The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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t
ADftU
BRAlt
.
<
r^ka^a#,
*4
SEP 23 1941
Final Edition
In 2 Sections —Section !
WITH WHICH HAS BEEN COMBINED THE FINANCIAL REPORTER
Volume 154
New
Number 3982
Price 40 Cents
York, N. Y., Thursday, September 18, 1941
a
Copy
Charles
\ L:':y 3 :P.M R
;
,
REPORTER'S
.
Hayden Golf Tourney For Sept. 26;
41 Wall Street Houses Will Participate
-i'
The nineteenth annual Charles
Hayden Memorial Trophy
Tournament, in which golf teams representing 41 invest¬
REPORT
ment banking firms will participate, will be held on Septem¬
ber 26 at the Oakland Gold Club at Bayside, Long. Island,
j Sidelights on, the recent "gasoline shortage" fiascp:.
it was announced by W. Halsted Taft, of
It turns out to have been a "shortage of surplus."
*
Hemphill, Noyes
The underwriting fraternity fs
j. Public reaction against official mis-handling of the situa¬ not in a particularly happy mood & Co., chairman of the tournament committee.
Originated by the late Charle&<£tion may hamper necessary further official efforts, for there at the mofnent what with recent
in
Washington Hayden, the tournament was first Co., Inc.; Bjtyth & Co,, Inc.; H. M,
will be for a time at least, a dangerous lack of surplus stocks developments
played in 1922, smce which time Byllesby and Company, Incorpor¬
!such as might be needed for quickly increased Navy needs having aroused anew concern three cups donated by Mr. Hay¬ ated; Central
Republic Company;
over- probable action to increase
v
or
for an unusually severe winter.<§>
The mistakes of Mr. Ickes seem quickly picked up
the reserve requirements of Fed¬
175,000 barrels
eral Reserve member banks.
prevented the public from by economies here and readjust¬
; This
proposal "long • spon-~ •
ments there.
Of this they picked
noticing
the
remarkable
and
sored by the Reserve Board,
tip 60,000 barrels by raising the
praiseworthy achievements of the
and now gaining adherence
tanker load-line.
They /began
petroleum industry in adjusting
among
those
who
hithto the situation.
Of an original moving products up the Mississip¬
erto opposed it, • is ampng the
shortage of round 350,000 barrels pi by barge; Indirectly relieving
multifold steps suggested as
the pressure by reversing sea¬
a
day caused by the 50-tanker
a - means
of' putting
the
board-inland pipe- line - move¬
"
'diversion,
the
industry
very
b r a k e"
on
inflationary
ments; moving oil by truck and
to have
den have been won
outright and Incorporated; Dillon, Read & Co.;
removed from competition.
Last Dominick & Dominick; Eastman,
Hayden, Dillon & Co.; Gilbert Eliott &
a new trophy
Co.; Emanuel & Co.; Estabrook &
to be kept in perpetual play as Co.; Fahnestock & Co.; The First
a
memorial to Mr. Hayden.
It Boston Corporation; Glore, Forgan
was won by a team representing
& Co.; Goldman, Sachs & Co.;
Hemphill, Noyes & Co. in whose Graham, Parsons & Co.; Hallpossession it has remained for the garten & Co.; Halsey Stuart &
past year.
...
Co.; Harrinian Ripley & Co., In¬
The banking firms which have corporated; Hayden, Stone & Co.;
tends.
V''".,l"
'V:*' '"'P *
Reserve city banks now have accepted invitations to participate Hemphill, Noyes & Co.; Jackson
in this year's tournament are; A. &
Curtis; Kuhn, Loeb & Co.;
a reserve requirement of 23
per
C,
Allyn and Company,
Inc.; Ladenburg, ; Thalmann
&
Co.;
cent, the rate having been reBaker, Weeks & Harden; Blair & f
:
(Continued on Page 201)
;
;
year
the partners
Stone & Co. donated
of
*
tank-car
(sic).
The
Portland
Montreal pipe-line will save some
35,000 barrels a day.
The com¬
panies have switched their own
BROOKLYN TRUST
(Continued
; COMPANY
.
on
Page
204)
' r
.
•
,
,
.
(Continued - on
Page
201)
Ch.rtcred.l866
INDEX
THE
.
WE AWAIT
George V. McLaughlin";*
•;
,' *.V
President
v
>. t; ;>
-^
*
Bank
.•
High
"
NEW YORK
-
Member
\
Federal
'J ';'v.'.
VBROOKLYN
to come "Way Down*
Yonder to New Orleans" to the Eighth Annual Convention
of the National Security" Tradersf Association. - Since then,
we have been proclaiming the many treats in store for you.
Next week the time wilLarrive for us to prove: ourselves.
We eagerly await you. ,/
v'..
V
Deposit Insurance
~•„»
Corporation
Several months agb
we
invited
you
and
Insurance
Grade
Bond
^Calendar - of New
Dealer
Stocks—-—
198
208
Suggestions--
206:
Security Flotations
Briefs
—
_-u-_
193
Jottings,'.
Municipal Market
Reporters
Personnel
Railroad
(The)
„•
200
-
Report-- —.
—~
you.
This is
■
OTIS & CO.
■/
i<
(Incorporated)
.
\'.plEstablished 1899
r
.
■
;■
"-p
final message before convention time.
If
you
have not already done so, we urge you to join the large
number who have made their reservations.
Then simply
pack your bag, come to New Orleans, and leave the rest to ■
We are eagerly awaiting you.
us.
new
New York
orleans
security
association:
traders
Corner
198
The)--
Markets—Walter
Whyte
correspondent;
;
195
Uptown After
202
,Y. Group IBA
dominates
Nominates
Group
facilities
:
-202
3
Whisperings
195
Marks-
195
Loomis
Treasury Bill Offers & Results—
"Revelers"
Member
Federal Deposit Insurance
Corporation
..
195
194
STANY
Enjoy All-Day Outing—
Announce
•STANY
194
Winners
204
Outing (Pictures)
Trading
Bonds
(CLEVELAND
service with Cliase
197
Says
N.
Broaden your customer
193
196
Salesman's
Tomorrow's
IBA
our
Items
Securities
Securities
.
OF THE CITY OF NEW YORK
199
,
At times you may have thought Our claims to be exag¬
gerated Or, perhaps, in your leniency you have attributed
our glowing reports to a tinge of enthusiasm.
We can as¬
sure
you that such is far
from actuality; we are very
confident of the many attractions of our city which have
been utilized in our program.
We beg the opportunity tofulfill our boasts and promise that we shall not disappoint
NATIONAL BANK
-194
Investment Trusts
Our.
199
N. Y. Exchanges
on
Ease
203
Slightly—.
Hayden Golf Tourney Sept.
193
26—
BANK
&
■
CHASE
Chicago
1
AND
INSURANCE
STOCKS
City of
Over-the-Counter
Securities
Philadelphia
New York Trust
'
The
Bonds
Company
FIRST BOSTON
Capital Funds
.
$37,500,000
CORPORATION
Kobbe, Gearhart&Co.
NEW YORK
INCORPORATED
Members N. Y. Security Dealers
45 Nassau Street
Tel. Rector 2-3600
Ass'n
IOO BROADWAY
Moncure Biddle & Co.
BOSTON
CHICAGO
PHILADELPHIA
PHILADELPHIA
New York
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
Teletype N. Y. 1-676
MADISON AVENUE
AND 40TH
CarlM.Loeb,Rhoades&Co
61 broadway
STREET
R. H. JOHNSON & CO.
?.
1
;
,
'
...
TEN ' '
investment securities
ROCKEFELLER
Riter
&
Co.
■
Members New
Members
New
PLAZA
64 Wall Street
Chicago Stock Exchange
York
Members
York Stock Exchange
Curb Exch.
■
(Associate)
Philadelphia Stock Exch.
new york
New York
Member
Federal
London
Genova
Buenos Aires
Insurance
of the
Deposit.
Corporation
WILLIAM ST., N.Y.
PHILADELPHIA
HAnover 2-0980
Morristown
Bell Teletypes. NY 1-395
New York
Street, New York
CHICAGO
HART SMITH & CO.
52
48 Wall
Montreal
•
Toronto
boston
philadelphia
St.
Rochester
Hartford
Paul
Milwtt Vee
Eastot
i
I
& FINANCIAL CHRONICLE
THE COMMERCIAL
194
V
TELEPHONE
-V'i *
:
'
OR
Dealers in
UNITED STATES and CANADIAN
„
'
'
'■
TITLE
ARE
'v..
J. F. Saiimox & Co.
SPECIALISTS"
Wewburger, Loeb & Co.
40 Wall
*
Hew ' York *Stock
St., N.Y.
Bell
York
Security
,y*
$£
^
]to retain"
ig-fpxp
'
A record crowd of 20Q members
Members
50 Broad
Bell
A-!,'*
boat?
"same
Company!.
cated
around
hover
to-day,
for
5
Will
/.
during
.able
& Co., for-the
with
p
>
i ::&:y /'•%.%" yyyvyPPp^i \
American
Ordnance;)
////Corporation^/
I""-/-
next
"i-
the Submarine 4
Combatting
;^'.<■) /"v;:
indi-
be
period,
.-Fs/S• •'!-•
5'..y
•
MARSH and COMPANY
only maintain its last
not
to
projector)'
question,
in
defense
charge
(depth
.The Most Effective Weapon for
new
is. taxes.
year,
the: company
the
also
and
\
,
to
prices./ The>« all-important
^question
•
to
or
continue
42
year's net but' he successful in
Bankers j best eatch of the game,- - and /to
carrying..over to net profits part
76; high j Charles LeRoy, Union Securities
.of
its increased
gross
profits?
gross, •sHarry
Youngdahl, R. L. Corp.; for the -most , spectacular
Day
&
Co.,
with .140;
most {play.
The longest hit:was made / "This tax question the investor
£ should have answered on. every
strokes per hole, Lawrence LemJ bv Kenneth Sicklerf. Chase NaF
stock he continues to hold or ex-/
bo, Glickenhaus & Lembo; high-jtional Bank.
Francis-",Gallagher,
est
handicap
prize,
Charles Kidder, Peabody- & Co.f was an/ / pects to buy once be determines
Churchill, Churchill, Sims & Co., nounced as the? losing umpire d 2' the vtinre is here to buy good
At the
bond market,' Charles /• selected stocks.
Inc.,
whose
handicap was 45.
....
John A.
Eugene McMahon, Heller, Bruce Barrington, Harry. Downs j&;Co., f. Milburn, Hecker & -Co.
& Co., Inc., came nearest to the carried off a $300 defense bond,
pin,—3 feet 5^ inches on a par and Ernest Altgelt, Harris Trustthree
hole./ Ferris - Moulton, R. & Savings Bank a $150 defense
Neal
Trust
1-2180
^
MAN UFACTURE RS O F TH EYGU N
Fulkerson,
gross,
..
Y.
N.
Teletype,
System
-
James Gilbert,
' MM 2-2772
to-day.
i/low
Forgan
•
.
St., New York, N. Y.
HAnover 2-4660
'/■
■
Dealers, Assn.
the
ored. .stocks / which
sports events were: ;.:V
■f
,y* . ^ t.
Dealers Ass'n-
Security
BiiliD 'Jt'xiDBTxI-B NY 1-483
The investor bscause he
F; is. /speculating
unknowingly by
/ holding on?to some
former fav; /
//make
& Co., jwith; a score o <§>
70, Harley Watson, Eldredge &; were presented to
Co.,. Inc., runner; up, with 71; .low j G< M. - P. Murphy
'
'
"
r
■
Glub at
York
Many/investors and speculators in
/•'ystocksr are/in
I Golf: Kickers' handicap. Leonard Sullivan, Phelps,.<<Fepp
& Co., with a score of 75; low net, Scott Russell, Jr^ Glare)
Reilly&Co
York. Security
New
i-
and guests attended the
outing of "The Revelers'1 at the Pomonok Country
Flushing, L. I. '/';_.yA-py V V/' ,■ ■„?'
Winners of the
J.F
Retain PresenlName
New
40 Exchange PL, N.Y.
when
S/;t Philadelphia. Pa//.//;
,
Automatic
sales
tax
Members
,
Bernard
p Aronsori,—Bernard Aronson and
^'Revelers" Enjoy AH-EBay 0ttting; F % J1
GSub Voles To
these
,^^...Established 1920
i and If1 they come.*F'y S'
%
son,
ready cash with which
absorb
to
'-:V j-:Y
KATZ BROS.
another six weeks
In
"Vdwindle.
NEW
Mining Centers
Wire Connections To Principal
"<*■ aV y
J the annual tax selling begins and
F; We feel that this is a good time *
Teletype NY 1-1388
f
BOwling Green 9-3575
"i'i
/ Lebanon
City
feel
organization t rail
Association
Dealers
hi 4.
F Superior- Tool & Die
jthat' the -interesty in re-"
bonds y from
'Pi thisV point on is most /likely to
•4
1-2033
NY
Atlantic
New
/7. TWO ItF.€TOIt STREET,
Exchange
WHitehall 4-6300
<
Teletype
Philadelphia
/American Barge Lines;;
We
CERTIFICATES
Members
Members
Connecticut Tet. & Elec.
_
COMPANY :U>
MORTGAGE
"WE
q ;
ISSUES/lfe
MINING
■*:'< LOCAL: //«:777 7 :
,
Speculative Possibilities:;'
/ 7,
US
TELEGRAPH
ON
Thursday, September 18, 1941
;
BROADWAY, NEW YORK? '
BO. Green 9-9085 /
Tele. NY
•
1-1206
.
-
.
V'>1.
..
'
■
-
North American Cement B<h. & Stks.
•:
.
& Slks.
Detroit Internat. Bridge Bds.
Hearst Pub. fr'i» 1942-47
Columbus Auto Parts Coin/
-
v
.
.
Fifteen other Issues were
made the bond.
longest drive/ of the day, 230 ajwarded during the1.' evening; -1/^
el The club voted unanimously
yards. ;.
' •' ]-* •/
7'
TennLs:. Edwin/ Cross, Roosevelt rjetain
the < present;.; narpe;r; t'The
&
Weigold,
Inc.,; ' and
George Revelers- and not to changer>to
Barnett, Blyth & Co., Inc.; Brain- Ther Municipal - Bond V Traders
H.
Adel Precision Products
;•
Moulton
& Co.,r Inc.,
-
.
New
64
York
Curb
ST.
WALL
Exchange
Circular
erd
HAnover 2-9470
NAT'L BRONZE & ALUM. FDY.
available
>
the
OLD BEN COAL Co. 6s, 1948
•v
-"Quoters"
i
w s
Inc.;-
was
ers^ with
Ward &
men;-
by the. "Appraise acted as toastmaster at • the. din¬
of 7 to 5. Prizes ner.
•
- .'
v.'F
won
a
following
Fulkerson,, Bankers- Trust,'JCoFV
r John Reily, Weeden & Co., Inc.,
by ArCo.,
captained
Lewis of R. A.
specialise
County Securities
Certificates
all
in
Announce Winners Of
Stocks
Bank
INC.-
BROADWAY
20
S.
MArbie
Teletype
NY
N.Y.
7-8500
*
1-2S61
ever
"
held.
Low
Van
golf tourney
'
Ingcn
also
Executive
the
on-
is
and
National
Security
UTILITIES
-f.-V
Peter P.McDermott & Co.
New
TRADING
*
65
York Curb
tion
Security
Exchange
BROADWAY, NEW
DIgby
Tele. NY
4-7140
YORK
1-1817-18
of
the
Traders
member
and
of
the
'
be
admitted
way,
maintain
firm
markets
in the securities of
„
// ?
ed
Associated Gas& Electric
Associated Gas & Electric
,v'
System-
All Issues
'
to
partnership in
Co., 52 Broad/
&
>- New;/ York
BOUGHT
•-
*'
—
•>
.
■'
'
including
Utilities
SOLD
-
:■!
City,;' members;
Securities Co.
I
"
for
some
time;
.manager„of/the investment de-j
partmbnt."
y' /; :'V ■/'/' ' /'.!- ^
:
QUOTED
Request
/
;
-/ Admit H. Stochholm
.
!
>
A!abama Mills///>.//
;•/
W',
.
v:i,-
Birmingham Elec 6% Pfd.
Birmingkam Elec: 7% Pfd.
t:
Steiner, Rouse & Co.
7/ MeniSeri Jiew'York S^ck'Exchange
' Brown-Marx BIdgr
New York, N.Y: 7
trP MY j-1557
Birmingham^ Ala.
BH 198- /,..' 1
,.■?/ 7 •//;, •/'/ Direct Wife-*'/./ /^ >i
•:<
1
a
'•
'
7 I
Hanc Tc Admit Small,
Gerslley & Hamburger
Co.,1505 Walnut Street, members
of
the ; New7 York7 Stock
Ex--"
change-,
mit
as
of October 1st -will ad¬
John/Small, to general part¬
Henry C. Stockholm will be-i nership in their firm, and Henry
E.
Gerstley and ; Nathan Ham¬
a partner in R.
Swinnerton
& Co., 36 Wall Street/New York burger to limited partnership../.
City,' members of the. New York .//Mr,. .Sri)all - has for many /years
Stock * Exchange on /October IsL been/manager/;of the /municipal:
Mr/:-Stockholm .was formerly as^ ajad /government/ departments/ of •
come
.
.
Wertheim & Co.
-
,
;; PHILADELPHIA, PA.—Hano &
zzt
ort
firm
R. Swinnerton Will
—
■
Analysis
the
y
.
Employees
with
1
i
25 Broad,St./
as
Corporation
\
//;rV/
•J.-»V/ ,T- -
of the New York Stock and Curb
vl
,
,
Exchange, as of September 30th.
Mr.; H inch man has: been associat-;
We
.
Na¬
Hinchman,.}r.
Fellowes Davis
NY 1-1525
Execu¬
.Ralph Pratt Hinchman, Jr.,;will-
& Hecht; Richard F..' Abbe, vVari
72; Tuyl& Abbe; Charles C. Kim¬
ball, A.,E. Ames. &
Door prizes
were
awarded to Kumm, "Dunne &c Co.; and Wall
Carl A. Swenson, W. E. Hutton ter Saunders, Dominion Securi-;
& Co.; Milton Van Riper, Mack- ties Corp. ■,/v1?'. :,v'/
f:s z'F1
Co.,
......
Associ-
J. F. Sammon
S. W. Kirtland, 72.
&
jBroadway, New York
.
Admit
ahan,
P:
/
tv:
,
Thomas
42
Dlgby "4-832® ,Teletype
Dllfby-.
tive/Committee, and Willis R.
Summers of. Holt, Rose & Tros-:
ter, who is also a member of the
Legg ' &; /Co.; vF"Mike'i
Jos.: McManus-Z & Co.;
7i
Member? N. Y. Security, Dealers Ass'n
Traders
Grace National Bank,. 7.2; JFMori-
Exchange
DEPARTMENT
;
-
/y.. Established 1922 '"..tv-.'
*i.
Of
•
the"
Bought and Sold *7
0HN J. 0'KANE JR. & CO.
represented
Association by .Chester E. de Willers of Schoonover, de Willers &
,
Members
./'7'
I'py Apbtatibresf a^yinfOrihiMioitpivfn
;'■■■'Pyp lcheerfully supplied
./
Rog-
Committee
K/Z
MINING & OIL STOCKS/
^
tional
Heeney,
Stanley
/
NY. 1-953
OIL ROYALTIES
Kenney, Dimpei, ,Hulse4
Executive Committee. These men
bosch & Co.; Dudley rJa'ffin,' M.
wit! be- in; attendance at all/of
S.. Wien- 8c. Co.; - John-- Butler,
the meetings to be held during
hVn^r L. Unterberg & Co., 104- (Frederic H. Hatch & Co.; / Fred, the convention..
bin, C.
/' /'.;
s>.
nw !
Barton, Eastman, Dillon & Cp,,
40-64.
George Anderson, Dean Witter
Kickers Handicap
(70-80):. S. Co.;: L. H. Serlen,- Josephthal
]&
H.< Junger & Co.,- 73, L. Wrenn,
Co.; David Sindel/ Josephthal t&t Fellowes Davis" Will :>A
Allen & Co., 73; Robert Benkisef,
Co.: Wilbur Krisam,' Huff, Geyeif
RAILS.
Stock
Bell,-Teletype
Bond: &
of
&- Co.,
York
New
•
—
' •
Wittich
R.
York Stock Exchange
Exchange Place, N. Y./ 01*^4-4950
Committee¬
-
Co.;; Vice-President
were:
Gross:
Wien &
Active
York
40
Pp P '-p
'
geubui'g ,of Roggenburg &• Co.,
and Benjamin IT. Van Keegan of
Frank C.; Masterson & Co./:'
"I
'•
■/
■
!J. Lann, My
Co., 79;: runner up, John
Cornell, Roggenberg
Co.,. 80. j
:
Low Net:
Harry Parker, Co^lonial Bond & Share Corp., 8218-64, runner up Belmont Tow-
BONDS
New
I.vi h
Members Mew
Goodwin, James Musson of B./J.
summer
Winners in the
Members
p: 'KvV'./y
^Walter F.vSaunders. of the Do¬
Securities Corp., who jis
outing of the Security Traders Asso¬
ciation of New York at the Hummocks Country Club, Mamaroneck, N. Y,, was' attended by a record group who pro¬
nounced the outing the most successful the organization has
BROADWAY
YONKERS,
2-7G34
Bell
The annual
.
NEW YORK, N.Y.
REctor
Sports Events At /
Security Traders Ass'n Of New York Outing
/
Schconover, deWillers & Co.
ISO
National
y\. ",v'-y
4
Wilbur
Westchester
including Mortgage
and
'•
SecuritiesI/, j;
-
also President of the Association,
HOUSTON OIL Co. Preferred
also
;
'
minion
score
EASTERN CORP. Commcn
We
;V
/
REAL ESTATE
shaskan&co.
to a -very ?• large
from New York who
attend the National Se¬
jriy addition
delegation
-
thur
request
on
| Of N. Y. At Convention
intend to
Whitbecky - Jr. and Warren Club.
I Next year's outing committee curity Traders Association Con¬
Ruston, both of; the First Boston
vention-in. New Orleans on Sep¬
was. appointed and will consist-of
Corp;, runners up.
tember 23,- 24 and 25, the Securj
The traditional baseball ^ game George E^arnett, Chairman, Blyth
between- the "Appraisers" under j & Co., Inc. : Brainerd Whitbeck. ■ity-. Traders Association of New
York will be represented. by the
Frank Lynch & Blair & Co., and 'jr., .First Boston Corp.,: and Neal
YORK
NEW
Teletype NY 1-1140
Represent TradersP
7
MARKETS IN '/
.
Frank C. Masterson & Co.
Members
To
^ TRADING
.
.
G.ft.Saxtcn&Co.jnc.
NEW
YORK
BOSTON
MemIters New
120^
Yprlc Stock Exchange
•././>/„F; 5,1.
WENAYORKOHM'
Teletype
NYjI-1693.
^
y
sociated
as
/with / H.- Allen
investment
Wardle
cbunseL/A:Jv-'i'.wj„;
;the7Nhv|/ Yofk of{jacksdri/Curtis
Number 3982 i
Volume 154
.•
and
COMMERCIAL
195
& FINANCIAL CHRONICLE
THE COMMERCIAL
v
•
FINANCIAL CHRONICLE
U.
Reg.
Office
Patent
S.
.y-JVe
|with which has been combined the
■
-..v";
j
1.1
Dana Company
B.
William
Publishera
■
BEekman -3-3341
.
Walter
\
AND COMPANT i
'v
-r.:;:
Whyte
••
j.r >■
.
^ .,x
v
b.
jWilliam
1
September 18,
Published'three! times
;
'Thursday' (general
tising' issue) with
-•
Fred
the Act
of
March
Subscriptions
y.
in
United
1879,
3,
H.
-months.;
6
•lor
Central
and
South
for 6
it
;
shooting
-
account;
-
$10.75
America,
Spain, Mexico and Cuba, $21.80 per year, $11.76
for 0 months; Great Britain, Continental Eur¬
ope (except Spain), Asia, Australia and Africa,
$23.00 per year, $12.50 for 6 months. NOTE: On
feccount of the fluctuations in the rates of exr
change,
remittances for foreign subscriptions
and advertisements must be made in. New York
funds.
.■/
y-.
V
New Ycrk
if it had eaten
But
indigestion.
call
to
want
of
noises
you
the
it
it—had
either
market
to
the
as
whatever else
fates—or
RAILROAD STOCKS
akin
condition
a
louder
made
voted
at
on
for
the
Vice
30
are:
Stanton, Vice President
The First Boston
of
meeting
annual
September
Corporation,
and
Chairman;
W.
Hearn
Streat, Secretary-Treasurer.
In
a
Teletype
or some¬
and grunts disap¬
peared;
*
From
been
terms
executive
the
on
Glen
A.
mittee:
Co.,
Charles
John J.
and
McKeon
Scranton &
W.
com¬
Acheson,. F.
S.
Central States
John S. Loomis,
Members
1
?
,
Chicago Stock Exchange
39
ol
Broadway, New York
Dlgby 4-2290
■
,
;!
Tele, NY f-l61ff.lt
We
Are
Specialists
In
REAL ESTATE SECURITIES
M.
Limbert, Vice President of
Blyth & Co., Inc., Chairman; J.
Taylor Foster, of Spencer Trask
Inquiries
Invited
In
Lawyers
Co., and Richard de La Chapelle, of Shields & Co.
Mtge.
Co\.
Ctfs.
Lawyers
&
Title
Co.
Cok
Ctfs.
Title
U
Ctfs.
Co.'s
Bond
&
Mtge.
other
all
and
Trust
_
Participations
Coviplete Statistical Information
Shairmanskip Of
Croup Of IM For 1041-21
L. J. GOLDWflTER & CO.
INC.
Members New York Security Dealers Assn.
president of The Illinois Company of Chi¬
39
President's cago, has been nominated for the
the
was
-
Haven, Conn., Governors of the
I.B.A., will serve as members of
the executive committee, ex-offi-
John S. Losmis Nominated For
*
*
.
v.;
New York Curb Exchange
Bank
a news
;
Joseph McManus & Co
New
Co.,
;;
Common
'
:
chairmanship of the Cen¬
radio speech. Of course every¬ tral States Group of the Investment Bankers Association of
;
America for the year 1941-42, it was announced by Nathan
l
Sully C. Pecot will become a body knows that our present
partner in Orvis Brothers & Co., stand makes a shooting war B. McClure of Harriman Ripley & Co., Incorporated, Chi¬
14 Wall Street, New York City,
that much closer.
As a mat¬ cago, chairman of the Group at present
week
4-6551
Flour Mills of America
Henry II. Egly, of Dillon, Read
&
cio.
Co.,. and Frank
Willard, of Reynolds & Co.; for
the two-year term: Henry Herr-
angle the most
important development of last
Sully Pecot To Be
WHitehall
■.X./-X;4s & 5s
came along and gave it
shot of bicarb.
In any case
the groans
Dept.
1S67
body
N.Y.. 1-1063
Securities
STREET, NEW YORE
Assoc. General Utilities
^
These nominations were made
addition, the following have;
nominated
for
three-year1 by a committee consisting of Lee
it's Moseley"~&
than
distress
condition warranted
GUARANTEED RAILROAD STOCKS-BONDS
Let
W
Aldrecl Investment Trust
Marks, of Laurence M. Marks & Co., has
-
Frank. M.
acute
GUARANTEED
NEW
group of Investment Bankers Ass'n
for 1941-2
Group ;of the Investment Bankers Association
called
wisely. Sometimes
sounds indicate a diges¬
distress that may bring
tive
Re¬
just love stuff.
Obsolete
typewriter, the market Group..
'Others placed on the regular^'
began making small unpleas¬
nf
nffW.ihd will hi man of Henry Herrman & Co.
will
slate
of-officers
that
be
as
that
non-traded
strong-Box?
your
we
for yours.
WALL
99
the
about
YOEK
52 Broadway
v
of America
indicate rthe jdirettidit
foflthe year 1941-42, it was announced by Frank E. Gernon,
of
any nearby break-out. -f As
of Hayden, Stone & Cd., present chairman of the New York
last week's. article came off
Specialists in
9-6400
.
Teletype NY 1-5 i,
- - -
beenfinominated for the chairmanship of the New York'
such
Gr.
j -
Nominates Marks, Stanton & Streat
well if not
BO.
<
to
on
paying1,
Telephone:
Laurence M.
IITTLE has happened since
->the last columnwaswrit-
ant noises
1! Telephone
25 Broad Street, New York
.
,
WALTER WHYTE
By
i
?
in
bid
u»
hang1
yon
-
details below
"
>- ;
Telephone IIAnover 24800
but it is the individual issue
that counts;
>
had
Posses¬
months-
per year,
(Jo
member,
•-
and
States
sions, $18.00 per year, $10.00
jn Dominion of Canada, $19.50:
if
as
-
war
fully
little indica¬
tions of. near-by break-out;
into
Building
(Telephone State 0613).
London—Edwards &
Smith,, k. Drapers' Gardens, London, E.C. ...
! Copyright 1041 by William B. Dana Company.
•M Reentered as
second-class matter September
«12 1941,-at the post otfice at New Yor», B. i;,
..under
taken
and advert
statistical issues
news
offices:-Chicago—In charge of
Western- Representative, Field
Other
Oray,
Marketacts
and Saturday]
on Tuesday
'j )
1941
week Jevery
a
Why
till Spencer Trask & Co.
Ptl'g^s,. Business'Mafidger
Thursday,
j
GIVE UP?
'..y-^yyi yyl
r-.
stuff
:
>
<:■
>
non-dividend
President •>
Seibert,
Dana
William
\ 'v
Says
JSditor^jicl;Publisher, v
{^Frederick W. Jones, Managing Editor
I
WHY DONT YOU
'. A-:V-
;....
.yyyyx
x,
j,.;
i f
;
^5% Cumulative Preferred Stock, Series A t
;
*
Seibert,
Herbert D.
,
Cincinnati Gas & Electric Co.
J
25, Spruce Str&et, New York
licHTfnsTfin
B. S.
market, in:
a
Tomorrow's Markets
Financial Reporter
.
maintain
Broadway,
UAnovor
ITew
2-8970
York,
Teletype
N. Y.
NY
l.-120a
Oryis Bros. Partner
^members of the New York Stock
ter of fact
Exchange as of October 1st. Mr.
!Peco£
was
years
a
Beane.*
formerly
partner
*
for
in
many
have
the
■
Willingham
E.
FCA
In
Appointment
PETERSBURG, Fla.—Harris
E.
Willingham,
formerly a
municipal bond dealer here,and
ST.
principal in the firm of RobertsWillingham & Co^, has been ap¬
pointed a director of the Mort¬
gage Corporation Service Section
of
the
Farm
Mr.
tion.
already broken out be¬
and the time you
Credit
Administra¬
Willingham
will
act
market
taken
Others^
may
& tween the time this is written
Fenner
,
Harris
incident
an
placed
on
on
for
at
the
annual
September
22
read it. Still
seems,
to
have
the
possibility — or
actuality—of an
open break with Hitler into
aceount.
At any rate it acts
rather
■'.1
Of
■*
■'
■
■■
I'm
*•
and else
For
no
vice-president
one
J:'i.'"'".•x■■■•/
Company, Omaha; and Hempstead
These
vice
secre¬
tary
-
In
the
by
addition,
nominations
been
Stone
Blodget, Inc..
Strutliers-Wells-Titusville
Common
were
made
Bough h—Sold—Quoted
&
Webster
HARDY & HARDY
Members N* Y. Security. Dealers Ass'n
11' Broadway, N.Y.
Bell
t
(Continued on Page
,
ger
York
year
on
the
executive
and
other leading
of
a
in
tions
BANK QUALITY
YIELDING
middle-priced group
issues
in
receivership.
the
arrangements
Inter'! Rys Cent't
Circular on Request
15.N. FWAY
•:;
Exchange
take over
to
and
Vv;r- VV:-.-/".,v.-
•
v
r. x"*K-
' •*
<
V--
mmmrnm
the
certain-
members of the staff of the- New
Wick &
Co. as of October 1. ,■ These will
be
combined with
the- Rocke¬
feller
Center
office
of Harris,
-York
office
of
Butler,; Wick
Railroad
MArble 7-9524,
Eastern Corporation
,
Bonds, Preferred
Municipal
:.:r.
'
Common
&
Warrants
Bought—S old—Q uoted
Complete,
~
X
&
YONKERS, N. Y.
V, Bell Teletype Yonkers 2318
Upham & Cov in the Internation¬
■j
-
Y. City Telephone
Public Utility
Industrial
Butler,
al Building, 'v;■
America
Purchase Money 5s 1972
N.
exchanges an¬
completed
accounts
6.9%
A. 0. VAN SUETENDAEL
nounced that they haveNew: York
1-960
"SLEEPER" of
Harris^ Upham
of. the New York Stock
NY
Leroy A. Strasbur-
Co., I Wall Street, New
City, contains a discussion
number of attractive situa¬
&
20^
& Co.,<-14 Wall
Street, New York City, member?
,'
BOwl. Green 9-2820
Teletype
The current Railroad Bond Let¬
ter issued by
economic and social structure,
adopted by the board of the Cor¬
rail
committee: of
poration, which now has mort¬ is something it has % yet to „ John S. Loomis
Carl j
East- Copies of the Letter which should
gage loans
to farmers totaling: prove. - - $
erberg,
Riter & Co,,
Chicago; be of interest to dealers may be
$621,000,000 outstanding.
There's a great deal of. talk Ludlow F: North, The Wisconsin, had upon request from Leroy A.
Company, Milwaukee; Plummer Strasburger & Co.
Harris, Upham Absorb
Buffer, Wick-In N. Y.
O•
Write For Rail Bond Letter
three
terms
of
Walters
and
nominated for
-
;.o-.
committee
a
A.
following
have
may say
'?
treas¬
urer..::;/';:
matter what
1955
5s.
&
Chi- Louis:
Sons,
cago,
of the mar¬
member of the executive commit¬
ket, the ability to discount
tee of the Corporation, directing
wars with it's changes in the
the administration of the policies
executive
,»s
Potter
.
poration, Chi¬
naive
enough to think that all news,
good or bad, has been ; dis¬
counted.
Burns,
consisting of T.
John E. Blunt, Weller Kimball of Glore,. Forgan
& Co., chairman; Jay N. Whipple
3rd, Lee Higof Bacon, Whipple & Co., and P.
ginson Cor¬
X
.-
not
irtuanam,..
•
IX Dean Washburne, Chicago representa¬
M c C o rmick, tive of the Mercantile-Commerce
Alex„
Brown Bank and Trust Company of St.
chairman, and
?
*
course
-
are:
cag.o,
the
that way.
vutea
meeting called
&
Monon Coal
regular^
the
slate of officers that will be
'•••■
sent
statistical report
on
request
Co., who
are
members of the New York Stock
Exchange, the New York Curb
..(Exchange - and?-. the : Cleveland
i[Stock •; Exchange,;-', will: ;continue
^theiTr., other -t,offices> in Youngs.towrr :and
.Warren,.^ Ohio, J and*
■Sharon and Franklin, Fa.
; :
R.E.SmRT & Co.
':k ;S
Incorporated
.
\
i
i
*
■
•
j
t,
4fl
'
CHICAGO
'
v
*'kf
w
'
r?^^NEW^YORK:^;v^'V'.
Tel.:
t
•;^NCORPOftAf.SO^
BXCHANSS
IIAnover
.
• j|-
* ;■
PLACE* NEW YO&K
2-0510
•
-
Teleit N¥ L-1072
THE COMMERCIAL & FINANCIAL CHRONICLE
196
Thursday, September 18, 1941
BIRMINGHAM
COMMODITIES
Canadian Securities
: 7.'
7
\
i
1
>
•'
■
$87,000
•'
/
INDUSTRIAL
.
The
Cheektowaga, N.Y.
MINING
..
'/'(town)
V
interpretations of
able
r'
to
our
investors -and
Commodity Department
traders
discover
to
avail¬
are
opportunities and
MARX & CO.
protect positions in current changing world market conditions.
BANK
2.10% Bonds
Traded in U. S. Funds
.
Due
7.7
July
To yield
BIRMINGHAM,
1944-50
1,
0.90%-1.80%
Members
Stock Exchange
Toronto
New York, N.
..
HAnover
Y.
120
NY
Tele.
2-7673
DIVIDEND NOTICES
'DivroEND NOTICE OP THE
*
' ARUNDEL
CORPORATION
p
'
September 17, 1941.
L The Board 6f Directors of The Arundel Cor¬
day declared 25 cpnts ppr
G;,
If share
!jthe
.tissued
dividend
nounced
on
REctor 2-5255
i
1941, to the stockholders of record
Corporation's
books at the close of
September 22, 1941.
JOSEPH N. SEIFERT, Secretary.
Morgenthau "
totaled
'
cents (20c) per share on the Com¬
Stock, payable Octobtr 28,
1941, to all
"+
holders of record October 10, 1941.
Total
mailed.
Total
be
R.
CLARKSON,
Treasurer.
Packing Company
Ofrjj U
COMMON DIVIDEND No. 261
the'
common.
Inc.,
stockholders of record
to
R. M.
$100,957,000.
•
•
McNair
Tenders
vited
to
by
rate
Federal
a
offering in¬
new
Morgenthau
Secretary
and
Reserve .banks
up
to
the
2->p.m.
The bills, which
THE NEWi YORK TRUST COMPANY' :
were.
a
discount basis
;•
100 Broadway- Vl:
.,; v
>
under competitive bidding, will
'The Board of Trustees has this day declared
mature- on .Dec.,-10,1941, and op
,a quarterly, dividend of 5(/c ($1.25 per share)
on the Capital
Stock of the Company, pay¬ the maturity date the face afriount
able October 1, 1941, to stockholders of rec¬
of the bills will be payable with¬
ord at the close of business on September 20,
out interest. There was a maturity
1941. The transfer books will not close.
Sept. 8.
sold, on
,
New York,
Directors
of
Board
COMPANY
meeting held
at
a
11, 1941, declared a dividend for
quarter of the year 1941 of $1.00 a
the Common
Stock of Underwood
Morgenthau
Secretary
FISHER
ELLIOTT
UNDERWOOD
The
nounced
on
Sept.
-
15
an¬
7 that
the
tenders for
$100,000,000, or there¬
Fisher
Company,
payable
September abouts, of 91-day Treasury bills,
30, 1941, to stockholders of record at the close to be dated Sept. 17, and to ma¬
of business September 20, 1941.
ture Dec.
17, 1941, which were
'%> Transfer books will not be closed,
offered on Sept. 12, were open¬
f."777:
C. S. DUNCAN, Treasurer
third
on
ed
on
(Special
■
the
Sept.
Federal
15.
.
Reseve
'7 •■'■7
«
.7
)
.
Financial
to The
G.
Grabenstatter, well known in
trading circles, has be¬
come
associated
with
Trubee,
Buffalo
become
&
Co.,
&
Salle
Financial
Co.,
7
are
as
—
ShilHnglaw,
120
CmuAGU,
Alexander
Otis
i ju Lj
with
Chronicle)
Smart
with
to
The
has
&
Co.,
' *
(Special
ST.
is Robert
Brailsford, ly
to
The
with
Underwriters,
'
*
connected
'
•
j
Financial
Roberts
Street^V, .V !C; '
■.
•tion.
$10,000,
.
;
at
of California, is
All note holders and
of
creditors
other,
■!
located
State
the
in
the
association
are
therefore hereby notified to present the
and other claims for payment.'
!■> notes
W.
Dated
July 8,
W.
$500,000,
STARK, Cashier.
1941
MEMBER
j NEW
The Bank
j
*
■
of
National Association
Suisun,
located atjSuisun, in (he Stat£ of.Califofnia,
is
holders
closing
and
sociation
are
notes
present the
for payment.
of
All note
<
the
as¬
hereby notified
and other claims
....
F.
July 9,
creditors
therefore
to
Dated
affairs.'
its
other
S.
JONES,
President
1941
MICHIGAN '
7
STOCKS 6- BONDS
Chronicle)
connected
tional, Bank
&
Co.,
Inc.,
is
withGuaranty
Inc.,
Florida
Building.
']
ALISON; 6- CO.
Na¬
Member# Detroit Stock
7 ^
.
Exchange,.
BUHL BUILDING
Phone Ch'ftrry 4560"
"
Teletype DE
;
772
,
Williams
Active
THE
COMPANY
COMMON
,
$1,000,000 (maturity value).
In
announcing the recent offerings
Morgenthau said:
Mr.
Prospectus
tender
must-
for
be
...
STOCK
Request
on
VAN GRANT & CO.
F. S. Yantis Elects
PENOBSCOT
J. Stewart Vice-Pres.
:
an
Cadillac
BLDG.
DETROIT
7
Telephone
Each
Trading Marketi
LEECE- NEVILLE
has
ST.
LOUIS, MO. — William
joined the staff of
Vercoe
&
Co.,
17
South
High Clark Bell, for many years with
Street, Mr. Williams was form¬ Taussig, Day & Co., Inc., has beaffiliated
with
erly with Merrill Lynch, Pierce, c o m e
Ryan,
Fenner &
Beane, Granberry & Nichols & Co., 314 North Broad¬
Co., Lowry Sweney, Inc. and in way.
77, :777:'7:*7:[:*-;.7:;;'-7i7',
Bell
6134
Teletype
DE
4»
even
President of their firm.
Mr. Ste¬
and
FOR ATTENTION OF PARTNER
—
v
'
7
NY Finan. Advertiser
Announce Meetin
The
next
luncheon meeting (
Financial Advei
tisers will be held
Thursday, Set
tember 26th at the
Lawyers' Clul
the
New
York
115
Broadway, New York; Due
ley Parsons, advertising manage
of the New York Trust
and also
Compan
President of the Advei
tisers
group,. will preside.
Richard
Manville, advertisin
analyst
of Newell Emmett Cc
Inc. will be the guest
speaker. H
topic will be "What Types of Ac
vertising Pull Big Returns." H
will illustrate his talk with slide
The
arrangements
committe
consists
of
William
G.
Wilso:
7
YORK STOCK EXCHANGE
Trading Department Manager and
s
American
Bankers
and Merrill
7
Anderson, Merrill Ar
derson
Associate
Co.
-
'
Fifteen years in Wall Street
over-the-counter
trader,
-"7
as
office
Partner and analyst; with estab¬
lished
clientele; seeks
affili¬
ation
It
Trading Markets In All
-1
,
$100,000,
!
Winters,
DETROIT
7
NOTICES
closing its affairs.
CLEV. 565 & 566
Chronicle)
-
•!
CHerry 5050
PETERSBURG,
FLA. —
Lawrence Piper, former¬
now
Flnanoial .Chronicle)
Tel.:
Harrison
H.
Rodger & Co., 208 South La Salle
(Spe<StaF-<to hhe
Financial
Building
Cleveland, Ohio
Mr. Work
become
Carter
William son, Inc.
»—
Union Commerce
& Co.,
;i Schroeder Hotel. Mr. Brauer was
in the past with Grieb & Erick-
■.
formerly with
Dempsey-Detmer &
associated
now
.
RUSSELL
Co.
MILWAUKEE, WIS. —John R.
Brauer
Allen,
& Co.,
and R. H.
Co.,
:"7": "7;
to The Financial
(Special
--
-,v
(Special
South
have* added
used.
Low—99.985
.
•
Stock Exchange
GILL1S
'7777 V'7'777&
Pasadena manager for the Morri¬
son Bond
Co., Ltd; f
77'";7 7 7
Total, applied for—$493,411,000.
Members Cleveland
Beane,
"
National'* Bank
--a;
BONDS
Unlisted Securities
Merrill
&
was
previously
' with *
White,
Marietta Wyeth & Co. and in the past was
Chronicle)
Inc.,
'
withw
Fenner
associated
11
; Street,-
Pierce,
S. 523 West Sixth Street.
;
to The
Crowder
Howard
associated
Lynch,
Chronicle)
—
••
Equivalent rate
Tenders will be received with¬ wart has been on La Salle Street
approximately 0.059%.
^Collins & Co., M. & T. Building,
out
deposit
from
members of the New York Stock
incorporated for more than eighteen years and
Average Price—99.987 Equi¬
banks and trust companies and was previously Sales Manager of
valent
rate
Exchange,
as
manager
of the
approximately
from responsible and recognized Thompson Ross & Co., Vice-Pres¬
0.050%.'
trading department.
He was for
.y
'
i
dealers in investment securities. ident of Evans, Searles & Co. and
many
years
connected with
(2% of the amount bid for
at the low price was accepted) Tenders from others must be ac¬ Sales Manager of John J. Seerley
O'Brian, Mitchell & Co. as man¬
companied by payment of 10% & Co. He has many friends in
ager of the trading
department
There was a maturity of a pre¬
investment
of the face amount of Treasury the
and special partner.
banking
field
7'/:7;: •
vious issue of Treasury bills on
bills applied for, unless the tend¬ throughout the Middlewest.
Mr.
A Mr. Grabenstatter specializes Sept. 17 in amount of $200,608,- ers are
accompanied by an ex¬ Stewart will continue servicing
in trading securities originating in 000. '7:7.";.
77;7777777 7K',':
press guaranty of payment by an the investment accounts of cor¬
The new bills will be issued in
western New York and will con¬
incorporated, bank or trust com¬ porations, banks and insurance
tinue "his 'activities: along
the bearer form only, and in de¬
pany. '7\7:;%v' 7.'' v-7'7 -7 7 77 7 companies*
7
of
same
lines in his new connec- nominations
$1,000,
$5,000,
Winters
and.; ,7.
"■
;
Chronicle)
:[ BUFFALO, N. Y. —Eugene L.
The
.
CORPORATION
CHICAGO, ILL.—F. IS. Yantis
multiple of $1,000, and the & Co., 120 South La Salle Street,
Total
accepted—$100,043,000.
price offered must be expressed announces that Joseph O. Stewart,
Range of accepted bids: (Ex¬
on
the basis of
100, with not who has been associated with
cept two tenders totaling $260,more
than three decimals, e. g., them
for
three
years
as
Sales
000)
7:
99.925.
Fractions
may
not be Manager, has been elected a ViceHigh—100.
7
'7
.
Los Angeles and Pittsburgh
Banks
7 v ;7;
follows:
Joins Trubee, Collins
,1"
at
The details of this issue
El Li Gi
<
Ithaca
♦
CHICAGO, ,?;ILL^—• C.
PapT f j! ? (Special '■ to The Financial .iChronlcle).
pagianis, nformerlyc- :with:. GoodSAN DIEGU, CaL. — Margaret
body (& ,Co, and Sincere & Co., Cato Dawkins is now affiliated
has become associated with David with
Blyth
&
Co.,
Inc.,
625
A. Noyes. & Co., 208 South La Broadway.
Mrs.
Dawkins
was
Salle Street. 7
.'7-v,77,
MANICE deF. LOCKWOOD, JR. of
a
previously
with
Bankamerica
previous issue of Treasury
September 16,1941
Secretary bills on
Company.
1
Sept. 10 in amount of
(Special to The Financial Chronicle)
$200,298,000.
CUluMBUs, unit) — John R.
(Special to The Financial Chronicle)
..
the
Financial
CruCAGO, iLc.
La
Sept* 5, were received at the
on
(EST)
September
has
(Special
-
i
v.
Waples, Secretary
Akron
come
Clinton E. Gibson to their organ-
branches 7 thereof
share
Elliott
to The
ATLANTA, Ga.
price, 99.982, equiva¬
ization.
approximately 0.071%,
lent rate
the close of
^business September 20, 1941.
■J
accepted
(31% of the amount bid for at
stock of the; the low price was accepted.)
at
•
and Ruth Neal have be¬
150 Broadway.
(Special
$439,541,000.
High,
9,990,
equivalent > rate
approximately 0.040%. [
'[Company, payable September 30, 1941,
'j<
for
Average
^Directors, held in Palmyra, N. Y., this
[day,, a'dividend of 75^ per share was
on
Elmira
YORK, N. Y.—Harry A. the past was an officer of Wil¬
Carter, William J. Kurtz, Joseph liams-Hatch & Co., Inc. 7'' 7-7:
L. Ball, and Arthur H. O'Connor
(Special to The Financial Chronicle)
have joined the Retail Sales De¬
LOS ANGELES, CAL. — Bruce
partment of Amott, Baker & Co., T.
Work
.
£ At a regular meeting of the Board of
'declared
applied
Low,
99.981,
equivalent
approximately 0.075%.7
September 16, 1941
V
,
CO.U V PAT
•
NEW
Range of accepted bids (except¬ with Courts
St., N. W.
ing one tender of $26,000):
The Garlock
\
"-Lynn
to all offices and to San Francisco,
7,
; Oh io Listed and
twenty
mon
E.
SOUTHERN MUNICIPALS
7
,
offering
■
will
Springfield
-77
7,;
^
Cambridge
an¬
®
Checks
CHICAGO
.
*,
CLEVELAND
$439,541,000,
of
which
$100,957,000 was accepted at an
r: KAUFMANN DEPARTMENT '
average rate of 0.071%.
STORES, Inc. 7;:7;7 ;• The following regarding the ac¬
'
'...v •.>■'7 "■
' \w,icepted bids for the offering is
ij Common Dividend No. 86
7y:>y
from Mr. Morgenthau's announce¬
Pittsburgh,
Pa.,
September 10,
1941. 7
The Directors
have declared a dividend of
ment of Sept. 8:
i
s
;
Private wire connections
Cleveland
Sept. 8 that the tend*-
on
the
to
ers
1,
.
the
business
•
,
»
If you contemplate making additions to your personnel, please
of $100,000,send in particulars to the Editor
of the Financial Chronicle for pub¬
000,
or
thereabout,
of
91-day
lication in this column.
•
/ ?'
1
\
Treasury • bills
dated
Sept.
10
par
value stock of
the Corporation
and
outstanding payable on and after
October
ton
i,
'quarterly*
regular
the'
as
no
YORK
Providence
•
Treasury
Secretary
7
poration-has this
NEW
Commodity Exchanges
Offers & Results
7
Md.
Baltimore,
Stock and
•
•
Philadelphia
Teletype NY 1-356
Recent
f.
g;
Broadway* N, Y;
^
1-1619
?v77:-*77
established 1879
Principal
BOSTON
R. D. WHITE & CO.
41 Broad Street
,
:'vv7'SVA;i
77'77.7
Macdonald & Bunting
Members
ALABAMA
&
firm,
to
with
or
form
establish
high
class
member
non-members planning
member
firm
or
to?
op'expand productive
New York office.
Box
S 1,
Fi-J
nancial
Chronicle;^ 25.: Spruce
Street, New York, N. Y.
\
7;7
.
7
•'
•
Assistant Available
We desire to make
a
connection with
a
firm which will
en¬
the free exchange of profitable trading ideas in con¬
junction with sales department activities covering nation-wide
distribution plans through dealers and retail outlets.
courage
We are presently connected and have been successfully en¬
gaged in all phases of the over-the-counter and listed trading
business
We
for
are
the past 20 years.
interested
Box C V;-Commercial
New
Yor^, N. Y.
iri
&
a
salary and commission proposition.
Financial Chronicle^ 25 Spruce St.,
MUNICIPAL AND GOVERNMENT
BOND TRADER
Long
experience
and
excellent
contacts, wishes to connect wit!
Dealer or represent out-of-towr
House in New York.
present.
Box
D
52,
Broker
al
Financial
Chronicld; 25 ;Spruce St7' Ne\*
York, N. Y.
Volume 154
-
THE COMMERCIAL & FINANCIAL CHRONICLE
Number .3982
197
DETROIT
•7
Guaranteed
LISTED AND UNLISTED
Railroad
SECURITIES
J
.
TRADING MARKETS IN
Stocks
-
Unlisted Railroad Securities
i
'
■
'•
-
,
■
f
1
■
-
MINES
'
New and Old
BULOLO GOLD
3o$epb ttlalker $ Sons
Mrmkm Nrw York Stock
Charles A. Parcel Is & Co.
of
Members
Stock
Detroit
MICH.-;
DETROIT,
.
.
120
Broadway
;
Tel. REctor
GUARANTEED
STOCKS
NEW YORK
\
BUILDING
PENOBSCOT
PFLUGFELDER, BAMPTON & RUST
Dcalcri In
Exchange
i
i
DREDGING
BRALORNE MINES
Exckomgo
•'
Members
61
:
Broadway
New
York
ffncoiaSS,
Exchange
DOME MINES
New York
*
FALCONBRIDGE NICKEL
Bell Teletype—NY 1-310
?
RAILROAD
CONS. MINING & SMELTING
'
"
>
Telephone—DIgby 4-4933
2-6600
Stock
REORGANIZATION
X
SECURITIES
T
HOLLINGER CONS. GOLD
'
;
HUDSON BAY M. & S.
KERR ADDISON
Watling, Lerchen & Co.
New
York
Stock
York
Curb
fifty
Exchange
New
Associate
Stock
NASHVILLE,
Nashville
Members
Detroit
"Golfy" Main Event
At Nashville Outing
its
1
TENN.
Club
Bond
bond
security
outing at the
annual
Country Club,
guests coming from
Exchange
Chicago Stock Exchange
as
"Boston
"Golfy",
ment,
Ford Building
was
ners
New
and
Wood-
some
as
at
men
of the
far
away
Orleans.
a blind bogy tourna¬
the main event. Win¬
Walter
were
Harriman
ley
Telephone:
Randolph
5530
ST. LOUIS
of
scores
St. Louis Listed and
divided
Edward D. Jones & Co.
Boatmen's
Bank
forty
Low net
a
1022
Building, ST. LOUIS
NORANDA MINES
Enthusiastic
attention
six
winners
dollar
lately been directed at Sea¬
stay under the jurisdiction of the
courts has-been the longest (since 1930) of
any of the major
carriers undergoing reorganization. v: It is not that there is
any visible indication of early discharge from receivership,
nor
is-it attributable
wholly to prospects that
.income will top the—
levels of all previous years with
the exception of 1925 and 1926 in
the days of ) the Florida
boom.
What has captured the attention
of long term buyers has been the
trend, rather than merely the phy¬
sical level, of operations.
The
very decided ironing out of the
usual
seasonal
curve
of
drive
of
driving
273
yards
for
won
the
Richard
on
v :'V
*
*
Members
'
York
New
Stoek
Louis
St.
Stock
'y/=
Exchange
Exchange
.S
Chicago Stk. Exch.
Chicago Bd. of Trade
Assoc.
Member Chicago Mercantile Exch.
New
York Curb Exchange Associate
-
over-all
senger
Issue Oversubscribed
R. S. Dickson &
Co., Inc. Wilder
Charlotte, ' N. C/ an¬
that their offering of Mor-
nounce
Furniture
ganton
Company
has
been oversubscribed.
Write For Associated Gas &
Electric Analysis
SAINT LDU/S
A
509 OLIVE ST.
detailed
ciated
cured
heim
York
Stock
Louis
Exchange
York
.
-
Gas
anaylsis
and
Electric
New
Issued)
announces
•
following
the
weekly
changes:
firm
transfer
The
of
the
Exchange
Content,
deceased, to Leo Lowenstein will
of
membership
Harry
September 25tn.
in¬
dividual floor broker it is underbe considered on
Members
New
York
Stock
v
^/U .:
Transfer-of the membership of
Richard
B.
Proctor
will
Neiley
be
to George N.
considered on
&
(Special
Chicago
•
-
trading
of
Sheldon
tember
15th
to
Thomas
Louis
retired from
partnership in J., S. Bache & Co,,.
New York City,, as of September
nth,
Schapiro
nership in Carl M. Loeb, Rhoades
& Co.,
ust
New York City, as of. Aug-
31, 19H.;.
.,
- ;
Edward X.. Hicks, Jr.,, partner
in Hicks & Price, Chicago, 111.,
died
a
minor
on
September 10th.
2-0980
*.
Toronto
to The
Financial
Chronicle)
"
OHIO—Clair
S.
Company with offices in the
discusses
Mr.
ing
situations
in
the
'
•V
;/;//
may
of
1
WALL
WHitehall
CO!
ST.,
NEW YORK
3-3450
Teletype:
NY
1-2050
industrial plants such
Defaulted RR Bond Index
index'
defaulted
of
railroad
bond
Pflugfelderj
Bamoton
& Rust, 61 Broadway New York
City, shows the following range
.
///''
ment boom./.
Traffic
lishment
arising from estab-/
of army
naturally; be
rect
lost
munitions
will
camps
as
will
work.
di¬
Other
as
steel
mills,
etc.
Tokheim Oil Ta.nk &
man¬
department
Pump
considering
be
Based
j
Plastics
and
terials
add
are
synthetic
also
permanently to
nomy
the
even
to
?
eco¬
tribute importantly to the fu¬
ture stability of the territory.
activity
has
been
stimulated by necessities aris¬
in
With
future
on
the
wane, .and
indications < that the
road's traffic and earnings are be¬
ing ' established
we
blocks
on
basically
a
low
new
will
Nevertheless,
present
get
security¬
their
through allocation of
reward
Income,
new
and
equities of sounder
"normal year" earning power. At
same time it is
possible that,
the
reorganization is delayed, cash
accmumulating. from these high
earnings may permit retirement
as
are
that
conflicting
interests
not yet fully in accord
on
the
acceptance of an earnings segref
gation formula and no definite
reorganization
progress
seems
likely until early 1942 at best.
invite inquiries
or
odd lots of
/
We specialize in
•
•
We also maintain net markets in
BOSTON & MAINE 4s/60
""
BOS. & MAINE Inc. 4 Ms/70
BellTiMjrRikY 3-8$#
Oil Royalties
Send tor Schedule "A" as filed with S.E.C.
describing
current
our
Royalty
ojterings
NEW JERSEY & N. Y. 5s / 50
j ;l.h.,rothchild &
h,u/j-.'.Afember'aJYew^Ygrk. Security Dealers Association
Producing
;
SEABOARD ALL FLA. 6s/35
Incorporated
f't' .0
specialists) in rails'f
-nil wall street i
-v
HAnover 2-9175
int.iJD
'
a
earnings
fixed debt is held
levels,
holders
lieved
h
/ *
factors
seasonal
years.
deflation,
if the
bonds
lapse for
new
some of the senior
debt, leav^
ing a larger equity for the popular?
speculative junior liens, lc is bev
with the promise of the establishment of new peace indus¬
tries
to
of
ing from the world conflicts,
.
allowed
until the
be tested in the probable
can
post-war
con¬
Research
or
base
to
of the South, and
is
period
ma¬
expected
present reorgan¬
it is not likely
heavy fixed capitalization
matter
of imports from the Scandanavian countries, has prospects
for
even
greater
growth.
on
theories
a
will be provided unless the whole
the
MIL. NOR. 4V2S/39 (Brown)
Frederic H. Hatch & Co.
of
a.
highest grade rails
"
West Indies Sugar
'63 Wall St., New York, Ni YV
formerly
bond
Wholesaling to Dealers
Petroleum Heat & Power
Central Paper Common;
Ohio Match
hardly
that
favorably
operating
conditions, while the paper indus¬
try, benefiting from stoppage
-
on
Pan American Match
American Distilling, Pfd.
American Maize Products
will
abandoned
As brokeru
Trading Markets in
was
the
plateau, it is anticipated
sounder and more satis¬
factory reorganization may even¬
tually be worked out for Sea¬
that
board.
and armament
development. There are no indi¬
cations, however,- that it may coW
lapse with the end of the arma¬
a
Browning & Co./X,;*
ization
.
C The
as
higher
Interstate
war
Hall
;/■,/•
Inquiries Invited
LEROY A, STRASBURGER &
be traced to the capture by
ulus from the
Mr.
number of years was with Nel¬
son,
.'
with
engage
business.
& Dominick and prior thereto for
middle-
" •
-
•
to
securities
the Cincinnati office of Dominick
a
priced group.
Building
Hall
of
ager
number of interest¬
a
Trust
general
a
partner will be Mrs. E. N. Hall.
railroad bond letter
degree the change
•(. .
Paul Linz withdrew from part¬
1-395
Montreal.
Associated
ceivership group.. (Ourpunrphi
from usual violent seasonal swings
Jordan,
"Commercial1-"Place, New Or¬
615
Assn.
HAnover
NY
re¬
In
T.
leans, La.
Dealers
Y.
Hall, Jr. is forming Clair S. Hall
mar¬
kets in many issues in the
Engineering
•
Membership
York
CINCINNATI,
York
We maintain net
Aircraft Florida, of some all-year resort
Corporation has business.,X Far more important,
been prepared for distribution by however, and certainly more en¬
Fuller, Cruttenden & Company, couraging from the point of view
Seaboard's
security holders,
120 South La Salle Street, Chi¬ of
are the effects of industrialization
cago, 111., members of the Chi¬
This trend,
cago Stock Exchange.
Copies of of the service area.
the, memorandum may v be had under way for some years, has re¬
ceived, considerable added stim¬
from the firm upon. request.
Stock
mon
September 25th.
Both are part¬ for January 1, 1939 to date: High
ners in Proctor, Cook & Co., New
—34%, low—14%, last 32. ; ;
X
York City.
■
— •/.
Coleman was transferred on Sep--
N.
Teletype
Forming Dealer Firm
Exchange
in
and freight movement are
at their high, and declining con¬
sistently -to<:July and August.
A
slow seasonal upturn/gets under
way in September.
On the aver¬
age over, the ten years through
1940, gross revenues dropped more
than 32% from the March high
to the July low and remained Vir¬
tually unchanged through August.
To
Mr. Lowenstein will act as an
stood.
Security
ST.,
Bell
Union
of
Corpor¬
Aircraft Attractive
r-The "New York Stock Exchange
York
,
and
1941, the March-July decline
was
held to approximately 13%;
July gross was higher than in
Asso¬
either February or April, an un¬
An interesting memprandum on
the current situation in the Com¬
Weekly Firm Changes
HARGREAVES
Members
.
WILLIAM
52
Securities
New
v
N. Y. Stock Exchange
-
New
interest
St.
•
MINES
Clair S. Hall, Jr. Is ;
economic and indust¬
precedented performance.
Fur¬
issues, which should be of
thermore, traffic statistics indicate
to
dealers, may be se¬ an
unseasonal
month-to-month
upon request from Werthrise in- August revenues, with re¬
& Co., 120 Broadway, New
ceipts for the month at the high¬
City," members of the New est level for
any single month of
Stock Exchange.
the past decade with the excep¬
tion of March, 1941.
;
*
ation
Members
AMULET
.
Building,
Co.
VENTURES, LTD.
I ART SMITH & COL
Bear, Stearns & Co.
Normally, Seaboard's operations
[Williard Hendricks, president of
are
at a high level in the first
the
Club, was master of cere.-,
quarter of the year, /reaching a
monies at the banquet following
peak in March, when both pas¬
the outing.
.„/.
////.;; ////;.'./;,•
Long Distance
Teletype—ST L 593
Bell
7600
MINES
revenues
■;
Postal
Phone
•
CEntral
;;
WAITE
-
(When
IRON
UPPER CANADA MINES
Reorganization
;
~
STEEP ROCK
WRIGHT
Railroad
MINES
fundamental
V. rial considerations.
Nashville.;
CROW
PRESTON EAST DOME
and net
for the day was
contest
of
Cook
gross
change for
the better in the company's stat¬
a
"Pete"
by
PICKEL
board Air Line whose
prize marks
-
//// '?//; ;Vf// ;.V; *;/
score
f
PEND. OREILLE MINES
has
us, indicating less dependence on
Raney, T. J. the vagaries of the tourist and re¬
Raney & Sons, Little Rock, Ark.; sort business, and greater reliance
made
Established
77.; J The'
; a
them.
among
Unlisted Securities
;
MC INTYRE PORCUPINE
^Lang, Brown operating
& Co., Chicago; Rid¬
Alexander, Jackson, Tenn.;
Groom
Leftwich,
Leftwich •&
Ross, Memphis, Tenn.; E. M. Ban¬
croft, Stranahan, Harris & Co.,
Toledo,
Ohio;
Rod
Gilliland,
Hermitage- Securities
Co.,
and
Bill ; Anderson, . Nashville,
with
DETROIT
LAMAQUE GOLD
.;
The
—
GOLD
SHORE MINES
entertained
and
mont
LAKE
tellier & company
co.
'.
•
.
,(
Members
•
J Eastern Oil Royalty Dealers Ass'n.
,
«.
?n.Y.c.
Tele. NY 1-1293
42
Broadway
;/
New York City
Bowling Green 9-7947 Teletype NY
1-1171
THE COMMERCIAL & FINANCIAL CHRONICLE
198
Thursday, September 18, 1941
Bond Club/
Merck &
Co.
BANK OF MONTREAL
Outing For October 3
Christiana Securities
Established l8l7
..
This Week
f
The semi-annual review of
f
1
a
Inquiries invited in all
Unlisted
casualty companies as published by Alfred M. Best & Com
shows some very definite signs of the extent to which
companies are participating in the current industrial
texpansion. Both the substantial expansion in net premiums
written and the favorable underwriting experience for the
pany
i these
!first
of
months
six
of
1940
total of stock
wise
jfire premiums
record year
1
rise
This
attained
the companies
abled
improvement
volume of
ed
3
.reflected in
Ipense
in the
ratio from 48.4%
i
In
I
spite
&
2039
-6s,
Chestnut
1421
Phila.
Street,
have
which
first
half of this
New York
1417
would
FH
.in
the
period
same
ex-
creased
of
A Sales
The
stock
casualty
showed
an
in
premium
net
of
h-^lf
this
of
Step
National
■
the
boom
the
in
defense
in-;
"dustries.
It might
at
V
in
the
factories
tw<-viid
,
mo»<s^
of
na-S
the
"i
vention
of
National
sults.
While
rise in
,2
the
by
points in the
that
the
has
loss
a
been
ratio
loss
ratio
and
ratio of 91% makes a good
comparison with the experience
perse
.of recent years.
v
There
believe
<•
Securities
Commissioners
'■
h
the
this
>
six
will
year
year
months
of
period.
This
expanding
beyond
When
it
is
by
long
type
considered
sheet
of
about
18
..
Place
P.
10
up
the
at
plain
on
white
issues
many
of
advantage
security to
evident.'
of
a
•
letter
Is
industries
A
far
less
future 4han
?;
he
few
can
be
12
California.,
333
^
»
OF COMMERCE
OFFICE:
TORONTO
Established
1867
Reserve—
A
:
;
20,000,000
This Bank is in close touch with
;
the
and financial
commercial
of Canada and
is
well
corporations,
serve
dividuals
life
.
equipped to
in-*!
firms and
interesbed. in
,
Canadian
;
A A';; A';,'A'';AA;;Al
AA
business.
Branches
in
important
every
r
city and town in Canada and New-
;
fOundland. also in Portland,Oregon;
j San Francisco; ^Seattle; Bos An¬
geles;
inch)
London,
England;
Havana;
V
Kingston,-
Jamaica;r- Bridgetown,
;
Barbados,
and
Port
of
Spain,
*
■'Trinidad.
-
'
■
NEW YORK AGENY
j
Exchange PI.
,
Hanover St.
&
ruled
around
-
iitis,
lfeve
good sales
blank
letter
Any
tion
&
.
Members New York Stock Exchange
we
*.>#••
Coming?
•
there
be
you
forewarned
r.-e
is
concerned
to
be
j
NEW YORK
ir(!0
WIIUHinll
.
V
"SY
3-9630
1-frflS
Dealers
forearmed.";
about, the >probVm
assets- and
YOUTl
vary
J
this Time."
tru'y,
-
return
and
"A-A'V
&
card should
attached
to
-.
A- —
BLANK & COMPANY
Step No." 4
the
of
have published
"The
Evolution and
t
Tu«
have
any
.orinriu^
ai
The Supply. Priorities and Al-
^1^°
from
the
Atlantic
was
explained,;was .taken in view of
the
more'
urgent
a
study
Future
of
out that group
arly
an
and
that
need
oeveloprrent]
which
banks
mer¬
are
mem-:
bers of group bank systems
aggregate
be
deposits
substantially in
have'
estimated
excess
to
of $7,-
000,900,000.:
Comparative financial statistics
book
value,
earnings;,
etc. and important financial ratios
are
presented for the Marine Mid¬
land
Corporation;; Transamerics
Corporation, Northwest. Bankcorporation,Wisconsin " Bankshares
Corporation, and other important
group bank
systems. ' The fact
that
a
number of stocks of leading
banks
group
are
how
selling
at
50 per cent or less of book value
the' despite improvement
for
jsteel-plates in .the naval and
banking is peouli-;
American
is
emphasized.
in earnings
The study
...
was
by' Rudolph'L. Weiss-,
indicated the SPAB's, man, author of "The New Federal
decision
did
not
formally turn., Reserve
System," and "The New
down the pipeline itself since it:
Wall Street."
A'l'
is
possible a plan to build the;
pipeline with seamless steel tubes;
Copies .may be obtained from.
might be approved.
'A. j Heartt and Weissman, price $1jOG>
A Defense Petroleum Coordinator
it is
,
especially
at
advisers,
masterpiece
' •
A -
Refused Priority Rating
ever,
inflation study and a'so inc'ule Uye-;,
specific recommendations of certain fnfla- i'
tion protecting investments that appear advisable
New York City, investment
way,
chant shipbuilding program. How-1 prepared
j est
ed
not
a
Texas? oil'- fields, to
protecting
YOUR
t property
against possible depreciation, we
i believe
you
win -find 4t. o£
interest
to,
mail
the
attached
-card
today.
Without
4 cost
or. obirgation,
we
will be; pleased. t<i
furnish you with a free oopy of our lat*
this
the
^.uy.-dy'' Coast." The Board's action, it
U.S.A.
.
of
A
should
Weissman, 61 Broad¬
regarding
intist' be ifire.7>? Seatt'ei-Qd
on
this page
are just
a»few- news items
fi-om
the
pages
of our dally
papers
-of
the past few days.
f'
of
can
own
its
That to -a tiues-'?..
have all heft'rfl'for; 'qati^a While." '
is
an
old
saying?,, "Where' thei?e>r,
smoke,
If
of
producing
the subject.
on
-company
Town
...
Inflation
There
iS
number
that you
Every firm has its
Some
Group Banking
Heartt and
Group Banking." The study points'
'
....
for
any
situations
weeks
.should
Investment JSecuritite•
,
'
of fhe
you.
the firm's' letterhead, i
on
a
-
Is
-
to
From
SGar^
-Sept. 9 re-of course, cair be -suited'to i^ed ..to;,grant pnorrty; jatmgs
own idea^ of what'ybu'be-:i£or iteelA,plat€fS
re?u^ ^:the
your
,
with report" etc.
salesmen come
up
are
Future of
"Will
the
trouble
,
A'A-;
written
;
by
[ whom • we've talked to in the last
Something along fhe ,i<ieas pre-]
following should be A
this
oertain
that
the letter
There
inflation.
sented in the
1890
„
Francisco),
Street.•
HEAD
18
ideas. We also believe most every¬
one can do a little
talking about
-j
border In black India ink
a
edges.
outlook
at
emphasize
Yours
.
*
THE CANADIAN BANK
of
the
size
inch
me
it's
suggest.
organization, it would
to
draughtsman
this
Mackubin, Legg & Company A
288
inch
6
where
on
special
*
in the center
the
could
and
in-
<
j
T^Jpfypo—BA
form
The door is opened.
m.(
I
Tpl^phonc—1*1:'/.si
fSan
:
photo-
be
(fop- instance
furnish
here
" ^A
■;
amateur
if
•
BALTIMORE
should
convenient
with
That's
arrangement
an
investors
The
A; INSURANCE' STOCKS A;
.
size-
you
24
,
v
,
York, 64 Wall St.
27 South La Salle St.;.
San Francisco: Bank of Montreal
from
states
.
-
This
a
is
insurance business.
A
•<-'
—
of the page with the clippings
scattered around it. If there
"To
-
« ■
Tckes
struction
22
of
relieve
to
East
be print* of
Coast.
its
proposed
the
A transportation
l"*r: iiA.;
„A
per copy.>
Harold
the
July-
shortage in
facilities
The
with
-
was
oil]
to 1 the
estimated
eleven
.A A.?
'i',;
con-;
on
pipeline
construction
inside bf $80f)00,000
the
cost
Becomes Moore Co. Partner1
around
oil
JERSEY
:
com-!
mailing., One; side J.sh6'uld'panics .partLcipatihg. It was plan-;
read—without cost or obligation, red Tor a daily
capacity of 250,000
-withofhe tpfor-<.barr£ls of' crude oil:«' Plans fort
mation contained in your-recent the
project were discussed in our
letter on
Inflation:-?A The f;other issue of; July; 26r page 477/ -
t
A
St., E.C. 2:
9 Waterloo Place; S.W. 1.
Chicago:
J nominal
2
a
lng
r'Survey,
inches by
the
so
ing.
■
'
mailing
follows: : inch by
24
head- made into a
will be symmetrical yet read¬
able
and
attention Aprocur-
\
.
v
-
"•}
■
...
Threadneedle
In the United STATES-^-New
tlre ®«ssage at
cost,
|H folded into a eonvonient mail-
*
larger. Scatter them
or
around
-
...
A,
•
self
be
permit
cioseC} within.
Then the plain
outside can be used for address
and wm aiso permit the use of a
paper
at
along
established and
many
time
of
should
a
C.
Costs
Forces Cited
'
for
profitable A
these:
large
with the attractive yields af¬
seems
that
background
and
I
.
More than 500 Branches.
any
reading matter and card
'(pasted to the inside) all on-
inches
dation for the investment po¬
sition
of
insure«ce
stacks.
parative
extended
card
and
f
-
.
clipoings
foun¬
dtspensible economic position
of
the
industry
Uie
com¬
he
future
sound
a
-of
industry
and for that matter well
the
is
trend
through the final half of the
into
.
first
operations
the
the
and
Fear s Price Infla£e ^,ay
Up'-^French Inflation-
Forced
ary
(Holly-
to
the
in
prospects A lists
-j-.
tlon
-
reason
every
,
.
,
in
forded
that
operations
for
-*■
is
the
newspaper
as
Food
Year
m
help
j
so
of
offset.
'
™es.
such
Shows
2
ex-
criticisms
or
addressed
The
rials
lists
fiw
your
current
lines
this
decline of
expense
combined
a
and
vnnr
Select
the
there
offset
been
'
r
G. W. Spinney
—
your
-
Association
wood, Fla.)
casualty j
Annual
1B A
Convention
companies have be^n able to re-f
xport profitable underwriting re¬ Hollywood Beach Hotel. >
Las
i
Bog
NEwro.unm.and—\ j
47
we
*
•
.point
■
—
rise in the accident rate. In spite i Hotel Buena Vista.
these conditions and
an
in¬
Nov.
SO-'***,
5,
1941
crease in the frequency of auto¬
accidents
•.
Paid-Up Capital—-$30,000,000
side
list rof
a
Step No. 2
-.,
Prepare a mailing as
of
mobile
connection,
Buying cent and
a
half
pre-cancelled
V» ave
Hits
City
Department stamp. This is optional of course.
Stores On Fears Of Inflation"
Golf Culb, Bayside, L. I.
Many dealers have found that an
Oil Prices Rise
etc., etc.: (These enclosure in an envelope using
Sept. 29-OcL 2 .(Chicago)
arc just
a few from one weeks' first class
postage pays for itself
American Bankers Association
editions—they are -not difficult to in additional returns.
Convention (Stevens Hotel Head¬ find).
Step No. 5
quarters).
Paste these
Notice the offer
significant! of
a
and
In London;
..
s
Stockholder's
in
in
now
now
the
"
_
men
,i.;r
A;: .A Branches and Agencies
:
In Canada
- -
,
executives
Customer
be expected that the'
speed-up in the tempo of the in¬
dustrial plants and the induction October 7-8-9 (Biloxi, Miss.)
V.v
of many new and inexperienced
Twenty-fourth
Annual
Con¬
*.*
Procure
oiuUKiiuiutu
^
compensation
which
has
been
swelled
by. the growing inu^payrolls In direct reflection'
1
A"?r-y;
'A. ;.'..
Good
«oruuu
same
trial
j
$1,050,000,000 A
Campaign Built Around
such as:A;,';.,;/
tors
Traders
Convention
Roosevelt Hotel.
the
o^mp»red
Or-
,
*©f
A
.Post Office procured for
1I
return
postage paid by sender.
Professional men and women-; Your
printer will know.
Bank and Insurance Co.* Direc¬
'AAV;;' 'AAsAAA AA'
Security
Association
10%
A.
W.
■
f
in
(New
1941
■
No.
Business
Sept. 26, 1941 (New Jersey)
period in 1940. This
Bond Club of New Jersey Fall
carried net premiums above the
Day > at
Essex
previous record total attained in Field
County
the year 1929.
'v!
■
..»
The expansion in] Country Club. .'A;'
premium volume has been real-i
ized in the face of steadily de- Sent. 26, 1941 (New York, N. Y.)
clining rates on all classes of busi-j
C h a r I e s Hayden Memorial
ness ?s f°r
ex°,~,^Tn.
Trophy Tournament at Oakland
with the
about. -A'A
prospects
Chi¬
& Field Day at
Country Club.
23-24-25,
leans, La.) (\i
;
over
year
Club
Party
i Sept.
companies
volume
Fall
cago
Bob O'Link
in-
of
increase
{Chicago, 111.)
Municipal- Bond
the
level
-
Sept. 18-19, 1941
j
rates in the period.
terest
j'A.
VrCE-presidents '
.
Three basic
merchandising axioms are the nucleus of
campaign.
(1) The subject is of timely interest to a
growing number of people.
(2) The approach is dramatic,
attention arresting and presented in an understandable man¬
ner.
(3) There is an offer to help the prospective customer
—solve a problem in which he is at least more than
casually
concerned
in¬
of
A.,'.
The Trend of The Times
EVENTS
1940
notwithstanding
*:
In this
appreciate your, comments
might wish to send along.
you
2-2280
CO MING
,
$39,000,000
-«
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G*
A'. Oy
■
-
Huntly Jt. Drummond
;
this
in 1938
income
investment
and
sincerely
: "
257
is
better than
A-
-one.
interest to all concerned.
some
Phone
HAnover
Teletype
invest¬
year
able
$36,000,000
•
•
-
President
desire to develop; this column into
our
suggestions
conditions'
were
Gibbs, Manager Trading'Department)
-
O V:,
a clearing house for
ideas.
If we could pass along some things that the other fellow is
doing which is helping to. meet present-day conditions it no doubt
Pfd.
prevailed in the
ment results
-
•
-
-
Total Assets in Excess
Philadelphia
Phone
Locust
relatively
investment
poor
-
the
of
"
CITY
Rest
'4
H.N.NASH&CO.
to 42,3% in the first half of 1941.
I
McGuiness, Chaplin
& Co., President of the Club, and
L. Wainwright Voght, Hemphill,
Noyes & Co., Secretary, state that
| the arrangements for the outing
fwill make the day a most enjoy-
Bell Teletype—NY 1-1248-49
A.
It is
the restrict¬
the drop
Exchange
BROADWAY, NEW YORK
wouid be of
en¬
This
,
J,
The Securities Salesman's Corner
i;
Lives etc.
on
Phila. Transportation Co.
expense
business.
Stock
Montreal
General Managers
ratio which for several years has
been high in view of
Head Office
Jackson Dodds, O.B.E.
Philadelph ia National Bank %
to show an
their
in
York
Telephone: BArclay 7-3590
;
volume
in
the
at
'A; :/'Af'
Girard Trust Co.
Penna. Co. for Ins.
the
1
has
3rd
H
cas¬
in
of 1929.
New
K
Outing will
Fidelity-Phila. Tr, Co.
premiums and have like¬
passed the previous peak in;
ualty
announces
—
Fall
October
on
Francis
.
MARKETS IN
annual
Country Club (near Route
south of Butler).
A
-
Eight,
.
highlyjj
hover, in passing a total of over
$1 billion these premiums have
1 exceeded the
120
fL.
recorded. More-
was
Members
year*/-
,favorable operations in this
'■'period.
■■ • •
v'- ■
\\ j In the case of 85 stock fire
'^companies a gain of about 20%;
•in premium volume over the; first
I half
V
Laird, Bisseli & Meeds
v,
this
Butler
..»•
.
.
Pittsburgh
the
held
(
.
A,,- .A.'L
Capital
I
('have combined to produce
Issues
of
that
be
of 175 stock fire and
group
Club
Missouri Kansas Pipe Line
Insurance Stocks
—
f
PITTSBURGH, PA.—The Bond
.
West Indies Sugar
Ross,' for
with
Moore
Hudson
been
the
CITY, N. J.—Anna F.
many years
&
Street,
-
,
'A.
113
as; ,*cashierf! has
admitted to
firm.
associated
Company,
partnership in
V... .-••A- ' AA»
Trading On New York Exchanges
NATIONAL BANK
figures showing the
Commercial Register
:-v.
FUND *;'
RESERVE
l
•^?-v
'.<••
'
*'•'•11.
**'.f •/J-
v?7.* J
..<'■•
•
<■.
in all
Branches
r
-
.
;>•
,
\0:'j-.principdl' Towiia ini'.*' ■ -'f? " Je6yPT
;
SUDAN !
and the
NATIONAL BANK
Xtfv
fj
of INDIA. LIMITED
the
to
Government
Tlie 'data-pubtisiied
in
•
and'tUgandai
Colony
Kenya
Office:
Head
Bishopsgate, <i
26,
jt
vv^;i4;:'w
■■■itv'Ky
i
Capital ... £4,000,000
Capital ..... £2,000,000
Fund-.
,£2,200,000
showing
Paid-Up
.Reserve
-
The
conducts
Bank
hankin?
s
.
;
every ;
V-»
X&k
-
170
Records,".
Era'
-/off the
s
- •
.
.
■-'jncbrpDtat^jd; by - Royal ;vChartey:
Total-
P
f.
KoandrX>o4'.St«ick Sales
£4?"i<"'***•1
5''.
;
'
'
.
•
.
-
,■
,121
\
.
'-
■
.
.53
1937 month
Low* 1932
Peak
i|ie
Wetk'iliideA-Au;u(k
••
month
-
N^w';YbrkiStbck -Exehan<ce. amd Round-Lot
Stock Transaclions for .Account of>Members's (Shares) '
-on.
-
month
1938
Low
80
.
HUGH W. LONG and COMPANY
■
121
■Over
»"
Commercial Bunking
--
*
M
Bales
A. -Total Round-Lot
,
OFFICE^-Edinburgh
HEAD
;
...
.
~
I!
~
:
.
l
If the defense program pro¬
as
scheduled,
the, only
limit to business activity will be is obvious that if sums now being
capacity to produce. And. capa¬ mentioned by responsible people
fund
in
*. *
,
'*■
spestocks
in
in
connection
with
the
ararnaexpanded.
program
were
actually
anticipate ment
that the F.R.B. Index may rise spent, business will be feverishly
>
to 170 or 180 in the next 12 to active for some time to come.
cities are being
forecasters
"Some
Total purohasek
Ar Short'1 sales4'£t:"
of
Per Cent
,
,
195,300
25,630- '
'
-
£3,780,192
£4,125,965
Reserve
i.
cialists
.
Capital (fully paid)-—
.
,
London,'England
Bishopsgate,
,3
i. Transactions
LOS ANGELES
ceeds
2,294.050
BilRoUnd-Lot Transactions - for -the "Account':of r'~T er;*j Except for the Odd'Lot- Accounts' of ; 1
■Odd-Lot Dealers and Specialists
-
offices,'258
of
634 SO. SPRING ST.
JERSEY CITY
ing.
•
v
Tgtal^ salps.
.
FOREIGN DEPARTMENT-.
CHIEF
.L„
sales b'2,230,400
Other
Whyte
William
nuttfber
Total
* ' ;
63,650
l-
Short* sales
1
-
'ft
Manager
General
.
for Week
'
...
iNCOtf onAte#
13 EXCHANGE PLACE
July, 1940 M,.Im
162
July, 1941 (estimated)
"Moreover; there is no evidence
that business has stopped climb¬
'
jf
„
<200, F«or#> •/
than
less
was
(an excellent year)'
$57.000,000,600. It
1939
in
ies
VI929 Would Be A Depression."
"Business Levels Shatter 'New
'
Reports
%
Royal Bank, of Scotland
-'
timely items from jduction.
It is estimated that the
investment company total value of all products of all
kinds made in American factor¬
literature:
'44
some
are
Current
*
64
^:js !V'i i'ristfi'tyi&i
V«\'
■
.
?The seasonally adjusted Fed¬
590
.655
•
55
eral Reserve Board Index of In¬
transactions are handled solely by
specialists in the stocks ip- which they. are; rSgistered. an'd the .round-lot transactions of dustrial* Production for July 1941
specialists resulting from, subh;hdd-lot,Ar;ansap,ybhs:. are' riot segi^g^ted from the; spe-i is .estimated at 162, another new
cialists'
other round-lot trades.
York. • Stock^'Bxchange, .• on-.- the otheii
alL-time high. Some appreciation
hand, all but a fraction of theTOdd-lptVi^ansaetibns-care -alfected by dealers"eifgagfed
solely in the odd-lot businesst-' Asri'result," ^he^ rcrtind-lcft .transactions of specialists-in;
stocks'in Which they are registered are" not directly *c6ih'parable on .the' two exchanges;
he-derived from the table:
I The number of reports In the yar-i.ous;oia^ifieatieh^may totaf rnore than the numIndex
primer ?
t
ber; of-,Teports received .because, "a klpglej/reporfc riiay..carry .entries in more„tIian ond
114
classification.
y,£>*>: f
-r-T*'8
T ^ - Peak 1929 month
of
description
* "
Street, New York
showing no' transactions
!; Note—On the New York Cirr-b Exchange,-odd-lot
4,
^change business
and
V
;
95
17.9
"
transactions initiate^, on the
Reports showing-.other - transactiohs: initiated
•3..
'
'Trusteeships- and.1 Exeeutorshipa
false- ''Undertaken^;:''
s
INCORPORATED
63 Wall
Exchange.'•,I
774
1,061
" i nai
transactions: as--«pefci&li.-its^
.
Subscribed
.
Lord, Aihiett & -Co.
r r T "New York Stock New York Curh
v
of Reports Received
Reports- showing Mother;;
,
]- :■■■
'
VUv\
Number
1.
2.
*
-'i'")'!im.I'*.%
.
Exchange :iby;,.their, respective
<4 *
'■
Reports
Total
BrahchesHn'India,:'Burma, Ceylon,'. Kenya V
■
1
,
"H
:-04 Colony and Aden 'and Zan^bar V; ';
^/(*U'"\K'<0
'B
*
0. -"London, E.;?C. -0f; >000
■
Prospectus covering all classes
.*'
of stock on request
•"* •'
filed § with.- the -Naw York Stock;
members.
These
':'KV1- ;-' v'
' i Here
based .upon.':'Wpek^y:. reports-
are
Exchange and the- New York- Curb
reports are' classified as follows:
J T
'
gr
UNION FUND SPECIAL
.23lyri;■-?S'-'M"''??■ I
.ended Aug'
Bankers
COMMON STOCK FUND "A"
UNION COMMON STOCK FUND *'B"
■0
TheCommissionmadevayailabl^vthe-following-datafor-the-week.
'
BOND FUND "C"
UNION PREFERRED STOCK FUND
'}
of total trading of 385,3501shares.'" *•;
14v86%
■
UNION
t
BOND-FUND '"B"
sales in these'
shown separately from other
are
UNION
U
account of members (ex-;
cept odd-lot dealers) during the week ended Aug. 23 (in round-lot
transactions) totaled 366,680 shares, -which amount was 16.64% of
total transactions on the Exchange of 2,294,050 shares., This com¬
pares with member trading during the previous week ended Aug.
16-of 675,760 shares or :16.29%'of rtotaT trading of 2,320,470 shares.:
On the New York Curb Exchange, member trading during the week
ended Aug. 23 amounted i;o 69,230-'shares, or 15.30% of the total
volume on that Exchange of-425-485 shares; during the preceding,
week trading for the account of Curb members of 67,120 shares was
the .-'.'A*' :0i
j
series of
a
Short sales
UNION BOND FUND "A"
■
UNION
ih'the week ended Sept. 8, 1941,1
current figures being published; by1 the Com¬
figures;: the -Commission
Trading on the Stock Exchange": for the
'£3,000,000
-
<•'•;i
•
"
*
LONDON AGENCY^'^0.^71 King ! William -Street^ El'- C.
and••
6
v'>>»'•'■
continuing
mission.
£3,000,000
CAPITAL
FULLY PAID
Stock
ali members of these exchanges
Cairo *'
1
No.
■'»:•
04
lli
Exchange and the New York* Curb Exchange
arid the volume of3round-lot stock transactions for the account .of;
New York
the
fcair«../^V<>.*
Office
Head
f;,
'>,
CoinmissiQn -made public on Sept. 8daily ^ volume iof total round-lot stock sales on;
The Securities and Exchange
>
:5f^o^'EGYPTp|?,
-.
199-
FINANCIAL CHRONICLE
THE COMMERCIAL &
Volume 154.; Number .3982
These
"These
forecasts may
18
months.
be
optimistic, but are not ,irtcpnx
extremely
high " levels
of business activity will do much
*
Deposits
>
£69,921,933
—1
2. Other transactions
,
itiated
Assddateed Bank
«
Deacon's
Williams
the
on
Total* purchases""-h1—Zl£.izLJi? '
Short sales
'_*
L
in-
Xloor
-
Other
Bank, Ltd.
122,570
sales
,
107,030
sales
Total
1
Short
floor
Australia and New * Z ealand
-t
3.38
76,110
;
sales
iencing
53,580
16.64
•
,
.
.Vf
.,:
'
v
;
,
,
*
Sept^
,i
" -
Aggregate
'•
£8,780,000
>
s
'
Stock Sales on \thel New 'York ' -Corb -Exchange
Transactlonsfot Account ^'.Members? ^Shares)
'
.
--£143,903,000
"What
.
Stock
for Week
they
last
may
considerable
a
view.
General
J
Head Office:
Manager
George Street,
t
'---
•
'
--r-t-
'
>
.
Total Round-Lot Sales
A.
'• r
*
^
1 \
*
SYDNEY
Other
distance
V
>
'♦
'/*
* -' -
-'
•
420,045
b
ahead.
'
■*
President
Roosevelt • recommended
a na¬
tional defense program of $10,-
5,440
sales
"Back
,--V-
in '
'
Total
South-Wales Is the oldest
and largest bank in Australasia.
With over v,
870 branches in ail States of Australia, in*
New Zealand, Fiji,- Papqa and New -Guinea, v
an<l London,
it offers the most complete;;*
and efficient banking servioe -to investors,,-traders and
travellers interested, in these
The Bank of-New
countries."''
i
29
Round-Lot'Transactions for the Account'of
1
4 •
w * *. • r t-A
■ of
- spe- ^'.'Tot-al- purchases
B.
00 cialists
which
in
-
they
stocks\ in •>
regis-
are
Other -sales1
■
-
.
^
:
T
i*
f.
itiated on the floor.
Good
;./•
-'
-
-itiated off the floor
fc
bM_-_-J___!:;-—LiUr-
,
'
•
3,745
'
.
':
.
. -
.
.
.
.
t
,
'Short .Sales
Other
^
:
«
;
sales
u'
:
*
.
-
v
9,325
: ■*.
Sheet
appears
...
,
b
,
*;
by
proved
which
will
moderate
not
less
become
a
'*v4 :
■er
speculative
price
"
a
command a high-
than ,at .present
v'
TThtW -sale^
term
industrial pro-
-
4,895
>
15.30
■
69,230
;■
Aviation Group
Shares -V
•
1
'
-Insurance Group Shares *;
Stock
in
Shares
.
members'
,
?,7
..
-32,440;
b
.!V
&' Bond Grouj)
Shares
I INSTITUTIONAL
,:vi
includes all
SECURITIES, LTD.
Tegular ^ndxa'ssociate': Exchange members, their
partners,-including special ipaTtper^..a rs
members' transactions as per cent 6f twice total round-lot volume.
Prospectus may
In
the total of ftigmbers'. transactions is compared with'I
total ;rbund-lot volume on the Exchange for the reason that the. total of
transactions includes both- purchases ani1 sales, while the Exchange Volume
be obtained from
these. Ipercentages,
saies^ci^-'t yw*':M-ii'
?>•>'.»_
Round-lot short sales which, are exempted from Testrietidn-by the
included ' with-• t'other sales,'- Y'f:u:. - .i.
0 00. ■ •:>" ■
includes ichly
are
,
18,275
•'members''
Sales parked
("short exempt" 'arp
include^salep.'j0
a
limited
or
it
or
may
fixed
develop
from
a
shortage or reduction in
available
supply. V Prices
rise
until
the
and
out
continue
-
64,335
32,440
c
for
supply of goods,
marginal
those
bidders
Who
are
in spite
of the attempts
-
r
their
and
-twice' the
in its
sales
purchases
calculating
c
^
large in terms of
':K 0j
60-,955
:
—,
supply.
develop from an increase
with
more
buyers
demand
;
(Iroup:: Shares
sales
The
firms
as
Righly speculative ?;st9.te. .. Copies
oi; the memorandum may be ob¬
tained from Hare's Ltd, on re¬
quest.
;;?wv
Total
Total
-
affect
and
„•
2.73
10,825
•I-.'
Short,
Other sales, b'
over
"This type of inflation is al¬
superiority over the Axis.
> "Such sums ' are fantastically! ready upon us and will probably
nite
550
-V.'y/'l
-Customers'•> other
of the common
result should
,
';Cusibmers^;shorL'sbles--LL:£-^iLli"&iif^i'LflM^'v !v:
stock
and with the proposed financing
completed, the ADECO stock will
the earnings
.
10,275
'
Specialists
im
financing
adversely
may
of demand
drop
willing
to pay, or must pay, get the avail¬
able- supply of goods, b Everyone
about $35,000,000,000 per year on must
pay
more
fir the things
arms
in order to establish defi¬ they need and must have. 00 <"
Donald Nelson, of
ORM, and Leon Henderson, ofi
OPACS, agree we must spend;
{
•
be
may
*1.86,
'
12,395
i:-;
l——1
Total sales
^
.
ADECO'S Balance
weak, the memo-
position
financial
600
5,905
■
the
10.71
51,000.
b/_-*_---_-l--_l_r
Total .purchases
"
Corporation offers > an attractive
speculation according to a memo¬ 00"i'')00100
1
randum issued by Hare's Ltd., -19
4. Total
Rector Street,
New York City.
Although
spend over. $15,000,000,009
in this period. 5 Defense authori¬
zations, appropriations,, and rec-,
ommendations
now
total about
Shall
48,155
"
Other sales:
-
,
'St*
jjiz.LJ '
39,235
6,505
-
v->
It
Now it appears we bidding
July 1, 1941.
'
'
.
-
1
1 '
purchases J -SJhortv saloSv_J_£lL
,
r*.
1
1
Per Cent a
f
1 Total
*2,"Other trahsactions ln-'
i
& .3."Other -transactions*'in-
%■*
t
-
'
the U< ;S. A
ADECO Looks
.
sixty billions.
Threadneedle Street, E.
throughout
-
•^"Members •V 1; Transactions
C. : ;:4;
Berkeley Square, W.'lv- r^-^f:{r
l-ri"Agency'- arrangements'witti. Banks
;;';V
'ifv.v
425,465
-l-r—
{
type of inflation reflects
excess
an
in
tefe^
'
\ ' ;
:S;^
LONDON OFFICES?
'
sales(
A
*
,
•"This
January
.
J
Inflation?"
This
Type I—Scarcity ol Goods
■
K.B.E.,
-SIR'ALFRED DAVIDSON,
Is
"There is much talk these days
;v
33%t: compared with a 1937-38 about-:. 'inflation'—and an almost
equal amount of confusion be¬
points, pr 34%, v'
"How
long
present volumes cause the term is used loosely to
describe very different types of1
may last; or how much higher
they : may go, is something; no economic developments. Let's se^
one
can
predict with certainty if we can clarify the problem
the
investor's
point
of
But there is strong evidence that from
Total
30th'
Assets
1940
points
decline, of '41
/A £23,710,000
J
depression. That
decline of 56
a
*
or
and
Total -Round-Lot
V
,;*r
Liability of Prop.
ris¬
.
#
would be exper¬
we
a ^severe
be
would
,366^680.
sales ' _*_:_
Total
<
level,
1929
313,1-00
b-.
costs,
wage
.
-
-•
397,030
•
■0J46,150,000 v.
8,780,000 -
Fund
*■ Reserve
.
/
53,360
..——_____
'pdrchasc^'itA^illit^;
Other
WALES
Capital.
Paid-Up
Reserve
r'd" '<
i
J
.^Shortf-sa|esT_4tr;j_.i^^v^,'-
b--, '*f.
-
Total
•
.
:
______
rising
ing taxes, other rising costs of
'"Consider, for a moment, the
doing business.
So long as Lley
meaning of a production level of
last, it seems probable that manj
170.
That would be 56 points
corporations
will
enjoy
good
or
about 50%
above the 1929
earnings
and
pay
satisfactory
peak. To put it another way, if
dividends." — The Selected In-'
we reach 170, and the index then
vestor, Autumn, 1941:
;.
;,
declined to' 114, or / the highest
(ESTABLISHED" 1817) '/
:
■0)0
b
Total
;»
0%-;r
4.
NEW SOUTH
/
sales
Total sales
.
BANK OF
sales
Other
the
off
IBISES
79,190
16,750
•
itiated
5.00
95,830,
b-—_i—.
3. Other ;transacttons:
ceivable,
11,200
,
-
offset
to
'n.a-:r:i|*/';- uu'h
Commission-rulefc
' r_-:4»: |
;V
f
J-
H> .Rector
Pacific
'
HARE'S LTD.
|15 Exchange Place
Jersey Cftv,- K J.
Y.. - .
Bldg.,, Los Angeles, CnJ...
Street..New
Finance
York,
N.
TTTTTTt
•
•
(Continued
on
Page 292)
THE COMMERCIAL & FINANCIAL CHRONICLE
Post
ARIZONA
Office
efforts
the
Municipal Market
The
bonds
Goldrick
it
Specialists ifi///
Illinois &• Missouri
fices
Capital financing by states and
cities is moving steadily toward
to
be
deficit
an
expected in the Autumn will
in some
provements. This situation, it is
will prove temporary, but
there is no question about the
500,000,000
•
other
the
of
Some
engaged
huge
construction
i
v
and
bridge
projects,
re¬
ported difficulties of one sort or
in
another
obtaining materials.
the
As
other
were
was extended to
similar conditions
reported by municipal of¬
survey
areas,
affect
That this will
ficials.
ser¬
FLORIDA
"The
ratio
of taxes to
the
income,"
economic
the
of
that
small
business
issues
comprehensive
gives-us-a
of
familiarity with these
bonds. r We
r answer /-any
them
at
no
•
vill. .be, glad;
- regarding
//;//
;
the
^K/CHICAGO IIUNOIS.
men's
and
mit
good
individual
a
leagues,
government
Goldrick
mission
to
had
that
abandon
1941
a
year ago
Comptroller Joseph D. Mcinformed
com-'!
the city might
all
because of
fense
the
program.
have
projects in!
new
war
Mr.
and
the
de¬
McGoldrick!
crusaders
to
fortable
if
he
isn't
house:
investment
York
is
"There
a
stated
no
banks
are
sions
to
assump-;
tion, that municipal bonds sell at!
high prices chiefly because they
are tax exempt.
On the contrary,'
the low yield of municipals, as
well as of all high grade bonds,'
is to be attributed primarily to
the
superabundance of institu-!
invest
are
at
least!
.
/..-"A cynic said today, "The old
AT
NEW
racketeer politicians
dry
while
the
busy
with
the
ket
past years,
ury,
ative
in
Comptroller Joseph D.
the
In
a
be seeing
you"
Scliorff L Jones
.
,•
N*r«o
Whitney
-'V
p.
Bldg.
NEW ORLEANS
Bell 'Teletype—NO
180
ShreLaPorl
'
'
rest
stock
of
ufc
mar¬
formed when
conference
or
will
com¬
set
up
utiliz¬
West.
It
facts
will
will
gather
be
facts.
presented to
growing
granted
on
1941
,
of
the
defense
Rhode Island
State
,
ef¬
Fin^
Association Formed
ance
The
Rhode
Island
Officers'
nance
Public
Fi¬
Association
has
formed to
been
improve methods
public accounting, bring about
adequate procedures of govern¬
of
in¬
Such
concerned.
out
mental accounting, budgeting and
financial
reporting and to en¬
the use of a common
terminology,
classifications
and
principles relating to public fi¬
courage-
nance.
,
Texas Road Debt
Bills Considered
munici-
In special session at
Austin, the
legislature is engaged in
preliminary
discussions of two
Texas
of
edition
Statistics
to
solve
district debt problem.'
the
road
The Shivers
"Compar¬ bill, which embodies the plan of
Coke
Governor
Subdivisions
of
offered
bills
R.
i
Stevenson,
of
by
of
Ohio," is provides for state assumption
now/ being distributed by Siler, $10,000,000 of bonds/issued
Roose
&
purchase
Co., Second National road districts for
Bank Building Toledo, Ohio.
rights-of-way
and
$375,000
Cuyahoga
i
County,
of
dated Aug. 1 1941, bonds for construction of two
is a concise and comparative state¬ military
roads.
It
also
would
ment of debt conditions and re¬ establish a policy of making state
lated data of municipalities and funds available for' purchase of
school districts in the county and highway rights-of-way. One cent
statistics of certain subdivisions of the gasoline tax is alloted for
The
In
have neglected to
Goldrick has disclosed.
was
fort, civic government heads, in-,
dustry and labor Will demand to
know -why.
/
' ''
;
■!
said the opinion
policy so far' as
new
now
The
-
the
collect
some
$468,290 which is
lying dormant in the city treas¬
lic ; statement
continue
study,
foreword
a
with
Mc¬ / refunding
;
Comptroller
states:
current
use
/
of the
plans
elimination
.
and
and
<;
with increased building activ-
ahoga
County
divisions
/
unless
that
by
choice of ad
a
ation
i
has
its
and
improved
The
total
state
legis¬
the
valorem
default
tax-
bonds.
proached
1920
since
the
of
of
decade."/'•••//"'./V'/
-
-
i
/V \
Mayors Meet to Halt
Plant
in
of activity in some
higher-yield issues brigh--
current
the
tened
the ;
y
-A
of
1930 and ap¬
levels
»
<
ma-
value
-rty for 1940 exceeded that of
year
on
Trend Of
building permits in the Counany
tor;
The Market
sub•
terially.
-
said
granted
/;
of
ity, the debt situation of Cuy¬
■
is
argument relates to
surplus in that fund.
lature, the districts will face
pro-
reduction : and y
defaults;
is
It
'
.
.
aid
of
completion
with
grams;
the
booklet,
of improved con¬
"Because
pub¬
debt service of road districts and
,
the
house
investment
ditions;
;
..
to
otherwise, dull period
municipal- bond market
days. Specialists in
obligations were watching
an
the
the past few
civic
closely the action of the federal/
securities, which wavered on the
intimation ;:of Secretary Morgen*
Shutdowns / / / .i
thau that Treasury opposition to
Industry/ labor and fcivic inter¬
increasing bank reserve- require¬
ests
2,000 strong — united last
ments might be waning.'
Issues
week and prepared the- organiz¬
of local taxing bodies stood their
ation ground-work for a concert¬
ground,
however,
and .traders
ed drive to halt spreading plant
reported no evidence of 'any li-y
closures and unemployment stem¬
quidation inspired by that devel¬
standing in September ly $270,- ming 'from
mandatory ' priority
opment.
/' •"*
790 is in corporate stock, $46,500 control of materials. •v■ r "/• V-; i;'
Despite the : light volume of
is in special- corporate stock notes
Mayors from; 150 towns and
new: flotations
for
the
current
and $151,000 is in serial bonds. cities
and
labor
and
industry
All but about $75,000 of the total management
from hundreds of period, though, a slight expansion
in the supply of offerings avail¬
were
in
eleven
Middle
West
regular: maturities.
The cities
—
When the
glad to get
able in the market was indicated.
out, since there was nothing left $75,000
represented
corporate states banded together and set up
This- was attributed to the listing
to be taken."
There is more t6 stock
payable in 1960 but called the nucleus of a National Emer¬
it than that.
in
October of
1935, the Comp¬ gency Conference to present un¬ by eastern houses of odd amounts
of New York City bonds that com¬
"A
generation or more
employment due to priorities.
ago, troller observed.
some
crash
"We'll
squeezed the
cities
were
ORLEANS *
the
of
Forgetful holders of New York in nearby counties..
,,
SEPTEMBER 23-24-25
dle
These
Data'.;;Compliedy]yy:.
City bonds, which have matured
in
to
ing the/ various trade and civic
throughout the Mid¬
/
^
Cuyahoga County. Financial
urged the individuals to whom
reasons
why ' institutions,! the
money was due to call at. his
unwise, if not un¬ only slightly concerned with tax office in the
Municipal Building
patriotic, for the city to start exemption, favor municipals in! and collect their cash.
Pointiiig
during 1942 any new / construc¬ preference to other' securities-r: to the fact that
funds, were bear¬
tion not definitely related to na¬
(1) tax backing or ample revenue ing no interest, he suggested that
tional defense.
coverage,
(2) good record, (3) the bondholders could put their;
simplicity
and
uniformity
of funds to better use by purchas¬
The $1 limitation does not af¬
type, making comparisons easy/ ing Defense Bonds.
; ^
fect/projects now under actual
(4) improving credit. K ;;
\;
construction.
These number, ac¬
/: In
financial
pa rlance ;/ this
/"In
recent
years
municipal
cording to Mr. McGoldrick, more
money represents "past due" se¬
credit has been improved auto¬
than 200, and he recommended
curities which'have, either ma¬
matically by better tax collec-; tured or have been called for re¬
that
the
1942
capital
budget
tions,/. specifically by refunding demption in accordance with the
should
not ' exceed y $66,000,000.
The
current
capital budget; is operations made possible by easy; conditions upon which they were
money, and generally by the bet¬ issued. ./ Some of the obligations
about $82,000,000.
s
•
ter
grade of intelligence which were payable as long ago as Jan¬
is being applied to municipal fi:
NEW ORLEANS
uary
of 1935, according to. Mr.
nancing.
/':■/;/////; // | McGoldrick. Of-the total out¬
/:•//
/
pal bonds.
•
be
NSTA CONVENTION
Given
you
%/ City Past Due Bonds;
common
There
'
manufacture.
the working organizations
doing
insurance v companies
which
meeting, closed./ This
mittee
■■'/
Bank,
per¬
.when he told the commission that: four
would
Defense
by the Federal
Division
Tax
com¬
financial officer to be
/The -question of permitting life
Municipal Securities
repeated this warning last month * tional funds.
it
issued
National
.
to the commission
the
with
non-defense
A committee
the
in¬
new
// W.
A.
McDonnell,
executive
vice-president of the Commercial,
-
age
in
a
Corporation Commission;
part of their huge incoming funds
Because it
summarizes neatly in
certain types of common stock
thoughts that were expressed at will be held in New York on Oct.
greater length in these columns 20 and 21. One day will be given
many times in the past, we feel over to
savings bank represent¬
Mayor La Guardia reiterated
it is fitting to quote in part as
atives and trustees and the other
last
Saturday
in
his
annual
follows from the latest issue of
will be given to insurance com¬
message
to
the City Planning
the
municipal
news
bulletin,
pany representatives.
Commission that funds for new
made up each Monday by Miss
projects
in
the
1942
capital
Cook, of Hemphill, Noyes & Co., Cash Available For N. Y.
budget shall not exceed $1.
after
Building,
a, job. stitutions already assess munici¬
employ pal bonds.
'
an efficient man yotf have taken
Some brokers, however, ex¬
to national income has balloned
on
a
patriotic citizen who will
pressed the belief that such
to 27.5 per cent in 1940, where
work as ardently and as efficient¬
taxation would reduce
the
in 1913 it was but 8 per cent/' //
ly for a city as he would for a
yield and force up rates on
"Before
the
World
War
the
private.. corporation. Names like
future issues. Action of this
Federal Government alone owed
Tremaine,
McGoldrick,
Slutz,
kind would put the State in
$1,000,000,000. ' Today
it - owes Davis come to mind immediate¬
competition
with ' corpora¬
more than $50,000,000,000 and the
ly. Many pthers are equally de¬
tions and
eliminate
conces¬
New
:'
such
by Arkansas residents are sub¬
ject to ad valorem assessment
for general property taxes, it is
held in an opinion prepared by
Attorney-General Jack Holt for
' inquiry
obligation.
Mayor La Guardia
Limits New Projects
The Mayor sent a similar mess¬
Phone Atlantic 1170;1
/ Bonds of the State of Arkansas government., agencies. , And,;; if
and its political subdivisions held nothing is done to remedy the ills
com¬
generally.
!
y
Arkansas Bonds
on
handling Flori¬
only 6 per cent in
By and large, when
of expenditures
to resemble .Basic Worth of
munity is likely soon
Municipal
Tax Ruling
.,
in
•
associations
MUNICIPAL BONDS
ratio
The
1913.
/
Building
PITTSBURGH, PA.
>
their
the
Bonds
r
in 1940,
date,
Government."
iously the vast complex of indus¬ debt in the near distant future is
serving of mention." j
tries and contractors engaged on
already v estimated at
$100,000,public construction projects is in¬ 000,000 or $4,000 for every single Hearings -on Insurance
evitable.
The position
of such family in the country." ,'
Investments Scheduled
elements
already
terials
FLORIDA
1ST NAT BANK
continues,
report
"has risen to 20 per cent
Commonwealth
of
/ exchange their matured bonds
R.E.Crummei^ Company
national
maturity
the
vestment
background
in taxes to¬
governing
this
■'
request
on
STORMS AND CO.
-•
not among their
are
for cash and make
to
$14,-
even
/
at
"//■
'
municipal
only partly offsets
expenditures."
sum
total
the
authorities, compared to
local
tunnel,
in
:; ^
>
than
of
and
themselves,
held,
v
a year
cost
the
ward
of
upward
Circular
for
Co's.
or
some
have
which
matured
/
United
the
vaults
that
sure
and Insurance
are
holders would do well to call
da
States
of
constribute
eases
make
at;
Our long experience in
'
people
postponed altogether, owing
to the inability of the potential
borrowers
to
obtain
materials
for
certain types
of civic im¬
ARIZONA
spending/andj
no more
in
best "Hedge" security
Banks
holdings. Since interest ceases
$2,000,000,000 a year in taxes
at the beginning of the World
War in 1914, but today *'the
be curtailed sharply, and
The
de¬
securities
forgotten
those
PHOENIX,
says
Federal,
local governments
collecting
were
have established that bond
flotations which ordinarily might
days
to
annual
an
the
,"-r;
MORTGAGES
bonds."
due
McGoldrick
city obligations would do well
.
REFSNES, ELY, BECK & CO.
report
and
State
INSURED
owners
safe deposit boxes. Holders of
already burdened economy."
The
by the defense program
and
its
priorities and controls.
Surveys
undertaken
in
recent
past
of
lying
Plaza and
comparing the fiscal situation of'
the United States in; 1941 with'
that of 1914, it points out that
"defense costs must be piled on
eclipse
immediate effect,
jority
of¬
groups
of
decade
LOUIS
ST.
Direct Wire
be
non¬
has
publication.
//
Emphasizing the "soaring cost";
of
government during the last;
1890
CHICAGO
<
co-ordinate the work of
intended
is
these
Comptroller
Issues
the
"but they are not to
be found.
Probably the ma¬
throughout the
country, issued early this week
an
eightyrpage
booklet
called
"Tax Facts and Figures," which
314 N. Broadway
Adams St.
Rockefeller
30
to
taxpayer
Stilel, Nicolans & Co.,rue105 W.
at
that
Municipal
all
in
",/■
y'.'C: F. H. A./v/;..•
done what
has
locate
to
clared,
Foundation,; a
organization
seeks
Bonds;
Pounded
Tax
The
profit
Markets
SPECIALIZING
:
Mc¬
declared.
could
of
Taxes Stressed
Mr.
of
owners
failed,
had
"This office
Mounting Federal and
Local
the
■
ARIZONA BONDS
I
Other
Department.
locate
to
Thursday, September 18, 1941
./;y/
came
years
they
ago.
were
*
.,
.
v
.
About
politicians
discovered
$150,000 of the -bonds
that it was absolutely necessary were in coupon
form, the rest
to their safety that the city water being in registered condition,-' he
So far as the registered
supply be operated efficiently. stated.
Now they
know that finances bonds. were concerned/- all mail,
practical
must
of
threatened
plant
closures
closures
the conference
as
and
abounded
at
did tales of op¬
bined to make
a
fair-sized aggre¬
gate. Representative compilations
showed about $57,000,000 of bonds
at
the past week
end,
sharply because compared with about $56,615,000
a
week earlier.
be
also.
There
are
too sent to individuals at listed ad¬ small companies were unable to
taxpayers? committees, *wo- dresses had been returned by the obtain defense work or the maBuying interest appeared to be
-
many
Stories
erations which have been halved
or,
cut
even
offered
more
.
.
,
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3982
Volume 154*
time on the whole, but
marking
Our
dealers said that anything regard¬
ed
bargain received immed¬
attention.
Firmness of the
as .a
iate
201
Reporters
Report
price situation generally was at¬
(Continued from First Page)
tested by the marking up of se¬
duced several years ago from the
veral blocks of State of Arkan¬
full level of 26 per cent. But the
sas
bonds that had been picked
Reserve Board has been inclined
several
by
up
much
as
dealers
southern
'
With
more
of
im¬
flux,
the
previous
ponded.
"
the
for
runner-up
that
boost
a
at
mean,
in
recent
ted
by
sales
bond
this
been
have
negotia¬
its
current
there
-
•
23rd
Sept.
-
>
fear
issue
bond
issue
,
in
awarded
was
Sherrerd
&
Butcher
Or*
Philadel¬
of
Next
highest bidder
was
Halsey
Stuart & Go., Inc., while John Nuveen &
Co. of Chicago, was third.
phia.
On
and
to
A.
that
they
faced
change in market
they have had
before
opportunity
an
re¬
purchase an
themselves
drastic
a
conditions
excess
/Underwriters
may
and "find
with
of
matter
the
distribute
to
E.
Kaiser & Co.,.. and associates, sec-, loans
jointly.
-ohd
little
busi¬
no
10 the State awarded a larger Would Force Bank Selling
Phelps, Fenn & Co. of New York,Commercial - andindustrial
Masten
& Co. of Pittsburgh,
July
issue
is
bonds.
$500,000 West Va., State
.
the
constitutes.
serves
Smalt
to
peak for
due to the unknown quantity
$500,000 Prince George's Co., Bid.
1939
the
hesitation about going after
which
•
reached
mar¬
cycle.
ness
city.".-'
Neighbors
re¬
that
investment
had
Accordingly
$723,000 Centralia, 111.; ; ;
No
way
reserve
the
(Today)
18th
Sept.
-
one
least
the
high-grade
-j'S'l
be
to
quirements at this paint would
last
ket
;
busy
de¬
Bankers realize
the other.
or
sold are also ap-
issue
■
until
continue
to
them¬
quandary which is
a
finite action is taken
bidder
successful
the
of
names
and
too
an
state
a
find
bankers
(
likely
matter in
the
selves in
portant
municipal ■ offerings
($500,000
or 'over — short
term
issues
excluded), which are to
come up in the near future.
The
•
at
maximum
the
the event
that future conditions require it.
list herewith the
We
from Congress to
power
higher figure in
even
Major' Sales
Scheduled
.
seek
to
points yield basis. establish
40
as
highest.
Sept; 24th
works
ctfs.)
around
banks
marked
'
in
been
the
coun¬
and
steady
a
rising-trend,
many
over
months.
Accordingly
(water tended that a boost in
111.
Chicago,
$2,000,000
of
have
try
is
it
con¬
re¬
reserve
quirements,
as , now
seems
to
threaten, could bring about a re¬
certificates took place in May, the award
of material propor¬
going to Halsey, Stuart & Co., Inc., and adjustment
jviu..a,ney,
R),.. & Co., bith of •;hi""go, tions in the high-grade market.
Most
Second
best bid by Harriman
Co., Inc., and associates.
jointly.
&
Ripley
:
sale of long-term water works
recent
Discussion
indicated
has
that the Reserve Board would
Sept. 25th
Essix
$697,000
The
to
syndicate
of
New
Wert Side Trust
Newark, and M. M. Freeman &
Philadelphia, bidding Jointly. ^
ding
the
was
Co.
Co.
loth;
of
of
entered
by
First
the
-
such
require,
a
is
it
•There-are
institutions
many -
and
Such
necessary
wisK'to "■*
loans. '
selling
far
removed
from
people in our
or the line¬
roadside helping to
offices, the operators
A
the
would be
readjusting new of¬
consequence
the need for
ALBANY,
N.v Y. — William ferings
Schilling is engaging in uation.
man
on
"The
peak.
Telephone Hour" is broadcast
Network, 8
Bell
to meet the changed sit¬
general securities business from
at
offices
Broadway.
394
Speaking of Competition.
/Bidding
issues
railway terminal
during
the
week
competition among
for
sold
P. M.,
.
<
p'.'ders.
Daylight
Eastern
-
{N.B.C.
Saving
v.-;?.
For Traders at the N.S.T.A. Convention!
v*'-
•
■
•'
; '• f'
"
..;
ciation in New Orleans.
*
from First Page)
{ (Continued
■
Lazard
Co.;
Freres ,&
Brothers;. Laurence M.
Co.;
Lehman
Marks &
Merrill Lynch, .'Pierce-. :FerjBeane; F.f S.- Moseley &
&
ner
M.
G.
Co.;
Webber
&
Murphy.; 'Paine,
P.
-
Co.; R. W. Pressprich
Reynolds & Co.; E. H. Rol¬
lins & Sons, Incorporated: Fchoell& Co.;
Shields
Co.:
&
&
Hutton
konf,
&
Inc.;
Barnev &
lief is that the
ican
Serving
on
Union
the
Securities
tournament
are
Co
r t, H » KH *'(
1*
Hayden, Stone
M f » H I HI «.M »?.( ♦
in the field definitely for
this business and there is little
year, are
&
of
doubt
1
ket
with
in
men
the
the
that
task
minds
those
of
of
mar-
charged
setting
up
their , bids .are having their
a
firms
as
groups,
disposition
down to
year
Two very substantial groups
with Mr. Taft, who
caotained the winning team last
Frank E. Gernon of
the selling
of thirty2%s, now set for Sep¬
tember 29,' will
conceivably re¬
flect anxiety over the element of
reserve requirements.
committee
Frederick L. Ehrman o*
Lehman Brothers, Nevil Ford of
The First Boston Corporation' and
bidding for Amer¬
Telegraph
cases.
now
to
en
a
taste of
special
to be
served
at
as
bles
at' the
Lakewood
more
Philadelphia
right
Country
obtaining these treats.
are
responsible
for
A
which
to
of
series '
should
dealers
l
prove
Aetna
on
'
memorandums
of interest
Insurance;
Fireman's Fund Insurance
Reinsurance Corp.,
Co.,
Co.,
General
Glens
tional
Insurance
Falls
Co.,
Na-.
Co.,
National
Union Fire Insurance Co., Secur¬
ity v Insurance / Co.,
Springfield
Fire
&
Marine
Insurance
Co.,;
and
Casualty
States
United
Guarantee
Co., have been prepared for dis¬
by Mackubin, Legg &;
tribution
Co., Redwood & South Sts.. Balti-;
more, Md.
Copies may be ob¬
tained from
the Bank and Insur¬
more
ance
want to participate
distributing
:
Write For Ins. Memos.
luncheon when the crowd assem¬
get
dealer underwriters rather
than
%•
-,
of Philadelphia's^-
one
dishes,
find
More and
.
"
or
Telephone
&
Company's $90,000,000
Spencer Trask & Co.; Stone
five
and Blodgst, Incor¬
Webster
porated;
and
Corporation.
-
Pomeroy,
Co.: -Smith,
3y8S,
'
Through the courtesy of F. G. Vogt & Sons, Philadel¬
phia meat packers and pork specialists, the hosts will be giv¬
•.
issue-as
"
••
Philadelphia contingent of 25 to 30 strong is throw-:
ing a treat to the assembled delegates and guests at the 8th
Annual Convention of the National Security Traders Asso¬
Club for sports and golf.
comments of some of those whose
bid 101.25
On
Tuesday
at the
cocktail
an in¬ job it is to contact such firms. •
party to be held in Le Petit
There has Invariably been,
dicated cost basis ~to the company
Theatre, Du ?■ Vieux
Carre, : the
among
some
these firms, a
of
3.06
per
cent.
The
lowest
happy
throng
will
be
served
leaning toward the "keeping ,■.(
tender received was : 100.405 .for
some of Philadelphia's nationally
up
with the Joneses" idea.
the bonds as 3^s, which would
known
ice
cream,
through the
That is, if one firm sought a
have made the cost to the com¬
courtesy
o f
t h e
Philadelphia
$1,000,000 participation, then
pany 3.47 per cent. /Other bidders
Dairy Products Co.
another would seek a similar
sought the issue as 3JAs and 3%s.
Vic Moseley, Stroud & Co., Inc.
allotment..
Q";-,
and Herb Blizzard,
(Herbert H.
Increasing the Strain.
Just now, however, syndi¬
Blizzard &
Co.) of tne InvestAmong keep. observers the be¬
cate managers who
line up : m en t
Traders
Association
of
the
/
The
The successful group
for
Time.)
Philadelphia Scrapple and Ice Cream
&
I. ,duPont
Monday.
every
worries.
brought; out
Unquestionably nothing would
banking
interests
which
must
Co.-and have, satisfied even the most ar¬ please them more than to have
the "green light" go up in the
Chisholm
&
Chapman,: • 1; Wall dent advocates of this method of
meantime in Washington, as the
Street, New York City, members marketing securities.
trade puts it, namely to have the
of
the
New
York
Stock .' Ex¬
In the case of the St. Paul
•agitation for raising reserve re¬
change Lave
prepared
a
new
Union Depot company's sale
quirements of banks sidetracked
study
of
fire
and
casualty
of $'4,337,000 of iirst and re¬
for a while longer,
insurance company stocks, listing
funding bonds due in 1971, a
ten
factors which contribute to
Looking for Port.
total
of
four separate
bids
their-effectiveness
as* inflation
Distributing dealers, particular¬
were received.
Moreover, the
heldges. Copies may be obtained
ly those who have been anxious
spread between the highest
from the firm on request.
:
"
in the past to be recognized in
and the lowest terms offered
syndicates
in
an
underwriting
indicated the wide Tange of
capacity, seem to be undergoing
ideas on the part of the bida
change of ideas, judging from
Inflation Hedges
Francis
System
Telephone
Frances
a
job is helpfulness.
days when the
needs of defense place sudden
and increasing demands on tele¬
phone workers, they are never
too
busy to be good neighbors.
Even in these
Red
Schilling In Albany
for a worried
dition of the
Whether it be the installer in
its
stray kitten
youngster, telephone workers are
close* to the public and the tra¬
the house, the
is
the best levels,
under
rescue a
v
would,
admittedly, weigh heavily on the
bond
market,
which
too
lot of workers in
System—about 350,000
ft of them.1; That's a
big family
and it'likes to be a friendly kind
% of family.
seasoned
though
,
outstanding
a
the Bell
portfolios
investment
disturb
not
-
which
would
since they would not
Pa.
Corp.,
Boston
-
excess
To meet the larg¬
reserves
argued,
./
,
existing
see
slashed by about $1.-
would be forced to realize on
Syndicate
headed by Drexel & Co. of
Philadelphia, obtained award of the bonds
offered in Dec. 1939. Second best bid was
associates.
er
step
their
Philadelphia,
$14100,009
to
009,039,000.
awarded bonds in Dec. 1939,
headed by H. L. Allen &
York. Runner-up in the bid¬
county
a
Co.
like
reserves
Co., N. J.
under¬
writers.
The tendency is to call for al¬
lotments which are more defin¬
Donald
Cook
Amott-Baker,
With
Buffalo
BUFFALO, N. Y.—Donald A.
Cook, formerly a partner in the
itely along lines which the firm New York Stock Exchange firm
Stocks Department
ubin, Legg—
.
;
,
..
of Mack¬
'
Opens In New York City(
Hansa
-
Lloyd
International-
Service,
readily sell. The of S. E. Levy & Co., Manila, P. I.,
Inc.
has opened offices at 144;
is' now
associated
with
Amott,
pride, at; least
East 86th Street to engage in a
for the present, seems to
have Baker & Co., Incorporated, 298
been submerged.
u>
15 <
.v %r;
j
Main Street/ »
y*•
' h;
: securities business.
in
question
element
of
Commercial
and
Travel
can
firm
,
THR COMMERCIAL <&■ FINANCIAL CHRONICLE
202
Thursday, September 18,, 1941
Lyons & Graham With
Mitchell, Hutchins Co.
wma sips® am®
(Special
Financial
to The
Chronicle)
CHICAGO, IcL. — Franklin
Lyons
and
William
Lawrence.
Graham, Jr. have become con¬
nected with Mitchell, Hutchins &
Co., 231 South La Salle Street
members of the New York Stock
Exchange and other leading ex¬
changes.
Mr. Lyons was/ form¬
erly with Perry, Spencer & Co.
and prior thereto was a partner
.
Clarence
Walker,
of stock to be split into four parts.
Paramount to come up with
manager
Newburger Loeb's W. 57th Street
office
standing
his
in
.
.
.
twice as much for the Septemtomer's room one afternoon when ber period then it showed for
a
strange lady v entered. Always the same time last year.
being
mindful
of
a
potential
v.
——
'
was
cus-
.
.
„
,
Poehler Die^ will top it s best
(1929) this year . .
don J. be surprised if the next
back a little uncertainly and ask- mee^1IJ8 produces an extra divvy.
,ed if it would, be all right If she * ;+1; 5?va8'e .l^rms w
?op up
sat down for ^a while and just
ffj1 f^\on
new stock . . .
watched
"a
few
investments." ^
0 Pay three dividends beClarence, the perfect gentleman, *wieen now an<* the end of the
showed her to a seat and assured Tear ; • • one ° T
be
her
it
would
be perfectly
all an extra- \ ...Wonder if there is
right.
After
a
few
minutes anythmg in that yarn that ^ReClarence noticed the lady looking Public Steel , will absorb WickClarence
customer
approached
her and politely greeted lifer with
"Good morning." The lady smiled
.
,
.*
confused
bit
a
her
and
vvire',
approached
in
Lizars
Rawson
Co.
&
Mr
York.
-
'
•
,
'
.
,
r-
.
gentle
got
smile of
and left.
up
B
and
& Co. has also become associated
with
the
firm.
;
-
\
Mandell Leaves
with
And
thanks
.
the lady /
.
.
ins Cilcrease Oil Co.
.
Goodwin) Witknows of certain issue that
went aoure because^of bad langu»
r
last
the
was
age—from
the
customers.
guy
week?t
on
top of-C-the Eifel Tower to
watch for the time when the Bri-
*
Case will show better than two tish
would
E.
MacMurray has become asso¬
Paine, Webber & Co.,
Terminal
Tower
Building.
Mr.
MacMurray was formerly man¬
ager
of the Portfolio Analysis
Department of the Cleveland of¬
fice Of Eaton & Co., Inc. and in
the past was with the New York
Produce Exchange and Standard
Statistics ,,Co. in New York.
ciated with
dollars
of
the
administration
to
-
stone Investor, September,
check
1941.
in
prices. From the in
Tf the stock market has not
vestor's point of view, this general rise in prices is reflected in been moving up and down these
sr
shrinkage • in the purchasing past two years in its -old role of
power of both capital dollars and business barometer, what factors
income dollars;
< :
y
'''' j
r have been responsible for its
r; "The effect of this type of in¬ moves?
Obviously, reports from
flation can and
should be off¬ the battlefronts have played the
set or reduced by placing a por¬ part; likewise, trends in the con
tion of the investment capital in Aid of radical versus conserva¬
the type of securities that are tive
political philosophy, taxes
appropriate
as • an
'inflation versus earnings, and the changing
aspects of the prospects for in¬
hedge.'
N
flation.
No one of these factors
Type II—Fear of, Money..
?
.
r
;>• v
r;:: /
.
The founding of
a
Wookey line and
affairs
but
since
goods
all
convert
for
fear
the
become worthless.
cash
into
money
will
This mad rush
to buy anything at any price, re¬
gardless of whether the article is
needed or not, ends in complete
economic
chaos
and
There
is
hedge
against, this
no
known
disaster.
satisfactory
type of in¬
flation.
•
"There appears to be very little
of this type of 'hot
likelihood
irioney'
inflation
developing \ in
the United States.
mendous
gold
We have tre¬
reserves
that is brought about while trying
to help a ;
from Dunkerque.
The scenes, sound
tremendous. The bombing of London ia>-*
brought to the stage with considerable realism. The sound effects
are terrifying enough for the most hardened.
; Mr, Gwenn as the ~ •
.man ofdecisions^is "tbpnotch.
Norah Howard as the worshipping re¬
spectful wife is excellent. / Heather Angel, the/daughter; whose ' f •
nerves crack under the bombing, is completely believable. ^ The rest
r; '
0f! the: cast, George Sturgeon, the son; Hofeace McNally, the braWb H/
ing Irish mate of the Wookey tug and suitor for the daughter's hand ; /
and Carol Goodner, the Wookey sister-in-law who does a strip tease y,
dance on the London stage, contribute admirably to one of the best ;
'"v
;
And
even
of his family
member
escape
effects and the lighting are
:
"
V '
of the; current season.. '..
•
"Lady /Be Good*!
y
Rbbert
Yonng,
.
*>
y
.
(MUM) with Eleanor Powell.
Red .SkeUpm John
Sothern, /
Ann
..CarrolL- Lionel Barrymore an^
;others.. Directed by. Norman McLeod.,
y
.'
Rating,"Ba';.
This is that old rriusicaT that played on Broadway back in the
early 2(Fs;
as
abase
and the bank¬
ing laws now include adequate
provisidns for checking and con¬
trolling any dangerous expansion
of
bank
credit.
Finally,- any
threat of this type of inflation
our
would
undoubtedly
ernemrit
tions.
restrictions
be
met
"
by
gov-
become
overwhelming, just as in
Europe the excess of purchasing
consumption goods
prices has become overwhelming
power
over
in their stockmarkets.
§
.
..
"Here in this country, once the
deflationary
have
run
.
transition
their
commodity, prices,
find,, or are
of
sort
will
.
ceiling,
wages,
.*
and
given,
-
been
as
oack
but
on
her
He wants
-
So they
terms.
her
remarry
back.
but
She wants him
again come to the
parting. of the ways.. Sandwiched between their matrimonial adn
ventures is some nice singing, a Tittle* bit of dancing, etc.
But no
how good the musical portion of the picture it can't over¬
come the tediousness of the main
plot.
"Lady Be Good!!!"
.
It
matter
.
should be called "Lady Be Quick!"".-
y
.
,rf ;
>vr
NIGHT CLUB
1
factor
its
"Bin Hardy's
handlebarred
the two storied
ories
Gay
90's"
(57 E. 54th)
mustached
doorman
house—a
brownstone
devoted to nostalgia from
cop
to
museum
it's entertainment in
dripping with
mem¬
of
yesterday, y Its entertainers were all. topnotchers in the.
days when the Palace was the top of the ladder. Today they are
here singing such oldies as the Yama Yama Manv Old Fall River r
Line, Down By the Old Mill Stream, etc. ;- Most contagious person- y
ality of the lot is "Spike" .Harrison who lists among his repertoire
the lament "I
Brought Me Harp to the Party, But Nobody Asked Me
Play." Harry Donnelly, who-looks and sings like Jimmy Durante
(he used to be his partner) does -a few verses of Hinky-Dinky-Doo
that are hilarious.
Most spirited of all is the barber shop quartet
(Gus Wieke—ence Popeye's movie voice—Jerry White and Frank
Wheeler). The place is grand for casual fun.
No dancing but lots
and-lots of Singing and the crowd joins in.
•
,
.
,
to
overwhelm
a
11
DAWN
ation of the period of emergency
check but amount of tax
production.f'';;
So
.
.
lawyer getting stuffy not because of
it's illegal he says 'n won't pay it.
;
.
.
.
.
"When
will
it
by
be
.
.
.
.
.
.
.
...
,
.
.
^
Issues
Light.
;
;
Investment
-
,
,
Urge ' Holds
■
September 11, 1941.
.
/
v
Europe—Press of Idle- Funds
Especially Noticeable On Am¬
sterdam
*
And
Brussels Bourses.
Wide
Swings
Restricted -—
Paris And Lyorms Bourses Put
Limit On Upside Variations.
"This
—-and
state
Of
affairs
has
steps to Offset of reduce the con- modity
not-*
can
prices
are
rigidly
r
In
be
Y
.
(Colony)' Cavellero sooths lawyer's rumpled feathers
Gene
.
these
should'
.
PATROL;
> At-Fefe's Monte Carlo
others in the market for the dur¬
.
hardly represent the
circumstances, discounting of future increased
concerned production (the RAF is a factor
with the -first ' type of inflation';there).' It is'riot iriflatiori, ih the
and
should - take the necessary oldfashioned sense, because coin/"Under
investors-;
,
From then on it is y
wife) divorces him.
the girl (who is now his
one
chase after another.
.some
same
the
likewise
problems
and if
courses,
taxes
each
on" transac¬ hing to do with victory or defeat
•
"
-
We don't recall the/ stage version but it could hardly
long and boresome as- the movie.It's about a pair
'of song'writers'who turn- out-hiti after'hitr until* the male member
of-.-the'.team "gets illusions of grandeur; he goes Park Avenue.
So
have
.
currency,
freezing prices, and - placing
:
y vy,
/<yyyy.
'
for
^
Dowing Street ignored his advice he washes his fy
mess.
It wasn't until Dunkerque that he changed
-
to
•
' ;
possible to paying it for him . . . and lawyer who was all puffed up with in¬
say:
'Hie problems of transition dignation sidles out all deflated . ; . Oscar Levant, Mrs. Levant, Alf
are complete.
The soaking in of Vanderbilt and Dolly deMilhau of the social register sitting in a
lack
corner
Dolly hides her glims behind dark glasses . .
Margot
of
reason
or
logic which one purchasing power by labor ; and
has
ceased
increasing. Graham;.dancing to Kirby's swell: music . . . Georgie Price telling
gains from watching the Amer¬ farmer
us/about his new night • club appearance but during trading hours :■ y;
ican securities markets is obtain¬ Now the distortion will turn the
Did! Codret all excited and; starry
>
way—towards
the
stock will still he in the Street
ed by looking across the Atlantic other
eyed; ;
she just got the ingenue part in coming stage play "Cock^
market?' •;v
at European markets.
: Phil's 45th St. Cafe run by Phil Weinberg (bro¬
The question, to sortie extent, eyed Wonder" ;
3 "Europeans—in any country on
/
itself, because it' sug¬ ther of Sammy Weinberg of S. H. Jnnger & Co.) used to be an old
that continent—'have little seasen answers
bank stock trader
iood at Phil'6 is' plain but grand
Press
to be happy. Yet, here are some gests the directions in which* to
agent /Seaman Jacobs' so tirtud he can't ask cigar store clerk for'/
headlines from the New
York look for an answer. Mrist Of the
i-..
answer
will be found -only ;
Times of September 8, 1841:
feY; change to make phone call i v / buys: pack/of butts, / . arid he doesn't
smoke; v
close
V-glamor girl photog Murray.: Kormin introducing- charin- '; t
observation, constant at¬
i Reich Fighting Stock Advance
/ / a dead ririger for Sonja but; she'^. ; : \
Headlines will proclaim irig* blonde as Sonja Henie
—More Drastic Measures Feared tention.
Rita SmClair ;
At Barberty Room-giri-rummy and bridge addicts
<
>
as
Liquidation of Confiscated the new uptrend only after it is
well-settled fact. — Abstracts, arguing hands, and letting swell food get cold.
\, !
I
Shares Seems Inadequate—New
"This type of inflation develops has been all important, yet
when the public loses confidence doubtless plays a part.
in
the
national
"The same impression of
currency
and
rushes
4
5
.
Investment Trust
the rise
a
per
the current year ;.
/
white
flag
But is clearly the re¬
share for "It's not much pay," he explain- trolled.
sult. of distortions in the fields
and present ed, "but ifs a life time job."
of investment opportunity, money
supply, income and consumption.
"No one thing is the important
sequent shrinkage in the pur¬
in
the
chasing power of capital dollars
market, although
and income dollars."—The, Key- by
(Continued from Pages 199) <:
turns various; factors • have
of
dozens
wave
Thursday Sept. 11, 194L
his mind.
Curb,
.
L ®?
a
by
Mielziner./-Produced
45th St. * Reviewed
hands of the whole
r
Winthrop
.
who sent in L William J. (Herbert E. Stern
a
call
to
the
local
gendarmes. & Co.) Lytle tells the -one about
complaing - about- the pin hall the Nazi soldier. Seems that the
machines at the 1 STANY picnic Naz i
w as
as ked
10
si t
"■Who
■
best"
the
at
/
Schewe, for many keeping it respectful, is his immediate concern; he arranges marriagesf;
with Talcott, Potter & Co land guards the
rights of his family with forceful decisions.
As a y/
prior thereto with Graham free British
subject he once advised "the government how to run its y y
.
/D
look
'//"
years
A. Mandell, specia
Nothing could be easier assured tattle-tale!
> Philadelphia real representative of the New York
Clarence, was there any stock estate agents are now advertis- Curb Exchange, for public re¬
the lady had in mind? As the lady
lations and sales promotion since
ing. estates with bomb shelters,
still ' looked
uncertain Clarence..;
1939, has become associated with
began reading off a few ticker
T, L. MacDonald (& Co.) was the' Gilcrease Oil Company of
quotes, all, as it happened, low pitching horseshoes one evening Texas, 165 Broadway, New York
priced stocks. "Haven't you any with a fellow dealer when the City, in the same capacity. Since
high priced investments?" broke name of another dealer came up. 1915, when he became associated
in the lady. : "Why of course!" "Whatta ya think of him?"
ask- with George H. Burr & Co., he
replied Clarence expansively see- ed T. L.'s friend. "Well, I'll tell has been active in both: the retail
ing a fat order in the immediate y°u'* replied Tom while squint- and wholesale fields of the" se¬
offing, arid began quoting Amer- ihg at the pin. "All I know is curity business.
:
%, u, 'O.-•
ican Telephone, Allied Chemical that he brags he landed in this
etc. "I see" said the lady who country without a dime in his
MacMurray At Paine-*
apparently didn't see at all. "I'm pocket—and now he owes more
really just looking and as my than $50,000—so
I guess he's
Webber
dear husband once said, if you're doing well."
,.
t
(Special to The Financial Chronicle) /
just looking you can afford toj
on.
.*7;;
CLEVELAND, Ohio. — William
.
•
by Edgar Selwyn at the Plymouth Theatre W.
makes all the family decisions.
H.
Karl
*—)
"Anytning
the
From the News Files—Conrad
lady smiled back. Veidt, the movie actor, as quoted
timidly and said hesicatmgly no in Cue Magazine: "The female
but would he be good enough to is different from the male. There
point out some stocks to her? is no doubt of it."
The old
.V'.'
Robert Sinclair; sets and lighting effects by Jo.
with Merrill Lynch
was
/' ,\':v
The
^
"The Wookey" drama by Frederick Hazlett Brennah; staged
;
;; r "The Wookey" is not a powerful story but it is a timely one. At;
times it is brittle but seldom does its interest dwindle.
It. is a story
Pierce,
Fenner
&
Beane
anc
of a typical Britisher, a tug owner who graduated from "garbage to /• / .
prior thereto was local manager metals" who rules his family with an iron hand. As the head of the v
for Fuller, Rodney & Co. of New
Wookey family, the stumpy tough little Cockney (Edmund GwennV.
Graham
again.
matter?"
STAGE
THE
con-
;
the
In
Correction
table
of
/
>
.
-
r;
Investment
SEC5j Registration
Revoked
.
I
Rail Bonds Attractive
The current
*
wave of liquidation
registration
as ^brokerCompanies appearing in the b- dealers of Saunders, MacKnight of railroad bonds of all kinds by
sue of September
4, 1941, Fund¬ &,. Co., Inc., 1
Bridge : Street, the smaller institutions has enV
amental Investors, Inc. was listed Plattsburg, N. Y., has been; or¬ abled B. W. Pjzzini & Co., ,52
as
having shown an j increase in dered revoked by the Securities Broadway, New York. City, to obi
asset value (including dividends) and Exchange Commission on the tain; a block of underlying first
of 29%
from the low of June, grounds that the firm had been mortgage rail and terminal bond$v
1940 to the high of Julv, 1941. enjoined from engaging in cer¬ at what they consider, to be an
The correct figure should-have tain practices in connection with attratctive, price.
Their circular,
^een 34%.
The average gain fnr the-sale of securities within the on Lehigh
Lake Erie,, Fir§t
the tWetity-five trusts - listed was State of New York.
The firm Mortgage 4%s, 1957, an unlisted
31%
unaffected by this correc¬ consented to the revocation of bond, is available from the firm
tion. t
> i«
- i't'i f.i
i <
> r • \ tlie<* registration; •"»
^
4
^
' i upom .requests,
it. it:
c; <;
... j
The
r
-
THE COMMERCIAL & FINANCIAL CHRONICLE,
V ohime 154 r; N umber-3982
203
everybody's lips.
Tomorrow's Markets
Today it's
it was
fascism.
Walter
The softening tendency
market has
been
low grades
as
which appeared this week in the bond
felt throughout
the list, with high grades
losing ground moderately.
as
General
Whyte
(Continued from Page
Treasury bonds lost about
195)
Motors
that
every¬
F. H. PRINCE & CO.
body thought was the^ ideal
stock to have; today it's a
Says
well
Ten years ago
,
BANKERS
around about the
inability of shipbuilding company or an
a quarter point on the average,
the market to get through the arms
company.
Z
:
*
*
The averages most
High-grade railroad issues, in sympathy with the general weak¬ averages.
Looking at it another way
ness
prevailing in the high-grade bond market, registered losses. widely used to emphasize this
the
averages
are
hemming
Chesapeake & Ohio 4%s, 1992, dropped 1 point to 131, Medium-grade, point are the Dow Industrials.
In the last few months with and hawing but 33 1-3% of
rails lost ground and the more speculative rail bonds scored losses,
the market being what it is, the stocks on the Big Board
in several instances sinking to new lows.
Great Northern 5V2S, 1952,
and was, I had a great deal of are through the Dow average
dropped 1 point to 101%, a new 1941 low. V New York Central
time to study these averages resistance point — 128-130,
junior issues declined to new low ground for the year and Illinois
and
the
stocks
that
make and another 20% are through
Central, Western Lines 4s, 1951, lost 1 point at 59%,
Defaulted rails
them up.
It is apparent to the Dow average resistance
has been fractionally lower in light trading.
Several syndicates have
point of 150. That leaves
submitted bids for $2,100,000 Wichita Union Terminal Railway bonds anybody that these averages
PROVIDENCE, RHODE ISLAND
■
•,■
1
and
14,737,000 St. Paul Union Depot issue,
a
Railway announced
\
t
».
„
tive
% % fixed and 1%%
\ 4
utility bonds continued
Price changes in high and better grade
slight, the average remaining virtually unchanged,
be
to
II
activity flared
time
debt readjustment plan whereby $20,000,000
a
in several issues,
up
i
the fact that while the
J
•
*
.-7\;
•
\.-.'"V-/;; %/.
have
penetrate
managed
level where po¬
even
a
tential resistance is
gained
important.
105% and the Youngstown 314s, 1960, lost 1% points
resist¬
number
a
points at
lYs
#
100%,
Small fractional declines have been shown by petroleum
company
obligations, and in the shipping section the International
-
*Js
.
*
*
*
the trader
must
Uruguayan issues closed fractionally
restricted to issues to which clear¬
attached, which may broaden trading in
list.
Moody's
decade there
is
MOODY'S
■j Avge.
Govt.
i
Aa
$
114.66
117/80
11466
91.62
116.02
107.62
118:00
114.46
107:62
118.00
11466
108.70
~
10.
•-
'
_____
___
308.70
114.85
115.04
108,88
91.91
97.16
111.81
108.88
91.91
97.16
112.00
118.20
10760
118.20
114.85
108.170
92:06
97.16
112.00
118.20
114.85
108.70
•'92.06
97.16
119.13
107.60
118.20
11465
108.88
.95.06
97.31
119.16
107.80
11820
114.85
108.88
92.06
97.16
112.00, 115.43
107.80
118.20
11466
108.88
92.06
97.16
112.00
107.80
118.20
11466
10868
9266
*97,16
112.00
Stock Exchange Closed
118.40
114.85
108.70
1.-—i--
6
29
May
16
1
:
j
..
21
14
;
Feb.
!
.118.20
11594
108.16
91.91;
97.16
11466
107,98
91.77
97.00
111.62
114.66
307.80
91.77
97J6
107.09
117.80
114.46
107.62
91.48
97.00
11760
114.<08
107.44
91/48
10727
91,19
17
Low
J
Yr.
Sept..
234
2,88;
233
2.91
3.23
4.29
323
3.06
2.88
330
235
232
3.24
4.29
3:93
3.06
2.75
2:90
3.24
4:28
3.92
3:06
220
3.28
2.89
'
1
'
91.49
96.69
106.56
112.56
106.39
110.15
1*0.77
96.54
109.79
117.55
106.64
116.80
112.37
106.21
91.48
97.00
109.97
112.19
105.86
316.41
1174)5
10621
417,00
112.93
10621
117.40
113.31
_
,
117.40
106 64
91.05
113.31
106.39
109.79
110.15
11275
96.54
109.97
113.31
96.23
109.97
112.75
117
20-312.93
10621
89.78
95.92
109.79
117.00
112.75
1D6,04
R9.52
95.62
109.60 *-112,75'
117.60
113.12
106.21
89.64
95.92
116,52
106.39
117.64
106.39
P020
95.54
106.39
90 48
96.85
a09.79
113.89
106.56
90.77
97,16
109.97
106.56
TO 48
113.31
109.79
.113.70
117.60
.
113.31
118.00
106.56
113.12
109.60
117.80
10621
117.14
>
118.06
106.56
118.65
119.62
105 52
106,74
113.02
99.04
Ago
16,
118.60
107.98
115,89
113.89
96.69
90.34
96.69
105.39
R973
on
110.15
115.24
108.88
92.35
97.52
112.00
"
oo
•
114.08
113.81
310.15 =•13 «■■*
115.43
111.6-1
95.52
109.42
11594
196.74
y'89.92,
€6.97
■110.58
••414.95
112,19 -.109.60
•
•99.52
•79.37.
96,38
105.52
'.106.56
116.22
*11999
89.23*
112.90 * 10694
r
116.24
1939
2.93
3.30
4.31
3.94
3.09
2.94!
'
2.96-
2.99:
3.13
3.02 i
23
337
2.81
2:°B
3.34
4.33
3.96
3.13
3.01'
337
2.82
2:99
3.34
4.32
3.95
3.14
3.02
though if
336
2.81
3.34
3.01;
will
3.37
2/80
3.01
3.38
2.82
3.02
3.40 ;
2.83
3.03
3.37
3.41
2.83
3.05
3.38
3.39
2.81
3.04
3.38
3.40
,
•j
3.35
9
-
2 •«.'"
_
Apr. -25
.38
io
j:
Feb,
21
3.14
3.95
3.14
3.02
4.33
3.96
3.15
3.05
4.35
3.97
3.16
3.06
4.36
3.97
3.18'
4.31
3.94
3.17
3.05
233
3.05
3.39
4 34
327
3.18
2.80
3.01
3.36
4.36
3.97
3.46
3.02
2.78
2.99
3.36
4.38
3.97
3.17
2.99
2.78
2:°9
3.37
4.40
3.99
3.17
3.00
4.01
2.79
3:01
3.38
4.43
3.18
3.02
2.80
3/02
3.39
4.45
4.03
3.19
3.02
3.40
237
3.00
3.38
4.44
4.01
3.19
3,00
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
3.36
237
2.96
3.36
4.36
3.93
3,17
2.98
336
234
2.96
3.36
4.38
3.96
3.16
2.96
2.94
336
4.39
3.96
3.16
2.95
2.93
3.37
4.43
4.01
3.16
2.93
'
_
7
_
31
Jan.
—
"24
■
./ ;• 17 -j_
3.36
High
.
233
2.84
3.06
339
4.47
^
3.28
232
2.89
323
4.25
__
3.81
3 16
3.19
3^8
5.24
2.70
2.90
3.35
4.42
3.52
2.82
mum .
Low
.
3.42
.
L
1940
Year
16.
'>
Ago—
1949
*i'.
56.
.
■
1939___.i_
,,'3.94
<3.25
3.54
3.02
Ycrs An"—
Sept.
'
tT11651; 11275
-103.47'■ 86.if Z"'
02.20
'
*"l09 42 *•'lllt)7
97:00 .1108.52 1104.14 -
95.32
•
82.90
88-13 ,,100.81 f103.1(3
til
'r
,■
>
3.50
-
,
4
rolls around i
month
next
does occur it
likely be on the;
one
most
4.03
3.20
3.08
3.90
3.06
3.42
3.36
4.00
3.12
2.91
4.26
3.20
have
continue
There is
their
near
,"»••'*.
4.70
./•
4.05
'
.
; l
.
the
.
.
:.4.95.' :• 4.551
..
S.70,'
.
,3.56
bond
coupon, maturine; in* 25 years)
and do not piVoort to show either the avzra?e lev°l or the
nrovement of actual •price quotations.
Tb«v tnore)v serve to illustrate tn a mo-e com¬
prehensive way the relative levels and the relative movement of ( yield averages, the lat¬
ter being the true picture of the bond mafket.'
: t-' k.-V
'i 4.
i
t
t j
s,v~eeo
.
outlook
term
or
(you can't buy
anyway); hold all po¬
sitions
don't disregard
averages
them
—
"stops," but stay bullish.
&
•
*
time
those
not
Coincide
Chronicle.
a
,
—Walter Whvte
views
do
*
Thursday.
next
>
article
-
'
'
More
JThe
-
well.
"stops." So
summing up the whole tning,
it amounts to this:
Forget
3.11
: •
do
to
change in either
no
their individual
2.88
4.68
All the stocks you,
bull side.
•
High 19-0__
1
3.37
3.35
...nil,
1941
Low .1941
'2
234
,«
10
"3'
*
/i
103,80
3.07
3.42
14
a
3.07
3.40
28
r.V
3.94
4.32
3.36
.3.39
*
•T.
_.
430
3.35
3.00
338
-v.
21
34
'
■
>
3.38
Mar;: 28''_I__
;;
237
324
i
_
mar¬
swing
about
forth in
back and
to
point range.
I don't expect
any -real change in tempo un-;
3.10
Sept.
Ago
110.81
2.76
3.12
.
.......
1940
2.92
3.96
J, .."•
110.15
106.56
114.45
118.20-: 11427
*118.40
10529
11963
— __
138.20
106.56
1*8.03
•.
2.91
3.09
3.96
.
113.50
2/0
3.08
3.93
3.94
11370
<•
3.07
3.94
4.29
4.34
113.12.
105.66
3.93
4.29
3.29
May 29
.11193
96.54
90.48
90.20
!
96.54
90.77
106.56
106.56
428
3.28
4.33
■
106.04
v.
3.27
2.92
3.33
^„u.
112.19
2.10
2.92
2.75
continue
4.31
•
-
116.93
96.54
2,74
2.75
3.31,;
will
ket
3.33
11J 91
'90.91-
2.90
3 32
112.00
106.21
3.06
3.31
112.19
112.75'
116.90
_•
3.30-'
110.52 ■>>112.75
112.19
3.93
2.97
.
116.111
4.28
Meanwhile for the rest of
2.99
: 110.52 >11223
11-6.61
,326
down.
this month I believe the
2.95
313.12
.136.41
2.90
to go
2:90
2,82
116.80
105.69
3.30
•:C 3.31
13
-6
-■
105.39
10621
2.89
3.H6
:
2.79
v
j-
106 J>6
•105.86
3.06
3.91
worst refuse
3.37
/,-•
112.93
118.62
3.06
3.91
2.74
2b
'•112.75
110.34 *.
.3.91
4.27
■4.27
2.89
2.89
3.*24
*2^9
2.74
235
11,C:_:_.,„„.'
V113.M
-
4.26
3.25
.3.25
2.74
3.29
:Z-
is
•
96.85
;
V"-; 3.29
:
'
115.61
„
_
;
;
s.
110.70
337.77
ZZII-II
■Stock Exchange Closed
;
B '2
:•
110.70
,
.<r
2:90
329
.
2,88
3.29
.
DIgby 4-2727
2J88
3.06
:
vi26
11058 -11321'
91.34-
Export—Imports—Futures
\
3.06
96.69
'
3.93
3.06
96.69
106.74
;
3.93
96 69
■:1'06.34 -117.09* -112.93
4.28
3.93
9195
97.00-
3.23
2.90
2.74
3.93
91.19
237.80
_____
16,
3.29
107.09
91.62
SUGAR
2.89
106.92
406.92 ;
f
2.89
3,06
113.31
11736
1940.'.—
Yrs.
3.06
3.92
313,50
•
if
3.93"
4.27
317.20
118.28
—
1940
Sept.
4.27
323
11660
118.66
_____
1941
3.24
2.91
118.45
1941—_
High
2.91
2.74
118.52
__
3
High
2.74
3.29
■
4.27 *'
•
10
Low
3.29
3
11275
SjTREET
2.89
; 116.61
110.52
WALL
2.88
106.74
96.85
LAMBORN & CO.
2.86
3.06
3.06
10659
14
1
j!
327
3.93
5106-39
91.34
SWITZERLAND
2/89
3.93
June 27
114.85
J
229
3.D 7
4.27
■
106.92
3.07
3.93
4.28
118.71
113.70
3.94
4.29
4.27
97.00 ' 131,25 -133.89*
118.81
4.30
3.24
4.27
118.85
____5
__:
3.24
2.91
3.23
':/ri
111.44 .♦14.427
106:92
2.92
2.75
323
114.44 "11456
•
235
3.30
323
111.51 .'115.04
118.00
118.90
107/62
GENEVA,
2.89
3.23
11290 f. 11594
107.44
105.86
31
•
PITTSBURGH
2.90
3.07
2.92
■
112:00 .7 115.04
91.91
108.34
*115.04
3.07
3.94
2.91
115.24
97.47
9746
,107.44
•
116.24
24
■
11820
105.52
j •:.
i,
•112.00 t
92.06
108.52
119.45
116.06
Jan.
V
; 207.62
21
|
.
28
92.06
108.52
11982
Mar. 28
1
-
115.24'
118.97
10
■
115.24
118.00
112.00 -•115.24
3.94
4.29
*
3.24
July 25
112.00 V 115.04
97.47
3.95
4.30
3.24
22
.
a
4
107.80 >118.20
107.80
119.55
Apr. 55
r
18
1
119.56
,
DETROIT
CHICAGO
Z*v
2.89
4.30
324
2.93
2.92
115.43
97.47
92.20
108.70
3.07
3.24"
2.92
•
;
234
r-v
11290 *,115.04
9731'
91.91
115.24
119.46
ZZZIZZ*
9
'
115.04 -108.70
119.47
23
■
118.00
♦,118.20
BOSTON
Indus
Aug. ^9
"
20
j
107.80
107.98
118.90
119.20 '•<
P. u.
234
•
*
YORK
NEW
i-
R. R.
3.29
'•"
97*16
Exchanges
Corporate by Groups
Baa
A
2.91
15
111.81
97.16
other
Inc.
Trade
Exchange
NEW YORK CITY
3.29
V
91.77.
~
119.55
-
18
June 27
-•
—
91.77
108.88
114.06
*•'
Cotton
Orleans
<)9
2.91
,W
115.43
;
Exchange
of
Y» Cotton Exchange Bldg.
N,
f
2.74
4
115.43
Board
And
will
at
*2.74 '
115.24
5 112.00
Exchange
Exchange,
Commodity
New
Exchange
Curb
Cotton
Chicago
or
S
k;-7"
Stock
York
New
'
>: •"-*1
.2.92
2.75
2.75
—
3.29
2^
9
3.12.00" 115.24
107.62 *118.00
■
York
Closing Prices)
Aa
2.76
V- 3.29
ID
-
.
11524
107.80
AVERAGES
go up
«
115.43
10760'
to
3.29
,315.43:
114.85
107.80
1
91.77
13 8.00
119.13
15
•i.
! W.
in the averages
3.30
•,*:
"
115.24
118.20
118.78
•
not
Corporate by Ratings
3.30
___
12
115.24
-
119.13
-
11
11524
107.62
119.14
July
97.16
113.81
107/80
; 22
t
111.81
119.09
Aug. 29
■
111.81
97.00
119.02
119.11
6
2
,
97.00
P':.
•
119.18
e
3
are
continue
Aaa
3.30
13
.115.-04
>:.v
3.31
•;
15
■y'r
11524
111/81
119.13
9
5
311.81
9162
108.70
119.02
96/85
97,90
91.7-7
108.70.
'5;
Indus
'
9162
108.70
107.44
118.96
118.00
R. R. 'J P.W.
Baa
it
107.62
118.87
_
Aaa
rate *
i2__._
4
Avge.
rate
Sept 16
Corporate by Groups »
Corporate by Eatings
Corpo¬
Bonds
15
i
a
YIELD
BOND
Corpo¬
Average
13
■
3941
Daily
v'.
N-
(Based on Average Yields)
Sept 16
;
t
MOODY'S BOND PRICES
U.S.
1941
i
York
New
may do nothing
while, but stocks that
for
(Based on Individual
Averages
'
a
fashions, economic
,
given in the following tables:
[Daily<.
Members
New
the romantic
are
I
know them
change in
as well as
social.
Ten years ago the
computed bond prices and bond yield averages are word "technocracy" was on
certificates have been
the foreign
(RFC) that
a
1856
H. Hentz & Co.
All of this adds up as
thought. *
"
All this is natural.; Every follows: The averages—as we
eign bonds will in the future be
i
Established
ones.
Official trading in for¬
higher.
given them
Individuals
120 BROADWAY, NEW YORK
But just as
fashions so
attune him-i
However if you look to the self
or orthodox leaders
wouldn't have
Carefully
the outlook when these stocks
old line
Argentine bonds have weakened while Chile and
Exchange
Institutions/
for
and
,
demand.
Stock
Orders
Executed
,
in good
&
Exchanges
York
New
Commission
#
to a change in market'
practises if he intends going
Mercantile Marine 6s, 1941, lost 3 points at 88% following a 1%
to prove this
point you will cn doing business.
point gain last week. Sugars have been mixed following strength see
nothing. For it isn't
last week; the Francisco -6s, 1956, gained a point while the Manati
Here
is
still
another
stocks like Chrysler, General
4s, 1957, lost 1% points.
Further weakness has developed in the Motors or even Steel that
though: Years ago it was the
Childs Company 5s, 1943, bringing the issue to 45% for a 3% point
have managed to do this. No. stocks that the house on the
loss on the week.
the stocks that are up in the corner was reputed to have ai
that were the
stratosphere are the dogs of finger in
In the foreign list sentiment improved as Japanese bonds have
extended their rally with advances up to 9 points.
Other strong yesterday; the issues that a "buys." Today it's the com¬
few years ago nobody even panies
that are the bene¬
features have been Scandinavian loans but Belgian issues have been
heard of, but if they had, ficiaries of New Deal largess
slightly unsettled.
Canadian and Australian issues have continued
ance
Members
refuse to go up.
there is change in
even more
primarily fractional, but the Republic Steel conv. 5%s, 1954,
at
Stock
make
average
point but in
cases
to
mixed changes,
have
stocks
a
not
through the equiv¬
gone
ance
.'r''•' "V-J
:
Chicago
York.
FINCH, WILSON & CO,
Unfortunately these 20%
up the so-called or¬
thodox leaders most people
watch.
Naturally, it is not
easy to become optimistic on
of
r:-,'v,'•
the
of
Laclede Gas alent of the
off after submission of the reorganization
In the industrial section of the list steels showed
behind
are
market.
only
plan.
.
that
backing and filling
number
Associated Electric 4%s,
City Rapid Transit 5%s, 1952, rising sharply.
and Twin
Board
aver¬
ages are
Specula¬
1953, Interstate Power 6s, 1952, North Continent Utilities 5%s, 1948,
Light issues have sold
Members
New
Boston
are-
Colorado & Southern
General Mortgage 4y2s would be replaced on a 2
contingent basis.
having the devil's own about 50% unaccounted for.
in getting through the Of that latter figure another
128-30 level. But just because 1/3
are
with the market,
this is so apparent a number which leaves only about 20%
of people -have lost sight of of the total stocks on the
HIGH-GRADE
INVESTMENTS
expressed in this
necessarily at any
with those of the
Thev
are
presented as
of the author only.]
Thursday, September 18, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
204
■
j•
persuade other large fuel oil con¬
sumers
to the same step.
They
for
cash
of
$250,000
spending
are
their
55?
\
WS
55
.
01 New York
advertising
direct
„
Security Traders Association
from oil to coal and done much to
own
,
}
i
refineries
and
1
mmmmrnk
(Continued from, First Page),
office-buildings
-
—
r
''JOTTINGS"
u
to spread the gospel of
programs
gasoline conservation, not couno
ing the use of their own regular
advertising programs in periods
cals and on the air for this pur¬
Holds Annual Outing At
The tankers currently being
completed are mostly for private
company account, later to be fol¬
lowed by the 87 -tankers now on
order for the Maritime Commis¬
pose.
l
missioned
be
to
x>
; y?J
*
>A\1
5
April,;
step
will
rate
j and these tankers
iyf."
are
com-
next
until
the
when
month
a
exepected
now
Country Club
5-
tankers
;
Hummocks
all from Sun Ship¬
sion, almost
building.
Four
-
up,
of
are
so
Herbert M. May, Herbert M. May
much greater capacity that by
& Co.; Charles F. Boos, National Quotation Co.
April the equivalent of the 50
diverted
tankers
will
have
V been
commissioned.
j Other side-lights.
;
The ancient
oil company versus railroad quar¬
rel was bound to come out.
The
have
companies
never
for
railroads
the
forgiven
.
their
balking
original tank car designs and then
trying to stop pipe-line construc¬
tion.
Twenty-four out of 25 rail¬
roads
approached last year for
pipe-line right of way refused. No
the
between
lost
is
love
com¬
panies and Mr. Pelley.
'}
The gasoline retailers first kick¬
ed over the 7 - to - 7 curfew,
it. increased unit over4
that as one rea¬
claiming
head costs, using
"ceil¬
for disregarding OPA's
son
ings,-' then found it actually saved
and
overhead
No
con-^
'
'
'
*
to have brought
,
seems
one
want to
now
tinue it.
natural for the
that petroleum
products ought not to be burned
anyway for fuel, ought to be con¬
the point, a
coal' companies,
up
internal
for
served
and that an
to
business
push
to
Jr. & Co.; Edward Roach, H. G. Bruns & Co.; George
Hunt, Starkweather & Co.; John Rocamora, Wertheim & Co.; Henry Bruns, H.
Bruns
&
Co.
"
-
-
-
.
G.
•
John B. Cornell, Jr.,
combustion,
opportunity
back
presented
Oliver Kimberly, J. K. Rice,
was
Roggenburg & Co.; Allen C. DuBois, Wertheim & Co.; Victor
Sons; Milton Steinbach.- Werf/ielm & Co.
G. Edwards &
A.
heating
the
the
Brady,
here
depressed
coal
industry.—^ 1,.
„The oil companies have an.
swered
Arnolds'
Thurman
request for figures but with¬
held
for
tising.
No.
adver¬
Question
;
fishing expedition
a
think
j
request
for
reasons
They
is
8
his
to
answers
their
;
to help Arnold's Mother Hub- -i
!
bard
finding
in
j
companies'
i
on the charge of
unfair branding.
So
j
by
case
oil
the
advance
]
arguments
t
false
out
or
■
Arnold
if
|
can
;
wise
!
will
ball
play
he
j
basket.
-j
have the answers, otherthey
SPAB's
the
in
go
waste-
j
of the pipe line
veto
and of Tennessee Eastman request
for .authority
plant
jected
build a: plastics
in line with the re¬
seem
to
Ganb
recommenda¬
expansion.
Dunn
opined that steel capacity expan¬
tions
Dunn
steel
on
Edwin Fullarton Peet,
sion should be limited because it
Ashplant & Co.; Max Bauysh, Ernst
Kimbell, Jr., A. E. Ames & Co.
& Co.; Charles E.
R. Sims Reeves,
Bill Erickson,
Sutro Bros. & Co.; Bill Schoonover, Schoonover, deWilllers
Co.; Chet aefillers, Scnoonover, aewxLlers
W. E. Burnett &
& Co.;
Co.
takes steel to make steel.
•
Incidentally the SPAB pipe-line
Eastman decision might be
and
used
the
in
St.
Lawrence
materials',and
the
spared
now
men
.
:U:5
^ i?'/•
PWl
W-r ?:eiM
'
power
■■
•
5:
555
project, argument.:; Apart, from
.the cost'and the vulnerability to
.bombing, the question is whether
>.r
.
'v ('
•?.:£
-'/.y:/?•';
'A/'.'&k
be
can
for St; Lawrence.
\
<
Opinion
appears
likely
to
•change over whether,- with SPAB,
the President has again dodged
the need of
seems
to
a
be
defense czar. SPAB
true
a
.'centralized
•policy-making and "briorities-al-locating"-body with Nelson likely
to
into focus
come
,as
effective,
;even
more
so
in the war.' .*■
soon
as
Baruch
as
and
—
'
;
'
*
we
a
czar
was
or
not
are
"
't
'
,
'1
Recent
the
add
For
pice-meal additions to
of defense .authorities
bigger than most realize.
power
up
example
Priorities
Regula¬
tion No. 1 makes acceptance of de¬
fense orders manatory.': This
can
upset scheduling and program^
ming in such mass-production in(Continued on Page 206}
Robert Maxfield,
Charles W. Goodeve, F. B. Ashplant & Co.; Michael J. Heaney,
"
1
•
&
Co.; G. W. Kirtland, E. H. Rollins &
Sons,
R. E. Swart &
Co., Inc.; John French, A. C. Allyn & Co., New,
Joseph McManus York; Thompson M. Wakeley, V.-P., A. C. Allyn & Co., Inc., Chicago, Illl., Pres,
/
V"
■*. '
*
'
Chicago Bond Club
"
Inc.
.
,
j^1 XfK J.'.Ui &' OC'&Wli
i*fcV^>?Mi r»»-n
Volume 154... Number,
3982
THE COMMERCIAL &.
205
FINANCIAL CHRONICLE
i.
•
i
...
.
Coffin &
Ralph Now
With Amott Baker Co.
SCHENECTADY, N. Y.—Edwin
formerly conducted
his own investment business here
is
now
associated with Amott,
F. Coffin who
whose main
Broadway,
J. Ralph,
heretofore
with Mr. Coffin,
is
also now with Amott, Baker &
CO.''^;'^
&
Baker
Inc.,
Co.,
office is located at 150
C.
City.
York
New
"Sleeper" Looks Good
• -
International Railways of Cen¬
tral
of
America Purchase Money
1972
particularly
are
tive at this time as a
bank
quality
"sleeper" of
yielding
6.9%
cording to a circular prepared
A.
Van
O.
Suetendael,
of
the
circular
interest
obtained
Charles
Hartley,
Trust Co.; Michael Heaney, Joseph McManus & Co.;
KlrtlandrjE. H^Rollins & Sons, N. Y.
: .-
Bankers
George
H.
Boggs,
Frank B. Cahn & Co., Baltimore; Joseph C. Eagan,
& Co.; Frank M. McCall, J. W. Sparks & Co.
Masterson
Frank C.
dael
on
;
by
Copies
which should be
to,, dealers
from
ac¬
15 North
Broadway, Yonkers, N. Y.
of
5s
attrac¬
may
be
Mr'.*'Van Sueten¬
request.
-
THE COMMERCIAL
206
& FINANCIAL CHRONICLE
Thursday, September 18, 1941
Calendar of New Security Flotations
1
Edison
ed
Brothers
with
lative
the
Stores,;
30,000
convertible
preferred
Of
SEC
$2
STORES,
stoclc,
$50
for
ferred;
s4n.
and Common Stock
of
lieu
.'stock
fractional
*•',•"*. 1
'I
be
'
..
.
Scrip
of
\
;
of
Charlotte,
15,000
common
Address—710. N. Twelfth Blvd., St. Louis,
Mo.
i
chain
of
stores,
women's
and; play
operating "152
in 8T cities
of
shoes,
in, 31
Columbia
S.
Dickson,
1,075' shares
C.„
N.
-
states
and
who
are
sale
thereof.:
District
offered
was
share,
~
the
to
public
the common:
and
at
Offering—The preferred stock to be ofi*
to public,
at price to. be supplied
by- amendment
:
i
-per
j
,j Effective—Sept. 9; 1941* 4:45
erect
.
..
Underwriters—All
otherwise
shares
.
of
St.
noted,
underwritten,
are
Walker
H.
&
un
number
A-2.
Co..
Whipple
Stiftel;
Nicolaus
Si'
Courts,
&
Crago,
Smith
&
Stern. Bros,
Friedman,
Edward
_
St
and
H.
and
used
for
general
of
Davis & Cm,
of
the
proceeds
stock
for working capital:
public at $12 per share.
(9-6-41)
issued
crued
all
of
the
Southern-,
be used,
&
Corp.,
(a)
.
:
■
.
1941
plant.
1
•
TELEPHONE
at
1:15
P.M.,
list of issues whose registration state¬
were filed less than
twenty days ago.
These issues
grouped according to the dates on which the registra¬
tion statements will in normal course become
effective, that
is twenty days after filing except in the case of the secur¬
ities of certain foreign public authorities which
normally
become effective in seven days.
These dates, unless otherwise specifiedr are as of 4:30
ments
are
P.M, Eastern Standard Time
as per rule
930(b),
Offerings will rarely be made before the day follow¬
Telephone
2%.%
Year
1976:
."
SEC
BUFFALO
FORGE
ta
Forge Co. registered with SEC
shares of common stock, $1 par
i
i
:
Address—480:
Business—Manufacture and sale of blow¬
fans
and;
ers
fields
of
Broadway,
and
Buffalo,
equipment
heating,
N.
for
Y.
remaining
well
its
that
vices,
assets,
be
St
pay
sugar
factories, and
and
rice
refineries
and
coffee
plantation machineryWeeks, New
is
principal,
named
underwriter;
of other underwriters to be furb¬
by amendment
Offering—Of the shares registered, 100,000 are issued and outstanding and are to
be offered to the public for account of two
General
stock,
common
company from
stock wilt
Public
Co.
Power
sideration
quired.
iary,
is
facture
,
for
sale
Balance
be
Utilities,
the
the
net
of the
Inc.,
and
,
con¬
be
lic
be
50.
be
selling
stockholders;
shares
are
to
be
remaining
offered
Offering price by
Purpose—Net proceeds to
amendment
from
company.
j
sale
of
the
15,120
shares
company
unissued
stock
mon
.its
jwill be applied
treasury!for expenditure
of
$246,058
of
to
reimburse
1941,
purchase
outstanding 2,305 shares company's 7%
preferred stock, $100 par, or to be used
for other corporate purposes
in
connection
in
Aug.
A-2.
Offering
offered
plied
with
Registration Statement No. 2-4828. Form
(9-3-41)
of
Names
cumu¬
par
the
shares
to
by
The
redeem on Nov.
public
at
shares
ing Dec.
bonds
stock,
$1,152,280
sale
to
MINING
COMPANY
Pueblo
Mining Co. registered with SEC
1,500,000 shares 1 Cent Par Value Assess¬
able
Common
Stock
Address—Spokane,
Business—Mining
Underwriter—No
Wash.
!.V
.
-v1,
underwriter
cents
to
securities
lic
at. 2
used, for
($650,000
bank
a
Guaranteed
A-2
cash,
1943
with
and
insurance
an
SEC
Preferred
indebtedness
-
n.
4%
of
Hoosier
2-4836.
of
terior,
lacquers,
colors and
varnish
be
named
to
—
1*
by
THURSDAY,
HILLS
Black
Hill
&
LIGHT
&
'
Light
Co.
CQv
register?-
ed^with
SEC
$2,115,000 First Mortgage
Bonds, Series A, due 1971; 9,400 shares
».5Yo cumulative preferred stock; $100 par;,
and
100,000- shares- common stock, $1 par
Address—Rapid City, S. D.
Business—Incorporated in South Dakota
;on Aug. 27, 1941, for purpose of contin¬
v-
com¬
Pub¬
SATURDAY,
SEPT. 27
POWER
ation,
Dakota
Power
Properties ol
Engaged in gener¬
distribution and sale
communities in west¬
Co.
transmission,
of
electricity, in 12
ern South
Dakota, and
orated
■
.
communities
Offering—The
Dillon, Read
will
be
resold
Assurance
The
bonds
rural
are
ta
unincorp¬
be sold
to
Society
of the'U;
S.
at
103%,
preferred stock, and an undetermined
issued
to
of
General
common
Public
stock
are
to
with,
SEC
Address—8-1(1 N. Falafox St., Fensacola*
4%%
Jane
balance
and
1953;
I,
Form
In northwestern
chase' and sale
portion of Florida in pur¬
of
electricity and:
Names
of
underwriters
Proceeds;—From
gether
with
ceived
from
sale
$250,000
by
amendment
of
the
in
cash
Commonwealth.
Corp., will be applied
103
as
bonds,
to
&
5%
Refunding Mortgage bonds, due 1968;
demption of
4%
aa
First
so
and
Business—Manufacture
incandescent
tric
tubes,
ceiving
fluorescent
toe
public,
at
a
radio
number
the
eachi
by
may have been
balance
to
be
provements
•
•
to
•
re¬
used
$3,100,008 q£
Mortgage bonds
issued to; the RFC;' and
for additions and im¬
company's
electric
utility
trustees
dated
of
from
un¬
Associates,
6%
to
6V2%
amendment
to
June
Trust—The
109,084
subject
registration
of
2-4840.
No.
1941
are a&
to
be
under¬
foltaes; -
.-.-•••(
~
Shares
No.
27.00.
& Clirtis, Boston.
Weld ft Co.*. Boston.
Hlgginson; Corp.;
Boston;
Lee
21,COJ
^ 10.500
&
Co.,
Boston
lu.OOfl
Waters & Cat., Inc.* Boston r.1:;,* ' 10;000.
Merrill Lynch, Pierce, Fenner & Bean«;,
r
Estabrook
Hale;
New
York
....
dence,
:
.
IV
-
below
list
a
more
or
have
R.
1941,
authorized common stock of
on the basia o£ two shares;
share outstanding,
so
that the
for
each
authorized
creased
common
tor
740,000
stock
and
would
be
in¬
the- amount
standing increased ta 414,368
out¬
shares* The
has outstanding 207,184
shares of no par value common stoclc
Proceeds—Will be (idded to working capcompany
ital,
to
now
which the
increase
in
company deems advisable
view
of
developments-in.
SEC
Turks
Head
July
21,
Provi¬
bldg.*
in
Rhode
the
'
'
loan
-mall
Island
and
r
■
Mass¬
'
'
Offering—The Debentures will be offered
to.
the
Co,,
of
public
toe.,.
is
at
100
Boston;
by F.
^utnam
underwriting
15%, leaving net price
85
L.
Putnam
Ss
&
commis¬
company
**>
z&iie?
■
their
♦
;
■.
COi* Inc.,
as
ible
shares
preferred
shares
for
of July
17,
Business
of
type
onca'*
and
Airport,
development, manu¬
of particular
servicing
.-V
„■
York;,
New;
Municipal
.
light airplanes,, known as "Aerplanes,
designed for
commercial
Underwriters
—
MINING
AND
shares
Address
and
of
513
—
■
•
..v
Bond & Goodwin,
Craigmyle,,
Colo.
underwriting
share;,
Rogers
•
Co.,
&
puhlic at $15 per
ie $2.25
commission,
conversion of the: preferredand 65,000 shares- am reserved foe
upon
issuance
exercise of the *. Warrants:
registered, 45,000: are to
upon
the Warrants
be
etchanged
of
a.
Uke
by. company with., holdece
amount of. presently .outstanding,
warrants,, and) the remaining/20,000
ranta will
writers
be sold by company- to
afc/price of 18 cente
Such Warrants give holders
chase one share of common
warranty
at
,
prices: ranging
share-, .to. $1Q
rants
per
per
War-'
under¬
Warrant
right to pur*
stock for each
from
share; -with,
$7
the
COMPANY
registered
su»;k, $1 par
Bldg.* Denver,
and
milling
;.
.
Underwriter—None
ly
$1
at
will
be
share,
per
ofiered
selling
Proceeds
and
For
—
development equipment
mining
property
near
operation
Colo.
Registration
A-l.
public¬
commission,
Z
Bteckenridge,
Statement No.
2-4571. Form
(11-12-40)
BONWIT
shares of
TELLER,
,
per
war¬
INC.
too*
registered
cumulative
$50.
common
par*
stock* $1
39,334
^convertible
and
131,202
par
Avenue, * New
•'"".r.Ay"
"
■
Business—Operation,
to New
York.
of
(
•
Address—721,- Fifth
City
per
Of
MILLNO
Inc.,
The 30,000 shares preferred
stock; wilt be offered to
22,
,
Business—Mining
.
—
August
Milling Co.
Majestic
ancL
Whitney-Phoenix
Cm*
./Bonwit
Taller,
Inc.* New: York,, are underwriters; for ttto .shares
of
5'/a%
preferred stock
-".V
preferred
stock,
Offering
E.3.T.,
common
Newv York~
,
2-4790. Form
35%
Design,
—
P.M.
Offering—Stock
Ohio
sale
..ubsidiaries
to
1941
Mining
SEC
of $1 cumulative convert¬
stock,
$15
par;
140,000
and 65,000
Address—Middletown
Middletown,
advances
Statement No.
153,145
$1 par common stock;
Purchase
Warrants
Stock
subsid¬
ta
(6-27-41)
Effective—3:0Q
whose
registered
Corp.
advaneeu
capital or will be
debt incurred on pro¬
us.
CORPORATION
AIRCRAFT
be
working
Registration
deter¬
been
to
for
A-2.
filed
shares. Ofr the common; stock, regis¬
tered; 75,000 shares am reserved", for, is?-
the company,
on
according
annum,
with
achusetts
issues
suance
to vote ont toe- proposal to
in ere-il rate
v:/./;.
I.
In
viding funds
of
were
but
ago,
not
unknown
are
Aircraft
Aeranca
1.5v0 stock,
1,5)0'
v 1,50
.
per
filed
used for payment of
5.300
Whiting, Weeks & Stubhi, Inc.* Boston;
1,500
& Co.,
Philadelphia. ..^.^..,.1.500
Minsch, Monell & Co.* Inc.*. New York
,1.556
Brush, Slocumh & Co., San Francisco
1.C0?
Van. Alstyne,. Noel. &
Co., New York
1,00V
Wyeth,' Hass & Co.* Los Angeles ;
v
Herbert W; Schaeffer & Co.. Baltimore
-• 930
Stockholders- of the company voted on.
INC.
Inc.
Business—Engaged
business
iary
3.306
...—.v.', .*.„........t
& Co.,
Hartford
Graham; Parsons <fc Co.,
Boston
Mackubin, Legg & Co., Baltimore
Stein
Bros.
&. Boyce,
Baltimore
4:45
::r .ft
Underwriter—F.
OF OFFERING
.
shares
of
sold
apparently deficient
24, 1941
ASSOCIATES,
Beacon
sion
dates
AERONCA
use
^j,
be
will
$500,000 Participating Sinking Fund Series
A Debentures,
due July 1, 1971,. changed
stock of Beacon. Build¬
Statement
cays
or
facture
shares will be offered to
price to be supplied by
Stock
Associates, Inc. registered SEC
6%
Participating Sinking Fund
Debentures, due July 1,1971
v;
in
•
•
present
twenty
fix¬
and
lamps
re¬
devices
Beacon
owns
building
registration statements
mined
elec¬
of
sale
products,
related
and
tures
and
bulbs,
lamp
automatic
$500,000
(9-13-41)
offering
30,000
split up the
much of the
Refunding
Corp.
UNDETERMINED
100,000
re¬
and
:,
We
whose
?'
shares no par common stock
Address—6Q Boston St., Salem, Mass.
Eliza¬
Street,
ol
May
Proceeds—Will
registered with
Hygrade Sylvania Corp.,
Sept. 16,
redemp¬
First
but
E.S.T.,
BEACON
111.
Building
apartment
Voting
DATES
S-YLVANIA CORP.
HYGRADE
to-,
Southern
follows:
of $2,508,000
be
dialing
Bear
SEC
Grand
;
Development
—
(5-5-41)
BEAR
TUESDAY, SEPT. 30
East
J.
Effective
St.,
(9-10-41)
A-2
re¬
stock,
Boston
2-4835.
No.
YarnalL
gas
of
common,
F-i.
Form
working
for
Statement.
Registration
toe.
common
share
P.M.,
Corp.—38
ac¬
capital
Putnam
Business — An operating subsidiary of
Commonwealth & Southern. Corp., engaged
LaSalle
S.
agreement
Certificates,
stock,
preferred
wane*
Fla.
Utilities, Inc.,. plant.
on
N.
A-i..
par
Corp.,
8,940
outstanding
Jackson
registered'
trust
$1
First National Bank
trust
Registration
and
share
INC.
DIALER,
Dia.er,
of
par
Address—210
statement
$1,700,000
Sinking
Fund
Co.
$5,600,000
First
Mortgage?
Bonds,
due
Sept.. L 1971. Interest rate will be' supplied
hy amendment
tion at
areas.
& Co, at 103. Vk and in turn
by latter to Equitable Life
number of shares
be
various
and
at
and accrued: interest, of
of
Fifteen-Year
Debentures,
due
1941, at 1Q3 V4
COMPANY
Power
of
Power
public,
2-4714 Form
engineering and develop¬
expenses
and working capital
1
Registration Statement. No, 2-4752. Form
-
$100 par; $1,755,250 to redemption on Dec.
.
Gulf
1931
Trust
■-
to
redemption
to
per
of
outstanding
written
tions
the
others
<
,
ment
Building
Building
Chicago,
an-
held by
Extension
Underwriter—Names ot the underwriters,
ities,
the> Dakota
York,
New
received
Proceeds—For
et
ing Corp. are subject to a Voting Trust
Agreement which expired June 16* 1941.
It is proposed to extend tho agreement to
June 16, 1951, through, issuance of Voting
amendment
cumulative
amendment
(9-6-41)
Offering and Underwriting—The bonds
and operations of the Da¬ will be- sold to publia at price to be sup¬
Properties of General Public Util¬ plied by amendment; Bonda wilt be sold
Inc;,, and the business and opera¬ under competitive bidding rule of SEC
kota
$115
at
T/u
poses
business
uing
offered
$1,028,100
—
1942
Co.,
amendment
be
To
dividends,
and
SEPT. 25
POWER
Power
&
underwriter;
supplied by
be
to the paint
industry
principal
Proceeds
1,
St.,
voting
shares of
materials, paint brushes
Underwriter—Shields
Offering
16,
enamels,, synthetic resins,
other products incidental
named
der
var¬
shares
Underwriter—None.
/
:
voting
Chicago,, as agent for voting
ex¬
interior and industrial paints,
nishes,
Jan.
of
3
»*
Telephone
75; 009
Business
v
Beacon
operates
company
company
line
be
through registered brokers and dealers \
Offering—Public offering price, $3- per
;hare, underwriting commission 75 cents
Building
Trustee—135
of
Dearborn
and
sale and
manufacture;
will
•
Address—1201
pur¬
2-4838.
shares
Beacon
Business—Beacon
diversified
of
Offering—The
GULF
,
S.
York,
New
is
subsidiaries
price
SEC
109,084
of
"
111.
Address
Cumulative
Ave.,
Business—Principal business of
and
expir¬
no
Chicago. All outstanding common stock of
distribution,
ami
Registration Statement No. 2-4829; Form
(9-3-41). (San Francisco) '
,
5'/o
with
for
stock
registered
y.
and
share,
Beacon
I
chairman of board
account the stock
TELEPHONE
Automatic
gistered
40,000
Lucius Teter,
of
states
named
proceeds
(3-28-41)
AUTOMATIC
out¬
Agar,
Chicago^.111.
INC.
Inc.,
shares
A.
CORPORATION
trustees
registered
sold
telephone
Building Corp.,
common
$100 par
Fifth
AQ-L..
BLACK
CO.,
be
beth,
BUILDING
:
souther
Registration Statement No.
(9-12-41)
voting
..
No.
Co.,
will
per
will be
Beacon
,
in
for whose
- • '
' •
company*
A-2.
40,000
of
No.
Bldg.,
distribut¬
and
share,
per
corporate
Statement
products
Proceeds—All
of
en¬
such
per
stock
St*
'
by L. A. Cushman, Jr.,
to
THURSDAY, OCT. 2
BEACON
com¬
Utility Co. and for other corporate pur¬
A-2
29,000
Stock,
Address—787
and
funded
Raynolds
$15
general
Pryor
«
Underwriter—None
'y'JJ0;-
Chicago,
Statement
RAYNOLDS
&
of
For
registered 15,000
common
Ten
Offering—Stock will be Oj^ered to pub¬
at price ta- be filed by amendment
'
1945
—
A-2.
to
statement
(9-10-41)
&
Devoe
purchase
par
520
Ga.
ing bakery
purchase
Calvin
no
Business—Manufacturing
post-effective
I, 1941, company's
I,
Nov.
to
Registration
Form
Corp.*.
Deben¬
Registration Statement No, 2-4830. Form
development,
building,
to
Serial
12,500 shares $10 par common
stock)
are
to be applied by company to
acquire all the outstanding capital stock
-
be
purchase
of
equipment,
working capital
:
>
'
public
share
per
Proceeds—Will
,
offered
be
$350,000
pany,
and
named.
*
Offering—To
pany,
tures
sup¬
Republic Co., Inc.,
sale of the 2,000 shares
together with aggregate
be received by company
of other
Atlanta,
outstanding
Remaining
by
B
Address—No.
V
axe
exercise
Class
lic
Warrants,
upon
held
price
31,
certificates
due
1942.
selling; stock¬
CO.
Bakeries Co.
American
shares
Can
■
to
BAKERIES
AMERICAN
Rule Uprice
at
poses
new
and
him
Proceeds
%
of
share
per
•
on
com¬
in.
shares
stock at $25
26,
option
$94,306,000 of 20-Year Sinking Fund 5%%
sole underwriter
is
Proceeds—From
preferred,
from
be
to
be
amendment
Chicago,
of
price
a
York
cents
25
\i>/ ■ 3,
Registration Statement No, 2-480T. Form
Arl. ;. Filed
(7-31-41)
(San" Francisco)
corrugated con¬
thereof
of
Proceeds will accrue to the
company.
New
Purchase
common
Debentures,
crued
preferred stock will
Underwriter—Central
shares
-Vv
be. issued:
to
equip¬
registration
additional
shares
public
—
in
not be less than
125%
Board holders '
said. In¬
investments
holder
expiring Sept.
manu¬
Act,
underwriters,
filed
by
to
share
one
in
Offerings—The
will i be
used to
regis¬
6%
first mortgage bonds to an insurance
PUEBLO
CO.
utility company en¬
gaged in transmitting,
distributing
and
selling electricity in southeastern Indiana
com¬
of
Co.
shares
stock, $100
Address—Rushville, Ind.
Business—A
POWER
Power
2,000
lative preferred
15,120
account
for
Indiana*
SEC
of
the
and
exercise
upon
,,
Stock
entitling
.
Proceeds—Plus
to
with
Co.
formed
of
Principal operations of
jute boards,
each
titling
subsid¬
telephone apparatus and
and
issued
Common;
standing
.
amendment
is
Southeastern
Paper
was
Offering—1,347,748 23/40
ser¬
with regard to existing cirSuch offering-price will not
110% of toe
time
to
highest bid price during toe day of sale.
Underwriting
commission- .on the 86,233
into the company
approval
subsidiaries
a
principally
engaged
of
public,
and
to working capital.
Registration Statement No. 2-4832. Form
(9-6-41)
tered
for
substantial
hais
addi¬
in
CO., Inc.,
Utility Holding Company
ac¬
will
proceeds
INDIANA
assumption by
phares registered has heen made
subsidiaries
service,
determined
be
-time
Underwriter!—NO commitment to take the
!.
1,
competitive bidding rule of the SEC's Pub¬
A-2.
SOUTHEASTERN
to
1898)
tainers, bags and allied products*, Company,
Co;
communication
Electric
artists'
the
to
to
names
ished
in
and. subsidiaries are conducted in the
S., ?where they, are engaged primar¬
also
Thirty-
due Oct.
will be sold to underwriters under the
as
used
balance of
properties
of
International
and stockholders
bond papers,
:
telephone
Underwriter
added
Underwriter—Hornblower &
York,
of
of
formed
pany
5®
Telegraph
telephone
furnishing
Western
ment
Dako¬
be
and caramon
Dakota
manufacturing operations; ma¬
and equipment employed in
tools;
so-called
acquired from
and Dakota Power Co.
The
shares
Proceeds—To
bonds
created
chine
to
company
presented:
Directors
U.
be offered to public
selling shareholders,
at arbitrary prices
by
underwriter
from
to public
be-offered
to
After this acquisition
plan of consolidation of said
a
Company)
company's
$90,000,000
■'•
operating
of
mainly
tion,
the
as
air condi¬
tioning and of removal of fumes and dust
in
ventilating,
the
preferred and common stock
to be received by General Public.
Utilities,
Inc:, will be offered to the public
in
use
for
Properties
that company
COMPANY
Buffalo
113,120
Power
payment
stock
York,
aggregate
issued and out¬
and are to
for account of certain
standing
Inter¬
including
Co.,
exceed
Address
part
(New
ternational
•
DEVOE
in
?
23
the
of
June 23; 1941.
'
i'rK'.V
Broadway, New York, N.
?■■■' , "■
v,-:
Business—Principal business of company
Y.
Form
SEPT.
Power
Such
already
are
regis¬
of
previously
shares
SEC.
the
and
pf
TELEGRAPH
&
shares
cumstances.
will
;»-J
> <
Debentures,
Registration
ing.
TUESDAY,
of.
assets
with
.
Co.
adian
with
Vr
v
the
■
16,433
and
tered
86,233
international Paper Co
St
International Paper Go;
5s,
Address—195
13;
SEC,
it.
warrants an$ war-?
of
to re¬
Ref., Mtge.
improvements to
registered
(7-13-41)
Effective—Sept.
when
raifk scrip of;
to¬
RFC, at 100 and ac¬
(c) to. construction of
and
Five
and:
a
St
1st
the
interest,
American
at $105
company,
Registration. Statement No. 2-4796. Form
A-2
time
toe
in exchange for stocks,
COMPANY
outstanding
balance
Offered—To
E.S.T.
Following is
bonds,
MONDAY, SEPT. 29
is
-
the
Paper
to
of
all
Paper
9JK«
over
prior
effective,
acquire
national;
and accrued
to
AMERICAN
to
share;
r<
of
at 103.%
Chi¬
preferred
redeem
ta
will
price
bonds
but
.
per
used
becomes
bonds
a
The
York,
New
Y..
Registration Statement No. 2-4834. Form! ily: in'manufacture and sale of kraft paper
produetion,
and
board
(bleached
and
unbleached),
;
y
mechanical ;A-2. (9-8-41)
groundwood
specialty
paper,
book
and
for
7%
cor¬
of
will
$6,177,500
electric
type
500
v
at
St.,
;
Offering—The number of shares to be
by
the underwriter
consists of
the 69,800. shares currently registered with
Business—After the filing of registration
statement,
...
and associates
Proceeds—$112,000
500
...
sale
company.,
additions and
asso¬
equipment.
repair
co¬
42nd?
of
Los
Co,,
Si
offered
company .of all liabilities, of International
been
and
b&
Registration. Statement No. 2-4831. Form
A-2.
and
rural
E.
CaL
Angeles,
$15. par value-
Paper. St Power Co.
Wis.
5(10
;
be
!'■•
With
500
Co
purposes..
tools
for I use
designed
cago
50(1
•
—
Co.—
equipment
Underwriter—Paul
500
.
hand
apparatus
500
Co.—
Proceeds—Will
porate
800
Canavan
Jones
ciated
cools
&
&
of -mechanics'
public
amendment.
N.
/
interest, (b)
redemption of so much of the $2,750,000 of
1st & Ref. Mtge. 4s of 1951 as may have
stock
28th
Ave., Kenosha,
Manufacture,
purchase
maintenance
Co., Kansas City
Brokaw & Samisfe
D.
Whitaker
sale
—
1,0011
__
Gardner
&
Business
the
to
Commonwealth
i, 1955,
Corp.
registered
$1 par common
shares
41,439
Address—8028
6
>
,
•
;■
Brashears
Underwriters—G.
Paper Co., registered with
1,387,748 23/40
shares« of
common,
Address—22Q
Bur-
and sale
service
airplane equipment
gether with $250,000 in cash- to be. received
jwa. ES.T.
CORPORATION
Tools
Snap-On
SEC
1,000
Inc..
Atlanta^.
&
Simon
M.
Con,.
;
Cot,
Reinholdt
E
&
C <3L—
TOOL
to
SEC
Terminal*
Air
bank, Cal.
;
Business—Purchase,
1
irom
/ V, vv,
deem
SNAP-ON
COMPANY
stock,
and sale
® nderwriting—The
and
supplied by
Proceeds—From
<
Bedell &
StiX
(8-25-41)
OCT.
dis-.
at retail
rural areas,
electricity
offered
be
be
parent
Shares.
—_9;700
& Co., Chicago—
6,000
Co., Inc.,, Providence.
3,000
Francis,. Bra. & Co*_
2,0(10
Alex. Brown & Sons; Baltimore.!
2; 000
Newhard* Cook & Co...
1,000
Bacon;,
VV'-!;
registered with SEC
mon
stock, $1 par
2-4837.
No.
International
be sold under the SEC* s competitive
bidding rule, with underwriters to be sup¬
plied by amendment
'
Registration; Statement No. 2-4822 Form
j
Statement
(9-11-41)
INTERNATIONAL PAPER
5 will
per
$17.75
at
of
Supply Corp.,
69,000 shares com¬
/ Address—Lockheed
of Miss-
SUPPLY
&
CORP.
Airplane Manufacturing &
•
Miss.
purchase,
of electricity
communities,
Offering
to
of
follows:
as
No.
Ck
■
.
Louis, Ma.,
and
share
$102
sale
wholesale
will
preferred
stock
and
135
portion
generation,
MANUFACTURING
AIRPLANE
products, in
I i WEDNESDAY,
supplied
be
Gulfport,
operative associations
the pro¬
The.
St.,
southeastern
in
from,
to* receive
I4th
the
at
stockholders
ceeds
in
tribution
2,500 com¬
V'.'
•'
and
common
preferred
the
issippi,
■
shoes,
)
less
within
,
stock
located
the
'•
.
&
hand--
and
stores
;Vl*
to
A-2
of
sale
.
amendment
subsidiary of Commonwealth
& Southern, Corp>. this company i3 engaged
550.
preferred,
7,500
Interstate
Securities
-
Form
Business—A
preferred
Bros.
1971. Interest rate
I,
and
lighting field and the radio
,
Registration.
i
Co.
registered with
First Mortgage Bonds, due
Address—2500
Inc.,
COMPANY
POWER
Power
$8,927,000
Sept.
registered are to be offered to, the
public for the account, of three selling
dress
hosiery
retail
Co.,
Stein
common;
" common;
I Offering—The
Business—Company and subsidiaries en¬
merchandising; at retail through
"hags,
manufacture
the
mon
sport
SEC
Corp.; Charlotte, 250 preferred,
■■
gaged in
a
in.
Baltimore,
shares
.j
'MISSISSIPPI
com¬
C.
by
shares
Boyce*
preferred
shares
Mississippi
N.
furniture
Underwriters—R,
pre¬
i1'.
25,000
manufacture
the fluorescent
j;.
.....
tube field
par
} Business—Engaged
issuable
of
theJ
•
|
and
Address—Morganton,
shares
the
par,
$2.50
$100
stock,
mon
195(11
reserved
of
shares
conversion
upon
•
stock,
cumu¬
15,
66,666
par;
common stock,
to
issuance upon; conversion
par
(9-8-41)
SEC
register¬
Inc.,,
Sept.
the
Registration Statement No. 2-4833. Form
■A-2.
Morganton Furniture Co. registered with
1,875 shares 6% cumulative preferred
INC.
shares 5%
(until
COMPANY
FURNITURE
MORGANTON
OFFERINGS
EDISON BROTHERS
York
-I
i:
specialty
store
City
:.Underwriters—To be Died by amendment
.Offering Terms —. Preferred and cornmom wilU bu publicly offered:
at prices
to
be; fired' by amendment,
except that 100 202 common shares wilt he reserved
for
conversion
ot preferred
.
•; ••• •-
i
.
■
Proceeds—Stock
will • be sold by Atlaa
Corp. and the- American. Co.* parents, and
bd
proceeds
pany
v?;.
V-
will
A-2..
be received
:>■'
Registration
.
bv
the
com¬
-V,
Statement No.
.
i
.
m
(4-30-41)
-..-.-v..
.
2-474®. Form
$
*-•
-i
.
expiring Dec..31*. 1945>:.!>r.-.■»*».'
BULLION, INC.
.j, :■/
Buillorr,; toe.,r :'registered 1 •
»;0; shares
pay .--offoutstanding
indebtedness;. Iot. ,.o£-- $L - par -.8%^'
noB-eunmia'i:-^.^referred
working capitoil
purchase; of equipment -stock: and: 110,008 shares of f •
-m'stock
and
■-ten cent par
machinery plant expansion, v "'i' - "
Registration Statement No. '2-4789: Forns
•Address—1st ■ Nat'I Bank
/J^DeadA-2.
(6-27-41) Cleveland-Ohio.
'»?*. & \* wood',. South' Dakota'1
Proceeds^-Net
proceeds- will he- used to
..
.
Effective—JJ :30
as
of--4:45
P.M.,
AM.,. E.S.T. August
E.S.T.,, July,. 16, 1941
-
15
Business—Gold
mining "I
Underwriter—None
:.
.
Volume 154
*
207
CHRONICLE
tTHE COMMERCIAL & FINANCIAL
Number 3982
Calendar of New Security Flotations
will
Offering'—Preferred
t
offered
be
publicly
at
$1 per share, and common at 10 cents per
M .vjshare ** v; f*
'V. *'
'«*•y'v;
t
Proceeds—For; development
of mining
(5-2o-4i)
.
CORP.
I Columbia Gas & Electric Corp. regis*
,-: tered
$28,000,000 / serial-. debentures,
due
'V- 1942 to 1951, and $92,000,000 sinking fund
(debentures due 1961 ■■-iy
-'fly*fy7:
fy-jUfc Addt-eSs-^-ftl Broadwayi-i'N'/'
i
Business—Public/, utility holding
comCOLUMBIA
GAS
&
ELECTRIC
"'
stock
of
its
proposed
has
lic
-
LUkenst Steelv>Cdr
-
and
Light .&
Light
Co.,
Power
public
to
offered
American
of
for
the
Power
&
Co.
-
v.
v
-
/'y/y. /"
pany
$10
registered; with. SEC.
common stock . Light
&
Co.-/)..Y;')/.
Power
'
York and in
v'v-
Offering—Both issues will be publicly
V-v offered at prices-to filed-by amendment
:
Proceeds-r-To redeem $50,000,000 Deb 5s.
;
) '
-
Stock
April 15,
to pur-
due
5s,
1961;
* Serial'
$3,750,000 y4%, 7 guaranteed
1942-46 of Ohio Fuel Gas Co.;
subsidiary,
and. $3,750,000
guaranteed1
a? notes
a
due
^United Fuel Gas- Co., e
subsidiary, from the.holders thereof; and
to
make a $3,402,090 capital contribution
to Cinn.; Newport & Covington Ry Co. to
enable that Company to redeem its out*
notes > of
?.vvm serial
'(
-
\
5s,
$4,750,700
Deb,
$50,000,000 Deb.
1952;
V: 1952;
,
?■'/'chase
standing $3,303,000 1st & Ref';. 6s, 1947 '
Registration Statement No. 2-4736. Forrti
A-2.
(4-10-41); .1" ' y "V ')-";y '.*VvT'*'V
'.
^
Coatesville,; Pa. w; / SENECA, FALLS MACHINE CO. > ^
registerec1
a
non-integratee //Seneca) Falls Machine Co.
with
SEC) 225,000
shares common-'stock
steel producer/ and its principal business
$1 par.
-: * • •
?■
is manufacture Of carbon and alloy hoi
Address—314 Fall St., Senca Falls, N- Y
rolled steel pl«t'e$-.-1
Address—First
.
-is
Jersey City, New Jersey, which
»
Exchange and other Exchanges.
Call for Our Booklet
y
.
„
?
/^r Pistell; -Wright, & Co.."
york/ :named principal: under:
writer; "others -to- be named bY amend/
?'Business—Manufacture
Underwriters
Ltd;/- New
&
Offering--The 175,000 shares, are alreadj
and>outstanding and
are) to bf
to
public for account of certain
Issued
f.-i
<i,1 6 •'
.
t'-u
>
■-1 ' '"*4
has
advised
it
that
company
■
xyv.New York
50% 'participation
the
at
underwriters'
Offering—The
-
offered
)'
;(7-25-41);4);„;/;i'yy,:V;
;I5;:Exch«nf«'Place
^
the
to
price of $4
tribution
share
per
and
shares
225,000
public at
Proceeds—The
entire
will
be
share
proceeds will
$5
and
equipment,
tractors
BOND FUND, IXCyy-'y:
to? certain
selling
stockholders,
MISSOURf. UTILITIES CO.
».•//; accrue
Composite Bond Fund, Inc.,- 'registered'
.who are selling such shares, already
is¬
Missouri 'Utilities^ Go. .registered w.ith SEC;
fe with SEC 32,500 shares $1 par common $3,150,000, First Mortgage Series A 3Vi %:] sued and outstanding, to the underwriter
v stocky;;,;.; •;f:';- ;%'ly:
borfds,
due
June :'l,
1971;' 14,000 shares: / Registration Statement No. 2-4806. Form
:
; Address—601:; Riverside
Ave., Spokane,
A-2.
Filed
(7-31-41)
;
/ / ' /
;
5%• cumulative preferred stock, $100 par;1
:• V' Wash.-.
y.
'-f ' :
..
/-)'-•• '■
; A
and 125,000 shares common stock, .$1 par.;.;
SHAWNEE
CHILES
SYNDICATE
^ : Business . ^ Open-end
investment- trust, ,l Address—Cape Girardeau, Mo;'"?'"limited to investments in bonds. '
Shawnee Chiles Syndicate registered 9,Business—Engaged principally - "in gene^f
Underwriting—Murphey,-•*Pavre >.&•', .Co.,
970 shares'of common stock,
$10 par ' ;:
ration, transmission, distribution: and sale,
Address
320
Denham Bldg., Denver,
•;v i8pokane,. Wash.,-.is
underwriter and dis- of electricityi in 56 communities in Mis¬
;; tributor,
purchasing said shares at the souri and two'in Arkansas. Company Is1 Cohr.-"-"-'■ -'*• ••
()'-/:■-./'/*))):
'-. ■*■/'V'
net asset value then in effect for distriBusiness—Development of oil and gas
a
subsidiary
of ';. Community 1 Power
&
>
y.
butlon to public at such net asset value
properties
Light Co.., r
»{■,
plus 8'/*%.7
Underwriter—None • Underwriter—The bonds are not to be;
Offering—To be offered to the public at
Offering—^4,985 shares are to be present¬
sold
to- public;
they are to be sold b.:
V .vthe then , prevailing market price/7 y-yy/;
ly offered at $10 per
share, and balance
company to Dillon, Read & Co. for 104 V*/
y
Proceeds—Will:,' be used for investment
will be
held reserved
for options giver,
and tn. turn
to be sold to Equitable,.Life;
purposes. '
,;'V'yV-\*.*/ /Y,-.y
to purchasers of the 4,985 shares, for pur*
Assurance Society of the U, S/.for 104%:
Registration Statement '.No; 2-4825 Form
chastf of additional shares at $10 per share
Names of underwriters of the 57« preferred
sale
and
commercial
of
semi-trailers,
and
per
net
'),y.7;-Vi'y
y
•
')
Jersey City, N. J.-
•■<v)
i;
•
pro
,,
■
">^1
\ y)*/ v
'*•'v.
1
'iestablished im
2 Rector Street
sell to Burr & Co., New York, f
in said 225,000 shares,
to
poses
Will >; accrue to/.the, selling s
V'-V i'-;;V;
Registration Statement No. .2-4799. Form
A-2.
and
-
and
V Proceeds
stockholders
Ipgiatrar attb ©ranafpr (Ernitpattij
ma¬
automatic
Co.,;- Denver, Colo., has underwritten
all of the .225,000 shares^ at $4 per share,
offered
iforlfhnlHpfti
of
sale
and
principally
tools,
''/.N .'
'• "-:UnderwriterS-^Brownu Schlessman, Owen
i':'>»-'-'..-i-y 7:'-Y-7
ment:
chine
semi-automatic-, lathes /..'/f■),/:'r':":•
■COMPOSITE
iV
dual
our
Ave.,
Business—Company
V
y
advantages in
Transfer Agent in New
as
arrangement is acceptable to the New York
/;
/
7
par
find
arrangement
vi
.
'
will
-• You
•
additional
355,250
TAX
SAVINGS
OTHER
AND
shares orginall.v
registered with the SEC on April 21, 1941,
for/.public offering, but now withdrawn
from
registration,
constitute the sharer
outstanding and ..owned by United Light
&) Railways
Co,, a subsidiary of United
The
TRANSFER
STOCK
shares are those that
owned, , and
outstanding,
be
to
are
account
shares
710,500
from
According to the amend¬
American
North
by
be
355,250
/presently
are
(estimated)
shares
175,000
-
such
ment,
par
value common
offered to the pub¬
$20
to
reduced
been
355,250 shares.
to
is
Proceeds—Stock1 registered
LUKENS- STEELI-CO.
'
v
shares
of
by
owned b>:
parent . company,/Middle
Western Tele¬
phone1' Co., which will donate a portion,
to La Crosse Telephone' Corp.1 and dattei;
will
use
proceeds
to- retire, outstanding
preferred stock■•//'. ''ty:*/i-'
Registration Statement No. 2-4717. Form
A-2. ■ (3-29-41)
f. -
Registration Statement No. 2-4763. Form
A-o-i
filed
be
■: /,
Co.
Eroperties, and working capital
machinery and
quipmeht, purchase of
>
to
price
.
«
:
at
offered
amendment, : except that 2,406 shares will
be
sold to Central Electric & Telephone
; >
trance
trailers
Docnes.
truck bodies and
by
Certificates
of
Latter
Interest.
be surrendered under the plan through
may
Seattle-First
trucks
j Wash.
Underwriters—None
x
sented
parts
cabs for
National
Seattle,
Bank,
each 25/148,750
Owner of
fractional
1
above shares: to be of¬
to all its stockholder."
$100 per share of .7% pre
Offering—The
.
fered
at
!
by
price
ferred
,
.
of
and
through
of
*
of
at
rate
and
each
for
shares
5
share
stock held, and
of
of
will
first
of
for
common,
of 2 Ms %
share-
per/share
rights,
stock
mon
ferred
•
$8
preferred
77®
share
company
receive:
mortgage
second
share
one
77o
of
$12.50
value
par
bonds,
stock
and
the
new
of
'V
'
.y
value
par
income
capital
/,.
company-
pre¬
bonds,
mortgage
com¬
$12.50
(a)
y)
Registration Statement No. 2-4811. Form
at rate of one share
.
of
stock
common
for
share
each
com-1 E-l.
of
—
stock
mon
.
denced
,
.
thirtieth
/'
x
.
.
l'<:K
LIGHTING
its parent National Power
which latter cdmpany also
to purchase' the remaining
13.'chares of outstanding common stock
of company;;':*Z \Z-i\7"2 7 ':■'
«<•£*V'T'
Light
&
holds
;
-'-
by
held
,y are
.
Co.,
options
Address—900
\
<
by-amendment.
utility
shares
^
•-
1/
company,
public
to
for
ac¬
&
/aud;. lSlO$8, shares...will
for'account' Ot Com-*
Light Co, :,The 125,000
be. sold
will
stock
common
to
oil
of
/
-
,
to publie
Power
and
drilling
ment
developmeni
and
but
E.S.T.,
-Southern
pub/
registerec1
stock
gistered
Preferred
dividend
Community
.»
V
•.
each
for
each
holders
shares
stock,
common
Milam
—
Bldg.,
$2
for
Moore-McConnack
LINES'/ INC.
30,000 shares of $5 cumulative convertible
preferred
stock,
$100
par,
and 235,00(
.
of .common,
shares
$1
par
••;<•••>■:
/ Business—Engaged
marketing* of
leasehold
oil
in
oil,
crude
interests
properties
wells
Is-' *in
Address—5
in
in
Columbia
parent
par.
producing
or
interests
shares
oil
in
.
.
.
RAND, LTD c
»
Kirkland Gold - Rand, , Ltd.,%- registered
with SEC,
under refiling, 500,000 shares
common stock
$1 par 'u'd
Address—360 St. James St.*-j.West,: Mon-KIRKLAND
j
GOLD
' -r i
I ' Business—Engaged; in development, ac-; quiring,
holding,' selling> and) operating
gold,
silver
and other, mineral; mines,
"1 Company is still ih the development Stage
«
Underwriters—To be named by amendi treal,
-Quebec,' Canada
J'
Kuhn,
Loeb
are-retaining 22,500 of such
shares as an investment -
com¬
understood
It -is
mon.
that
Co.
mon
of
xProceeds—None
bv
received
the
'
7)Y
■-.'.-vi'
offering—Above shares to be
offered tq
i public
at v $1.25- per share; underwriting
i v:.;v.l commission is ;43%- cents per share >« ,-ltU},
;•••».(
Proceeds—For development,1'purchase of
equipment-and working- capitals.
Registration -Statement No.
Refiled
2-4727. Form
(6-16-41)v V/y
•>.'t.-4LA CROSSE.. TELEPHONE: CORP. V:
|
La Crbsse .Telephone^ Corp; registered
32,080- shares of common stock, $10 par
ty.*
Address—La Crosse, WtSOonsiriv'
Business—Telephone »etvice,tp,,-^a Crosse,
*
Wjs.
:>v'
i
*
C
.
Underwriter—Alexr"*'
.
.1
•
shares
Nebraska-
Brown
&' Sons
—•
be
•-•5.
.CO/xvK/*
GAS
Gas
of: common
Co.:
registered
$20
stock,
par
Omaha,
•'./) ~
Aquila. Court Bldg.,
'■
-
and
Business—Production
Countv
per
Electric
&
Bluff
share
?
with
construction
A.
proceed
Project
to
project.
proposes
of
the
transmission
.J4'
Underwriting .and
i-
Pa., ))
of
the sec 4,000
stock
Penn
>))
1941,
Pittsburgh,
Ave.,
Business—Incorporated
April
";V /x )'
Delaware
in
on
of
business
selling drug
store merchandise
Underwriting—None
28,
to
Offering—The
stock
will
be
be
and
Registration
A-2.
the
by
retail
Proceeds—Will
equipment,
for
used
part
of
that
to
of
the
bonds
effect
VIRGINIA
)
natural
gas
Underwriter—Blyth
LAND
$50
in
by
one
inserting
or
more
a
miles
50
-
1944
notice
newspapers
iri the city and
county of San Francisco, and in New York
City.
There will be no underwriting *.
Si
i. Registra H«ii> Statement hNo? 2-474V-;Form
/"f
Northern
-Natural.?.;,Gas
Co.
filed?-an
SEC
4,547
stock, .-,$199 ,.par,
"number)
7%
cumulative
and, 81,095
.Stock*, no-.par, ix.x
Address—31st & Robertson
.ipotL
,
ameridment/'to 1 Its-" registration-, statement; cinnati,
with the SEC> -disclosing •-that-the
shares
i
O.-
r;
-
-:i'
Business—Manufacture,
preferred
shares
com<.
^
Aves.,
z
Cin¬
v
dis¬
■
assembly,1
equip¬
equip¬
capital
working
west
Commission
"ly)/-.il. /y '
of
as
'
y
April
Dade
18,
1940
Offering—Interests
at
prices
of all odd-lot dealers
lot account
and
lots
who handle odd-
specialists
,the New York Stock Ex¬
on
change,;. continuing
current
based
: are
)
-
will
from
sold
be
$20
acre
per
y;
the
up to
to
The figures,
-yl yyy
:;&■}
•
given below:
Stock
of
SEC
shares
5,950
Odd-Lot
by Dealers
Sales
Purchases)'
(Customers'-
/
y
•
11,767
Niunber of Shares
.
Dollar
•>
Odd-Lot
/
>
due
Sept.
Mortgage
lative
1,
1951;
Income
Purchases by Dealers
of
Number
)yy,','
""
(Customers' Sales)" '
Orde/rs:
Interest,
12,751
12,882
Customers' other sales a—
of
Number
____
t,7
Shares
7/Customers' short sales
I
Customers'
125
306,690
other sales a_.
Securities
«
Business—Incorporated
to
acquire
Seattle,
said
title
Wash.,
and
apartment
to
.-;
,
Total
a
of
the
securities
be
offered-under
divided
to
holders
fractional
:
shares,
a
Plaii ' of;
Re¬
of
148,750
un¬
latter
repre¬
;
/
y
0
89,160
of
-/and
to offset
;
sales 'to
which
is
,89,160
——
Dealers
;
Shares*
Sales marked "short
b Sales
register¬
■
ed *will
organization,
sales
ed with "other
Underwriters—None
Offering—All
y
Shares;
Other sales b
Number
}7
■
of
Round-Lot Purchases by
operate
and
.
;
1941
3,
Apartment,
own
'/".'y/);
'..i'
July
on
Whitworth
to
9,530,374
by Dealers,
-Short sales
Seattle,
)
310,443
Valuq
Number
I
7
Bldg.,
''y, "J)■/
.
Dollar
Round-Lot Sales
3,753
•
Customers' total sales
bonis,
Non-Cumu¬
1, 1961
due Sept.
'Address—311
Wash.
6%
131
y);' Customers'; short sales ;.— y
Second
$74,375
and
Bonds.
304,731
/12,012,172
Value
'
'57®
-
-
Orders
of
Number
[
stock,
common
; )
Total
For Week
y
•/
registered
cents par $74/375 First Mortgage
•
1941
Aug. 50,
/. /Customers' total sales
Apartment, / Inc.,
ana
New York
Stock Exchange
Week Ended
/ '
INC.
Odd-Lot
Dealers
the
on
•
the
for
Odd-Lot
Specialists
specialists,
r y-
Transactions
Account
(5-23-41)
APARTMENT,
reports
upon
and
dealers
odd-lot
are
—
Registration Statement No. 2-4767. Form
published
filed with the Commission by the
;
~
of
series
a
r
being
figures
by the Commission.
which
odd-:
the
stock-.transactions/for
.E15Q- per: acre,/,„ / / ....■ .*v
Proceeds
For development of lands, %
purchase of equipment, and working cap
S-10
30, 1941, of complete fig¬
showing the daily volume of
ures
i
Miami
Exchange
and
Sept. 8 made pub¬
for the week end¬
summary
yy \,r
Underwriters-—None
public
on
registered
Co;
of
a
ed Aug.
2-4818 Form
No.
CO.
Land
,
K^'Vv'!7J'-
plant
and
;
Building, Coral Gables,
County,-Florida
■/y -yy'-y
with
or
,
4
per
of
29
Address—Theatre
.
and: Power Co.
$1
seagoing vessel;
of
(7-19-39)
of
f,
warranty
deeds
representing
interests in
oil and
gas lands in the Everglades, Florida, about
Virginia
Whitworth
circulation
general
commission,
Odd-Lot Trading
;;/x/x>-.):;;:yy
■
,
direct
at
purchase
capital
working
for
:y
common
company
druggists,
Statement
(8-22-41)
of
shares
4,000
(exclusively)
per,share..'
in
engage
sold
to
Offering—The Obligor:
proposes to advertise for bids for all
and
lic
druggists
common
WHITWORTH
States/ and
per
and
held
registered with
par
United.
Point,
Obligor—T.
?
$5
The " .Securities
by
and for
'<
bonds
mortgage
ital
near
The
•
price,
Registration Statement No. 2-4133. Form
$5.T)
stock¬
Corp.
debt
current
repay
costs
both in
Tomasini
--also has secured necessary approval of
plans, permits and authority to construct
the bridge from War Department of the
California.
r"
Proceeds will be used to construct, oper¬
Co.,.) and others ate and maintain the tube and toll bridge
to be' named by amendment- ;
! i / "
/ Registration Statement No. 2-4815. Form
■Offering—Stock will be publicly offered
A-l.:,,(8-15-41) - •
i
,
at price to be filed by amendment.
Proceeds—AU "proceeds
will be? received
TRAILER -- COMPANY OF AMERICA
x
by ' selling k-stocKhoiders, ' United - LigHt -,&.'
/
r*"Ji:cr Co. of America registered with
Railways Co., and North American,Uight
of
,,
.
Natural
Northern
710,500
..
f A-lv*
-
Marin
expected to be completed by June 27,
NORTHERN ; NATURAL
[} Address
-!>
-i,«nent't. 1
will
proceeds
the
company
Registration Statement No. 2-4715. Formj
A-2) .(3-29-41)
v
J
•
$100,016
wholes ai.e
no
.
-
'■
ment,
share
new
-
J
'.;^-
Gas
Address—6543
■
'.
at
basis,
5
associated companies,
and
burgh, Inc.,
proven
of
drilling
Texas,
thereon, acquire rovalty
.
■
to
*
•
:
share
)))
-) "
/Y
production
and .;:yy Pittsburgh, inc.;,./'■■))./■"•/:';v
United
Wholesale
Druggists
of
Pitts¬
acquire mineral
.
.
-
Com¬
*. X
Antonio.
San
1
-
'
■
.
Hartwell
offering
Effective—May
Registration Statement No. 2-4379. Form
"A-2. (3-30-40) •:•
: )
•
-
share held at
a
held
first
construction
.
.
)•) V'-V,.-;
a
On
Proceeds—To
,
J.^
Brown
—
purchase
Electric
&
■
subscribe
share
$2,835,000
Broadway,' New ' York* Citt;
mind;- After such disposition, company
proven and developed oil properties.
Business—Operation of " vessels in South
Uii will have ceased to be either; a subsidiary
'Underwriter—Willarti York Co., San An¬
;American:, trade.".
Vi>/:/
- or
an affiliate of National Power & Light
::
Und'erwriter$-/&-H. Rollins & Sons In- tonio, Tex., has agreed to purchase 44,Co. Kot Electric Bond' & Share * Co.; ; v "v '
750 shares at $1.75 per share and 74,157,
mrporated,;land
Schroder' Rockefeller &
Registration Statement No. 2-4827: Form
shares
at
$2, from company.
;
Co., .inc."':'/-)":''
;
Offering—118,907
shares to
be offered
./.J' A-2. (8-29-41)
|
Offcrin?—The preferred and 85.000 com¬
to
public at $2,375 per share; remaining
mon
shares
will/be offered publicly
at
KENSINGTON MINES,. INC.
984 shares registered constitute shares is¬
prices to be filed by amendment!
150,-:
Kensington Mines,' Inc. has filed a regsued
July 1, 1941, by company, as divi-,
f
v istration v. Statement '
covering
565,000 000 common shares will be reserved lor dends.
■;/.);
y-, 7-s'■
I
conversion of lhe preferred ///r-;■;)■/
shares of '$l
par 6 per cent cumulative
;» Proceeds—Will be used to pay outstand-1
The 1 proposed
offering,) will
represent
(!
preferred 'stock and the same number of
ing mortgage indebtedness ($200,000), and'
'!.'shares of 1 cent par common 35,000 shares iboulr'17%/ot the outstanding*- common,
stock of Moore-McCormack Lines-and) ap-' remaining $26,626 will be: added to work¬
i:of $1 par 6 per cent cumulative preferred
proximately 557® of preferred stock. Al¬ ing capital
shares
previously sold
to promoters at
Registration-Statement No. 2-4824 Form
bert V. Moore,
president, and Emmet J.
fl- -and 1,320,000 shares of 1 cent com;
McCormack, 'vice/president and treasur¬ A-l. (8-27-41): :),:„' //■)/;////:••')"■/)■).'• C;i;4
/
mon. previously sold to promoters, at 2.65*
.-.y.cents':.-a• -sh.airb-.•;• - V y- • *V
'i :<-7> er—officers and directors associated with TOMASIVI BRIDGE REVENUE BONDS
•the' company'since its
incorporation in
4- *• Address—Seattle,^' .Washington %'fci'&■' £:#
T. A. Tomasini,, an individual,
register¬
1927,
retain together about 727® of - the
Business—Mining
and MiUing;-.>
ed with SEC; $20,000,000
of 3% Tomasini
common
stock, or 367®
each.
On. Dec;:
'Proceeds
For property, construction;
•Bridge/Revenue Bonds, due Aug. "1; 1970
»%'. -development and working capital^ •31,. 1940,' they- Sold tb Kuhii, Loeb AJ Co.;;
:Address—25
California
St., San FranBeavan Corp. and Schroder Rockefeller ,&
t/t - -Underwriters+-Ki:essly . and - CampbelP y V
Cisco,. Cal,
',■))),■ ■.:• x/'
Registration Statement No. 2-4697, Form' Co., - Inc., 30,000 sharesof $5 no par pre¬
a
franchise to- build,
ferred; stock and 2,150 shares, of no: par-: / Business—Hold$
1'A-1.
maintain
and / operate
a
tube
and
toll
J
common
which have since been convert*
*• Effective—4:45; -P.M., ^ E.S.T./
AprlK.9,
across
San
Francisco
Bay
from
ed
into: 30,000
shares of $100 par pre-1 bridge
1941
- ^
^
1
-Alameda
County, near Point Fleming, to
f.erred and. 107,500 shares of $1 par com-'
/^
unit.
united
);CV Tex./«■//
■
Lines, InCi' registerec
'
manu¬
therefor
equipment
Proceeds—Purchase
A-l.
/ ■
,
Gas
)■; yv-y...
5/S4ths of
may
each
by
■
MOORE-MeCORMACK
utility
electric
yy'
,
Columbia
Substantially all outstanding stock is held
v
Address
—
:))
for
.
119,891
'■')
-
and
;■' ,yY;• y > /y ■ ,'y ,vy;)/ •'';"
Offering—Stockholders will receive of
to subscribe to
25/94ths of one com¬
share in units of 5/94ths of a share
.
/
of
mon
,
x -
1^-
common
fer
•
V
A
V
ment;
.
))
Corp. y
-"
A-2.:J8-39v41)4; / )
"
Cal,
-
Operating
—
Underwriter
,
-if;cupon''t£itThin'.ation of such proposed exchange plan, Nationaf, Power. & Light-still holds as much
>••-" as 5 fa. of '• common stock of company,it
-C''-fWiU dispose' of such holdings as promptly
<'"77 as shall be practicable in light of then
'"
market
and 'other
conditions
and. ; With
>/i; the best interests of its security ..holders
Class
dreaging
facture
Main-"St., Cincinnati,1,
'/ y..yxYyvY •• :!
Business
■
■•'also'- contemplating
x
\
I
registered
Inc.
par
Business—Deep-sea
retire-*
&
company
company
Class
B
common
at
$1,100
per
share
'Vv;-'"- ing Series A and I> First Mortgage bonds;
Underwriting commission $50 on preferred
$1,111,385
to pay or purchase .indebted¬
:
:v: Offering *-4 No public offering contCm- ness
and Class A, and $55 on Class B
<
;
owing by company to its parent and
•,
plated initially.' Company is advised by
repay
bank
loans,
and
an affiliate,
on open account and promis¬ //Proceeds—To
National Power & Light, that that com-'
/
;
sory notes;
$420,000 to redeem company's for working capital
.jpany
has fjled" with SEC. a declaration
/•' Registration Statement No. 2-4570. Form
under' the Holding Company Act contem- outstanding .4,000 shares 77® '^preferred A-2. (11-12-40) )/^Jo)?;-)))/:i-':;
stock,; $100 par, at 105 Balance of pro¬
plating, initially, the exchange of com- ceeds
Effective—Dec.
4, 1940
will be set aside-for. expenditure by
:
mon
stock
of
company
which National
^company3 fdiiiproperly; jgdditfohs
St.*
Power & Light'owns, for the $6 preferred
TEkAMERICA OIL CORP.
provements.
/ , /j
'
/ .
'Stock;, of National. Power & Light Co. and
Texamerica Oil Corp. registered with SEC
'^Registration Statement No.' 2-4826 Form
that
Underwriter—None.
'
'
Address—4th
Ohio
"
company
$5
X-/
general
to
Power Co. re-;
$100 par common
shares
25,000
stock
y
/V)■■
;'
Co.
Proceeds—To
Hydraulics,
shares
000,000
stock
loans, and for working
Light,) Heat; and
Union
20
par>
al"
then;
UNION LIGHT, HEAT AND POWER GOM- share,) underwriting
PANy
?' -yywyyy y -> ryjy share' /.
yy
_
shares Class A $60 dividenc
common stock, no par; and 30 shares Clas
B: common stock,
no par
no
Williams
b®
to
extension,
Cal.)
INC.
Address—Alameda,
YY
plant
b>)r.k
Francisco,
Offering—Public
INC.
Inc.
Acceptances,
$50
4:4f
,
ACCEPTANCES,
-,
shares
apparently deficient
24, 1941
May
^SOUTHERN'
/
certain
will
shares
prices
same
(San
HYDRAULICS,
,
A-l,-<5-5-41)
-150
unsold
WILLIAMS
capital
) ' -!,)■': /
/Underwriters
Registration Statement No. 2-4803. Form
A-2.
(7-29-41)
(Cleveland)
; ) ) ' ') pany
Effective—Sept. 13 at 1:15 P.M., E.S.T.
Registration Statement No. 2-4753. Font
Effective
at
Pioceeds—For
the
Un¬
issue.
prices,
(8-8-41)
evi¬
on
shares
the
Any
sold
of
date
of
at~»«ame
sale,
pu'oilc v.")
properties
gas
be
may
y
expire
will
after
portion
for
stockholders.
Power &
// Address—26 Wall St., Orlando, Fla.
-) ■ ;;
Business—Discounting installment note?
from sale of the
$3,150,000 of bondsv-and
11,912 shares of and. making small loans
Underwriter—Leedy, Wheeler & Co., Or¬
57® preferred stock, will be used as fol¬
lows: $2,811,200
>k
;
j
tj.-'T
to purchase for cancell¬ lando,: Fla..
) Offering—Preferred), and
Class A. wil)
ation
from
Community Power & Light
be
publicly offered at $1,000 per > share
Co/ that" amount of company's, outstand¬
Light
of
account
for
lie
is an operating pub-
►
,,
<
be. offered
munlty
offered
be
will
count ;
principally engaged
in
genera ting,
transmitting/ distributing
and selling electricity at retail and wholesale, serving 150-communities and an extensive rural area ,in Texas, including cities- of - Houston and Galveston.'.
Jic
...
Proceeds—For
registered,'
stock
common
supplied
shares
St.V Houston;vTex.
Fannin
Business—Company
v:
;
the
and
A POWER CO.f'sV V.
Offering—The 14,000 shares 5% prefer-'
v
Houston
Lighting &
Power Co. regis¬
red and 125,000 shares common -stock, are
tered' with. SEC an indeterminate number
to b$. issu^ /.Urtder^;*a:;recla86lficatio» of;
of
shares of its common stock; no par.
outstanding .x»pit%l steckitof,. companyO
(Company has outstanding 500,000 shares
the,- 5 7®
preferred stbcfcLregisteredi 11,912:
of common stock, of which 499,987 shares
HOUSTON
♦
>
stock
will be
day
offered
Subscription. rights
Warrants
subscribed
..
,
■■■'v'rA-i.:--(8-28-4D
held.
by
-
less
y.
i 84,760
exempt" are report¬
sales",
y
customers' odd-lot orders,
liquidate
than
ported with "other
a
a/long .position
round lot are re¬
sales'V
„
,
y
,
.
THE COMMERCIAL & FINANCIAL CHRONICLE
208
:
!
'
;.
-
<■
Punta
•"■'
■
v
■.
\-
OUR long experience, up-to-date trading
Alegre Sugar
Vertientes Camaguey
facilities, and well-trained staff
Sugar
.
MAKE it possible for
West Indies
through the recent refunding. The
accompanying table snows proforma coverage on the 3V2S and
serial bank loans (overall) since
1936, using the maximum require¬
ment of $577,500 previously re¬
-■>'
/•'' '•••
.•
Sugar
-and
•
ferred
give you prompt
us to
efficient service in
In
•/
1932
tion
Vicaria Sugar 6s, 1955
OVER-THE-COUNTER SECURITIES
r
;:
,
!
- •
-
.....
.
-
!
>.
v
j
>.
Assn.
%;•
••
NEW
STREET,
^
2-36(W;^-
>>
^
as
1-57G
dustries
at
can
Accumulations may be
inventory, while on
hand the stockpiling
program will soon make the gov¬
ernment the only important own¬
of
er
tories.
",
''
'
have
to
;
-
its
latest
ceiling,
on
an¬
thracite
prices, OP A and its "Dar¬
Young Man on the Flying
Pricees"
(see current Satevepost
ing
profile; of Henderson) seem to
for
have continued the record of mak¬
ing unnecessary enemies. The in¬
dustry's mark-up was a seasonal
and, with wages 70 per cent
of costs, brings prices only 8 per
above last year with wages
one
.cent
.12
At long last
misplaced
cent higher.
per
OPA has abandoned its
"key price" theory sufficiently to
ipost actual differentials in hide
.prices.
On the other hand the
word
now
"carded
.
is that OPA will force
^
-
Cash
current
alone
of
in
the
amount
factory
year
up
and
ex¬
of
;
had
section
of sales
volume, Remington Rand is the
largest
manufacturer of - office
machines and equipment in the
world. Typewriters are the largest
item
in sales, these plus filing
and
visible
indexing equipment
accounting
for
roughly
threequarters of revenues. Other sales
items include adding, tabulating
and accounting machines (the lat¬
standpoint
under
two
the
Powers
trade
in
much
fiscal
the
Cleveland.
tracted
.
loans
subsequent
March
with¬
of
con¬
the
to
balance
31st
,
sheet.
effect,
reduce> the
net
current
still
all important advantages —
flexibility and employee interest,
to
Mr. Decker said. When
equiva¬
have
lent to $1,49& per $1,000 bond.
they
so
re¬
$275,000, $555,1947, $575,000 in 1948. and
so qn
to a maximum of $725,000
in 1055.
By the end of 1955 (one
year prior to maturity), $6,000,000
direct
demand
stantial
Total
from
increase
over
sub¬
1939-1940.
income before depreciation
amortization
and
Government
accounted for the
agencies
allowances
a-
and
to
each November
on
after,
either
redeem
(a)
a
sum
15
there¬
sufficient
reflected
were
profit
margins
in
reduced
despite
satis-
Mediation
Defense
seems
have
to
hearkened
to the reaction to its recommenda¬
coverage
erage
Years ended
Total
March 31
National
Board
Income
1941
1940
$7,927,000
4,570,000
—
of 11.1 times.
The av¬
annual interest charges on
Available
Deprec. &
ance"
of
"membership
at
mainten¬
The
Kearney;
issue
11.1
$6,427,000
$1,500,000
6.2
3,614,000
956,000
1939
4,463,000
1,562,000
2,901.000
5.0
1938
7,705,000
1,564,000
6,141,000
10.6
6,554.000
1,468,000
5,076,000
8.8
1936
5,830,000
1,449,000
4,381,000
7.6
there is still unsettled, but mean¬
time NDMB turned down the pro¬
posal in the Todd Galveston Drydock
'
case.
'
'
'J
INTERSTATE AIRCRAFT
% Eagle Lock
6-
which ended June
tne
by
the
time
same
fect
that
president
increase
the
in
defense
due
to
showed
sis
MEMORANDUM ON
profit
REQUEST
that
for
FULLER, CRUTTENDEN & COMPANY
71
York
Stock
Broadway, N. Y. BOwling Green 9-7030
Bell
Teletype
Members Chicago Stock Exchange
r
Exchange
NY 1-61
120 Sow La Salle St.,
Chicago *
Telephone Dea 0500
that
quarter
"
Teletype CG-35
defense
011
little
expected
•
New
than
from
the
next
calendar
gested by the
the
IBA
trustee
and
to
less
perform
legalistic
vice.*
:
•
care¬
of the funds
and
doing
signal
.
told
employers
serT
,
his
American
service
the
'
audience
he felt trust companies
that
be
Decker
the
intelligent
an
investing
-
Mr.
by
that
will
industry
suggesting
they
a
to
carefully
study the relative advantages and
of
costs
trusteeing
their
pension
plans rather-than insuring them,
the
at
same
is
the
if
any
Bonds & ,Stocks
$6,800
represented
work,
profit
was
Delivery N. Y.
:
and
on
defense
entire
Obtainable
X
offer
50%
year.
an
at
more
tban
discount
orders
Although not to be classed a-;
mong the best issues, the bonds
deserve to be rated among the bet¬
ter medium quality issues, and as
such
date.
BRITISH
contracts.
only
attractive vehicle to
the person looking for something
.
beginning
year
require
ful investing of 75%
(out of $1,384,000) in the first
(June)
Members
rather
of
the
current/ profits
not
COMMON STOCK
HAY, FALES & CO.
of, ' employees
to the ef¬
was
company's
ENGINEERING CORP.
R. Hoe Co.
Mfg. pfd.
?
from the date they were received
same
He pointed out that an analy¬
Auburn Central
contributions
desire,
interest
or
current
fiscal
year
30th, sales were
company's'
stressed
;■
payment of
$14,426,000, or 40% ahead of me and then engage the bank's in¬
period last year. Comment¬ vestment department to perform
ing on operations of the first the investment
service.
quarter, the president of the com-,
pany stated that more than fourv
fifths of total profits represented offering a return considerably bet¬
::
ter than going
money rates can
domestic business as against pre¬
offer.
The present call price of
vious periods, when foreign busi¬
1071/2 stands until July 1, 1944,
ness
accounted for a great, and
except for sinking fund operations
often major, portion of profits.
which can call bonds at 105
up to
Another,
important
point
X Earned
For Interest
Amort.
1937
tion
the
as
plans,
"all of
principal a- in a trusteed
pension plan
(b) a sum
wide latitude with
equal to 22% of the amount by permit
which the consolidated net income balance," thereby
enabling
bonds
<
*
them
they
$500,000
of
mounx
prices below combed name), loose-leaf equipment, of¬ mounted to $7,927,000. Deducting
for the fiscal year next preceding,
•yarn, instead of adjusting combed fice furniture, electric rasors, etc. $1,500,000
for depreciation and the date of such
payment exceeds
yarns to allow for the sharp rise As with most manufacturers
of amortization, income available for
$2,700,000, whichever of (a) or
in cotton
and
oer-pound wage office
machines
and
devices, interest totalled $6,427,000.
(b) is less.
According to these
costs since last May.
Maximum interest requirements
foreign
sales
formerly
bulked
provisions, earnings in the fiscal
OPA's
chief
headaches,
large, in this case representing on the 3V2% debentures and the
year ended last March would have
about 35% of volume and contri¬ serial 1%% bank loans previously
however, will from here on
required that $500,000 of bonds be
be (a) in the waste and scrap
to
will
be
$577,500.
buting as much as 40% - 45% of referred
retired; however, earnings for the
net income.
industries, where price ceil¬
Using this maximum amount of
current fiscal
year
will govern
During several of the lat¬
ings are embarassing collec$577,500 in the interests of con¬ the
sinking fund operation of
ter years of the 1930's, Rem¬
tions, and
(b) in imported
servatism, the figure of $6,427,000
November 15, 1942.
commodities like burlap and
available for interest in the last
ington Rand was beset by
For
the first. quarter of: the
serious labor troubles which
fiscal year represents pro-forma
tin, where ceilings do not fit !
source..
the
employers*
private
March
Discussing the. investment side
31, 1941, of $49,174,000 were 14%
ofor 40% of the issue will.have been
private - pension
plans,
Mr.
ahead of the previous year despite
retired.
In addition, an earnings Decker declared that no statute
the fact that export business con¬
sinking fund applies, whereby the
tracted by 10%.
The increase in
covering investments can be fool¬
company
agrees
to pay to the
general business activity occasion¬
proof, but the amendments sug¬
Trustee on
November
15, 1942,
ed by the defense program, plus
year^ended
yarn
prices at the
own';,
insert in
little
quirks"
on
The amount to be
000 in
larger tax bill.
their
can
such
deemed in 1946 is
Jiigher costs
in
A.
two
above-
assets
organ¬
convention
;•
Conrad
"The private pension plan offers'
These two transactions would,
in
annual
the
at
companion address on the sub¬
ject and discussed the advantages
of the insured annuity plan.
to the additional
nor
Adver¬
Financial
Orloff,
pension consultant, of the Chi¬
cago
insurance organization
of
Marsh & McLenna, delivered the
in 1946.
widened
Sales of the company's products
a
ization's
straight sinking fund provides
for redemption of bonds beginning
also due in 1956.
the
414s
the
of
does
cash
contracts.
before mem¬
trust
development
Association
tisers
of
redemption
of
Co.
Trust
spoke
the
bers;; of
A
despite somewhat
and
$925,000
toward
American
the
and
annuity
eroup
Decker
each
for
This
$3,000,000 of bank
the ;
cash, refund the previ¬
ously outstanding 4Y4S which were
ter
imately
insured
Mr.
Net
$1,750
assets
$22,435,000—but
showed
margins: again
to
debenture.
drawn
has
1940-1941 fisthat profit
for the
report
:cal
situation
this
cleared
become
treasury
From
current
the
For¬
revenues.
gross
tunately,
of $15,-
000,000, these 3%s, together with
$3,000,000 of one to five year 1%%
bank loans plus about $925,000 of
equivalent
of
Bank
Chicago, to carefully weigh the
advantages of placing their pen¬
sion fund plans in the hands of
trust companies as against using
included
loans.
complex
President
Vice
of
liabilities
bank
stated
^
j
day
present
their
National
not give effect to the approx¬
short
run
1956.
AX'/X'; "i
conditions
personnel
problems,
employers' were
ad¬
vised on Sept. 8 by O. P. Decker,
with
$33,-
receivables
cash,
$1,000
part of July by Harriman Ripley at 1033/4, are
term the bonds*5—'' they mature in
1-1397
Belter Than Insuring
Under
$7,444,-
which
net
improved earnings position of the company and the
the
Issued
With
in
was
currently quoted at under 103 to yield about 3.25%. While
by no means of prime institutional grade, the bonds should
receive some serious consideration from individuals, due to
;'k: Teletype- N. Y.
■
Trusteeing Pensions
is
sever¬
of
of
$7,045,000,
Remington Rand Debentures Offer Attractive Yield
relatively
inven¬
commodity
major
X
either,
working capital of $26,360,000
in the latter
accumulated
other
consisted
ceeded
Improved Position of the Company Warrants
Quality Rating for New 3V2S
The new Remington Rand debentures, which were offered
Requisitioned, or just forced down
by the cutting down of allocations
Until the owner has used up his
the
past
$854,000
here on
can
inventory
policy of their own — or, in some
cases any inventory they may call
own.
business,
assets
current
loiai
$14,369,000.
High Grade Boad Suggestions
OPM
corporation from
hardly have any
their
office devices—nor
defense'
$11,592,000 and inventories of
orders
scheduling of the
movement of raw materials, pri¬
vate
all
000
auto¬
any
by the insertion of defense
in front of them.
With
saving
will shortly be pointed out.
The
company's
financial
405,000
because future supplies
time be jeopardised
mobiles,
earnings
al years. At the end of March,
204)
and
chemicals
as
higher
.even
tained during the
j
JOTTINGS
Page
HAnover 2-8780
St., N.Y.
"
nature. /.V However,
condition has been well main- X
1250
Enterprise
*<
Y. Security Dealers Ass'n
Members N.
25 Broad
category
to
telephone
boston
telephone
Zinc
M. S. WIEN & CO.
of the outstanding
cyclical
.his
new york
Wallower
Evans
\
Mfg. Co.
Cigar-Whelan
continuing demand for la¬
bor
YORK
Enterprise 6015
Enterprise 6425
from
same
iue to
Association
York Security Dealers
<}*;"■ phltadelphia telephone i:;V bell teletype
telephone*
tREctor
hartford
(Confined
Merrimac
United
be
points
INCORPORATED
■
45' NASSAU
Y. 1-2480
N.
Teletype,
System
'
Members New
HAnover 2-4660
Bell
V "{'•V-,
_Vr
St., New York, N. Y.
50 Broad
the
in
reason
cannot
'
...V
Dealers
this
.he current trend in the industry
Kobbe, Gearhart & Company
Members
For
debentures
some
.ess
'
Security
1933, the company
losses before deprecia¬
considered
i
X Browne & Sharpe Mfg. Co.
in¬
dustrial bonds of companies of a
J.F.Reilly&Co.
York
and
the
Northern Natural Gas, Common
VXv
■' • i
,
• •
'
X'/Xv'v' Fairbanks Co./vfr-"
Mexican Internal & Ext'l Bonds
allowances;
alone,
with
1
New
to.
reported
Barauga Sugar 6s, 1947
!
Thursday, September 18, 1941
the old 414s was $868,000, so that
an annual interest saving
of up¬
wards
of
$300,000
will
result
REMEMBEK^rvfiMMiA
Eastern Sugar Pfd.
j
•>
WWM*KUCemuttMSiMU
<fMSM%l<«!M,ft& x
*3WAluSft
Inquiries Invited
Herbert E. Stern & Co.
Members
30
New
York
Pine Street,
WHitehall 3-2160
Curb
Exchange
New York
Teletype NY
1-496
@FedFRASER