectus may be obtained in, any. State from only such dealers participat¬
ing in'wis issue as viay legally'offer this stock under the securities paws of such State.
analyze for them¬
selves the numerical
returns, re¬
sulting from the > "Headlines" ih1
quiry,: fhe "essential, tables .cover¬
-''V
Do
7^ '',
\
to
youexpect
':>{
c
our form are
given.6 With them, you might be
able to draw conclusions of youf
own:,
ii
•
"j
ing the questions in
1.
.'#7
(Without Par Value)
;
-
the firms that
and reduce
this to the essential facts. For the
behefit-.-of tho^e I J^altors / who
are
•
■*:
\
market. 7 It
ball and
house
Houdini
ment
•'
77'
a; crystal
work by Dunninger
to giVe you a com¬
plete and comprehensive forecast
of what is going to happen.
The
best that can be done at the mo¬
some
.Inv
• -
not
does
hitherto unknown facts about the
would
■/n
pretend
brought out new and
"Headlines"
}'•)
Publicker Industries Inc.
-7
-
m
J
'
-
Summary p
T
..
100,000 Shares
7:7 7-
real
operations in the marketing
well.be a new field for
may
an
i*\
NEW ISSUE
tion, there" may be more- excitei
ment about the prefabricated idea
than actual production.V i 1',;
8. If the idea does catch, there
;v u
j/jf;.
4m
-;77
7
i':-' v •' -|
Merrill Lynch, Pierce, Fenner 8C
v,
Beane
..
..;
■
manufacture
prefabricated homes after the war?
fU':
V
'
Yes
-
37:.' V
\
No1
*
;
-
Yes—for
-
export
2
only
-
-
.7
Of the ten companies
One
market'
said,
-
Eastman, Dillon 8CCo.
T
2
factured
was
a
we
have
manu¬
volume
of
prefabricated buildings during; the
war
period, we do not consider
prefabrication is practical or eco¬
nomical as applied to the individ¬
ual
home
builder,., who
is
-.'0
'
'Homblower & Weeks
*
,
irv
"Our
substantial
Drexel 8C Go.
:
that said
pre-war
the individual home
builder.--While
.
Jfti
■
•
"no," at least half of them have
been in prefab and will with*draw.
The First Boston Corporation
•
■
18 C
7
Indicate "yes"-—making
studies •'
Blyth 8C Co., Inc.
'•l" 10
-V
Don't know
op¬
A.. G. Becker & Co. ;; Central
Hemphill, Noyes
September 12,1945
Republic CompanyHallgarten Si Co.
incorporated)
Incorporated
Co.
E, H. Rollins 8C Sons
;
7,
•
involved
get
highest mention.
t'
:
-3
homes.
known
10
Here is the most popular sales
pattern
1
v
answer
companies
apparently
don't intend to go into community
development in order to ''blade
22
undecided
checked
the above plan or "our own sales
•.; /
Most
not
checking this plan
Number companies
3
•
2e;'S-i
Didn't
4
Number companies
19
*
11
Home Builders?
com¬
munities?
A
8
No
exclusive
3
v
directly acquire and
you
distributing
S>
the^ouse
Yes
10
>
selling the
jn the
sub-contractors
develop land for the purpose >of
selling lots and houses complete?
16
Building Materials
|
Will
7.
Yes
but
Development Builders? 12
which
25
Yes
Don't know
5. Do you plan to
Real Estate Offices?
cases
l$t /sepa¬
fo,r erec¬
develop state or
agencies under
Do you plan to
area
your
agents
In.
where the sales operation
rate from responsibility
partly defeating
objectives.
But
house
agencies will be
in their com¬
munities.
panies
•
this plan
chain
would
jf
5
companies checked
exclusively.
The.others
apparently regard it as a .possible
whole¬
a
Inc.
Some of the "don't know"
a
V
18
And
acceptability.
wide
create,
Gunnison Homes,
%%
not|,l
checking this plan
Number companies
undecided
to
education
some
7
them of distribution
conclusions, however, are
possible:
1. Apparently most of the pre¬
cost
for wholesale
may
Some
in
it
low-cost
some
tabulations
numerical
because
sale
that
to
resort
3
checking one or more»l$$|T;
Number companies
-v
Established
generally
to
saling operation
sidering several plans and some¬
the answers supplied are
times
actual
feel
want
7
Home Builders?
5
,,
also.
j;
;9
"Number companies
certain in their answers
to questions. As a largely untried
field, it needs testing by expe¬
plans
6
*
Builders!
Contractors?
' 1$
checking this plan
"Vi
|-j [
Department Stores?
Number companies
;;'f
9
Dealers?
13
one or more
undecided
Offices?
Development
Number companies not
draw firm con^
;
-
Number companies
too
r: yes
Building Materials
Home Builders?
compa¬
Real Estate
Only one company checked this
plan exclusively.
Otherwise the
companies checking it, checked
ambiguous
V..' ;,:v
'
7
7
'
pest-war pre¬
fabricated house market.
Even
concerns in the business are not
the
your product
through such
as:
Department Stores?
elusions about the
highly qualified.
plan to sell
commission basis
Contractors?
Significance
rience.
or
Development Builders?
indicate .they plan to use
conventional mortgages covering
house and lot that will be
ar¬
ranged by their local agents.
j
any
houses
manufacturer's
through
Real Estate Offices?
nies
It is difficult to
1245
most
entirely under $2,000.
able to keep
As
posed
CHRONICLE
1incorporated
n<>
1
■f.
•
THE COMMERCIAL &
11246
Prefabricated Homes and the Real Estate Market
your local agents acquire
develop land for the purpose
and
\cf
selling
houses
lots and
com4
pleie?
No
Don't know
{
house
lot arranged by
finance
of
more
or
13
1
4
Didn't answer
said' it
the buyer or local
for cash only.
Two com¬
panies said they didn't know yet
ally
sites?
Yes
arrange¬
agent.
One company expects to
sell its-low-cost small house usu¬
local agents
acquire
yjnrnd develop land for the purpose
No
these
companies
Four
ments.
real estate offices to
of providing
com¬
to finance pur¬
chase of house only?
5
pany
Twenty-eight companies checked
your
or
10
company?
one
and two
;
2 bedrooms
1 bedroom
A
high percentage of
companies
Will
Intending to acquire land directly
or
through local agents '(13 out
more
prices and
expect to
18)
This shows
estate dealers or not.
a
disposition to depend on Real¬
rather than to try to take
9
up
to
Don't know
V
1
Didn't
answer
2 bedrooms
five
expect
to
combination
tion
Answers
in
or
their
to these ques¬
28
2
25
{Root's
13
Seven
3
companies said they will
complete house but did
check the list.
Twenty-eight
produce
2
not
checked the list.
All of these will
prefabricate walls and ceilings
Will prefabricate homes costing
but, after that, the actual pre¬
$2,000 to $4,000 'w fabricated. 'parts of the houses
they will produce begin to de¬
:■■■>* 1-2-3 bedrooms
5
cline.
One
2-3 bedrooms
6
company
specified
its product (log cabins)
1-2 bedrooms
12
is pre¬
2 bedrooms
4
cision-built, ready-cut. > Another
1 bedroom
1
specified it would produce a com¬
plete house except for foundation
and mechanical equipment.
28
Box
500,
1830 S.
Main St.,
570
Lexington
N.
Y.
Avenue,
buy
as an
any
York
22,
GUNNISON
BURKE
GREEN'S
1221
READY
BUILT
18th Avenue,
SOUTHERN
525 S.
MILL
&
MFG.
WOOD
CITY
CAPITAL
6616 Dallas
564
&
34th Street,
G.
offering of these securities for sale, or as a
of such securities.
Box
1400
Box
\
Drive, Burlingame,
Second
STOUT
Milwaukee, Wis.
INC.
212
Calif.
North,
Avenue
St.
Peters¬
Park,
HOUSES,
INC.
Ariz.
INC,
Stephenson Bldg., Detroit 2, Mich.
MIDWEST
Box
LUMBER
HOUSING
CORP.
628, Janesville, Wis.
PRECISION HOMES CO.
Box
Tacoma 1, Wash.
1628,
CO.
Milwaukee 14, Wis.
LUMBER CO.
Litchfield
New York 1, N. Y.
PRODUCTS CO.
solicitation of an offer to
CO.
burg 6, Fla.
Crawfordsville, Ind.
323,
Calif.
WINGFOOT HOMES,
CORP.
PREFABRICATED
CONSTR.
WILLIAMS CO.
W.
10
HENDRY
INC.
National. Ave.,
LOO
CORP.
Mulberry Street, Macon. Ga.
W.
Seattle, Wash.
MANUFACTURING
1412 So. 72nd Street,
Concord, N. H.
WALKER,
COMPANY
COMPANY
7029, Los Angeles 22, Calif.
LUMBER CO., INC.
Newburgh, N. Y.
: v
pRYCEMBLE CORPORATION
NATIONAL
Street, Cranston 5, R. I.
FICKLING
LUMBER
5335 Southern Avenue, South Gate, Calif.
•
CO.
PRODUCTS
BUILDERS
167 Mill
*
Kansas City, Mo.
CAMERON
•
HOUSES
State Street,
276 No.
^
Highway. Austin, Tex.
ENGLAND
FIRESAFE
CO.
is-j* I *:. i i..
LUMBER
Cincin¬
Box
1, Okla.
Milwaukee, Wis.
CORPORATION
Street,
MILLWORK
PREFAB
CO.
Hemphill Road, Flint, Mich
Streets,
CORPORATION
Laurel, Miss.
PRODUCTS
2309 N. 36th Street,
PALACE
Main
GREEN
Rockford, 111,
Troost Avenue,. Tulsa
NORTHWEST
Turrill
and
CO.
Wash.
COMPANY
34th and Freemont,
No.
HOMES
Seattle,
Ohio
23,
BUILDING
4534
HOMES, INC.
Sts., New Albany, Ind.
Street,
Rock
nati
HOME
River
/v
No. St. Paul, Minn.
PRODUCTS
WOODWORK
Blue
•
CONTINENTAL HOMES,
construed
New
CO., INC.
Box 1184, Martinsville, Va.
516 W.
be
Iowa
4014
PEASE
INC.
'
and
Street, Seattle, Wash.
COMPANY
PREFABRICATED
LESTER LUMBER
13th
36th-
Houston, Tex.
BALDWIN
1225 Henry Street,
Elkhart, Ind.
HOUSES,
&
TO
do.
READY CUT HOUSE
JACKSON
:
.■
S.CHULT CORPORATION
4460
.
.
EXPECT
^
Polk Avenue,
1109 N.
T
THEY
HOUSES
•3601
Middlesboro, Ky.
AMERICAN
9
2
NETTLETON
,
334, Mansfield, Ohio
Box
HARNISCHFEGER
of record only and is under no; circumstances to
Locally only?
HOUSTON
;
TECHNICAL APPLIANCE CORP.
This advertisement appears as a matter
9
17
INDICATED
"
& HILP
CUMBERLAND HOMES
.
your
Regionally?
HAVE
Box 1737, Norfolk, Va.
...
MIDWEST FABRICATING CO.
NEW
sell
to
-;
Don't know
BARRETT
13
Plumbing Panels
^expect
you
Nationally?
PREFABRICATE
19
Bathroom Units
■
Etc.
Do
18.
4
WHICH
to
Woodwork..
1
\
exclusively
Furniture parts
only.
26
Kitchen Units
23
acquisi¬
land
themselves
by
agents.
this plan
use
with
28
1
Foundations
3
1-2 bedrooms
14
prefacribate ?
8
„
Millwork
7.,..
s,iMfg. panels for assemly plant
7
3 bedrooms
companies will leave
3and acquisition, up to the cus¬
tomer, only 9 will depend en¬
tirely on sales to buyers who
have their own lots.
The other
While
expect to
Ceilings
16
2-3 bedrooms
14
2
5
16
No
you
Walls
prefabricate homes costing
$4,000 to $6,000
leave land acqui¬
the customer?
Yes
do
I
manufactured
devoted
manufacture ?
House trailers
3
answer
products
not
product
contractors)
COMPANIES
Floors
you
when
Farm buildings
7
3
parts also
1
3
Other
17.
33
4
1
Don't know
13
Company (through sub¬
"Other
4
/
24
;
Didn't
2
75
product is delivered to
Local agent
com¬
What proportions of the houses
3
1-2-3 bedrooms
sition
houses and
4
.
finishing operations
26
60
•50
princi¬
perform the
or
site?
the
to
for houses only
Will
Realtor functions.
jlG. Or will
after your
;
product
complete houses
than $6,000
M -v;
will
15./Who
pal building
plete houses? Or parts pf houses ?
'
tors
over
these site operations.
Company
Expect
buver's
100%
homes
bedroom only.
produce
the
rication?
cases,
4
Do you expect to
according to
up,
16. Percentage
of manufacturing
capacity devoted to homes prefab¬
j
the manufacr
turers will depend on local agents
to get the site ready.
Even whep
the buyer provides the grading,
walks and planting, the company
intends that it * or its agent will
put in foundation and utilities.
Only five companies expect the
buyer to be responsible for all
Expect to produce
3 bedrooms
most
Buyer's choice
prefabricate homes costing
1-2-3 bedrooms
use
answering,
$4,000.
Most of the
houses under $2,000 will have one
what sizes?
2-3 bedrooms
real estate
offices for this purpose—whether
the local agents happen to be real
/of
In
above
didn't answer.
What
set
wish.
6
5
ing by buyer
'■Not
Expect to produce parts
12.
i
5
13.
suh
1
2
Buyer
go
in
erection
hire
or
to do the job.
Four
plan
to
deliver the
house,-either knocked down or
Grading, walks, plant¬
Another tabulation shows
only six companies will sell
only above $6,000; that 12 com¬
panies will sell only below $4,006;
that no company will try to sell
only above $6,000 and that only
one company hopes to be able to
sell entirely below $2,000.
With
28 companies out of the 35 an¬
swering saying they will be repre¬
sented in the $2,000-$4,000 range,
this
is the most
popular field.
But notice that 23 companies will
although
provide
companies
!
,
agent
15
in
Done by buyer or local
will
themselves/
'
companies will participate
two or more of these price
(35 companies answering)
1
Done by buyer
1
that
your
Special
3
2
8
fields.
and
would be up to
you
)
.
house
covering
the local agent.
agent.
1-2 bedrooms
use
agents?
22
Conventional mortgage
companies ex¬
pect their local agents to acquire
land, thus showing a disposition
/to leave this proolem up to local,
professional "know how." In all,
08 companies "expect to acquire
land either directly or through
1
the local agent
gets
mention,
companies
13, 1945
contractors
A
15
5
local agent
Done by
most
crews
Done by company
1
2-3 bedrooms
,:
utilities,
walks, planting)
Most
and
lot arranged by local
Nearly half the
;We
plan to
covering
Eleven expect to
do it through the local agent only
and six intend to do it both ways
—by; the company and by the
1-2-3 bedrooms
to
Conventional mortgage
3
j9. Will
addition
In
sale
Yes
5
Didn't answer
r
11* Do you
17
12
Yes
for
having houses available for lotowners, they expect to push sales
largely
through
having
local
agents sell houses and lots com¬
plete.
Will
8.
dwelling?
(Grading, foundation,
less than $2,000
of
houses
exclusively*
this plan
Will
companies believe they
cannot depend simply on having
ity
the
the
prefabricate homes costing
tions indicate that a large major¬
(Continued from page 1245)
"no." And of the eight com¬
panies which expect to acquire
land themselves o"*v one checked
Here again
for
will prepare the site
Who
14.
gay
Thursday, September
FINANCIAL CHRONICLE
819, Stockton, Calif.
The offering is made only by the Prospectus.
s»
A. S. Beck Shoe
Private
Enterprise Versus
Full Employment Bill
Corporation
(Continued from page 1226)
39,046 Shares
Full Employ¬
without full powers."
responsibility
ment
4%% Cumulative Preferred
The
real
in
found
Par Value $100 Per Share
Price
"the
of delivery)
Socialist
states
Repub¬
(Article
right to
work,
quality.
with
zation
Shares Common
of
that
its
The right
the
is,
are
elimination
economic
sors
Socialism.
to
Its
work
organi¬
the
possibility of
crises, and the abolition
obtained in any State from such of the several Underwriters,
the undersigned, as may lawfully offer the securities in such State.
Copies of the Prospectus may be
including
more
of
this
elsewhere
frank than the spon¬
bill dare to be, for
In
(Article 12)
their
spending schemes for the
of non-producers, at the
expense of the Nation as a whole.
This
is
but
one
step in their
grandiose scheme to bankrupt the
deficit
Enterprise
However, the Soviet Constitu¬
tion is
sponsors of this bill are
the sponsors of many other
Nation, kill off Private
of unemployment."
$17.75 Per Share
The
also
and
national
of
Enterprise.
quantity
economy,
the steady growth of the produc¬
tive forces of Soviet society, the
$1.00 Per Share
At the same
with Private
benefit
is ensured by the socialist
Price
118)
citizens have—
accordance
and
Par Value
is
guaranteed the right to employ¬
ment and payment for their work
in
20,129
bill
with unemployment.
time they did away
of the
Constitution
Soviet
which
that its
$100 Per Share
(plus accrued dividends from September 1, 1945 to date
origin of this
the
Union of
lics,
for
loudest
Communist
National
supporters
are
the
Worker" and
"Daily
other radical sheets. A few Amer¬
ican politicians are
shouting for
it, apparently believing they see
a band-wa?on they think will be¬
come
'
popular. *
We predict that more than 80%
of the American .people, if they
were
properly informed, would
condemn this bill.
Constitution
we are told—
create
And
of
probably
our
soldiers
more
than 90%
from
have seen
returning
able-bodied
Europe, where they
something of National Socialism
in
action, would throw it out the
with the
window.
"In
and
LEHMAN BROTHERS
WERTHEIM
CO.
not
the
a
of
work
is
a
honor for
duty
every
citizen, in accordance
principle: 'he who does
work, neither shall he eat'."
We
September 12, 1945.
U.S.S.R.
matter
have
also
seen
what
Full
Employment meant in both Italy
and
Germany.
,
Their
,
dictators
boasted that they had done
away
We think any Senator or
resentative who votes for it ]wiJl
have a tough time explainng it
to his constituents.
people
_
are
1 American'
The
American
going to keep
America
thirteen
Our
in the
women
only
million men and
armed forces have
Then
the
these
the war
they will have at least
!
will
then
or
ing
such
vate
Employment
Bill
regimentation.
degree of
its theory.
one
is
If this
more
*
totalitarian
in
If passed it would be
milestone in the march
American people back to
that kind of European serfdom
from which our ancestors fled.
of the
whole
The
in
shows
record
that
spite of whatever defects the
American system has, it is vastly
than
better
that
of
other
any
country in the world; and that
the American standards of living
fantastic.
one
is
It
it is
than
more
18
taxpayers' money in
as to do the utmost
enterprise.
❖
$
or
ernment—
the
where
else
in
the
world.
local
said
tion."
of
have
the
exceeded
all
of the
trade—domestic
and
Here, of course, would come in
further government
of
course,
employment ac¬ spending—and,
•*••?•••• •
It provides for creased taxation.
elaborate
machinery
to
assist i- 4;
44
these governmental masterminds
If, however, Guess No.. 2
,
Yet here come these theorists
and scheming Socialists with their
followers and friends, to tell us
in¬ that
tualities will be.
now
the
step in and
government
run
.
.
would
market
have fixed."
So
if
want
we
Full
Employ¬
ment, letX repeal the laws against
employment, such laws as the
Wagner Act, the Minimum Wage
and Hour Act and
all such other
laws which tell
employers—"You
cannot employ."
Let's also stop
discussing others, such as FEPC.
If we really want to raise a crop
of employers, let's create favor¬
conditions
able
which will
cause
them to
flourish, rather than to be
plowed under.
4444. 4^4
If we tell business, as this bill
does,—"You invest so many mil¬
lions of your dollars, and employ
so many million Joes and Marys,
or we'll tax yob out of existence,"
then prospective employers will
invest their money in risk-less
They will not
in factories or
Other
enterprises
where
the
Treasury and Labor Unions can
risk
their
money
take their shirts, not to mention
possible profits, while they them¬
selves
take
must
100%
of
all
must
this thing.
in
of bureaucratic
number
will
be
if the estimated aggregate, volume
jobs
created;
permanently
Their questionnaires, by compar¬
ison,
will
WPB
and
seem
NRA,
of
those
make
OPA
like
child's
play.
In the
1—that is. to say,
ceeds Guess No.
reaching their Guess. An end*
less
ex¬
Any effort of this nature by the
government will
do far more
harm than good.
Perhaps
the
real
purpose
those
of
this
who
have
instigated
(not, of course, those who
have openly sponsored it) is tof
adopt that part Of the Soviet Con¬
stitution (Article II) which states
bill
S.R.
life
economic
"The
the
plan.
bill, the government real¬
wise words of Von Mises—who,
prospective
investment, and.
in his book, "Omnipotent Govern¬
expenditure for any fiscal year
ment," said:
or
other period is greater than
"In an unhampered labor mar¬
the estimated aggregate " volume
of
investment
and
expenditure ket there prevails a tendency to
required to assure a full employ¬ make unemployment disappear. .
There
is
but
one
ment volume of production, then
remedy for
of
.
ly makes two Guesses. The First
Guess
is
as
to- the
"estimated
the
aggregate volume of Investment
and expenditure by private en¬
President—
set? forth
"shall
(which
to
the
say,
such
in
.
U.S.
economic
."
.
President
ts.
fads
end
what
people
models
will
will
not—how
sell
would bring-this country one
much
spend for services
calling for small investments, or
for products
calling for high in¬
'
/
nearer
Soviet
complete
<
would
destroy
domination
That
Russia.
posterous
is
why
government to
: ■
the
Amer¬
runs
impossible
bill.
forecast
with
any
accuracy, the expenditures of the
Federal Government which they
can to a
large degree control.
Guess No,
2, is as to the "esti¬
mated aggregate volume of
pros¬
pective investment and
expendi¬
by private enterprises, etc.,
ture
etcour
•
This would
.
official
cast
the
Guessers
trends
of
mean
markets
and
investments
affected
by
world
conditions beyond the control or
loresight
«uch
a
of
Guess
any
human
could
be
being.
accurate
that the government would have
to
anger against any
that votes for it.
'
A
prison
to
the
warden
it
Is
obtain
to
thirteen million
in the Armed
this
men
that; the
and
women
Services have
cessfully fought two wars?
Thus, Section 2
A. & Beck Preferred
says
in with more
step
Lehman
theim
and
&
Brothers
Co.
that
and
headed
group
writing
offered
All the
will
proceeds from the sale
gov to
certain selling stock¬
holders who acquired some weeks
315,387
stock
of
shares
Diamond
of
common
Shoe
Corp.
amounting to approximately 75%
of the capital stock of that com¬
pany.
more
We submit that this bill should
Wolfensohn in New York
Unless the American people are
Samuel
C.
gaging in
an
prepared
ment
have their govern¬
to
adopt
a
completely fascist
Wolfensohn
New York City. 4
of record only and is under no circumstances to be
Par Value
Price
or as a solicitation of an offer to
made only by the Prospectus.
sale,
Shares
Corporation
$100 Per Share
$ioo Per Share
September 1, 1945 to'date of delivery)
*
that—
be obtained in any State from such of the several Underwriters,
lawfully offer the securities in such State.
including the undersigned, as may
private capital in
merce
and in
natural
United States."
LEHMAN BROTHERS
4.
Nothing could be further from
the truth. The enactment of this
bill would frighten
capital and
stifle free
Section
when
the
competitive enterprise.
2
also declares that
federal
government,
September 7, 1945.
is
en¬
investment business
from offices at 84 Forsyth Street,
enterprise and the
the
on
12 39,046 shares of A. S.
Beck Shoe Corp. 4%% cumulative
preferred stock at par ($100) per
share and accrued dividends, and
20,129 shares of common stock at
$17.75 per share.
4% Cumulative Preferred Stock
investment of
trade and com¬
the development of
resources
of the
Wer-
under¬
an
Sept.
be abandoned and forgotten.
of such securities. The offering is
Copies of the Prospectus may
j
And Common Offered
the
the
suc¬
\
strong element of falsehood
through the wording of this
is
his
and
assistants.
the
policy of the United
States to foster free competitive
"It
,
Wallace, addressing
the Senate Sub-Committee, Aug.28th, said in part:
4'We must not enter the era of
atomic energy without recogniz¬
ing that continued cooperation of
business, agriculture, labor,; and
government is imperative to; meet
the challenge of full production
and full employment in peace."
i:
From Mr. Wallace's approval of
the Full Employment Bill and the
other legislation to which he re¬
fers, it is clear that to his mind
"cooperation" means surrender,
submission,
regimentation. 4 Itmeans
the
kind of cooperation
extended
by the inmates of a
Secretary
controls.
Allied Stores
that
fore¬
could
of private enterprise,
at least makedt so unworkable
(plus accrued dividends from
*
their
will turn; in
Congressman
they
in the United
*
*
know all such facts about all en¬
terprises. In fact. Presidents of
the United States have found it
to
or
200,000
States; and such radical publica¬
tions
as
"PM," the New York
resent
of
so
by
"Post" and others.
the
any
is
measure
down'
"Daily Worker", the official Com¬
munist newspaper
is
for
ican system
offering of these securities for
step
loudest shouters for it include
impossible for any busi¬
ness
man
to
know these facts
about his own business. It is pre¬
It
that
throats
would
of the
Socialism
of those who
before the Sub¬
appeared
on Banking and Cur¬
are;4in
varying degrees
friendly
to
the
revolutionary
principles of Soviet Russia, it
seems
clear that this is a Red
Fascist measure.
Its enactment
will
vestments.
buy
as an
man-*
rency
will
inventions
and
succeed—what
here is
words,
committee
buy—what en¬
terprises will increase, or decrease
their sales and production—what
future
jamming
National
And since many
have
wiil
women
other
In
Guesses
hats
the
ago
This advertisement appears as a matter
construed
re¬
Bill
Budget
aged economy. It is purely fascis¬
of course, his rep¬
how many
means,
resentative)
Employment
a
sary to provide employment op¬
portunities
for
such
labor
force. ..4-4" /;4 4:
4': ,Y
is
fight 'the
,
general program for preventing
terprises, consumers, State and
inflationary economic dislocations,
local governments, and the Fed¬
or diminishing the aggregate vol¬
eral
Government,
required
to ume of investment and
expend-*
produce such volume of the gross
iture to the level required to as¬
national product, at the expected
sure a full employment volume of
level of prices, as will be neces¬
production, or both."
4^
That
Congress is really interested
end to massed un¬
employment, it should heed the
we
American people
directed
and
national
state
by
the
of
determined
is
This
in putting an
Full
losses.
.
If
did
why
utterly alien to America and her
institutions.
We
believe 4 thdr1
government bonds.
that—
foreign—of the whole world.
-
unlimited
in
to
rest
labor
hampered
So great was
this opportunity of
that
the
internal
theyf.
If
ready for such control, and we
for an instant believe it,
The
cause
,
now
way
❖
kind of
what
advance,
same
this
lives,
work.
not
then
or the threat of violence.
Artificially elevated wage
permanent unemploy¬
of a considerable part of the
.
the potential wages which the un¬
The purport of this bill is that
it is the responsibility of the gov¬
level
required to assure a full
employment volume of produc¬
is
as¬
months
the
a
ap¬
their
over
would not
cent war?
.
.
employment
business, consumers, J$tate
trade of the United States during
government and ' the'
the period from 1920 to 1939 is
Federal
Government
up4to the
possible for
of men, to
group
or
man,
Bill
the
on
such
vate
and
si:
'
based
that
sumption
Guess,
s!«
-
Employment
spend
vestment and expenditure by pri¬
living today, far exceeded
those of any other people.
❖
the
by the
or
potential labor force.
Unem¬
ployment as a mass phenomenon
is always due to the enforcement
of minimum wages higher than
pressing
for its enactment, we
may
be
perfectly certain that they would
bring the aggregate volume of in¬
body
Full
by
Leftist crowd that is
penditure asrwill be sufficient to
and actual American liberty, have,
within the whole lifetime of any¬
The
a
influenced
do
ment
The
private Enter¬ "to assure the
existence at all
priser would have a sworcP of
times of sufficient employment
Damocles
continually
hanging
opportunities to enable all Amer¬
over his head, not knowing when
icans
who
have
finished
their
some
impractical scheme would
schooling and who do not have
be
devised and put into effect
fulltime housekeeping responsi¬
which might upset all his calcu¬
bilities
freely to exercise this
lations—might easily drive him
right" (the right to work).
out of business completely. -All
this would have a retarding influ¬
Without benefit of any law,
ence upon hirh.
enterprisers,
large
—
— p r iv a t e
and
small—but
In case Guess No. 2 is less than
mostly small—
Guess No. 1, the President
pan do throughout 150 years of our re¬
markable history have created a
one
thing furthef: He can—
greater opportunity to work, at
"transmit a' general program for
vastly higher wages, and under
such Federal investment and ex¬
vastly better conditions, than any¬
places as cogs in a machine.
measure
be
are
rates
Law," should this
law, would be likely
harm to private
remedies, reasonable
Hence
cost.
I bill is passed, our soldiers as they
are mustered out will take their
The
to
absurd, and without regard to the
add indefinitely, both in
amount of taxes and in the
the
bill become
'
artificial
.
Full
Employment
scheme
•.
courages private investmeht.
Since the operation of the "Full
as
tation.
lie.
a
control
the
plication
years
That is, the President can rec¬
and
contains
great
of
government decree
experience of seven or
of New Deal deficit
spending showed that government
spending and regimentation dis¬
eight
non-Federal
ommend to Congress any
The
also
of
abandonment
policy of raising wage Yates by
whole
will prevent
to the greatest
enterprise,
such
deficiency
possible extent."
expendi¬
being, and to stimulate in¬
This
No.
increased
of
employment opportunities
by private enterprise."
expenditure, par¬
ticularly investment and expendi¬
ture which will promote increased
employment opportunities by pri¬
several elements, two of the
major of which are freedom from
■
the
volume
and
creased
investment and
of
would
unemployment
masses:
weU
two
other
freedom from excessive regimen¬
!
do
1] for any fiscal
period, the Presi¬
dent shall set forth in such budget
a general program for encourag¬
Employment Bill
[ excessive burden of taxes
Guess
year
Would drastically reduce Amer¬
ican liberty.
For liberty consists
I
lasting
increased
investment
ture, it "shall be designed to con¬
tribute to the national wealth and
com¬
First,
than
government control of their
daily tasks.
But the Full
will
there
is
a
prospective
deficiency in the National Budget
[that is, when Guess No. 2 is less
before., They
know a little bit about Full Em¬
ployment; Thfey had it, along with
iob insurance, as G.Is.
That is
what they want to get away from.
They want to be able to live their
| own lives. They want to be free
from
pursuant to the theory of the bill,
"When
much liberty as
as
President
President
things:
has been promised
.Americans. is that after
meaning, what
to
the
1247]
provides;
federal
Guesses. If Guess
No. 2 is smaller than Guess No. 1,
have their ordinary
words
If
stability
unforeseen
prevent
the two
pare
world."
better
planned
a
to
progress.
liberty—that when the war had
been won they would return to
"a
under
aimed
fighting for
told they were
been
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4420
162
Volume
the man in the
ity, a service to
adopts
who
business
investment
professional method—diagnosis
a
and
prescription—in the solution
prob¬
investment
his, clients'
of
lems."
:■
^
current Invest¬
ment Bulletin on American Busi¬
ness
Shares refers to the record
Abbett's
Lord,
of
number
in
occurring
split-ups which are
listed stocks these
in
NEW YORK
•
CHICAGO
•
the making available of the
shares to a broader range of in¬
vestors.
Variety
is
Although most investors would be quite satisfied with a security
in market value and at the same time provided
incbme at the rate of 10% to 15%, few are naive enough to expect
performance.
In fact, no one
the needs of all or even a
needs of individual investors are as
such
fill
can
Louisville
security or type of investment
majority of investors. For ihe
different as are theii individua
It is no doubt
By
provides
terest
funds have
of
funds
stock
common
funds,
stock
preferred
grades,
Railroad
there
provide diversifica¬
tion among bonds, preferreds and
commons with emphasis varied to
which
reflect
cycle.
changes
No J longer
was
in
the
79
A Class of Group
it be said as
can
in the early days of
mutual
development
that
they
cast all investors into a common
fund
mold without providing
for the
particular needs of the individ¬
ual.
Today, no
matter how
complex
dox
the
unusual
or
is
a
available
needs of
a
be,
satisfactory solution
investor
particular
there
simple, how ortho¬
or
him
to
may
through
Prospectus
on
In
Request
DISTRIBUTORS
'*
63 WALL ST.
NEW YORK S. N. Y.
ing
Keystone Program
adequate re¬
the form of life insur¬
in
bonds."
Government
and
ance
and
National
date
Re¬
&
Selective
17
were
and
to
up
in excess
date
The program
amount
The
September
includes
the
of Key¬
brief and
following
"It
the
does
,
not
promise to
intermediate
market
or
to
swings
shift among
securities.
'time'
of the
various
It is
the, scope
to dealers and
135 South la Salle Street
classes of
CHICAGO 3, ILLINOIS
trading medium.
"The Keystone Plan is, in real-
the
our
useful¬
their clients."
these
two
not
a
Sept. 12:
of Group
stock
Se¬
classes
out¬
performed the Dow-Jones Indus¬
trial Average.
During this period,
the
Average showed a gain of
14.4% as compared with 23.6% for
Aviation Shares, 24.3% for Low
Priced Shares, 17,3% for Railroad
Equipment Shares and 22.2%
Shares
—
the
groups
for
cur¬
rently considered most attractive
by the investment management
of this fund.
Selected American Shares
In
the
Things
current
Seemed
issue
rise
of
"These
Important,"
Investments
market
Se¬
Co.
so
compares
far
this
writs
" Regular
Investors may
PARKER
ONE
BOSTON,
dealers
or
CORPORATION
COURT
STREET
MASSACHUSETTS
Total
stated
message
according to the Associated
"There
is
doubt
no
thinking
any
Press"
in the
mind
American
that
of Congress are
grossly
underpaid
and
have
been
for
years." "I think," he said
entitled—and have al¬
many
"they
are
"an
tem"
adequate retirement
for
and said
members
that
more
sys¬
of
Congress
pay
for them
"should be the first step in creat¬
decent salary scale for all
a
Federal
employees
government
.07
.08
.15
cial."
Building
.05
.10
.15
Chemical
.04
.06
.10
Electrical
equipment
\
Congress's
.10
.10
.20
.04
.11
.15
Fully administered__
.05
.10
.15
.10
.05
.07
.08
.15
$10,000.
.10
was
raise
last
bond
Industrial machinery
Institutional bond
7-.
.10
Investing company—
priced
Merchandising
__
.17
.10
.03
.05
$7,500
.06
$5,000.
.10
bond
.05
.15
.20
^
.08
.10
•*
.06
! .10
.04
:■
Utilities,
Putnam Fund—A
dend
of
.04
.06
.10
quarterly divi¬
Oct.
cents
15
share pay¬
to shares of
per
Trusteed
Funds,
Inc.—
The
following dividends payable
Sept. 20 to stock of record Sept. 10
for UBA, UBB and UBC and to
of record Sept.
and'UCS:
stock
13 for UPS
Regular Extra
Union
Bond
Fund
Union
Bond
Fund
Union
Bond
Fund
A
$.21
.20
C
1.00
.07
LOS
ANGELES, CALIF.—A. B.
Fox, who became associated with
will be ad¬
the firm in January,
mitted
partnership
to
Stern,
in
325 West Eighth
Frank & Meyer,
Street, members of the New York
and Los
Angeles Stock Exchanges,
Mr. Fox in the
Oct. 1st.
on
was
Manager
W. Morris 8c:
Department for A.
Co. and prior
past
the Investment
of
thereto was an of¬
& Trust
ficer of the Union Bank
.64
.05
Fund
.50
.14
>
Stock
Common
$.90
B
Stock
Preferred
Stern, Frank Go.
.08
.04
Tobacco
.30
Fund
Co.
DIVIDEND NOTICE
Finds Patience Is
Virtue Made of
Patience is
a
Necessity
virtue,
Of this there is no doubt,
And Mr. Burgess found it
When he was eating out.
He
Group Securities,inc.
a
waited
for
an
The
so
Inc.,
hour
have
on
the various
Group Securities,
payable
declared
been
September 29, 1945, to shareholders
Before he got a table.
of record
The hostess "scratched" the
September 12, 1945.
menu
Tola! For
For Third Quarter
sheet
fast
following dividends
classes of shares of
First 9 Mos.
.32
Class
she
as
ordered
shrimp
a
pie and
waitress
the
for to
M
.IS
JJ7
.08
.15
J5
.10
Chemical..
.04 <]
.10
.06
.10
.15
.1®
Electrical Equipment.
tea. "V;
order
see.
Food
.04
.11
J2
.15
Aviation.
Building
Aiftomoblla
salad,
well-iced
took
Regular* Extra* Tolal
Agricultural......... .07
.08
.15
able.
was
-
.42
J20
10
42
.43
•
without
'
v\
minutes
a
shrimp—no ice—so
dab.'
no
iced
y&y
.15
43
Fully Administered....05
.10
.IS
R
General Bond
.10
.05
.15
.55
Industrial Machinery.
.07
D8
.15
M
Institutional Bend...
.10
—
.10
45
Investing Company..
—
.10
.10
.<5
Low Priced
03
.17
10
40
Merchandising......
returned
ten
We've lobster and we've crab."
.10
.15
.39
.20
'
Mining..;;..,......
.05
J)3
$ .05
.08
Petroleum
.04
.00
.10
Railroad Bond
05
.15
.20
40
.53
Railroad
Burgess
weakly cries.
But when he's served he gets
crab,
And "got no berry
RESEARCH CORPORATION
Prospectus
from
The
your
may
be obtained
local investment dealer or
Keystone Corporation
of Boston
50 Congrejs Street, Boston
"However,
we
the
have apple,
good, they say."
And, if
you
President
Inc., 63
City.
of
"I'll take it,
please, today!"
Mr. Burgess is ViceDistributors Group,
Wall
Street,
New
York
Equipment..
.04
Railroad Stock......
.03
.04
.07
.08
.19
.24
48
Steel
pies."
Which is very
"O. K.," says Miles,
Ed. note:
9, JMass.
to
Prior to 190,7 the salary-
.08
.04
.04
Union
from
its. members
.20
.15
.
.05
Petroleum
Union
of
.10
.10
!_
Mining
Railroad
<
__
.03
Low
That year it boosted salaries
1925.
Mr.
i
in
came
.15
Food
"Then I will take the lobster,"
NATIONAL SECURITIES &
120 BROADWAY
y
r
^
Truman's
Aviation
.\-v.,c«f
Shares
New York 5, N. Y.
,
Mr.
—executive, legislative and judi¬
The waitress took
,
be obtained
from investment
THE
year.
.15
And vanished
Priced at Market
\
the
.15
The
Series
Prospectus upon request from
your investment dealer.
House repeal
Quarter-
Extra
y/;.7 tea; -,;M
s
the
.08
"No
Prospectus of Incorporated
that
.10
And
STOCK
dation
legislation by which, earlier this
year, it gave each of its members
an expense allowance of
$2,500 a
.05
Fruit
LOW-PRICED
Wash¬
Sept. 6. The President's
proposal included the recommen¬
on
.07
He
L
Associated
from
Agricultural
As
m
stated
Automobile
year
of the
TIO
report
ington
ing
-For Third
Class—
Union
j
special
comparison of
reveals that during the
eight months of this year 16
Steel
ble the present pay, an
Press
so
Security, Inc.—The fol¬
20, 1945,
record Sept. 29.
Group's
price
18
ought to give
straight, out-and-out salary in,
crease," his suggestion ; being a
salary of $20,000 a year, or dou¬
portoflio
^ iDividends z&y
j
Group
able
series
new
v
various classes
the
the
Shares of Capital Stock of
on
month-end
lected
One
of
to
special commission of 7% to
first
pointed description of "The Key¬
Plan."
advisable
deemed
has
Truman
itself "a
ready so expressed myself—to a
salary anywhere from $15,000 to
memorandum
showing
changes $25,000 a year. I recommend that
the Congress enact legislation
pro¬
during August on all National
sponsored funds. . . . Lord, Ab¬ viding that the salaries of its
members be increased to $20,000'
bett—Composite Summary folder
for September on all Lord, Abbett per year."
The President recommended al¬
sponsored funds.
'
Trust' Fund;
-Steel
it
Congress
President
and First
Securities Series
tional
Mutual
securities
of
issue
Na¬
on
.07
curities
Corp.'s Current Data folder
Cur¬
of
folder
.04
Distributor
designated
the
Information
rent
Research
issue
.03
Performance
$
*
Securities &
National
by
it
members
Mutual Fund Literature
Corp.—September
reconvened
told
that
of
.04
remains in effect until Oct. 15.
growth.
is available in any
through
$135,000,000.
equipment-
dealers
and
of
assets
stock
A
income
about
total
Railroad
60% in bonds
of
had
Funds
todian
Railroad
cation^ as follows:
bination
$9,-
to
during this same period.
As of Aug. 24, the date of these
reports, the
10 Keystone Cus¬
762,490
in special analyses of the
post-war outlook and the type of
ness
20% in preferred stocks
20% in common stocks
$5,662,991
from
creased
The
been
General
Aug.
on
broaden
investors.
from authorized dealers, or
Securities
Corp. reports that sales of
new
National
Speculative
This program provides diversifi¬
Keystone Plan does not
offer to 'manage the capital' of
any investor—or of any group of
SELECTED INVESTMENTS COMPANY
"thank you" note to deal¬
"for ticularly gratifying as our Re¬
search
income and capital growth" which
Department
had
spent
would, be appropriate "for certain many months prior to the offering
serves
in¬
Total net assets of Series S-4
lowing dividends payable Sept. 29.
1945, to shareholders of record
Keynotes presents a program
investors who have
Custodian Fund Reports
Keystqne
a
over
"This splendid volume of busi¬
ness," writes the sponsor, "is par¬
of
issue
current
Keystone's
stone
be obtained
spread
Groups Series between the open¬
"The
may
item, have
are
including Aug. 31
of $1,800,000.
stone
Prospectus
each
National
the
Keystone Custodian Funds.
INC.
for
securities
Series
GROUP, Incorporated
Prime emphasis on 80% of this
portfolio is for income with the
remaining 20% aimed at a com¬
SHARES
in¬
search
mutual funds.
AMERICAN
in
a
ers,
care¬
I*™
ownership
group
National Securities Series
of the appropriate
ful selection
a
corporations in 22 industries.
Securities, Inc.
business
;
1!"
the
of stocks and
which, figured in terms of
minimum
unit
normally
These
y
16.5%.
Up
present market value of $14,872."
balanced
the
are
the
Equipment Shares
highly specialized funds
divided as to industry, investment
characteristics and price.
And,
funds
diagram,
a
direct
a
"in
traded
recent
finally,
bonds
many
ranging from the older
types
cross-sectional funds to the more
of
means
American Business Share at $4.90
in recognition of
fact that the mutual
developed such a wide
variety of offerings.
In this field
-there are now available to the
investor bond funds of varying
the
In
bulletin then illustrates that each
basic
this
Nashville.
the split is more than 3,000 for
^
circumstances.
&
of American Business Shares
case
11.5%, Dow-Jones Rails
up 12.8%', Dow-Jones Utilities up
22,7 %v Dow-Jones Composite up
11.4 %, Selected American Shares
for
4
not
1, as Westinghouse
Electric
and
Sears, Roebuck; 3
for 1 like Loew's; or 2 for 1 as
which rose steadily
an
When it comes to
.
split-ups, however, none of those
in the day's headlines even begin
to compare with that offered daily
by American Business Shares.
It
Mutual Funds
i«
.
.
Dow-Jones Indus¬
follows:
as
increased
from
$20,980,394
to
$25,058,077 during the fiscal year.
pose
ATLANTA * LOS ANGELES
is
about
come
and ordinarily have as
INCORPORATED
first of
high prices
their pur¬
"Split-ups usuaily
shares selling at
Urges Congress tof
Double Its Pay
The record
period from the
the year through Aug. 24)
the
(covering
Keystone- Series B-3 and S-4
ended their fiscal years on July
31.
Total net assets of Series B-3
days.
Lord, Abbett & Co.
with the performance of Selected
American 'r Shares.
trials up
:'vI
Split-Up
Thursday, September 13, 1945
financial chronicle
the; commercial &
1248
.04
.06
.10
45
Tobacco............
.04
.04
Utilities......k....
.04
.06
.03
.10
;
.17
40
•Regular dividends' are from
investment income
dends
are
Distributors Group,
Incorporated
National Distributors
•
divi¬
profits.
and extra
from net realized
63 WALL ST.
net
.
*
NEW YORK
5, N.
Y-
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4420
Volume 162
armed forces.
our
Labor's Rights and Responsibilities
(Continued from
mentioned
be
breath,
not
in
the
in
or
the
same
speech,
same
particularly in the hearing of the
princes of privilege who have
long ears that, beleive it or not,
ideals of labor have survived and
grown
stronger and nothing ap¬
parently can keep them from con¬
tinuing to flourish.
Ideas
good
ideas
than smoke
—
tangible
less
are
—
and
more
As a matter of
I seldom en¬ insidious. They seep into a coun¬
try despite every precaution.
To
politics.
Essentially I
wiggle.
they can
fact, as you know,
in
gage
just a quiet, friendly home¬
am
body who likes to go about pat¬
ting people on the back.
I know
that it has sometimes been said
that, instead of patting people on
the back, I bat them on the chin.
But that is not my fault.
It's just
that the people that I hit on the
chin are leading with that part of
their anatomy. It stands, to reason
if
that
they
way
I
other
them
chin.
the
on
turned
were
would
back
be
the
patting
;
instead
of
the
some
the
reason
indestructible.
The
thought
atomic
bomb,
that
awful
miracle that marks the
beginning
of a new epoch in human
history,
wipe out and has wiped out
can
cities.
It
destroy every and
can
anything for miles about. Under
the terrific explosive power
gen¬
erated
by the release of the atom,
steel and rock vaporize and dis¬
appear into nothing.
Yet despite
all
Labor in Politics
For
try to halt the march of. ideas is
as
silly as ordering tne tide to
stop. The fact is that a good idea
is
of
its
atomic
mighty
bomb
cannot
destroy
good idea.
It remains to be
voice in politics strikes
many in this country as
whether
can
a
great
a
new
and frightening idea.
Their at¬
titude is not much different from
that of those who viewed the in¬
vention of the automobile and the
aeroplane
impossibilities. The
car
and the plane were born in
the same era as Labor
Day. All
as
viewed
were
with
suspicion
and
alarm.
There are, I suppose, some who
still
Labor
regard
Day
in
this
manner, just as there are a few
who still think that the automo¬
bile will never
replace the horse.
And, I suspect, the same people
who hold today that labor and
politics do not mix, are direct desecendants
sit the
of
those
who
Wright Brothers
of crazy
sneered
as a
couple
visionaries.
The evidence is everywhere at
hand that labor and politics do
mix. As a matter of
fact, proper¬
ly mixed they make a very stimu¬
,
lating draught which the doctors
have
found
to
be
particularly
good in
mitigating the effects of
chronic and dread disease—
entrenched
greed—which some-
that
times' encrusts and enfeebles the
body politic.
Last year this country had evi¬
dence that labor and politics do
mix
when
women
the
of
working
America
and
men
went
the
to
polls in astonishing numbers and
defeated the forces of reaction.
England
evidence
gave
of
how
overwhelmingly well politics and
labor mix when, in her first elec¬
tion in 10
years, she threw out the
Conservative Party, even though
in so
doing she had to sacrifice
one
of
leaders
the
world's
great war
Winston Churchill.
this country, just re¬
—
Again, in
cently,
labor
surprised
most devoted
its
even
followers
when
it
nominated Richard Frankensteen
of the United
Automobile Work¬
ers
of America for
mayor of De¬
troit by
primary vote
a
large
that it petrified the
"professional"
politicians.
so
v
The British elections will have
oecided
the
er
repercussions, not only on
continent of Europe but, soon¬
or
later, here in the' United
ptates.
Some of the reactionaries
m
this country whose
very blood
curdled at the
thought of the New
Leal and who
wuh
all
of
hated
"That
Man"
their might may find
themselves wishing,
days, for something
one
as
tive as the
New Deal.
of these
conserva¬
For it
was
essentially conservative. The nnte
trouble with it, from the
point of
v*w
and
of
the
those
in
economic
whose
concentratpfJ1
nm*fJr
power,
economic
^-ynomic
Pnncinal mnnom
principal concern
royalists
hands
hanut wer^
weaRh and
of the
Aims of Labor
—
pine*s
of
the
i
labor for
average
the
man
traditional
vears.
,1Se.n; tyrants
knows
the world.
If
war.
what
it
doesn't,
happen to
will
-
civilization
was an urgent
necessity for
permanent peace, even without
the invention of the atomic bomb.
This
historic
made
it
invention
self-evident
must be
no
more
has
that
wars.
the conviction that
have
a
evident, does not
there
But, be¬
cause
permanent
now
we
must
is
self-
peace
that
mean
it
is
either self starting, or self oper¬
ating.
we
The mechanism whereby
hope to achieve that end must
be refueled
continually with the
high resolve
and
hard
work
of
men
everywhere.
Labor, in par¬
ticular,
should
dedicate
itself
grave and pressing ques¬
We must face it squarely
We
now.
cannot
have
been
the way to
on
We'
won.
not
well
were
overwhelming
our
enemies with the
countless
thousands of planes and ships and
tanks
and
this
which labor and
guns
country
never-never-land
facilities
created
here.
are
under
of
I want to believe that there
tion of
Japan
and
the very second the in¬
on
evitable end
The
in against
came
already in sight.
was
atomic
bomb
of the outcome.
left
doubt
no
And it
was
labor
available
resources
used
disasters
well
which
and
the
Those
civilians
who
war,
worked
so
long
and
20th
century miracle played just
vital
as
as
of
To
it
me
much
in
the
or
of
any
right and
seems
the
who
neces¬
suffered
so
who played
war,
so
role in its
writing, should
play a great part in the winning
of the peace.
Hence, while this
a
first Labor. Day,
a
celebration, it should also fee
day of dedication.
Labor must
not
only consecrate
itself
to
the
proposition that there shall be
more
war,
no
labor must also dedi¬
cate itself to full
employment, to
higher
pay
and better working
conditions, and to the ending of
racial
discrimination.
All of the
must
things to which labor
that
of
a
we
easy
alone
not
must
grapple,
well, with
as
goal.
the
our
"hard"
of
or
"soft" peace shall be
into
all
be
on
on
the
us,
toward
I do not
that
mean
alone; I do not
industry, alone.
I
the
a
an
nation
Government
and
as an
growing notion
every man the
As a general prin¬
ever
owes
right to
a job.
ciple, that is correct.
the
Government
But because
owes
every
man
the right to a job does not mean
that each and all of us individual¬
on (he back of our necks
"Well, where's the job?"
The initative in setting up enter¬
prises which provide jobs for the
working
man
in
this
country
should not be the prerogative of
Government or of industry alone.
The working man and his unions
ly
sit
can
and
say
.
as
instrumentalities
been
ever
ever
member of his union and
There is
the
a
both
that
far along
of Biblical times who
men
cause
individual.
things that we want, the
liquidation of our wartime manu¬
facturing plant would be a crime.
For instance, here in Baltimore
any proposal to scrap the Martin
Bomber Plants would be equiva¬
lent to saying that all of those who
need or want air transportation
the
cause,
work
us
private
a
the
are
fails or
cannot
of man¬
man
private industry and, in addition,
labor—the working man, both as
are
part and
beat their swords into plowshares,
larger
question
which we are likely to overlook but we must beat our output for
in the debate about whether a War not only into plowshares but
parcel
of
By all of
mean
What justification is there for
scrapping
our
great
industrial
plant? Unless it can be said that
all of us in this country have all
have it. We
is
matte*
Government
a
ities.
now
all
must
internal instabilities and insecur¬
of
It will
war.
assure
one
Mankind has
mean
will
little,
leaders, wnetner they be in
industry,
or
government
need our help to bring about full
employment in the country.
We
possibility. We may hope
have laid at rest the un¬
borders that make for
this
usefulness
of
Our
spirits of the world outside
our
is
labor,
world without fear that is every¬
one's
hope for tomorrow.
We
as
itself
devote
jective
dreams
march.
as
fashioned to Win this war, will
be influential in making this ob¬
But
,
that those
sary
vital
achieve
heroes
our
armies.
our
to
role in the final victory
a
any
hard
so
any
kind.
the instrumentalities that
as
their
It
the march.
we
the' count in this
won
granted
are
but instruments to be
succeeds, but the
fail, for it is the
of
capacity,
are
until
whether
the
dislocations
The productive
war.
which produced the atomic bomb
f
need
we
make their
to
ended.
was
for
be,
may
again
make our people and
prodigally
our
succeed
true. Leaders, whoever they
come
world that will not
a
strive
and
laid at San Francisco the founda¬
her promise
to
great vision, who dream largely
productive
When,
without holding back, Russia kept
order
ism—leaders to whom
peacetime
goods under peacetimes enterprise.
produced.
do not
or
great leaders and inspired ideal¬
the
They were
urgencies of
the
war, but they can be
of peacetime jobs and
they work
Leadership Needed
In
to
escape
some
could
war
that
also have
creation
to
that
a
a
duty to partake in the
and finding
of jobs and
mind that duty consists of
good deal more than lobbying
my
imposed upon our defeated ene¬ would for prosperity and content¬ in the halls of Congress or iix
The aims and aspirations ment in an era of peace.
writing to Congressmen.
of labor are an integral part of
The insecurities and instabili¬
Labor-Industry Relationships
end that there shall be no more the question: What peace terms ties in this country that would
The relationship of labor with
war.
I say that this is true of are we going to impose upon our¬ arise from the scrapping of our
wholeheartedly
to
the
proposi¬
irrefragable peace and
should work everlastingly to the
mies.
labor
selves?
tion of
an
in particular because it is
workingman and his family
the
who have borne the
toriously,
have
just
carried
his
as
the
vic¬
so
ancestors
greater burden
In England, in France, in Rus¬
sia, and in all of those European
countries which were engaged in
the desperate fight against Hitler,
it was the homes of the laboring
which suffered the most
men
der the
Of
un¬
strafing and the bombing,
the rich and the priviledged in those countries suffered
the
too
course
rigors of
same
their
lost
those
and
war
homes.
people
Carthaginian
a
the
of
we
sow
great
In
fact, it
that the
may
rich
the
for
mobilized
war
while
salt in the furrows?
Will
we
that
we
Full
employment includes social
industrial justice, achieved
thus make barren the great pro¬
ductive
facilities—the great
Glen
Martin plant, to mention but one
which have been poured
—into
the
effort and
the
knowledge and the
people?
Or will
we
skill
and
money
the
of our
turn our war
have
at
our
of
a one-way
dustry to labor.
Moreover, the?
public interest in "both labor and
industry is paramount and both
industry and labor would do well
to recognize this paramountcy.
I
am deeply interested in the aspir¬
employment
prevent
this
we
command.
ation of labor to better its condi¬
tion as to wages and in all other
through the genuine rule of the matters that pertain to employ¬
It is my belief that labor,
people.
This is your objective/ ment.
your purpose.
The methods for that is not only fully employed, but
achieving these results are merely is happy and satisfied because it Is
expedients finally to be accepted persuaded that it is earning a fair
or
rejected as actual experience
(Continued on page 1253)
and
;-v/.
is uiidcr no circumstances to he construed as
offering of these securities for sale, or as an offer to buy, or as a solicitation of an offer to buy,
any of such securities.
The offering is made only by the Prospectus.
This announcement appears as a matter of record only and
an
25,000 Shares
poor.
truthfully be said
the
and
privileged
lost the most in this war, because
they had the most, but it may also
be truthfully said that it was the
laboring man who suffered the
most.
full
To
the plowing up of there is need of all of the wisdom
industrial power that and probity and deep seated faith
,
than
and
of
achieved.
will result In
and
fought against the Germans,
nevertheless, because of their ac¬
cumulated
wealth, managed to
better
discontent
program
no more
street than is the obligation of in¬
in
occupied, the rich and the
well-to-do, even if they did not
collaborate with the Nazis, even
if they joined the underground
out
a
is
industry is
rev¬
grave danger
unrest unless
Ger¬
mans
make
plants would not lead to
olution, but there is
that
peace
war
they
Even
which
countries
,
Do 1ve propose to levy upon bur
the
of past wars.
.
The Reconversion Problem
brunt of the
which has just ended
war
•
.
,
,
The Leland Electric
.
Company
5% Cumulative Convertible Preferred Stock
This may seem paradoxical but
the paradox is easily explained
we
remember
that
when
wealthy
homes
the
man
in
another
the
home
of
still
his
had
and
one
he
another one.
precaution
of
depositing funds in foreign
countries
where - it
might
be
to
power
Manv
had
drawn upon
laboring
Price
get
taken
.
a
the money
lost
war,
or
(Par Value $25 Per Share)
if
the
$25.00
per
Share
plus accrued dividends
in time of need. The
when he lost his
man
home, lost everything.
He had
m0ney in a foreign land either
•
*n
,-n +hnt of annamA
nr
in his own name or in
other.
Copies of the Prospectus may be obtained from the undersigned.
tnat ox
Labor's War Effort
working man
States,
never
reached the
labor
here
also
United
aims
heavy burden.
Labor,
which bore so much of the brunt
carried
and
Otis & Co.
Curtiss, House & Co.
(Incorporated)
a
sponsible for the winnin^ of that
tion^
and
shows
work,
a
status quo ante. The factories and
by labor, this
of
save
of the war, was also largely re-
reigried,
ideas
Nevertheless, without
This is
the production miracles perform¬
there
to
were
yet
the
would want
one
a
we
^uring all of those years and de^Pite the creat po™'er wielded bv
e
Privileged,
No
their
in peacetime, in
nearly 10 years, should be a day
If
have
Dictators have
have
of
very
so.
from
Although the bombings which
ravaged the homes of Europe's
health, welfare, and hap-
~uted
God
or¬
dinary human being.
The
idea
detract
factories
into
peace
factories—
factories for making plowshares?
ed
a
seen
destroy the
do
could
anyone
were
was
that
its
was the health,
^ellare. and hannteess
bad
it
to
Nothing that I
that
or
could
say
the
power,
that the laboring man should have
a
say
heroic deeds.
1227)
page
could
1249
■M
war.
None will
role of the men
September 11, 1945
deny the vital
and /women
in
.!
Thursday, September 13, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1250
the introduction of
•was
taking a risk—the pioneer
Hormel, we really
much about the spirit—and I am afraid tnat we
It is not really rep¬ are getting far too much in the
efforts made by
Symposium
on
Hormel Plan.
:
,
recognize that the extension of in- I you going to guarantee everybody
come
and employment securities in every industry this annual in¬
to an ever widening circle of em- come?
Mr. Chernick: No, at the outset,
ployees is an important and worth¬
while effort. Under normal peace¬ I do not believe that is possible
time conditions, as we have known At the outset it is necessary for
in the past,
there are large
numbers
in
our
economy
who
have had
the assurance of in¬
them
for
come
.
entire
the
The
year.
of the guaranteed annual
to extend this to more
and
more
wage-earners.
While
it may not be applicable in the
immediate
future
during
the
purpose
is
wage
problem of reconversion, we must
begin to think and plan for it at
the present time.
annual
The
Dale:
Mr.
wage
gives an opportunity now to dis¬
practical methods which in¬
dividual businessmen could take
cuss
employment in their own
to make
companies more stable. The busi¬
nessman
is still the kingpin in
providing most of our jobs, but,
surprisingly, his role has
rather
been .omitted
the
in
de¬
current
bill
of Congress. This is probably the
last important economy in which
bate
the
ises
the full employment
on
free-enterprise system prom¬
to function.
This may be a
last chance of
Chicago, John Morris Clark, pre¬
the stakes
are
heavy, for, unless we tame
the new leviathan of unemploy¬
dicted many years ago,
yet devour us.
Mr. Spencer: If it is as impor¬
ment, he
tant
may
that—if the continued ex¬
as
istence
of
the system of free
en¬
is
dependent
upon
a
guaranteed annual wage—I think
at the outset that we ought to
find out what we mean.
What
terprise
rV'
i
,
M":
specifically is involved in
IfV
■if..
a guar¬
anteed annual wage?
^Mr.
the
Specifically,
Chernick:
means
tem
changeover from
a
of
wage
in
payment
employer
hires
a
a year or
somewhat
weeks
or
less
40
Mr. Dale:
it
which
workers
by
for
than
a
period of
a
year
—
45
weeks.
That is
a
terrifically
important implication for collect¬
ive bargaining, because the unions
will be
bargaining
now,
not only
for wages between 95 cents and a
dollar
an
hour, but for fifteen
hundred
a
or
two
thousand
dollars
year.
Mr.
employment conditions in his
own
industry, and to devise a
the
Spencer:
on
this
I
a
would
like
to
statement, how¬
aspect of
it.
Chernick:
Mr.
that
habit
must all be secure
we
representative of con¬
industries, I think.
Mr.
Spencer: I would like to
put in this statement here.
I can
see from the point of view of the
individual employee that it is a
very
good thing to give him a
deeper sense of security.
It will
undoubtedly improve his morale,
and it will undoubtedly make him
a more efficient worker; but, from
the point of view of the employer,
it seems to me that he is sticking
sumers' goods
two types - of industries
people will simply buy shoes
more periodically than
employers
buy machinery.
In other words
I think that I un¬
what you mean by
Mr. Spencer:
It may be con¬
derstand
now
guaranteed annual
a
I
that
think
I
income.
the
what
see
can
ditional
which
guarantee for a number
employer guarantees
wages dependent upon the busi¬
ness
an
that he is able to carry.
The
Dale:
Mr.
CIO
has
point of view of the employer, and
also from the point of view of the
whole economy, but I see some
rather
serious
difficulties
in¬
volved in the inauguration of this
fluctuation of employment.
Mr. Dale:
ment Survey
very much from its orig¬
guaranteed demand for 52
weeks a year to 40 hours a week.
They have
just concluded an
agreement
with
the
Wildman
Manufacturing Company in Penn¬
which gives employees
with more than five years' service
30 weeks employment in the year,
and this is the important thing:
the Government is going to guar¬
antee the rest of that employment
for the year, because for the re¬
maining 20 weeks these workers
are
going to get unemployment
compensation from the State of
Pennsylvania at $20 a week.
sylvania
some
of
the plans that are in effect at the
present
Consider what
time.
it
individual employee
means
to
the Hormel Plan;
an
That is
an
intangible
would go
Chernick:
Mr.
it is in¬
of the firms
Yes,
tangible,
but some
been able to
have
reduce it
to
Mr. Dale: For
Hormel
the
In
his dollars and cents figures
accurate, he agrees,
case,
not very
are
but he feels that in terms of dol¬
lars
and
the plan has been
cents
That is
Dale:
Mr.
being pretty
I have never seen any
a
Guaranteed
marily
52
weeks
of
year, that is—and on the basis of
that he can go ahead and plan his
budget, and, on the basis of studies
made there, it is obvious that he
ahead
and
basis of the
spends
on
the
knowledge of the fact
Mr. Dale:
In spite
of the great
list the
can
extent
of the
order
in
industries
annual
it
and the
Assuming that
does help the employee
employer, does it have some im¬
plication from the point of view
of the community?
Chernick:
Mr.
what
we
are
We
interested
are
in
as
interested
a
in
maximizing the extent of human
satisfaction, and the security that
comes
with the knowledge that
you have pay for a year seems to
me one
of the primary ways of
introducing the peace ofv mind
leads
that
to
the
expansion
of
Mr. Dale: A great
the
American
characteristic
really
economy
Dale:
Mr.
is
wage
instrument. It
offer to buy,
any
of
employment
within
occurs
the
period
and there are large
groups of industries in which that
is
possible.
Let us solve the
problem of irregularity, of inter¬
mittent employment, in those in¬
a
year,
Then it is true that in
dustries.
which
industries
cyclical
much
subject to
depression
than
so
more
are
and
boom
others
the
which the plan is ap?
plied to its employees has to be
extent
to
restricted.
,;
..
Y'
Mr./Spencer: Another difficulty
see in the inauguration of
.
^
_
that I
this plan is that we do have cer-?
tain industries which may be de¬
dying/industries, which
employment. What
you going to do about that?
How are you going to make pro¬
vision for that type of industry?
scribed
as
have declining
are
I
Dale:
Mr.
do
not
think that
difficulty
that in the
long run we are all dead.
That
is to say, in the course of a year
an
industry does not decline so
terribly, and we believe it is, the
they
have
Here
you
much
so
can
argue
a
You
for
get ready
the
after
shoes
for
demand
the
war
the
N'unn-Bush Shoe Company, which
has a very fine plan, will order
more shoemaking machinery, and
they will give employment to the
International
Shoe "Corporation
to make this machinery for a
been
made, the employment
International
the
say,
the 'machinery
when
but,
year;
has
Then,
expands.
Shoe
Nunn-Bush
because,
can
ahead
go
as
know, "All
as you
shoes,"
management, and I had under¬
that management had al¬
of
stood
engaged
been
ways
and
looking
where
is
it
as, an
offering of these
Employers have been
Mr. Dale:
talking in general terms, but they
have not done enough about it.
That is the
finding
of such securities.
surveyj
is the mat¬
giving the employer an
incentive if in past
with
ter
additional
statistically,
years,
ment in
50%
to
such that,
have
employment? It
of the employees
had year-round
seems
employ¬
the
firm has been
a
say,
wait with re¬
can
on our
Mr. Chernick: What
They
placing it.
chinery;
planning
in
ahead and seeing
going so far as its
products are concerned.
Cor¬
poration will be greatly reduced,
but
ployment more stable.
Mr. Spencer: I understood that
that had always been the function
but they do not have to have ma¬
circumstances to be construed
securities for sale, or as an
pri¬
be adjusted
can
great trouble, here, in the invest¬
ment goods industry. Suppose that
of
human satisfaction.
of
annual
teed
>
(
Spencer:
God's children got to have
no
wages
flexible function of every business • exec¬
and utive to look ahead for five and
applied in particular industries in ten years in those industries and
accordance
with
the
degree of to think of products which- they
can introduce to make their, em¬
predictability of demand.
Mr.
before
This advertisement is not, and is under
or
this way.
stabilizing.
that he has income for 52 weeks.
Are
You
put it this way.
right, but
it
designed to eliminate
are
which
of
Put
irregularity
the
stopped
-
Chernick:
Mr.
to which they are able to predict
demand ahead, and the guaran¬
society?
has
ability of a given employer
predict with some degree of
certainty what his share in the
economy's business is going to be.
boom stopped.
they
a year
figures from Hormel, though I do
think he has done a good job in
knows
he
the
to
Mr. Chernick: That is
Certainly, the
social implications of the thing
are enormous.
In the first place,
that
Spencer: And yet the suc¬
inauguration of a guaran¬
teed annual wage depends upon
advantageous to him.
general.
:
.
cessful
example?
Chernick:
Mr.
coming year.
Mr.
dollars and cents.
for ex¬
ample, an individual employee
who starts out the beginning of
the year at the Hormel Company
income coming to him in the pe¬
riod of a year—in the following
companies just do not know what
going to be during
that amount is
the
people,
bankrupt within
after the war economy
changing their habits so much
without advance notice that many
their
all
to
year
<
still
Manage¬
and have said that
if they were forced to give a guar¬
antee of employment for a whole
Unfortunately, our consumers are
...
Mr. Dale:
come
down
under
ployees.
Many companies have
written to the American
or
greater morale on the part of em¬
buy much
readily, whereas the re¬
placement - of capital equipment
can be postponed
indefinitely, and
you can have very much greater
more
limits
factor.
inal
Mr. Chernick: Look at
it
jplan,
will
consumers
as
we
advantages are from the point of
view of the employee, from the
the application of the
Unfor¬
limits the stringency or will make next year."
rigidity of the plan in particular tunately, we have not discovered
of weeks for a number of em¬
industries, but Spencer has men¬ yet the brilliant statistician that
ployees, or it may be uncondi¬
tioned some of the advantages, the can predict a rational future on
tional, or it may be a system in
the basis of a nonrational past.
It may be a con¬
ticular business.
gauaranteed
these
to do it.
and leave it to George
-YYftY
plan on any wide-scale basis. For
instance, how in the world is any
plan accordingly. This may mean
given employer going to be, in a
that it is restricted in the extent
position to predict with sufficient
his neck out pretty far.
of the length of the guarantee. It
accuracy a year ahead what his
Mr. Dale: It involves an awful
may also mean that it is restricted
business is going to be so that he
lot of disadvantages to the em¬
in the number of employees that
ployer in giving a guarantee.
In can say, "Now, boys, this next
it covers,
but I think that we
fact, it is a big burden to him year you are going to get a cer¬
should hold as a goal the exten¬
because it increases his rigidity. tain amount of money, and you
sion of the number of employees
do not have to work and you do
The annual wage cost, which used
covered and the stringency of the
to be flexible, will become fixed. not have to worry, but we are
guarantee to as wide a circle of
This is certainly hard in a de¬ going to give you the money just
employees as possible.
pression, because, when sales fall, the same at the end"?
Mr. Spencer: From what you
Mr. Dale: Some nasty people
he will have to go on spending
say the kind of plan which exists
money each week to his workers. have said, "Give me a Washington
in any given business will depend
Mr. Chernick: That is true and economist and three martinis, and
upon the conditions in that par¬
I will tell you what money you
goes
have you make
ever,
to evaluate the con¬
ditions existing in his own firm,
sys¬
the day or by the week to a sys¬
tem in which he hires them for a
period of
the employer
private business to
provide full employment.
As a
distinguished
economist
from
American econ¬
.
sidered
(Continued from first page)',
s
omy.
a
annual wage.
In addition to what
Dale has said with respect to
the
continuance
of
employment in
too
resentative of the
Guaranteed Wage
...
talked
have
that, to give the em¬
me
rigidity of the plan is much less
the Prospectus.
ployer an incentive as a result of
cooperation between the union m
the plant and the employer, they
could arrive at a figure of 55%.
than
The offering is made only by
For instance,
Chernick: That is true, but
Mr.
what it
means
machinery
1,500,000 Shares
in
goods
is that in the shoe-
production
the
of
case
field
the
consumers'
a
to
tional incentive to the ones
Common Stock
not
we
mean
have
situation that the annual wage
be
best
applied
where
it
is
needed,
at
Nunn-Bush,
they have security anyway,
and it can be least applied where
where
it is most
Per Share, U. S. Funds
does
Y
needed, namely, in the
investment goods industry.
Mr. Chernick: I think that there
is some advantage in
introducing
plan
a
55 %
of
his
employees.
even
in industries in which
find new products,
expand the regularity oi
unemployment he offers.
now
to try to
the
Mr.
As
Spencer:
may
be obtained from the undersigned.
employee knowing defi¬
that he is going to get 52
ing that there is
Broadway, New York City (4)
wage m
You have to have
an
a
possibility that
he will.
.
Mr.
Spencer:
sist that the
42
de¬
constitute
the
nitely
Company
as
Depressions in that se"s^
a
major obstacle, but
true.
employment
security
is
pretty
bright.
There is a difference be¬
weeks of wages or work and feel¬
Tellier &
soon
comes'--along, the em¬
ployer is likely to
chuck the
whole thing out of the window
because he cannot stand it.
Mr. Chernick: All right, that is
pression
tween
Copies of the prospectus
That
addi¬
he has
to try to
least
(#1 Par Value, Canadian Funds)
Price 60^
That
much there because there
can
a
gives him an incentive, an
Mr.
a
the employer guar¬
year-round employment
Dale:
plied.
Gaspe Oil Ventures, Limited
antees
industry, but it does not
a
plan cannot be ap¬
that
mean
tries
as
sumer
present
serious
I
contrasted
industries
a
as
still
in¬
would
capital goods indus¬
with
are
the
con¬
going
to
problem which is very
a
long-run matter in
annual
guaranteed
itself
is
not
the
answer
to than
additional sup"
plementary policies that do main¬
tain a high level of employment.
Mr. Dale: The greatest sin that,
business has committed is the im¬
proper
spacing
capital goods.
to
the
look at
chases
end
of
of purchases oi
If we think bac
the
motive company
by
war an
of the put-
last
study made
of locomotives
a
at a
railroads, w
Number 4420
162
Volume
in 1920 this
find that
THE
company
gold 2,500, locomotives; in 1921,
200; in 1922, 2,000; and the next
In
Mr. Spencer:
an
individualis¬
and a system of free
enterprise, how are you going to
tic society
railroad company that "you
have got to space your buying"?
How are you going to tell a con¬
that "you ought to buy
employment"?
insist oti a system
enterprise, we have to
leave the consumer, we have to
leave the capital investor, com¬
As long, as we
free
of
free
pletely
and
where
buy
to
when
and
price
what
at
they
want,
vate
been
intelligent in his pur¬
he should have been. In
of the railroads, for ex¬
as
chases as
the case
Chern?ck:
Mr. Chernick: It is not.
question of alternatives.
want?
you
not
choices
in
terests
favor
of
their
true,
long-run collective interests.
Mr. Spencer: To whom is he
going to give them up?
what I want to know.
.is
he
We
going to surrender them?
always pleached the
have
doctrine that the individual enter¬
priser must go out, he must be
alert, he must be militant, he
must be aggressive—and, if I get
your advice, what you are advis¬
ing is that the enterpriser must
not be
the
high-minded, alert,
enterpriser, of course,
get him
to recognize that there are social
of
consequences
have
his
twofold
a
We
have
action.
We
educational
educate
to
job.
consumers
to the fact that capricious actions
with
purchases have*
the effect of providing an irreg¬
ular employment.
to
respect
Mr.
Spencer: I would still say
on
your part that
is mere
that
wishful
thinking.
retain a free
choice
to
As long
as
you
society in which the
or not to buy is
Mr. Dale:
consumer
.
.
decisions
that it
can
ment
and
because
provide
can
efficiently,
but,
something in
it
thinks
employ¬
it more
it does
more
provide
unless
collective way to
way.
Mr.
Spencer:
Are
talking
about collective activity on
the part of business to
get this
system
of
annual
guaranteed
wage?
Because, if you are talk¬
ing
about
agreements, between
employers on this basis, I think
you
now
that you
gerous
are
getting
on very
dan¬
ground.
Mr. Dale:
of that at
all.
of the fact that
reason
over.
Chernick:
that
have
about
much.
satisfied with it
you are talking about
appendages of larger
and
their
a
regularity of employment in
their plants depends on the
regu¬
larity of employment in the larger
industries.
thing that we must
in mind. The businessman
keep
I think
from
sons
be expected to do all the
cannot
stabilizing.
First of all, the pro¬
gressive labor unions have shown
they
able
ideal
can
actively cooperate
management
in
bringing
about more stable employment.
Mr.
Spencer:
Right now we
have before us in this country the
prospect of employment of dimen¬
sions of the
type that
we
1930.
are
some
even
are
that the les¬
abroad—the
There
it
will;
Dale:
The
However,
discloses, for
amounting
reflected
had in
more,
do
them
make
in this
see
guaranteed
an¬
than
a partial guaran¬
the discussion of
Spencer: I think that any¬
thing
which you can do to get
private enterprise to pick up the
oall and
run
thin^.
ful
ried
for
with it is
What I
about is
would
wor¬
schemes
anhual
wage
old
our
plan—a thing
work
still
that these
tend to be like
may
centive
which
in¬
long as it works
you would drop the moment
that it ceases to work.
As a longrun
proposition that is not going
cure
economic ills.
our
Mr; Chernick: No, it is not,
is
need
and
why I have said that
supplementary
maintain
a
we
measures
to
high level of employ¬
a
latter
Dale:
Mr.
is
guarantee.
a
Spencer: You think of this,
as
being just one device in
which, we hope,
the total program
pre¬
be
can
Business
established
and
istered for the purpose
ing about
ures
which it could take to make
its
possible the various
own
Mr.
employment
Spencer:
I
think
I
Chernick
shows that very well in his study
He showed there that
of Hormel.
more
can
see
meas¬
that
Mr.
it
most
Mr. Chernick: It is not
create
any
designed
employment
indirect way.
For
except in an
creating higher levels of employ¬
ment, I insist that we still need
other measures. What guaranteed
annual wages will do after they
are introduced in any level of em¬
ployment will be to expand se¬
curity for individual employees
contribute
the mitiga¬
by maintain¬
ing purchasing power by spread¬
ing stability from some plants to
to
of depressions
to
a
point
when most of
have been
the time for replace¬
may
come
No, I do not think
I think
jn a boom would lose
rnat if
that, natu¬
money and
it did not retrench in a
depression it would go bankrupt.
But if
a
large number of business¬
men
thought of regularizing their
purchases, the situation would be
entirely different.
Spencer: At
.
pas*
i
whole question
ways and
?an save
mat
at
save
nere
I
numerous
times
^ave discussed the
of free
we
of
here
like
the
wage plan
vation of the
want
to
to
know
on
guaranteed
the
preser¬
system of free enter¬
prise?
Chernick:
» is
*lts
lnto
ystem-—a
me
a
havior
could
be
Minnesota,
repeated in
communities all
that
and
other
the country.
many
over
Mr. Spencer: I am not sure that
The
guaranteed
primarily
a
device
private-enterprise
device
which,
at the
time that it somewhat
limits
the
made
Government, manage¬
will
purchases
and
the
on
part of
Such be¬
consumers
ment, labor and those working co¬
might then
operatively together to bring
ing drop ih the sales of durable
selves
out
of
this
i
ia
..I
Mr.
is
11
i
fine,
a
i
i'
the
whole
economy
cerned; however,
for what
is
pious
is
our¬
reconversion
consumer
This announcement is
not an
an¬
still
The
aspect of this thing which
and
order
in
work
to
for
ing the
can
war, and
do it again.
Mr.
of allied
cause
a
most disturb¬
goods.
offer to sell
attempt to fur¬
who have
lines—side
up
all
lines—
in order to
ing
worker
his
give employment dur¬
period
in
which
the
the
will
not
be
working
on
I think that we
that a guaranteed
wage has promise in the period
following reconversion — that: it
would
give workers a deeper
sense of security and that it will
tend to give the employer a more
efficient, stable labor force and
that to
our
that
extent it will
contribution
some
whole
Dale: That is
scheme.
For
a
very
the
economy.
tion
should
example, the Gen¬
in
other
hand,
whose
the
smaller companies
of efficiency
and
summer.
basis
competitiveness
will
find
other
it
very
But,
on
products if their costs are
Other¬
wise, there is a very great danger
that
small, specialized business
will have to combine to produce
several
products in order to make
the employment more
Mr.
Spencer:
The
stable.
extent
to
make
stabilizing
All of
us,
I
of
such
participate
and
plans;
in
administra¬
that
r
they
should be worked out by manage¬
all agree that the Govern¬
ment, labor, and management it¬
self must
carry
forward other
plans to bring us out of recon¬
we
version and in the post-reconver¬
sion
of
a
period to establish high levels
employment so that we can get
sound, well-balanced economy.
or a
solicitation of
an
offer to buy these securities*
Fabricon Products, Inc.
~
Formerly, Detroit Wax Paper Company
1
Price $25.00 per
The prospectus may
be obtained in
circulated only from such
any state
registered dealers
share
;
in which this announcement is
as are
offering these securities in
compliance with the securities law in each state.
is specialization
difficult to add
not to increase too much.
not
formulation
good
Company has done an
excellent
job.
They
produce
Postum products in winter and
to
think, agree that the government
Common Stock, $5.00 par value
regular job.
Mr.
I think that we
Spencer:
28,960 Shares
.1
a
agreed
are
offering is made only by the Prospectus,
those
employers will be picking
in
,
been guaranteed wages for a year,
sorts
■"*
Mr. Dale: We have dorie.it dur¬
me.
I assume that,
inauguration of these plans
nish
■
talking when you tell people [ to
their purchases.
bothers
in the
wish, biit
space
con¬
will take it
we
But there
it is.
.
system of free society you are just
experience in Austin is very
good so far as the whole nation
or
'
».
Spencer: I think that that
the
Jello
nnual
Mr.
which
Austin,
all
would
auguration
ments has not yet come.
eral Foods
what you think is
likely to
the
result
of
a
successful
e
words, go ahead with all the plans
enterprise
by which it
because I think
means
itself,
least
it.
greater stability in the community
the
of
at 100% of requirements, !
(Continued on page 1252)
I
ing of
goods.
Hormel people resulted in a much
effort
i
with
.Coincident
has been the irregular spac¬
ness
more
tion
to that.
Dale: Perhaps one of the
important omissions of busi¬
the
stabilization
113,510, against which there was a
sinking fund of $10,377,000, leav¬
itself
other plants in the economy. - 1
Mr. Spencer: We must, in other
the
4
30 last was $52,-
ment alone or by management in
the purchases of capital cooperation with.labor.
Perhaps
Given a more favorable I have less faith in the guaranteed
climate of Government legislation annual wage than Dale and Cher-?
and attitude, business should be nick. I am not at all sure that it
able to space the purchase of cap¬
will do what you gentlemen think
ital goods better than in the past.
it will do.
It may even be an¬
Sometimes it may be possible for other inanagerial fad like the In¬
consumers
to
centive plan, but at the same time
space
their pur¬
chases more regularly.
This is we do have here a concrete, prac¬
especially important as regards tical plan which, employers can
the buying of durable consumer try with a view of stabilizing em¬
goods, such as automobiles, re¬ ployment; and, if they can. do it
frigerators, radios, etc. If the pur¬ iri their own establishments, I
chase of this type of goods is too think that it will spread to others.
heavily "bunched" after the war, But, in the meantime, I think that
stable, but 1 do not see how
going to create any more em¬
ployment.
to
of bring¬
sound, well-balanced
a
Mr. Chernick: I agree
more
it is
admin¬
economy.
stable.
will make employment somewhat
and
ment.
y
The
Mr.
sta¬
as
you
as
and
to
employment
fully
wonder¬
a
am
guaranteed
a
bilization.
of
should try and examine as care¬
more.
■ (The total bond and note indebt¬
edness at June
'i
requisite of
to
present year alone, there
paid off, through- budget
serial bonds.
to
period can present, establish high
level employment, whether they
be fiscal policies or policies with
respect to international economic
relations, or policies with respect
to the Full Employment Act, or
policies with respect to the exten¬
sion of unemployment compensa¬
tion, which is another way of
guaranteeing annual income.
Mr. Chernick: Yes, but what¬
ever
level
of
employment we
reach, there is a place for the
ex¬
portant program
more
be
appropriation, $2,233,000 of gen¬
eral serial bonds, $455,000 school
serial bonds and $288,000 of water
reduc¬
a
then,
do
seven
sets
1945,
30,
possibilities
to
necessary
next
the
in
the action j
of establishing sinking fund as- 1
than in the past, and
that in itself would be a very im¬
much
very
In the
will
ex¬
guaranteed annual wage.
is
debtedness
years.
outstanding term indebtedness,
record
the guaranteed annual wage must
be strictly distinguished from the
it
50% of the current net in-
over
years.
$41,736,510,
nual wage is welcome as an ideal,
but most employers cannot pro¬
more
strated to business in this country
will retire
city
maturities, the
on
June
you people
espousing here any hope in
assisting us in this reconversion
period or in the maintenance of
high levels of employment.
tee.
that
when the
total was $71,173,114. Moreover,
under the present schedule of
1936,
1,
ample, that the city's net debt at
are
vide
demon¬
41.4%
than
less
no
Jan.
ing net indebtedness at $41,736,510. By virtue of appropriations
from
surplus
early
this
year,
sinking funds are now equal tc>
The
particular plan which
in
countries—have
of
since
who think
be
tion
in¬
recent
desir¬
a
and
English
election and what has happened
other
beyond
go
mu¬
be
Perhaps the most revealing and
impressive section of the report
is that bearing on the course of
the municipal debt structure in
with
Mr.
Dale:
final
important
ests.
Mr.
one
this statement: I do not
inter¬
own
usually
industries,
are
Mr. Dale; But there is
in
may
facts, should
lose no time in securing a copy
of
the
reportjust issued by
Wainwright, Ramsey & Lancaster,
70 Pine St., New York 5, N.Y.
This document, covering the fi¬
nancial
operations of the New
Jersey community during the pe¬
riod
1940-1944,
incl., serves to
once
again deflate the recurrent
politically-inspired "charges" of
maladministration
of
the
city's
fiscal affairs, etc., etc.
too
which
firms
investors
who
ies, rather than
wor¬
consequence
small
and
bonds
clined to judge the financial sta¬
tus of Jersey City on the basis
of carelessly phrased news stor¬
tensive, and 1 would like to make
satisfied that
are
it has increased
that
These
nicipal
is
the
and
it
he
the
However,
introduced
that
best prepared to do.
Mr. Chernick; 1 would not
that
other
rally,
the
individual
business
which would hold back the sales
and
it,
Dealers
of
a
improve the employment situa¬
tion, the system is going out any¬
llV
do
annual wage have done so partly
for their own profit, and those
that
.
I
know, but business
prefers to have a free system and
free
Mr.
the chiseler
and he would
and
firms which have introduced
buy
left with the
this,
would break
Mr.
must
we
seem
thing
.1251'
Muitfcipal News & Notes
gets his
pies, and he
many
will not be able to do these side
lines very well and
may be en¬
that
me
ne
alert.
so
Mr. Chernick:
costs are of fur¬
to put a premium upon the
chiseler
every
time.
In
other
That is
To whom
have
Mr. Spencer: That would
to
,
gives up his individual selfish in¬
make
thering security.
profit by
by
to
We
basis.
to ask what the
thirdly, they would have made
philosophy
have
we
that
on
not
a
of
want, as I have said, to
expand the area of human satis¬
would
system
do
we
do
which the individual businessman
we
task
the
remove
a
decision-making from the indi¬
vidual employer, but at the same
would
prise
It is
What do
Presumably
to
want
time
fingers in too
ry
Mr. Spencer: That is defeatism,
rational
a
I
is it not?
locomotives would have been ob¬
employment
stabilization.
I think
that we
have to get in this private-enter¬
Inevitably
think the guaranteed annual wage
would have that effect.
solete less soon; secondly, they
would have cost less money; and,
to
so¬
which that goes on
endangers the
in the kind of society
in which we live.
He
specialist
dangering the
Mr.
words,
.
.
ciety?
ample, if they had spaced their
purchases
more
regularly,
the
contribution
economic
our
faction,. and
First of all, the pri¬
enterpriser has not always
Mr. Dale:
real
decision-making.
of
processes
another pair of shoes in
regulate
maxi¬
a
Spencer: Are you counsel¬
ing that we should slow down the
one
pair of shoes now and in another
year buy
order to
field of
mum
tell a
sumer
of the activities of the
scope
employer, retains for him
Mr.
dropped back to about 300.
year
the
COMMERCIAL & FINANCIAL CHRONICLE
BAKER, SIMONDS & CO.
Detroit 26,
Michigan
|||
outlook:in
ADVERTISEMENT
ADVERTISEMENT
of
-■?
T
v/!,
S&4
■
.^Li; #
'-v
$1,500,000
$1,500,000
1945, and to
Improvement Bonds", the
Number
99
1-
v-
1950
.403-
506
1951
507-
611
612-
717
718-
825
1954
108.000
934
1955
109,000
;
105,000
106,000
935-1044
1956
110.000
1045-1156
1957
112,000
1157-1269
1958
113,000
1270-1384
1959
115,000
boat;
.
the
Bonds
f
October
dated
are
provided, from October 1,
October,.
.
.
t
.
1,
bear interest
and will
1945,
hereinafer
of April and
as
payable semi-annually on the first day
1945,
*
■
Each Bond is in the denomination of $1,000. and is subject to registration as to
principal and interest.
Both principal and interest on said Bonds are payable at the
office
of
the
Treasurer of
at
land,
the
option
payment,, legal
The
so
Kingdom during the war the gov¬
ernments
naturally
interfered
because we are always
influenced
by
what
happens
among our stronger neighbors. In
the future we are sure to be in¬
country,
in greater measure
fluenced
heretofore
and
that there won't be
emanating from Ger¬
a long time to come.
State interference with business I
view
as
for
the
and
Taxation
-
holder,
the
such
in
funds
payable
thereon
are
as
public
of
payment
interest
in'
at Baltimore, Mary¬
the respective dates of
and private debts.
Maryland,
at Annapolis,
Maryland,
the
tender
Bonds
Municipal!
of
or
on
County and
from State,
exempt
are
Maryland.
One
concrete
United
development
abroad to see whether there is in
it anything new for Sweden. My
point is that State interference
new
Sweden
in
enterprise
free
that
thing
could
States
do
the
help
to
be
international
attend
to
which
ferences
ardization
with
deal
and
this
in
con¬
stand¬
respect
America has been remiss, accord¬
ing to an interview which this
writer
had
with Dr. Hilding
Tornebohm, a Gothenburg indus¬
who
is
president of Swe¬
Tornebohm
machine
American
commission.
pointed out that
tools
are
ex¬
tremely popular with Swedish-irr-?
dustrialists. He pointed out that
recent
the
before
Sweden
war
bought about 40% of its machine
tool imports from the USA and
.
Bidders
per
are
annum,
■
in
and
amount
requested
three
interest
.same
to
multiples of
the
name
y4
of
1%,
interest
and
Bonds
the
of
maturities
of
rate
each
each
rates,
or
Bidder
rate.
bid
may
and
of
any
maturity
one
must
bear
issued
to purchase
be
interest
the
pursuant to said Resolution will be awarded to the Bidder
Bonds at
the lowest
interest
cost
the
to
such
State,
cost
than. Par
'the
accrued
and
interest,
1
,
Bids
Commission
Maryland,
less
i
>
delivered
be
must
of
for
or
than
of
Bonds
the
will
offered
the
office
State
of
the
of
Secretary
Roads
The
Commission
Roads
State
Building,;) 108
'
i.;y.
Bids must be
addressed
for
outside
the
on
cash
delivery
upon
to
the
Commission,
.
outsjdp
"Bid
*
Iff
«iVd
)5f
of
1,'fL
the
the
cost
Secretary
Time,
of
in
Commission
.
two
or
more
iJoSinan
bids
4
-i
Roads
force)
or
War
War
envelope,
indicated
the
on
Chesapeake
responsible bidders have
of
for $30,000.00,
in the
1945,
Maryland,
another
or
M.
presence
Agent
the
bid
same
and
each
bid
is
the
may be awarded in a ratable
the same price at the same
reserveS the right, in its^ discretion, to - reject Jill the
Auditor
of
made to the successful bidder" ot
The
State
Roads
bidders
at
the
Maryland ' 108 E.
Baltimore, Maryland, on or before Noon (E. W. T.) or
(E. S. T.
prevails) October 22nd, 1945. in exchange for the amount of
the bid or bids
cash,
or
certified
check, acceptable to
the
Commission
less
deuosit
Commission
of
Lexington Street
whichever
accepted,
■ft
$
"bids
in
Is waived
iuch
be acce»ted
the
onlrfTn
hiri
a
satisfaction of the Commission before
d
condition
by
Chesapeake Bay Ferry System
improvement bonds;
The bonds
will be dated Oct. 1, 1945, and ma¬
ture serially from
1947 to 1960,
incl.
This constitutes
the. first
new financing undertaken by the
Commission for sometime.
man Ripley & Co., Inc., was the
successful bidder for the $7,500,000
New
of
Port
Authority
York
,
'terminal jppiids Z offered
series; * Ji
tor sale yesterday,. paying a price
of 96.1099 for the issue as l%s.
The
bonds, maturing in 1985, were
reoffered
at a
group
the
underwriting
price of 98.
/
by
The degree of investor inter¬
est in the offering is illustrated
'•»!
in the fact that more than
/{
$4,-
500,000 of the bonds had been
placed by the syndicate at the
ft :
close of business yesterday.
'■'i
\
United
Tornebohm calls
machine tools "the golden key to
European reconstruction," adding
the opinion that "it is not wise to
give Europe consumer goods."
The
of
lack
tional
uniform
standards
in
interna¬
industry
Dr.
Tornebohm regards as
deplorable.
conspicuous excep¬
tions, it is true, as for example
ball bearings. But threads are an
example of the opposite kind. Had
"There
are
there not been standardization of
motion
picture films some years
ago, the American export market
in films just could mot have come
into
this
Gothenburg
This is just
an
example of what could be
done, he said. But the USA, which
has so large a home market, has
not been very interested in the
annual meetings of the Interna¬
existence,"
industrialist declared.
tional
of
Association.
Standards
Tornebohm
Dr.
roller
Swedish
famous
the
cited
gearings, which
case
a
are
In
product.
the
United
States, he said, "they ure
still making roller bearings on the
inch, system.
If we in Sweden
buy
and
we
If
.
' American
an
machine
tool
have to replace a bearing,
must wait perhaps a month.
we
to
want
improve interna¬
tional trade, we must remove all
possible trade barriers, and lack
of uniform standards is certainly
a
we
In addition to 'the
.CO
■«
.^2^
THE
'mi
m f
:
;'
—
,
Sg&SJistate'Boads
STATE ROADS COMMISSION OF MARYLAND
Ezra B.
Whitman, Chairman
.
P. Watson Webb,
■Ladui): H. Steuart, Secretary
Wijiiain. A. Codd, Chief
'^1*%
~
..
V.
|
•-.V
■
<
ll
)
~'4
;.l.
a
i
lengthy litigation involving the
payment,
4
facilities
total of $1,-
that amount of various
city previoiisly purchased by the funds.
respect to the total out¬
standing funded debt of $52,113,\510, it may be noted that this iriicludes $11,659,000 of water bonds.
I The municipal
water system is
ffully^elf-sustaining and produces
tan
anfiual surplus, after provision
(foi^<f£bt
service charges, oper¬
ating expenses, maintenance costs.,
etc.
These surpluses are utilized in
part to reduce taxes for general
budget operations.
An
tive
interesting and
section
of
the
informa¬
study
by
Wainwright, Ramsey & Lancas¬
ter,' is
a
discussion
of
of
the
are
situated
in
New
The'.subject is. of considerable
importance to Jersey City, which
assured
mum
of
of
cjd$e^^
receiving
to
mini¬
a
^5,06b,pOO iiimier
existing conditions, and
more
than
shops, yet they were unable to re¬
pair French and British tanks,
simply because of the difference
was
Holders of
report
contains
tive statistical data
jects
on
such sub¬
promul¬
gated by the Canadian Province
under date of July 16 last, it was
advisers
valuations,
tax
over
to
of
the
Co., financial
The
Province.
$70,000,000
represents
80% of the amount of assents
rates and tax
collections, budgets,
required
annual
and
the program can be declared
cash
surpluses
of
unencumbered
(latter reached
$12,472,236 for the
Dec.
31,
1944),
also
a
peak
erative.
under
the
offer
before
a
ended
calendar
of debt service
requirements.
J-
the
This
United
machine
caused
material
delay in the winning of the Ital¬
ian Campaign and was extremely
costly to the Allies.
the
machine
tools
by the company of Mr. Rob¬
Gaylord, now. visiting this
country on behalf of the NAM.
That company uses .roller bear¬
ings which do not conform to the
standards
other
countries
agreed upon. Also all the
on
that
company's machines
different.
a
have
screws
If
we
have
to
"
Vi T
;w
are
replace
have not the tools to
screw, we
as
to
Amer¬
persons with
has discussed,
that
opinion
since
Prof.
considerably
apprehensions
States,
Myrdal
has
modified
his
about ; the
United
j
Prof.
Myrdal's views in March,
1944, were that, after the war, the
would
States
United
experience
in some fields and surpluses
The price structure, he
then
would be badly shat¬
felt,
foresaw
He
tered.
mass
unem¬
ployment in large areas, and seri¬
ous labor troubles. Although there
might be a sellers' market during
the
immediate post-war period,
within from six months to three
end, Myrdai
audience
Stockholm
his
told
war's
the
of
years
in
1944, this would change into a
slump, which might be regarded
as the culmination of the defla¬
movement
tionary
of
the early
1920s and the great crises of 1929
and 1932.
refusing to give his
Although
views
the outlook in the USA,
on
Myrdal made the following
regarding
Sweden's
economic policies:
Prof.
statement
"The best source of information
as
International
to Sweden's
eco¬
policy is the report of the
Economic Planning Commission
under my presidency. What that
nomic
recommends is also my
will guide the
present Government in meeting
the problems ahead.
"As
a
small country with a
highly
developed
international
trade, Sweden is an enthusiastic
supporter of the tradition of free
trade, and is opposed to any dis¬
criminatory trade devices.
Our
best interests lie in a system of
unhampered competition all over
the world, with the right to buy
where we can buy the cheapest
Moreover, as a small country we
are for peace and justice* Hence,
we are prepared at every oppor¬
tunity to enter international or¬
ganizations. Our main goals in¬
clude stable exchange rates. How¬
report
That report
view.
tenden-
ever,.yye see that present
cies are moving contrariwise
after
nil, we are
world as it is. It is for
that we are making
the
in
this
and,
compelled to live
reason
trade
bilateral
countries
other
agreements with
like the Uniteo.
Kingdom, Norway, Belgium, Hol¬
land, France^ Poland and Czecho¬
slovakia.
I: returned only lasx
week from; negotiating
the agree¬
ment with Poland.
agreements
amount
present, Sweden
lot of exporting on
that, for the
to is
is
doing a
credit, for we are in a P°slh°^
to supply more goods the other
countries want than the amorn
w
goods obtainable by us.
delivery, even when
of
we
counterdelivery. in do¬
ing so we are stretching our ec°i- ~
omy to the utmost, for obviously
we
are in need of raw materials
from w abroad. i Indeed,
we ai
rather scared of the situation h cause
of the commercial obiig
tions we have been undertaking.
make
cannot get
We
are
hopeful
that
shortly we
benefit from tne
Agreements bx
tension Act.
It will be recalled
that Sweden was one of the ve
first countries to negotiate a_tr
agreement with the United Sta
after .the original act was pas
shall
be
able to
American
Trade
do so, unless we make it individ¬
by Congress.
ually.
emphas^e t
Sweden is opposed to autarch
and is for a large volume ot in
ternational trade and stabile
international economic rela
J
In building up foreign loanJ
.
-
Here in Sweden
standardized
in
doors
and
have
we
windows
houses, standardized threads
bottles,
standardized
There
is a great
done in this field
deal
sacks,
still
on
etc.
to
be
internationally."
Professor Myrdal's Views
making his report, Premier
Manning stated that the response
to the refunding offer was most
gratifying.'v*
threads.
in
front
excellent
op¬
•
In
year
,
"Consider
program
Norman S. Taber &
had
ert
Approved Debt Pact
debt refunding
Italian
the
made
Holders pf more than $70,000,000 outstanding Alberta securities
have signified their assent to the
figure
assessed
as
compara¬
On
States
$70,000,000
Alberta Bonds Already
announced on Sept. 11 by Premier
twice that amount in the event
E. C. Manning.
The advices from
that its claims are fully satisfied. the Premier were
disclosed
by
The
good example
are on different
a
made
by a group
by Blyth & Co., which
named a price of 94.60, and the
third and final entry of 94.269
came from an account formed by
Halsey, Stuart & Co.
'J. }"
Have
Jersey.
:
is
With
j
non-payment,
$100,000,000,1a; taxes"
by the various railroads whose
1251)
t^rm bonds of the
'4
than
more
v
or
It
March
the matter in Sweden express the
"What these
give you
in .threads, which
can
standards in the USA and the UK.
Port
writer
the
whom
trade barrier.
"I
Authority,
with
the
coupon rate of 1%% being named
in each instance. The second high
the
tender
, ■
j .3$6,$>5 of assets which consist{
two other offers were received by
headed
"jii y
Notes
ffpontinued from page
tM|0ity canceled
['
Auditor
unicipal News And
•Ir
Member
Russell H."
McCain, Meitiber
winning bid,
However,
pression.
Dr.
'
:4
i
received
be
until 10 a.m. on
Commission
Sept. 25 on an offering of $1,500,000 not to exceed 2%% interest
opening of the
'v.
K
will
bids
sealed
the
of
now offered, will be accepted, provided
made
^sponsible bidders bidding
bid
any
office
responsible banking
Time), or at 10 o'clock A
September 25th,
St interest co^- then such Boods
®uch
Pelijery ofChief Bonds Will be
said
of
the
J
sealed
announces
Harriman Ripley Syndicate
?®id bids- sajd Bonds may be awarded by the Commission
Buys Port Authority Bonds
01
s therefor. for cash, at the lowest interest
A syndicate headed by Harri¬
StateSPOnS
the
(Eastern
State
The
Roads Com¬
(see "official
in adjoining column) that
mission,
designated for that purpose.
-•)
<$
a
be
must
Maryland
certified check upon some
a
?id 0r bids for Iess than the $1-500.000
that if
of
whichever is
opening
fo
Commission
accompanied by
&
i.i i
Roads
State
opened at 10 o'clock A. M.
Standard
+n
4.
for
must be
be
Commission
I
there
in
P be drawn t0 the order of the Treasurer of Maryland,
will
{Eastern
,
Bid
,,,
A11. mds
:
and
enclosed
Bay Ferry System Improvement Bonds"
Each
Hv
be
of the • envelope
.
V\$'.
and must
E.
Codd, Chief Auditor
William A.
of the Maryland State
notice
Lexington Street, Baltimore (3), Maryland, before 10 o'clock A. M.
(Eastern
Time, or at 10 o'clock A. M. Eastern Standard Time, whichever prevails).
H
be
.
Floor,
at
Fifth
all
$1,500,000 Bonds
On
the
from
33%
Kingdom.
Commission Asks Bids
to
by deducting the total amount of premium bid from the aggregate amount
upon
all of the Bonds until their respective maturities.
No bid of less
entert^iried.
$
another
Maryland State Roads
determined
of
the
at
•;
s
;
than
more
interest
^
The Bonds to be
offering
Bonds
all
in
name
rate.
rates,
2%#
his bid the
exceeding
not
specify
must
No
in
in others.
Sweden and other countries would
Dr.
with
States.
ica's ability to avoid a serious de¬
ages
U. S. and Swedish Co-operation
den's standardization
any
that
great economic unrest, with short¬
sort of sickness,"
a
trialist
at
very
reason
ideas
many for
any
could
looks
the
for
with
private enterprise, and we
hot help being influenced
our thinking by that.
Sweden
than
States
United
Britain
Great
good
the
by
in
of
All
116,000
construct
to
Act.'
the
people began to say here:
'Is there anything in that system
which we can apply here?' In the
United
States
and
the
United
work,
the sale of the Bonds will be used to purchase or construct a
a ferry terminal, and for other purposes set forth in
The.iproceeds olj
ferry
,
1960
'
1385-1500
should
we
104,000
1952
;
year
102,000
...
1953
•
began the five-
USSR
the
plan people in Sweden said
see whether that car¬
ries
a
lesson
we
can
emulate.
After
the Nazis launched their
domestic program before the war
we
saw
that they put people to
1949
..
German
by
101.000
300
402
'
deal
when
200-
«teel
influenced a good
been
has
den
100.000
1948
301-
■
in Gothenburg, that
apply. In the past Swe¬
Here
ideas.
1947
•-
100-199
826-
influenced by Russian
people are
does not
ideas. We like
to study all foreign systems to see
Commission of Maryland Chesapeake Bay Ferry Syste/n
whether there is anything in them
maturities of the Bonds now offered to be as follows:
Amount
we can glean.
Date of Maturity
To illustrate what
I
mean
by
Russian influence:
$ 99.000
Roads
"State
foreign in¬
Jacobson
com¬
"Yes, in Stockholm some
mented:
Bonds
provisions of Chapter 755,
Maryland in
Sweden
United
(Continued from page 1228)
will
be prolonged if it is
intiuence of
and Sweden's longed in your country, and will gloomy prophecies
be relaxed if it is relaxed in your
Mr.
fluences,
passed at the Regular Session of the
the provisions of a Resolution of The State
Roads Cpmmission of Maryland, adopted at the Special Meeting held September 5th,
1945, the Commission will receive up until 10 o'clock A. M. (Eastern War Time, or
if Daylight Saving Time is changed by Congress before September 25th,
1945, then
at
10-o!clock
A.
M.
Eastern Standard
Time)
on
September 25th, 1945, bids on
the
to
the
about
,
in
Russia
Bay Ferry System Improvement
Pursuant
Asked
the
recalled
be
{1944, Prof. Myrdal delivered be¬
fore the National Economic So¬
ciety in Stockholm, an address in
pro¬
which 'he
gave
voice to very
reflection of different
Maryland Chesapeake
State Roads Commission of
will
Sweden's "Planned Economy"
OF SALE
NOTICE
Legislature of
Thursday, September 13, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1252
investments,
.
Prof. Gunnar Myrdal, the Com¬
Minister of Sweden, de¬
merce
clined
to
comment,
when
re¬
quested by me, on the economic
-
..
t
"I would like to
and
Sweden
much
way
the
that
vestments
-
the
same
St
'United
today
are
boat.
v
The o
m
foreign loans an.
can
be
econonriic
profitable to the lender
is by
i,v
Number 4420
Volume 162
,
;
THE COMMERCIAL & FINANCIAL
■
labor's Rights and Responsibilities
(Continued from
and that it is working in sat¬
isfactory conditions, is /necessary
to the welfare of our country.
It
is also a prerequisite to a satis¬
rate
between
understanding
and employment.-
factory
labor
to
pany,
velopments—Lerner
is not
Post
a
toll that in the end has
be paid
by the working
man
Office
Central
that in this regard, as in so many
Co.
If industry owes liv¬
ing wages to labor and working
conditions that recognize an obli¬
others,
concerned.
be concerned for the
gation
to
safety
and
welfare
of
the
em¬
ployees, so does labor owe it to
the country, as well as to itself,
to rid its ranks of drones and
grafters. We cannot shut our eyes
to the fact that there are some
disreputable labor leaders—men
with grasping fingers and deep
Working
men cannot
the attitude of
indifference to this type of lead¬
pockets.
afford to
assume
standard
only to
war
We have been all
too familiar and too tolerant in
this country of improprieties in
connection with money. Politi¬
cians have thrived on easy money
exacted
from
men
who
have
wanted an- improper preference
that we call a special privilege.
Certain, types
of
businessmen
have not scrupled to levy a toll
upon those whom they feel that
they are in a position to black¬
mail or from whom they can ex¬
act it improperly.
And just as
the taking of dirty money
has
the
been
life,
of American
bane
to certain of its
both
as
and
certain
of
?
politicians
businessmen,
its
should the working man. see to it
he
that
hook
not
is
bait
as
to
impaled
dangle
upon
for
a
the
world
will
a
but
to
will
view
a
means.'
SLpbner or later; an import
trade, taking visible
invisible items together.
To
of
balance
and
export; without importing is in¬
flationary. ;
Sweden have
in
"We
built up
whole system for com
de¬
pression." Of course, our situation
is in many respects different from
that of the TJSAiv We; are, -for one
a
thing, a small }and; ^ll-organized
country. The Swedish, State owns
or controls industries constituting
largei part-"of the
a
economy,
in¬
cluding telephone and telegraph,
railroad, and other enterprises.
Thirdly, the State practically con¬
trols all housing construction by
virtue of having taken over most
of
the
financing
carrying the
greater risks. A fourth point of
difference is that here there is
I
close collaboration between the
capital
as to investment
in, industry.
"Our plans. for combating de¬
Government
pression
the
are
usual
and
to
private
to the, utmost
use
particularly
means:
credit and monetary, policy, i. e.,
interest rates. • We aim to keep
housing
constant.
We shall use public investment as
a
countercycle. For example, in
construction
times of low employment we
shall
in electrification of the
railroads. Also, we have certain
schemes to
subsidize
consumer
engage
.
purchases
lines of
of
like
the
the food-stamp plan, with
furniture
:
durable
somewhat
goods
along
which Americans are familiar.
"Also we are working on plans
for
stockpiling everything that
be
stockpiled without de¬
stroying the market. In short, we
are
going to employ every means
we can to
keep employment up.
can
"Two points need to be noted.
(1) It is definitely not part of our
plans to resort to. currency de¬
preciation
as
Jog internal
not
idea
our
a
means
of combat-
depression.
It is
(2)
to resort to
discrim-
matioh against
imports.
t
"What
sionist
we
plan
policy.
is
We
expan¬
an
seek
to
keep
our
economy free from contractionist influences. .From the longrun
standpoint, Sweden would be
ill-advised to plan
Would
decrease
its
a
oolicy which
foreign
merce." ^
....
<
v.
com¬
.
...
:
V." 1:
" 7«
&
Steel,
Riverside
Consolidated
The
Kingan*&
Utilities
and
Corp.—Circulars—
Hicks & Price, 231 South La Salle
Street, Chicago 4. 111.
pro¬
employment, with in¬
Consolidated
dustrial justice for all,, as a threat
Descriptive
Willers
Cries
New York
privileges and perquisites.
anguish against such a
program are already being heard.
Beneficiaries of special privilege
are already campaigning for a re¬
turn of the "good old days" that
of
Rock
Co.,
120
E.
de
Broadway,
5, N. Y.
Also available is
Macfadden
on
Products—
circular—C.
&
memorandum
a
Inc.
Pub.
and
to lend
weight to these cries. The
millions of men who have fought
in this war spent much of their
time in foxholes thinking about
the "good old days" before the
war.
To a man in a foxhole even
the filthiest slums of
cities
our
greatest
looked, in retrospect,
like
The inarticulate long¬
paradise.
analysis—Caswell
South La Salle
ing for the "good old days" which
was so strong within him during
his foxhole days will have made
a lasting impression.
Those who
are now entrenched in greed and
know this and they
hope to use the soldiers' longing
for the "good old days" as an aid
in
returning to the "good old
days" when lawless privilege and
unsocial greed were an accepted
part of our economy.
arrogance
have already spent well over two
billions
to
develop
an
atomic
will not
be
long
be¬
Now .that the war is
wildered.
the foxhole who
of the slums of
Washington, or New
over, the man in
had rosy dreams
Baltimore,
will
York
lose
his distorted
per¬
He will see the slums
If he does not,
it is up to labor to remove the
foxhole-coloration from his glass¬
es and show him how he is being
spective.
for what they are.
used.
As a matter of fact, the spend¬
ing of four or five billion dollars
on a public works program to halt
a depression would be compara¬
ble to priming a pump with an
eyedropper.
Already war con¬
tracts amounting to almost a bil¬
lion
dollars
.
have
In contrast to
our
canceled
been
here in the Baltimore
area
wartime expen¬
diture, four billion dollars
fraction
a
of
alone.
are
ging efforts.
In this fight, for the first time,
labor
ment
hast the/Federal
on
its side.
Govern¬
Since 1933, the
right of labor to bargain collec¬
tively—-the Magna Carta of labor
—has been written into the law
of
thelan<L;/ A-measure of social
American
Industries;
Brockway Motors;
Mfg.;
We must
1%.
pression will not find
I cari find
us
no
longer, frighten,
us
when ;we
study
a
Mississippi Glass Co.
of
\
-
Alabama
Mills,
Hardware;
Inc.;
American
Douglas
Shoe;
Southeastern
Corp.; Detroit Harvester; Bow¬
ser, Inc.; Mohawk Rubber Co.;
TACA Airways; American Win¬
dow Glass;
Continental Avia¬
tion & Eng.; Michigan Chemical
Hajoca Corp.—Circular
Also available is
on
a
and Purolator Products.
in¬
on
teresting possibilities—Hoit, Rose
& Troster, 74 Trinity Place, New
York 6, N. Y.
Thermatomic
new
a
memorandum,
Carbon
Co.
and
analysis of Panama Coca-/
Dunningcolor—Descriptive cir¬
F. Reilly & Co., 40 Ex¬
change Place, New York 5, N. Y.
Also
dum
on
available
is
a
memoran¬
International Detrola.
Long
Bell
Co.—de¬
Lumber
tailed brochure for dealers
Comstock
only—
&
Co., 231 South
Salle Street, Chicago 4, 111.''
La
Franklin Railway
Supply Co.—
Analysis—W. J. Banigan & Co., 50
Broadway, New York 4, N. Y.
P. R. Mallory & Co., 5 Inc.—
Analytical discussion — Steiner,
Rouse & Co., 25 Broad Street*
New York 4, N. Y.
•T>>
General Industries Co.—Recent
report — Mercier,
McDowell
&
Dolphyn, Buhl Building, Detroit
26, Mich.
J
Michigan Steel Casting—report
Bros.,
32
Broadway,
New York 4, N. Y.
(Continued on page 1256)
—Strauss
without
out, there is no public
program or list, of. public
works worthy of Xhe name which
Within
More
few
years, I expect to see the end of
job
discrimination
because
of
race, color, or creed. We are al¬
ready well oh the way to this
goal. To me this meeting todays
when for the first time this park,
located south of the - Mason and
plxorr line has been throwri open
for
•
public meeting to whites and
negroes alike, is a significant step
along the truly democratic road
graphic than words have been the oh'
"r
T
j- •!*>
■•*'*>'
s
i:
'
y- »>y>
"j"
the-spot photographs of what the telephone
and electronic devices did in
Wher-
war.
'
-
ever
comparatively
a
-
•
V
..'■•••
they
',r
V
are
they bind
,,
■
< :•
(
_
our men
: f'
•
The Bell
System has concentrated its
gies
making this equipment for bur
on
armed forces. That has caused
ener¬
shortages of
switchboards, central office equipment and
telephones here at home.
Somewhere In the Pacific, American soldiers and
ment
by water buffalo.
a
native boy transport Signal Corps equip*
These animals saved the day
many
times.
finis to the poll tox
which, too, is
unjust discrimina¬
unfair and
an
tion
of
and
which
in
slavery
We
is
a
continuation
vXv'
political field.
rejoice that, in in
the
all
spite of the obscurantism of those
may
who
seek
nomic
to
and
acquired
maintain
political
as
a
result
the
eco¬
ascendancy
of unfair
practices and the practice of dis¬
crimination, a shameful chapter
in American history is drawing to
its close.
We here in America hold in our
hope of the world, the
coming years, and
hands the
in
the
of
our
eyes
will be ours if,
the light of high re¬
if we trail in the
dust the golden hopes of man.
If
we
go on to build a country of
great but unjustly
opportioned
material prosperity, we shall have
done nothing and we shall do as
little
if
we
merely match the
solve is dimmed,
greed
of
destroy
of
us
We not only must ad¬
to it that there be
the part of all of
that we may be constantly
see
self-restraint
so
aware
and thereby
material well-being
arrogance
the
all.
mit, but
us
-
together.
a
pensation has been achieved. More
needs to be done in these fields
and they will be.
Already Pres¬
ident
Truman
has asked for a
transport them. The fact that we
mav have to spend a few billion
dollars on such a program should
is
works
shame and disgrace
When, and if, another depres¬
this land, a pro¬
gram of public works should be
immediately instituted, thus fur¬
nishing jobs for millions, not only
on the projects themselves but in
the
factories which supply the
materials and to the carriers that
available
projects blueprinted and ready to
go. I regret to say that, so far as
security and unemployment com¬
sion should strike
; v;
;
Also
set up a reserve of
public works so that another de¬
faith
broadening of the Social Security
Co.,
120
Street, Chicago. 3,
mediately
that labor's stake in which will lead to an era of no
The
winning the peace is as great as discrimination.
time
will
its stake in winning- the war.
It come when the American people
is also clear that all kinds of ob¬
will be ashamed of the economic
stacles will be placed in the way slavery that in many places con¬
of achieving the time-tested aims tinues today to be imposed upon
and aspirations
of labor.
That the negroes just as they are now
they will be accomplished in the ashamed that in this country the
long run is unquestioned.
The Negro was once held as a chattel
trouble is that in too long a run slave. And with the end of this
we will all be dead.
The import¬ unjust discrimination will come
.
Co.^r.ecent
&
111.
Electroiux;
Scovill
Rubber
but
im¬
It is clear
ant goal to keep ". in ; mind, is .the
achievement of these objectives
now.
This generation, too, is. en¬
titled to its share of the wellbeinff of life.
To this, end, the
working
men
;and
women
of
America must bend their unflag¬
Gro^Cord
bomb.
of the men
would be ready for execution if a
fought in this war and, while
depression were to strike us to¬
so doing, longed for the "good old
days" will be so bemused by this morrow, despite our painful ex¬
perience at the time of the last
slogan that they will follow the
Lorelei of corporate power and depression.
wealth.
I think, however, that
End Job Discrimination
.It may be that some
men
memo¬
on:
who
these
late
are
cular—J.
combined
special report
Cola.
Labor's Stake in the Peace
have
a
factor in the field of
available
Great
Com¬
Southeastern Corporation.
jet propulsion—Ward & Co., 120
Broadway, New York 5, N. Y.
Sterling Engine.
satisfied dear old dad.
Circumstances
a
&
30 Broad Street, New York
Also available
on
Industries-
analysis—Allen
Also
on
Cement.
Gas
Chicago
to their
.
This
receiving payment.
Iron
and
circulars
randa
not
that
,
lender
Also available are
high
redound
credit
who
gram of full
graft is ap¬
parently levied upon others than
themselves.
that
their
set
men
of the labor movement generally.
There will be those in the post¬
the
because
ership
working
peering-—Study of outlook and
possibilities
for
this
company
which is
all give and no take either
far as industry or as labor is
so
10
Boston- 9,
Mass.
whom the leader purports to rep¬
I cannot too strongly urge
not be
Co.,
&
Square,
report on Na¬
a
American
Great
special
(Continued from page 1231)
suppose
available
tional Stamping Co.
Recommendations and Literature
resent.
have suggested, it cah-
But as I
Also
Dealer-Broker Investment
that the illicit
dollar that goes to a labor leader
to
125a
1249)
page
illegitimate profit of certain un¬
scrupulous leaders;
It is a mis¬
take
CHRONICLE
of
our
on
own
TELEPHONE
SYSTEM
duties and re¬
sponsibilities as well as apprecia¬
rights of others.;..
tive of the
BELL
THE
TELEPHONE
HOUR" -every
Monday evening
over
NBC
'
•'
.
'
f
.1
,
.
•
"
y
,
.
■
.
.
Proceeds—The
Calendar Of New Security Flotations
tion
of
of
expenses
Business—Meat packing.
■;
4 Offering—250,000
shares
of
the- new
cumulative preferred stock will be offered
to
holders of
the presently outstanding
to the corpora¬
$5,081,312, exclusive
$78,097.
Proceeds will be
..
proceeds
estimated
are
at
in whole or in part, to provide for
and expansion of the
corporation's manufacturing plants which
it is hoped will reduce costs, to provide for
new departments, and to increase produc¬
tion of existing arid new products, all for
the purpose of enabling it to meet an¬
used,
sold to certain officers
employees of the company and 25,000
I 25,000
and
of
statements
days
were
which
in
Offering—The
normal
become effective,
course
CORK
CO.
filed by
of
30.
Aug.
amendment. The
company also is offering 52,994 shares to
holders of its 4%
cumulative convertible
preferred stock in exchange on a share for
share basis.
The exchange offer will ex¬
pire Sept. 25.
The underwriters will offer
any unsubscribed or unexchanged shares at
a price to be filed by amendment,
f
preferred
has
granted
Underwriters
underwriters
The
—
S-l.
Mellon Securities Corp.;
Inc.;
Blodget,
and
Webster
Si Co.,
Stroud
Inc., and Union Securities Corp.
CO. on Aug. 25
filed a registration statement for $400,000
5%
sinking fund debentures, due Sept. 1,
FRONTIER REFINING
1950.
'
'
;
of
issue
Details—See
Offering—Price
Aug.
will
public
the
to
30.
be
Writer
Simons, Roberts & Co.
4:
:i
on
ment
for
40,000 shares of cumulative pre¬
$50.
The dividend rate
Will be filed by amendment.
if
stock,
par
of
issue
Details—See
Aug.
30.
Offering—The price to the public will be
by amendment.
'4
Underwriters—The principal underwrit¬
filed
•:
ers
ill:
Schroder Rockefeller
are
& Co.,
Inc.,
Loewi & Co.
and
4:
CO.
27
Aug.
on
filed
registration state¬
a
ment for $160,000,000
30-year 23A% deben¬
tures, due Oct. 1, 1975.
Offering—The price to the public will be
by amendment.
Underwriters—The debentures will be of¬
fered for sale at competitive bidding.
Bids
are
to be
received before 11:30 a.m.
on
1945, at which time they will be
24,
4
opened.
SUNDAY^ SEPT. 16
RACING ASSOCIATION
BURRILLVILLE
on
t
1,
stock
(no
■
par).
Offering—The stock will be offered in
consisting of one share of preferred
one
share of common stock for $5
of
Sept.
6.
unit.
Underwriters—The principal underwriters
are Newburger & Hano,
and Kobbe, Gearhart & Co., Inc.
per
Offering—The
price
offering
public
for
unit consisting of $500 of debentures and
a
five
*(*.
shares
derwriter
of
stock
$500
is
the
with
un¬
commission of $25
Underwriters—Barrett & Co., Providence,
R. I., underwriters.
receiving
and 20,000 shares of com¬
(par $8)
-:''44///4/444Y
(par $1).
issue of Sept.
Details—See
'/y / '4/
7
price per unit to be filed by amendment.
Underwriters—Ames,
Emerich
&
Co.,
a
has
CORP.
GROCERS
40,000
stock, par
fund
stock and
rate
on
preferred
$100, and 100,000 shares of common, no
par.
The interest
rate on bonds and
dividend rate on preferred will be filed by
amendment.
Of the common stock regis¬
50,000 shares are being sold
Cummings, President and the
maining securities by the company.
1
Business—The
company
and
sidiaries
conduct
a
general
a
STORES
DRUG
INC.
CO.,
of
cumulative
Offering
Company
—
of
first
new
holders
offer
of
preferred
the
and
presently
529,655 shares of $5 preferred on the basis
% of a share of 1st preferred and Va
of
second
preferred
each
for
taken
in
exchange will
sold
be
to
Underwriters
maining
ferred
re¬
Dec.
be
of
1,
preferred
used
to
sold
redeem
unexchanged
its sub¬
wholesale
$5
shares of common will be used for the
amount
underwriters
A.
on
Aug.
filed
28
registration statement
a
&
Co.,
and
2%%
40-year,
25,000 shares of 4y2%
■#
series A
cumulative preferred,
Of
$1).
(par
the
total,
•4
shares of the preferred will be
'(fc
lii
company
of
and
the
preferred
and
will
common
remaining
due
and
1,
Underwriters—None
the
be
150,000
sold
by
shares
of
stock-
certain
"
■
sold
A-2.
Details—See issue of Sept. 6.
Offering—The price to tjhe public
fee filed by amendment.
GAS
for
filed
by
$10,000,000
statement
15-year
1,
preferred
par,
Offering—Offering
McCormack
the
cinnati
convertible income
The interest
and
Main
Sts.,
:.V-
:
Underwriters—-Eastman,
Dillon
Underwriters.
&
•
Co.,
•
preferred
standing 400,000 shares of old preferred
stock on a share for share basis.
New
:
by
■'$4.
MONDAY, SEPT. 17
(
MEMPHIS
4:4
STREET
towards
RAILWAY
CO.
on
Aug,;, 29 filed a registration statement for
$3,500,000 first mortgage serial bonds. The
bonds
tive
are
.
to be offered for sale at competi¬
with
bidding,
naming
the
the
successful
bidder
filed
by
price to
amendment.
the
other
and
of
necessary
be
operating
for
prop¬
headed
public
will
White, Weld
M; Loeb, Rhoades & Co.
by
and
Carl
be
filed
by
S-l.
(9-5-45).
/
,
FINANCE CORP. on Aug. 29
registration statement for $2,000,000
15-year 3% % debentures, due Aug. 1, 1960.
TUESDAY, SEPT. 25
GENERAL
filed
Details—See
issue
Offering—The
fee
of
price
Sept.
to
6.
the
public
will
filed by amendment.
Underwriters—Paine, Webber, Jackson Si
Curtis,, principal
ADAM
HAT
underwriters.
STORES,
INC.,
a
shares
Aug
29
common
Vice-President
and
stock, 4%
series,
$50
■■'4:/4/S//44/4:4
par..'
Address—7700
Russell
parts
Detroit,
Street,
•// "4/4" '4/4/7
Mich.::
—
Pre-war
assemblies
and
mobile
and
truck
///
business
for
■
;
consisted
sale of
auto¬
and
passenger
bodies, etc.
the
104,500 shares of preferred to the holders
of its common stock for subscription prior
to Oct.
8, 1945, at $50 per share at the
rate of
11 shares of preferred
stock, for
Offering—The
each
100
shares
Sept.
The state¬
agreed
to
warrants of which
company
of
is
common
offering
held
stock
shares.
filed
registration statement for 104,500 shares
cumulative preferred
record
Treasurer.
ment also covers 50,000
OF AMERICA has
primarily of the manufacture
on
registration
of
a
Business
statement for 150,000
stock, par $1, of which
100,000 shares are to be offered for sale for
cash and 50,000 shares reserved for issu¬
ance
upon
the exercise of stock option
■warrants. Of the stock to be offered, 95,000
Shares are being sold by Elias Lustig, Presi¬
dent, and 5,000 shares by Harold E. Lustig,
filed
MURRAY CORP.
a
26.
The
purchase
underwriters
any
of
have
unsubscribed
the
presently
out¬
the
preferred stock
new
the
company
and
capital contribution
a
Co.
will
be
and
3(/2%
used
follows:
as
principal
bonds
amount
1.
of
price
Elizabeth
and
Underwriters—Kuhn,
to
be
G.
supplied
McCormack,
Loeb
Corp.,
Union
and
Light,
to
redeem
old
&
Co.
•
-4
Miami
and
Electric
-'4Y:Y44: 4
'
below
present
whose registration
twenty
days
or
dates
offering
list
a
'
Power
Co.
and Power
-
■
.
SATURDAY,
tration
CO.,
statement
cumulative
specified
&
more
but
ago,
have
preferred
Address—4100
9,
shares of
and an un¬
250,000
stock
common shares.
South
Ashland
Avenue,
number of
Illinois.
June t
on
exchange
their stock, share for share, for the new
preferred.
The underwriters have agreed
to
purchase any of the 250,000 shares of
preferred not issued in exchange for outStanding preferred. Company will call any
of the old preferred at $105 per share
plus accrued dividends.
Underwriters ---Kidder,
Peabody & Co.
arid First Boston Corp. are named prin¬
cipal underwriters.
•'
•" - CONTAINER ENGINEERING CO. on June
registration statement for 25,000
stock (par $10).
shares common
Details—See. iskue of June 21.
Offering—Price to the public is given ea
$35 per share.
Underwriters—Williain
Louis,
the
will manage
L. Ullrich, Si,
sale of the entire
~
.
'4 71
COLORADO MILLING & ELEVATOR CO.
filed
Aug. 21
111,890
for
registration statement
a
of common stock, par
issued and outstanding.
shares
The shares
are
selling stockholders are Union Securi¬
ties Corp. 101,890 shares, and Joseph H.
King, a director, 10,000.
Details—See issue of Aug. 23.
Offering—The price to the public is $13
share.
The underwriters are to receive
H.
Davis
Co., Chicago, 45,270 shares;
Weeks,
New
York,
and
&
Hornblower
Boettcher
&
&
Co.,
shares
33,310
Denver,
each.
COVENTRY GOLD MINES. LTD. on
AprK
registration statement for 333,333
a
stock.
Details—See issue of April 26.
CORP.
for
statement
142,154
and
of
common
■■
•
.
Aug. 24.
Offering—The company is; offering the
new stock for subscription by its common
stockholders
the basis
on
offered
and
price
Of
ment.
of
one
additional
shares held.
The
sub¬
will be' filed by amend¬
total, 85,304 shares will be
Corp., as stockholder,
the
Aviation
to
shares will be offered to
56,850
stockholders.
Any
shares
other stockholders
by Aviation Corp.
y
by
subscribed
be
purchased
4/4;
i
Underwriters—None
other
nbt
will
ANCHORAGE HOMES, INC.
a
registration statement
and
Class
of
250,000
A
issue
Offering—There
A
in
to
and
July 17
505,000
stock/ par
B stock,
Class
the public
of
is
$1
par
■
July 26.
to
be
of
of
10
4"v4'4:'/'^
presently
250,000 shares of
shares
Class B at
a
of
Class
A
of¬
Class
and
price of $60.20
Underwriters—Andre
public will
heads
Brothers
-
group.4-
16 filed
registration statement for 100,000
shares__]
-preferred
•
Offering—Common stockholders of record
7, 1945 are given the right to sub¬
qt the rate of one share of. the new
convertible preferred for each 20 shares of
common stock at $100 per share. Warrants
will expire at 3 p.m. Sept. 19, 1945.
1
Underwriters—-The
underwriters
are
Sept.
scribe
& Co., Inc., Allison-Williams
Ashmun, Caldwell Phillips Co.,
Dillon, Read
Co.,
C.
M.
S.
Dain
Co., Kalman & Co., Inc., Kuhn, Loeb &
Co., W. C. Langley & Co., Lee Higginson
Corporation, Merrill Lynch, Pierce, Fenner
& Beane, Park-Shaughnessy & Co., PiPeL
Jaffray & Hopwo'Od, L. F. Rothschild &
Co.; Smith, Barney & Co., Union Securi¬
ties Corporation, Watling, Lerchen &
Co^
Dean
Witter & Co.,
Harold E. Wood &
Co.,
2
per
de
Saint-Phalle
group,
&
p
BENSON HOTEL CORP.
on Aug. 22 filed
registration statement for $440,000 first
mortgage
serial
and
sinking
due
underwriting
19.
the
.
and
Woodward-Elwood
HAMILTON
bonds series A dated July 2,
1945,
serially Jan. 1, 1946 to July 1, 1957.
Details—See
Offering
—
issue
The
of
Aug.
offering
&
to
tht
CORP.
and
registration statement
its
common
stock,
a
of
50,000
rants.
Co.
27
July
on
common
Offering—The
offered
to
stock
for
par
purchase
war¬
v
Details—See
to
the
The common
30.
price
RADIO
150,000
$1, of
which
100,000 shares
are
to be offered
presently to the public-and 50,000 shares
reserved
fqr the conversion of warrants,
filed
refunding
fund
Underwriters—Lehman
shares
Co., heads the underwriting
a
Offering—The price to
filed by amendment.
50,000 shares Class B to be offered
units
shares
of
July
& Co.1, Frank & Belden, Inc.,
Goldman, Sachs & Co., Hemphill, Noyes &
,
Details—See
fered
capital
shares
on
for
being
stockholders,
are
of
3% %7 cumulative. convertible
stock, par $100.
Details—See. Issue of Aug. 11.
J.
named.
filed
and
certain
issue
a
of
issued
sold lor
Shares are
$1.
GENERAL MILLS, INC., on Aug.
a
of
Details—See issue of
share for each 2Va
com¬
securities.
*
registration
a
par
of
account
Details—See
MANUFACTUR¬
;
stock,
outstanding
the
deter¬
us.
shares
stock, par $1.
to market its own
EVERSHARP, INC., on July 9 filed
registration statement for 32.500 shares
common
whose
been
filed
Aug. 24
on
The
named.
Underwriters—None
■he
CENTRAL
AMERICAN
ING
SEPT. 29
INC., has filed a regis¬
for
CO.
7
filed
were
unit.
Registration Statement No. 2-5900. Form
(9-8-45).
4<
>
^
4 ,,
WILSON
CREDIT
Offering—Company is offering the hold¬
of the 121,938 shares of 4(4% cumula¬
oe
the
,
S-l.
of
ex-
ers
pany proposes
of issues
statements
not
unknown to
mined or are
Power
Underwriters—To be sold at competitive
bidding.
it
not
of
tive convertible preferred stock to
prin-
UNDETERMINED
3(4%
Columbia
of
Heat
West Harrison
the
Co. ■
from
from
are
Offering—Price to the public Is 30 centa
share.
10 centsr
acquire
as
per
presently
indebtedness
shares
per
shares
to
invite
a
shares of common
$107.50 plus accrued dividends; 3. to make
and
purchase
11,972
11 filed
terest;-y 24 to redeem/all of the; presently
outstanding: shares of old preferred stock
not exchanged for new preferred stock at
payment
the
for
the
Registration Statement No. 2-5905. Form
S-l. (9-11-45).
outstanding at
104 and 105(4 respectively plus accrued in¬
stocks
new
and-
to
proposes
services to be rendered to
acceptances of the exchange
preferred stock for old pre-
for
stockholders.
selling
scription
of $6,000,000 from Columbia Gas & Electric
Chicago
1
of
bonds and
new
$40,024,000
amendment.-
by
not taken in exchange plus general funds
of
Co.,
&
filed
be
Proceeds—The proceeds from the sale of
the
v
expansion of routes.
also
to underwriters.
approximately $7,500,000.
$2,500,000 would be reserved
expansion expenses including
general
possible
holders
to
will
Company will offer the 280,of new preferred stock in ex¬
preferred not taken in exchange will be sold
aggregating
erty
Registration Statement No. 2-5895. Form)
will
Underwriters—Names
purchase
applied
additional air¬
will
Underwriters—The underwriting group is
Offering—The
fee
the
proceeds
The remaining
interest rate.
Details—See issue of Sept. 6.
t
craft
change
amendment.
Proceeds—Net
i
shares
000
bonds
cumu-
The-dividend rate win
amendment.
registration statement for 250,000
preferred stock ($100 par). Divi¬
dend rate will be filed by amendment.
Details—See issua of June 14.
:
Address-—Washington National Airport,
Washington, D. C.
Business—Air transport business.
Offering—The price to the public will be
and
.
$1.50 per share.
,7
,
Underwriters—The underwriters are Paul
1, Ohio.
amendment.
of
shares
com¬
Cin¬
Business—Public Utility.
Offering—Offering price of bonds to be
filed by amendment.
The interest rate on
•
a
cif>al underwriters.
has
CO.
filed
i
par
,
New York, N. Y.
service.
at competitive
ELECTRIC
filed
shares of preferred stock,
by
of
filed
stock.
Address—Fourth
1960.
rate will be filed by amendment.
will
LINES, INC., has
by amendment.
Proceeds—proceeds will go to Emmet J.
1975 and 280,000 shares of cumulative,
$100
AIRLINES
registration
a
4"(-'v;
DATES OP OFFERING
&
4
&
hanged pursuant to the exchange offer.
on
(9-8-45).
due
CENTRAL
-
jffer
'erred
j
!
/
shares of $10
/
- /
100,000
stock.
Registration Statement No. 2-5899. Form
Mason-Hagan,
by
amend¬
POWER CO.
registration statement
Offering—Company
$1.
MOORE-McCORMACK
mon
■
-
-
CINCINNATI
debentures due Sept.
holder$.
trust,
named.
Business—Steamship
filed
company
Underwriters—To be
filed
by
;
LIGHT
issue.
interest.
bidding,
be
to
filed
/ 7 " "V
\
OHIO
($100 par)./
jroposals
,
MONDAY, SEPT. 24
has
INC,
(9-10-45).
We
PENNSYLVANIA
CORP.
SHARES,
SUNDAY, SEPT. 30
registered $45,500,000 first mortgage bonds
shares
Inc.
market./
Address—5 Broadway,
.
accrued
be
4/
Details'—See issue of Jan. 4, 1945.
Proceeds—For Investment.
registered
Louis
plans to use
proceeds
to
retire
$30,000,000
principal
amount of outstanding first and refund¬
ing mortgage 3% bonds, series C, due July
1, 1968, on next Jan. 1, at 104% and ac¬
crued interest, and to redeem $45,000,000
principal amount of outstanding first and
refunding mortgage 3J/2% bonds, series B,
due Dec. 1, 1964, on June 1, 1946 at 105
include
public
to
The
debentures,
.4 Y ;
4
Street, St.
44'/.
y44/y'::
Proceeds—The
(9-4-45).
sold by the
8,741
AMERICAN
Offering—At
Registration Statement No. 2-5894. Form
S-i;
Brooks & Co.,
W.
Business—Investment
.
16,259
1966
principal
Business—Telephone company.
Offering—Offering price to be
:4y
($100'par), and 150,000 shares of
common
amount
,
S-5.
•
Pine
amendment.
Allyn & Co., Inc.; H. M. Byllesby &
Central Republic Co., Inc.; Paul
& Co.; W. C. Langley & Co.;
Paine, Webber, Jackson & Curtis; E. H.
Rollins & Sons, Inc.; First Cleveland Corp.;
First Trust Co. of Lincoln; Stifel, Nicolaus
& Co., Inc.; Ames, Emerich & Co., Inc.;
Julien Collins & Co.; Dewar, Robertson &
Pancoast; Rauscher, Pierce & Co., Inc.;
for
principal
of common capital stock.
Address—Care
of Security
Supervisors
(Managing Agent), .135 South LaSalle St.,
Chicago 3, 111.
■
4 4
;
The
bidding
.'■//•; "44/
28
11,972
filed
filed a registration statement for 300,-
,
h
to
TELEPHONE
$75,000,000
1985.
Missouri.
Davis
Moran
of
Address—1010
C.
Inc.
BELL
registered
October,
company.
Underwriters—The
has
Dec
000 shares
re¬
4
SOUTHWESTERN
CO.
redemption of $2,321,523 collateral install¬
ment promissory notes at 102; the redemp¬
tion of
15,000 shares of 6%
cumulative
preferred stock at $105 per share and the
payment of $6,323,517 3%
notes.
Any
balance will be added to the working funds
the
has
ac¬
stock.
competitive
filed by
amendment
of July 19.
issue
'
15 filed a
pre¬
THURSDAY, SEPT 27
_
of
$160,000
inclusive;
1960,
Registration Statement No. 2-5904. Form
offering prices will be
filed by
amendment.
•;
Proceeds—The agregate net proceeds to
the company from the sale of $6,000,000
bonds, 40,000 shares of preferred and 50,000
to
to
1965
inclusive;
arid
$152,000 principal amount
1961
Underwriters—P.
to
Underwriters—Blyth & Co., Inc. prin¬
cipal underwriter, ""
4
'
Registration Statement No. 2-5898. Form
S-l. (9-6-45).
'
deben¬
un¬
1945 at $102.50 plus
dividends.'
crued
Chi¬
will
shares
on
of
1952
to
as
as
SELECTED
Proceeds—Proceeds
at
Underwriters—To
S-l.
derwriters.
preferred
sold
be
the dividend rate
Offering—Price
Registration Statement No. 2-5903. Form
(9-10-45). •
share
Shares of 1st and 2nd preferred
not
fund
to 1970, inclusive.* 4
•
proceeds $463,885 will be
applied on the principal amount of com¬
pany's indebtedness to bank and remainder
will be used for other corporate purposes.
176,552
held.
sinking
5%
Proceeds—Of
outstanding
now
underwriting
plus accrued dividends
principal amount of deben¬
$288,000
to
maturing
353,103
of
share
$600,000,
99(4%
will
as
J
maturing
company.
glass
-
cumulative
will
stock
uch
99&A%
Sari Fran¬
19, California.
Business—Paper
a
t in obtaining
tures/maturing
Address—343 Sansome Street,
cisco
4/44
>e
Offering—100%
convertible into
in
are
of
persons
together with other
funds of the company to be used to dis¬
charge indebtedness of company in the
amount of $5,000,000 to National Bank of
as
common.
who
Mufekogee
BROOKLYN BOROUGH GAS CO. July 11
filed
a
registration statement for 15 000
>n
tures, dated Dec.
1,- 1945 and maturing
serially from 1952 to 1970.
Address—1725 16th St., Detroit 16, Mich.
pre¬
176,552 shares of cumula¬
Second preferred Is
ment.
by
tered,
111.
shares
preferred stock.
The dividend
the stocks will be filed by amend¬
at
living in the vicinitv
Pa. y.Y;.": Z/'y- 4' ,y4,4
Underwriters — There
are
ho
under*
-'or
Proceeds—Proceeds
istered
second
debentures,
cumulative
cago,
353,103
tive
to
registration statement for $6,000,000
shares
tered
others
Brockway,
parts.
MILLER MANUFACTURING CO. has reg¬
has regis¬
*,'£7
preferred
establishment
company
COMMERCIAL
4
CORP.
.
to
as
and
the
the
writers.
Registration Statement No. 2-5902. Form
S-l. (9-10-45).
group.
-
ferred
shares
CONSOLIDATED
sinking
(9-6-45).
we.l
of
Okla.,
in
by
ative
group.
Co.,
West
1,
Underwriters—H. M. Byllesby & Co., Inc.,
shares of second preferred convertible stock
SUNDAY, SEPT. 23
15-year
&
underwriting
CROWN ZELLERBACH
named prin¬
are
cipal underwriters.
filed a
S-l.
6.
Offering—The securities are to be initi¬
ally offered in units of one share of pre¬
ferred and one-fifth share of common at
Inc., and Dempsey & Co.
the
heads
terested
plant
filed by
metal
and E. W. Clucas & Ca. head
\
Turben
cumulative
Detroit..
i
R-^istration Statement No. 2-5897. Form
INC., on Sept. 1
statement for 100,000
cumulative
preferred
55-cent
of
stock
Mason,
THRIFTY
V
Underwriters—Merrill,
THURSDAY, SEPT. 20
ALLIED CONTROL CO.,
mon
>
Detroit
Offering—Price to public to be
of. addi¬
acquisition
stores.
Clevelar-J,
registration
the
Muskogee,
CENTRAL
Business—Manufacturer of
of the capital
Inc.
All or a
balance will be used for
improvement
of existing
for
and
tional
5%
ment.
•
.
■amendment.
of Widmann & Teah,
stores
.4
Street,
Ziegler & Co
is named underwriter.
amendment.
5%
•>«,
Details—See issue of Aug. 16.
Offering—The price to the public is ssn
per
share.
The company will offer the
securities to the residents of the
Citv c,i
preferred stock, par
Spruce
C.
of
7?
U'75 ^
100
$50.Y 4y-v.
par
Michigan.
acquisition
company's
of
.
of
at
3V'4S
101.
GLASS CO.,
INC., on Aup
registration statement for io nnn
a
shares
registra¬
shares
60,000
,
^
Address—1043
be
was
portion of the
expansion
and
a
will
public
4
$50.
>-
the retirement of a bank
issued to finance in part
to
stock
H.
'
%
7t>■
the
Co., Inc.;
issue
applied
note which
units
20-year
and
1965,
Details—See
4?.
registration statement
debentures due
10,000 shares class A
a
$1,000,000 6%
Sept.
9
filed
28
Aug.
for
6.
and
filed
:
■
.
for
convertible
$75 000
of
BROCKWAY
filed
8
and
a
follows:
at
Underwriters—B.
-hares
Y J
2-5901. Form
has filed
CO.,
statement
tion
amendment, /
//. ,/4/';\ ///
the proceeds $570,000 will
by
"
•
3tes
Details—See
Proceeds—Of
Offering—The
filed
Sept.
Sept.
;
the
to
>
JACOBS
L.
F.
chain of retail drug
a
*
'
Registration Statement No.
S-l. (9-10-45).
Cleve¬
Avenue,
cities.
'
"
named principal un¬
& Co.
Forgan
derwriters.
cumulative
35
shares of old preferred
of
Bend, Wis.,
common
grocery' business.
v
Details—See issue of Aug. 30.
y
■(if
of
Address—135 South La Salle Street,
SATURDAY, SEPT. 15
v
filed
be
issue
in
Offering—Price
preferred stock.
Details—See
located
stores
provides that
company
in exchange
offered
Glore,
a
preferred.
the
Superior
land, O.
Business—Operates
of 6%
Nathan
AMERICAN TELEPHONE & TELEGRAPH
p ',i* ■
Address—2400
on
a
shares
175,000
state¬
Aug. 25 filed a registration
INC.,
ferred
CO.
of
conversion
for
of
shares
40,000
registered
reserved
registration statement for
cumulative converti¬
ble preferred (par $5) and 525,000 shares
of common (par 10 cents), of which 350,000
are
to be reserved for conversion of the
filed
31
Aug.
CO.,
MALTING
&
GRAIN
FROEDTERT
44
i- /!
Co.,
Inc.,
Christensen,
&
Peters,
and Sidlo,
&
also
amend¬
4/ .-/• 4/4 - ///
RESISTANCE
filed
registration statement for 20,000 shares of
preferred stock.
The dividend
rate will be filed by amendment.
Company
.7i M^*:.
•
by
'
.
convertible
the board of
filed
be
4/
/.
(9-6-45).
GRAY DRUG STORES, INC., has
by
filed
be
will
price
INTERNATIONAL
filed
by amendment.
Underwriters—Boettcher
by Harriman Ripley & Co., Inc.,
Watling, Lerchen & Co.
Registration Statement No. 2-5896. Form
'
of
holders
for the common,
the number of new preferred
shares of¬
fered
in
exchange for the old preferred
Will be correspondingly reduced.
The ex¬
change offer will expire on Oct. 10, 1940
and the balance of preferred not taken in
exchange and still exchangeable for pre¬
ferred stock will be sold to the under¬
writers.
'■ 4 "■■44/
Underwriters—Smith, Barney & Co. and
Underwriters—The underwriting group is
Unsubscribed shares shall be
Underwriters—To
shares
'
company
The
preferred.
are
headed
its
subscription
ment.
Co.;
&
Barney
of
sold at such price as fixed by
directors;
• ■-'•'•».•.
v-./.7 , *
are
Kidder, Peabody &
Blyth & Co.,
Inc.; E. W. Clark & Co.; Dillon, Read &
Co., Inc.; Drexel & Co.; Eastman, Dillon &
Co.; First Boston Corp.; Goldman, Sachs
& Co.; Graham, Parsons & Co.; Harriman
Ripley Si Co., Inc.; Kuhn, Loeb & Co.;
Lehman
Brothers;
Moore,
Leonard
&
Lynch; Morgan Stanley & Co.; Reynolds
& Co.; Singer, Deane & Scribner; Stone &
Smith,
Co.;
of
public will be as
at
100.50, $84,000
$281,000
unspecified
an
to
shares for each, share
common
if more than 24,085
$7,000,000,
excess funds
additional securities.
of
shares
common
of
number
and
preferred stock rights to
subscribe to the new preferred at the rate
of one
share for
each 2(/2 shares held.
Offering—The
holders
price to be filed by
a
over
from
amendment.
Offering—The company is offering 108,528 shares to holders of common stock of
record Sept. 13, 1945, in the ratio of one
share for each 13 shares of common held
at
31 filed a
Aug.
of
50,000 shares of the old $6 cumulative pre¬
ferred stock on the basis of an unspecified
$6,500,000 and
to
also. Noffer
will
company
number
supply any
proceeds from preferred stock sale
cash resources,
borrowings or the
sale
The
1
issue
Details—See
on
shares of
25
Aug.
The dividend rate will be
amendment.
CO.
the
that
company
registration statement for 50,000
$3 cumulative and participating
stock, without par value.
Details—See issue of Sept. 6.
registration statement for 161,522
shares of cumulative preferred stock
(no
■
FARMS
shares of $6 cumulative preferred
stock on a share-for-share basis, and the
requirements.
It is
over-all expenditures
post-war
between
be
the
WEDNESDAY, SEPT. 19
a
Pj&r).
ticipated
estimated
,
274,085
rearrangement
will
13
Oil
group
by Van Alstyne, Noel & Co.
is headed
ARDEN
ARMSTRONG
filed
•»
.
un¬
SEC." * *
THURSDAY, SEPT.
public. Is
the
to
•
6.
underwriting
Underwriters—The
accelerated at the discretion of the
less
price
$8.50 per share.
according to dates
registration statements will
grouped
ago,
on
registration
filed less than twenty
whose
issues
of Sept.
issue
Details—bee
List
the
underwriters.
to
FILINGS
NEW
being
are
Thursday, September 13, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1254
purchase
issue
of
common
Aug.
stock
2.
.
is
$5.75 per
stock warrants entitle
public
shares
at
at
$5.75
per
being
share.
holder
share
Sc
p0rfnrtt/riters
Sary,
Treasurer, and 5,000Sec
3CPresident and f
Schoenen, Vice
L
pprcv
to
the warrants
Adolphe A. Juviler,
Juvi
cents each.
Underwriters—Van Alstyne,
at 10
Noel &
,000
.
cumula-
190,000 shares of $2.25
and
registration
a
common
Details—See
five 'convertible preferred,
par $50.
price of
the debentures will be filed by amendment,
of the
190,000 shares of $2.25 preferred)
the
173 500
shares are to be offered by
share
company in exchange, on a share for s.
the
basis plus a payment of $5 a share to
of
company and with a cash adjustmentdividends, to holders of its outstanding
i
class A no par value stock.
The reraain| ina: 16 500 shares and the unexchanged
1
and
-hares will be sold to the underwriters
filed
offered to the public at a price to be
bv amendment.
The $5 represents the
new
difference betwen the par value of the
the
stock and the $45 redemption value of
stock.Underwriters—The underwriting group it
headed by Paul H. Davis & Co. and Union
Securities Co.
.<•
'
,
■
/
Class A
,
GAS & WATER CO. on Aug.
a registration statement for $6,first mortgage bonds due 1970.
The bonds will be sold at' competitive bid¬
ding and the interest rate will be filed
INDIANA
filed
000,000
"
amendment.
will
names
filed
be
received at company's
Salle St., Chicago,- up to
EWT Sept. 17, the interest rate to
of the bonds will be
12 noon
So.
Aug.
2.
stock
La
subsidiary of Noma,
least 80%
of
200;000
owns
stock
common
of
Triumph.
The offer of Noma Is conditioned
upon the
acceptance of the offer by the holders of at
the stock
of
Triumph within
the time period designated.
The result of
the exchange offer, when
effective, will be
to convert Triumph into a controlled sub¬
sidiary of Noma as of July 31, 1945, not¬
withstanding the fact that the exchange
offer will not be consummated until
date, the statement said.
a
later
Assuming all of
the shares of Triumph are exchanged pur¬
suant to the order the shares of Triumph
will be recorded on the books of the com¬
at
pany
$3,626,682.
shares of
common
'
Triumph has 494,722
stock outstanding.
•/>
PACIFIC GAS
^ ELECTRIC CO.
registration statement for
4 filed a
of
shares
are
stock
common
on May
700,000
$25).
The
by the North American
Co. which is offering them.
Details—See issde of May 10.
The shares
were
awarded
May. 22 to
Blyth" & Co., Inc., (at $36.76 7/10 per Share
the
Bids
SEC
Sept.
(par
Aug. 9 filed a registration statement for
on
12
noon
North
American
Co.
the
pur-
wholf of 700,000 shares
a
stock.
office
at
of
Proposals
North
of
will be received
American
Co.
its
of
Co.,
Broadway,
60
York 4,
New
stock
common
record
of
on
1945,
3,
share
per
share held.
for each
Subject to the prior
rights of holders of subscription warrants,
officers of the corporation, who are not
directors,
and emulovees will be entitled
to subscribe
Sh^t6
<*r
'
1
?
21,287 shares at $9.75 per
to
1
*"
vj
*/ "
*
r
*
'
*
i
•* ''V"
New Or¬
Underwriters—D'Antoni & Co.,
filed
Aug. 20
for
$93,000,000
1,
POWER
LIGHT
&
first
mortgage
bonds
due
1975,
Details—See issue of Aug. 30.
Offering—The price to the public will
filed by amendment.
Underwriters—The bonds are to be sold
at competitive bidding, with the interest
rate named by the successful bidder. Names
of the underwriters will be filed by amend¬
be
POTOMAC EDISON CO.
April 19 filed
a
registration statement for 63,784 shares
of 4V2% preferred stock (par $100).
on
filed
stock,
29
a
par, '
Details—See issue
of
July
Offering—Company is offering, to hold¬
of
ers
3%.
$3,343,500
Income
income
due
bonds
units consisting of $750 of 4%
Oct. 1, 1959,
bonds
and
company
will offer the
shares of preferred stock in ex¬
change for the 29,182 shares of 7% and
34,602 shares of 6% preferred stock now
outstanding
and
5.
of
share
one
its
com¬
stftck, in exchange for each $750
outstanding income bond, in connection
plan of reorganization.
Underwriters-—The Dunne-Israeh Co.
mon
MINNESOTA
LIGHT
&
POWER
CO.
on
ding and the interest rate will be named
by amendment.
Details—See issue of Aug. 23.
J
Offering1—The price to the public will be
filed by amendment.
.
Underwriters—The
by amendment.
Bids
,the
-
will
filed
be
purchase of
at company's
received
be
pre¬
stock
SERVICE
PUBLIC
INC.,
on
for
series
F,
shares
of
$100).
bonds
at competitive
bidder naming
-
of
to
Aug.
2.
writers
will
Bids
at
be
MORRIS PLAN CORP. OF A^FRTC \ m
Aug. 24 filed a registration statement for
937.500
shares
of
common
stock,
par
io
cents.
and
and
Details—See issue of
30.
Aug.
21, 1945,
received $7,500,000 in cash from American
General Corp. as the purchase price of the
937,500 shares covered by the prospectus.
The 937,500 shares are offered by Ameri¬
can General
pursuant to agreements with
Morris Plan Corporation for sale at $8
per share or for
exchange under certain
conditions.
common
company on Aug.
Under offer
one
stock of Morris
the holders of
Plan
Corporation,
other than Industrial Finance
Corp., will
be entitled
to purchase 1.60 shares of com¬
mon
for each share of
held.
The
new
holders of 7%
common
stock
preferred of In¬
dustrial will be entitled to purchase 18.5
snares for each share held and the holders
of
common
to
purchase
of
Industrial
Will
be
entitled
0.40
shares
for
each
share
in the event that 7%
preferred and
common stockholders of Industrial do not
held,
elect
to
snares
purchase
to
of
of
entire
number
by the offer they
exchange their shares
following basis:
ferred
the
covered
entitled
for each
share of
of Industrial 12.50 shares
of
will
on
7%
of
be
the
pre¬
Plan, and for each four shares
Industrial common one share of Morris
A
to
be
sold
by changing
the author¬
public
stock
will
of
names
12
to
be
under¬
amendment.
11
noon
bidders
of
So.
be
La
received
Salle
CWT Sept.
specify
the
the
St.,
19,
the
coupon
rates.!"
•'/
«'•
common
OIL CO. on May 31 filed a
statement for 990,793 shares
(par $1).
stock
Details—See
issUe
of June
7,
Offering—Of the shares registered Ben¬
nett & Co., Inc., parent of Red Bank, will
receive 209,970 shares in return for a like
number of Shares loaned to the registrant
connection
In
with the acquisition of 54%
outstanding stock of Seatex Oil Co.,
addition! 150,000 of the shares
registered will be issued to stockholders of
Federal Steel Products Corp. in exchange
for all of Federal's stock.
Bennett & Co.,
Inc., Is the sole underwriter as to an ad¬
ditional 100,000 shares of common regis¬
tered.
The balance of 530,823 shares of
stock being registered have heretofore been
Issued to Bennett & Co., Inc., in exchange
for various obligations of the registrant.
Underwriters
—
Principal underwriter
Bennett & Co., Inc.. Dallas. Texas.
Stop Order Hearings—Hearing set for
Sept. 10 to determine whether a stop order
should be issued suspending effectiveness
of registration statement.
of the
In
ROBERTS
11 filed
000
a
serial
TOWING
COMPANY on
July
registration statement for $500,4Vg % equipment trust certifi¬
cates.
issue of July 19.
Offering—The price to the public of the
different
series
ranges
from 99 to 102.
The average price to the public is given
Details—See
as
100.47.
l
Underwriters—S.
Pittsburgh,
Louis, Mo.
and
STANDARD
10
filed
a
K.
Cunningham, Inc.,
Nordman Co., St.
John
FORGINGS
CORP.
on
Aug.
registration statement for 110,-
ized number of
shares of old common from
074 shares
of
*00,000,
shares
issued and outstanding and are
par
$5, to 3,500,000, par 10 cents
each, and to issue four shares of new com¬
mon
for
standing
«t
new
each
so
share
that
common
of
old
common
out¬
result 591,165 shares
would be outstanding.
as
a
re¬
NOTICE
to
the
of the
preferred
company
to the
the
in
exchange
stock
common
These
public,
to
VALLEY
filed
for
100,000
the
by
of
OSAGE
shares
of
A
class
registered
and
common
behalf
of
the
Thomas
are
being sold by certain
Details—See
stock, par $1.
common
issue
Offering—The
The
stockholders.
of Aug.
price
be filed by amendment.
to
16.
the
public
will
MINERALS & CHEMICAL
WAR¬
STOCK
CORPORATION
RANTS TO BEARER.
A second interim dividend
Stock for the
tember
1945
tember
year
1945.
dividend'
with the
sold
E.C.,
days
must*
deposit Coupon No. 196
Guaranty Trust Company of
York; 11, Birchin Lane, London,
for examination five clear business
(excluding Saturday) before pay¬
ment
is
13
by
the
issued
are
being
sold
Gilcrease
of
Warrants
A Dividend
•
f
\ f
•>,>
.
-M
1
-1
*
4
'v
„<■.
declared by the
Board of Directors on September
was
6, 1945 as follows;
4%
Bearer
to
Talon
Details—See issue of Aug. 16.
Offering—The price to the
$12.50 per share.
'
★
}
\
-V
Cumulative Preferred
<
Regular
of
One
Stock
!
14th Consecutive
Stock
who have not exchanged Talon No. 3 for
No. 4 but have deposited Talon
3 with the Guaranty Trust
Company
dation.
'
-
(
made.
Holders
on
Foun¬
\,
u,
Nortlu Wacker Drive, Chicago
20
of
Holders of Bearer Stock to obtain this
Aug.
General Office?
the Ordi¬
on
ending 30th Sep¬
tenpence for each £1 of
Ordinary Stock, free of United Kingdom
Income Tax, will be payable on 29th Sep*-
nary
New
Of
are
Is
143,659
the shares
shares
and
Co.
on
being
are
30,191
outstanding
AND
for
CO.
stock.
113,468
registrant
and
OIL
registration statement
a
i%e&&u£Zcb*ed£
TO
ORDINARY
PREFERENCE
of
are
owned
100,000 shares
DIVIDENDS
OF
be
estate
OF
HOLDERS
Quarterly* Dividend
($1.00) per share
>
Dollar
No.
Underwriters—The
Oil
crease
New
Co.
of
public
Texas,
is
of New York in
with
underwriter
165
is
Gil-
Broadway,
York, N. Y.
the
New
York, in accordance
arrangement
which has been
in the Press, are notified that
announced
Coupon No. 196 will be detached from
the corresponding Talon No. 4 and can¬
by the Company in London as and
when the dividend to which they are en¬
titled is paid*
The usual half-yearly dividend of 2YZ %
on the
5% Preference Stock (less Income
Tax) for the year ending 30th September
next will
also be- payable on- the 29th
September 1945.
Coupon No. 84 must be deposited with
Payable
September
29,
1945
to
stockholders of record at the close
business
of
September
1945.
21,
Checks will be mailed.
celled
filed
24
220,000
LAKE MINES, LTD; on
registration statement for
of capital stock, par $1
RED
VIRGINIA
June
a
shares
(Canadian).
issue
of
Aug. 2.
Offering—The offering price to the pub¬
is
6OV2
cents Canadian or 55 cents
Details—See
lic
United
States
funds.
Underwriters—Willis E, Burnside Ss Co.,
New
York.
'
,
the
National
Savoy
CHLORINE
WESTVACO
CORP.
Aug.
on
for
statement
PRODUCTS
filed a registration
shares
of
$3.75
18
cluding
stock,
no
par
Strand,
five
DATED 21st
value.
before
BY
the presently out¬
standing shares of $4.50 and $4.25 cumula¬
W.C.,
Mining and Manufacturing
Phosphate
Potash
•
D.
of
M.
THE TEXAS
preferred
new
valued
Secretary.
Rusham House, Egham, Surrey.
>
A dividend of 50$ per
at
Nov.
the
The Electric Storage Battery
for
preferred
180th Consecutive
,
The
L. H. LindemAn
Quarterly Dividend
Eberstadt
&
Co.
*
August $>194$
are
Treasure*
•
the
The Directors have declared from
principal underwriters.
or two pef
par
on
Texas
redemption
\
\
Underwriters—F.
named
company
Unexchanged
$4.25
called
be
to
are
2/
and
$4.50
share
value of the; shares
Company has been de¬
clared this day, payable on October 1,
1945, to stockholders of record as shown
by the books of the company at the close
of business on September 7, 1945. The
stock transfer books will remain dpen.
(2%)
:ent
of
preferred will be required to effect
exchange.
Shares
not
issued
the exchange offer,
together with
1,297 additional shares,
will be offered
of
its
predecessor.)
new
shares
p
by The Texas Company and
$100.5104;
$4.25
preferred
valued
at
$106.4283
per
new
preferred valued
at
$100.5104.
A maximum of 95,703 shares of
publicly by the underwriters.
COMPANY,
ORDER.
OPPENHEIM,
preferred stocks were afforded an
opportunity to exchange their shares for
the new preferred stock on or before Sept.
12
as
follows:
$4.50 preferred valued at
for
Chemicals
•
is
payment
tive
$108.6375
Fertilizer
*
for
business days (ex¬
August, 1945.
issue of Aug. 23.
Offering—Holders
London,
clear
Saturday)
Limited,
Robert P. Rescb
Vice President and Treasurer
made.
97,000
preferred
Details—See
Bank
Provincial
Court,
examination
Accumulated Surplus of the Company a
share
dividend of fifty cents ($.50) per
Snyder to Investigate
Needs of Europe
tember
record
President Truman has
appointed
group to go to Europe for about
two weeks to study at first hand
the nations' needs and the possi¬
bilities
of
their
repaying
the
stockholders of
to
COMPANY
the close of business on Sep¬
at
El
Checks will be mailed.
tember 17,1945.
a
United States for assistance.
1945,
29',
LION OIL
Stock, payable Sep¬
the Common
on
A
H. C. ALLAN,
25d
Secretary and Treasurer
dividend of
group,
is
John
consist of
to
EATON-
Washington, Sept. 5,
patch from
W.
BALANCED
Snyder,
zation
Reconversion;
and
Stuart
Symington,
head
of
share
are
sources
that
indicated
have
the
direct
will
reported to
Mr. Snyder
purposes
of
approximately
To
1.
as
England and
It is
on
Sept.
the
was
Allied
which
determine
which
the
United
the
extent
States
to
should
nayable
at
1
.
<
the close of business
the 21st day of September, 1945.
Checks
BERNSTEIN,
17,
September
ness
Sept.
1945.
The Garlock
Packing Company
September 11, 1945
*
LOUISVILLE
GAS
The Board of
AND
OF
ELECTRIC COMPANY
of Louisville Gas
Directors
COMMON DIVIDEND No. 277
on
meeting of th£ Board of Directors,
day, a quarterly dividend of
50$ per share was declared on the com¬
mon
stock of the Company, payable
O. W. KNOUREK, Tree-surer.
a
held this
September 29, 1945, to stockholders of
record at the close of business Septem¬
ber 20, 1945.
R.
;
M. Waples, Secretary
'
,
"
■
The
OIL
Board
DIVIDEND NO.
of
^
62
Directors
of
the MARGAY
has this day declared a
CORPORA! ION
dividend of twenty-five cents a share on. the
outstanding stock of the corporation of the
issue of 160,000 shares provided by amendment
to the certificate of
incorporation of April 27,
1926, payable October 10, 1945, to stockholders
of record at the close of business September <20;
.
K. D. OLDENBURG,.
York
Rosario
Honduras
&
.b.
MARGAY OIL CORPORATION
1945.
New
and
(Delaware) at a meeting held
September
7,
1945,
declared a
quarterly
dividend
of
thirty-seven
and
one-half
cents
(37V2C)
per
share on
the Class A Common
Stock of the Company for the quarter ending
August 31, 1945, payable by check September
25, 1945, to stockholders of record as of the
close of business September 17, 1945.
At the same meeting a dividend of twentyfive cents (25c) per share was declared on the
Class B Comon Stock of the Company, for the
quarter
ending
August 31,
1945, paydble by
check September 25,
1945,
to stockholders of
record
as
of the close of
business September
17; 1945,
5
:
•
A "1
■
Electric Company
24 Federal Street, Boston
13, 1945
OFFICE
September
itself obligated to send
foodstuffs and coal to Britain and
Europe.
on
^
a
consider
the liberated countries of
•
on
will be mailed.
DAVID
cents
record at the close of busi¬
At
To
To
10
1945 to shareholders of
25,
and
investigate whether the
recipients
of continued
United
States aid should pay in dollar ex¬
change or in other considerations
acceptable to the American public.
4.
of
should
be made to stick.
of Directors
September
10th, 1945 declared a Tjuarterly dividend
of 37Voc per share on the outstanding Common Stock of the Company, payable on the
29th day of September, 1945 to stock¬
FCXD
among
whether, although
the allocated provisions may have
been assigned to one or another
country, these allocations should
3.
HOWARD
dividend
share
the Continent.
Governments
September 11,194$
'"PILE Board
1945.
The Trustees have declared
a
get "first crack" at the stockpiled
materials
17,
sent to Great Britain.
determine
♦•THEATRES EVERYWHERE*'
Vice President & Treasurer
of
question concerning what and how
To
&
STOCK
stockpiles
LOEW'S INCORPORATED
holders of record
EATON
secret that lend-lease
books in Washington are open to
2.
a
24 Federal Street, Boston
13, 1945
an open
much
cents
September
ness
end-lease materials in warehouses
in
20
vecord at the close of busi¬
follows:
appraise
of
payable
the
tour, which, according to the New
York "Times," are stated to be
September 5, 1945
September
25, 1945 to shareholders of
Surplus Property Board, and Sen¬
ate Secretary, Leslie Biffle.
In¬
formed
dividend
a
the
the
on
FUND
The Trustees have declared
W.
share
per
transfer books will remain open.
E. W. ATKINSON; Treasurer
HOWARD
&
10?
Capital Stock of this Company, ooth pay¬
able October 15, 1945,; to stockholders, of .>
record September 297 1945; The stock-
The
according to the New York
"Times," which received the dis¬
Dorado, Arkansas
quarterly dividend of
per share and an extra
have been declared
Philadelphia 32, September 7,1943
head of the Office of War Mobili¬
30.
the
RED BANK
plan announced last month pro¬
vided that Morris Plan
would provide the
stock
sold
dividend
and
Aug.
filed by
office,
to
up
/
common
Morris
Plan.
interest
preferred issue will
dividend
Inc.
Offering—The
be
Invited'—Proposals to purchase
company's
filed
\
\
Underwriters—To be filed by amendment.
value
the
price to
the
bonds
and
preferred
filed by amendment.
of
the public will be
will
bidding, with the successful
Offering—The
•
by amendment.:•
stock
and
Issue' of
Details—See
registration
issue
Offeringi-r-Price
INDIANA,
registration state¬
rates.'
July 25 filed a registration statement for
223,351 4-6 shares of common stock (par
'
OF
due Sept. If-1975, and 150,000
cumulative preferred stock (par
The
'
...
CO;
Aug. 23 filed a
$48,000,000 first mortgage bonds,
successful
Details—See
The
—
exchange offer;:!
the
Chicago
$5).
exchanged.
to aid it in obtaining acceptances of
ager
specified in
MONTANA-DAKOTA UTILITIES CO. on
in
company
has
re¬
tained Alex. Brown & Sons as dealer-man¬
bonds
bid.
BRITISH-AMERICAN
basis
$5 in cash for each share of 7%
office, 2 Rector St., New York, up to 12
noon EWT Sept. 17, the coupon rate to be
the
share
adjustment
Underwriters—Tne
the
for
for
case
Underwriters
.
Invited—Bids
bonds
will
names
share
a
each
ment
Aug. 11 filed a registration statement for
$26,000,000 first mortgage bonds due 1975.
The bonds will be sold at competitive bid¬
on
dividend
a
ferred
with the
;
offered
Underwriters—Floyd
D.
Cerf
named principal underwriter.
63,784
with
no
common
to be retired and cancelled.
stocks
Details—See issue of April 26.
registration statement
for $3,343,500 4% income debentures due
May 1, 1970, and 4,458 shares of common
June
of
the preferred.
DIVIDEND NOTICES
TOBACCO COMPANY, LIMITED
under
Offering—Tne
on
of
preferred
125$
DIVIDEND NOTICES
filed
8
complete
ment.
leans, is the principal underwriter.
MARICOPA RESERVOIR & POWER CO.
be
Norton
of
estate,
are
CO.
registration statement
a
and. $27,000,000 sinking fund
debentures due Oct. 1, 1965.
the right to subscribe
for additional shares
the basis of seven-tenths • of one share
Sept.
aft $9.75
D.
cumulative
Offering—The company is offering to the
on
to
up
Y.
on
August
shares
200,000
conversion
by
Eben
shares
to
(EWT) Sept. 17 at office of North
American
N.
Oct.
167,000 shares of common stock, $1 par.
Details—See issue of Aug. 29.
.
holders
issued
refped to approve the bid,
invited proposals for
5
as
common
on
owned <:
Invited—£i?he
Chase
INC.
Details—See issue of Aug. 16.
Offering—The price to the public is $5
per share.
In addition to the 90,000 shares
shares
on
PENNSYLVANIA
JEFFERSON LAKE SULPHUR CO., INC.,
and
served for
10,000
the
Chicago,
registration statement for 100,000 shares
of Triumph
common, $2 par, for one share
of Noma.
Ansonia Electrical Co., a whollyshares Of
Co.,
of 30-cent cumulative convertible
specified in the bid.
be
a
are
on
amendment.
11
247,361
stating that competition had "been stifled."
by amendment.
Bids Invited—Proposals for the purchase
office
of
SUN-KRAFT,
which
Offering—The price to the public will be
Underwriters—The
for
26
the basis of two shares
but
<
Details—See issue of Aug. 23.
filed by
statement
July
stock, par $1.
issue
Explosives, Inc.,
shares
by
on
is offering its com¬
mon stock to stockholders of
Triumph In¬
dustries, Inc., formerly known as Triumph
owned
Details—See issue of Aug. 9.
Offering—The public offering
17
CORP.
Offering—Company
registration
statement for $6,000,nnn
1.
sinking fund debentures, due Sept
iqgn
filed
ELECTRIC
shares of
Underwriters—Shields
heads" the underwriting* group;
Underwriters—None.
ffOUDAILLE-HERSHEY CORP. has filed
m.
NOMA
Co.
principal underwriter.
Is
named' underwriter.
to
and
president
The company
15 000 to
Underwriters—American General Corp. is
pro-
of
30,000
sell
to
1950.
1,
Aug.
■uofnm
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4420
Volume 162
.
Treasury
Tulsa, Oklahoma, September 1, 1945.
.«
Mining Company
Courts & Co. Add to Staff
120
Seventy
lanta.
ing
Hugh Lynn has joined the firm's
of¬
fice at 18 West McBee Street.
staff in the Greenville, S. C.,
New
Broadway,
York,
DIVIDEND No.
Y.
N.
September
ATLANTA, GA.—Courts & Co;,
11 Marietta St., N. W., announce
that E. Frederick Korb has be¬
come associated with them in At¬
12,
1945.
The Board of Directors of this Company,
meeting
held
dividend
for
third
($.70)
a
declared
quarter
an
of
at
1945»
the
29,
close
of
1945,
to
business
W.
C.
stockholders
on
A
dividend
of
one
6tock
of
this
of
share on the outstand¬
Company, payable on
of record
September 19; 1945.
LANGLEY, Treasurer.
DIVIDEND
a
interim
capital stock of this
September
at
the
Cents
day,
this
UNITED FRUIT COMPANY
372-
capital
clared
NO.
dollar
165
per
Company
payable October 15,
share
has
on
the
been
de¬
1945 to stockholders
of reoord at the close of business September 20;
1945.
.
LIONBL W.
--
UDELL. Treasurer.
•
Thursday, September
FINANCIAL CHRONICLE
THE COMMERCIAL &
1256
New
England Pnblic Service
Trading Markets in
K
Foreign Securities
Bendix
1-971
Majestic Radio
Du Mont
Mississippi Central Common
;
Utah Idaho Sugar
Globe Aircraft
Wilcox & Gay
M. S. WlEN & Co.
ESTABLISHED
SPECIALISTS '
Telephone
50 Broad Street
Members N.
New York 4, N.Y.;
•
^
Laboratories
U.VS. Finishing /
;
Telecoiit Corporation
Du Mont Laboratories
,
A
.
'
>
Clyde Porcelain Steel
r.AHl MABKS 6 P.O. 1HC,
FOREIGN SECURITIES.
'
Majestic Radio & Television
Helicopter
Bendix Home Appliances
Teletype
•
Reynolds Tobacco Pfd.
Lear Inc.
Steel
Baltimore Porcelain
Helicopter
Seeger Sunbeam
,
.
Ironrite Ironer
Amalgamated Sugar
-MARKETS
NY
Bendix
:
40
Teletype
AFFILIATE: CARL MARKS &
CO. Inc. CHICAGO
1919 '
Y, Security Dealers
Ass'n
Exchange PI.,, N. Y. 5
HAnover
2-0050
13. 1945
N.
HA. 2-8780
Y.. 1-1397
Company
Kobbe, Gearhart &
INCORPORATED
"Our Reporter on
Members
Governments"
.
The temporary
calls, and seasonal
responsible for this inactivity.
{-.
However, this condition should be passing soon, since September
.income-tax payments should ease the pressure of war loan calls, and
the return flow of currency from circulation should have a favorable
i,
i,
I,
.
'
>V4.
I»
>-■
fe,
on
banks.
the reserve position of the
.
Broker-Dealer
-
.
.
.
..
Values and
Distribution, prompted
by consensus of opinion pointing
to near-term liquidation of utili¬
ties and realization companies—
1956/59 are liked for non-commer¬
income and price appreciation. . . .
Accordingly, it is the advice of certain money market followers, that
due to the favorable developments that are likely to take place in Fred W. Fairman &
Co., 208 South
the Government bond market in the near future, advantage should La Salle
Street, Chicago 4, 111.
'
be taken of market dullness and price weakness to pick up issues
Also
available
are
brochures
Also the restricted 2y4% due
V
|V.
'*.<1
investors, for both
bank
cial
that fit into one's
"if-/
portfolio../
-K
:
infers that
Loan—to raise $11 billions—may be the last time
!<■
the coming Victory
L
that
the Government enters
the market for new money until after
the end of the present fiscal year on June
rK
I );Vi
•
30, 1946.
.
.
The fact
.
predicted a Government debt of about $275 billions
on July 1,
1946, compared with the present figure of around $265
billions, in the face of the $11 billions or more to be sold in the Vic¬
tory Drive, is the basis for the belief that the Treasury will not need
to come into the market for new funds before the middle of next
'■'year.;-.
after
the
the
indicates
of
end
that
the
for
a
of
period
more
.
.
ness.
.
.
.
.
;
means
eligible bonds if they
are
'
and
bills
Maturing
.
amount
of
»
Railways
—
is
a
memoran¬
are
Wet specialize in all
Industrial Issues
Investment Trust Issues
-
Public Utility Stocks and Bonds
TEXTILE SECURITIES
low for
a
finance
with
long time/'
low
Treasury will
no
.
.
.
coupon
New Eng. Markel
———
New York 5, N. Y
Frederick C. Adams & Co.
Specialists in
Pollak
New
Manufacturing—analysis
&
—Raymond
Co.,
State
148
England Unlisted Securities
24 FEDERAL STREET, BOSTON 10
Also
available
is
Established In 1922
study
a
of
Porter Company—analy¬
Minton
&
available
on
J
Company,
Inc., 209 South. La Salle
Chicago 4, 111.
Also
Tele. BOston 22
Ohio.
Baltimore &
H. K.
Tel. HANcock 8715
Street,
statistical
are
Pollak Manufacturing
Liberty Loan Cor¬
Capital Stock
poration, and Serrick Corporation.
on
Request
to cut the interest burden is to
short-term securities, which is what the
One
way
doubt continue to do in the future.
.
LESS BORROWING
we
certificates
normal conditions.
more
.
Whether the Treas¬
.
.
will allow its large cash balances to decline substantially under
the
during the fiscal year ended
...
ended, Government borrowings should be smaller
war
into
move
wartime
levels will depend upon
tary authorities
In the notes, the Treasury
millions will no doubt be refunded with a
the 2%% due 9/15/45. ...
$1,291
exempt
partially
%%
future
(such
forces).
.
.
what uncertainties the mone¬
believe to be in the offing in the not distant
may
large cash
44
as
.
Indications
that
are
payments
these
and part of the funds will
of
the
Government,
Treasury.
members
balances
will
of
decline
the
somewhat
will'
less
mean
borrowing
by
i
Teletype bs 25!)
INDEX
M;y
Banks
and
Dealer
-
1233
1233
Flotations. Uoi
Securities
Broker
mendations
issues, consisting of $489 millions of
1238
Stocks
Items
Bookshelf
Personnel
Man's
Business
Page
-
Insurance
Broker-Dealer
Calendar of New Security
•
Investment
and
•124"
Recom¬
1231
Literature
Municipal News and Notes
Funds... 1
Mutual
NSTA
Our
Specializing
Unlisted
in
certificate, or if they feel generous they might issue
could pay some of them off out of cash. . . .
In each instance, the debt burden would be eased, since low coupon
short-term securities would be replacing high coupon obligations.
Refunding of callable or maturing obligations with certificates
in line with Mr. Vinson's statement that "interest
rates determine the real burden of the debt. They should continue
1251
J248
.
1258
}2J»)
Reporter on Governments
Utility Securities
Railroad Securities
1 y4 % notes, or they
.
Notes.
—
Public
Securities
%%
a
some
the
5
^ .V. Y. Telephone HAnover 2-7914 ^
armed
used to meet operating expenses
be
which
to
St., Boston 9, Mass.
148 State
Tel. CAP. 0425
Canadian
callable securities can be retired by the Treasury
with
or
a
''
Colony Corporation,
334% due 3/15/46/56, $1,036 millions of 3% due 6/15/46/48 and
$819 millions of Z%% due 6/15/46/49. .
„;.
BS 328
Insurance and Bank Stocks
Current
ury
,
.
All of these
■Hi
available
Teletype
■
Securities with
Pittsburgh
During 1946, and all within the present fiscal year/ these
maturities in Treasury bonds of $2,344 millions—all high
coupon
V*
&
Co.,
231
Salle Street, Chicago 4,
With the
has $531 millions of 3y4% due 12/15/45, that can be refunded with a
certificate. -.
The 1% note due March 15, 1946, outstanding in the
certificate, as was
'
Co.—Anal¬
New York
Hanover 2-7913
Hubbard 6442
Analysis
as
interested in
issues with longer than a note or certificate maturity.
June 30 next will be "rolled over."
1
reor¬
,
Also
that the commercial banks will have to buy the
SHORT-TERM REFUNDING
*»/ •*'
the
.
presently outstanding
•.
with
'4$
Co.
memoranda
as
This
;i\
way
Boston
Company—original
dealing
ganization plan, estimated post¬
war
earnings, treatment of old
securities, and
other factors—
A. W. Benkert & Co., Inc., 70 Pine
Street, New York 5, N. Y.
Also a comprehensive study of
recent refinancing program, credit
position, current earnings, etc., on
Chicago & North Western Rail¬
ysis, for dealers only—©. Ef.. Unterberg & £0., 61 Broadway, New
York 6, N. Y.
South La
though the commercial banks will not have any new mar¬
ketable issues that they can buy, other than certificates of indebted¬
<
Railroad
analysis
RALPH F.CARR & CO.
v:. ! BOSTON 9, MASS.
Street, Boston 9, Mass.
.
campaign, and these will be in the certificates, and the restricted
2y4s and 2%s.
The certificate is the only obligation that can be
seems
Or.'.
Building, Boston 9, Mass.
National Terminals Corporation
bought by the commercial banks when the loan is over. . . . Thus,
from now until the end of the present fiscal year on June 30, 1946, it
f
Pont, Homsey Co., Shawmut Bank
/■'■ • :
the
.
s\;y
ford
Nashawena:Mills—Circular—Du
Radiator
Hart¬
New York, New Haven &
study—First
Company.
—circular—Adams
maturing
only additions to the marketable obligations will be during
The
Street, Boston 10, Mass.
sis—Sills,
Victory Loan the Treasury will be out of
or
75 Federal
70 Pine Street,
National
Co.—Circu¬
for
than six months
aside from the refunding of callable
market,
obligations.
'■.¥
and Magnavox
Trading
lar—Dayton Haigney & Company,
Corporation
..
This
•if
Garrett
on
by Secretary of the Treasury Vinson
that Mr. Vinson
/:4
information
statistical
and
...
;-
/
.
A recent address
'
v'.
...
dealers
VINSON'S VIEWS
t»r>'
.
Company—A study of
taxables.
the
of
turities
Campbell Common
Oceanic
Service Co.
New England Lime
}
*
...
Motors
Northern New England Co.
Recommendations
...
Electric
Howell
on
and American
,
<fr,
Worcester Trans. Assoc.
Waltham Watch Common
1-576
york
new
A. S.
.
effect
Norma Hoffman Common
5
Teletype
Bell
telephone
dum
When the money
(Continued from page 1253)
/
market begins to feel the full effects of the return flow of currency,
Midland Realization and Mid¬
and the indicated financing policy of the Treasury, it is believed that
land' Utilities- Common—Memo¬
'Government bond prices, particularly the commercial banks eligible
-2s and 2%s|will seek substantially higher levels than those currently randum—Doyle, O'Connor & Co.,
Inc., 135 South La Salle Street,
prevailing.
.
.
///•/:
/{/.'/ ' >'VChicago 3, 111.
The partially exempt obligations, principally the longest maturities, are expected to move into higher ground in sympathy
Midland Utilities and Midland
with the price betterment that is anticipated in comparable ma¬
Realization
')•
>1,.
YORK
NEW
Enterprise 6015
2-3G00
RECTOR
tightness of the money market, due
currency demands, has been largely
i
'
quiet affair showing
changes on light volume. . ,
to war loan
rqinor price
only
f
:
bond market has been a
Association
Dealers
Security
STREET,
philadelphia
telephone
-
Government
The
York
NASSAU
45
CHIPPENDALE, JR.
By JOHN T.
'is
New
Real
-
INSURANCE
Securities
Estate
Securities
BANK
Salesman's
l24-
Corner
Markets—Walter
Tomorrow's
Whyte
Says
PUBLIC UTILITY
—
INDUSTRIAL
-
REAL ESTATE
notes would be
Illinois
page
Securities
Section
on
1234.
LUMBER & TIMBER
BONDS, PREFERRED AND COMMON STOCKS
Columbus Auto Parts
Eastern
States, Pfd.
Pressurelube, Inc.
U. S.
Radiator, Pfd.
II. C. Godman Convt.
Pfds.
BOUGHT
120
Broadway
New York 5
.
Telephone COrtlandt 7-0744
B-U
Teletype
NY 1-88S
—
SOLD
—
QUOTED
Blocks
ADVERTISING
All
In
Its
Branches
REMER, MITCHELL & REITZEL, INC.
208
Plans Prepared—Conference Invited
Albert Frank
W. 7. BONN S CO.
WANTED
FINANCIAL
-
131 Cedar Street
New York 6, N.
WESTERN UNION
Y.
Telephone COrtlandt 74060
Boston
Chicago Philadelphia San Francisco
La
Salle
of Securities
St., Chicago 4
RANdolph 3736
Guenther Law
Incorporated
So.
TELEPRINTER
"WUX"
BELL
4/
SYSTEM
.
TELETYPE
4 CG-989
Hill, Thompson & Co., Inc.
Markets
120
and
Situations
for
Broadway, New
Tel. REctor 2-2020
Dealer#
York 5
Tele. NY
1-2680
@FedFRASER