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ADM*
LIBRARY'-
BUS.
In 2 Sections
—
Section 1
FlNANC»«€<ifRONICLE
Beg. U. S. Pat.
.
Office!
WITH WHICH HAS BEEN COMBINED THE FINANCIAL REPORTER
Volume 154
New
Number 3985
York, N. Y., Thursday, September 25, 1941
Price 40 Cents
John S. Fleek Is Nominated For
|
;
"
*
?
v
v
Social Security appears a natural for the forced-savings,
inflation-gap-covering ideas of Washingtonk and if only part
of the present talk materializes it could raise billions.
The
present old-age part of the law, which takes one per cent
from employer and one per cent from employee, brought
direct into the U. S. Treasury last year some $690,000,000
John
:
S.
Fleek, partner of the Cleveland investment
banking firm of Hayden, Miller & Co., has been nominated
for the presidency of the Investment Bankers Association
of America, it was announced on
Sept. 18 by Emmett F.
Connely of Detroit, President of the Association. Mr. Fleek
REPORT
Disagreeable
Presidency
of ISA; Vice-Presidential Nominees
REPORTER'S
;
Copy
a
but better
will also become Chairman of the association's Public In¬
That just about
formation Committee and in this3>
——
————
—in¬
summed
up
the
underwriting
fraternity's ideas as far as the capacity will serve as a full-time nominated by the Board of Govexecutive
of
the
association, ernors and elected at the annual
boost in excess reserve require¬
ments of member banks, ordered taking a leave of ^absence from convention, which this year is to
and
would
probably bring in<^
his
own
business
to assume di¬ be held at
now
Hollywood, Fla., Nov.
running nearly eight per by the Federal Reserve Board,
$900,000,000 on present payrolls.
rection
of
the
comprehensive 30 to Dec. 5. Nomination is con¬
was
concerned.
Proposal is to double this, i.e. cent, or four times the premiums,
sidered
program
of
public
relations
that
tantamount
to
For "weeks
the
threat
of
•
election,
which were supposed to advance
bring in nearly another $1,000,the IBA has been conducting for since the selections of the board
such a development has been
men would hardly miss the added
000,000.
A sound accounting ar¬
the last year-and-a-half.
have
He
is
always
been
approved by
hanging over the new issue
gument could be given for this per cent each and at the beginning
at
present a Vice-Pre^dent of the convention.
of 1943 to 2 per cent each. So the
market,
like
the
famed
(quite apart from the real reason)
the association and one of those
Vice presidential nominees who
"Sword
of
Damocles,"
keep¬
namely that the actuarial cost is date of the increase could be
most, active in its public rela¬ will complete the regular ticket
ing underwriting bankers on
merely advanced one year.
A
tions work, having served as a to be voted
the anxious seat and holding
upon at the conven¬
purely political argument could
member of the Public Informa¬ tion include three
in leash what had all the ap¬
presently hold¬
also be made that with current
tion Committee/under the Chair¬ ing that office.
These are Ed¬
pearances
of
a
substantial
vastly increased payrolls, workBROOKLYN TRUST
manship of Mr. Connely. since ward H. Hilliard of J. J. B. Hilvolume
of
potential
new
one per cent tax anyway and the
the inauguration of the program. liard &
/ business.
Son, Louisville; John K.
& S COMPANY
at the beginning of 1940 to IV2
Officers of the association are
(Continued on Page 295)
Bankers
were
apprehensive of
employer couldn't do anything
about it.
On the unemployment going after such business aggres¬
Chartered 1866
side, the current rate of 3 per sively for the reason that they
the
Reserve
Board
cent on the employer (2.7 per cent expected
George V. McLaughlin
INDEX
to the State, 0.3 per cent Federal) would act, especially since it fi¬
X: :vt President
brought in last year $100,000,000 nally had won over the Treasury,
THE CHASE
which- had opposed its
sugges¬
to the Federal
government, and
out of the
news,
way.
,
:
'
■
BROOKLYN
NEW YORK
or
Member Federal Deposit Insurance
a
to the
$900,000,000
States,
total of about $1,000,000,000.
Withdrawals
(for benefits)
payments,
so
that
even
benefit
total
rates
er
were
year.
Not
seems
OF
.
in
but
wages,
power
to be the current issue
labor
with the"
exception of the effort of the
disputes,
Seafarers'
N. E W
force
International
American
to
shipowners
to pay
•'bonus beef" on ships
operating in the Caribbean
following the sinking of the
YORK
Montana
(the raider, perhaps
operating
is
off
reported
Kansas
the
Galapagos,
sunk).
City
(Continued
But—the
power
on
Page
shut-off
:
it
was
taken
prove
Generally
the
..
Our
security
uction
as
swallow
does
a
summer,"
how¬
as
service with Chase
•
293
Salesman's
Corner
(The)_
Markets—Walter
Whyte
.
on
Page
Says
'
—
Uptown After 3
294
correspondent
'291
facilities
300
!
Whisperings.
Bond
Selector
(The)
Dealers
Maine
298
Member Federal
304
Move
to
Avert
Extinction
News
}
Deposit Insurance
Corporation
X'X
-
;
291
Views
&
From
N
S
T
A
________
Chicago
Municipal
r
Tourney
Club
290
Sports
300
___—
,
Fleek
mar¬
genuine.
(Continued
299)
292
•_
sev¬
willing to accept the
current firmness of the
ket
Broaden your customer
289
«
Convention-
it will probably be
are
OF THE CITY OF NEW YORK
j
eral days before the rank and .x
file
296
(The)
Items
Tomorrow's
BANK
289
Securities
Securities
NATIONAL
iXii-X___295
Reporters Report
Railroad
Board's
"one
make
Trusts
301
—
Personnel
being in the nature of a "green
light" for the underwriting in¬
dustry since it served to remove
an unknown quantity which had
been retarding activity.
not
294
Security Flotations
disposed to accept
Reserve
ever,
New
Municipal Market
,.
speaking,;
were
Since
of
Calendar
Stocks—
reassur*
companies which have
financing and refund-
ings in view.
Insurance
Jottings
ing to underwriters and like¬
new
and
investment
in
wise to
bankers
v
the
to
response
stride, should
payments
last
in
quirements,
with high¬
over
-
Bank
of the lift in reserve re¬
news
:
might not increase
some
; market,
only round $450,000,000, and this
year are down 50 per cent. There
is talk of increasing benefit rates,
but this would be offset by the
declining call for unemployment
Corporation
Page
,
about
months ago. •
The action of the seasoned
tions
For
IBA
President—
289
BANK
•
AND
303)
INSURANCE.
STOCKS
R. H. JOHNSON & CO.
INVESTMENT SECURITIES
OTIS & CO.
64 Wall Street
(Incorporated)
New York
Established 1899
City of
l;§
New York Trust
Philadelphia
Company
Bonds
^
;
BOSTON!
FIRST
Capital Funds
.
$37,500,000
V"
■' :
••
.
.
\
•
...
NEW YORK
IOO BROADWAY
CLEVELAND
!
CORPORATION
"
Moncure Biddle & Co.
.
•..
[
BOSTON
Xx x.'x;;
chicaco
PHILADELPHIA
.1
SAN FRANCISCO
PHILADELPHIA
New York
Chicago
BOSTON
AND OTHER PRINCIPAL CITIES
PHILADELPHIA
AVENUE
MADISON
AND 40TH
>CarlM.Loeb,Rhoades&Co
STREET
Riter&Co.
Over-the-Counter
Members New
TEN
61 BROADWAY
:;
Securities XfX:
York Stock Exchang
Members Chicago Stock Exchange
ROCKEFELLER
New
PLAZA
York
Curb. Epch.
(Associate)
Members Philadelphia Stock Exch,
NEW YORK
HART SMITH & CO.
Kobbe, Gearhart & Co.
INCORPORATED
Members N.
Y, Security Dealers Ass'n
45 Nassau Street
London
Geneva
Buenos Aires
Tel. Rector 2-3600
New York
Teletype N. Y. 1-576
48 Wall
Street, New York
Members
York
Security
53 WILLIAM
ST.; N.Y.
New
Member of the
Federal Deposit
Insurance
Corporation
...
t
Dealers
Assn.
PHILADELPHIA
HAnover 2-0980
Bell Teletype, NY 1-395
New York
CHICAGO
Montreal
Toronto
Morristown
.St, Paul
Milw* Vee
Rochester
Hartford
Eastoi
,
THE COMMERCIAL & FINANCIAL CHRONICLE
290
telephone
'i
•;
Parsons Elected Pres.
.
or
Associated Gas & Electric Corporation
us
telegraph
on
Parsons,
Stock
Yoik
Members
President
of
City
Atlantic
Cleve¬
the
Wertheim & Co.
Members N'eiu
Telephone
REclor
120
Mr.
.is
York Stock Exchange
2-2300
NY
dent
1-1693
of
Our
Spencer Steel
Myers Com. & Pfd.
|
Jj
inquiring reporter gives you "foot-notes on
at the Convention of the National Security
the
Mem-
Assn.
St., New York, N. Y.
HAnorer 2~46t>0
Bell
Y.
N.
Teletype,
System
1-2480
these
in
Western Li?bt & Tel.
„./
a
'
.
;
■
,
Potrcro Sugar
•>.//■•
Preferred
1950 vr.s; ■
■
Industrial Cffice Fu.ldirg, Inc.
;
WALL
64
Netu
Curb
York
ALUM. FDY.
to
refund
1048
/
w *
j
EASTERN CORP. Common
HOUSTON OIL Co. Preferred
:
•
He
first
Jr.
Parsons,
■
•
which
led
to
Combatting
Mr.
/
:
Parsons "'is
tion
of
/
the
in
the
S.
National
first
Information
Weapon for
Submarine
Request
on
was
>
MARSH and COMPANY
capacity of Chairman
position
the
Associa¬
42
Corporate Forum.
His
projector)
the, "Con¬
attending
the
of
vention
charge
The Most Effective
Chicago,
formation.
its
(depth
at¬
the
/
OFTHEYGUN
MANUFACTURERS
meeting
in
•
BO.
with W.
BROADWAY,
Green
NEW
YORK
Tele. NY 1-1 2061
9-9085
& Co., manufacturers,
1924-28.'/He entered the se¬
Tyler
from
Co.-
in
The
which
1928,
with the
merged
Herlater
with
business
curity
rick
.
cigars '/ Richard F. Saffin, partner of H.
of
E.
state
house dome. ./>/;;/-/;'.■/ ,-/■;.#:John W. Kress, of the Howard
Savings Institute (Newark, N. J.)
who
was
a
guest - and
main
speaker at last year's convention,
Having satisfied the N, j. Municipal market in that address, reports this year that he has successfully distributed his position
R.
V.
Mitchell
Do they B. Boland & Co., who does con- & Co.; /forming Mitchell-Herrick
Keegan, Frank siderable business in Trenton, N. & Co. He was one of the organ¬
Co. just made the J., is being accused of stealing the
izers of Wm. J. Mericka & Co.,
told
He
son-in-
about his
the State House.
dome from
for
shape
days train I
the two
•
Inc.*
January
on
1,
TRADING
is
at the
1931.
He
MARKETS IN
REAL ESTATE
SECURITIES
f
:
Colket
Phillips, Penington
Wisner
(Phila.),. • was
&
Pizzini, B. W. Pizzini & giving
W.
out
rubber
quoits
as
we
farmer had
for him
exclusively.
He said ,the cows
needed milking before he could
were
get away.
they have just elected Floyd Jus-
the
gentleman
the train stop at Trenton,
.
Charlie
Frank
\
J.
,
going around the horse shoe
-/ /
curve.--
v.:./v..v''."
Philadelphia boys certainly believe in
v;//v;-
Frank J.
Mornssey ■ & Co. (Fnila/); Bank
Stock Specialists, arrived at the
last minute and was put in with
Abe Strauss, Traders version of
Morrissey,
tice,
justice these days because
of
Butcher
&
Sherrerd
as
Oetroil-Mich. Traders ]
Nominate'41-'42 Slate
DETROIT,;'MICH.
mittee
shaskan & co.
Members New York Stock Exchange
j
40 EXCHANGE
—The
Com¬
Bell
Nominations of the Se¬
on
PL.,N.Y.
DIGBY4-4950
Teletype NY 1-953
curities Traders Association of De¬
troit and
Michigan, Inc. announce,
that the following were named as
their president.
:!'.
■/*.
;
Inquires Invited
candidiates for the various offices
Thomas A. Akin, Akin-Lamof the association:
r
Carey
Trust Original
bert Co., L. A., came to the con'President:
Frank
P.
Meyer,
Second Carey Trust
vention via Winnipeg, Canada; It
First of Michigan Corp., and John
"Abie's Irish Rose."
was
the /shortest route .to N.,;0.r
Postal Telegraph com.
K. Roney, Wm. C. Roney & Co.
Chet DeWillers, of Schoonover, Tommy is telling the firm/ Wish
Oklahoma Southern
Vice-President:
H. ;
Russell
DeWillers
&
Co., after shaking him luck!.
;
:
; ;
Oklahoma Texas Trust
Hastings and Paul I. Moreland;
hands with his many friends was
j
Jack E. Jones, Hartley Rogers & Allman, Everham & Co.
Southwest Co. CI. A.
'
;
in need of Sloans-liniment.
Qq
S e a 111 e
and
Robert E
iv Secretary:
Ray
P.
Bernardi,
Westgate Carey Royalty
Mrs. Ruth Phelps of the Camp- Da '
iel) DrumheUer) Ehrlichman
Cray, McFawn & Co., and Her¬
bell Phelps, N. Y., broke up the Co.(Seattle), the only two from bert Schollenberger, Jr.,
Camp-/ JOHN J. 0'KANE JR. &
Boland-Saffin
joint account by Seattle to attend the party, are
bell, McCarty & Co.
;
/
Established 1922,
sitting at the dinner table with taking color movies of everything
..
.
j
.
,
...
OLD BEN COAL Co. 6*,
the
at the top of the market.-
s
box
syndicate
a
Corporation
-
Van
Ben
&
Co.,
Exchange
HAnover 2-9470
NAT'L BRONZE &
a
Masterson
B.
;
NEW YORK
ST.
Teletype NY 1-1140
tion.
tended
Ed.
Con-
ride.
Frank C, Masterson & Co.
Members
1-423
,
r
:
smoke
train.
Union f
6-59
HA 2-2772
day while in training.
puff.
in
6s-47
Western Newsoaper
train
the
Orleans
m
for
this organiza¬
law, Adrien Rollini keeping him I
Attested to by Bill Albright, Secretary of this company,
out
partying to the wee hours State Treasurer and Jim Sautter, present time. /-'";
;/.
/; ;/
Sat. A. M.
Felt he should get him Deouty State Treasurer/
Brradway
61
3^-5
New
columns.
Both
Common
for
&
Members
Dealers
entering
C.
vention,
Harold Smith,
Duryea
Co., 240 lbs. and Abp Strauss, i
Strauss Bros.; 230 lbs., got stuck in
the aisle when they tried to pass
each other. An argument followed.
and Harold charged Abe with being too
fat.
Abe
immediately
challenged Harold to a 100 yard
dashv
Watch for time and place
F.Reilly&Co.
Security
Y.
Co
mittee,
own
'When
N.
York
Security Dealers Ass'n
PL, N.Y.
American Ordnance
Chairman
as
V' of
Traders Association at the Hotel Roosevelt in-New Orleans;
Autocar Com.
New
York
40 Exchano-0
the
a ssocation,
Inc., as well
:xs,
Way Down Yonder in New Orleans
News & Views From Ihe NSTA Convention
headliners"
50 Broad
New
curity Traders
ship
J.
Members
Presi¬
bell teletype ny
Lebanon
Thompson,Automatic Arm s
Robbins &
Established ,1920
First
Vice
T eletype
NEW YORK
BROADWAY,
KATZ BROS.
year.
parsons
also
:
Side Glances
Wickwire
Stocks
elation for the
L;? 1940-41
Exchange
1-2033
NY
Teletype
Philadelphia
elected
Security
Traders ,\sso-
WHitehall 4-6300
St., N.Y.
Bell
QUOTED
—
;
Listed Preferred
land
Newburger, Loeb & Co
40 Wall
SOLD
—
certificates
specialists"
are
"we
BOUGHT
Non-callable
CLEVELAND,- OHIO —- E. E.
Jr., partner of Wm. J.
Mericka & Co., Inc., has just been
All Issues
company
mortgage
Offerings Wanted:
by Cleveland Traders
local
title
Thursday, September 25, 1941
;/•/
,
*
f
(
.
-
We
also
in all Westchester
including Mortgage
and Bank Stocks
specialize
County Securities
Certificates
I
CO
.
Schoonover, deWillers &
Co.
INC.
them
Sat.
Treasurer:
night.
/
_
qn
orcjer
to
show
their
W.
Don
Miller, Mc¬
buddies
Donald, Moore & Hayes, and Ro¬
they missed. bert
Stoetzer, Keane & Co.
:
Robinson & Co.,
Inc.,_ and Ken- Hollywood beware.» Perhaps
The
annual election is to be
neth Spear, Julius A. Rippel Inc., Seattle is out to
get your business, held on September. 29th and will
went
joint account on 8 -high-| / Edward E. Parsons, Jr.,,Wm. J.
be by mail ballot.
Members of
balls.
4
to
Robinson
and
the Mericka &
Co.; Cleveland, Ohio, the Association attending the Na¬
other 4 divided: equally (Eastern acted
as
Doctor
at
large. ! His tional Security /Traders ' Associ¬
form account).
'room was the hospital for the
ation
Convention
may
vote by
Ronald A. Morton, of the Blue
|}0yS enroute.
Fixed them up for absentee
ballot, but all ballots
List upon seeing his room mate
| headaches,
sore
throats,
blues; must be returned by 5:00 p.m.
was Ed
Beck, of the Commercial etc
•
\
September 29th.
-// v/. r. /
&
Financial Chronicle said,
Arthur
Robinson,
of
Colyer
home
5ack
20 S. BROADWAY
BROADWAY
NEW YORK.
KEctor
YOXKERS. N.Y.
MArble 7-8o00
N.Y.
2-7824
Bell
Teletype
NY
1-2361
BONDS
Active
■
■.•••'. "• •'
UTILITIES
Peter P.McDer mott
New
Members
York
Neto York
65
List''
in
Mrs.
Parsons,
a
observation
platform,
was
"It's Cleveland in 1942." Gave out
heard
to
remark, "This is the
balloons in her canary^ (yellow)
& Co., famous Atlantic City spe¬
'Life of Reilly,"' forgetting
all
color p-j's—did she wow the boys!
cialist was paying-marked atten¬
about the soot that covered his
Pullman conductor for a
tion to Mrs. Pincus, it's true, but
day] face. /•'/
,/
he still stayed on the water drinks Larry A. Higgins, Hubbard War* / Tour Director Edward
Welch,
ren
& Chandler (Chicago):
throughout the trip.
; ,
McGuire, Welch & Co. (Chicago)
James
F. Musson, B. J. Van
Cy Murphy, Mackubin Legg & is an honest to goodness R.R. man
Ingen & Co., N. Y. asked to have Co., N. Y., did a balloon dance a la at heart.
He did a swell job all
the train stopped in Philadelphia Sally Rand for us in the Club Car; around.
Keeping the train
on
after learning the Penna. R.R. was (Balloons donated by the Cleve-<
time, getting the baggage through
land boys.)
not using the turnpike.
/<
for us and having cabs on hand at
John F. Reilly, J. F. Reilly &
Julius A. Rippel, J. A. Rippel,
all times for us to fall right into.
Inc., reports they are working on Co., seen sitting out on the outSilver
Dollar
Phil
Clark,
of
side
& Co.
Stock Exchange
Curb Exchange
department
BROADWAY, NEW YORK
Tele. NY 1-1817-18
,
,
.
,
Sudler
C.
Cyanamid New Pfd.
Northeastern
Insurance
&
Stocks
Water &
Elec.
Pfd.
Co.,
YORK
BOSTON
Pliil
with.
Talon, Inc.
know.
high
city.
found
it
f
1-1525
j
Birmingham Elec. 6% Pfd.
Birmingham Elec. 7% Pfd.
Steiner, Rouse & Co
..Members New York Stock Exchange
Frederic H. Hatch & Co.
Members
New
York
Security
St., New York, N. Y.
Bell Teletype NY 1-897
Bldg,
Birmingham, Ala.
NY 1-1557
BH 198
./':■:•■
/
Direct Wire
v;
/
-
•
S. L. Austin Forms
Own
Municipal Firm
HOUSTON,
Austin
&
has
TEX. —Samuel
formed
Company
Mrs. Second
ginger ale bottles
thought you'd like to
open
with
National
S.
L.
Austin
L.
offices
Baink
in
the
Building,
?ouston,
and inalso
in Austin,
ex., to deal
Southern
mun¬
icipal
bonds.
formerly
.
Victor Mosley, Stroud &
Co.
western
Mr.
manager
division
Austin
of
of
the
the
was
mid-
invest¬
ment
department of Fenner &
Beane, with headquarters in Chi¬
pockets.
Said to the steward it
was just there for decoration, etc.
cago.
___Trust it worked!
Dealers Association
Brown-Marx
New York, N.Y.
of
/
&
63 Wall
25 Broad St.
very
(Phila.), was found to have most
the diner's silverware in his
Incorporated
NEW
NY
Alabama Mills
Denver,
reminder to visit Den¬
mile
handy to
JPub. Service Indiana, Com. & Pfd.
Commonwealth Gas Corp.
6JSaxton&Co.,lnc.
a
Walker
Graham
R.
Stock
as
ver,—rthe
American
Bank Stocks
6s, 1948
dollar
Trading Markets in
markets in
Commonwealth Gas Corp.
Common
Teletype
/
Colo., gave all the ladies a silver
maintain firm
Broadway, New York
-
Amos.
We
Y. Security Dealers Ass'n
4-6320
Dlgby
great advertiser
for Cleveland. She will.make sure
.
trading-
Dlgby 4-7140
"Blue
together.
That's news.
:
Jack B. Hanauer, J. B." Hanauer
and
Members
and
bed
RAILS
•
.
;
"Chronicle"
./•/'• //■
42
what
.
120
Members N.
Stan
Roggenburg,
Roggenburg
refused to sit down on a
because he couldn't get be-
Co.,
sofa
(Continued
on
Page 303)
John
W.
Eddins,
formerly
municipal - buyer for Fenner &
Beane, and prior thereto with
Mahan, Dittmar & Co.; will be
in charge of the new firm's of¬
fice
in
Austin, Tex.
291
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3985
Volume 154
COMMERCIAL and
FINANCIAL CHRONICLE
*'
Patent
S.
U.
Reg.
which
with
We
Office
the
combined
been
has
Financial Reporter
,
William
B.
interested in offerings of
are
'
25
.
Spruce
.
Walter
Street, New. York
Herbert D. Seibert,
\
Publisher
Editor and
•
Whyte
3-3341
BEekman
Frederick W. Jones, Managing' Editor
Utility and Industrial
1
Spencer Trask & Co.
three times a week
Published
[every
Thursday (general news and adver¬
tisings issue)': with statistical issues
un
Tuesday and Saturday]
offices:
Other
of
charge
Chicago—In
Fred
H.
Western Representative, Field Building
(Telephone
State
0C13),
London—Edwards &
Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1941 by William B. Dana Company.
Reentered as second-class matter September
12 1941, at the post office at New Yor*, N.Y.,
Gray;
the
under
25 Broad
1941
25,
September
Thursday,
of
Act
March
3,
The
acting well;
doing better
and all positions should re¬
' v
"stops"
By
are
WALTER
WHYTE
$23.00 per year, $12.50 for 6 months. NOTE: On
account of the fluctuations in the rates of ex¬
change,
remittances for
foreign subscriptions
and advertisements must be made in New- York
funds.
er
one
of Port¬
land, Maine, informing us that the Maine investment dealers
look¬ are
contacting other dealers throughout the country to in¬
disconsolately
ever
stop?" Jed trading privileges on Exchanges, which would virtually wipe
from his whittlin' out the over-the-counter busi- <♦>:
sustained by distribution and re¬
squinted out at the flooded ness.
distribution.
If
the Curb should
The letter follows:
fields, took a bite of chawin'
assume
a
market for them it is
v
Telephone
BO.
*
Gr.
NEW
,
,
.
Teletype
52 Broadway
9-6400
|
,
:—
fj,
N.Y. 1-1083
YORK
.
Dock & Holland Elected
immi¬
extinction of the distribut¬
In
it ruminately around
check, took aim at a buzz¬
difficult to
out
Septem¬
in the State of Maine on
ber 1-3th sent a letter
tion
about
to
■
how it could
&
Doremus
;
New
Broadway,
City,
York
like
12 0
an¬
election of Dewey
the
nounce
Holland
Company,
go
again?" For
up
feller
the
said "She
the
in
story
always has."
over
I
realize
that's
con¬
poor
and of
solation for anybody who has
George Dock,
Jr. as.vice- been sitting all these months
with a fist full of stocks wait¬
president.
pany
.
Holland
Mr.
has been
with
ciated
the
*.
asso¬
advertis¬
ing agency for
twenty-
years
for
and
the
ing for them to do anything.
Sure, I know that. Still there
is
this
held
satisfaction:. If
the
right
rain
come
or
you
stocks
shine,
then
up
WHitehall
4^*.
be
4b
market.
Common
Joseph McManus & Co.
Members
Neu>
York
Curb
Congress
or
The public
39
Broadway, New York
DIgby 4-2290
is
Tele. NY 1-1610-11
dia¬
they
term
the
serves
Are
We
"an
spec-
REAL
Specialists
tain
(1934). As is explained in the pe¬
out for sig¬
size
mation
tition which we sent
copy is enclosed) one
amendments would give
oppose
this
sions
of these
mended by
stock
advantage
Lawyers
Lawyers
Bond
and
&
all
Bank
over
Exchange an
the
of
proxy
Amendment
is
Title
Co.
Ctfs.
Mtge.
Co.
Ctfs.
Title
Co.'s
other
Trust
distributing
this
It
so
amendment
would
the
of
initia¬
that.the Curb on its owp
by
the
as
permit
the
investment
L. J. GOLDWATER & CO.
INC.
Members New York Security Dealers Assn.
39
fore
joining
Doremus
Company,
Rewey
Holland
B.
served
duction Manager of the
as
&
he
Pro¬
McJunkin
Advertising
Agency
and
in
a
similar capacity with the Corman
Cheltenham Advertising Agency.
Home
Loan
Bank
Board,
1933-1936; As¬
ex¬
Franklin
of
on
ager,
Monon Coal
sus¬
I Mr
if you
held the
leaders that's something else
again. For the leaders, dur¬
ing the past few months any¬
way, have been leaders in re¬
putation only, not in fact. It
course
wasn't
stocks
Steel
like
or
But
we
HARDY & HARDY
or
What
we
been
extermination.
as
now
liott, Jr. of the State
believe is of vital inter¬
est to them is that the
them as
written imperils
local
Motors that have been in the
or.
regional investment interest
forefront of any move in the
could, if the curb succeeded, be
last few months. It was the uprooted. Many securities having
i
national investment interest are
I
Page 298)
..
a
Investment
i
"WANNA
and John M. Kimball of
Harry A. Rounds Co., all of Port¬
Co.,
amendment
well.
v
on
Many securities having a
HAMILTON
that
& Drummond of
can't be had?
Bond
Dealers
signing this
Bangor.
wk0 wish to join in
Bank
Quality
yielding 6%%
Circular
(Continued on Page 297)
>
a
on
Request
-
YONKERS, N. Y.
N. Y. City Telephone
& MACHINE CORP.
MFG.
CO. Class
A.
MArble 7-9524
sly
Public
.
,
Relations Ad¬
George
Dock,
of America.
Stock
American States
Preferred Stock
Utilities
GISHOLT MACHINE CO. Common Stock
HART-CARTER
Jr.
Advertising Man¬
ager, William R.
Compton Co.,
1919-1929.
He is the author of
"Constructive
Customer
Rela¬
tions," written for the ^merican
Bankers
Association,
ahd
co¬
author
of- "Advertising
Invest¬
ment Securities" written for the
Investment Bankers Association
Preferred Stock
Common Stock
Pref. Partic.
UNITED PRINTERS & PUBLISHERS
had
visor, Federal
1929-1932; and
BET"
land; Alwyn M. Rees of Morton
Hall
&
Rounds, Lewiston; and
Ashmead White of Pierce, White
FOOTE BROS. GEAR & MACHINE CORP;
20
o u
1-960
Maine; Carrell K. Pierce of H. M.
the issuer of
ment dealers faces
FOOTE BROS. GEAR
1936,
for
BOwl. Green9-2820
Teletype NY
Bell Teletype Yonkers 2318
been
years. He
r e v
the^ in¬
Boll
15. N. B'WAY
engaged in fi¬
|)
expect
We have orders in: f
nancial adver¬
tising
Y. Security Dealers Ass'n
Broadway, N.Y.
securities Payson & Co., Carl K. Ross of
to forget their own troubles be¬ Carl K. Ross & Co., Roger B. Ray
cause
a large
number of invest¬ of Roger B. Ray, Gilbert M. El¬
vestor
Company
has
11
&
Doremus
since
Members y.
A. 0. VAN SUETENDAEL
has been with
and
cannot
Pock
.
1955
5s,
speculative
Co.,
Stuart &
1949
•
(Continued
Man¬
Halsey,
County Coal
7s,
elimination
markets
this
not
1-1203
written.
trading depend the savings of the
individual and the financing of
market
Teletype NY
recom¬
seek the ad¬
mittance'to "unlisted trading pri¬
*
sistant Adver¬
tising
Of
2-8970
We
tive, with or without the approv¬
Account
Executive. Be¬
Broadway, New York, N. Y.
tained by distributing dealers. On
al of the issuer, may
Participations
provi¬
passage
now
Ctfs,
infor¬
the two New York
served
not
In
Co.
over a cer¬
more
stockholders.
the
Invited
Mtge.
Complete Statistical Information
especially changes. But the public interest
exchanges,
great as to threaten
their "existence. The advantage is
dealers
disclose
their
to
not
do
to
natures, (a
the
interest is served by
requiring corporations
In
ESTATE_SECURITIES
Inquiries
IIAnover
certain amendments
Securities & Exchange Act
the New York Curb
Exchange
Chicago Stock Exchange
sus¬
"cause" is no stability and no sponsorship.
been proposed
have
There
this:
to
5s
institution
That
dealers conducting what
communities auction market":
notice. The
&
Flour Mills of America
the country. An
given
1967
Indeed
fifteen down, or just plain nothing vileges" of any security of a com¬ American industry:
'
years
has at all your stocks have made pany required to disclose com¬
The committee is composed of
been
Produc¬
plete *. information
under
the Chairman,
Edward
E.
Chase,
money for you.
tion
Manager
!f!
$
$
proxy provisions.
Maine
Securities
Co., Portland,
and
4-6551
Assoc. General Utilities
past
*
Dept.
Aldred Investment Trust
response was
to the
❖
B.
secretary of the com¬
as
ever
for
metrically opposed to the invest¬
ment
and a peti¬
seventy
various
in
located
see
tain their present values.
the function of the Curb
investment dealers through¬
the country, a group of eight
ing
enthusiastic uiator. If the market for the se¬
received from near¬ curities in which the investor has
by Boston, Hartford, and Spring¬ placed his savings is dominated
by the unlisted
trading privil¬
field and from dealers as far dis¬
tant as Columbus and St. Paul. eges of the Curb market the value
>j!
$
>Jt
Because
we,
here
in Maine, of these securities will certainly
The issuer in turn may
That,
dear
readers,
is have now been assured that we gyrate.
about the best advise I can speak not only for practically j find future financing difficult beevery dealer in Maine but
also cause his now outstanding securgive those who keep asking for a large number in other state*, i ities traded under "unlisted trad"do you think this market we wish to ask that our "cause" ing privileges" conditions enjoy
will
ob¬
yours
Securities
t
I Officers of Doremus
take
can
those
of
WABL STREET, NEW YORK
effort to avert the
an
nent
"Well, I dunno" he
speculatively.
"But
like the feller says,, she al¬
ways has."
RAILROAD STOCKS-BONDS
in receipt of a letter from Roger B. Ray
rain '11*
sarn
again.
began
CUARANTEED
are
looked up
ing fly in the corner of the
bar and let fly. After watch¬
ing the % struggle in the
brown juice he looked
up
BONDS
We
;
farm-
ing up at the gray weeping stitute concerted action to prevent the amendments to the
skies, "do you think this con- Securities and Exchange Act of 1934 permitting unlisted
his
RAILROAD
99
you
swap
cash!
Obsolete
Moving To Avert "Imminent
Extinction" cf Distributing Dealers in Nation
:
'
rolled
Specialists in
ready
York Stock Exchange
to
securities
Maine Dealers
.
ffQay Jed" asked
^
-
Is
now
solete
Teletype NY 1-5
action
Telephone:
broken.
1879..
'Subscriptions in United States and Posses¬
sions,
$18,09 per year,
$10.00 for 6 months;
in Dominion of Canada, $19.50 per year, $10.75
lor H
months.
South and Central America,
Spain, Mexico and Cuba, $21.50 per year, $11.75
for 6 months; Great Britain, Continental Eur¬
ope (except Spain), Asia, Australia and Africa,
l'igfht
are
main undisturbed unless and
v
New
Members
best
The
Street, New York
Telephone IIAnover 24300
Market is
the leaders
until
SECURITIES
ACT!
Says
Riggs, Business Manager
D.
GREAT
Preferred Stocks
| William Dana Seibert, President
William
licHTfimfin
"
AND COMPANY
Public
Dana Company
Publishers
■
high grade
Tomorrow's Markets
CO.
5/4%
Preferred Stock
VIKING PUMP CO. Common Stock
Corp.
Preferred Stock
Bought—Sold—Quoted
R.E.Swart&Co.
INCORPORATED
INCORPORATED
CHICAGO
.
NEW YORK
49
Tel.:
EXCHANGE PEACE, NEW YORK
IIAnover 2-8510
Tele.:
NY 1-1073
THE COMMERCIAL & FINANCIAL CHRONICLE
292
Thursday, September 25, 1941
BIRMINGHAM
Canadian
IN OBLIGATIONS OF:
TRADING MARKETS
Low-Priced Stocks
Mining
The Port of New York
Securities
showing
Traded in U. S. Funds
Record Earnings
and
/
ALABAMA
Triborough Bridge Authority
Macdonald & Bunting
Members
Stock
Toronto
Exchange
.
SOUTHERN
Jackson & Curtis
Broad St., New York, N. Y.
41
HAnover
Tele.
2-7673
NY
1-1619
ESTABLISHED
1879
CORPORATION
York
New
T oronto
Manufacturing Co.
MUNICIPALS
and
BONDS
Company is using its expanded fa¬
cilities
to
complete
important
Army and Navy contracts total¬
ling approximately $3,000,000, on
•
which
it
estimated
is
will
company
the
over
of
turer
twelve
furniture.
share
•
from
metal
of
operations for
ended June 30, 1941.
year
capitalization
of
per
normal
fiscal
shares
line
Company earned 560
Small
CLEVELAND
$1.00
PHILADELPHIA; PA.
par
current
Traders
Investment
4%
market
SVs
-
ended
The
June
30,
Common
mund J.
available
of
rate
less
at
earnings
than
2Vs>
times
with a continued
operations indicated.
high
Financial position showed wide im¬
•
provement in the year ended June
Debt was reduced by $426,000,
30th.
cash
while
$1,800,000
from
Dividends
•
of
position
$878,000.
initiated with
were
to
rose
pay¬
share on June
30th.
The
company's increased
earnings and improvement in fin¬
ancial
position suggest a further
payment this year.
ment
500
Current
Autocar
•
•
•
market 8%
8Vi
-
According to rumor, this company
will merge with
Liberty Aircraft
Products
Corp.,
each
share
of
Autocar
receiving two shares of
Liberty Aircraft.
..
Defense
orders
received
by
the
company
since
mid-1940,
total
more
than
$34,000,000 —largely
for military s<;out cars and trac¬
tor, trucks < for
troop
transportation.
•
per
CompanyXCommon
'i ,;!■
■
and
commercial
contracts
probable.
•
a
./ i
speed up output still further
give added stimulus to earn¬
will
and
ings.
'-1'
Current market 16% -16%
and
Manufactures
plane
processes
air¬
and
equipment
to
specifications.
About
of its work is done in accord¬
90%
with
ance
the
specifications
and Navy.'1
Sales
of
196%
in
the
of
S.
U.
Army
were
up
months
of
company
first
five
the
•
m
for
continued
high
rate
of
operations since demand
for
the
company's
output
from
major aircraft manufacturers will
remain
constantly
strong
for a
considerable period.
a
Stockholders recently approved the
acquisition by company of control
Autocar through the purchase
of
shares of the latter
company's Common stock.
Earn¬
ings for the 8 months ended Au¬
gust 31st were equal, after taxes,
to $1.05 per
share.
""
of
121,000
Current
elected
were
Board
(Special
Market
7%
-
8
Chronicle)
Financial
to The
to
its
The
to
sales
Financial
staff.
GILLIS
Chronicle)
■
LOS
Chronicle)
Financial
to The
(Special
ANGELES, CAL.—Harold
E. Curtis, formerly with Leo &
Curtis, Inc., is now associated
with
Klehmet
South
Spring
(Special
to The
&
Company,
Street.
Financial
mammm*** ■ mmmmmmmm#
with
of
members
Governors. "
of
t
of Central Slates ISA
Central
The
the
States
Investment
of
at
CHerry 5050
ANGELES, CAL,—Robert
E. Tieman, previously with Dean
Witter & Co.,, has joined the staff
of
O'Melveny,
Wagenseller
&
Durst, 626
(Special
South
to' The
DALLAS
Spring Street.
Financial
Chronicle)
LOS ANGELES, CAL.—William
Elliott is now connected
Bought
—
James
Wagner, Inc., 415 West Jefferson
CINCINNATI, OHIO — Stanley Douglas Sanford Freed, for many
Davis has joined the staff of years with Walston, Hoffman &
Don- D.
Kuemmerling, - Union Goodwin, and in the past with
Trust Building.
Co., has become
Mr. Davis was Steinhardt
Chicago
on
of
Sept. 22,
York
Telephone: COrtlandt 7-9400
Teletype: NY
1-1950-1-2
Boston
Republic Insurance
Great Southern Life Ins. Co.
Southwestern Life Ins. Co.
Dallas Ry. & Ter. 6% 1951
All Texas Utility Preferred Stocks
Check
us
on
r
'«
Southwestern Securities
RAUSCHER, PIERCE & CO.
DALLAS,1 TEXAS
Ft. Worth-Houston-San
Illinois
of
Chicago, as its
Company
Antonio
asso¬
ciation
year,
office
Russell
has
CRUZ, CAL. — Ben¬
Black has been added
Wilbur
to
the
affiliated
60
Pacific Avenue.
—
become
Chronicle)
of
staff
Richey
&
.O'-
Baikie,
Trading Markets In All
.:
Sweney* Inc., whose
Lowry
Gassman
&
(Special
■
(Special
v.
to
The
Financial
Chronicle)
Co.
Street.,
MICHIGAN
:
STOCKS
6- BONDS
,y:
-
sociated
take
at
of
to The
(Special
Chronicle)
Financial
the
pany,
the
Mr.
with
Inc.,
Carothers
Gulf
with
was
Charles
R.
in
and
December.
D.
Dittmar & Co. and Donald O'Neil
Dean
McCor-
^Chicago
Financial
Chronicle)
&
thereto
with
Bliss
Bowman
Mahan,
(Special 'to
Chronicle)
Financial
Exchange
BUHL BUILDING
Phone
Cherry 4560
;
Teletype DE
222
Asset, Kreimer, Fuller
Form Securities Firm
to The
Members Detroit Stock
&
Co., 715 Madison Avenue.
Co.
(Special
ALISON & CO.
Dent
convention
prior
with
sociated
Com¬
&
Building.
formerly
State
Thalheimer
connected
IBA
mick,
to The
TOLEDO,
OHIO — Jasper
DALLAS, TEX.-—Louis Leonard
Charles Hayward has become as¬
Thalheimer, Jr. has become as¬
means
will
CLEVELAND, OHIO
F.
Financial
for
Chairman
the next
which
SANTA
;
H.
to The
.
The
Financial
Active
Cnronlc e).
CINCINNATI, OHIO — Joseph
manager
o f
DALLAS,
TEX. — Schneider, H. Assel, Herbert F, Kreimer and
Alex.
Brown
Bernet & Hickman, Inc., South¬
Douglas K. Fuller have formed
&
Sons,
was
Jolm s* loomis
western Life Building have add¬
Assel, Kreimer & Fuller with of¬
elected Vice Chairman, and John
ed Robert A. B. Goodman to their
fices in the Provident Bank Build¬
E.- Blunt 3rd, Vice President of
staff.
ing to conduct a general securities
Lee Higginson Corporation, Chi¬
business:
All' were formerly of¬
(Special to The Financial Chronicle)
cago,
was
named
SecretaryLOS ANGELES, CAL. — Bank- ficers of Assel, Goetz & Moerlein,
Treasurer.
Trading Marketg
;
THE
LEECE-NEVILLE
COMPANY
■.
New members elected for three-
america
Company,
650
South
committee
were:
Carl
COMMON
i
Prospectus
merce
Bank
of St.
Louis.
Nathan
and Trust
Company
Chicago
Vice President' of Harriman Rip¬
D.
McClure,
PENOBSCOT
Nomination
of
these
noted
our
issue
was
in
18, page 195.
We take
officers
Sept.
pleasure in announcing that
E.
*
BLDG.
Cadillac
,
>
Telephone
Bell
6134
Teletype
de
49
PARSLY
G.
has been elected
Executive Vice-President of this firm
MUNICIPAL AND GOVERNMENT
BOND TRADER
Whitney-Phoenix Company, Inc.
70
ex-officio
of
Request
DETROIT
PINE
Telephone
-
BOwling Green 9-4585
.
'<•
U
STREET
NEW YORK,
^committee ns the
of * the - Group.
ov
VAN GRANT & CO.
J.
North, The Wisconsin
Company, Milwaukee; Plummer
P., Purdham,
Burns, Potter • &
Company,
Omaha; and Hemp¬
stead Washburne, Chicago repre¬
sentative of the Mercantile-Com¬
STOCK
Inc.
terms on the Group execu¬
ley & Co., will be an
Hartford
Pepper
New Mexico Gas Co. Com. & Pf J.
SPRINGFIELD,
MASS. — A.
ington Bank Building, Columbus,
Mayo Fisk has been added to the
Ohio.
Mr. Russell was previous¬
Staff of Tifft Brothers, 1387 Main
ly with Pratt & Williams, and
retiring chairman
Private Wires to
Quoted
—
DETROIT
(Special
jamin
Chronicle)
Financial
to The
main office is located in the Hunt¬
f
member of the
Philadelphia
Sold
Dr.
with H. B,/Cohle & affiliated with Davies & Co., Russ
v
prior* thereto with W. C. Building. ;
(Special
with
Loomis,
o
and
Thornburgh Co. and Westheimer
& Co. V'V
'-'V
■'■.A*
annual
Ludlow F.
& CO.
CLEV. 565 & 566
LOS
Easterberg, Riter & Co., Chicago;
120 Broadway, New
RUSSELL
WJm
Cleveland, Ohio
Tel.:
Chronicle)
O.
Associ¬
its
John
elected
S.
Group
Bankers
America
meeting in
tive
WARNER
,
Co.
Union Commerce Building
650
*
Co.
year
J.ARTHUR
'
&
with Searl-Merrick Co., 634 South
Paine,
0
previously
close
is
Street.
Brown
'
Co.
&
national
Outlook
State
F.
con¬
Street
Webber & Co. for
Street,
have ; added
Byron
H.
many years and prior thereto was
Boyd to their staff.
& Sons, Inc.; Joseph A. Zeller, with
McGowen,
Cassady
and
Bankers
Securities
Corp.;
and white.,;.;::..
(Special to The Financial Chronicle)
John P. McFadden, Smith, Barney
SAN
FRANCISCO,
CAL. —
(Special to The' Financial • Chronicle)
1941
over
the
same
period
of
Expanded facilities will per¬
shipments to hit a new peak
for the remainder of the year.
•
cretary.
Love, Geo. E. Snyder &
Co.;
Henry B. Warner, E. H. Rollins
1940.
mit
State
CHICAGO, ILL.—David Quigg Spring Street.
Blizzard, Herbert H.
Blizzard & Co.; Leo M. Dolphin, Lewis, Jr. is now with Lehman
(Special to The Financial Chronicle)
231
South
La
Salle
Dolphin & Co., Inc.; Russell M. Brothers,
i
LOUISVILLE, KY. — Smart &
Dotts, Bioren & Co.; Thomas J. Street. Mr. Lewis was formerly
he
the
the
and
standards
(Special
become
Fifty
Stock Exchange
Spring Street, has added Harold
Herbet H.
The
parts
customers'
•
..
,
President
Liberty Aircraft Products Corp.
•
„
rioyd E. Justice
ation
Priority rating A-3, recently given
to
commercial
truck
production,
50
Company,
has
Leandeff
—
& Co., se~
ney
„
,
militarv
Mass.
with
Chronicle)
Financial
to The
Redfield
Hull
nected
Dav¬
- ■
■
Company reports earnings of $4.93
per share, ^after normal taxes
but
before excess profits taxes, for the
seven
months
ended
July 31st.
Outlook i is
for
continued
high
Volume "with
further
important
Members Cleveland
(Special
BOSTON,
Rambo,
BOSTON, MASS.—Malcolm N.
Keen, Close & Fay is now associated with E. H.
Kerener, sec¬ Rollins & Sons, Inc., 75 Federal
ond vice-pres¬ Street.
ident;
Ben¬
(Special to The Financial Chronicle)
jamin
H.
Chicago, ILu.—C. A. GueuLowry, Laird
tal is now associated with Ben¬
&
Co., treas¬
jamin Lewis & Co., 135 South La
ure r ;
and
Salle Street, in their buying de¬
George
J.
partment. Mr. Gueutal was form¬
Muller,
Janerly with Barcus, Kindred & Co.
therefore,
is,
Unlisted Securities
column.
is,
1941.
stock
as
vice-
president; Ed¬
Print Works Common
lication in this
Co.
chosen
was
Reports earnings equal, after taxes,
to $4.05 per share
for fiscal year
•
&
contemplate making additions to your personnel, please
particulars to the Editor of the Financial Chronicle for pub¬
you
send in
Snyder,
Yarnall
first
Current
0
Harry
B.
acteristics.
Arnold
Philadel¬
phia.
earn¬
If
Association
of
in relation to the small
of
shares
outstanding,
attractive leverage char¬
suggests
Ohio Listed and
been elected President of the
has
power,
number
Floyd
—
■E. .Justice .of Butcher & .Sherrerd
only 90,803
stock out¬
—-
standing. Company's
ing
the
share
per
months.
1906, the company
successful manufacr
varied
a
that
$3.00
earn
next
Organized in
normally* is a
•
.
MARX & CO.
„
BIRMINGHAM,
mines
all Canadian
on
offering
Appreciation Possibilities
.1
.
.
Complete statistical data
available
Unusual
Durham
Authority
•
..
N. Y.
.
;
J.
<v
Long
experience
and
House in New York.
r
.
Teletype
New York 1-1822
excellent
contacts, wishes to connect with
Dealer or represent out-of-town
present.
Box
Chronicle, 25
York, N. Y.
D
52,
Spruce
Broker
at
Financial
St.,
New
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3985
Volume 154
293
DETROIT
;
.«
*
i
.
Guaranteed
LISTED AND UNLISTED
Railroad
SECURITIES
Stocks
TRADING MARKETS IN
Unlisted Railroad Securities
Aluminum Ltd.
Bell
New and Old
Telephone of
Brazil
3os<?pb Walkers Sons
Mrmkcn Mjrw
Canadian
PFLUGFELDER, BAMPTON & RUST
York Slock Extkomgo
Charles A. Parcells & Co.
of
Members
Exchange
Stock
Detroit
Members
120
BUILDING
PENOBSCOT
Tel. REctor
Broadway
NEW YORK
61
New
York
Stock
Exchange
Broadway
REORGANIZATION
RAILROAD
Ry.
Seagram
Dome
Bell Teletype—NY 1-310
SECURITIES
Mines
Fanny Farmer
MICH.
DETROIT,
Pacific
Mining & Smelting
Distillers
New York
Telephone—DIgby 4-4933
2-6600
Cons.
Canada
Traction
Hiram
Walker
Com.
&
Hudson Bay Min. &
Annual Fall
Quiing of
Piitsliiirgh Bond Club
Watung,Lerchen&Co.
Exchange
Stock
York
New
nual
Fall
Club
of
Curb
York
Associate
Exchange
Stock
Detroit
Chicago Stock Exchange
Pittsburgh-Butler
will
ed
1922
Bank Building, ST. LOUIS
of
will
Postal
Bell
76QO
■
Long
L
be
a
program
events from 4 to
Securities Co. Prizes will
offered
as
for
events—-Le
all
Horseshoes;
will
also
extra
an
(one mile from the Club)—$1.00
person for a fifteen minute
Dinner
ly
will
7:15
at
p.
lia-
assumes no
'
be
these
shortly,
as
dicated
that
the
door
mon,
should
(Set-ups
Stock
Louis
St.
bond
open—bidding
Exchange
on
''i
Members should make
Greenwood & Mannick
(Special
to
The
Financial
LOS ANGELES,
bacher
&
Street,
with
Co.,
announce
their
de¬
L.
Green¬
Mannick.
David
and
wood
Mr.
Greenwood, a member of the Los
Angeles
Stock
Exchange,
was
formerly
a
partner in Green¬
Bennett & Co. of Holly¬
its predecessor Green¬
wood,
wood
and
wood
&
Mr.
Co.
Building, Pittsburgh.
Mannick
was
McAlpin, Jr. To :
Be Laird & Co. Partner
Benjamin
many
years
B.
a
Jr., for
partner in Taylor,
McAlpin,
Bates
& Co., will be admitted to
partnership in Laird & Co., Ne¬
Exchange and other leading
changes.
Co.
New York office at 61
..
Stewart
his
J.
44
Lee
We
fices
at
York
City to engage, in a secur¬
ities
the
business under
J.
Stewart
new
firm
industrial,
Lee
will
utility,
as
and
bonds.
Mr.
.
for The J. Morton SteinCo. and prior thereto was with
&
Co.
0
a
$190,000
of
1
the
more
were
&
314%. In other words,
forced
before
the
fixed
is
the
proposed '
plan.
switch
in
out
stock
common
of
poorly
to
situated
equities
& Ohio,
more
past
decade
much
less
earnings on their stocks.
show
Balti-
to
a
sorry
burdensome
FORTY
WALL
Act.
It
is
pointed out
that such readjustments, involv¬
ing little permanent reduction in
interest charges and merely post¬
poning the principal maturities
do
not
bring the fundamental
credit improvement inherent in
a
thorough
tion such
as
judicial
is
new
considered
pervious
to
Direct
Wires
capital struc¬
virtually im¬
future
SEARS 6- CO., BOSTON-LAF 4632
divid¬
same
regular
common)
considered much closer
possible
usual
that
certifi¬
the
be
may
(the
the
get
the
dividends
of
run
than
railroad
the
equities.
Earnings reported by Erie, and
reorganization
properties,
are
after deductions for sinking
other
funds
and
terment
Erie
this
2%
the
additions
fund.
of
In
latter
As
gross.
and
the
fund
bet¬
'of
case
amounts Jo
debt
retire¬
ment
and
improvements to
property have already been
the
pro¬
vided for before
ings
for
reason
the
why
arriving at earn¬
stock, there is no
a'large part of the
Page
on
298)
f
Defaulted RR Bond Index
Pflugfelder,
Bampton
& Rust, 61 Broadway New York
City, shows the following range
boom
for
threat
in
earnings is of sufficient
duration to allow
we
blocks
The
railroad
bond
of
January 1, 1939 to date: High
low—14%, last 31 %.
"
invite inquiries
or
defaulted
index
important debt —34%,
~
*
odd lots of
We specialize in
highest grade rails
We also maintain net markets in
MIL. NOR. 4Vis/39 (Brown)
To
will
as
for
reason
stock
(Continued
BOS. & MAINE Inc. 4'/;s/70
YORK
cates
to
another
is
common
ends
than
marginal roads.
depressions,
continues to overhang
the
weaker
marginal
carriers.
Their credit position can only be
really improved if the current
the
SEABOARD ALL F1A. 6s/35
N.Y.5s/50
Producing
Oil Royalties
Send, for Schedule "A" as filed with S.E.C.
describing
our
current
Royalty
offerings
CHI. MIL. ST. P. Adj. 5s/2000
1. h. roihehild
,
■f:
•
BELL TEL. NY 1-2073
WHITEHALL 3-9060-72
DRAPER,
NEW
There
that of Erie.
While Erie's
ture
reorganiza¬
of solvent
Wholesaling io Dealers
ftPOR ATED
STREET,
interest
certificatas
Erie
stocks
Erie
1-2050
Lehigh Valley
plight a
back that they were
obtain temporary re¬
from
on
trading department
INCO
:
NY
and
such
Chandler
railroad men have been
urging their clients to take ad¬
vantage of the psychological de¬
pressants
temporarily influenc¬
ing Erie certificates of beneficial
interest
CO!
YORK
charges and principal maturities
through readjustment under the
more
highly
the
level
conservative
NEW
Teletype:
Ohio
years
lief
even
charges
belo^v
10%
ST.,
3-3450
in
rate of
its
WALL
WHitehall
few
than
S. L.
.EROY A. STRASBURGER &
na¬
precludes the possibility
that
earnings
can
be
passed
along to stock holders.
Freedom
from worry over future solvency
should alone justify a consider¬
ably higher price-earnings ratio
C/Ds
&
<This\ prospect
retirements.
for
lying bonds at the low coupon
company
;
1-356
turally
C/Ds
&
4'/as, '41, Actuals
under-
through
refunding
^hlxqeraUl (&L Compamf
manager
er
in
further interest sav¬
cut
C/Ds
&
There
interest.
$560,000
REctor 2-5255
NY
Reg.
&
Actuals
4'/2s, '34, Actuals
out of the courts it will have
/
'52,
4s, '34, Actuals & C/Ds
by
will be
of
4'/2S,
St. Paul & Kansas City
recent balance
sheets, little, if any, of this
money
should
be
needed
which will mean a saving of
current
'88, Cpn.
Rock Island, Ark. & Louisiana
set up under
reorganization plan.
$14,000,000 of new money 4s.
ing
4s,
NEW JERSEY &
in¬
will be A„ H., Peterkim,., ;
Lee
was
formerly
sales
Bittner
Secured
Refun.
SPECIALIZING IN RAILROAD SECURITIES
ciated with Mr. Lee as sales, man¬
ager
Gen'l
charges
Judging
Broadway, N. Y.
Chicago, Rock Island & Pacific
years
in
Asso¬
1.60%
R. D. WHITE & CO.
120
in
Teletype
pleased to announce that
our
of
The
dealers
bank
stocks and
surance
name
Company.
act
in
yield
Chicago
(Callable)
earnings
has become associated with us
New
Street,
are
To
York
markets
Ex¬ these three roads was able even
to cover fixed charges during the
the firm's
Broadway.
1949
Exchange
securities
RICHARD B. MONTANYE
has opened of¬
Beaver
New
As brokers
J. Lee Co. Is
Formed In New York
Stewart
in
Stock
We maintain net trading
Mr. McAlpin will make
headquarters
York
■;
"A"
snare.
of such roads as Balti¬
Lehigh Valley and
mours Building, Wilmington, Del.,
Delaware, Lackawanna & West¬
On
the
members of the New York Stock ern.
average
none
of
with Morrison Bond
Co., Ltd. and Fewel, Marache &
previously
New
plan,
Many
B. B.
Toronto
2.10% Bonds
Due
Members
fixed
a
previous
of
statements
in
Chronicle)
investment
Donald
of
partment
First
mittee,
W.
L.
the
1-395
Hammond, Indiana
Issued)
Bear, Stearns & Co.
There is included, interest on
reserva¬
Voigt,
Outing Com¬
National
Bank
with
of
CAL.—Schwa¬
515 West Sixth
the association
local
early
Chairman
HAnover 2-6980
NY
Montreal
York
New
Y.
N.
Teletype
Series
through recent developments.
fixed
be
E.
ST.,
Housing Authority
given to the improve¬
in
the
fundamental
the I.C.C.
Bonds, one $250 face
value, the other $125 face value.
tions
Mines
Securities
(When
applied against the new capi¬
talization allow for the full
Defense
Schwabacher Co. Adds
$3.50
Published pro format
r
series
two
Power
&
Corp.
Reorganization
,,
also
will
WILLIAM
the new com¬
status of the junior
•'
furnished.)
market
on
about
run
ment
Spring outing. There will be
L.
by
early November.
or
the
basis
of
provided 'in 'the
nition
prizes, special dinner music,
A
The
Mines
There has been little recog¬
those wishing to do so BY. Y.
O.
delivered
be
Railroad
new
on
charges
plenty of free beer, but the Club
does not have a liquor license,
so
actual
probably not be paid until next
year even
though cash position
is
strong
and
earnings
will
amount
to
close
to
$30.00
a
special feature will be movies of
the
Gold
Mines
Car
Water
Lawrence
Bell
preferred
stock,
covering
operations for 1940.
The divid¬
end
from
1941
earnings
will
and George Bailey, entertainer.
509 OUVE ST.
Steel
Wright-Hargreaves
52
it is now in¬
the
prompt¬
charge to
No
Pioneer
Shawinigan
St.
Power
HART SMITH & CO.
of
one
Shortly thereafter it is expected
that a dividend will be paid on
standing, guests
$3.00. Entertainment is in charge
of Ralph Thomas.
There will be
SAINT LOUIS
October
late
members in good
Co.
will
securities
least
——
handicaps will dis¬
market
appear
served
m.
Mines
Porcupine
National
stock and certifi¬
common
interest in thc3>
At
stock.
common
attraction
per
(Bond Club
biiity).
Members
the difference between the
cates of beneficial
a
special
ride.
&
still
are
gory), and by the confusion, in initial Exchange trading,
Mo-Skeet-O.
plane ride
be
■
St/x
securities
Mclntyre
("when issued" securities fall in this cate¬
norm
arranged by G. C. Bodell,
Peoples Savings & Trust Com¬
share. Earnings
pany, and L. R. Schmertz, Jr. of
There
593
Co.,
&
7 p. m.
Boccie;
Distance
TeletypOVST
also
minor sports
be
New York Stock Exchange
St. Louis Stock Exchange
Chicago Stk. Exch.
Chicago Bd. of Trade
Assoc.
Member Chicago Mercantile Exch.
New
York
Ciirb Exchange Associate
Ward
Chairman.
Mellon
Members
4
award¬
be
?
on
There
£
also
Ward, Norman
is
Edward D. Jones & Co:
Phone
a
will
Shore
,
Ltd.
,
net; low gross; low
hole; least number of
putts.
There will be one golf
prize per person (kickers ex.)
Greens fee is $2.00, to be paid on
the tee; caddie, $1.00.
Norman
Unlisted Securities
t/
House
low
for
B.
CEntral
be
Prizes
score
Boatmen's
Club
to
golf tourna¬
Cup, which
the player with low net
to
goes
score.
Established
mile
Airport
big events of the day.)
There
St. Louis Listed and
junior
the usual
3rd
over
ST. LOUIS
Erie
new
miles from Downtown. Turn Left
and the
5530
Lake
Montreal
The
obviously
handicapped, marketwise, by the tendency of the general
speculative public to shy away from anything foreign to
October
ment for the Bankers
Randolph
Telephone:
will be held
Pittsburgh
Road—one
DETROIT
'
Oil
Massey-Harris Com. & Pfd.
at the
Butler
Country
Club.
(Take
Route No. 8 to Stepp-Inn — 23
on
Ford Building
SECURITIES
PA. — The An¬
Outing of the Bond
Friday,
on
New
RAILROAD
PITTSBURGH,
;
Members
Imperial
Pfd.
Smelt.
co.
HAnover 2-9175
Members
Eastern
'sts in
11 wall street
tellier & company
42
n.y.c.
Tele. NY 1-1293
Oil
Tloyalty
Broadway
Bowling: Green
9-7947
Dealers
Ass'n,
New York City
Teletype NY 1-1171
THE COMMERCIAL & FINANCIAL-CHRONICLE
294
Thursday, September: 25, 1941
Montanye In Trading
Bank and
Bank and Insurance Stocks
Fitzgerald & Co., Inc., ,40 Wall
.
Bank Stocks
Street, New York. City, announce
that Richard Br Montanye has be¬
i
■<
plants under national defense contracts has been
new
activity of the banksQ
of the country and has accounted
for a substantial increase in banks
loans during the past year.
!
While
considerable
a
provided in various ways
the Government and many
businesses have had large amounts
of their own funds available to
meet all or part of their own
needs, many firms have found it
or
necessary
According
*
j
j
j
loans amounting
i
;
«
:
I
i
700 million in the year end¬
ing Aug. 20th 1941. This expansion
in the volume of
loans is a reflection of the
directly to the defense producers and suppliers
as
well as to others whose
business has improved coinlending
•
i.
{ cident with the developement
<
of the defense program.
April 30th of this year de¬
the city
banks totaled $460 million. About
On
fense loans outstanding at
*
.
»'
67
per
to
be
poses
cent of these loans were
used for production pur-
and the remainder for pro¬
facilities. It is
pointed out that the fact that most
viding new* plant
of the banks are
for
loans
their
making most of
production pur¬
is in line with their custorhpractices; banks have been
traditional
sources
of working
poses
ary
capital funds and ordinarily iux*
nish loans for plant expansion to
a lesser extent.
It appears, how¬
that roughly 10 to 15 per
the financing required
for the new defense plant faciliever,
of
cent
*
ties has so
the banks.
L. A. Gibbs, Manager Trading
on
ducers of defense
It is
3-6s,
2039
&
Co.
Pfd.
Phila.
Chestnut
Street,
Phone
Locust
•
York Phone
HAnover
1477
Teletype
PH
There
2-2280
257
date
cent
de¬
.
or
defense program.
total
amounted
r
their
of
These
ments.
credit
continue to specialize
in unlisted
reorganization railroad issues.
a
number of reliable
sources
where
be secured.
Many securities dealers have used these
varying degrees of success, both for circularization
personal solicitation or both.
requirements
are
Step
number
Contact
one:
dealer in stockholders',lists:
by the banks in their local number two: Select a
communities with a foundation pf from
the available list
a
order
out
of
him
almost
as they have met.
Step number five: The .compe¬
tent
securities?
salesman
will
offerings strive to impress his
prospective
long standing knowledge of the that may, at the present time, be
clients with his ability and that
borrowers and their business.
giving its stockholders some re¬ of his
firm, plus his willingness
With this proof of the extent alistic cause for concern and pos¬
to seirve his future client in any
to which, the banks are sharing sible
worry
about, the
future way withm^4fis
power. Good cusin the current defense boom there outlook,
but where a . thorough
tomers>dwever, like good houses,
is good reason for the investor to study of the situation, regardless?
can norbe
built in a day.
With
consider bank stocks as a medium of present superficial - indications,
proper intelligent work, a nuc¬
to employ at least a portion of warrant retention by the. stock¬
leus of prospective plients and
his funds.
For several reasons holder. (This could also be true
customers can be acquired, in a
these equities are more favorably of certain bond situations.) Somte
few weeks time- if this plan is
situated to benefit from this ex¬ examples of this type,.of situation
consistently followed. Naturally,
pansion of business than are many might now be discovpered among not all calls will be
productive,
of the industrial companies which the public utility holding com¬
but the law of averages will en¬
attract first attention because of pany preferreds that. are threatr
able the sales force to eliminate
their direct interest in defense ened under the Holding Company
non-promising names and still
contracts.
Act; reorganizations where the leave
many new: contacts for fur¬
From the standpoint of taxation, present prices of outstanding .se¬ ther
development.
;
curities
may be overly ; depress¬
intrinsic value of their shares and
the steady income afforded by the ed; defaulted bonds with'ah;imsuch .parr
unbroken dividend records, bank proving outlook and
.
j
;
.
ing.
■
;///// "y'j
•
Step
.
upon
the,
,
Forming:
Own Investment Firm
to The
Financial
COLUMBIA, S. C.
Smith
has
S.
Chronicle)
—
:
Frank S.
formed the firm of
Smith Company, Inc.
offices
in
the
Liberty Life
stockholders/ in/
„
Eliminate
person.
Frank Smith
three: / Call V
number
T
mailings, unless
verify addresses
a
r
all
you>
pre- j
wish
to
by
sending
letter using first class mail;
:
i
;;
This usualif implies an offer
to
returned
all
the
'j,
^
validate/
information.
supply
mail .will
The
other addresses
have
been
selected
vass.
Most
list
ever,
guarantee about
for.
dealers
that .1
can-
•
hovv- ^
ninety,?
percent correct addresses oft
standard
lists
which
are'/;
.
-'available.
*
*■
<*
r/
"j
Buffalo Forge Stock
Offered at $18.50
/
Hornblower
&
Weeks
on
the future.
of
by the Board to fully reflect
the role of the banks in aid¬
ing the Government in its at¬
tempt
to
mobilize
the
pro¬
of
the
facilities
duction
This is due to the
.fact that the swecial field of
country.
the
of
banks
small
numerous
do
by
not
and
and,
business
made
in
is
domain
medium-size
the
consequently
defense
loans
bulk
are
though they
large in dollar
banks
.
,.
j; |
,
j
,
Maj.-Gcri. The Hon. S. C» Mewburn, C.M.Gi,'
W. A. Bog
■
j
General Managers
Branches and
Steiner, Rouse Opening
New Orleans Office
Herbert E. Steiner and Howard
E. Myers of
25 Broad
Steiner, Rouse & Co.,
Street, New York City,
members of the New York Stock
Exchange,
have
just
returned
from a trip to the South and an¬
nounce that they have .made ar¬
rangements to open an office in
the Maritime
Building in New
Orleans
on
October 1st.
Agencies
In Canada 'and Newfoundland-More than 500 Branches.
'
!
s
-
St., E.C. 2;
S.W. 1.
In the United States—New York, 64 Wall St.
;,J
Chicago; 27 South La Salic St.;
San Francisco:
(San
Bank of Montreal
Francisco),
333
California.",
Street;
1
THE CANADIAN BANK
OF COMMERCE
HEAD
OFFICE:
himr
1867
Paid-Up CapitaL.._$3Of000,O0O
Reserve
—20,000,000
This Bank is in close touch with
the. commercial
and
financial
life
of Canada and is well equipped
serve
corporations,
dividuals
firms and
interested
business.
Branches
In
in
to
in-,
Canadian
...
|
every
important
city and town in Canada
and New¬
foundland,also in Portland,Oregon;
San Francisco; Seattle; Los An¬
geles;. London, England; Havana^
Kingston,
Jamaica;
Barbados,
and
Port
Bridgetown;
of5 Spain/*
Trinidad.
•
NEW
i
•
YORK
Exchange PI.
&
AGENY
Hanover
,
St.
1
Wesfmore Willcox, Jr.
Opens Offices in N. Y.
Westmroe Willcox, Jr. has open¬
ed offices at 115
Broadway, New
holders.
an
,
Associated with Hornblower &
Weeks in .the .underwriting are:
Blyth & Co., Inc;; Shields & Co.;
Paul H. Davis & Co.; Schoellkopf,
'•
Hutton
&
Pomeroy,
Inc.;
.
that the salesman introduces
TORONTO"
Established
York City to engage in a general
underwriting group
which made a1 public * offering of securities business.
Mr. Willcox
115,120 shares of common stock was formerly a partner in Jack¬
of Buffalo Forge Co. The stock
son
& Curtis and prior thereto
is priced at $18.50 per share. Of
was
an
officer of Blyth &
the- shares presently offered, 15,Co'.,
120 are being sold by the com/ Inc. and Dillon, Read & Co. /
pany and the remainder by stock¬
23 headed
W. E.
Step number four: -The main Huttoh .& Co.; F. S. Moseley &
purpose of the first call is to es¬ Co.;. Eastman, Dillon & Co.; G.
tablish confidence and
to
be¬ M.-P. Murphy & Co.; Piper, Jafcome
acquainted .with ^ ^the/me^y fray & Hopwood, Alfred L. Baker
potential customer. The very fact & Co.; Mobrs & Cabot, arid Soucy
& Co.
/
.
Issues 1941 Sugar Manual
Farr
&
New York
Co., 90 Wall Street,
City, members of the
New York Stock
just
issued
the
Exchange, have
1941
Manual
of
Sugar Companies, the nineteenth
edition of this manual.Included
are descriptions
and synopses bf
various sugar companies, inform¬
ation on companies discontinued
through reorganization, merger,
liquidation, etc.
Also discussed
.
in. the
Quotas
new
edition
are
the Sugar
1940
and 1941
sketches of both the beet and
of
and
cane
purchase in August, 1941,, of ,2,rThe statistical,
then informs the" potential cus-r 305 shares of the company's then sugar industries,
tomer that his firm has'-made a outstanding preferred stock, or; to tables include yields and compar¬
ative
statistics
on
leading Ha¬
study of the situation in question be used for, such other purposes
waiian
sugar
and
companies
and
explains why .the security of the company as may be de¬
should be held;
This is exactly termined by the board of direc¬ Cuban, centrals. TableS covering
:
''
,i
.the reverse of the type of ap/ tors.
production, yields domestic and
world
prices,
distribution,
ex¬
proach
that Mr,. Investor
has
As of August 31, 1941, the com¬
usually been - annoyed ;■ with virx pany and its subsidiaries had Un¬ ports, imports, etc, have this yeta.
been extended to cover the past
the
past,
Then
again;
hes is filled
orders
aggregating $13,.pleased to know that his 'Worries,' 470,000, of ~ which $8,246,000are 25 andv30 years to enable corhlover his failing security are..not specified for delivery within the parisqn with- the previous, World
War. conditions.
:,
so discouraging after. all, -and he
-ensuing 12 months- period, and
can only be more friendly/ahti,at
Copies, of the manual may be ?
$5,224,000,.: for ' delivery in the
ease with this salesman, who -has
period from* September, 1, 1942 obtained from Farr &: Company;
Price is $1.00 pbr "copy.
brought him some,«real inform toJune 1, 1944.
•
• • ••'
tion
defense
considered
President
.
!
$1,050,000,000
-
Vice-Presidents
Sept.
banks in August amount¬ Columbia. Mr. McCarley' was as¬ self. and mentions at" the/tame : Net: proceeds from the sale of
manager
of
McAlister, time that he is
ed to about 12 per cent of their sistant
calling to, see. the stock by the company are to be
total commercial loans and it is Smith & Pate's local office.
prospect about a certain security applied to reimburse in part the
expected that the proportion will
in which they both have an in¬ treasury of the* company for its
no doubt continue to increase in
terest usually secures ;an, invita¬ expenditure of, $246,059 for the
volume
$39,000,000;
as
soon
Step
company
the city
The
$36,000,000
'
up-to-
and addresses of stockholders and bondholders
met
banks. It is evident that
Building,. to engage in a secur¬
for defense purposes in
ities business. Mr. Smith will act
the first 10 months of the defense
as president and treasurer of the
program had begun to assume an
new organization. Associated with
important portion of the business
him will be Harold C. McCarley.
of the banks in many parts of the
Mr.
Smith was formerly Se¬
country.
With further increases
in lending activity since April it cretary
and Treasurer of Mcis considered probable by the Re¬ Alister,
Smith? &
Pate; Inc.
serve Board that defense loans at Greenville,
with headquarters in
loans alone is not
'
-
Campaign Based Upon Stockholders' List
an
require¬
lending
-
will
•
-
Huntly R. 'Druoimond
is
source
with
the city
.
he
pointed out by the Board
For those dealers who are not familiar with this method
that most small and medium-size of
finding qualified investors ir
——
—
firms look to the banks as the
their territory, this campaign may
mation and has not tried to pry
principal and, frequently, the only be of interest
* :
It
to 8 per
Farnk
of total commercial loans at
loans
^'
lists with
amount when compared with,
(Special
By April 30th of this year
connection
desire to
are
names
can
the
our
New Account
Philadelphia
New
.
the West Coast.
new
•
•
Total Assets in Excess of
Dominick.
develop this column into 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
would be of some interest to all concerned.
In this connection, we
would sincerely appreciate your comments or criticisms and
any
suggestions you might wish to send along.
felt by the
fense
Department),
and
goods has been
banks throughout the
country.
The strongest demand
has been in the Northeastern and
Central industrial areas and on
his
In
,
far been provided by stocks may haye the edge onrihie ticular securities as nearly,; every
securities
of ' many
industrial alert dealer is constantly • watch¬
1
*
,
>
•
-
9 Waterloo Place,
Lives etc.
Phila. Transportation
analysis of defense loans companies.
made by the banks shows that the
demand for new funds by pro-
<
•
&
Dominick
of
-
In London; 47 Threadneedle
Philadelphia National Bank
An
*
Teletype-—NY. 1-1248*49
.
.
.
-
Girard Trust Co.
Penna. Co. for Ins.
1421
to about $1,-
Bell
ment
>
The Securities Salesman's Corner
Fidelity-Phila. Tr. Co.
H.N.NASH & CO.
by the banking system, have
shown a sharp and steady ^ncrease
in total commercial
Telephone; BArclay 7-3500
-
"A
,
leading cities which account
for almost all of the lending
j
j
this survey
banks in 101
to
member
the
s
Exchange
'
•
Jackson Dodds, O.B.E. i—• G..W, Spinnej'
desirable to borrow
from the banks.
i
Stock
.
been
*
York
Capital
Rest
MARKETS IN
has
by
New
BROADWAY, NEW YORK CITY
-
volume
of financing for the purpose
Members
120
an
important
,
Laird, Bissell & Meeds
Montreal
Head Office
associated with them in their
trading department. Mr. Montanye
was formerly in the trading de¬
partment of Newman Bros.
&
Worms and prior, thereto for fif¬
teen years in the trading depart¬
Unlisted Issues
ing for defense, made by the Federal Reserve Board. This
points out that the financing of business concerns engaged
in supplying the Government with goods and in building
/
come
Inquiries invited in ' all
growing influence of the defense program on the
demand for bank credit is shown by a review of bank lend¬
The
Established l8l7
,
Stocks,
—
BANKOF MONTREAL
Dept. of Fitzgerald
Insurance
This Week
'Jfa
to
"come
in.'' The., salesman
.
-
-
.,
r
.
.
,
Number 3985
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE,
,
295-
"v rr
A
Fieek Is Nominated
M
BANK
NATIONAL
•
t-
'
r,.
■
'
_
Investment Trusts
"
of EGYPT
(Continued
Register
'
x
FULLY
RESERVE
I
FUND
7
King
.
Co.,
1
.
in
the
Towns
the
and
Weeks
&
Inc., Boston.
In addition
named
Vice-Pfesi-
the Board
.Bond.Series—Low-Priced Bonds
for
;
in
SUDAN
"National Association of Investment Com¬
proposed last week to various leading investment'
trusts in a special memorandum from The National Committee
of Investment Companies.
The new organization would be
headed by Paul Bartholet, who is vice-president and treasurer
of the Tri-Continental'Group of investment companies, and has i
Mutual
First
Fund
Trust
Prospectuses
panies"
Stocks
Low-Priced Common
request
upon
NATIONAL
SECURITIES
RESEARCH
CORPORATION
been
&
^One Cedar Street, New York City.
ready been elected by. .their. re"
spective groups ; and 'wbo.kwill
office
take
NATIONAL BANK
the
Bankers
Office:
Head
26,
London,
in
Branches
Ceylon,
Kenya
Zanzibar
and
Aden
and
Colony
States Group — John
.; CHICAGO, ILL. — Members of
Loomis, The Illinois Co. oi
the. Municipal
Bond
Club" of
Chicago; John W. Newey, Stern,
Chicago and their guests met for
Wampler & Co. Inc., Cnicago. ■:
the Club's annual dinner and
Eastern
Pennsylvania Group
sports Tournament on September
•—Robert
G.
Rowe,
Stroud &
18th.and 19th; On Thursday eve¬
Co., Inc., Philadelphia., v
Mississippi Valley Group — I. ning, September 18th, the group
Bishopsgate,
E. C.
Burma,
India,
Paid-Up
Capital! ...£4,000,000
Capital
£2,000,000
Reserve
Fund£2,200,000
Subscribed
.
.
conducts
Bank
The
exchange
arid
banking
j
description
A.
of
V, New
business
CoM St. Louis
Group—Benjamin
York
J,
Buttenwieser,, Kuhn, Loeb &
Co., New York; Henry H. Egly,
Dillon, Read & Co., New York;
Lloyd
S.
Gilmour,
Eastman,
Dillon & Co., New-York; R. Mc¬
Lean Stewart, Harriman Ripley
undertaken
aiso
Royal Bank of Scotland
Southern
Group
Errol
—
E.
Manager
General
Bank
Associateed
,
Williams
.•
Bank,
Deacon's
the
and
other
this
Chuck
nominee'
the
ment "business
.•
his
Ltd.
activities
for
the invest¬
in
Cleveland witli
in
His
present firm since 1921.
in
Morris
Charles
of
K.
the golf cham¬
McQraryr> Des
year.
Fleek
Mr.
the
of
work
back
date
IBA
doubles matches with John Thac-
association.
His
organiza¬ kara,
the
6,150,000
SIR
lived
;
30th
Assets
1940
Arrregate
;•
up.
such;
on
there
in
r
,
He
A.
and
B.
Harvard,
was
receiving
Office:
Head
George Street,
.
SYDNEY
an
and
1914-18
of
after,
returning
after
and
war
the
! .•;*,*
J, t Molir,
degree, cum laude, from
graduate, school pf business
ip 1921.
His business connection
during - this
period
was
with
Fleek & Son Co., of Newark, a
wholesale grocery
establishment
;ountries.
founded
'
•
OFFICES:
LONDON
Street,
Threadneedle
29
E. C.
Berkeley Square, W. 1
47
ARKANSAS
In
addition
National
the
| sociation would
*
JERSEY CITY
As-
IOS ANGEIES
MHUmMMBMH!
keep the in-
tion
of
the
for
other
new
the, next
of
federal
regula-
years
for
each
furnish
financial
The
real
a
investment
the
budget
annual
association
two
would
trusts.
the
trusts
community
National
service
and
as
whole.
a
Committee
to
the
to
ah
was
is $60,000,
which
°$35
1135 d™e much toward showinS
and
$3,500. The membership fee the SEC that the financial com¬
open-end companies is
munity can cooperate on methods,
higher because of the and more
particularly in smooth¬
inclusion of "blue-sky" work in
ing out the specific regulations
the activities of the Association.
affecting the trust and in clari¬
The
new
association
would
fying
the
innumerable
forms
for * the
somewhat
four
additional
pany
directors.
trusts
investment
the
present
the
on
mittee
of
would
who
board
executive
new
com¬
•
..
COLORADO
merce;,,
<*>
f.
L.
Don
'>'"■}
I
Negley,
ILLINOIS
Negley,
Jens
:DAVENPORT,
V.
Beyer,
John
William
Corp.;
In¬
Tudor
vestors
Trust;
H.
Orr,
Light
Se¬
James
&
not
the
would
quite
one
aspects
the
Association
is
organization
proper
but
be
the
industry
ready to submit to
bit of ill-designed
a
gulation
in
complete
general
re¬
exchange for the
confidence
public.
of
This
the
of
is,
especially true of the
course,
open-end
investment
com¬
panies who have shares to sell
end
The
'
who
agreed to serve are:
j Frank
Altschul,
President —
American Investors Co.;
F.
Wilder Bellamy,
PresidentNational
Bond
&
Share
Corp.;
National
program,
Presi¬
have
technical
to carry out a public relations
Corp.;
members
as
regulations./ Perhaps
new
to
new
well
of
curities, Co.; Cyril J. C. Quinn;
Vice President — Tri-Continental
four
as
work
on
of
further
the public; and it is inter¬
esting to note that the
companies
are
proposed
open-
outnum¬
bered about two-to-one
on
executive
the
.
com¬
mittee.
•K
ik
*
General
&
Inc.
Rowe.
' V
IOWA
Ruhi,
Quail • &
Co.; Walter'E. Vieth, Vieth Duncan & Wood;
Carl N. Stutz, Blair. A. Phillips,. White, Phillips Corp.- "|
:
.
'JohnM.
Street
President—State
Gardiner, Chairman — Incorpor¬
ated Investors; Merrill Griswold,
Chairman v-'. Massachusetts
In¬
ILLINOIS
■
; PEORIA,
Vice
.
JournaL of Com¬
Smith, Investment Bankers As-
Dudley
"socration."
Executive Vice President —
Corp.; Paul
C. Cabot,
Richard
Wagner,
dent—Chicago Corp.
Roberts
Simons,
1
•
•
er,
public relations
need
to
to
are:
Lehman
urgent
organization
an
serve
in
are
com¬
The members
President—Railway
,
.•JChfirlesr S.T'Fry'e,, Chicago
H.
Investment Company Briefs
The
lag
in
American
stock
prices since the beginning of the
Eaton,' Jr, Trustee—
defense effort has not had any
1861.
As to his other activities
Eaton & Howard Balanced Fund;
counterpart in the Britisn mar¬
the announcement issued, by. the
David
M.
j. [
,
hpES MOINES, IOWA
Milton, President —
Sherman-W.'Fowler, lowa-Des Moines Noll
ket.
A chart showing the ratio
IBA states:
v. ;
1
Corp.
Bu.ik
x'rust Co.; J.. neS A. Cumin.as, Wneo-, Equity
Whereas the public relations lqck & Cummins, Inc.; Jack Sparks, Shaw,,
If
the
National
Association of industrial common stock yields
lo
activities of the IBA have re¬
government
bond yields for
were to accomplish no more than
(Contimied on Page 300)
the period
ceived his major attention re¬
1929 to dafp in the
a continuation of the work of the
grandfather
his
by
,
in
•
1
Company,
R. Stephens InvoslWalton, Sullivan At
Sidlo,
CHICAGO.
the
&
Mohr
.......
.DENVER,
Malcolm-Roberts,
Oo/> • T "V'
4
M.B.A.
•
King
.
1
ATTENDING
ALABAMA
i. 't
GUESTS
J." E.' "Womeldorff; W.
ments;- Pe.bbs'.,Sulhvun,
Co.
•
-;
in business to obtain a
years
were:
TOWN
V'-WTTLE;,'ROCK,
i.. s*
number
a
is the oldest
and largest bank iti Australasia.
With over
S70 b.arjcnes, in ad Scutes oi Australia, in
iJew Zealand, Fiji, Papua, and New Guinea,
and London, it offers the most complete
and efficient banking Service to investors,
traders and
travellers interested In these
of New South Wales
Fhe Bank
:
vestment,
attending
guests
MONTGOMERY,
.
Manager
prize.
Town
OUT- OF
Sidney
degree from the college in
1915
of
tjre party
29, "1893,' and
1921.
until
Out
;
New¬
educated at Phillips Exeter Acad¬
emy
£143,903,000
ALFRED DAVIDSON, K.B.E.,
General
Webster & Gib ¬
Tenn. won the
j
those
as
born
was
Ohio, August
ark,
Prop.j_8,780,000
£23,710,000
Sept.,
Mr.' Fleek
£8,780,000
:
membership
Jo Gibson of
son,, Nashville,
dealing with state legislation, fi¬
principal raffle
nance, and press relations.
(ESTABLISHED 1817)
—
same
committees-
important
NEW SOUTH WALES
of
63-< SO. SPRING ST.
15 EXCHANGE PLACE
JrT of -. Philadelphia and
j Hugh Bullock, Vice President—
Robert - Pelton, Chicago, runners
time and
Dividend Shares; Arthur H. Bunk¬
national
the
in
has included
BANK OF
......
INCOMOHMED
Invest-
Chicago,
74-3-71;
Bob
Doines,
75-2-73;
Wendell Spraggins, Memphis, 76an.
executive
committee
5-71; Bill -Kerr, Beverly/ Chicago, have
which the trusts have' been re¬
83-4-79. ..Their.-.total was 294.
composed of the eight members
quired to file.
the
'.! Victor Sahner of Kansas City of
present
National
Com¬
However,
the
investment
won
the
tennis
singles,
with mittee's executive committee and
governors
tion started at the.
Liaoility
the
proposed
represented by carry¬
Morris,
did not elect, new
groups
Group
Fund
of
The
handicaps governing the disposal
of trophies.
The first low nel
foursome was comprised of Chuck
for
elected,
are
President has been
Australia and New Zealand
Reserve
ministration
j ment Company Act of 1940.
;
Woodward
Burgert
of Chicago
1928, from which time he has
the runner-up.
John Stephenson
uninterrupted record of sCrvf
of
New
York
and Todd
Cartr
ice on
one
or
more
important
of
Chicago
won
The
committees of the Northern Ohm wright
Reserve
HUGH W. LONG and COMPANY
| change Commission in the ad¬
affecting
an
Capital
PROSPECTUS ON REQUEST
Ex-
tions
to
Paid-Up
and
:
ten
ones
..£69,921,933
Deposits
cooperation
Securities
the
development and administra¬
terms
£4,125,965
fund..,——-
with
dustry informed regarding the
three-year
over
£3,780,192
Capital (fully paid)*.
in
:
wifh
Co., San Antonio.
Governors
London, England
Bishopsgate,
Reserve
&
DEPARTMENT
FOREIGN
CHIEF
'
258
offices^
of
number
Total
*
'
Whyte
William
Committee
,
continuation
a
1*3
.
'
3
S. Dickson & Co.,
Buckner, The National Bank oi
Commerce in New Orleans.
Texas
Group—E.Jedd ltoe.
OFFICE—Edinburgh
-
present National
for
outgrowth of the cooperation be¬
$29,000 would go for tween the trusts whicn
pionship with" a score of 37-37developed
and
$12,000
for
legal at the
74;
George ■ Martin
of Martin. salaries
hearings on the Invest¬
services.
It is proposed to raise
Burns & Corbett, Inc., was runment Company Act. Its aim has
per" "up. ' Gross
winners among the necessary funds by annual been to help the SEC make its
the guests were Robert Mc- membership dues of 3/400 of 1% regulations workable on
the
Crary, Murdoch, Dearth & White; of gross assets at market as of theory that much grief could be
Des. Moines, Iowa, and Wendell June 30, 1941, for open-end com¬ avoided
if, from the start, the re¬
Spraggins, Municipal Bond & In¬ panies, with a minimum of $40 gulatory body had practical in¬
vestment Co., Memphis.
Several and maximum of $4,000 for any formation and suggestions regard¬
of the net scores were below par One company or group of com¬
ing
the
method
of
operation.
4-with Hugh Jacks of Chicago panies under the same manageThough the National Committee
'having 89-24-65 and James Mcr
has kePt in the background and
Gee of Toledo having 95-30-65.
All
limits of
l!as received little Publicity it
reverted
back
to
par,
the, gross assets
,
S. Dickson, R.
Charlotte.
.
call
work of the
of
J. Blanchett, ^Conrad,
Co., Seattle.
- %■
Southeastern Group — Rush
&
Bruce
:
HEAD
of the
:
1
!
I
Frederic
Charter ,1727
Royal
to
;
Morris & Co., won
Pacific
by
time
at the Chi¬
Golf Club.
Co., Inc., New York. "!
>
Northwest Group —
&
Incorporated
his .full
devote
to
Association.
The
following day featured golf and
tennis matches at the BobO'Link
Athletic
cago
Trust
and
at: dinner
entertained
Mercantile-Commerce
Long,
Bank
Executorships
and
Trusteeships
<
Exchange
.
.
every
;
S.
Uganda
and
Colony
and
Mr, Bartholet would
fhe^National Association..
|
Plans for the organization
Central
in
Government
the
to
Kenya
as'follows;
are
order
■
Vice
"and
President
new
Presidents,
of INDIA, LIMITED
——
tesign from his other positions in
sir:,
with
simultaneously
convention
Securities
Commission.
the-
of
close
the
at
primary factor in ironing^———
a
the
al¬
was
out. the industry's problems with
,
have
who
Governors
New
;A permanent-
•7.
Preferred Stocks—Income Series
Whipple & Co., Chicago, pres¬
ently a Governor of the associa¬
tion, and John Clifford Folger of
Folger," Nolan & Co., Inc., Wash¬
ington.
!
/
C.'-
E.
"
EGYPT
O.
dencies Jay N. Whipple of Bacon.
Street,
all
&
John
and
Whiting,
of
Stubbs
£3,000,000
.
Starkweather
of
York;
New
/Stubbs
AGENCY
principal
.
Starkweather
.
£3,000,000
.
.
William
Branches
t
•,
•
:
■.LONDON
and
6
Cairo
No., l
CAPITAL
PAID
'
''
Head ' Office ' Cairo
Commercial
First Page)
from
Charles
F.
,
.
arrangements with Ranks
the U. S. A. A
Agency
throughout
his
earlier interest was
legislation work
association, particularly
that dealing with state regula¬
cently,
Of Interest To Dealers
A
ts
series
on
interesting
of
bookbeen
insurance stocks has
centered in the
is
of
Fleek
the
tion
of
the
investment business,
epared for distribution by But-'
& Co. of California, 210
est
7th
Street, Los Angeles,
ilif.
These are entitled "Fire
surance Stocks—What Do They
!fer
Today's Investor?"; "The
orld War and The Fire Insurce Industry"; "Insurance Stocks
Time
War
nsurance
.
.
Stocks
and
.
aa
After";
Inflation
"Insurance Stocks
d
The
Investment
Dealer."
jpies of these booklets may be
itained
from
Butler-Huff
&
Ddges";
>.
On
and
He
served
chairman in the last, three years
of
that
period,
member
mittee
1934
on
to
With
he
of
has
also
and
the
state
was
national
a
com¬
legislation from
1938.
;
business
served
as
director .of
-
the.
Corp.;
trustee
evolent
•
the
of
of
present
Trust
of
Midwest
William
Investing.
NATIONAL INVESTORS
CORPORATION
Cleveland.
;; It' is observed by the Associa¬
tion. that in. a few instances Mr."
Connelly has been referred to as
ar "paid
President" of the IBA.
That says the Association is in¬
Fleek's
as-
Prospectus
Public
on
request
it will be also in Mr.
case.,
as
He
.
will
become
Chairman
..Information
of
a
PYNE,
the
KENDALL
484
Committee.
Montclair,
Corp,,' The- presidency is, as always, not
Co., and a salaried ^position.
HOLLISTER
&
Bloomfleld
Av«,
N. J.
'
i,
i
i
i
(Continued on Page 303)
it
the
Commission
Vessel
Edwards
Committee
National
Cleve¬
of .Music,
full-time .executive officer of the
Reserve
,
also
has
John; Huntington Ben-
corporations-* and-is
present on the board of the Association
Western
Director
He
Institute
organizations correct,a
numerous
at
as
and
Co.
Cleveland"' Crime
; and
*'
its
as
Son
&
.
served
legislation
Group from 1931 to 1938,
The
request.
on"' the
committee of the Northern Ohio
President
land ;
"
r-Huff
-
it
1
:
M
.
I !
i
>
I
t
I
i'
{: f
n
u
,
THE COMMERCIAL
296
FINANCIAL CHRONICLE
oc
FLORIDA
New Miss. Road Building
Financing Planned
It
Home rule is little by little be¬
by the municipalities
lor
cash just
as
centuries ago
they bought it from the kings of
England for cash, David M. Wood,
municipal
finance
expert
and
senior partner in Thomson, Wood
& Hoffman, New York municipal
attorneys,
declared Tuesday at
sold
Security
addressed
Traders
subsequent
preparing
eral
Credit
mun¬
forth
ter
essential
are
in
credit
a
and
prepared
for
gen¬
dependency
governments
upon
of
local
tables
the
State
flect
and Federal Governments has
resulted
the
in
incorporation
national
State
or
power,
according to Mr. Wood,
and
the
municipalities
subjected
being
in
party
icipal
spect
financial
the
the
to
social
increasing
functions
service
bonds
of
demanded
curities
financed
out
of
ed
Road
*
"
other
any
owned
and
securities other
had
of
This
had
as
been
of
used
State
salient
tween
existing though nonoperating
law
The book also
is
that instead of all
surplus,
that which is
left
gible
and
ers
investors
interested
in
These
limitation.
Wood
!
of
municipalities
paying
are
through the nose.
Municipal
V
Waterworks Built by PWA
has
subject
arid
on
thorough
been most
The Committee
painstaking.
Has sought
Committee
this
of
and obtained able as¬
cooperation in the
and
sistance
undertaking.
The
was
for the
ago
\
\
and
to
outline
practical
of
the
from
public
been
as
districts
villages
obtain
to
unable
incor¬
or
or
communities,
towns
PWA
tion
from
complete
ranging
200
new
aid.
to
in
6,000,
installed
of the
populations
N. Y.
Construction Advocate
form
or
the
file
creation
which
of
clearly
State
Highway
a
and
available
governed; .that- is;
total
amount
-
county
basis
on
Elected
t
tenth
the
*
the
-basis;
-
of
areas,' two
tenths on the
populations, three tenths
of
the
basis of motor vehicle
of
explanatory
4he Republican
to
succeed
the
late
there is presented a forni George L. Thompson as chairman
uniform credit file for munici¬ of the important Senate Finance
purpose,
of
pal
obligations
which
serves
as
above
Garrett
the features of
on
act, Jack Garret of
Co., Dallas, states: '. '
&
"Briefly, this bill
passed
as
re-
enacts for the next two years the
old law which reinstates >
exactly
the
state
same
aid
Texas
on
county and district road bonds
existed
ture
heretofore.
was
-Our'
divided
never
as
Wicks immediately revealed that
careful credit analysis he would make strong effort to
and
in
appraising
investment defeat the $80,000,000 proposed
issue
for
soundness.
The form also serves bond
highways,
an
an
outline of the information nec¬
essary
as
a
for
a
work
sembling
formation.
sheet
the
for
This
is
in
as¬
amount to be diverted from
credit
in¬
crossim?
use
desired
an
excellent stead,
grade
elimination projects.
In¬
Wicks is understood to be
functions
tax
on
this
question, and the only controver¬
sial
the
matter
surplus
amount
the
was
that. construction
of
an
airport «
county purpose within the meaning of the state; consti¬
tution.* •
•
•>*-'A1----."- ™not
was
a
"What constitutes
over
and
to
necessary
purpose is not static and ini flexible," the Supreme Court
said
'
in
decision
a
question
the
the
This controversi¬
settled
was
to
above
divide
this
by
an
surplus
Last
;
A
per¬
/
Urges
Borrowing
on
has' stood.
indebtedness
$14,185,171
houses.
in
the
history of the state.;
at
the
2!^ years—the greatest for a
comparative period of time in the jects,
;
Vv
;
,
King,
state
auditor,
advised Gov. Harold E; StaSsen
a
which
report,
state's
total
on
cost
the
Housing-
basis
as
in the previous law.
"There
adverse
fact
was
a
great deal of
publicity
that
this
due
to
question
the
was
the
indebtedness
reached
all-
an
time
.
made to the governor
by the state auditor as follows:
sons,
were
Credit
should
not
be
vate
to
finance
bond
sales
the
world
been
that
reen-
acted and should quiet future
rumors
aid
and
bonds."
fears
as
to
state
^
previous--
the
are
projects *
made
upon
such
pro¬
The
to
county, awarded
a
Co.
syndicate
of
Nc#
ding
was
Newark,
bonds
headed
York.
the- West
-
in
should
and
be
done;-
always
with
repayment
to
pay.
bonds
"}<•
Sept. 26th
V
'
'1.
be
certifi¬
issued
Sept. 30th
for
Baltimore.
a
,
entered
a
in
headed
Dec.
by
9th
'
Philadelphia, Pa.
by
Philadelphia, obtained
State of Connecticut has
193.9.
the
associates.
"
First
Drexel
award
Second
Boston
&
of
Co.
the
best
of
bonds
bid
Corp.,
:
was
and
■■
-■
■
'
of
may
be
use
deposited in
the
mu¬
don't
know
Winslow, Douglas To
Admit- Walter Austin
Walter
savings banks.
"We
•
■
Oct.
years.
Donds, and pending such
tual
V
;
.
the Harris
Trust
&
Savings Bank,
of
Chicago,
jointly.
Runner-up in
bidding was Dick & Merle-Smith of
New
York.
On
June
12,
a
$6,000,000
bridge revenue refunding issue went to a
group headed by Alex. Brown & Sons of
$3,117,511,
which,
under a new law, may be used
only for the retirement of State
funds
:
;'\1.
Siere
is borough
have been
no important
sales
recently.
v',
: •. by
$14,100,000
The
\
;
:
,
"
the
"loan
a
or
longer period than 20
surplus
of.
and
should
cates
of
Co.
both
fund."
state
bid-
Co.
$9,000,000 State of Maryland
bor¬
never
established
to
&
The general bond issue of 1941 was award¬
ed on June 25 to the First National
Bank,
:
The state should
No
the
Tfust
Freemaii
Philadelphia; bidding .jointly,; 5 *■";
[]/;'•
be¬
yond the state's current abil¬
ity
in
a
long-range plan which should
carry
Dec.
1939,
L„ Allen &.
H.
Side
M7 M.
and
by
Runner-up
,
slowly,
V
$697,000 Essex Co., N.
$731,000 North Arlington, N. J.
industry.
Borrowing
what
to
do
the
V.
New
Austin,
York
member
of
Curb
Exchange,
it,"
the
State's
Finance
partner in Winslow,
Commissioner, Lewis W. Phelps,, Douglas & McEvoy, 120 Broad¬
commented on Tuesday.
"There way, New York City, members
with
will become
are
now
-
S,
Authority.— -Short-term-
sold
and
sold
U.
used
by the state to subsidize pri- "
market
to
the
to
30, 1941, was $115,602,489
hdusing
against $129,787,660 on Jan. l\ jects.
/■
1939.
King reported that in 1937
\ Sept. 25th (Today)
of Texas, but Texas is glad to
this law has
>
pro¬
being
as
thoroughly
understood,
especially outside the State
announce
90%
time
completion of
June
the* several
of
other
same
Syndicate
same
said
are
1.'
notes to banks had been
that ly
reveals
indebtedness
issues
V
-
the
Stafford
These
The bond sales represented 10%
;
offered
the
series
19
to have been received
Surplus Fund
on
of
with^grati¬
fying public demand, indicating
that, as they become jnorg, !wide-)
" r
ly known, their worth and fair*
ly liberal yield are better under¬
;;
Connecticut Cannot Use
be
total
a
local
counties,
to
\
.
.
week
50% to the state highway depart¬
ment
and
50%
to
the
various
allocation
by Justice
Glenn Terrell.
of
of
service
county
a
i
ed
they
Auditor
reduced
row
state aid bonds.
al
allocation
was i
contention j
the
on
rev¬
spend on
;:;A;
■
never
legisla¬
not
committee.
here
,
Commenting
>
[ The lower court's ruling
Housing Bonds
high of $134,155,892.
s
gistration and four tenths on the
Four specific recomWedations,
basis of lateral road mileages. -7 in which. he explained his
rea¬
re¬
This surplus based on the present
Proponents of a huge "pay-aslogically presents those factors
important in analyzing the credit you-go"
highway
construction consumption of gasoline in the
state amounts to some $150 mil¬
quality of a municipal obligation. program won a powerful voice in
lion for the next 15 years which,
Following an interesting fore¬ the state legislature last week
word and introductory chapter in with the appointment of Senator as stated above, is to be divided
the form of a brief report by the Arthur H. Wicks, Ulster county equally.
Committee
'
Minnesota's
i
beed
same
of
to
;
Monroe
a
an
last
heretofore the
.
one
on
-
the
has
affirmed
Awarded
has
state
con-
airports.
court
in
age
Minn.
in
with
t hat
dollars
v
com¬
for
$40,000 bond issue for financing
airport at Key West.
: ;
r
a
•
from
$700,000,000
dollar
every
of
county
bonds
county circuit court validation of
.]/
'
recent
-
;1 Reduction
in
accordance
less than
the
form."
so
formula
billion
one
ernmental
going to the counties
in
reduced
been
:
-
-
\
pensions, highways, uni¬
versities,; welfare institutions and
-
for
'
and
* * * Local government
to
struction
The
issue
to
housing authority bonds
were offered and
syndicates head¬
ed by Phelps, Fenn & Co. of New
other functions of state govern¬
York, obtained the award of 14
ment, the local governments. have
$4.39 of tax revenue for the gov¬ issues,, outbidding other interest- *
old
be
agreement
fying, grouping or rating munici¬
to
An
popula¬
pal securities but that the effort
directed
in
systems, 75
there is no thought in their communities
having
presentation of attempting to de¬ of less than 1,000.
velop a uniform system of classi¬
that
is
to
formed
systems,
half
water
analysis
o f
the
PWA
water
supply projects shows that 700
clear
makes
had
be
so
gener¬
refunding
reduced
has
j "For
apportioned among them
through the lateral road account
Hundreds of communi¬
such
order
point of view
Committee
which have been
install
which
porated
investors.
of
The
communities
enabled
water-works
of provid-
purpose
pertinent factors essential in
analyzing municipal obliga¬
tions
ed
and
building and maintaing '-.state-'
designated highways.
:
villages, towns, and unincorporaW
the
afford
ing in serviceable form a useful
water-works construction program
has been the
large number of
ties
started about three years
othdr half of the surplus
will
Since
systems.
preparation
and
study
The
The
1933, The American City
Municipal Credits
reminds us, the Public Works Ad¬
Surveyed '/
ministration
;'
(P W A) has made
The Committee
on
Municipal direct grants in excess of $142,Obligations of the National As¬ 000,000 and repayable loans in ex¬
sociation Of Supervisors of State cess of $67,000,000 toward water¬
Banks has prepared and plans to works projects costing in excess
release tomorrow an interesting of $381,000,000.
An outstanding feature of this
and. valuable book, "Municipals",
work
year.
next
more
revenues
have
still
1940."
enues
will go into the state highway-
:
Numerous
-
The
in
r
.
of
the inhabitants
year,
perhaps
time,
their debts have been
1930
some-
and
$3,250,000
same
authorizing
below appealed
are
almost
cared
thing like $2,750,000 this
fund
necessity, but be¬ municipal finance.
of them
cause
evasions, divisions, bank examiners, mun¬
have been icipal accountants and students of
conceded,
results
our
been
mated, will amount to
bond," another de¬ municipal; also financial officials
evading
constitutional of states and their political sub¬
vice .for
the
have
own
iri- 1939,"
statement.; "Ex¬
•
„
"revenue
debt
bonds
their
bonds,
years.
«
ser¬
for, which surplus, it is esti¬
of
spent
a
;
v
;
Supreme Court recently
an act of the 1941 Legis¬
in¬ lature'
years,
indefinitely i
safe."
Airport Bond
'The
dependent chil¬
taxation
generally
r
the
the
Fla.
rest
may
treasurer's
Law Held Valid
last
cities
debt
meaning
in
At the
money
the
missions
less
they
local
?
counties, during this and next
year,
will get only half the
so-called
than
1940.
be¬
the bill just signed by
Stevenson and the
two
ally increased. * * *
• •
"Although
counties
in
Governor
of
last
$750,000
from
high¬
differences
the
approximately
and provide the funds this
and next. •
The
asserted
penditures for relief will decline
measure
improvement districts, for and considered study by com¬
of which bonds are mercial bankers, investment bank¬
he discussed
the
increasing.
Mr. Evatt said in
primary im¬
new
construction
year
the financing
In addition,
in
dren
to re-enact the act of 1939
bonds
PA.
Phone Atlantic 1170
actually had de¬ upheld
spend for aid to
as it provided for the ser¬
vicing of eligible county and dis¬
trict
Building
PITTSBURGH,
•••
.,
1941 local governments will
funds
Bill,
vicing fund after existing eli¬
the
.
.
Evatt
money
of
"In
Assumption-
S.
state
clined
separate districts such as school sive and valuable bibliography.
The volume merits thoughtful
districts,
sanitary
districts and
floated.
:
.
Commonwealth
week that local government needs ;
insofar
them, Mr, Wood said that the includes a chapter of suggestive
municipalities, to avoid constitu¬ questions for use in analyzing
tional debt limits, have created municipal credits and an exten¬
street
■"'/
A/lr?
been
districts.^
serves
those of the
than
of U. S. Government.
50%
over
STORMS AND CO.
to
critics ' of
the
administration's
fiscal
William
portance to the counties and road
ways,
in
Bond
which
a
than
collec¬
policies, Ohio Tax Commissioner
gas¬
Legislature last Friday accord¬
final
approval to the State
as
security except U. S.
obligations,
These
equal 15% of total se¬
prob¬ holdings
the municipalities in re¬
be
The special session of the Tex¬
•
Government
Discussing
lems of
re¬
of such holdings
comparative an¬
evidence
that the
They
class
control.
to
stead
larger investment the
obligations of state and mun¬
in
are
a
Texas Road Bond
status
poration have
remote
to
to
as
so
due.
Bricker
for
commercial banks insured by the
Federal
Deposit Insurance Cor¬
subordinate branches of the
his
an
different
gles.
of local political organizations
as
revive
oline taxes.
These
banks.
tax
program,
when
Co's.
request
on
CHICAGO ILLINOIS
These
worthwhile
arranged
are
the
from
to
Insurance
that the steady
say
gasoline
taking care of the
interest
and
creating a sinking
fund for redemption of the bonds
proposal
$200,000,000 highway bond
issue
reds, has been replaced by plain¬ ing as of the close of last year
tive pleas for aid from the State the holdings of municipals by in¬
This
the
Assumption Bill Passed
commercial
of
tions will be sufficient to finance
regarding
and
Banks
in
chap¬
of
types
The best "Hedge*' security for
t
Replying
study.
sured
VCr
'
;
$30,000,000 bond
or
A.
H.
MORTGAGES
Circular
increase
glad
obligation.
no
SPECIALIZING
.
F.
proposed to be financed with
Proponents
these
be
..
INSURED
Ohio Tax Chief Say Cities
Don't Need State Funds
Also of interest and informa¬
rule, which
reached its
peak in the early Nineteen Hund¬ tive are a number of tables show¬
from the Federal Government."
with
will
inquiry
any
1ST NAT BANK 8LDC
obliga¬
a
of themselves
are
interesting
at
We
RE.Crummer & Company
evalu¬
credit obligations.
chapters
answer
them
familiarity
consid¬
including
special
on
eral
to
of
bonds.
[
on
issue.
comprehensive
a
gen¬
home
or
municipal
us
setting
fundamental
and
gives
stated
$25,000,000
a
handling Flori¬
comprehensive
general
tions
there
chapters
a
erations
government. The sturdy,
beligerent,
assertion
of
alimost
in
manner
place in our municipalities," Mr.
Wood said, "which in my opinion,
bodes no good for the democratic
form of
of
issues
background
re¬
"Municipal
of
Analysis"
number
taking
now
credit
under the
heading
ating
change is
da
file
In addition,
.
.
"A subtle
also
are
including, for
the purpose of illustration, speci¬
fic examples.
icipal forum on the subject "Am¬
erican Municipalities in Transi¬
tion."
the
Our Ion* experience in
advices for
municipal
for
ports
Associ¬
convention's
the
There
use.
clear and informative
Mr. Wood
Orleans.
ation in New
be
of
the annual convention of the Na¬
tional
MUNICIPAL BONDS
guide for uniform arrangement
pertinent data for current and
is
good authority
that at the January session of the
Mississippi
.legislature
a
new
highway building program will
FLORIDA
ing
Thursday, September 25, 1941
no
Connecticut
bonds
on
the
a
of the New York Stock and Curb
for
purchase,
because Exchanges, as of October 1st. Mr.
they are first-rank investments, Austin was formerly an individ¬
which holders don't like to give ual Curb floor broker in New
up.
We also are stumped by the York and prior thereto was a
fact
that
deposits.
banks
So,
it
don't
is
want
possible
large
that
partner in Whitehouse, Hudson &
Co.
and
Dyer, Hudson & Co.
-
Volume 154
Number 3985
THE COMMERCIAL & FINANCIAL CHRONICLE
297
DIVIDEND NOTICES
AMERICAN
MANUFACTURING
Noble
and
West
Brooklyn,
The
Board
of
the
on
York
Directors
of
Preferred
Stock
the
has
Manufacturing
Company
regular quarterly dividend
COMPANY
Streets
New
and
American
declared
the
$1.25 per sharj
of
dividend
*a
75c
of
share on the Common Stock of the Com¬
Both payuble October 1, 1941" to Stock¬
holders of record September
19, 1941.
per
pany.
ROBERT
B.
BROWN,
Treasurer.
WE
SERVE
JOHN MORRELL & CO
A
dividend
of
Fifty
9 DIVIDEND NO. 48
Cents
($0.50)
share
stock
of
per
the
capital
John
Morrell
on
October
45, 1941, to stockholders of
September 30, 1941, as shown
books of the Company.
Ottumwa, Iowa, Geo. A. Morrell, Treas.
record
the
on
NATIONAL
POWER
the
on
Stock
Power
&
Light Company
payment November 1,
for
at
record
Dividend
quarterly dividend of $1.50 prr
$« Preferred Stock of National
regular
share
COMPANY
LIGHT
&
$C> Preferred
The
the
of
close
has
d.clared
of
been
1941, to bod rs
business
October
2,
1941.
,
<
, •
ALEXANDER
•
SIMPSON,
Cull
.
Treasurer.
for
You
probably1 know several life insurance agents in
PHILIP MORRIS*
in
New York, N. Y.
September 17, 1941
Philip Morris & Co. Ltd.
share
of
fellow
your
the Cumulative Preferred
Series, has been declared
payable November 1, 1941 to Preferred
instrumental
citizens.
Whatever
money
011
the
for
women,
to
provide
on
Stock, 4(4%
children,
Stockholders of Record at the close of
business
lives
been
amounts of insurance
total, this life insurance is really
Aregularquarterly dividend of $1.06 V*
per
have
placing large and small
the
inc.
They
community.
your
October 15,
on
-
There also has been declared a regu¬
lar quarterly dividend of 75<? per share
the Common Stock, payable October
15, 1941 to Common Stockholders of
Record at the close of business on
elderly
people,
over
money
their heads, and
some
of the comforts of life,
on
September So, 1941.
and
bread and butter, a roof
1941.
"
L. G. HANSON,
In most
Treasurer.
UNITED STATES SMELTING
REFINING AND MINING COMPANY
the money would not be there had it
cases,
not-be.en for the agent who did
a
the
most
insurance;/., We
know
that
real job in selling
people .would
'
irfiy
of
the'Preferred
Capital
pfer " share oil
both «payable
Stock,
to
1941
stockholders
business
of
October
'■
not be well
insured,; if it.hadn't been for
some
Capital" Stock, and a dividend of
Dollar''*1.00)
One
of
have
declared
a
quarterly
187(2 . cents per share) on
Directors
The:
dividend
October
on
record
the
at
1941.
2,
GEORGE
the Common
We
15,
close
t
of
*
MIXTER,
agent,
also; know/tha'b according to records about 80%
^
*
'
7
'
•
'
I
O
*
'
•'
families,v receive
our
Treasurer.
,
...
little
or
nothing
but
life
*
~
•
.September
-
.
23.
1941.
insurance money
when the head of the. family dies.
Maine Dealers Move
j Tc Avert Extinction
-
(Continued,
petition
Edward
- from-
Page 29t)„
<
communicate
may
E. Chase.
:
;
•
with
; >
The text of the petition^follows:
To
the. Congress,, of the United
/*.,
\' '■ States:,
There
have
Congress
\
v
been
proposed
to
certain.amendments
to
the Securities and Exchange Act.
*•*
One
proposed: amendment
commended
Stock
the
by
Exchange
New
and- the
re¬
York
New
MASSACHUSETTS MUTUAL LIFE
York Curb Exchange, and appar¬
ently
desired
the
by
Securities
and
Exchange Commission, would
greatly extend the requirements
for
publication
formation
(^f
corporate
in¬
in connection with
the
solicitation
of
proxies.
-
(SEC
INSURANCE COMPANY
re¬
Springfield, Massachusetts
port, August 7, 1941, page 35. Also
conference
report
on
pages
242*
247).
As
J.
Bertrand
group, we neither approve
a
nor
Perry, President
Established Ninety Years
this
amendment,
which is ostensibly designed for
protection of stockholders.
We
oppose
desire to point out, however,
in
practical operation
of this amendment upon
ness
would be to place
butor dealers at
a
that
effect
our busi¬
the
the distri¬
great disadvan-
with
Ex¬
changes, and especially with the
age
in
competition
New York Curb
The
may
and
New
now
curities
Exchange
apply to the Securities
Exchange
unlisted
Curb
Commission
for
trading privileges in se¬
which complete in¬
available, and the
Commission may grant such ap¬
upon
formation
is
plication without the consent of,
or
even against the wish of, the
issuer.
If the proposed amend¬
ment should be adopted, and the
exchange trading in their secur¬
they should deem
trading conducive
to
speculation and irresponsible
ownership; while the distributing
dealer would be exposed to the
trouble and expense of contin¬
ually opposing the ambitions of
even if
such exchange
ities,
Exchange.
York
publication of complete informa¬ supplemented by another amend¬
tion required by
law, corpora¬ ment protecting us against this
tions would be unable, to prevent inherent danger.
To this
ther
end, we propose a fur¬
which will be
amendment,
embodied in
pared
gress,
the
for
a
bill
now
being
introduction
in
pre¬
Con¬
to amend Section 12(f)
Securities
and
of
Exchange Act
,
We oppose
as
to
prevent the granting of
unlisted trading privileges to any
amendment,
issudr
the adoption of this
unless
it should
be
Merging to Form
Content, Hano & Co.
ganization will have offices at 39
Broadway, New York
Walnut
the
City, 1505
Philadelphia, and
Building, Baltimore.
Street,
Calvert
Effective October ist, Content,
Partners of Content,
Hano &
Zuckerman & Co., one of the old¬
Co. will be: Harry
Grobosky, Ex¬
est
New York Stock
Exchange
change
member,
11.
Bertram
houses, will merge with Hano &
Co. of Philadelphia to form Con¬ Smith, Manfred Neumoegen, Ex¬
change member, all cf New York,
tent, Hano & Co.
The new orLeonard
B.
Geis, Lester Hano,
shall explain
in
greater
detail Lester E. Degenstein, and John
.
so
the
Curb
Exchange, and other Exchange, except in securities
Exchanges, to take away his busi¬ fully listed by application of the
ness.
Firms
At
other
upon
the
some
hearings
proposed
Exchange.
on
this
amendments
why
is
we
believe that
consistent
with
in the public interest.
and
we
position Small, of Philadelphia, general
play, and- partners; Samuel Goldsmith, New
^ York, H. E. Gerstley and Nathan-
our
fair
We ask for your support of our
position.
Hamburger,
Limited
of
partners.
Philadelphia,
■.
''
"
*
i
'f
•
.
Walter
HIGH-GRADE
INVESTMENTS
&
Chicago
York.
Exchanges
Stock
The
Situations."
probably
which
stocks
I
sis
far
As
I
as
in
leaders
Executed
the
ways
120 BROADWAY. NEW YORK
ket—it's
cream
sideration.
York
New
Curb
Exchange
Cotton
Exchange
of Trade
Orleans Cotton Exchange
Board
Chicago
New
Exchange Bldg.
Cotton
recommended
of
ber
DETROIT
CHICAGO
PITTSBURGH
SWITZERLAND
GENEVA,
stocks
out.
num¬
a
the
which,
I
sup¬
ever
that
into
our
of these
none
came
Norman
studies
They
positions.
one
thing only; their market ac¬
JWALL S;TREET
'!
I
■
>!:
the
Cleveland Bond Club
I
Outing
will be held on Sep¬
Country Club,
Instead the favor¬
Bethelehem
or
Motors.
1
of
or
General
I haven't
stocks then.
these
their
But
now.
third an¬ didn't
syndicate man¬
group's
tape action
on
earnings outlook.
in
stocks
vious
'■
'
More
[The
Thursday.
—Walter Whyte
not
those
expressed
in
this
necessarily at any
of the
presented as
those
with
They are
of the author only.]
"up" to me.
So
despite the formidable ar¬ N. Y. Stock Exchange
agers.
Golf will be the main event of ray of figures proving that
Weekly Firm Changes
the outing which is to be an all- such companies were making
The New York Stock Exchange
day;' affair.
Breakfast, buffet money hand over fist! I de¬ has announced the follow weekly
nual
for
party
dinner
will be
served members and their guests.
and
luncheon
The
Bond Club
announces
cided
Invitations to attend.
But
and
important
Circular
Lib¬
have
comparing
Clarkr Kohl & Eyman, 55
erty Street, New York City,
a
circular
from
without
to
other
the
them.
the all
question,
"what
answers
here
further
answer
«
on?"
ado
I'll
So
try
tjc
'
Last week I told you
that
despite the inability of the
ginal roads such as New York averages to get through wide¬
Central, Illinois Central, South¬
ly publicised resistance levels
ern
Railway, etc.
Copies of the
The Boston & Maine
Railroad with the stocks of mar¬
the stocks of
circular
Kohl
The
new
will
Bell
number of stocks have not
by Clark,
request.
only done so but in
has just installed a cases
have managed
System
teletype —
be
sent
& Eyman on
firm
a
NY 1-1047.
signs James J. Minot.
H.
Van
Buren, special
a
to
ana
gratetui-
bucks
four
beiier
shattered
is
or
—
CiiS
to
oodgers
of
Riley, de¬
few
go
through the equivalent of 150
26,
Co., St.
August
1941.
tered
An
For Banks
interesting circular
ing a bond of bank
describ¬
quality yield¬
ing 6%% has been prepared for
distribution by'A. O. Van Suetendael;
15 " North - Broadway,
Yonkers, N. Y., from whom cop¬
ies may be obtained upon request.
•
they
FCC."
to
their
Army
S.
2<*
,4
flat¬
and
notes
masn
out that
make
canteens
and
.
for War No.
(gasoline filled bottles used
tanks) were just the
panics.
rived;
didn't
the
largest
$3.50
and bursting into flame wnen
at
a
tank
they
just
bounced and rolled away- harm¬
fill¬
ing the order tried to outdo it¬
self
(specifications
were
hazy
anyway)
and sent unbreakable
reasonable
a
expected to
share
a
deduction
E.
W.
&
parlor
beauty
seems
-
always
from
refrain
to look
into
their
windows.
"We'll
stop" replied Connie in
answering the Tetter, as soon as
through
wash your windows."
the
we heard one
extolling the benefits
grams,
announcer
of Ex-Lax.
Suddenly another voice—a boomr
ing one—broke in.
"It's modern
In
de¬
such
any
re¬
as
Erie s,
the esti¬
$5.00 earnings would be
reduced to $3.65. Even this would
be
without
any deductions
for
sinking fund.
;
,
statistics
These
give
some
idea of just how much larger
earnings other roads would
;
have
to
would,
J
report
in
While
is
it
current
earnings
-
stein
effort,
that
a
from
it
is
without
even
in seven
common
J ten
As
years.
organization
| template
the
does
When
it
i
the
not
face
the
a
the
Erie
in
wider
tion
lster
of
heavy excess
liability such as
tax
of
re¬
con-
a new company,
reorganization
may.
gets
Erie
not
transfer
road
| other
of the past
the
does
properties to
i
that
a
have
! us
a
policy.
stimulus there would
been
earnings on the
such
;
Erie
justify
portion of Erie's
armament
notable
;
to
obvious
considerable
the
than
order
d i'vidend
similar
roads
unique
this
stat-
respect
general
should
sentimeiU
recognifurther Pol¬
towards
the
equities.
new
Continuing As Individuals
The
partnership of H. G. Tull;
Co., 19 Rector Street, Nev
York City, is being dissolved a
&
of
close
the
ber
G.
business
Septem
G. Tully and Richari
both members of th
-Tully,
York
New
continue
ness
as
offices
same,
be
of
30th, 1941.
Herbert
recent
electrical
disturbance,
which
played
all
kinds
of tricks .on
radio pro¬
During
1941.
in
mated
to be doing a
.asking
them
to
using field glasses
around
common1'
additions
such
fund
possibility of
which
the
port an additions and betterment
company
Miller
C.
its
of
"Central" had to
If
duction.
bottles.
R.
on
without
$5.00, but
profits
-
time.
earn
betterment fund
and
thrown
Seems the
Page 293)
comparison/New York Central is"
expected to earn a maximum of
ing
(dura-glass)
/;•
stock holders after uie
has been in opera¬
for
com4
glass
In due time tney ar¬
beautiful things, but they
worn.
Instead of explod¬
lessly.'
for
tne
,
Erie is
bottles from
1,500
ordered
of
enough
trouble
tion
disable
to
as¬
good
company
deciding .that Molotov cock¬
tails
Commis¬
shouidn t
new
.
.
Fed¬
right"
,
along to
just now being dis¬
One of tne brass
are
tributed.
ine
How
these
know
made
were
for
ago.
years
the;:, soldiers
could
are
(Continued from
brought
turns
helped
tney
U.
hats
get
It
soldiers.
-
the
shown
the
remaining net may not be passed
(the grandmotners) had put
names into aluminum can-?
.
teens
1
excited
end
"But
"I've got lots of
on file with the
lady.
SEC
the
tnmgs—any¬
funny
were
no
from
you
A Bond Buy
the
that
they're odd. For example a
of
Wisconsin,
grand-
way
be
to
with
,"That's all
,
What's
tne
,
has
program
lot
a
have
filed
SEC.
did tne
.
•' •'
is "How
make out?". . .
Defense
.r
.
after
out
in her
station.
things
by foreign
wnen
the wires
mornings
open
stock
radio
Communications;
sured
asked
correspondents
get some
data
sion".
find
soon
may
According
.
of
heart-
as
salesman
any
cians
John E.
the
eral
in
Tne
frame
her
that
would
stock
in
legal
a
"Your ownership of
broker.
the General Motors fam¬
question
just not done.
were
Railroad Securities
Aircraft
.
.
cer¬
can't do that!" explained the
you
materialized.
first
a
for
13th.
of
.
called
was
convincing
being.of
she
tnat
promise
Norman's
and
no
only
of
ex-friend's
nanded
undying
partner in McClave & Co.^ New
fork
City, died on September
Interest
still buy
can
want.
broker
balm
returned
rushing busi¬
ness.
One day the Millers re¬
ceived a letter from the beauti¬
ceased, in Francis, Bro. &
Louis, Mo., ceased as of
that.
$
now
Charles
of
to do a service for a client,
insisted
of the
Philadelphia Millers amuse them¬
selves tnese days — particularly
guy firm changes:
James J. Minot, Jr., partner in when
business
just
"ain't"—by
Jackson & Curtis, New York and
peering across the street into the
in the past Boston,
this is
all
hardly
about
prepared
let
that worry about
already many representatives of
underwriting houses in New York
and
other
cities have accepted
Write For Rail
say
to
shortage
a
you
you
gas
mind
be returned in
Two weeks have
nature
one
%
next
coincide
Chronicle.
:
..
Canada,
things
would
passed
thing
#
is.
views
do
article
time
Refer you to pre¬
list.
columns.
.■
Big
nothing against any
Steel
OHIO—The an- had
Frolic of the Bond Club
lousy
babies had acted in
were
CLEVELAND,
Stock is now about.
Z8.
Stock now in indeterminate
market position.
Has nothing to
clo
witn earnings ratio.
I advise
recommend purchases based
first
war.
ites
vVescern
profits at 50.
not
war
this
Sorry
of work doesn't permit
replies.
Recommended
Union at 24 and advised
personal
him,
and
earnest
an
momers
•-
••
si:
They
everybody knew how
4-2727
•
Mo.
Louis,
St.
F.
*
*
"
market action
Tne form¬
nobody wanted them. er usually foretells the latter.
were war babies and Suggest limiting new
buys to
When
them
the
*
be
the eastern seaboard
certain
lady
couple
-
.
pressure
Export—Imports—Futures
featuring
■
you're curious to know
what stocks I'm talking about,
take a look at say, Savage
Arms of N. Y. Shipbuilding.
si:
tember 26th at the
'
If
SUGAR
of Cleveland
❖
sjs
until "stops" are
and
broken.
nours,
received
not
numan
ily.
..
Summing it up: The market
unless
"You
tain lady acquaintance tnat some
neip
guy,
be
down
hours.
few
itself in
\
inHarold.
may
on
consisted
lc
fi¬
and
to
few
a
would
of
money
"stops" cannot be light¬
W.
Sjc
NEW YORK CITY
nual Fall
me
Piper
f
tor
assured
dug
but
ness
it acting well; the leaders are
of any
of
their doing better and all positions
should
remain
undisturbed
tion.
! Annual Fall
you
sis
A
who showed him-
$4; and
course
*
capital
regular
a
assurances
because
list
advised because of
were
DIgby
that
of
means
*
involved
LAMBORN & CO.
That
in
the
upon
that he
was
purcnase,.
Just
money
if the news is good or
oad.
but
all
gratefully.
Overcome ; by
the
iorcetui; rhetoric of the salesman
will, in its own fashion, warn
I you
a
salesman
me
market
the
be
to
nun
what form it will
or
However
take.
"That's ;
people.
your
horses! Let me
the rest of my dream!" j
There
convention
a
the
have
sucn
seit
news
situations." I
statistical
99
will be
to
the salesman,
not
did
a
be called "special ly ignored.
assure youTiow-
can
pose,
BOSTON
months
few
last
YORK
NEW
what this
know
I
out
people
ing, to
to
news
-
and
in
rusnect
re¬
the
pay me
gasoline
something and had ordered zO
red ties. The only catch,;, accord¬
would Norman,
neither
But
consider.
nor
he
tax
$135
tne
the salesman
or
»
there is
course
However,
,
on
the
.
its
nance
♦
me."
been a lasting one for
day
next
&
the $50 you owe
The friend replied quick¬
now
can
that explained excitingly mat he had
just
been ottered
a
Big Deal,
buy some firm or otner was sending
nas
have
Y.
words
sic
sji
si:
the
In
N.
the
Exchanges
other
And
ten points or so.
left
have
must
is
Of
ties.
three
impression
over
"special situation" begin pop¬
ping up and you get busy
looking around for them.
Inc.
Exchange,
Commodity
guy's stock
that
then
is
It
Exchange
Stock
York
New
other
the
has gone up
Members
York
New
while
broke
you
❖
H. Hentz & Co.
tax
great!"
"Hold
In any case
ket
1856
income
tnan
tell
_
*
had
ly:
man
Nash
N.
received- from
about
he
More
company
tor
talk, a desire which result¬
in■,tne salesman selling Nor¬
die
But this doesn't mean
few
a
desire
a
him
tell
fund
ed
the whole mar¬
again beginning to
-rfibnths have gone by that
you begin to realize that the shape up as one capable of
stock you bought with such Lnaily
breaking out of its
high hopes has done nothing long rut.
until
isn't
neck¬
and pro¬
in
sates
*
*
s|t
of the mar¬
going to make you
It
rich.
Established
in
H.
of
was
ceeded to- display his wares.
special situation is a stock the leaders are now in a
always has. position but it does mean that
Yours
is
always
a
dog, any further advance will put
though not at the beginning. them in the clear where a
For at the beginning it is al¬ buy can be given serious con¬
Individuals
and
walked
salesman
tie
Nash
sit¬ Co.j Phila., met a friend the otner
wondering day who promptly proceeded to
Norman
when
ting
in
the
office
about nothing at all when a
the other fellow
Institutions
for
..day
differ¬
the
makes
that
Harold
acumen.
tne
with the
common
a
Carefully
Orders
Commission
days boasting of his finan¬
• It
all dates back to
these
cial
this second grades are now
concerned
ence!"
anything else Norman encouraged
This means that the tne salesman to keep on with his
It
am
design
of J.
Sitzenstatter
accomplish for these many
months.
most
in
come
*
Exchange
Stock
York
that
to
II.
Co., is not going around
Norman
Acker &
in a
high falutin special-situation position to move fast on the
category, are anything but.
slightest opportunity.? 'y.;k
'
FINCH, WILSON & CO.
New
is
term
good as any.
as
however,
feel,
Members
Page 291)
Sie
*
Members
New
did
that
leaders
the
was
most of the
puffing. The next
so called second grade issues, day,
apparently all out of
the dogs of yester-year which breath, they sank back into
grabbed off what limelight their customary lethargy yet
there was to-grab.
they managed to do a nice
Si:
piece of work.
The leaders
A lot of people refer to such
finally managed to get up to
stocks
by
the mysterious what is called "mass centers"
sounding
words;
"Special a feat they haven't been able
from
(Continued
PROVIDENCE, RHODE ISLAND
Boston
it
Says-
BANKERS
.Last
averages.
Wednesday the market closed
up with a puff and this .time
■wrr-j.■
Whyte
Dow
the
in
Tomorrow's Markets
F. H. PRINCE & CO.
Thursday, September 25, 1941
CHRONICLE
& FINANCIAL
THE COMMERCIAL
298
Curb
in
the
curb
at
the
Exchange,
securities
floor
same
brokers
wil
busi
fron
address;
th
telephone number - will als
retained.
Volume 154
Number 3985 :
•
THE COMMERCIAL & FINANCIAL CHRONICLE
...
.
299
H
■JOTTINGS
(Continued, from
•i
was
First
Page),
AFL effort to Oust
an
an
independent union. The "eaptive mine" strike is
the
This.is
Birmingham
net -an
mines,
NEW ISSUE
at
in
and
fields,
The
ship
strike
strikes at
threatened
hem
in
are
exclusive
:
Bethle¬
$18,000,000
strike
privi¬
!
leges.
Meantime the Canadian govern¬
ment /has
they start with a majority vote of
the workmen involved, in a gov¬
the
lar
anthracite
the
Mine
Coupon Bonds in denomination of $1,000, registerable as to principal. Fully registered Bonds in denominations of $1,000,
$5,000, $10,000 and authorized denominations larger than $10,000. Coupon and registered Bonds interchangeable.
by
and popu¬
Workers,
recently
polls
taken among
apparently
indicate
workmen
an
Redeemable
at
any time, as a whole or in part, at; the option of the obligor, upon 45 days' notice, at the following
redemption prices: to and including September 1,1946,107%; thereafter, to and including September 1, 1951,10513%;
thereafter, to and including September 1, 1956,304%%; thereafter, to and including September 1,1961,102%%; there¬
after, to and including September 1, 1966, 10113%; a°d thereafter 100%; in each case together with accrued interest.
growing rank-and-file dissatisfac¬
tion with union policies.
Despite Bernard Baruch's bless¬
■
ing, Henderson is obviously going
to have considerable opposition as
price
the
when
boss
fund of $90,000 to be applied to the purchase
redemption of Ohio Division First Mortgage 3%% Bonds.
not sim¬
The issue and sale
the job * "naturally"
crop of dead cats. Hen¬
because
produces a
be
to
mortgaged
of these Bonds and the acquisition by the Erie Trustees of railroad property
are subject to authorization by the Interstate Commerce Commission.
record and its mis¬
good
very
PRICE
takes, far from being unavoidable,
to have been in consider¬
appear
able
,
102Yi% for principal amounts to £499,000
part due to an anti-business
slant
the part of his staff and
on
to wilful
101%% for principal amounts
ignorance of trade tech¬
nicalities.^
commodity
Several
have
mauled
by
thoroughly
been
methods
OPA's
and
to
cases
the price of 101%% only to single purchasers who furnish assurances satisfactory
the undersigned that such Bonds are being purchased for their own account for investment)
(Bonds will be sold
importers, put
particularly
of £500,000 and upward
Accrued interest to be added in both
•
_
trades
some,
or
OPA hasn't accumulated
derson's
a
Non-cumulative semi-annual sinking
'
<
price
new
control bill is passed and
ply
Interest payable March 1 and September 1 in New York City
;
men
assessments
higher
United
Due September 1, 1^71
squelched by Green,
of
strike
"against
Mortgage 334% Bonds
(Issued by the Trustees of the Property of the Erie Railroad Company)
■
Dated September 1, 1941
ernment-supervised election. The
abortive rebellion in the Hod-Car¬
riers' Union,
First
-
|
—'
unless
strikes
banned
Ohio Division
for
was
bargaining
24, 1941
•
Erie Railroad Company
of
Detroit
The
street-railway
September
the
violation
agreements.
,
of the Offering Circular,
.
strikes.
and
means
~
anthracite
the
wild-cat
were
1
F'
V'
Crucible, Great Lakes, Clair-
ton,
0fferitig Circular. The offer of these Bonds is made only by
bid for
a
The strikes in
union shop.
a
at
out of business "for the duration."
The first gray goods ceilings stop.
.
Worth Street trading for a
month, had to be revised, and
have now been replaced by a di¬
rect' tiemg of gray goods to the
ped
.Subject to certain terms and conditions, the undersigned have agreed to purchase these Bonds
from the Erie Trustees at 101.0959% and accrued interest to the date of delivery.
These Bonds
has
had
been
of
has at last
of rubber futures
tion
and/after months
allowed,
the confusion
delay
produced
by the initial hide ceilings finally
led OPA to accept differentials.
price ceilings, established
the "jawbone method,"
have proved to be .written in sand,
fdry*those •• affected,1
including
Many
only
are
subject
prior saletvhen,
to
as
of Messrs. Davis' Polk Warcfwell Gardiner & Reed of all legal proceedings in
hasty anthracite price ruling
to be reversed, liquida¬
cent
i
offered
and if issued and accepted by us and subject to the approval
connection with their issue and sale; and
subject further to the condition that the order or orders of the Interstate Commerce Commission authorizing their issue
and sale and the acquisition by the Erie Trustees of railroad property to be mortgaged shall have become effective on
or before October ,30,1941, and shall be in effect on
the date of payment. It is expected that delivery of Bonds in
temporary form will be made at the office of The First Boston Corporation against payment therefor in New York funds.
day-to-day price of cotton. A re¬
>■
-■
In order to facilitate the distribution of the Bonds the undersigned may make purchases or sales of the Bonds
(but without obligation to do so) in the open market or otherwise, for long or short account, on a when-issued basis
or otherwise,
atjsuch prices; in such amounts and in such manner as is provided for in the agreement among the
undersigned.
''Ff'?■, s .
..
.
^
by
Tkefdfegbing is merely a brief outline of certain information contained in the Offering Circular dated September 24,1941,
and is
deal¬
people,, .and
Chrysler, many steel scrap
anthracite
the
ers,
textile
some
felt that the
fair
mills,
ceilings
have
simply
were
too un¬
'
subject to the
detailed statements therein. The entire Offering Circular should be read prior to
more
purcHdSeyof theseBonds. Copies of such Offering; Circular
accepted without coer¬
tracks through the
be
to
,
OPA's
cion.
.
American
price
in
structure
cent months are marked by a
of
series
that
fact
the
griev¬
and
complaints
prices
;
The First Boston Corporation
v.,
.
Lazard Freres &Uo. .?• Stone & Webster and
:
•
Drexel & Go. %
automatic¬
Union Securities
Blodget
Corporation
:Incorporated
whose
anybody
controlled
are
,
long
and that isn't due simply to
ances
.
re¬
any
be obtainedfrom the undersigned.
may
.
W. E. Hutton & Co.
Estabrook & Co.
!
ally is antagonised. Whether OPA
is
men
not,
or
fellow-
Alex; Brown &?Sons
its record indi¬
the
..without
feeling
hand,
few
realize
the
other
the
probably
people
general
price ceiling.1 Even" thepresent bill involves injunctions
political
treble
of
wares,
buyers,
$5000
or
wilful
G. M.-P.
a
programs.
It. recently advanced
$50,000,000 to Amtorg, for which
will
soon
receive
platinum;
authoriza¬
damages
to
it
ceiling
sellers
manganese, etc. Its Defense
Corporation has invested
penalties of
and
jail
in
year
cent rebirth are
total
000.
over
last
run
well
and re¬
little realized. It?
authorizations, and
ments
some
scope,
over
commit¬
$18,000,000,-
It has made commitments of
$3,900,000 000
for
defense,
$3,000,000,000 of that in the
months.
six
available
-
to
,-
Its
cities
to
money
take
is
<
and
•'total-purchase
con¬
struction, and that doesn't mean
merely armaments, but magne¬
sium, aluminum, and even steel
plants. It is already the world's
largest owner,' through its filials,
of commodities, in which its in¬
vestments will
CCC.
In
fact
soon
it
pass
or-its
those of
affiliates
ably
relaxed
months.
For
ally
already
of
could
Boyce
year;
British
around
1,000,000
of
v
*
in
cently
Warrant
tion
and
The
pears
shipping
likely
to
shortage
be
ap¬
consider¬
if
and
well
300,000 tons
of
relaxes.
from
under
the
use
the
South
Act
even
some
-
Add
a
of
Far
a
launchings
Axis ships taken over
operation
staples.
The
ments
tons,
launchings
that.
above
than
expected.
tons
and
president; Frank R. Verian,
Lynch, Pierce, Fenner &
Traders Luncheon Beane, .vice president; Elliott
Bliss, Harriman Ripley & Co.,
Committee
on
Arrange¬ Inc., secretary; and Allen J. Nix,
In addi¬
of The Corporation Bond Riter & Co., treasurer.
Traders
Club
of
the
Ship
modifica¬
Act;t
of
ships
chance
Japanese
Eastern
tension
New
York
Merrill
has
that
announced
the officers
tion
to
are
members
of
the following
the
Board
of
beginning Tues¬
Governors: Charles L. Bergmann,
day, Sept. 23rd, members will
meet for luncheon at the Au Coq R. W. Pressprich & Co.; Charles
H. Jann, Lazard Freres
& Co.;
D'Or Restaurant at
129
Maiden
and Emmett Lawshe, Shields &
Lane, New York City, from 12:00
to
2:00.
It
luncheons
is
every
centralized
Neutrality
slight
re¬
America;
Co. is
Corporation Bond
ahead
sooner
2,000,000
American
the
actu¬
running around
are
of
rate
is
shade
been
have
Sinkings
a
a
sinkings—far
economies
of other
coming
thing,
of construction
rubber
already the sole importers of
and silk, and
soon
may
have a monopoly on the handling
in
one
rate
are
over
utility death-sentence orphans; tc
countries all over- the - world for
lease-iend
Plant
$2,-
over
000,000,000 in defense plant
for
imprisonment.
RFC's size,
Stein Bros. &
Murphy & Co.
:
Despite recent publicity in con¬
nection with, its request for more
money,
Harris, Hall & Company
a
of ' above licensing
of
buyers
and
of
costs
violators,
against
tion
Green, Ellis & Anderson
y
(Incorporated)
by
of free
enterprise.
Oil
>>
it is largely staffed
that
cates
with
staffed
actually
travellers
The club
by
a
was
small
the
of
organized in 1934
group
bond traders.
bership
planned to hold
other Tuesday.
It
The following committee chair¬
man
have
150
men
Wall Street.
S.
V.
Nye
of
named:
Gibby
from V. Hunt, Starkweather & Co., Re¬
leading investment houses in ception
Joseph
been
corporate Powell, White, Weld & Co., Com¬
has a mem¬ mittee on Arrangements; George
of
now
about
Co.
Freeman
&
Committee;
Kennedy,
Wnrmc
and
Newman
Mpmhprshin
Walter
Bros.
&
Fnmmittpp.
THE COMMERCIAL &• FINANCIAL CHRONICLE
300
INTERNATIONAL MERCANTILE
Thursday, September 25, 1941
THE STAGE
"The More The Merrier"
MARINE COMPANY
Pincus.
■
Plan for Refinancing of
First
Mortgage and Collateral Trust
Six Per Cent. Gold Bonds
*
'
"
■
.
/
i
,
t
V
■
*
\
DUE OCTOBER 1,1941
To the holders of First
Mortgage and Collateral Trust
Six Per Cent, Gold Bonds due
October 1, 1941:
THE
SCREEN
"You'll Never Get Rich"
submitted to
for refinancing such bonds. The
INTERNATIONAL MERCANTILE MARINE COMPANY has
Plan
the holders of the above mentioned bonds a
subject matter of the Plan is of utmost importance to
Hay worth, with
all holders of bonds.
A
accepting the Plan have been mailed to
bondholders and forms
all known bondholders*
Bondholders who have not received copies
of the Plan and such
are
York, N. Y.
and
tells the story of a
to get away from
dance director (Astaire) who enlists in the army
girl trouble (Rita Hay worth) most of which is
caused by tomcat proclivities of producer (Benchley).
The songs
are pleasant; the dancing is tops; the comedy is adequate.
The whole
thing adds up to a grand movie.
>
Broadway,
that copies thereof may be sent to them at once.
so
In es¬
throughly satisfying musical featuring the swell dancing of
one
"Texas"
New
Frieda
Sidney Lanfield.
only Astaire and the crazy antics of Robert Benchley.
isn't much. It doesn't have to be but the Nye Committee
will probably find "propaganda"
^good old Nye committee!!). It
urged to send their names and addresses promptly to
International Mercantile Marine Company, No. One
starring Fred Astaire and Rita
John Hubbard and
The story
Copies of the Plan with a letter transmitting the same to
other material
(Col.)
Robert Benchley,
Directed by
cort.
the
to be used in
Gabrielson & Irvin
The first farce of the 1941 season started with a promise it never
quite managed to live up to.
The settings are arranged cleverly
enough to permit people to dash frantically up and down stairs, a
feat they accomplish with considerable noise if little comedy.
It
all begins with the policital ambitions of a rich man who hires a
press agent to further his plans.
The press agent, down with ap¬
pendicitis, sends assistant instead who in turn hires ex-wife and
her boy friend to help in campaign.
All meet in rich man's moun¬
tain castle-but find lack of cash prevents them from leaving for
Colorado where politician is to meet them.
So they turn home into
tourist haven to get cash but new complications set in.
A murdered
man, a couple of ex-convicts, a finicky old maid, and other and as¬
sorted characters turn the millionaire's home into a bedlam. There's
a lot of dashing in and out of doors.
There are even a few hilar¬
ious moments; but only a few.
This reviewer found it all confus¬
ing but the audience roared and roared.
•
!
farce by Frank
Produced by Otto L. Preminger and Norman Pincus at, the Cort Thea. N, Y,
(I.M.M. CO.)
|
a
Directed by Otto I. Preminger.
rected
available at the office of the
the office of New York Trust Company (Corporate Agency
(Col.)
With
Trevor.
starring William Ilolden, Glenn Ford & Clair
Di¬
Bancroft, Edgar Buchanan and others.
George
by George Marshall.
...
Copies of the aforementioned letter and Plan are
Company and at
Department) 100 Broadway, New York, N. Y. which has been
designated
A delightful western full of hard riding, gun shooting and .cattle
rustling he men which doesn't take itself too seriously until the last
two reels.
One of the best performances is turned in by Edgar
Buchanan who acts the part of a small town dentist with a dry sense
as
Depositary under the Plan.
of humor.
with the Letter of Assent
Conipany, 100 Broadway, New York, N.
of
If it weren't for him the picture would be just another
those
winning-of-the-west-things.
interesting but fun to see,.
one
together
and Transmittal with the New York Trust
Bondholders who assent to the Plan should deposit their bonds
,
RESTAURANT
Y., Depositary, IMMEDIATELY#
of assents to the Plan.
other
"
doodads
we
can't
By CHARLES F. BRADLEY, Secretary.
about the best chicken
NEW
NEBRASKA
OMAHA,
Chicago Municipal Club
Annual Sports Tourney
(Continued
i
McDermott
Murdoch,
KANSAS
B.
Snyder,
P.
Snyder
Estes,
&
Co.
KENTUCKY
LOUISVILLE,
J.
McjCrpry.
.
.
TOPEKA,
Jack
Page 295)
from
&
Sparks:
Robert ,H.
Dearth & White, Inc.
Burlcholder,' Jr.V Alrastedt "Bros.*;
Thomas
Graham,
The
Bankers
Bond
Co.;
Marion
Cardwell, J. J. B. Hilliard & Son;
Wm.
O.
Alden,, O'Neal-Alden &
Co.,
Inc.;
Chester A. Lucas, Stein Bros. Boyce.
-
NEW
ORLEANS,
LOUISIANA
Walter
D.
Kingston,
Lamar .Kingston
A
Labouisse; James E. Roddy, Schnrff & Jones.
Inc.; H. W. Arnold, Weil & Arnold;--.Gilbert
Hattier, Jr., White Dunbar & Co.
BOSTON,
F.
&
Brittain
MASSACHUSETTS
Kennedy,
F.
Brittain
Kennedy
DETROIT,
NEW
pany.
MINNEAPOLIS,
MINNESOTA
Williams & Com¬
Ashmun Co.; Wil¬
Webb & Co.; p. A.
Burnham, First National Bank & Trust Co.;
Ponaid W. Green, Investors Syndicate; Palmer
Jal'fray, Piper, Jai'fray & Hopwood: Robert I,.
John, Thrall West Company; R. G. Andrews,
Wells-Dickey Company; Paul Burkland, North¬
west National Bank & Trust Co.
J.
W.
liam
C.
Stevenson,
W.
Meier,
ST.
C.
S.
Elgelow,
Lewis,
PAUL,
A.
KANSAS
F.
D.
CITY,
City National Bank & Trust
Co.; Harold C. Evans, Commerce Trust Com¬
pany;
Richard Stern, Stem Bros. & Com¬
pany;
Victor H.. Zahner, Soden & Company.
ST.
H.
LOUIS,
MISSOURI
Hagemann,
Jr., Boatmen's National
Bank; Andrew: S., Mills,, Francis Bros. ?&-Go.:.
Clarence
Blewer,
Mercantile-Commerce
Bank
fz
Trust
James
F.
Quigg.
Mississippi
Wm.
H. Rti,vr. "•"Uh.F.
Moore
&
Co.; B. K.
Hagemann, G, H. Walker
Co.
The
food
wall coverings and
however needs no im¬
new
we
have tasted.
YORK NIGHT LIFE
Last Wednesday night was a big one in cafe society circles but
we have yet to discover ,a way to be in three places at the same
decided to' Visit the Ruban Bleu
time
we
bert
Jacoby had
(4 E. 56) to
tap for the/opening.
see
what Her¬
plenty; in
it-was novel.
The chief novelty was Carrie Finnell who
hales from burlesque.
Miss Finnell is a lady of vast proportions;
as wide as she is tall.
Her fame however rests on her ability to
any
on
Well, it
was
case
control
certain
portions of her
anatomy with
rather
startling
re¬
105 sults. The best contribution came from the Sophistichords, a color¬
ed quintet who swing operatic classics as well as "Darktown Strut¬
ter's, Ball", with admirable; aplomb.
Then there is a young man,
Richard Dyer-Rennet* who, sings old English tunes accompanying
&
Atwood, L.
Chester A.
Co.;
F. Rothschild
&
Co.; L.
Eugene Marx, Salomon Bros. &
Hutrier; Saul .Schwamm, H. L. Schwamm &
Company;
Harry
Downs,
Harry
Downs
&
Company;
John A." Stephenson, Jr., Dun &
Bradstreet,
Inc.,
290 Broadway:
Wiljiam P.
King,
Kaiser
&
Company;
Frank
Adams,
White, Weld & Company; William
S. Mor¬
Jr.,
rison,
Harris- Trust
&
CLEVELAND,
Si-'tngs
OHIO
ben
Co.
&
'
'
CINCINNATI,
OHIO
H." Kountz, Einhorn
& Co.; Charles
Co., Inc.; Robt. B. Isphording, Van Lahr, Doll & Isphording; Wal¬
lace
Holzman, Widmann
& Holzman,
Erwin
J.
Moster, Weil, Roth Sc Irving,
George
F.
Conners,
Pohl
&
COLUMBUS,
Todd
Cartwright,
TOLEDO,
Hazen
S.
OHIO
Blair
&
Daniels
&
—iSt-
Walter
•
A.
Johnson, Wood
E.
Denham,
-.Spraggins,
Chalmers
Wood, member of
New, York Stock Exchange,
will be admitted to partnership
in Johnson & Wood, 67
Broad
Street, New York City, members
First
Bank
&
NASHVILLE,
Leonard
Carr
Trust
all
decked
a
work
we
decided to look
one
out
side
was
William Hawkins, of the World-Telegram
(That's heresy or something,
in white, tie and tails
Bill, what kind of working clothes are /those?
Want to give the
working press a bad name?)
Of course the Daily News' Danton
Walker was there all slicked up too.
He even threw us a feeble
Bank;. Wen¬
Cale
J.
M.
Haun,
Morel and,
Wm.
R.
.
&
Moreland,
TEXAS
Lovett
Abererombie,
Gregory, Eddleman &
Abercrombie;
Waldo
E,
Knickerbocker,
McG.ung 6c Knickerbocker, - Inc.
■
'
'
SAN
Ellh'er
E.
J.
A.
.Roe,
ANTONIO, 'TEXAS
Ditmai',' Mahan!
E.
J.
Roe
MILWAUKEE,
TENNESSEE
Glymp,
Commerce
Union
Bank;
Payne, Cumberland Securities Corpora-
TEXAS
Moseley
HOUSTON,
.
Co.
grimace—probably
James
Co.;
N.
J.
L.
Daggett,
Dunne,
&
barely caught it.
.
,
.
Of course no evening could be counted a suc¬
without dropping in at Reuben's (6 E. 58th) for a cup of coffee.
pectoral muscles.
Hendrix, Equitable
Securities
Corporation; DeWitt Carter, Nash¬
ville Securities
Co., Inc.; Jo Gibson, Jr., R.
C.
Webster,
Webster
&■ Gibson;
Mai'ion
Thomas, W. N. Estes & Company.
Bond
&
Invest¬
Jame^- C.- Lancaster,- Union Plant¬
ment. Co,;
ers
National
,
GALVESTON,
TENNESSEE
National
but as we didn't understand
to see who was present instead.
a smile—of recognition but it was so fleeting we
Does that mean we have arrived or was it the
company we were with?
Over against the wall was tall dark Eckert
of the New York Stock and Curb Goodman who
reports on night life for that veddy veddy social slick
Exchanges.
Mr. Chalmers—was paper mag "Town & Country." Against another wall and at the op¬
formerly an individual floor brok¬ posite end of the social scale was Billboard's rep Paul Dennis look¬
er and in the past was a partner
ing a little shocked at the antics of li'L Carrie and her titillating
PA-
Municipal
us
Over"on
the
tion;
Thackara, Barclay, Moore 8e Co.;
Sheffer,
E.
W.
Clarke
& Co.;
Schmidt, Schmidt, ■ Poole & Co.
MEMPHIS,
J.
dell
songs
around
V.
Frazier
enco'
—
in Johnson & Wood.
Arnold,
PHILADELPHIA,
Charles
Co.
and himself on what is called ;a Swedish lute or something. It looks
Apgar, just like a double necked mandolin. There's a dark haired girl, Anita
Seviliiar, who rounds out the program with something called flam¬
—.—.Bssjsa®BBWW—
Inc.
H.
with
past' was
Inc.
Co.,
OHIO
James D. - Magee, Braun,
Rw.wo>-th
& Company;
Burt T, Ryan. Ryan
Sutherland
&
Company;
Durwood
DuBois,
Robert S. Miicesell, Stranahan,
Harris & Co.,
.
the
-
.
S.1
J.
in
Admit Chalmers Wood
Bank.
Clark, Fahey, Clark & Company;
Olderinan, Field, Richards & Com¬
pany;
Clarence Davis, E. Legros, The First
Cleveland Corporation;
R. O. Shepard. Hawley, Sheoard & Co.;- A. M. Newton, Hayden,
Miller &
Co.; R. B. Denison, Merrill, Tur-,
John,
Russell
MISSOURI
Farrell,
Master Hutchinson
.
MINNESOTA
Smith, First National Bank; Rudolph
8.
Jitran,
Ralph Webber,
Juran,
Moody
&
Co.;
Horace Commer, Bert
Turner, Kalmnn
&
Co.;
R.
G.
Egan,
Mannhelmer-Caidweil.
Inc.; Leo Quist, Harold E. Wood & Co.
W.
Emery Joins
ILL.—John
Allison,
Allison,
Milo
pany;
as
John D.
Corp.
Y.
N.
YORK,
Bacon, Stevenson & Co.;
W. M. Br.rr, Kenn, Cassin, Charles Pope, BanBros.
&
Co.; C.
Bruce Campbell, Campbell,
fSpecial to The Financial Chronicle)
Phelps & Co,, Inc.; Robert H, Rich, C iar:es
Clark & Co.; John W. de Milhau, Chase Na¬
CHICAGO,
Douglas
tional
Bank of. New
York; Lee. W.. Carroll,
John B, Carroll & Company; Harley A. Wat¬
Emery has become associated with
son, Eldredge Ss Company; P. S. Russell, Jr.,
McMaster Hutchinson & Co.,
Glore,
Forge.n
&
Company;
Henry
Harris,
Goldman.
Sachs
&
Company;
E'wood
D
South La Salle Street, members
Smith, Harriman, Ripley & Company; James
D.
Topping Hinkins & Topping;
Walter H. of the Chicago Stock Exchange.
Steel, Lazard Freres & Company;
Ferris S.. Mr.
Emery was formerly a part¬
Moulton, R. H. Moulton & Co.: Wm. R. M.
Fenn,* Phelps, Fenn & Co.;
John Ciapp, • E, ner in Olin, Emery
& Co.
W. Pressprich &, Company; E, A. Crone. Riter,
G.
MICHIGAN
Harold R. Chapel, Crouse & Co.; Douglas
Campbell, First of Michigan Corporation!
Gerald -E. -Miller,
Miller, -Kenower & Co.;
Kenneth
K.
Martin, Peninsular State Com¬
Wachob-Bender
Bender,
Co.
H.
&
J,
F.
recall.
provement. It's still everything you can ask for. Mele, owner, and
Francois, headwaiter, are again at the front door as gracious and
as willing to please as ever.
By the way if you like chicken that's
different try the Chicken Brazilian here.
It's a specialty and just
INTERNATIONAL MERCANTILE MARINE COMPANY
*
'
(4 E. 56th) reopened it's doors for the fall season
new Vernon MacFarlane decorations.
These con¬
showing off it's
sist of new lighting effects, glass partitions
Dated, New York, September 12,1941.
1
:v
■
"Theodores"
This must not be construed as a solicitation
With him it's not only
Ditmar
&
Co.;
Company,
WISCONSIN
O'.d Line Life Insurance
Wisconsin I Company,
cess
case you don't know, is to the Swishy east side
Lindy's is to Broadway. We don't know about Reuben's sand-v
(named after celebrities); most of them look too formidable
to try but we can heartily recommend the cheese cake.
In any case
between bites we saw George Raft (did you know he's gray?) with
Betty Grable. If we were a Leonard Lyons or a Winchell we'd have
For
Reuben's, in
what
wiches
and asked them a
there ^ stuffing-ourselves.
gone over
sat
lot; of questions but
,
as
things
we
just
We weren't neglected entirely for
.
Jimmy Bryant, playboy and leading Greek-god-abbut-towiv dropped
over to be followed by Monte Proser who advised us we Wre
very
pretty.
Or was he talking to Sy Jacobs?
hum-m-m.
We'll
never
know.
Ho-
•Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3985
301
Calendar oi New Security Flotations
Offering—The shares will be offered to
public, at a price to be supplied by
OFFERINGS
the
AERONCA
AIRCRAFT. CORPORATION
•"
Aircraft
Aeronca
registered
Corp.
amendment
SEC
Underwriter—Names of the
30,000 shares of $1 cumulative convert¬
ible
preferred
stock,
$15
par;
140,000
Shares
$1
Stock
Purchase
par
stock;
common
Middletown,
Business
facture
type
development,
Design,
manu¬
sale
of
onca"
and servicing of particular
light airplanes, known as ''Aer¬
planes, designed for commercial
by
each,
Underwriters
—
Bond & Goodwin, Inc.,
Craigmyle,
Rogers
&
Co.,
New
York;
and
Whitney-Phoenix
Co.,
Inc., New York, are underwriters for the
preferred stock
Offering — The 30,000 shares preferred
stock will be offered to public at $15 per
share;
underwriting commission is $2.25
per
share.
Of the common stock regis¬
tered, 75.000 shares are reserved for is¬
suance upon
conversion of the preferred
stock, and 65,000 shares are reserved for
issuance upon exercise of the Warrants.
Of the Warrants registered, 45,000 are to
be
exchanged by company with holders
of a like amount of presently outstanding
warrants, and the remaining 20,000 War¬
rants will be sold by company to under¬
writers at price of 10 cents per Warrant.
Such Warrants give holders right to pur¬
York;
chase
sha-re of
one
A-2.
Shares
27,000
21,000
York
Putnam
&
10,000
4:45
the
authorized
Buffalo,
Broadway,
N.
fans
and
of
ished
by
underwriters
be
to
shares
to
are
be
offered
for
15
Steel
Co.
with
common
Craigmyle, Rogers & Co.
SEC
stock,
other
Proceeds
—
Will
the
to
accrue
selling
Registration Statement No. 2-4799. Form
(7-25-41)
A-2.
Offered—Sept. 24, 1941 at $14 per share
FALLS
SENECA
with
MACHINE
Falls
Seneca
SEC
Machine
registered
common
stock,
$1 par
Address—314 Fall St., Senca Falls, N. Y.
Business—Manufacture
tools,
and
sale
of ma¬
automatic
principally
lathes
and
:
Schlessman, Owen
Colo., has underwritten
Underwriters—Brown,
<fe
Denver,
Co.,
all of the 225,000 shares, at $4 per share,
it pro¬
poses to sell to Burr & Co., New York, a
50% participation in said 225,000 shares,
share
advised
has
that
company
the underwriters'
at
price of $4 per share
entire
Proceeds—The
net
proceeds will
accrue
to
certain
selling
stockholders,
who are selling such
shares, already is¬
sued and outstanding, to the underwriter
Hygrade Sylvania Corp., registered with
stoc£
Registration Statement No. 2-4806. Form
A-2, Filed
(7-31-41)
Address—60 Boston St., Salem, Mass.
of elec¬
incandescent
lamp bulbs, radio re¬
ceiving tubes, fluorescent lamps and fix¬
tures and related products
CO.
Co.
shares
225,000
Effective—4
SATURDAY,
GULF
E.S.T. on Sept. 19 as
p.m. E.S.T. Sept., 19, 1941
Offered—Sept. 23, 1941 at $5 per share
p.m.
Of 4.45
POWER
list of issues whose registration statements were filed less than twenty days ago.
These issues
are grouped according to the dates on which the registra¬
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
seven
days.
These dates, unless otherwise specified, are as
P.M. Eastern Standard Time as per rule 930(b).
of 4:30
Offerings will rarely be made before the day follow¬
ing.
Fla.
Business
THURSDAY,
HILLS
.Black
Hill
pay
General Public Utilities, Inc.,
Dakota Power Co. the balance of the
SEPT. 25
POWER
■
&
LIGHT
CO.
&
Power
Light Co. register¬
ed
with
SEC $2,115,000
First Mortgage
Bonds, Series A, due, 1971; 9,400 shares
5% cumulative preferred stock, $100 par;
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¬
uing business and operations of the Da¬
kota' properties of General Public Util¬
.
for
sideration
and
con¬
the
properties to be ac¬
quired, Balance of net proceeds will be
added to working capital.
Registration Statement NO. 2-4832. Form
A-2.
(9-6-41)
.
SOUTHEASTERN
INDIANA
Southeastern. Indiana
tered
with
SEC
2,000
POWER
Power
shares
Co.
CO.
regis¬
6%
cumu¬
lative preferred
Assurance
stock, $100 par
Address—Rushville, Ind.
Business—A public, utility company, en¬
gaged in transmitting,
distributing
and
selling electricity in southeastern Indiana
i
Offering — The preferred stock will be
offered to public at a .price, to be sup¬
plied by amendment
Underwriter—Central Republic Co., Inc.,
Chicago, is sole underwriter
Proceeds—From sale of the 2,000 shares
preferred stock, together with aggregate
of $1,152,280 to be reoeived by company
The
from
ities,
Inc.,
tions
of
business and opera¬
Dakota Power Properties of
the
Dakota
the
and
the
Power
Co.
Engaged
in gener¬
ation, transmission, - distribution and sale
of electricity, in 12 communities in west¬
ern
South Dakota, and various- unincorp¬
orated
communities
and
rural
areas.
^
Offering—The bonds are to be sold to
Dillon, Read & Co. at 103
and in turn
will be resold by latter to Equitable Life
Society of the U. S. at 103%.
preferred stock and an undetermined
number of shares of common stock are to
to
An
operating subsidiary of
Commonwealth & Southern Corp., engaged
in northwestern portion of Florida in purChase and sale of electricity and gas
; Offering and Underwriting — The bonds
Will be sold to public at price to be sup¬
plied by amendment. Bonds Will be sold
under
competitive bidding rule
of SEC
Names of underwriters by amendment
—
Proceeds—From sale of
]
gether
with
ceived
from
$250,000
the
in
bonds,
cash
Commonwealth
to
&
be
to¬
First and ' Refunding Mortgage bonds
4s may have been issued to the RFC; and
1%
balance
to
used
be
for additions
and
im¬
to company's electric- utility
plant.
Registration Statement No. 2-4833, Form
provements
•
A-2.
(9-8-41)
22
permitted
tions
proposed
received
Y.
the
sale
Corp.
City,
1941.
effective
of
declara¬
bonds
the
of
the-
before
will
be
Commonwealth
(parent),
20
Fine
&
St.,
E.S.T, Oct,
11 .a.m.
rate is to be
multiples of Vs %,
3%%
Coupon
7,
specified by
but not ex¬
in
ceeding
Sept,
^regarding
company
office
at
Southern
N.
become
by
on
financing
Bids—for
.
to
freed
SEC
MISSISSIPPI
General Public Utilities, Inc.,
'
of other
securities
first mortgage bonds to
an
($650,000 4%
insurance com¬
COMPANY
Power
Co.
registered, with
$8,927,000 First Mortgage. Bonds, due
Sept, L 1971. Interest rate to be supplied
by amendment.
.
Address—2500
14th St., Gulfport, Miss.
subsidiary of Commonwealth
& Southern Corp. this company is engaged
within the southeastern portion of Miss¬
issippi, in the generation, purchase, dis¬
tribution and sale of electricity at retail
in 135 communities, rural areas, and sale
at. wholesale of electricity to 6 rural co¬
operative associations
Offeriug and Underwriting—The bonds
will be offered to the public at a price
to be supplied by amendment. The bonds
be
sold,
under
the
SEC's
competitive
bidding rule, with underwriters to be sup¬
plied by
amendment
Proceeds—From sale of the bonds, to¬
gether with $250,000 in cash to be received
from
Commonwealth
Southern
&
Corp.,
parent company, will be used .(&)~,to re¬
deem $6,177,500 of "1st & Ref. Mtge. 5s,
1955, at 103% and accrued interest, (b)
redemption of so much of the $2,750,000 of
1st & Ref. Mtge. 4s of 1951 as may have
been issued to the RFC, at 100 ■ and ac¬
crued interest, and (c) to construction of
additions and improvements to company's
electric plant.
.
Registration Statement No. 2-4834. Form
A-2.
(9-8-41)
.
DEVOE
&
SEC
TELEPHONE
AMERICAN
(
registered
Five
Year
Telephone
&
TELEGRAPH
&
Telegraph Co.
with SEC $90,000,000 Thirty2%% Debentures, due Oct. 1,
1976
Address-—195
Broadway,
New
York,
N.
Y.
distribution
diversified
line
of
com¬
A-2.
Statement
(9-12-41)
No.
pur¬
"National" Cylinder
with
SEQ
100,000
2-4838.
>
NATIONAL CYLINDER GAS
Gas
CO.
Co.
shares
registered
stock,
common
$1 par
Chicago,
111.
Business—Together with its subsidiaries,
engaged principally in manufacture and
sale
of
and
oxygen
acetylene
in
most
Of
principal industrial areas in the U. 8.;
it's the third largest producer in the
country.
Also, manufactures nitrogen and
hydrogen- and sells these gases as well a$
carbon dioxide, dry ice and propane
i
Underwriters—Principal underwriters arfe
Paine, rWebber & Co., ttnld F. S. Moseley
.&
Co.,
both of Chicago; others to b$
named by amendment
'
1
-■
Offering—The
,
stock
ng,, and
thereof.
Public offering price will be supr
plied by amendment.
•
•
Registration Statement No, 2-4839. Form
A2.
(9-12-41)
named
Form
A-2
(9-10-41)
WEDNESDAY, OCT.
INTERNATIONAL
SEC
1,387,748 23/40
stock,
N.
registered with
of
common
shares
Y.
'
•
42nd
E.
•
•
-
St.,
New
York,
1
Business—After the filing of
registration
but prior to the time when it
effective, International Paper Co.
will acquire all of the assets of Inter¬
national
Paper & Power Co., including
statement,
becomes
99%
over
Paper
of
Co.
the
(New
stock
York,
of
International
formed
in
exchange for stocks, warrants and war¬
scrip of company and assumption by
of all liabilities of International
Paper & Power Co. After this acquisition
of assets, a plan of consolidation of said
International Paper Co. into the company
wiH be presented
for approval of • Board
company
and
stockholders
of
said
In¬
ternational
company.
Company
York
Paper Co. and the
was formed in New
on
June 23, 1941. Principal operations of com¬
subsidiaries are conducted in the
S., where they are engaged primar¬
ily in manufacture and sale of kraft paper
and
board
(bleached
and
unbleached),
groundwood
specialty
paper,
book
and
bond
Jute boards, corrugated
papers,
con¬
tainers, bags and allied products. Company
,
also
has
adian
substantial
investments
in
Can¬
common
stock
111.
,
Address
Chicago,
Underwriter—No commitment to take the
Offering—1,347,748 23/40 shares are to
issued
upon
exercise of
outstanding
Stock. Purchase
Warrants,
en¬
titling
each
holder
of
109,084
*.'•
of
$1
Building
Trustee—135
111.
Address
shares
of Beacon
S.
par
Corp-
LaSalle St.,
V':
-
;
-
Beacon
Building Corp.—38
S. Dearborn St., Chicago, 111.
i
Business—Beacon
Building Corp. owns
and
operates an apartment building In
16,
1931
Extension
of
Voting Trust—The 109,084
common
stock of
Beacon
Build¬
ing Corp. are subject to a Voting Trust
Agreement which expired June 16, 1941.
It is proposed to extend the agreement to
June 16, 1951, through issuance of Voting
Trust. Certificates, subject of registration
statement'
•
•
F-l.
■■
v
.
Statement
Registration
Form
2-4840,
No.
(9-13-41)
SATURDAY,
KEYES
FIBRE
OCT. 4
CO.
Keyes Fibre Co. registered with SEC
$1,400,000 First Mortgage Sinking Fund
4%% Bonds, due Oct. 1, 1956
Address—806 Bank, of Commerce Bldg.,
Portland,
Me.
Business—Manufactures
a
wide variety
products comprising more
plates, dishes,
egg-packing
material, and
egg
cartons
made
of groundwood pulp derived prin¬
cipally
from
spruce
pulpwood.
About
57.16 % of company's .voting securities are
held by New England Public Service Co.
and its subsidiary, Central Maine Power
of moulded pulp
than 60 items
and including
Co.
Underwriter—To
ment
be
named by amend¬
registration statement
be offered to public, at
to
Offering—To
subsidiaries
shares registered has been made
one
for
certificates
Chicago,
1898)
rant
Directors
|
CORPORATION
Building Corp., Lucius Teter, et:
al, voting
trustees of Beacon Building
Corp., registered with SEC voting trust
in
of
BUILDING
Beacon
shares of
$15 par value
Address—220
J
THURSDAY, OCT. 2
BEACON
Chicago/ All outstanding common stock of
company held by First National Bank of
Chicago, as agent for voting trustees un¬
der
voting trust agreement dated June
1
COMPANY
PAPER
International Paper Co,,
:
are
the account of certain selling stockholders;
who will receive the proceeds irom sale
named
be
to
100,000 shares common
already issued and outstandi¬
to be offered to public for
are
ex¬
& Co., New York,
principal underwriter;
others
by amendment
Offering — To be offered to public, at
price to be supplied by amendment
Proceeds — $1,028,100 to redemption on
Jan. 1, 1942 at $115 per share and ac¬
crued
dividends,
of
outstanding
8,940
shares
7%
cumulative
preferred
stock,
$100 par; $1,755,250 to redemption on Dec.
1, 1941, at 103 y* and accrued interest, of
outstanding
$1,700,000
of
Fifteen-Year
4V4%
Sinking
Fund
Debentures,
due
June I, 1953;
and balance for working
capital
Registration
Statement
No.
2-4835.
is
Common
insurance
.
industry
Underwriter—Shields
be
Business—Principal business of company
its
operating telephone subsidiaries
that of furnishing communication ser¬
vices, mainly telephone, service. In addi¬
acquire
and funded indebtedness of Hoosier Pub-, tion, Western ;,Electric Co., Inp., a subsid¬
lie Utility Co, and for other corporate-pur¬
iary,
is
engaged principally
in
manu¬
facture of telephone apparatus and equip¬
poses
'Registration Statement No, 2-4830. Form ment
A-2 (9-6-41)
Underwriter
and
Offering—The bonds
an
of
.
.
varnish
and
and
;
New
Ave.',
colors and materials, paint brushes
and other products incidental to the paint
is
bank
12,500 shares $10 pari common
to be applied by company to
all the outstanding capital stock
Fifth
artists'
stock)
a
registered
Cumulative
terior, interior and industrial paints, var¬
nishes, lacquers, enamels, synthetic resins,
tures
are
INC.
Inc.,
5%
par
.
pany,, and
to
CO.,
Co.,
York,
Nt XV
Business—Principal business of company
arid subsidiaries is manufacture," sale and
Power
payment for the so-called Dako¬
Properties to be acquired from
and Dakota Power Co. Xhe
remaining
shares of common
stock,- as
well as the. preferred' and common1 stock
to be. received |>y. General Public Utilities,
Inc., will be offered to the public
Proceeds—To company from sale of the
bonds and common stock will be used to
expir¬
the
U.
COMPANY
American
Form
company's Treas¬
Y. City, up to 11
shares
Stock, $100
'Address—787
part
Deben¬
Raynolds
29,000
Preferred
in
Guaranteed
RAYNOLDS
&
Devoe
with
ta
that company
Serial
of
pany and
MONDAY, SEPT. 29
share,
corporate
and
issued
$350,000
office
urer,. 195 Broadway, N.
a.m. E.S.T. Sept. 29
be
pany,
at
per
Address—205 W. Wacker Drive,
Business—A
,
sale
POWER
Mississippi
SEC
Registration-
p.m. E.S.T. Sept. 17, 1941
received for
purchase of
be
$15
general
poses
(9-10-41)
will
debentures
and
Declaration Effective—The
%
A-2
Effective—3
Bids
of
1945
Proceeds —For
.
Form
at. price
ing Dec. 31;
Utility Holding
Company Act, Rule U50. Names of underwriters, and price to
public,
will
be
filed
by
post-effective
amendment to the registration statement
Proceeds—Plus additional cash, will be
used to redeem on Nov. 1, 1941, company's
$94,306,000 of 20-Year Sinking Fund 5%%
Debentures, due Nov. 1, 1943
Registration
Statement
No.
2-4836.
re¬
Southern
Corp., will be applied as follows;- redemp¬
tion at 103'/2 of $2,500,000 5% First and
Refunding Mortgage bonds, due,,1968; re¬
demption of so much of the $3,100,000 Of
will
BLACK
lic
Address—8-10 N. Palafox St., Pensacola,
:
shares
new
competitive bidding rule of the SEC's Pub¬
a
become effective in
Wliitney-Plioenix Co., Inc.
will be sold to underwriters under the
27
1
bidders
Following is
SEPT.
COMPANY
Gulf
Power
Co.
registered with SEC
$5,600,000
First
Mortgage
Bonds,
due
Sept. 1, 1971. Interest rate will be supplied
by amendment
■
.
stockholders
SYLVANIA CORP.
Business—Manufacture and sale
registered
New
stockholders
of
(9-3-41)
tric
Goodwin, Inc.
CO,
York, named principal under¬
underwriters are E. H. Rol¬
lins & Sons,
Inc. and Allen & Co.
Offering—The 175,000 shares are already
issued
and
outstanding and are to be
offered to public for .account of certain
Ltd.,
writer;
gnd
common
2-4837.
$19,375 per
to
Registration Statement. No. 2-4828. Form
par
No,
Ave., Coatesville, Pa.
Business—Company is a non-integrated
producer, and its principal businesi
Is manufacture of carbon and alloy hoi
rolled steel plates
Underwriters — Pistell, Wright & Co.,
Y.
,for other corporate purposes
no
as may
steel
chine
Shares
Copies of the Prospectus may he obtained only from such of the undersigned
legally offer such Shares under applicable securities laws.
in
Address—First
semi-automatic
100,000
products
at
1941
(estimated)
shares
175,000
stock will be applied to
reimburse
treasury for expenditure in Aug. 1941,
of $246,058 in connection with purchase
of outstanding 2,305 shares company's 7%
preferred stock, $100 par, or to be used
BEG
of
Bond &
its
per
23,
STEEL
mon
Offered-—Sept. 23 at $18.50
share
$10 par
Offering price by amendment
Purpose~»~Net proceeds to company from
sale of the 15,120 shares unissued com¬
HYGRADE
sale
Statement
(9-11-41)
A-2
LUKENS
company.
A-21
and
share
15,120
account
view. of
Offered—Sept.
Offering—Of the shares registered, 100,-
remaining
Price $15.00 per
The
207,184
stock
deems advisable
developments -in
company
in
Registration
be offered to the public for account of two
stockholders;
.'ij
: i 1
<
tube field
Form
amendment
selling
out-
the fluorescent lighting field and the radio
furn¬
000 are testied and outstanding and are
the
which
manufacture
the
and
other
outstanding
value common
par
no
increase
to
of
names
[$15.00 par value)
Proceeds—Will be added to working cap¬
ital,
equipment for use in
heating, ventilating, air condi¬
tioning and of removal of fumes and dust
created in manufacturing operations; ma¬
chine tools;
and equipment employed In
sugar factories and refineries and coffee
and rice plantation machinery
Underwriter—Hornblower <fe Weeks, New
York, is
named
principal .underwriter;
fields
$1.00 Dividend Cumulative
Convertible Preferred Stock
-
in¬
be
414,368 shares.
has
now
of
would
the' amount
and
increased to
stahding
Business—Manufacture and sale of blow¬
ers
740,000
company
shares
stock
common
to
creased
Forge Co. registered with SEC
shares of common stock, $1 par
Address—490
Corporation
company, on the basis of two shares
each share outstanding, so
that the
for
Buffalo
115,120
:
[An Ohio Corporation)
1941, to vote on the proposal to
the authorized common stock of
split up
COMPANY
FORGE
Aeronca Aircraft
....
P.M.,
BUFFALO
30,000 Shares
,
....
Sept. 16,
...
Co.,
Lukens
A.M., E.S.T. August
E.S.T.. July 16, 1941
Offered—Sept. 24, 1941
of
\
NEW ISSUE
10.500
1(1,000
5,300
Hartford
3,300
Graham, Parsons & Co., Boston
1,500
Mackubin, Legg & Co., Baltimore ...
1,500
Stein Bros.
&
Boyce,
Baltimore
l,50r
Whiting, Weeks & Stubbs, Inc., Boston
1,500
Yarnall
&
Co.,
Philadelphia
;
1,500
Minsch, Monell & Co., Inc., New York
1,510
Brush, Slocumb & Co., San Francisco
1,000
Van Alstyne,
Noel & Co., New York
1.C0C
Wyeth, Hass & Co., Los Angeles
1,010
Herbert W. Schaeffer & Co., Baltimore
910
Stockholders of the company voted on
Ohio
Cleveland
(6-27-41)
Effective—11:30
,
but the
No.
.
no circumstances to be construed as an offering of these Shares for
to buy, or a solicitation of an offer to buy, any of such Shares. The offering is made only by the Prospectus
Prospectus does not constitute an offer by any underwriter to sell any of such Shares in any State
to any person to whom it is unlawful
for such underwriter to make such offer in such State.
offer
or an
follows:
as
& Curtis, Boston
Weld & Co., Boston
Lee Higginson
Corp., Boston
Estabrook
&
Co., Boston
Hale, Waters & Co., Inc., Boston ....
Merrill Lynch, Pierce, Fenner & Beane,
New
sale,
under¬
White,
stock for each
common
ranging from $7 per
share to
$10 per share, with the war¬
rants expiring Dec. 31, 1945
Proceeds—Net proceeds will he used to
pay
off
outstanding
indebtedness,
for
working capital purchase of equipment
end machinery plant expansion
Registration Statement No. 2-4789. Form
1
be
■
prices
at
warrant,
.
are
This advertisement appears as a matter of record only and is under
underwriters,
to
....
use
New
as
written
shares
of
Jackson
Municipal Airport,
Ohio
—
number
and 65,000
Warrants
Address—Middletown
the
and
thereof
to
purchase
share common stock, at $25 per share,
be supplied by amendment
price to
Proceeds—(a) to provide funds for re¬
of entire outstanding $1,125,000
tirement
of. First.
Mortgage
Serial
6'%
bonds
of
predecessor company
(assumed by com¬
pany), (b) to pay $172,000 of bank loans
of
company and' a
subsidiary, and (c)
balance for working capital
.
1942. Remaining 40,000
be issued upon exercise of out¬
option held by Calvin A. Agar,
him to
purchase
such 40,000
expiring Sept. 26,
shires
to
standing
entitling
Registration Statement No. 2-4846.
A2.
(9-19-41)
(Continued
on
Page 302)
Form
THE COMMERCIAL & FINANCIAL CHRONICLE
302
Thursday, September 25, 1941
Calendar of New Security Flotations.
(Continued
from Page
Address
301)
Airport,
SUNDAY, OCT. 5
parquay operating, inc.
Parquay
SEC
Operating
55,859 shares
registered
Inc.,
•with
stock, 50 cents
common
value
par
Address—512
E.
Central
Ave.,
Albu¬
N.M.
querque,
Business—Engaged
operation
of
ill
chain
a
development
of retail
food
and
stores,
store
buildings and controlled parking built
or; to be built under Revolving Top Build¬
ing and Parking Control Patent Franchises
owned by company in Rosweil, N.M. Later,
it was decided to expand operations to in¬
clude
11
cities
in
additional
New
stores
buquerque
Underwriting—No
stock
will
under
direction
be
located
including
Mexico,
in
in
3
9
Al¬
underwriters.
The
offered
by company
Offering—Of the shares
registered, the
6,453 Ve shares of- preferred and 64,531%
shares of'common, will be offered $o pub¬
lic in units each unit consisting of one
of
share
and 10 shares, of com¬
preferred
each
successive
each:
$13.50,
$15,
will
in
of
used
and $19.50
$18
to
located
be
9
in
commu¬
Mexico
New
SEC
co.
Royalty
Co.
registered
shares common stock, 25
Parquay
9,091
par value
Address—512
with
cents
.
Central
E.
Albu¬
Ave.,
OCT.
built
under
which
Patent
is
owns
one
grocery
Revolving
Top
Building
leased
for
of 10
years from Nov.
20, 1937,
Company in¬
tends to build grocery store buildings un¬
der
that
patent and controlled parking
for
patents
other
New
Parquay
operating
Mexico,
'
Cal.
■
period
Operating, Inc., and
companies throughout
Arizona,
Nevada
Utah,
and
United
SEC
following blocks: $30
per share for first block of 1,117 shares)
$32.50, $35, $37.50 and $40 per share for
each
of
next successive blocks of
1,117
prices
block
for
each;
shares
of
$50
and
3,506
for
share
per
last
finance
of
purchase
con¬
equipment and construction of
grocery stores,
finance a purchasing de¬
partment including warehouses, etc.
Registration Statement No. 2-4841.
Form
Al.
(9-16-41)
struction,
the
Co.,
of
chemical
6.4%
shares
Series a Cumu¬
latter reserved for issu¬
conversion of the preferred
upon
Fla.
for
to
outstanding
common
preferred for each share out¬
preferred stock.
Subscription
comprises the ten days following
the record date, but company may extend
the expiration date to not later than Dec.
15.
1941.
Unsubscribed portion of the
200,000 shares preferred stock may be of¬
fered
at others by company, at $25 per
share, in sole discretion of company
Proceeds will be used for plant additions
new
standing $5
purchase of new ma¬
equipment, for retirement of
preferred stock, and for
working capital
*
Registration Statement No. 2-4847.
Form
improvements,
and
chinery
$5
outstanding
.
(9-23-41)
a2.
all
any part
be made
or
shall
of the
in
the
market, or to dealers or in any other
manner./
Further
details as
to disposi¬
open
unsubscribed
of
tion
will
shares
funds.
cash
be
by
company's
to
added
be
of
such
amendment
portion
supplied
will
Proceeds
will
be
at least $5,000,000
payment of present
which
of
applied
to
Registration Statement No. 2-4843.
A2.
(9-17-41)
Form
power
Power
SEC
&
co.
light
Address—25
S.
E.
present
Ave.,
Miami,
Light
&
SUPPLT
&
CORP.
Supply Corp.,
69,000 shares com¬
Airplane Manufacturing &
registered with SEC
stock, $1 par
mon
Address—Lockheed
Terminal,
Air
System) is an operating public utility en¬
gaged principally in generating, transmit¬
ting, distributing and selling electric en¬
ergy
(also manufacture and sale of gas),
serving most of the territory along the
east coast of Florida
(with exception of
the Jacksonville area), and other portions
Florida
of
Underwriting
and
Offering—The securi¬
registered are to be sold by company
under the competitive
bidding Rule U-50
of the SEC's Public Utility Holding Com¬
ties
pany
price
Act.
Names of underwriters and
to public, will be supplied by postamendment to registration state¬
effective
ment
Bur-
sale of
and
service
Proceeds
will
be
applied
follows:
as
$53,170,000 to redeem at 102 %, the $52,000,000 of company's First Mortgage 5s of
1954; $15,693,370 to redeem at $110 per
share,
the 142,667 shares of company's
$7 preferred stock, no par.
Further de¬
tails
to
be
supplied
by
post-effective
amendment
Registration Statement No. 2-4845.
A2:
(9-17-41)
McDonnell aircraft
Form
corp.
registered with
SEC
6,453Ve shares 6%
Non-Cumulative
Convertible Preferred Stock, $100 par, and
McDonnell Aircraft Corp.
129,063V3
shares common stock,
$1 par
tional
will
in
capital or will bf
incurred on pro¬
to subsidiaries
or
P.M.
August
E.S.T.,
Address
Majestic
Denver.
For
Breckenridge,
Bonwit
shares
preferred
shares
registered
$50
Fifth
of
Offering
be
filed
202
be
specialty
store
Preferred
publicly offered
by
amendment,
of
and
at
be
com¬
prices
that
except
will
shares
common
conversion
Los
Co.,
with
tered
the
previously
shares
16,433
and
SEC,
Such
SEC.
to
106,-
ten
cent
shares are already issued and out¬
and are to be offered to public
for account of certain selling shareholders,
86,233
registered
8%
offered
be
to
be
public at arbitrary prices
by
underwriter from
regard to existing cir¬
Such offering price will not
Bank
Bldg.,
COLUMBIA
Columbia
ELECTRIC
Electric
holders
Registration Statement No. 2-4807. Form
Filed
(7-31-41)
(San Francisco)
A-l.
p.m.
Sept. 6,
p.m.
E.S.T.
Sept.
17
as
issues
to
CORP.
Y.
due
Deb.
Deb.
Address—La
com¬
amendmeni
$50,000,000 Deb
5s,
5s,
15,
due
April
1961;
Ohio
to
Fuel
$3,750,000
United
Fuel
pur¬
Gas
Co.,
guaranteed
Co., a
thereof; and
the holders
$3,402,090
serial
Gas
capital
contribution
Covington Ry Co. to
Company to redeem its out¬
that
$3,303,000
1st
&
Ref.
Registration Statement No.
A-2.
publicly
Newport &
standing
Offering—All
BAKERIES
sold
(4-10-41)
Class
B
Address—No.
Atlanta,
COMPOSITE
CO.
Co.
6s,
1947
2-4736.
Form
.
with
bakery
products
Underwriter-—None
and distribut¬
souther states
in
Wash.
shares
Automatic
no
TELEPHONE
DIALER,
INC.
Telephone
Dialer,
Inc.
re¬
shares of common stock,
75,000
registered
.
par
■
Ave.,
common
\ \
Spokane,
Open-end
investments
investment
in
trust,
bonds.
Spokane,
tributor,
net
Wash,,
bution
is
Favre
&
underwriter and
purchasing
asset
value
to
shares
said
in
effect
for
and
at
such
net
asset
value
souri
N.
Light
,
be
used
for
investment
purposes.
Grand Street, Eliza¬
No.
2-4825
Form
Business
telephone
—
Development
dialing devices
Underwriter—None,
Stock
of
automatic
tered
of
will
be
sold
of
share, underwriting commission 75 cents
per
share
Proceeds—For engineering and develop¬
ment
expenses and
working capital ,
Registration Statement No. 2-4752, Form
&
(5-5-41)
Effective
P.M.,
but
E.S.T.,
apparently deficient
24, 1941
May
4:45
Lighting
with
SEC
shares
of
(Company
through registered brokers and dealers
Offering—Public offering price, $3 per
A-l.
LIGHTING
Houston
are
held
Light
13
of
POWER
Power
CO.
regis¬
Co.
indeterminate
number
its
common
stock, no par.
outstanding 500,000 shares
stock, of which 499,987 shares
by
its
Co.,
of
company).
parent
National
Power
which latter company also
to purchase the remaining
options
shares
&
has
common
holds
an
&
outstanding
common
./ :)
Address-T-900
in .turn
and
stock,
$1
par,
Mo.
Power
in
distribution
and
communities
gene¬
in
sale
Mis¬
Company
Community
bonds
be
to
Society
sold
the
and
be
&
are
not
be
be
to
issued
5%
by
to
Equitable
Life
stock
Natural
to
its
of
its
proposed
has
been
are
such
and
to
of
qount
:
stock
shares
of
account
The
Co.
will
be
sold
Community
will
Com¬
125,000
to
pub¬
Power
&
to
lows;
bonds
of
from
that
from
company
and
stock,
$2,811,200
ation
11.912
will
Community
amount
be
purchase
to
of
sale
of
shares
used
for
Power
company's
as
the
of
fol¬
cancell¬
&
Light
outstand¬
ing Series A and P First Mortgage bonds;
$1,111,385 to pay. or purchase indebted¬
an
owing
by company
affiliate,
on
to
its parent and
account
open
and promis¬
notes; $420,000 to redeem company's
outstanding
4,000
shares .7%
preferred
stock, $100 par, at 105 Balance of pro¬
sory
will
ceeds
company
be
for
set
aside
property
for
expenditure by
additions and im¬
provements.
Registration
A-2.
4.
.
Statement
No.
2-4826 Form
(8-29-41)
shares
Moore-McConnack
shares of $5
preferred
r
shares
offered
American
those
are
and
Light
to
that
outstanding,
&
Co.,'
Power
public
for
the
Light
& Power Co.
shares orginally
PUEBLO
MINING
*
United
of
>
Mining
1,500,000 shares
Common
COMPANY
Co.
1
registered
Cent
Address—Spokane,
Business—Mining
i'
Underwriter—No
Offering—To
,
cents
Par
SEC
Wash,
•-
•;
underwriter
offered
be
share
per
with
Value Assess- ;,
Stock
to
named.
public
•
at
2
/;.<,
Proceeds—Will be used for
development,
purchase
of
equipment,
building,
and
•
.
.
.
t
Registration Statement No, 2-4829. Form
(9-3-41)
(San Francisco)
;
CHILES
Shawnee
970
Chiles
shares
of
320
—
SYNDICATE
.
Syndicate registered
common
stock,
Denham
Business—Development
$10
Bldg.,
of
9,- ♦
par
Denver,
oil
and
properties
Underwriter—None
•
gas*
•1
Offering—4,985 shares are to be present-*
iy offered at $10 per
share, and balance
will
be
held
reserved
for
options
given
purchasers of the 4,985 shares, for
pur-.
chase of additional shares at $10
per share
Proceeds—For drilling and
development
of
oil
and
properties
gas
Registration
A-l.
Statement No. 2-4753. Form
(5-5-41)
P.M.,
apparently deficient
May 24, 1941
E.S.T.,
Stop
of
grounds
ments
4:45
Order—Issued
of
Sept. 18,
1941
on
and insufficient state-
untrue
*
fact
SOUTHERN
ACCEPTANCES, INC.
>
Acceptances,
Inc.
registered
Southern
no
shares
dividend
stock,
common
Address—26
no
Wall
stock,
of common,
LINES,
Lines,
INC.
Inc.
making
cumulative cti-*
.
$100
par,
$1 par
and
235,000
»
small
Orlando. Fla.
l
Installment notes
■
loans
; Underwriter—Leedy, Wheeler &
Co., Or¬
lando, Fla.
Offering—Preferred
and
Class
A
will,
be
publicly offered at $1,000 per share,
Class
and
B
at
common
Class
A,
and
$1,100
Proceeds—To
$55
bank
repay
share
per
on
Class
on
for working
preferred
B
' t
loans,
and
capital
1
•
Registration Statement No. 2-4570. Form
A-2.
;
(11-12-40)
Effective—Dec.
TEXAMERICA
4,
OIL
1940
CORP,
Texamerica Oil Corp.
119,891
shares
Address
registered with SEC
stock, $2 par.
Bldg., San Antonio.'
common
Milam
—
Tex.
•
Business—Engaged
marketing of crude
leasehold
interests
in
production
oil,
acquire
and
mineral'
in
producing or proven :
oil
properties
in
Texas,
drilling of oil
wells thereon, acquire
royalty interests in
tonio,
registered
stock,
par
St.,
Business—Discounting
and
Preferred
20 shares Class A $60 dividend
stock, no par; and 30 shares Class
par,
common
B
$50
and
developed
Underwriter—Willard
in
an
355,250 additional
registered with the SEC on April 21, 1941,
for
public offering, but now withdrawn
from
registration, constitute the shares,
outstanding and owned by United Light
proven
iWOORE-McCORMACK
30,000
distributing
shares
owned,
be
710,500
Underwriting commission $50
Co.
preferred
.
of
account
of
Of
company.
2,088
for
Light
&
Proceeds—To
5%
and
public
common
for
Light
to
of
registered, 11,912
to public for ac-
offered
Power
from
The
150
reclassification
a
stock
stock
company,
offered
lic
under
be
be
355,250
of
filed
statement
According to the amend-
American
are
account
Co.
value common
offered to the pubpar
reduced
presently
North
Gas
registration
$20
355,250 shares.
ment,
registered,
amendment.
capital
preferred
will
be
Effective ' but
to
Offering—The 14,000 shares 5% prefer¬
and 125,000 shares common stock are
the
will
Co.
shares
lie
is
Power
red
outstanding
publicly offered
amendment
of the U.
common
supplied
be
by
(4-21-41)
amendment
to
principally
stock
Fannin
transmitting,
3% %
A
S. for 104%.
Names of underwriters of the 5% preferred
St., -Houston,' Tex.
Business—Company Is' an operating publie
utility company
principally
engaged
generating,
Series
public; they are to be sold by
to Dillon, Read & Co. for 104%,
Assurance
will
filed
proceeds
outstanding
Arkansas,
of
;
others
Colo.
common
in
two
'
and
Registration Statement No. 2-4741. Form
A-2.
Co.
to
company
Co.
Statement
(8-28-41)
HOUSTON
J.
Telephone
CO.
Girardeau,
Underwriter—The
sold
ness
East
and
subsidiary
a
transmission
Co.,
'
Sons
&
retire
Mortgage
shares
125,000
$3,150,000
par
Address—1201
beth,
&
Co, registered with SEC
Business—Engaged
ration, transmission,
of electricity, in 56
shares
the
First
and
&
<
Pueblo
registered
UTILITIES
registered
stock, $20 par
Court Bldg., Omaha,
received
able
-j.
to
CO.
Co.
selling stockholders, United Light &
Railways Co., and North American Light
SHAWNEE
Address—Cape
dis¬
distri¬
8%%.
Registration
par
bonds,
due June
1,
1971;
14,000
shares
5% cumulative preferred stock, $100 par;
munity
Offering—To be offered to the public at
the then prevailing
market price.
A-l.
$10
stock
$3,150,000
Co.,
at
then
public
be
to
Address
be
Underwriting—Murphey,
Proceeds—Will
AUTOMATIC
$1
■
.
Riverside
—
price
Wisconsin
Electric
proceeds
use
shares
to
stock,
is owned bj
Middle
Western
Tele¬
will donate a portion
Telephone Corp. and latter
Crosse
GAS
Gas
&
Railways Co., a subsidiary
Light & Power Co,
'
La
be
•
registered
Registration Statement No. 2-4717. Form
A-2.
(3-29-41)
INC.
Inc.,
•
Business
plus
sold
Registration Statement No. 2-4714. Form
A-2.
(3-28-41)
FUND,
Fund,
/'•
limited
named
will be offered to pub¬
lic at price to be filed by amendment
Proceeds—All proceeds will be received
by L. A, Cushman, Jr., chairman of board
of company, for whose account the stock
be
32,500
Address—601
Offering—Stock
will
SEC
BOND
Bond
stock.
Ga.
Business—Manufacturing
ing
Composite
registered
to
CORP.
Brown
Central
to
will
by amendment
Proceeds—All
stock
Proceeds—Stock
;
stock
15,000
no
par common
stock
520 Ten Pryor St. Bldg.,
Bakeries
offered
registered
will be
publicly' offered at price to be filed by
amendment, except that 2,406 shares will
will
American
Crosse,
Missouri Utilities
guaranteed
of
and
of
from
a
Cinn.,
be
Corp.
common
•
MISSOURI
t.•
be
by
5s,
4%
1942-46
notes
make
to
share;
Telephone
of
proceeds
■
.
Offering—Stock
;
by
Business—Telephone service to La Crosse,
preferred
C.
holding
will
filed
redeem
$3,750,000
enable
of
1941
N.
utility
prices
subsidiary,
to
amend¬
1961
Broadway,
Proceeds—To
to
Effective—3
Form
Corp.
■
subsidiary,
4.45
&
Offering—Both
at
to be named
working capital
pany
shares
by
■
shares
per
■
AO-1,
Business—Public
notes
West, Mon¬
named
TELEPHONE
shares
32,080
gas
to
2-4763.
&
Address—61
natural
Northern
St.,
(6-16-41)
Crosse
Loeb
com¬
common
Aquila
—
parent ■) company,
phone Co., which
Gas
$4,750,700
of
La
;
the
Underwriter—Blyth
of
be
of
Co.'
capital
GAS
$50,000,000
Proceeds
Refiled
CROSSE
LA
be
■
,
of
and
registered
shares
500,000
/V:
Underwriter—Alex.
Statement No.
debentures due
serial
9.
LTD
Ltd.,
James
wis.
regis¬
tered
$28,000,000
serial
debentures,
due
1942 to 1951, and $92,000,000 sinking fund
a
April'
underwriting
commission is 43% cents per share
Proceeds—For development, purchase of
equipment and working capital
Registration Statement No. 2-4727. Form
Dead-
(5-20-41)
Underwriting
$1.25
of
Natural
shares
development
of
mining
of
machinery
and
and
chase
at
com¬
by
RAND,
.
par
such
company
NATURAL
Northern
710,500
par
.
pre¬
Statement No. 2-4715. Form
working
purchase
equipment,
1952;
price during the day of sale,
commission
on
the 86,233
25 cents per share
will accrue to the selling stock¬
1
.
par
par
Kuhn,
of
pre¬
no
convert¬
(3-29-41)
at
E.S.T.,
refiling,
$1
that
22,500
Business—Production
Quebec, Canada
public
>
properties,
to
125% not be less than 110% of the
stock
par
of
Nebraska
,
Rand,
Offering—Above
;
preferred
/
1952;
cumstances.
GOLD
Underwriters—To
mining
Proceeds—For
offered
v
,
Gold
Dec.
investment
an
the
NORTHERN
Milling
P.M.,
under
as
no
been
of $100
shares of $1
understood
by
Address
v
SEC,
since
retaining
Proceeds—None
to
Dakota
with
time
-
,
with
On
shares
2,150
107,500
is
are
Registration
stock
i
Nat'l
and
It
shares
gold,
silver
and
other
mineral
mines.
Company is still in the development stage
par
South
determined
to
■
and
shares
into
each.
shares of $5
30,000
stock
30,000
and
'(3-21-41)
Al¬
associated
3G%
or
ed
A-2
ap-
sold to Kuhn, Loeb & Co.,
and Schroder Rockefeller &
they
Inc.,
; Business—Engaged in development, ac¬
quiring,
holding,
selling
and
operating
sham
110,000
non-cumulative
share
standing
to
Washington
and
ment
Offering—Preferred will be offered at
$1 per share, and common at 10 cents per
of
2.65
INC.
Address—1st
A-O-l
at
For
Address—360 St.
;
ai^d 110,000 shares of common stock,
wood,
promoters
Address—Seattle,
—
directors
have
■
Effective—4:45
foi
reserved
preferred
Inc.,
par
stock
to
promoters
at
of
1 cent com¬
share
KIRKLAND
(4-30-41)
$1
to
Business—Mining
With
Proceeds—Stock
wall
be
sold
by Atlas
Corp. and the American Co., parents, and
no proceeds
will be received by the com¬
regis¬
aggregate
sold
.
of
35,000 shares
and
stock.
since its incorporation
in
together about 72% of the
which
of
Lines
preferred
common
Co.
for
cumulative preferreo
shares
a
treal,
—
cent
1,320,000
Kirkland
York
City
Terms
will
6 per
number
same
of
and
Corp.
ferred
cumulative
cent
-
the
1941
131,202
Underwriters—To be filed by amendment
mon
• per
sold
common
York
6
and
property, construction
working capital
Underwriters—Kressly and Campbell
Registration Statement No. 2-4697. Form
par
New
1940,
Beavan
Co.,
reserved
president, and Emmet J.
vice president and treasur¬
stock,
common
31,
be
will
preferred
55%
retain
ferred
par
&
com¬
Moore,
company
1927,
&
cent par common
1
Proceeds
39,334
and
$1
Avenue,
Business—Operation
New
INC.
previously
cents
City
in
MINES,
Form
convertible
par,
stock,
common
the
.
In¬
offering
will
represent
the outstanding common
of
er—officers
with
2-4827
the
McCormack,
Power
No.
Sons
publicly at
amendment.
150,-
by
Moore-McCormack
V.*
bert
holders
Co.
of
proximately
subsidiary
& Light
a
of
17%
stock
company
Shore
previously
and
•i
cumulative
stock,
of
Address—721
$1
development
Inc.
5%%
&
Statement
stock
par
mon
near
INC.
Teller,
of
of
$1
A-l.
TELLER,
about
received
(11-12-40)
BONWIT
either
National
Bond
&
Rockefeller
offered
be
filed
shares
proposed
shares
Registration Statement No. 2-4571. Form
A-l.
The
mon
equipment
property
and
security
Rollins
H.
Schroder
will
be
to
common
conversion
(8-29-41)
shares
development
000
Kensington Mines, Inc. has filed a reg¬
istration
statement
covering
565,000
$1
mining
Colo.
its
be
to
Electric
shares of
Underwriter—None
—
ceased
affiliate of
or
preferred
milling
operation
prices
mon.
COMPAN1
Bldg.,
conditions
of
shares
mon
it
company,
After such disposition,
have
an
of
and
Inc.
Offering—The preferred and 85,000
22
Offering—Stock will be offered public¬
ly at $1 per share, selling commission,
35%
Proceeds
other
and
best. interests
of
and
Co.,
such
Registration
<.
Business—Mining
contem¬
holdings as promptly
practicable in light of then
be
mind.
will
and Milling Co. registered
of common stock, $1
pal
513
—
MILLNG
offering
stock
common
KENSINGTON
AND
Mining
shares
Colo.
and
shall
Co:
1941
MINING
153,145
of
trade
Underwriters—E.
corporated
Company,' is advised by
& Light, that that com¬
dispose of
market
subside
advances
American
proposed exchange plan, Na¬
& Light still holds as much
Power
5%
as
will
&
Cal.
Offering—The number of shares to be
offered
by
the underwriter consists
of
the 69,800 shares currently registered with
Angeles,
gistered
*
Inc.,
Address—5
Broadway, New York City
Business—Operation of vessels in South
ex¬
filed
such
of
A-2.
17,
Registration
bank, Cal.
Business—Purchase,
shares
of American
Bond & Share
subsidiary
(Electric
Co.,
Underwriter—None
MANUFACTURING
AMERICAN
Second
;
:
Business—This
Power
Light
amendment
plied by
Fla.
&
$45,000,000
working
for
Business—Gold
exceed
Co. registered
First
Mortgage
bonds, due Oct. 1, 1971; $10,000,000 Sink¬
ing Fund Debentures, due Oct. 1,
1956;
and
140,000 shares Cumulative Preferred
Stock, $100 Par.
Interest rates on the
Bonds and Debentures, and the dividend
rate on the preferred stock, will be sup¬
Florida
with
&
an
the
ation
as
advanced ..to
and
including cit¬
Galveston.
public
No
Power
has
A-l.
highest bid
florida
July
Bullion,
below a list of issues
whose registration statements were filed
twenty days or more ago, but whose
offering dates have not been deter¬
mined or are unknown
to us.
We
time
bank loans
their
BULLION,
UNDETERMINED
airplane equipment
Underwriters—G. Brashears
stock
&
commis¬
Texas,
with SEC a declaration
Holding Company Act contem¬
plating, initially, the exchange of com¬
mon
stock
of
company
which National
Power & Light owns, for the $6 preferred
stock of National power & Light Co. and
also contemplating that if,
upon termin¬
Registration Statement No. 2-4748. Form
co.
offering of
National
OF OFFERING
headed by Smith, Barney & Co.,
others to be named by amend¬
ment,
Smith, Barney & Co. is authorized
to
determine
whether
a
public or
any
unsubscribed
Putnam
in
and
initially.
-
pany
pany
tegistered will first be offered to common
stockholders of company of record at close
of business Sept. 26, 1941, for subscription
pro rata in ratio of one share for each 10
shares
then held,
at price of $100
per
share.
Such rights
will expire Oct.
6.
1941.
Any unsubscribed portion of such
shares will be underwritten by underwrit¬
other
plated
(6-27-41)
of
BEAR
period
Co.
York,
L.
Putnam
L.
be
Effective—3:00
regis¬
shares
for subscription
stock and
$5 preferred stock of company, of record
Nov. 10, 1941, or the tenth day after of¬
fering of the stock to stockholders, which¬
ever
is later, at a price of $25 per share,
on
following basis:
one
share new pre¬
ferred for each 10 shares common, and 4
of
holders
DATES
group
F.
underwriting
payment of debt
funds
Bear
named
preferred
be offered
to
are
A-2.
as
Houston
Offering—
Registration Statement No. 2-4790. Form
'
business
AIRPLANE
ing
100 by
leaving net price to company
communities
area
Underwriter—None,
par,
Offering—The
tered
organic
chemicals,
also magnesium and
magnesium alloys
Underwriting and Offering—The shares
New
loan
Mass¬
150
rural
of
ies
electricity at retail and whole¬
serving
tensive
the
viding
consists of
the
culture
of
sugar-cane, in
the Ever¬
glades of Florida and extraction of raw
sugar
therefrom in a sugar-house adja¬
cent to Clewiston, Fla.
Sugar lis presently
disposed of under the contract with Sa¬
vannah Sugar Refining Corp.
registered with SEC
113,519 shares common stock, no par
Address—Midland, Mich.
Business—Engaged in manufacture and
sale of diversified line of
inorganic and
Chemical
small
and
'v:
A-2.
Dow
at
Boston;
15%,
85
registered with
Corp
Sugar
Address—Clewiston,
MONDAY, OCT. 6
bow
public
Inc.,
is
iary
Participating Convertible Preferred
$25 par, and 562,500 shares com¬
stock $1
mon
an
shares
to
Proceeds
States
200,000
Stock,
shares
■
Underwriting—No underwriting,
Shares
be sold by company's agents under di¬
rection
of
its
executive
vice-president
Offering—Shares to be offered at fol¬
to
lowing
8
corp.
sugar
states
Underwriter—None
N.M.
Business—Company
Provi¬
Offering—The Debentures will be offered
used for
united
querque,
store
the
Island
Rhode
in
Underwriter—F.
Business—Principal
parquay royalty
in
Business—Engaged
business
Proceeds—Will
Form
(9-16-41)
Bldg.,
Boston
ance
Registration Statement No. 2-4842.
Al,
11
purchase
Head
achusetts
(9-17-41)
to
per
$16.50,
be
stores to
grocery
Form
Turks
Address—216
sion
.
tools, machinery and equipment.
Registration Statement No. 2-4844,
selling
sale,
under
dence, R. I.
to
•
lative
per share.
Proceeds
nities
block
offered
share for
11,170
shares
prices
1941
of
WEDNESDAY,
will be
shares
and
INC,
$500,000 Participating Sinking Fund Series
A Debentures,
due July 1, 1971, changed
from 6% to 6%% per annum, according
to
amendment
filed with
SEC
July 21,
shares common reserved
for issuance on conversion of the preferred
Proceeds
for working capital, purchase
A-l.
ASSOCIATES,
Associates, Inc. registered SEC
$500,000 6%
Participating Sinking • Fund
Debentures, due July 1, 1971
Beacon Associates, Inc. interest rate on
maining 64,531%
by company's agents
of its executive vice-presi¬
following
at
unit.' Re¬
at price of $140 per
stock,
mon
BEACON
Beacon
sold
Offering—The
public
Municipal
Mo.
Business—Engaged in designing and de¬
veloping
aircraft
and
of manufacturing
and
selling
parts
for
aircraft; expects
presently to engage in business of manu¬
facturing,
testing
and
selling aircraft
Underwriting—None.
Securities
to
be
dent
for
Louis
Lambert-St.
—
Robertson,
750
Tex.,
shares
shares
at
has
at
oil
properties
York Co., San
to purchase
agreed
$1.75
per
share
•
An-'
44
-
and '74 157
from company.
/•
; Offering—118,907
shares
to
be
offered
to public at $2,375 per
share; remaining
$2,
;
rutlpWV
i
'..:
,
sued July
j dends.
constitute shares, isby. company as diviV
1941,
1,
Proceeds—Will; be used
to
(Continued
mortgage -indebtedness ($200,000), and;
remaining $26,628 will be added to work¬
United
ing capital
Registration
issue
ing
;
'•
A-l.
(8-27-41),
site
Business—Holds
franchise
a
build,
to
secured
has
—also
operate
tube
a
approval
necessary
'
BREVITS
Registration Statement No. 2-4815. Form
(8-15-41)
A-l.
r
of
Co.
imr
•
4,547 shares
stock, $100 par,
stock,
income
puting
Cin¬
Aves.,
Robertson
O.
activity
the
in
week
a
be
or
On
.
table
a
rights, at rate of 2V2% shares
of
7%
preferred and 5 shares of com¬
mon
stock
for
each
share of 7%
pre¬
ferred stock held, and at rate of one share
of common stock for each share of com¬
mon
stock held.
Subscription rights evi¬
bids
was
<
4.45
of
as
E.S.T. Sept.
p.m,
Treasury market
its
initial
Union
25,000
the
Un¬
will be
high-grade
Address—4th '»'•&
17, 1941
Ohio
/•'
,
Business
had
given
impression
the
prepared for. The
News and which,
in
in
sion
called
.
partnership, with David Stern¬
and
George
W. Hicks,
formerly
officers,
as
partners.
The firm acts as dealers in gen¬
r
•
recent
the
weeks
so-
berger
company
Electric
&
Gas
•
Corp.
,«1
"
1
'
v.;
.
..
i
„«
Offering—Stockholders will receive of¬
to
subscribe to 25/94ths of one comraon share in
units of 5/94ths of a share
eral market,
fer
5/94ths of
each
for
been
levels
of
Take
such
hugging
best
the
the current cycle.
issues
Detroit
as
for
costs
Exchange
burgh,
shares
druggists
no
,
Business—Incorporated
•
..
Delaware
Edward
on
1941,
28,
will
stock
be
to
sold
engage
by
the
retail
(exclusively)
share
per
said
direct
company
druggists,
Offering—All
'
A-2.
Virginia Land Co. registered warranty
deeds
representing
interests in oil and
gas lands in the Everglades, Florida, about
miles
west
County,
Dade
acre
per
—
»
For
development
of
lands,
and working cap¬
ital
Registration Statement No. 2-4767. Form
(5-23-41)
S-10
Whitworth
with
SEC
apartment, inc.
Inc., registered
Apartment,
5,950
shares
common
stock,
25
$74,375 First Mortgage 5% bonds,
due
Sept.
1,
1951; and $74,375 Second
Mortgage Income Bonds.
6% Non-Cumu¬
lative Interest, due Sept.'11/1961
Address—311' Securities
Bldg., Seattle,
cents pay
1
•
-
Wash.
-••••.
Business—Incorporated
'
to
acquire
share
E-l;
operate
and
own
-
the
of
.
..,
r>.
securities
under
to
holders
■
,
register¬
of
Plan
a
Re¬
of
Seattle.
Bank,
National
25/148,750 fractional
(a)
$12.50 par .value
receive:
$12.50 par Value
mortgage
income bonds, and
of
capital stock of the new
(8-8-41)
WILLIAMS
.
on
July
title to Whitworth
HORNBLOWER & WEEKS
BLYTH &
CO., INC.
SHIELDS & COMPANY
PAUL H. DAVIS & CO.
SCHOELLKOPF, HUTTON & POMEROY, INC.
3,
F. S. MOSELEY & CO.
W. E. HUTTON & CO.
1941
Apartment,
EASTMAN, DILLON & CO.
the
bids
their
the
to
the
cide
"
Williams
000,000
Francisco,
(San
HYDRAULICS,
Hydraulics," Inc.
shares
$5
par
Cal.)
winner.
The
September 23, Ml.
News and Views From
The NSTA Convention
registered
Class
A
1,-
common
34s
of
1961
its
3J4s
it
But
of
2.75
about
selling
are
yield about 2.68
cent and
per
1966
is recognized
foregoing
issues
held in check
in
fact
the
afford
to
return.
cent
per
to
both the
are
likely
some
degree
that
they
are
now
ruling.
Like
Not
Something
views
of
cates
with
the
of
Erie
Spread
of
Underwriters
—
;
Offering—Public
Brown
Hartwell
share,
offering
underwriting
price,
commission,
$5
$1
Proceeds—Purchase
of
success.
Scarcely half
their
rated
$18,000,000
first
O.
M.
Co.
Bergman, Alli¬
(Minpls.), "You
asked Paul.
"
the
if
that
was
telling his friends asked
"Moonlight
of
the mint Bay."
He
was
informed
that
juleps served at the Pendennis Moonlight Bay was a song.
Jim Heaney, Joseph McManus
Club, Louisville.
"After the first
was
the
Charles
effects
a
point
tenders
of
3'4
mortgage
Ala.
sepa¬
for
per
the
cent
Mor¬
bonds.
on
a
bid of
our
oldest conventioneers was not
his
usual
time he
son
days.
with
which bid the issue
a
price of 101.9050,
about
1%
better than the
bid.
The bonds were reoffered pub¬
102V2, with
a
concession
has
Old
himself
as
been
this
is
away
of
man
to
his
remorse
room
Horner &
ward
Co., Cleve., O. and Ed¬
J.
Knight
(piano),
the first Dickey Co., Minneapolis.
Thomas Graham, The
from his
confined
enroute
to
Bond
Jim Blake, Greenebaum
Invest¬
Co.,
Inc.,
for thinking up
tractive
cover
O.
group"
a
self
one
Lawrence, Jr., age 9 months 6
per
by
were
War¬ George Opdyke (piano); Ledogar
& Chandler
hours
however,
Both,
Higgins, Hulburd,
(Chicago),
Larry
ren
ment
licly at
ticket.
So
The menu
(Phila.),
at proper spirit going.
Kentucky
Ham,
Station where featured—Old
Sliced Turkey, Summer Sausage,
we
had a
10 minute stop,
was
telling all the gang about the flags assorted cheese, cold slaw, hot
beans,
celery,
pickles,
flying from the tall buildings, baked
forecasting a hurricane for N. O. olives rolls, beaten biscuits, cof¬
sought the bonds
lowest
R.R.
&
Blizzard
Herb
Montgomery,
N.
ped
etc., Oh me!"
Charles King
King,
beware boys enroute back
Co., N. Y. C., keeps saying over to N. Y. C.
and
over
Bond Club of Louisville, Ken¬
again.
"Have a five
point-profit on 14 M bonds but I tucky
party
at the
Pendennis
can't find a bid."
Can you help Club,
was
a
big success.
The
poor Charlie?
Mint-Juleps
sure
did
get
the
Stanley & Co. bid 99.271
while Ilalsey, Stuart & Co.
*or
asked
on the
party.
So far it has not hit here, fee, cigarettes and liquid refresh¬
foregoing
syndi¬ but local
boys admit it's the first ments all night long too. Dancing
regard to values was Blizzard to blow in.
to the tunes of our very own—
provided on Tuesday when both
participated in the bidding for
Erie Railroad's offering without
on
like
Securities,
per
plant and equip¬
ment; purchase of seagoing vessel; equip¬
ment, and working • capital
.
Registration Statement No. 2-4133. Form
A-l
(7-19-39)
Effective—May 29 as of April 18, 1940
Paul
son-Williams
San Francisco, caused quite mean in my bed
with
his
fancy
jacket. "About 4 A. M
about
boys.
share
Skepnek, Jr., Rogers &
Tracy, Inc. (Chicago), "What time
did you get to bed last night?"
been
town
pany
•
--Paul J.
badge of honor
Joseph McManus, of Joseph Mcpinned on the "Little Manus & Co., was looking out the
train
window as we pulled into
Caesar," of Montgomery Street.
Walter F. Saunders, Dominion the
Mobile,
Ala.
station.
He
had
syndicate headed
by the First Boston Corpora¬
tion, dabbed the "Whirlaway
Com¬
Blake.
stir
Looked
top¬
manu¬
Ben Lowry, Laird & Co.
(Phila.), replied, "Sure there he is
right
there",
pointing
to
Jim
the
99.7597.
Cal.
dredging and
equipment therefor
lows?"
gauge
a
Address—Alameda,
Business—Deep-sea
pany,
a
bass drums,
company's outstanding
gan
INC.
G. M.-P. MURPHY & CO.
PIPER, JAFFRAY & HOPWOOD
few drinks I saw stars way up in & Co., took Henry Warner, E. H.
The difference in premium, the blue.
Later on in the even¬ Rollins & Sons
(Phila.) at pin¬
though it may be, will de¬
ing I could hear bells, whistles, ochle for the entire cost of the
small
bonds,
stock
facture
whitworth
to
Registration Statement No. 2-4811. Form
Offering—Interests will be sold to the
at prices from $20 per acre up to
Proceeds
that
is
it
calculation
will be close and both
provide small premiums over
by
company
public
$150
this
"
mortgage
second
one
Florida
purchase of equipment,
first
of
Coral Gables,
Underwriters—None
1
j
■
Owner of each
will
share
of
Miami
of
Address—Theatre Building,
and
offered
Seattle-First
Wash.
;
50
and
r
148,750 un¬
divided
fractional
shades,
latter* repre¬
sented
by Certificates of Interest. Lattei
may be surrendered under the plan through
co.
land
be
organization;
(8-22-41)
virginia
will
ed
for
used
Co.
apartment -
Underwriters—None
$50
at
purchase of
equipment, and for working capital
!
Registration Statement No. 2-4818 Form
be
Proceeds—Will
cent
per
callable at prices below those
Seattle, Wash.,
"
to
was
Townsend,
&
Smith
B.
Smith, Barney & Co.
in business of
selling
drug
store merchandise
Underwriting—None
!
Offering—The 4,000 shares of common
April
.f
in
formerly
Files
Mr.
Anthony & Tyson, specializing in
bonds.
Prior thereto he was with
;
Pittsburgh,
Ave.,
Penn
Pa.
whose
with the local office of
4,000
stock
common
par
Address—6543
of
Mass.
registered with the SEC
Inc.,
par.
main office -is
located at 60 State Street, Boston,
Pitts¬
of
Druggists
Wholesale
United
will
other leading ex¬
and
changes,
inc.
pittsburgh,
f
2.65
a
company
C. Ed¬
—
&/Co.,
of the New York Stock
members
.
.
proximately
basis.
-
,
wholesale
the bonds, for public
offering, around 102'4 or ap¬
associated
Wainwright
C.
H.
with
Registration Statement No. 2-4379. Form
A-2. (3-30-40) ;'
-•
' . •}.
united
MAINE
ward Files has become
the
probably will
group
conviction
Chronicle)
Financial
to The
(Special
PORTLAND,
.
construction
With Wainwright!
Files
stock is held
by
Columbia Gas & Electric Corp.
Proceeds—To
repay
current debt
and
$2,835,000 first mortgage bonds held
bv
parent and associated companies, and for
Substantially all outstanding
that
figure
men
price
.On
a
holders
•
Bond
winning
yield
a
On
unit.
municipal and drain¬
bonds and local securities.
age
share held at $5.32
share basis, stockmay
subscribe to 5 new shares
each share held at $100,016 per share.
each
for
,
Copies of the Prospectus may be obtainedfrom such of the undersigned as
may legally offer this slock in this State under applicable securities laws.
"gilt-edge" descriptions
have
a
•
Underwriter—• Columbia
Price $18.50 per share
of
occa¬
011
Hicks
Inc., and the second by Halscy,
MEMPHIS, TENN. —The firm Stuart & Co., are set to compete
(Continued, from Page 290)
name
of Burch,
Sternberger & for American Telephone's offering
Hicks,
Inc.,
Commerce
Trust which incidently is the largest tween the two love birds for an
Building, has been changed to yet to go through the medium of eighth.
Chet Glass, Bankamerica Com¬
Sternberger, Hicks & Company, sealed bids.
utility
electric
Operating
—
,
(Par value $1 per share)
had
Now Sternberger,
"
com¬
Cincinnati,
Main-"St.;
Common Stock
suggesting that
anticipated, and
discounted the news
liens,
market
the
of
case
Buffalo Forge Company
holds
situation
same
ire the
'
115,120 Shares
trial
strode
"i
only by the Prospectus.
NEW ISSUE
on
Heat and Power Co. re¬
shares $100 par common
Light,;
•
This advertisement is not, and is under no circumstances to he construed as, an offering
of this stock for sale
or as a solicitation of an offer to buy any of such stock. The
offering is made
Corp.,
distributor of Edison 3s for example.
This is¬
the shares of Commonwealth In¬ sue set a high of around 1071k
vestment Co., has shown that 15 and is
now
around
106; while
out of 20 open-end funds out¬ Illinois Bell Telephone - 2%s alc
pany
gistered
Exchange Place
Jersey City, N. J.
Securities
issue.
light, heat and tower
union
15
New York
on
performed the Dow-Jones Indus¬ virtually at the best levels with
Electric
3s
about
0
Average during the first 8 Cleveland
subscribed portion of the shares
months
of this year. Nine of the point on the top prices.
offered
for sale/ at- same prices, to
all
Insti¬
stockholders.
Any
unsold shares then funds
recorded
gains / ranging tutions, however, have shown a
may
be sold at same prices to general from
plus 0.4%
to
plus 5.3% tendency to shy away from longpuot'o
the
Dow-Jones
Average term low-coupon issues.
Piocreds—For
plantextension,
retire¬ while
ment certain bank loans, and for working
lost 2.6%.
The average for the
Premium Deciding Factor
capital
i
20 funds was a loss of 0.7%.
i;
/Registration Statement No. 2-4803. Form
Two huge syndicates, one head ¬
A-2,
(7-29-411
(Cleveland)
ed
by
Morgan Stanley &
Co.,
Effective—Sept.. 13' at 1:15 P.M., E.S.T.
of
1899
❖
that paper's Fi¬
nance and Industry cblurn, David
P. Smith of the North American
printed
was
through
..expire
the
Much
,
%
Francisco
San
above shares to be of¬
fered by company to air its stockholders
at
price of $100 per share of 7%
pre¬
ferred
and
$8
per
share for common,
by« Warrants will
day
after date
ESTABLISHED
2 Rector Street
recovered
leaning to heaviness
Offering—The
thirtieth
for Our Booklet
side.
fact. the
only
forth
so.
*
Underwriters—None
denced
Exchange and other Exchanges.
Urgiatrar mtit QJrmtafn* (Euntpatttj
Corporates Follow Suit
bodies and cabs for
equipment, truck
tractors
and . trucks
Jersey City, New Jersey, which
Call
of.real
developed
as
recovery
In
the
on
in New
ma4e available guite fully
through investment dealers with¬
Although the corporate list
will
subject
assemblv,
diswith the SEC. disclosing that the number
tribution and
sale of commercial trailer;
and
semi-trailers,
trailer
bodies,
parts
Business—Manufacture,
and
that
threatened,
of corporate
Copies
material,
But
apparent
way
dual
our
Agent
quickly reappeared and such
involved and
taxes.
other
and
this
bids.
the
advantages in
Transfer
of
slight declines, but rebounded in
brief
some
cases
as
much
as
hall; a
gains
point,
notably
in
the
longerFed¬
terms, to rule higher on the day.
tech¬
presenting examples of how gains
and losses are; to be used an carr^
par
no
Address—31st
cinnati,
with
Stock
and
outset,
of
was
in
selling
not
has
considerations
nical
7ft cumulative preferred
and 81,095 shares com¬
SEC
mon
america
registered
of
America
company
trailer
it
nothing
*
#
the
at
bit
a
as
arrangement is acceptable to the New York
happened in
was
lowering
some
in
find
York and in
key to
snort-
as
change
direction
when
wide
prepared a
explanation of the capital
and loss provisions of the
eral tax law covering the
the tube and toll bridge
maintain
and
ate
«
■
.
news
rates.
hesitation
\
■
of three factors,"
pointed out, "a rise in money
rates, a decline in' dividend pay¬
ments or a rise in stock prices."
.
group,
The worst that
that
any one or more
be
will
There
.
money
it is
no underwriting
Proceeds will be used to construct, oper¬
City.
two.
"Correction of the present
and
York
county
•
possible
term
spread be¬
wide
a
Treasury
any
disparity in the United States can
be accomplished by a change in
newspapers
more
or
one
general circulation in; the city
of San Francisco, and in New
of
»
in
effect
now
the
tween
27, 1944
Obligor
proposes to advertise for bids for all or
part of the bonds by inserting a notice
that
is
there
of
the
the result that'
rising with
been
expected to be completed by June
Underwriting and Offering—The
to
yields
stock
of
ratio
government bond yields'in the
United States has been declining
while that in Great Britain has
and
plans, permits and authority to construct
the bridge from War Department of
the
United
States,
and proposes to proceed
with construction of the project.
Project
-
The
the
since
alter the
circles,
out, was to watch the sea¬
soned
high-grade
list,
notably
to
toll
bridge
across
San Francisco Bay- from
Alameda County,, near Point Fleming, to
Marin Cpuntv near Bluff Point, both
in
California.. The Obligojv-T. A. Tomasini
and
maintain
vestment
will
arrangement
came
oppo¬
middle of
You
•
Naturally the disposition in in¬
followed
have
courses
1940.
Cat.
cisco,
they
1939,
TAX
SAVINGS
OTHER
AND
Undisturbed
Issues
Treasury
whereas
that
TRANSFER
(Continued from First Page)
paralled each
other
rather closely from 1929 through
bridge
STOCK
STREET
ratios
the
revenue bonds
T. A. Tomasini, an individual, register¬
ed
with SEC $20,000,000 of 3% Tomasini
Bridge Revenue Bonds, due Aug. 1,
1970
Address—25
California
St., San
Fran¬
tomasini
indicates
LETTER
•
September
in the
BROAD
the
Britain
Great
and
appears
of
Reporters
Report
Page 295)
from
States
which
2-4824 Form
Statement No,
Our
'Investment Trust
outstand-
pay
.303
'V
;
registered
shares
984
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3985
Volume 154
>JftW^itti>W«Mtl^il(l'ltiil..f<j|ll.ia>^t.i1^.|M^|,^^t>|[4|(|i|j
The
Bankers
deserves
a badge
the idea of the at¬
matches
for the
Wells
in
the
silver
party.
Lexington Sightseeing trip
(Chicago), talked for 2 through the Blue Grass, which
without a
break for the really is "green", was a fine 2%The train passed a small hours tour. Spent a great deal of
Co.
house.
The picture time looking over the horses and
the "Great American heard the story of their records on
Broadcast."
Eldridge Robinson, the track. Arrived in N. O. Mon¬
Baum
Bernheimer
Co.,
asked day night and we were greeted
"Have you seen that picture fel- by a brass band.
Piled into cabs
and paraded up to the "Roosevelt
Hotel"
of % of a point to institutional
by a police escort of 12
movie
playing
was
buyers taking
or
more.
blocks of $500,000
men.
Luncheon
today was luscious,
THE COMMERCIAL & FINANCIAL CHRONICLE
304
Eastern
$206,480. For the past three years,
however,
the
net
income, has
been
below
$200,000 amounting
in 1940 to $165,500.
The Republic
Sugar Pfd.
has
retail sales
no
Punta
Alegre Sugar
but
confining
department of
our
other
own,
Sugar
we
competitors of, but collaborators
are not
less
with, all retail distributing dealers, in
Vicana
•
•
Dealers
Security
50 Broad St.,
-
.
45
...
NASSAU
.telephone
REctor
Y. 1-2480
N,
INCORPORATED
-
-
'
•
,
.
i.
STREET,
NEW
philadelphia telephone
Enterprise 6015,
/,
2-3600
telephone
hartford
new
1-576
york
telephone
o
that firm.
Mr:
-
An Attractive
The
Parsly Bros &
Philadel-
Co.,
h i a
more
recently he
Execu¬
tive
Vi
c e
of
Presidents
Gear-
Kobbe,
Pars¬
&
hart
-
ly, New York.
'
_
'
.
Parsly
and
Lime
can
He is a direc-
,
_
G-.
Elmer
■«
of Ameri-
Company,
Albererice Stone Corpora¬
of the
New York
tion and the Allerton
'
A
tor
Stone
Corporation and was earlier a
public
several
and
Philadelphia
di¬
National Bank,
rector of the City
Panama
Speculation
external
3 Vis
The
do
not
represent
a plan of ex-<£__
readjustment where-,States
ternat debt
by
the
assenting
holders of
the
of New York..
sociation
Whitney-Phoenix
The
in
established
Inc.,
pany,
Com¬
1936,
the underwrit¬
has been active in
and in wholesale dis¬
tribution. It was identified with
ing
field
Container
the
United
tical
Corporation of America, now
Aeronca Aircraft
is
of
one
the
principals
Convertible
latter
in
Stock
Preferred
expects to be
the
of
land
other
phases
business.
President
in
of the investment
and
to
engage
Mr. Strabo V. Claggett,
of
Whitney
-
Phoenix
payment in gold, by
Interest
is
sue
States
across
Isthmus
the
com¬
to
In
to
$180,000.
was
York
City
invested
real
therefrom
Fund
of
in
estate.
as
Fund,
the
and
New
Income.
The
This
Consti¬
derive
income
Constitutional
Fund
the
Treaty
The
3V4S
are
termed the
their
income
various
and
provision
As
previously
treaty between Panama
available for service
and
the
United
external
that
the
United
provided
the
in gold of 1904
When the
and fineness.
United States devalued the dollar
and
tendered its
quent
payments
1934
in
and subse¬
the
the
and
1)
debt
The
is
made
currency, the
Republic of
Panama
refused
to
accept
the
on
consists
Original
This
ment.
for
income
Panama's
of:
to
Pay¬
$250,000
annually.
Teletype
9-7030
NY 1*61
will
be
used
and
tories
by the
larger inven¬
tal
increase
work,
developmen¬
to
pay
off certain
notes, to purchase fac¬
unsecured
tory machinery, tools and equip¬
ment, to enlarge plant and to in¬
crease
working capital. The net
Company
designs,
develops,
manufactures, sells and services
contingent
upon
stock
the exercise of the common
purchase warrants.
be
$320,000
Interest
Balance
Coverage
........
Sinking Fund
Li2x
for
resultant
a
overall
•
•
•
E. C. Baldwin
t
Joins
$ 34,894
interest
Income—1940
137,500.
2)
The
Constitutional
This
ncome.
vestment
estate.
income
Fund
income
represents
the
$6,000,000 in¬
City real
ten-year period,
New York
in
For
'931-1940
Treaty
Payment
Constitutional Fund Deficit—1940
utro In
(Special
LOS
to
Los
The
Angeles
Financial
ANGELES,
'
Chronicle)
CALIF.—Eu¬
Collins Baldwin has become -
gene
associated with Sutro &
Co., Van
Nuys Building.
Mr. Baldwin
formerly assistant
was
manager of. the
bond
Coverage
Balance
for
funds
debt service
paid
are
cal
the
34,894
.....
for
necessary
as
outlined above
to
this
in
single
the
fis¬
country
exception
Constitutional
Fund
the
inclusive,
from
administrative
this
the
fund
..costs
average
after
has
all
been
of
De¬
ficit which is remitted by the
ments
States
The
Treaty
Pay¬
paid by the United
are
directly
to
Constitutional
the
likewise
fiscal
is
fiscal
on
come
on
Fund,
by
the
York.
New
the 1940 rate of in¬
the
interest
both
the
in
the
Income
collected
agent
Based
on
Fund
Constitutional
requirements
the
3^s, 1967, and
1994, would have
214s,
even
men
been
and
women,
in the
com¬
In
be
pointed
out
Constitutional
that
available
future
Tel. COrtlandt 7-7455
of
on
have
for
the
the 3^4s.
trend
these
of
Income
exceed
$200,000 in any year
(and it has done so in five of
the
past ten
are
entitled
years), the 3t4s
to
an
additional
yH
of 1% interest for every
$14,141 income realized over
and above $200,000, but
such
interest cannot exceed
3^%»
With regard to the non-assent¬
ing holders
of
the
can
expect
than
half of their
but
old 5s,
scarcely
is little
who
more
interest, there
they can do unless they
accept the plan. They cannot sue
a
sovereign state and it is fairly
obvious
little
that
they
in
progress
would
the
make
courts
of
Panama.
BRITISH
Bonds & Stocks
factors,
the
Delivery N. Y.
Constitutional
und Income
(or, in other words,
New York City real estate con¬
ditions) is the sole important con¬
sideration governing the outlook
for the
bonds in
the
unlikely
event
<
should
Fund
if Panama
however,
not,
funds
view
reason
New York
:
to remit the Con¬
sinking fund
are
17 John St.,
Cali¬
to
discriminating clients
carefully-selected, outstanding office per¬
sonnel, both
would
the
Angeles.
connection, it should
1.075-
F.
directly
agents
with
the
S.
of
Los
34.500
,.
In this
Interest
All
department
fornia Bank of
180,00.
—
agents in New York and
HAY, FALES & CO.
Bell
the
31/2S, 1967, and the Constitu¬
Deficit, which, it will
Republic.
Treaty
amounts
depreci¬ received from
ated
offer their facilities
Exchange
$368,005,
the
Payments.
stated,
1904
annual payments
from
Income
3V2S, 1967, stand prior to the
the
States, make
second
their
complete
amortization by
maturity as will be shown later.
Original Treaty Payment.
It has already been stated that
States
the
paragraph above. All these bonds
annuities
States
in
to
unusually qualified to supply experienced and
efficient personnel to investment bankers and brokers.
•
the
tional Fund
New
Constitutional
as
referred
ment
$250,000 received from the
United
We
Broadway, N. Y. BOwling Green
of
common
proceeds may be increased by the
sale of common stock
with
-
mercial, professional, and advertising fields.
71
on
This is¬
75%
stitutional Fund Deficit; there
Mfg. pfd.
Stock
to
20,000
company to finance
.
which
for
York
$285,106.
is priced at $15
The underwriters are
offering
-•
stock
purchase
warrants
at
a
price of 10 cents per warrant.
Net proceeds from the sale of
the preferred stock, estimated at
New
$180,000.
Considering the 3 ^s, 1967, and
as
the New Treaty Payment. the
3Y4S, 1994, together, total in¬
effect, the latter is equivalent terest requirements are $525,106
Nelmes Personnel Service
R. Hoe Co.
share.
also
Original Treaty Payment, 75% of
the Constitutional Fund Income,
the balance of the New Treaty
Payment not required to service
had failed
New
the
requirements
are
entitled
been covered
Eagle Lock
per
Whitney-Phoenix Co.,
stock
-
Inc., has been an ac¬ payments, standing on its treaty
tive
figure
in the investment right to the original gold pay¬
business as well as in other fields. ments.
Although
the
United
Members
of
the
secured
Company,
Auburn Central
from
$10,000,000 and in addition agreed
The total external debt con¬
coverage of 1.07 times.
This fi¬
to make annual payments in per¬ sists of
$4,000,000 3V2S due 1967, gure is derived as follows:
petuity of $250,000 in gold of
"",772,500 of the 3V4s, 1994 and Interest Requirements on 3 fas, 1967
1904 weight and fineness.
and
3V4s,
1994
$525,106
$2,541,000 of the 5s, 1963, the lat¬
Of
the
ter representing bonds which did Pro-rata share
$10,000,000
paid,
of
Original
Treaty
payment
$208,030,
Panama
set aside $6,000,000
not accept the plan of readjust¬
Pro-rata share of Constitutional Fund
under¬ weight
increasingly active in the
field
of
It is under¬
company.
stood that the firm
writing
the
Cumulative
of
offering
pending
the
Corporation and
the
1940
Payment
3V4S, 1994,
between this Total Treaty Pay¬
occupation and control" of ment and the Original
Treaty
Canal Zone, a narrow strip
Payment of $250,000 is referred
tutional
Aeronau¬
for
refused
in
Treaty
"use,
fund is known
and
en
and
The
and
25% of the Original
Co.
Inc.
"
Triumph
Inc.,
annu¬
-
Corporation,
Explosives,
$240,000
<
National
of
;
Government
demand
&
,
the
financing
the
to
in
recalled, is paid directly by the light airplanes designed for com¬
old 5s, 1963, received these bonds
the
terms
of
a
treaty ratified Republic. In 1940, the pro-forma mercial
use
and
manufactures
plus a cash payment in settle¬ July
25, 1939, between the two figures for debt service on the parts
and
accessories
for
air¬
ment
of
unpaid
interest.
Of governments, the • United States 3V4s were as follows:
planes
manufactured ' by
it.
$11,313,500 of the 5s, 1963, $8,- agreed to. raise its annual
Aeronca planes, in
$285,106
pay¬ Annual Interest Requirements
addition to
772,500 accepted the plan and it ment to
430,000 Balboas (1 Bal¬ Pro-rata share of 75% of Original ~
training uses, are employed for
became operative
on
August 5, boa equals 1 U. S.
Treaty
Payment
$145,503
dollar), the Pro-rata
observation, ' message
share
of
carrying
75%
of Constltu1941. The story behind Panama's
Panamanian
unit
of
and
tional
currency.
Fund
Income
96 000
artillery spotting in army
external debt goes back to 1904
of
New
Treaty
Payment
This annual payment of 430,000 Balance
maneuvers.
:
after
service
of
3'/2s
44
000
In 1904, the United States and
Balboas
is known
as
the Total Constitutional Fund Deficit—paid by
Fanama
Panama signed a treaty whereby
34.500
Treaty Payment. The difference
is a mem¬ prising 569 square miles. As con¬
Security Traders As¬ sideration, the United States paid
of The
present time.
financing, but rather
new
exchange under
an
utility companies. He
ber
debt
The 3y2s,
balance of $136,000 was allo¬
ation which lend attraction to the issue at the
p
was
external
$630,000.
Payment, or $62,500;
25% of Constitutional Fund
Income, which was $41,500
in
1940; - and the necessary
3145, 1994, are selling around
63 to yield approximately 5.40%.
ner of Harper
Despite the fact that the
|;& Turner and bonds are selling near their high since becoming listed late
president
o f in the
summer, there are certain elements behind this situ¬
part¬
a
.
the
require
cated
previou sly
been
was
titled
Republic of Panama 3!/4S Bonds Considered
has
Parsly
of
1940
Treaty
f
President
vice
ally, including interest
amortization.. They are
Vice-
utive
»
Is Offered at $15
consider
,
THE BOND SELECTOR
Street, New
York City, announce that E. G.
Parsly has been elected Exec70 Pine
1-1397
Public
1967,
Com¬
Whitney-Phoenix
Inc.,
not
Y.
offering is being made
obligated
to
pledge
the
today (Thursday) of 30,000 shares
Treaty Payment to
debt
of
cumulative
convertible
pre¬
service, but as an. attitude of
ferred stock of Aeronca Aircraft
good faith has agreed to do so
Corp; by an underwriting group
From this, it is seen that
headed by Bond & Goodwin Inc.
total income available for ser¬
and including
Craigmyle, Rogers
Elects E. G, Parsly
The
does
N.
Aeronca Aircraft
itself
Whitney-Phoenix Co.
pany >
Panama
;
St., N.Y. HAnover 2-8780
Teletype
New. Treaty
.
of
Zinc*
New
bell teletype
Enterprise 1250
6425
Enterprise
YORK
„
boston
lic
Wallower
Members N. Y. Security Dealers Ass'n
25 Broad
Total
Treaty
Payment
of
$430,000 and the Original Treaty
Payment of $250,000. The Repub¬
•
Members New Yoik security Dealers Association
Assn.
New York, N. Y,
Teletype,
The
1
M.S. WIEN & CO.
as
the
Kobbe, Gearhart & Company
.
IIAnovcr 2-4660
System
Evans
Payment
which amounts to $180,000, repre¬
senting the difference between
.
Bell
is known
up
Mfg. Co.
Cigar-Whelan
Mexican Internal & Ext'l Bonds
Constitutional Fund Deficit.
4)
Members-
•
-
York
United
.
3)
Sugar 6s, 195S
J.F.Reilly&Co.
•
Merrimac
In¬
200,000.
the
OVKK-TIIE-COUNTKH SECURITIES
:
New
by
Fund
Airlines, Pfd.
Browne & Sharpe Mfg. Co,
ference, which the Republic has
agreed to make
Barauga Sugar 6s, 1947
amount
any
than
American
from
up
Constitutional
is
Northern Natural Gas, Common
Since
the
income
in
1940
was
only
$165,500,Panama remitted $34,500 to the fiscal agent. This dif¬
actual trading markets.
Vertientes Camaguey Sugar
make
to
sources
which
business entirely to
our
agreed'
come
West Indies
Thursday, September 25, 1941
Panama
should
for
any
fail to make up the differ¬
ence
between $200,000 and what¬
ever
Constitutional Fund Income
happened to,be,,below that figure.
Obtainable
at
more
than
50% discount
Inquiries Invited
Herbert E. Stern & Co.
Members
New
30 Pine
York
Curb
Exchange
Street, New York
WHitehall 3-2160
Teletype NY
1-496
@FedFRASER