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SEP 7
mHV' ** mc*
Final Edition
ESTABLISHED OVER 100
In
YEARS
I
3 Sections-Section
Reg. U. S. Pat. Office
: Volume
Number 4418
162
New
F.W. Gehle to Manage
Full
Raising Our Sights
Victory Loan Drive
Secretary of the Treasury
By PHILIP CORTNEY
Asserting That Works With Government Help Must Solve Problems of
Secretary of the Treasury Fred
Vinson has appointed Freder¬
M.
in
drive
Loan
New
Victory
York
State.
Gehle, Vice-President of the
Mr.
Reconversion and Peace, Mr, Vinson Avers That the Primary
Vice-Chairman of.the Board and Treasurer, Coty Inc.
Objective
Writer Asserts That We Are Confronted With the Dangers Inherent in
Sound and Expansive Economy, the Full
Employment Dogma Since World War L At the Root of Un¬
With High Income, Full Employment and Abundance of Goods and
employment in a Free Society He Finds the Wage Problem and Credit
He Is Convinced That We Cannot Avoid Going Into Experi¬
Services.
Sees No Substantial Tax Reductions Ahead, but Looks for Mischief.
mentations and Therefore Advocates the Provision of Safeguards for
Simplification and Elimination of Inequities. Holds Interest Rates
the Private Enterprise System, Democratic Processes and Our Liberties.
Must Remain Low and That U. S. Must Cooperate in World Economic
He Makes Some Tentative Suggestions of a Method of Approach to ;he
Is to Raise
Living Standards Under
a
Rehabilitation.
Provision of
are we
materials,,
products
and
services
Labor
Frederick W. Gehle
of
man
nance
the
'•
Fi¬
Committee during the Sixth
resigning
and Seventh War Loans,
in
chair¬
War
York
New
to the war
fort
and
loans
,
yielded
$13,900,-
000,000 to the Treasury, an amount
five times
greater than any other
state, and during the Seventh War
Loan New York was the only east¬
ern
industrial state to achieve its
Index
that
tremendous
a
1064.
on
contribution
must
workers
for
ices
which they appear
well
as
high American
a
stand¬
we
list
the page
in the NSTA Supplement:
-
*An
Govern¬
but
and
our
lib¬
erties.
j1070
Partner, Pflugfelder, Bampton & Rust, New York____
under¬
would
stand that the
full
employ¬
issue
ment
could
be
called
more
aptly "democ¬
racy
itarianism."
I had better
at
outset
what I
on
bill,
to
1.x
By A. M. SAKOLSKI
111., Sept. 3, 1945.
(Continued
on page
INC.
NEW YORK STOCKS,
Members New York Stock
and
other
London
«
I
^
?
4, N. Y.
Teletype NY 1-210
Chicago
Cleveland
RAILROAD SERIES
Established 1927
INVESTMENT
Bond
Municipal
Brokerage
64 Wall Street, New
W.
HUGH
York 5
LONG and
COMPANY
Members New
INCORPORATED
PHILADELPHIA
Troy
Albany
Buffalo
Syracuse
Pittsburgh
Dallas
Wilkes Barre
Baltimore
Springfield
Woonsocket
46
634 SO. SPRING ST.
WALL STREET
\
LOS ANGELES 14
NEW YORK 5
CORPORATE
FINANCE
Common
York Curb Exchange
30 Broad St.
Tel. DIgby 4-7800
Preferred
y...'*2
.
■
;
90c
Kobbe, Gearhart &Co.
45 Nassau
Tel.
Teletype N. T. 1-676
Philadelphia Telephone:
Enterprise 6016
*•
•
•
*/'■.''.:,
Conv.
NEW YORK
Southwestern
5
v
."\
v
\f''
Electric Service
Common
■t *
■
Preferred
on
HART SMITH & CO.
request
Members New York Stock Exchange
Dealers Ass'n
New York 5
Street
REctor 2-3600
.••.
Reynolds & Co.
INCORPORATED
MEMBERS NEW YORK STOCK EXCHANGE
York 5,N.y.
'
CITY OF
Solar Aircraft Company
Prospectus
TELEPHONE-RECTOR 2-6300
IN
SECURITIES
;
y";
'
THE
OF
MADE
1
& Preferred
NATIONAL BANK
Tele. NY 1-733
.
MARKETS
Manufacturing
Corporation
MARKETS
Y. Security
Alloys, Inc.
Aireon
/;
CHASE
New York 4
CANADIAN
SECONDARY
Members N.
THE
-
Members New York Stock Exchange
AMERICAN
14 Wall St.. New
Bond Department
H ardy & Co.
Prospectus on Request
SECURITIES
Acme Aluminum
Bull, Holden & C°
Bonds
for Banks, Brokers
BOSTON
BROKERS
safe-
advocating
State and
and Dealers
BOND
Therefore, in this
1073
1044)
R.H. Johnson & Co.
Exchanges
Geneva Rep.
am
Service
Information on request
Exchange
25 Broad St., New York
HAnover 2-0G00
*
,
con¬
dangers
Expanding Post-War Investments
Secretary Vin¬
address by
Alaska Airlines
& CO.
already
which
the defenders of the free enter¬
prise system ascribe to the adop¬
the
1071
President of New York Stock Exchange—
COMMON STOCK
LILIENTHAL
are
we
with
gua^the danger* al(Continued on page 1058) :'
EMIL SCHRAM
By
5
contention that, full em¬
ployment bill or no full employ¬
It is my
article,
Symptoms
Bought—Sold—Quoted
Successors
Philip Cortney
wish to prove.
Instrument Corp.
HIRSCH,
the
state
tion of the bill.
An Attack
••'(Continued on page 1049)
Hirsch & Co.
some
or
form of total¬
do the job alone,
at Peoria,
Common Stock
wish
I
everyone
ment
They must do more
alohe, as the
ment cannot
en-
for
fronted
By PATRICK B. McGINNIS
however.
that,
wisdom
preserva¬
racy
Railroads in Peacetime
of' this "country
They must
help us golve-the problems of re¬
conversion and peace. They can¬
son
In the tabulation below
the titles and authors of these discussions, as
on
free
foresight,
to
appeal to both labor
an
tion of democ-*
Supplement
section of the "Chronicle."
make goods and serv¬
now
..
General
the
propriate to enumerate these special articles herewith; as
many of them would ordinarily be given in this particular
number
be
to
terprise
was.
The
than
Regular Features
of
what
not do this
page
work
days./: And
ard of living. -
E-Bond quota.,
on
as
other
Secretary Vinson
Seventh
ef-
exhortation
<$and
country
>
contribu t i o n
July, at the close of the Sev¬
drive.
Under his direction
enth
New York State in the Sixth
an
means
/
Along with this issue of the "Chronicle" we have pre¬
pared a special supplement covering the 12th Annual Con¬
was
attacked.
vention of the National Security Traders Association held at
Labor Day in
1942, 1943 and Mackinac .Island, Mich., during the period Aug. 28-30, in¬
1944 was not
clusive. C This supplement includes- a number of special
a
holiday.
articles and papers which will undoubtedly be of great value
Labor
was
Accordingly, we deem it ap¬
making
its and interest to our readers.
this
Chase National Bank, was
It
1941,
Day;
v. iv-
be
to
cherished
In NSTA
months
Three
after
us.
means
intelligent thinking.
Special Articles
for
of
all
*.
More
and
Safeguards.
article
This
celebrating Peoria's 100th Anniversary
are honoring the men and women of this city
who by? their £
work provide
Tonight not only
a city, but also we
as
•,/Y>r* ,vV*; >
Copy
Employment—Wages and
Democracy
By HON. FRED M. VINSON*
In New York State
ick W. Gehle to head the
Price 60 Cents* a
York, N. Y., Thursday, September 6, 1945
120 Broadway,
New York 5, N. Yi
*
...
•
Telephone:
Bell
REctor
Teletype NY
York
Security
Dealers
Bell Teletype NY
Assn.
HAnover 2-6980
1-395
,
111
of
Principal Exchanges
Broadway
New
York
REctor
6
2-3100
10 Post Office
Boston 9
New Tor*
-
MontrealToronto
Direct
Private
Sq.
Hancock 3750
Tele. NY 1-1920
2-8600
1-635
New
52 WILLIAM ST., N. T. 5
ira haupt & co.
Members
Members
Wire to
Boston
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, Septembcer
6,1945
.Trading Market* in:
We Maintain Active Markets in V* S. FUNDS
Lanova Corp.
Alabama! Mills
BROWN COMPANY, Common t
3
IMm Home Title
Guaranty
BULOLO GOLD DREDGING
Lab. A.
Dumont
far
Plderred
Stock
NORANDA MINES
KING & KING
New York Security
115 BROADWAY
HA 2-2772
N.Y. 5
BELL TELETYPE NY
—
Telephone BArcJay 7-0100
York Stock
New
Request
Exchange
Steiner, Rouse & Co!
New York Curb Exchange
NEW YORK 6, N, Y.
Teletype NY 1-672
1-423
on
Members
Members N. Y. Stock Exchange and Other Principal Exchanges
Dealers Ass n
Dealers, Inc.
Nat'l Ass'n of Securities
40 Exchange PlM
Sold
Analysis
McDonnell &fo.
,
Members
-
—
Securities Dep't.
Goodbody & Co.
Established 1920
Bought
Bought—Sold—Quoted
,
Canadian
mallory
8 CO., INC.
Rights
-
.
P. R.
!
STEEP ROCK IRON MINES
Bendix Home Appl.
;
3:
120
BROADWAY, NEW YORK
Tel.
REctor
Members New York
Stock
2-7815
25 Broad
From
Elk Horn Coal
Washington
& Preferred
Common
Kearney & Trecker
By CARLISLE
Kingan & Co-
BARGERON
Mississippi Glass
New Dealers Are Trying to Create
& Preferred
admitted
Impression Measure "Doesn't Mean
Points Out Past Failures and Decep¬
Forecasting Economic Conditions. Contends
Bill Sets Up "a Vehicle for Continuous Agitation" and That Instead of
Setting Up a Balanced Economy "It Will Keep Us in a Stew." Says
Local Communities Are Willing and
Financially Able to Undertake Many
Needed Public Improvements but Find Themselves
Handicapped by Fed¬
N. Y. 5
120 Broadway,
WOrth 2-4230
Bell
1-1227
Teletype N. Y.
to
the
the
Savoy Plaza
N.
Curb
Y.
to
31 Nassau Street,
vestment
Teletype NY
Army Air
be
too
for
even
by
to
re¬
Also,
of
full
employ¬
ment
'
Common
the
bill,
rather
■
subtle
being
Common
i
Struthers-Wells
S
Carlisle
Bargeron
con¬
ducted
and
a
Campaign
A. S. Campbell
Common
be¬
on
half
Caribbean Sugar
that
it
really
Teletype NY
tem.
Mr.
Chairman
New
in
year
I
appreciate
United Piece Dye Works
is
attempt
whether that
Preferred
ployment
a
favor
to
hollow
predict
or
it
is
(WeiaecmdCompaTM
Members N. Y. Security Dealers Assn.
37
Wall St., N. Y. 5
Bell
i
Hanover 2-4850
Teletypes—NY 1-1126
&
1127
stall
:
a
ment.
to
is
of
is
in
when
it
itself
jt.'
.
Rights
so
clearly
set
forth
by
is
said
doesn't
F ranklin
Delano Roose¬
Henry A. Wallace
velt.
It
rec¬
what
that
mean
is
the
any¬
There can't be any
escaning the
(Continued
of
rec¬
thing.
Trading Markets in
Eco¬
Bill
em¬
foreseen.
This
bill
the
nomic
much
doesn't have to follow these
meant
most
a
step
making a
living reality
by in¬
unemploy¬
Congress, cf course,
ommendations.
sider it
in
on page
1045)
The Eco¬
System
Exchange
Exchange
WHitehall 4-8120
Teletype NY
1-1919
Southern Colorado Pr.
Pfd., "A" & New Com.
;
Setay Co., Inc.
Common
Berkeley-Carteret Hotel
5% s, 1951
of
the
Banking
and
and
age,
the
will
necessary action.
Members New
take
York Curb Exchange
64 WALL ST.
NEW YORK 0
Teletype NY 1-1140
HAnover 2-9470
Cross Company*
Liquidometer Corp.*
Delaware Rayon "A"*
New Bedford Rayon "A"*
Currency
to
,
Frank C. Masleison & Co.
Great American Industries
Indiana Limestone, 6s, '52
San Carlos Milling Co.*
the
*
*Analysis
The Economic Bill of
Rights in
recognizes the right of the
worker, the business, man and the
request
on
F. H. Koller & Co., inc.
essence
Members
farmer to prosper in a climate of
full opportunity; the
right to a
decent living; the right to a decent
,
111
N. Y.
Security Dealers Ass'n
Broadway, New York 6, N. Y.
BArclay 7-0570
NY 1-1026
home; the right to adequate medi¬
cal care; the
right to social in¬
and the right to a good
These
basic
rights
taken
their
place in the
surance,
Consolidated Rock
education.
have
hearts
of
alongside
Rights.
The
the
of
American
the
Full
original
Products*
people
Bill of
Employment
Sterling Engine*
Macfadden Pub. Inc.*
bill
Rights embodies the fundamental
would give legislative
recognition
to
the most essential economic
aspirations
which our
remunerative
nomic
forestall
But
n
the
It will
too
too little.
boom that
be
i
of
essential
how
legislation accordingly.
legislation may be to fore¬
may
:
passage of this
bill.
I
con-
fact that
a
pretty
ommend
This
Broadway
Bell
of
whole¬
am
heartedly
dustry and Government the en¬
suing 12 months; how much em¬
ployment this will
give;
then
Paper
&
it
much money will be
spent
Northern New England Co.
Common
members
the' invitation
I
At the beginning of the
the Administration's statis¬
ticians
Plain Preterreds
However, it is
itself
thing.
England Public Service
Oxford
and
Committee:
everything must be done
the private enterprise sys¬
If the bill doesn't really
anything it shouldn't be
passed.
Pfd.
65
ously reported in the "Chronicle"
of Aug. 23.
ment bill.
mean
Luscombe Airplane
.Members New York Stock
Memoers New York Curb
this Committee to
appear this
morning and^
testify on the tential will allow us to realize if
Full Employ¬ only we have the
vision, the cour¬
under
1-1843
Marion Steam Shovel,
so-
that
Street, New York 5
Telephone: WHitehall 3-1223
Edward A. Pureed & Co.
His admission to.partnership, in
Lazard Freres & Co. was,previ-r
legislation will be designed
to help business, because the bill
proclaims loudly and repeatedly
H. G. BRUNS & CO.
BeU
Co.
in June, 1942,
partner of Shields
■;
doesn't
anything.
It will be up to
Congress to enact any implement¬
ing legislation, it is argued, and
such
20 Pino
&
a
Secretary Wallace Gives Wholehearted Support to "Full Employment"
Bill Stating That It
Recognizes the Right of the Worker, the Business¬
man and the Farmer to
Prosper "in a Climate of Full Opportunity,"
Denies That the Bill Is "Planned
Economy" and in Conflict With Pri¬
vate Enterprise, But Holds That Business
Management Should Not Be
Saddled With Maintaining Full
Employment. Says Government Must
Maintain Level of Sales, But Denies Bill Is a
Spending Measure. 'Con¬
cludes Objective Will Not Be Attained Without
Cooperation of Busi¬
ness, Agriculture, Labor and Government.
mean
Preferred
American Box Board
Secretary of Commerce
sist.
Corporation
American Forge & Socket
since
By HON. HENRY A. WALLACE*
agita¬
Conserva¬
Common
a
business
Enterprise
In Full Employment Bill
seems
tives
Byrndun
sort of
some
Unspecified
Forces
he had been
to increase, probably through
on.
dominated
1-1548
pass
banking
3%s
Metro West Side El 4s
Con g r e s s
a
New York 5
Telephone COrtlandt 7-4070
BeU System
is
much
tion
as
Boston Terminal
partner in Lazard
a
No Conflict With Fiee
pay¬
There
Members New York Curb Exchange
well
as
*
The
heat
Vanderhoef & Robinson
as
branch offices
States,
ments.
Exchange
Congress will
unem¬
ployment
3/6s, 1956
on
bill,
Federal grants
7s, 1952-1957
Traded
that
are
called full employment
Power Securities
•
indications
our
the
on
his graduation from Princeton in
1921. Before his entrance into the
Predicts States Will Control
Unemployment Benefits,
Regardless of Cost to Be Borne by the Government.
The
Corps
Washington, has been
Mr. Herzog has been in the in¬
eral Government.
International
4. N Y
1-155? *
La.-Birmingham, Ala.
Direct wires to
Freres & Co., 44 Wall Street, New
York City, members of the New
York Stock
Exchange.
tions of Public Officials in
Mitcliell % Company
colonel in the Air
Air Staff in
Anything," It Is Full of Mischief.
Members Baltimore Stock Exchange
NY
Edwin H. Herzog, until recently
a
Correspondent Holds That Full Employment Bill Will Pass Even Though
Congress Is Dominated by Conservatives, but Points Out That While
Mayflower Hotel
Common
New Orleans,
Ahead of the News In Lazard Freres Go.
International Elevating
Exchange
St., New York
HAnover 2-0700
of
all
great
*A statement of
our
Bill
of
citizens,
production
po-
Secretary Wal¬
'
Pfd.
♦Circular
right—"the right to a useful and
job in the indus¬
tries or shops or farms or mines
of the nation."
the
Under this
Federal
ure
on
Aug.
28, 1945.
request
Members New York Security Dealers
would, for the first time, recog¬
nize its over-all responsibility for
(Continued on page 1055)
Banking and Currency,
Com.
C. E. de Willers & Co.
meas¬
lace before the Senate
Committee
&
upon
Government
120 Broadway, N. Y. 5,
REctor 2-7634
Assn.
N. Y.
Teletype NY 1-2361
Railroad
Segal
Public
Utility
;
industrial
1
m
STOCKS & BONDS
New York Market
Lock & Hardware
■
Arkansas Missouri
for
Preferred
Wellman
Power Co.
Ohio Securities
Engineering Co.*
Common Stock
Common
WM. J. MERICKA
*Circular Upon Request
Bought—Sold—Quoted
G.A.Saxton&Co.,Inc.
170 PINti ST., N. Y. 5
WHitehall 4-4970 I
Teletyoe NY 1-609
Simons, Linburn & Co.
Members New York Stock
Exchange
25 Broad
St., New York 4, N. Y.
HAnover 2-0600
Tele. NY 1-210
Tr oster,Currie & Summers
Members N.
74
¥., Security Dealers Ass'n
Trinity Place, N. Y. 6
HA 2-2400
Teletype NY 1-376-377
•Private
Wires to
Detroit
-
Buffalo
Pittsburgh
-
-
Cleveland
St. Louis
6*
Co.
BOUGHT
SOLD
—
QUOTED
INCORPORATED
Members Cleveland Stock Exchange
Union
Commerce Bldg.,
Cleveland
14
29
MEMBERS NEW YORK STOCK
Broadway, New York 6
WHitehall 4-3640
Direct Private
Wire to Cleveland
*2P
Am
Telephone MAht 8500
One
?
Wall
Street,
EXCHANGE
New York 5,
Telephone BOwling Green
N". *•
9-4800
Number 4418
162
■Volume
THE COMMERCIAL &
FINANCIAL CHRONICLE
The
COMMERCIAL
FINANCIAL CHRONICLE
-Distribution facilities for
Reg.
U.
S.
Patent
1043
and
We
interested in
are
offerings of
Ottlce
llCHTfllSTflfl
William B. Dana*
Company
BLOCKS
/
High Grade
Publishers
of
25 Park Place,
AND COMPANY
Neiv
Public
York 8
Utility and Industrial
REctor 2-9570 to 9576
UNLISTED
Herbert
D.
SECURITIES
32
York
Security Dealers
Broadway
every
Ass'n..
Board of Trade BIdg.
NEW YORK 4
(general
CHICAGO 4
DIgby 4-8640
Teletype NY 1-832. 834
Teletype CG 129
u^u-rings, state and
York—Chicago—St. Louis
Kansas City—Los
Angeles
Other
-
Chicago
3,
Monday
city
135
S.
La
Salle
25,
Mtge. Guar. Co.
Lawyers Mortgage Co.
Y.,
at
the
under
post
the
office
Act
at
of
New
March
Subscriptions In United States and
Possessions, $26.00 per year; in Dominion
Lawyers Title & Guar. Co.
of
Canada,
Central
N. Y. Title & Mtge. Co.
Cuba,
$27.50
America,
$29.50
per
per
South
year;
Spain,
Mexico,
Great
year;
and
and
Britain,
Continental Europe (except
Spain), Asia,
Australia and Africa, $31.00
per year.
Prudence Co.
Other Publications
Bank and Quotation
Record—Mth.$25 yr.
Monthly Earnings Record—Mth.. .$25 yr.
Newburger, Loeb & Co
11
I
Members New York Stock
40 Wall
II
St., N.Y. 5
Exchange
NOTE—On account of the fluctuations
in the rate of
exchange, remittances for
foreign subscriptions and advertisements
must be made in New York funds.!
WHitehall 4-6330
Bell Teletype NY 1-2033 /
Every generation produces
times, whose imagination lights
manity
I
On
;'"
Sept. 1 lastthe Securities Dealers Committee, 165;
Broadway,' New ' York 6, N. Y., sent a letter to numerous
dealers calling their attention to various new items on the
SEC
hearing held on Aug. 29 on the new by-laws of the
NASD which call for the
compulsory registration of sales¬
men, traders and principals in firms and paves the
way for
limiting mark-ups and spreads. "Stephen C. Thayer of Baker, Hostetler & Patterson, attorneys
for the NASD, contended that the
registration proposed was similar
to the New York Stock
Exchange's practice in this respect. - Our
committee contends this is not in accord with the facts since the Ex¬
change puts
floor
a
commission
on
rates
and
would
discipline a
member or a customer's broker that charged less.- The NASD on
the other hand under the new by-law set-up might
discipline a
dealer, salesman or a trader that did not confine his mark-ups or
spreads to
the
whims
of
NASD
future.
Peter
was;
J.
his
Mc-
Gui re,
father
laws
o
honor
with
he
ago
idea of
a,
tional
to
t h
e a r
from
ture
the
RIGHT
"ON
THE
BEAM"
DAY. VERNACULAR
PITHY
WOULD
FOR
BE
THE
v-fv"'
*
DESCRIBING
-
•'
-
-
••
.
new
representative
of
the
*An address by Mr. Green
Camden, N. J. Sept. 3, 1945.
(Continued on page 1057)
y\
-
This
aid
to
better living
and
standards
flation and
Billings & Spencer
Federal Screw Works
deflation, and insisted
maintained
that the
heavy na¬
tional debt could be paid off at
the same purchasing power levels
so
that
these
regula¬
tions
would
under which it
was
result, in
on
higher prices,
Commenting
carrying
out
but
Stabilization
Director
absorbed by
it
the
producers and
OPA
distr ibutors.
wage
Chairman Da¬
producers
and
vis stated that
whether
the
an
are
goal
to
be
-
time
so
'
~
was
would
be
to
it
can
means
.
-
For past 9
of
whether
for ^^ bureadcracy7 in
Uhe?^eririt^
arbitrarily, tell: salesmen and traders in slocks arid /bonds
-
on page
1061)
$4
To yield over
Circular
on
-/v.
:
-
Lea Fabrics
Equitable
.
-
'
'
.
.
' \*'
«
yj'~\
•
DUNNE & CO.
Member# New York Security Dealers Ass*
25 Broad St., Now York 4, N. Y.
WHitehall-3-0272—Teletype NY 1-936
.'
.Private Wire to Boston?
;
& Trust Co.
per
share.
——
National Radiator Co.
$8
Analyses available
to dealers only
*
.
C. E. Unterberg & Co.
/
74 Trinity Place, New York 6, N# Y.
Telephone: BOwling Green 9-7400
Oibce
BIdg. 5/52
'
7^4%
1914
Teletype NY 1-84
Haytian Corp.
a
request
Established
n.
WOrth 2-0200
Public National Bank
HOItR^SE SlkQSTER
.
Security Dealers Ass
page 1054
1945 to date
-
York
the
be absorbed by
distributors
or
on
Sold
Punta Alegre Sugar
likely to result in
increased price to the public,
(Continued
New
Broadway
Bell'System
that
•
possible
(Continued
170
the
stated
function
has paid dividends averaging $17
years
Quarterly dividend- June 29
;
The truth of j the fnatter' Ir that they are; holding t the
torch for trade And
industry generally) because if it becomes
/
Members
of
policy,
determine
increase
——
Jit Riot & To.m
COMMON STOCK
•
/
Bought
Thermatomic Carbon Co.
so} freely given/of theiri
/that/the *Investmenti business/will riot
beffurther:
shackled.
Laclede-Christy Clay Prod.
incurred.
the
this
,
importance of preventing both in¬
\ :M% Financial aid /should be freely proffered 4a the Cohi-!
; This is the least;
they^can <16 as;a concrete expressiopr^ of their ^^i^i^ori;!
to the men (Baron GV
Helbig; of Baron G. Helbig. & i Co.;:
vto ^pUarhead thjis j moye^ and have
Shepard Niles Cr. & Hoist
is
not
.^ipittee ;by^ Oil in the securities business.
S. Lichtensteiii of B. S. Lichtenstein &
Co.; William S.;
-Baren of William S. Baren Co.) who have had the
courage
2-4785
System Teletype,- NV 1-2480
TRADING MARKETS
that present price levels should be
new
.)
i
Bell
l
at
At a news conference on September 4, William H, Davis, Director
of Economic Stabilization, announced that substantial wage increases
.will! be
per-
by-lavys be held in abeyance * until
"
New York 5, N. Y.
HAnover
Private Wires to Chicago & Los Angeles
Sept. 15, 1945.
s
to raise living and he maintained that the OPA
i i
Twenty-four investmenthouses have authorized the ^
/ standards 50% would be required to cancel vol¬
■ /■ and at. the untary wage increases under the
Coxnmittee to represent thQmJ the ^Chroniclo^/is: informed^ .fe. 11!§Ji
same
time proposed new regulations, if any
and it is to be hoped that still more will permit the use-of
l Wlllfem: H. payis
r kCCP CQHSUm^
employer should later apply for
their names in this respect and
era
costs.,at permission to raise a ceiling price
^tha^dhe-various -regional I//
because of higher operating costs.
associations throughout the country will meet
iirimediateljr present ^levels.- He stressed the
to follow suit.
'Members
i
Security Dealers Assn.
Neto York
;40 Exch.
Says New Wage-Price Regulations Will
Permit Wage Increases, but Insists Present Price Levels Be Maintained.
Lays Down Plan for Voluntary Adjustment of Labor Disputes.
by¬
•
were
Green
we' behold."
Bought—Sold—Quoted
J.F.Reilly&Co.
his
none
Appliances
of
Director Davis
///
.
Federation
i
Wages to 60 Up But Not Prices
Stabilization
THESE
r'r
American
Du Mont Laboratories
Bartgis Bros.
The SEC gave the Committee!s
attorneys, Edward A.
Kole and A. M. Metz, of this
city, until Saturday, Sept. 8 to
file briefs in the matter.
Since then the Commission has
ordered that the
William
na¬
PRES¬
PARAGRAPHS.
/
but
"have delved and carved all
adopted, they would curtail the liberties of
those affected and provide for unnecessary and further regimenta¬
tion of the investment industry."
ENT
the
There
who
grandeur
4
Drop Forging
Bendix Home
of
a part,' he
campaign for Labor Day.
other holidays, he
said/v representative of the religious, civic and military spirit,
won
the
raw
Moore
Labor,/of which it- is*
.
hornto. the
improperly
were
and
na¬
of
Triumph, Inc.
to give it
expression by joining
unioi^s ,in:.the
nation.
Through (- the Carpenters'
^ union
pay
age
Teletype NY 1-1203
Foundation Co.
and'sought
and
trade
holiday
toilers
Broadway
HAnover 2-8970
Carpenters and Joiners
America, one of the oldest
of
the
truly
39
New York 6, N. Y.
Samuel
hood
con-,
American
Members New York Security Dealers Assn.
official of the United Brother¬
an
,.;
three -y e a r s "
ceived
QUOTED
-
LJ.G0LDWATER&C0.
Gompers and other
pioneers to form the American
Federation of Labor. He became
Sixty-
today.
work
power
.
;the«
r
we
SOLD
-
Complete Statistical Information
struggling carpenter glimpsed the
nobility of the common man and
Such *;;•
; man
a
7
BOUGHT
v>-
mitted
new
„
man
a
the
in
officials.
"Our attorneys argue, too, aside from the fact that the
STREET, NEW YORK
with wisdom far beyond his
beacon along the road which hu¬
a
must
travel
dry
-
WALL
Telephone WHitehall 4-6551
CERTIFICATES
(4) a Shorter Work Week "When Conditions Settle Down," and
(5) Legislation to Expand Social Security Benefits. Urges Passage of
Full Employment Measure, Together With the
Kilgore Bill Raising
Minimum Wages, and Lauds Labor's Contribution to War Effort.
Day*1;
whose •; mem-//,
Securities Dealers Committee Refutes1 Contention That
Proposed Compulsory,Regulation /arid Regimentation
of Salesrinen aiid
Traded Is I Akiri7toi$i<K^
Practice. SEC Orders By-Laws Held in
Abeyance Until
Sept. 15. 4
'I
I
- i
•
.
picture
that
say
TITLE COMPANY
Denouncing Prophets of Gloom and Asserting That the A. F. of L. Has
Faith in America and the American
People, Mr. Green Lays Down as a
Program for Prosperity (1) the Speeding of Reconversion
by Private
Industry; (2) the Immediate Increase in Wage Rates to Expand Pur¬
chasing Power; (3) a National Accord Between Labor and Industry;
bi
^On the Beam^!
one
We
1000
elsewhere!
President, American Federation of Labor
of( La¬
r
99
/
By WILLIAM GREEN*
'
St.,
second-class matter Feb¬
as
1942,
that
us
words.
worth
Labor's Post-War Program
etc.)
news,
is
Obsolete Securities Dept.
'
111.
Reentered
ruary
Yoik, N.
3, 1879.
ing in
Teletype NY 1-5
Members New York Stock
Exchange
Copyright 1945 by William B. Dana
Company
CERTIFICATES
•
tell
1000
bid
quotes
on
the kind of obsolete stuff that you
haven't a Chinaman's chance of cash¬
advertising issue)
(Telephone: State 0613);
1 Drapers'
Gardens, London, E. C., Eng¬
land, c/o Edwards & Smith.
TITLE COMPANY
Bond &
Offices:
& Co.
worth
one
Street, New York
Telephone HAnover 2-4300
week
a
(complete statistical issue—market quo¬
tation
records,
corporation,'
banking,
Direct Wire Service
New
25 Broad
Thursday
news and
and every
Harrison 2075
.
twice
is
Spencer Trask
Thursday, September 6, 1945
Published
STRAUSS BROS.
Members New
President 1
William D. Riggs, Business
Manager
.
1000 QUOTES
The Chiiiese
William Dana Seibert,
Nation-wide marketing
ONE BID IS WORTH
PREFERRED STOCKS
Seibert,
Editor and Publisher
^Teletype: NY 1-375.
Members N.
61
Y. Security Dealers Ass'n
Broadway, New York 6» N. Y-
Telephone BOwling Green 9-3565
;Teletype NY 1-1666
•
—-1
Crowell-Collier Pub.
American Hardware
Art MeUls Construction
North River
,
Botany Worsted Mills "A"
Irving Trust Co.
Stanley Works
Carey (Philip) Mfg.
Warren Bros. B. & C.
.
Capitalization
-
Net
11 Aetna Standard Eng.
Car, Com. & Pfd.
Hardware*
Am. Bantam
American
-
Com. & Pfd.*
Bell
1
Complete
Bendix Home Appliances
up
to
Circular
date Analysis
Brockway Motors
| Buckeye Steel Castings*
du
Bank Building
Shawmut
BOSTON
Capitol
*i
Underwriters and Distributors of Investment
| General Tin
England Markets
Triumph Industries
J
Supply Co.
Electric
ANALYSIS
REQUEST
ON
Standard Gas &
•
I
W. J. Banigan & Co.
to
Successors
I
Asphalt
CHAS. H.
W. L. Maxson
I
@ 6%
F. L. PUTNAM & CO., INC.
Portland
LIBerty 2340
Providence
trading market
a
in these bonds
Street, Boston 10, Mass.
Tel.
Electric
816,198
We maintain
80
83
-
Springfield
50
Morris Stein & Co.
50 Broad
HAnover 2-8380
Broadway, N. Y. 4
Established 1924
,
1904
Established
Merck
r
-
JONES & CO.
Private
HAnover 2-4341
New
request
on
York
Rector
TRADING MARKETS
r
Telephone
2-5035
Portland, Me., Enterprise 7018
Street, NEW YORK 4, N. Y.
Teletype NY 1-2866
$77,783
Requirements
Memorandum
Majestic Radio & Tel.
Marathon Paper
Mastic
months
ended June 30, 1945.
Inactive Securities
Sterilizing
77 Franklin
Maguire Industries
[
six
terest,
Interest
Reiter Foster Oil
Liberty Aircraft Products
$539,950
Industrials—Utilities
Happiness Candy
Bought—Sold—Quoted
Lawrence Port. Cement*
*
I
Bank and Insurance Stocks
Co.
Steam
Lime
Available for Bond In¬
Eitingon Schild
Lamson & Session
j
Outstanding
•
Automatic Signal
Horn
Building
—
"3-6% Bonds due Jan. 1,1966
Secondary Distributions
Cuba Company
of
Grade Calcium Chemical
England Coverage
•
Elk
596
England Lime
Magnesium
New
Retail New
Franklin Railway
Tele. BS
Manufacturers
High
Great Amer. Industries
Haskelite Mfg.
Howell Elec. Motors
International Detrola
MASS.
f
Teletype BS 424
Securities
Teletype NY 1-2425
Hanover 2-7793
t
New
9, MASS.
4330
New York 5
70 Pine Street
STREET
10,
Liberty 6190
FIRST COLONY CORPORATION
Lab. "A"
Electrolux*
General Machinery
t
FEDERAL
BOSTON
Pont, Homsey Co.
manufacturers of Refrigerators and Stoves
I Continental Aviation & Eng.*
Douglas Shoe, Com. & Pfd.*
Dayton Haigney & Co.
-
INVITED;
Tel.
Supplies hardware products; to the major
Buda Co.*
i
Broadway
System Teletype N. Y. 1-714
75
Winters & Crampton
*
request.
on
INQUIRIES
Bowser, Inc.*
Du Mont
F* Security Dealers
Assn.
2-4S00—120
Price—About $32.50
Armstropg Rubber,Com.&Pfd.T |
1
REctor
«
j
1
Members N.
in 1944.
|
Am. Win. Glass,
:
share
per
Currently—Paying $2.00
per share.
I
I
J.K.Rice,Jr.&Co!
Teletype NY 1-672
Telephone BArclay 7-0100
_
Earned—$4.03
105 West Adams St., Chicago
Broadway, New York
115
quick assets in excess of
$20 per share.
Established 1908
Principal Exchanger
Members IV. Y. Stock Exchange and Other
Indemnity Co.
Capital Stock
Quoted
Goodbody & Co.
industrials
Kingan Company
75,000 Shares
Home
Bought - Sold
Insurance Co.
NASHAWENA MILLS
Public Service ef Indiana
.
Thursday, September
6,1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
*Con. Cement Corp. Class
Michigan Chemical*
"A"
DETROIT
Giant Portland Cement
Moxie Co.
I
More
Polaroid
H. K.
Special Articles
Porter, Com.
Punta
I
Alegre Sugar
Sheraton
I
*Circular Available
Medium and Low Priced Shares Outlook
Stromberg Carlson
Taca Airways*
U. S. Finishing Co., Pfd.
Warner-Swasey
I
General Industries Co.
^Central Iron & Steel
.
National Stamping
(Continued from first page)
Corp.
Standard Stoker
I
^Riverside Cement
In NSTA
Purolator*
i
*Kingan & Co.
10
By L. D. SHERMAN
-
Sherman & Co., New York
L. D.
lerner & co.
Future American Foreign
j Wickwire-Spencer
POST
OFFICE
BOSTON
_:._1074
______
Tel. HUB 1990
v
Reports furnished on request
SQUARE
9, MASS.
*':'v Teletype BS 69
Mercier, McDowell
Investments
& DOLPHYN
1075
By THEODOR M. VOGELSTEIN
Members
Detroit Stock Exchange
Buhl Bldg.,
The Post-War Pattern of American Banking
f
Berkshire Fine
Professor of Economies, University of Illinois
Spinning
By JAMES E. LeROSSIGNOL
Jersey Worsted
simplex paper
ieneral Stock & Bond Corp.
The Future of Postal Savings
10
By LOUIS HOUGH
Associate Professor of Economics, Miami
POST OFFICE
corp.
SQUARE
; BOSTON 9
Common
1078
Telephone: Liberty 8817
Reprinted from "Chronicle's" Annual Review of 1919
ST. LOUIS
1079
white, noble &
j Cons.. Elec. & Gas Pfd.
Members Detroit
Iowa Southern Util.
Rail Revenues to Decline
Nassau Suffolk Ltg., Pfd.
New
>
f
I
England Pub. Serv., Com.
Northern New England Co.
Portland Elec. Pow., Prior Pfd.
Paget Sound Pow. & Lt, Com.
Queensboro Gas & Elec. 6 Pfd.
Detroit
Vice-President, B. W. Pizzini & Co., Inc., New York
1080
By JOHN WALTERS.
Upon Request
Mutual Fund
f
SALT LAKE
509 OLIVE
1081
STREET
WE
Furlough
home
for
Sergeant
overseas
was
thirty-day furlough.
Siegel has now been
June
7, -1944
beach-head.
been
an
Normandy
EDWARD l.
Sergeant
Siegel
for
over
wounded
on
three years and
D-Day plus
one,
&
Flint With Price, McNeal
early discharge and is
Maurice B. Flint has become
a
looking
to
taking
an
ESTABLISHED 1899
1 60 S. main
as¬
sociated with the investment firm
.
active part again in the affairs of
of
Wall Street,
way,
r
-
~
Price, McNeal & Co., 165 Broad¬
New York
City."\
BURTON
COMPANY
Salt lake
forward
Light
Members St. Louis Stock
Exchange
1082
Now that peace has
declared,
expects
the
on
SPECIALIZE IN
Preferreds
.
on
164
CITY
Utah Power &
St. Louis 1,Mo«
Comparisons
Senior Partner, Karl D. Pettit & Co., Investment Counsel, N. Y
Sergeant Sidney A. Siegel, part¬
ner of Siegel & Co., 39 Broadway.
New York City, has just returned
Office,
MICH.
Tele. GR
Buhl Bldg.
INVESTMENT SECURITIES
By KARL D. PETTTT
Sgt Siege!
;
Stix & Co.
Wartime Operations and Peacetime Future of the
Coal Industry (
|
co.
Stock Exchange
GRAND RAPIDS 2,
Phone 94336
By GALE B. CRUTCHFIELD
* Bulletin or Circular upon request
A Prospectus
Request
The First Year After World War I
Conn. Lt. & Pr.
Furnished
Report
on
Central El. & Gas Com.
Stock
,
'
University, Ohio
American Gas & Power
>
507
CRAND RAPIDS
Dean, University of Nebraska, College of Bus. Administration._1077
Textron Warrants
I
Tele. DE
Social Credit in Alberta
Consolidated Textile
New
1076
Boston Sand & Gravel
Alabama Mills*
Detroit 26
Cadillac 5753
U. S. Sugar
By FREDERICK EDWARD LEE
Aspinook Corp.
Co.
BELL
Oldest
SYSTEM
STREET
City l,
Utah
464
Uta •
TELETYPE SU
Investment House tn
Volume
Number 4418
162
THE COMMERCIAL & FINANCIAL
CHRONICLE
1045
PANAMA COCA-COLA
Quarterly dividend paid July 16, 1945
Direct Private Wire Service
$.50
—
COAST-TO
DIVIDENDS:
1945
(to date)
$1.75
—
1944 $2.75
1943 $4.50
—
New York
Chicago
-
St. Louis
-
COAST
-
Kansas City
•
Los Angeles
■
Approximate selling price—30
^
Established 1914
Members New York Security Dealers Ass'n
;
-
"
"
,
32
NEW YORK 4
Trinity Place, New York 6, N. Y.
Telephone: itOwlingr Green 9-7400
CHICAGO
DIgby 4-8640
Teletype: NT 1-375
Teletype NY 1-832-834
j
4
Foreign Pow. Securities 6,1949
Gt. Brit. & Can. Inv. 4%, 1959
2075
Harrison
CG ' 129
Teletype
Intl. Hydro Elec. 6, 1944,
White & Company
London & Cdn.
Baum^Bernheimer Co.
ST. LOUIS
KANSAS CITY
Fonda, Johnstown
Great American
.
Pledger & Company, Inc.
& Gloversville
All Issues
Special Analysis
FOR
Request
on
HART SMITH & CO.
DEALERS
52
TIMELINESS
Benguet
Becomes
Inv., 4V2, 1949
>56, 73
Montreal Tramway 5. '51, '55
Power Corp. of Cda. 41959
Steep Rock Iron Mines 5%, *57
Mont. Lt. Ht. & PT. 31/2,
LOS ANGELES
Industries
WILLIAM
each
apparent with
more
Consolidated
Mining
We
San Mauricio Gold Mines
1924
William
St., New York 5, N. Y.
WHitehall 4-3990
Mindanao Mother Lode Mining
Teletype N Y 1-2419
suggest:-;7;v<
about
and
$3.90.-...market
as
*
F. BLEIBTREU & Co., Inc.
Curb and Unlisted
Toronto
.r
5%s-6s 1946
good
a
about
<
10 Post
Telephone HAnover 2-8681
East Coast Public Service
4«
-...
1948
Eastern Minnesota Pr.
Securities
5%* '51
Minneapolis & St. Louis Ry. J
Office*Square, Boston 9, Mass.
Issues
Teletype Bs 69.
Telephone Hubbard 1990.
;
; 6s 1054
■
circular available.
Investment
^
'
*
Crescent Public Service
13.
speculation
LERNER & CO.
79 Wall St., New York 5,N.
Securities
Montreal
Community Water Service
14.
about
"Riverside Cement Class B
Special Part.
2-096D
'
"Consolidated Cement Class A Cumulative)
Request
on
York
about* $14.35....market
Arrears
Circulars
HAnover
"Riverside Cement $1.25 Cumulative Class A
Arrears
52
N. Y. 5
Teletype NY 1-393
CEMENT SHARES
inc.
Established
Southeastern
St.,
Bell
passing day /or
George R.Cooley&Co.
}|
Assoc. Tel. & Tel. 51/,, 1955 ?
Brown Company 5, 4959 y
-
Board of Trade Bldg.
" : '
Broadway
Bonds!
Abitibi P. & P. 5, 1953
Aldred Inv. 4%, 1967
STRAUSS BROS.
Hon Rose STrssteii
74
Dom. of Canada, Internal
New Analysis on request
»
.
f
•
-
-••••■
-v
•
Securities Co. of N. Y.
4%
qAllen & Company
Established 1922
WALTER KANE, Asst. Mgr.
Consols
MICHAEL HEANEY, Mgr.
30
BROAD
'
'
Telephone: HAnover
NY
Direct
2-2600
1-1017-18
Wire
Carbon Monoxide
Los
to
&
Members New York Curb
1-573
.
39 Broadway
Angeles
5 :
Chicago Stock Exchange
New York 6
To pay you more
Interest
is prior
BONDS WITH
Coupons Missing
16 Court
of
men
who in
can't
many
their
raise
in¬
own
families.
MOHAWK VALLEY
S. Weinberg & Co.
in
60 Wall Street
St., Utica 2, N. Y.
Bell
Tele. UT 16
which
with
Whitehall 3-7830
Teletype
From Washington
Ahead of the News
to
(Continued from page 1042)
fact, though, that it is, to say the
least, full of mischief.
It doesn't
much
imagination to see
what will take place.
The statis¬
report full
will comb
never
ployment.
They
em¬
the
highways and the byways to get
quarters of men, halves of men,
all
sorts
have
into
that
their
two
no
their
ment.
day
different
agencies
is
The
ever
of
to
fact
agree
no
mo¬
The AFL insists until this
there
were
unemployed when the
used
pieces
statistics.
statistics
that
came
They
percentages.
hesitated to split men
many
satisfy
on
of
never
10,000.000
war
boom
The Labor Department
on.
this
same
figure
as
long
as
it served
the
the
situation during
would want any more
manpower
war,
bureaucratic handling of anything.
Hershey spent more time out of
Washington
making
speeches,
seemingly, than he spent at his
desk, and up until a few months
ago--every speech outlined a dif¬
ferent situation. There have been
instances
galore of men being
drafted, inducted and discharged
as many as three times under the
changing draft regulations. Under
McNutt
men
we
had
loafing in
the
spectacle of
plant, in
one
some
instances being unemployed, with
a
nearby plant begging for
What
the
so-called
men.
full
ployment bill really sets
up
em¬
is
a
its purpose, but during
the '40 and '44 Presidential cam¬
vehicle for continuous agitation at
paigns
with
the
Administration
tended that unemployment
been
reduced to
slightly
than
7,000,000.
The plain
con¬
had
more
fact
is
that right up until Pearl Harbor
both
Madame Perkins and the
WPA were
telling
tales
of
dire
distress among the population in
effort to keep WPA going.
>.
an
It
why
is
difficult
to
understand
any responsible person, after
seeing the
way
Hershey : and
Commissioner
in which General
War
McNutt
Manpower
balled
up
Washington.
the
would
be
Equally dangerous
employment' budget
the
bureaucrats to
"balanced."
with
them
tainly
by
disposition of the
keep the economy
Our
experience
now
should
cer-
that
they
aren't
capable of keeping anything bal¬
anced.
Their
only accomplish¬
ment
is to keep us in a stew.
From
priming
the
pump
we
switch to controls against infla¬
tion, and vice versa.
More than
*135
prove
million
of
us
run
uphill
money
them out.
carry
Tele. NY 1-2500
Phila. Read. Coal & Iron
Wehmann
not
any
but
be¬
motives,
it needs
be done,
to
if the
Federal Government will just let
always
have
We
alone.
them
for Adplph Lewisohn
In line with
they
with the
the New
behind the bill.
maining hangover from
The
New
in
Dealers
retreat
are
make a stand on it.
They have the Administration's
support.
Nobody can be against
"full employment."
So, as we
said, the disposition in Congress
seems
to
be
to
pass
it, after
seeking
to
weakening it
On
the
as
bill
much
as
possible.
increasing
unem¬
ployment benefits, the advocates
of
the States making
the pay¬
ments, regardless of whether the
Federal
Government
pays
the
bill, seem to be in the ascendancy,
and it is not unlikely that the
pending bill will be changed to
provide for local administration.
This
will
break
the
heart of
the
CIO, because their purpose is to
use
increased
benefits
to
unemployment
keep, workers
from
taking jobs at lesser wages than
they have been getting in war
administrators of
not likely to feel
so
kindly towards unemployed
who
refuse
jobs/ ; Community
plants.
Local
the benefits
one
feeling
day and downhill the, next, to the
for it.'
are
would
'
'
not
' r>-
likely
years
Exchange
1 Wall St., New York 5, N.
DIgby 4-7060
t.
Teletype NY 1-95/v
stand
com¬
ing of peace¬
time,
Adolph
a
d
w a
y
Eastern Sugar
Associates, Common
,
York
City,
mem¬
Ohio Match Co.
the
of
New
Cyanamid
Preferred
61
Sons,
Bro
American
&
Lewisohn
bers
employment bill, is to or¬
ganize everything and direct it
from Washington on the basis of
statistics.
It is about the only re¬
push
Members New York Stock
pro¬
now
are
New
this
several
.
Denver, Salt Lake Common
Gude, Winmill & Co.
development
which
ago and
full
public
Deal,
a
inaugurated
gram
work programs, and
always will have. But the move¬
ment, the contemplation of the
had
Trading Mgr.
6s, '49
5s, 1946
this accelerating
to do
necessarily from
are
cause
the
prepared
They-
1-2763
NY
a
and
improvements
Telephone
New York 5
backlog
a
humanitarian
ticians will
PhiJa. Read. Coal & Iron 5s, 73
Broadway, New York 4, N. Y.
Tel. WHitehall 4-6430
the country today
have
Members N. Y. Security Dealers Ass'n
community
that doesn't
of needed civic
scarcely
There is
•
work,
take
32
TR. 5-5054
St., B'klyn 2, New York
Chicago & Gt. Western 4s, .1959
PETER BARKEN
1935
Security Dealers Ass'n
York
New
stances
INQUIRIES INVITED
238 Genesee
Offerings Wanted:
Western Pacific
whip
Tel. 4-3195-6
M. H. Rhodes, Inc.
OR
INC.
N. Y.
1-897
FOR INFORMATION
ESTABLISHED
Members
INVESTING COMPANY
New York 5,
Circuit
than 5%
Security Adjustment Corp.
Cotton Mills
Mohawk Percale Sheets"
Security Dealers Ass'n
Teletype NY
Chicago, E. Illinois 5s, 1931
WE MAKE BIDS ON
"Makers of Utica &
Y.
Street
Bell
United Artists Theatre
to taxes and dividends
CALL OR WRITE
Utica & Mohawk*
63 Wall
in New York and other States
Teletype NY 1-1610
Digby 4-3122
Incorporated
Members N.
American Insulator
Savings Banks & Trust Funds
Eiechangt
Frederic H. Hatch & Co.
Eliminator
Legal Investments for
Joseph McManus & Co.
NEW YORK 4, N. Y.
Teletypes:
BUY BONDS
STREET
York
Stock
Ex¬
change,
an¬
Frederic H. Hatch & Co.
that
nounce
Gilbert
H.
Wehmann
Members
has
joined them
as
manager
N.
Incorporated
Y. Security Dealers Ass'n
63 Wall Street
of
Bell
their
trading
department.
New York 5, N. Y
Teletype NY 1-897
Gilbert H. Wehmann
Mr. Wehmann had been associated
with the firm of Tucker,
&
for
Company
years
with
of
number
a
i
Punta
and prior to that had been
Brown
Alegre
i. mo*
Brothers.
Sugar Corp.
T. S. Lamont Re-Elected
V.-P. of J. P. Morgan & Co.
Quotations Upon
Incorporated
in
July,
FAIKR
1942,
..:
Army, has
President
as
-•
1
New
been re-elected Viceof Sept. 1 of this year.
K-V44
CO.
Members
Stock Exchange
New
when he entered the United States
&
70*.
Req\tesi^
.
.
T. S. Lamont, who resigned as
Vice-President of J. P. Morgan &
Co.
.uw-LV
Anthony
York
*
jf
York Coffee & Sugar EtchaAOS
120 WALL
ST., NEW
tORK
TEL. HANOVER 2-9612
•
It is certainly to be hoped that
we
don't
get
back
*
to .the
when the CIO would notify
days
Harry
W. F.
Taylor in Newark
.NEWARK, N.
Hopkins
and
of
an
impending
strike
he would arrange to put
the
strikers immediately on.r.etfef,
cis
Taylor,
Jr.,
J.—WillWnf;Pranis engaging in
a
offices
tt
securities business from
227 South
Eleventh
Street^
*-*
Thursday, September 6, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
1046
Pacific Coast
Monongahela Power Company
UTILITY PREFERREDS
Securities
(Formerly Monongahela West Penn Public Service Company)
Par Value $100
Curtis
Paine, Webber, Jackson
Price
ESTABLISHED 1879
$103.50
Pacific
Per Share
Members
and accrued dividend from August 1, 1945
New York Stock Exchange
York Curb Exchange
New
(Associate)
Trade
Chicago Board of
Prospectus
,.v.
,
-1-
,
•
J
V*-
^
-
■'*
■;
-
»
.
*
.
•
/
,
New York 5, N. Y.
14 Wall Street
request
upon
•
< •< ->»
%
-
.
Teletype NY 1-928
COrtlandt 7-4150
*
y
.
on
Coast Exchanges
Schwabacher & Co.
Share
per
Executed
Orders
4.40% Cumulative Preferred Stock
Private Wires to Principal Offices
Now that the
Northwest
war
is
W. C.
and the big aluminum projects in the
over
being cut back (with apparently small hope that the
are
Monterey
Langley & Co.
115 Broadway
industry can survive by using local clay deposits), the question of
how to dispose of the huge amounts of electric power produced by
Bonneville and Grand Coulee is coming to the fore. Some power is
&
much more
would have to be sold to provide
outlet
an
Light
the
for
used in munitions
ing the
of $90,000,000. This would have
paid off the bonds and preferred
stock, leaving only about $8 per
but
Telephone":BArclay 7-8800
Tomorrow's Markets
.
amount
large
share
production dur¬
transit
war.
Portland General Electric is al¬
was
sions
deal,"
fort intervening, results have ap¬
the
over
in
order
obtain
to
such
as
directors
a
then President of Commonwealth
to "sweeten
retaining
are
the
by
Representative
ducted
more
has
been
con¬
quietly, but just
ers to buy up all the utilities and
finance their sale to tax-free pub¬
lic power agencies, at a handsome
War
persistently.
reluctant
chases
to
on
a
also
Charged
that
Myers, who had handled the Ne¬
But Congress thus far has been
finance
such
wholesale
pur¬
basis,
jecting the Bone Bill for the
re¬
cre¬
braska
&
sale
Light,
for American
was
Power
planning to dispose
of that system's three Northwest¬
ern
properties—Washington Wat¬
a
$150,000,000 Columbia er Power, Pacific Power & Light
Northwestern
Authority, and now MVA and
Electric—by
(Missouri Valley Authority)
is similar sales to public agencies.
getting all the publicity. Local Apparently these deals (if they
public utility districts have been were really in progress)
have
fighting for years to acquire pieces been slowed down by the unfor¬
of Puget Sound but have been tunate publicity, and the right of
unable
to
pay
the substantial way given to the Puget Sound.
ation
of
River
.
prices
in
required
by jury
condemnation
-
awards
actions.
The
The PUDs have continued active¬
ly at work, however, in their ef¬
President of Puget Sound, Frank
forts
McLaughlin, has carried
on a run¬
some
ning fight with the PUDs and as
he expressed it "PUDs are duds."
Early last year, however,
a
working combine was formed be¬
their
(through a public referendum last
November) to permit these agen¬
tween
the PUDs, the city of Se¬
(which has a municipal plant
competing
with
Puget
Sound),
of
and
acquisition of private utilities by
government agencies
but because
.
attle
Bonneville.
ministrator
of
Paul
Raver, Ad¬
Bonneville
and
acting for all three groups; made
a tentative
offer to Puget-Sound
cies
Francis M. Knight
K.
President
tional
to
acquire local sections of
of
these
failure
to
companies
despite
to
a
combine
enact
for
the
law
purpose
by
joyed
constant
work.
Missouri,
these agencies it is a
temptation to develop
programs
which
Tom
Smith,
St. Louis,
Bank,
Mr.
as
those
has
Myers
been
came
at
Trust
However, the demand for
bonds has abated
(the
tax-free
New
of
Lyle H. Boren,
Oklahoma, has ad¬
vised the National Security Trad¬
ers
Association of his intention to
seek Congressional action on the
Boren bill the latter part of this
Deal
month.
Mr.
Boren's
measure
tion the immunity of transactions
in State and municipal securities
basis
as
the
just crossed 171 and
public sentiment there
appeared to be bullish.
what
was
about
the
and
changed my mind
180 figure but I
think I'm away
off base oh
timing. For, if the market
took only five days to move
the
up
from about 182 to 172,
the
eight points would
have to take at least 30 days
to come within the time I set
for it. If that is to occur, it is
additional
LAMBORN & CO.
99 WALL
from regulation and control of the
Securities and
Exchange Com¬
private
utilities.
STREET
NEW YORK 5, N. Y.
SUGAR
Exports—Imports—F utures
mission.
DIgby 4-2727
Street
and the utilities
have been opposed in
principle to
of the
*
*
*
I haven't
financing their purchases.
Wall
aver¬
had
it
intended to establish beyond ques¬
over
industrial
months' the
age would get to about 180.
At the/time that Was written
is
the
puzzled
THE BAKER-RAULANG CO.
Electric Industrial Trucks Since 1917
tax advantages
financing methods en-
enormous
easy
Material
78,243 SHS. $1 PAR COMMON
1941
Associated Electric 5s 1961
Common
Book
Common
Net Quick Assets...
Earnings Before Reserves
Earnings After Reserves
Common
Common
Utility 51/2S 1952
Value
1942
$13.71
Common Dividends:
Portland Electric Power 6s 1950
"Established 1850 <
Handling: Equipment for Every Industry
6,951 SHS. $100 PAR PFD.
Central Public
previous column I
higher
and that within one to three
equally apparent that the sub¬
sequent statement which
read: "Based on present ac(Continued on page 1056)
Congressman
be for Congress to place all pub¬
lic power agencies on a similar
tax-paying
Company in 1933.
The solution would
now
Boren attack.
Vice-President of the Con¬
Democrat
agencies have apparently favored
such sales in the past, and are
probably
the
said the market acted
Advises NSTA
tions) the new method of divert¬
ing private properties to public
power agencies may be definitely
Most
-
Banks of Chicago
Early Action
Pending Bill, Boren
on
loom
now
1
•
By WALTER WHYTE
In
Drive
Will Seek
municipal
market
received- a
sharp jolt on V-J Day) and if Mr.
Boren
acquires ai following; in
Congress (with resulting pressure
on
the
regulatory commissions
which, however, have only limited
powers to deal with these situa¬
handicapped.
the
tinental Illinois National Bank and
on
such
of
Chairman
was
Illinois.
Mr.
Knight is a veteran of
World War I, having enlisted in
the Navy in 1917.
He was com¬
missioned ensign and later ad¬
vanced to lieutenant junior grade
find served on the destroyer USS
Stringham in French waters.
He
entered
banking in 1915,
specializing in securities, and be¬
The Boatmen's Na¬
of
A., and in 1943 was on the
and Cook County,
Knight
succeeds
the
of
ahead.
<
Loan
Mr.
member of
Obstacles
rally.
is
of govern¬
Council
Committee for
Drive.
sales
Boren
he
during
Victory
the
Mr.
.
^
As¬
which
Banking of the Association, his
subject being government securi¬
ties. During the Sixth War Loan
the
of
banks
of the
faculty of The Graduate School of
nation
scheme for the Wall Street bank¬
as
A. B.
War.
Drives,
to head up act i v i t i e s of
Boren
He is
Research
the
B. A. Commit¬
on
iii the field
war
ment finance.
of the A.
man
charged Mr. My¬
devising a scandalous
15%) v
the
nois,
considering the
Southern, over the acquisition profit to themselves. The sale fig¬
of the company's Tennessee prop¬ ure for
Puget Sound named by
erties
and was finally forced to Representative Boren
($130,000,pay a reasonable price after a 000) was equivalent to about $25
strenuous campaign of rate-cut¬ per share, while the actual offer
ting,
competitive
building
of made later by Myers was only $18
transmission lines, etc. The fight (the stock is
currently selling at
Northwest
Chicago, Illi¬
as Chair¬
officers
Chairman
Committee,
completing plans for opening of
the Victory Loan on Oct. 29, 1945,
has had wide experience during
Trust
atnd
new
sociation
Company,
in Congress; He
with
The
banking are
appreciated."
greatly
Bank
tional
His personal sac¬
rifices- in 'behalf of
al Illinois Na¬
tee
ers
f..-.
Says
Mr. Bur¬
successor,
the War Loans.
of
the Continent¬
of¬
&
the
President
'«
Bond
earlier
distributing
system
for
public
power.
It will be recalled that
TVA
fought with Mr. Willkie,
in
•
A fly in the ointment, however,
was the blast issued several weeks
private utilities in the
Northwest
sociation, announced the appoint-!
merit of Francis M. Knight, Vice-:
offer.
parently not been very successful.
Advocates of public power in
Washington, as well as locally,
4
have been working for years to
take
made
were
of his
ment
Whyte
Sharp advance cancels time
gess said; "Mr. Smith made an
W.
Randolph Burgess, Presi¬
element.
Expect minor set¬
outstanding success in directing
dent of the American
Backers As* Bank activities in connection With backs before- resumption of
for two years and retiring the pre¬
ferred stock at 110, and apparently
ef¬
war
property)
during the seven previous War
Loans. In announcing the appoint¬
Activities in V-Loan
the entire property, including the
bus lines.
Various other conces¬
Several years
but with the
Power
Knight to Head Bank
fered Puget Sound $18 a share for
ited commercially to a few hun¬
dred miles)
.
Nebraska
reported ex¬
perimenting
with long-distance
transmission of current (now lim¬
Bonneville
The company termed
through.
Recently, however, Guy C. My¬
ers (who had successfully sold the
be sold. Whether other
companies would follow this lead
ago
property
deal fell
! probably
seen.
plus the
and • miscellane¬
common,
thi$'"grossly inadequate" and the
ity available around the level of
one
cent per KWH more could
remains to be
the
ous assets;
ready selling some electricity for
house heating, and with electric-,
i
for
Walter
the committee
of
head
was
Sacramento
—-
Y.
New York 6, N«
who
Oakland
—
Fresno
already being sold at cheap rates to local utilities such as Portland
General Electric and Puget Sound
—:
—
———r
Power
Santa Barbara
San-Francisco
Public Power in the Northwest
m
.
1944
$16.29
H. Hentz & Co.
$17.86
Members
2.05
•
1943- 10c;
Circular
1943
$15.92
3.50
3.64
9.48
3.92
2.45
2.66
1.74
New
York
3.63
.89
1.38
1.10
New
York
ToDatel945-10c
New
1944-20c;
York
Curhr
Exchange
Exchange
Cotton
Exchange
Stock
Commodity
on
Request?
Current Price about
Chicago
New
$7%
Orleans
Exchange,
Inc.
Board of Trade
Cotton Exchange
And other
Exchanges
INQUIRIES INVITED
Gilbert J. Postley
j.:,,
:■
29
&
Co.
BROADWAY, NEW YORK 6, N. Y.
.
Direct
Wire
to
Chicago
F. H. KOLLER &
N. Y. Cotton
CO., Inc.
Exchange
NEW YORK 4,
Members N. Y. Security Dealers Ass'n
in BROADWAY, NEW YORK
6, N. Y.
BArclay 7-0570
NY 1-1026
CHICAGO
DETROIT
runMfft? A
Bid*
N. Y.
PITTSBURGH
flWTTZERLAND
Number 4418
,Volume 162
THE COMMERCIAL & FINANCIAL CHRONICLE
Partner Wanted
(New
Broker-Dealer
We
York)
operating one man firm seeks
Must
partner.
are
pleased to
MR.
presently be
the admission
announce
EDWARD
H.
of
We take
ROBINSON
operating own firm but will
consider salesman; with
a
partnership.
MR. BRUCE MCKENNAN
MR. HAROLD P. SCHLEMMER
in
general partners in
as
our
as
firm
cial Chronicle, 25 Park Place,
Vice President of this company
and
Manager of its Government,
8, New York.
York
New
,,
Box
Commercial & Finan¬
L 96.
appointment of
cli¬
is interested
who
entele
forming
pleasure in announcing
the
Municipal and Corporate Bond Department
INVESTMENT SECURITIES
—
Over-the-Counter
Members
NEW YORK STOCK EXCHANGE
'
—
'
•
.
•
f NEW YORK CURB EXCHANGE
CHICAGO BOARD OP TRADE
First California Company
(Associate)
•
■Trader
INCORPORATED
Investment Banking firm
600
re¬
Street
Market Street
New
•
'
San
( *
York
INVESTMENT SECURITIES
Francisco
Oakland
Monterey
Santa Barbara
Sacramento
Fresno
Supply
full
650 South Spring Street
Montgomery Street
j.
SAN FRANCISCO
Over-the-Counter
perienced
TUcker 3151
YUkon 1551
300
quires the services of an ex¬
Trader.
Watt
14
Effective September 1, 1945
details.
Between San Francisco, Los
Will be treated confidential¬
OFFICES
ly. Box C 823, Commercial &
LOS ANGELES
Private Wires
.
.
Angeles, New York and Chicago
PRINCIPAL
IN
CITIES
CALIFORNIA
Financial Chronicle, 25 Park
Place, New York 8, N. Y.
We take
pleasure in announcing that
MR. MAURICE B. FLINT
has become associated with
TRADER
We
are
with
interested in
Street
a
contacts
us
We
Trader
Price, McNeal & Co.
or.in¬
INVESTMENT
165
SALARY AND COMMISSION
that
announce
MR. ARTHUR H. BUNKER
Established 1921
dividual clientele.
pleased to
are
SECURITIES
has been admitted to
New York 6, N. Y,
Broadway
a
Telephone COrtlandt 7-7869
firm
our
as
General Partner.
LEHMAN BROTHERS
80
V
BROAD ST.,
NEW YORK
BOwling Green 9-2590
We wish
;
to announce
the opening of an
Unlisted Securities Department
Unlisted Order Clerk
to
Accustomed
connection
unlisted
M
820,
handling
to
stocks
execute
and
Commercial
Chronicle,
2j>
Park
under the
Oyer-.
desires
securities,
the-Counter
orders
bonds.
in
supervision of
DAVID A, CAREY
Box
& Financial
Place, New
York 8, N. Y.
.
We take
GRUSS & CO.
pleasure in announcing that
Mr. Edwin II. Ilcrzog
Members New York Curb Exchange
115 Broadway, New
'
COrtlandt
York 6, N. Y,
has this
7-2198
day been admitted
general partner in
as a
firm.
our
Lazard Freres & Co,
New York, September 1,1945,
we take
pleasure in announcing
THAT
Mr. Gilbert H. Wehmann
us AS manager
has become associated with
of our
department
trading
ADOLPH LEWISOHN
MEMBERS
MEMBERS
61
NEW
YORK
CURB
EXCHANGE
New York 6,
Broadway
SEPTEMBER 1.
8C SONS
NEW YORKSTOCK EXCHANGE
N. Y,
1945
Lehman Bros. Admit
Bunker
I
as
Partner
Brothers, 1 William
Street, New York City, members
of the New York Stock Exchange,
Lehman
announce
has
been
that Arthur H. Bunker
admitted
to
their
firm
general partner. Mr. Bunker's
admission to partnership was pre¬
as.a
viously reported in the "Financial
Chronicle" of Aug. 30.
Goodbody & Co., 115 Broadway,
York
City, Members New
Stock Exchange, announce
that Irwin Kranz has joined their
•
New
York
investment sales
Kranz
was
department.
Mr.
formerly with. Craig-
myle,-Rogers & Co. and in. the past
was
an
officer of Swart, Brent
& Co;
THE COMMERCIAL & FINANCIAL
1043
Thursday, September 6,1945
CHRONICLE
Securities
Christiana
New York.
in
Since
The
Real Estate Securities
Private home construction,
in
M.
Stock Exchange
Curb Exchange
PL., N .Y.
Dlgby 4-4950
NY 1-953
Willers
in spite of war time restrictions still
effect, is beginning to show an increase, Commissioner Raymond
Foley of the Federal Housing Administration reported on Septem¬
terials, especially lumber, become
and Sell:
July of this year, the FHA
offices received applications
In
field
from private financial
to insure mortgages to
Certificate*
REAL ESTATE BONDS
SIEGEL & CO.
Dlgby 4-2S70
Broadway, N.Y. 6
Teletype NY 1-1948
institutions
finance the
private lending institutions under
'
months.
first
The
the
of
record
years.
w.
Guide
s.
Securities—revised
tion
165
Broadway Bldg.
Railroad Reorganiza¬
to
reorganization
4VW58
Lackawanna
of
the
of
& Western Railroad
series of
revisions being sent to holders of
Company—the first of
J. S. Strauss & Co.
155
plan
Delaware,
a
the "Guide" to amend the fourth
Montgomery St., San Francisco 4
Wall
digest
of
American
ser,
Inc.; Mohawk Rubber Co.;
TACA Airways; American Win¬
dow
Glass;
Hawaiian
Castle
FRANCISCO,
CALIF.—
William J. Raber has become
as¬
sociated with
Stewart, Scanlon &
Co., 220 Montgomery Street, mem¬
bers
of
the
Exchange.
San
Francisco
Mr. Raber
Stock
previ-
was
ouslv manager of the trading de¬
partment of the local office of
Merr n
Stocks—study of Al¬
Baldwin,
Ltd.
and
Cooke, Ltd.—Kaiser &
&
&
Co., Russ Building, San Francisco
(Special to The Financial Chronicle)
SAN
Lynch, Pierce, Fenner &
Beane.
4, Calif.
Also
port
available
is a timely
Golden State Co.,
on
Stocks to
Consider
SAN
lists of stocks divided into groups
and arranged according to esti¬
for
timing—$1.00
lists, studies of each list and
&
Poor's
Investment
Miss
Marjorie
Helen
C2lebrating her 25th
with E. H.
porated,
Rollins
Committee's
program
—also
three
of
for
the near-term and the long-term
Woods
—
is
anniversary
& Sons
Incor¬
fer
a
&
Hudson
The
to new readers—Stand¬
Poor's
Street,
Corporation,
New York
345
14,
New York.
Major Harold A. Rousselot has
his
duties
as
a
general
partner of the New York Stock
Exchange firm of Orvis Brothers
&
Co., 14 Wall Street, New York
City, having recently received his
release from the U. S. Army Air
Force.
V
.
on
is
late
Ex¬
change Place, New York 5, N. Y.
dum
available
on
is
memoran¬
a
International Detrola.
Plastics
—
Also available is information
Colorado
&
memoran¬
England Lime Co.—Circu¬
New
lar—Dayton Haigney & Company,
75 Federal Street, Boston 10, Mass.
Railways
—
Current
study—First Colony Corporation,
70 Pine Street, New York 5, N. Y.
Company
possibilities
in certain system bonds and un¬
derlying stocks—F. J. Young &
Co., Inc.. • 52 Wall Street, New
York 5, N, Y.
/
Railways
Pittsburgh
—discussion of profit
.
,
Porter Company—analy¬
& Company,
La Salle Street,
Minton
IncM 209 South
Chicago 4, 111.
.
available are statistical
memoranda on Liberty Loan Cor¬
Also
Serriek Corporation.
Public National Bank & Trust
Company—Ar^a lysis—for dealers
Only— C. E. Unterberg & Co., 61
Broadway, New York 6, N. Y.
on
Credit Potentials
tabulation of com¬
Railroad Tax
Associates—
Group
Employers
study of situation—Huff, Geyer &
Hecht, 67 Wall Street, New York
5, N. Y.
—study with
Analysis—W. J. Banigan & Co., 50
Broadway, New York 4, N. Y.
dealers—Vilas & Hickey,
Co.—Recent
report — Mercier, McDowell
&
Dolphyn, Buhl Building, Detroit
26, Mich.
.
Also available
report
a
Na¬
on
49 Wall
Street, New York 5, N. Y.
Also
available
is* a
memo¬
of War¬
Disposition
Earnings.
on
time Railroad
Schenley Distillers
Corporation
of articles
—Brochure
General Industries
to
available
figures
parative
randum
Franklin Railway Supply Co.—
Southern
Common1.
a
Electric Motors
and American Service Co.
Howell
on
poration, and
Chemicals
&
is
available
Also
Hotels Statler and Buffalo Bolt.
memo¬
they have
running in the Chroniclewrite to Mark Merit, in care of
Schenley
Distillers Corporation,
350 Fifth Avenue, New York 1,
been
N. Y.\
r,
tional Stamping Co.
Baker-Raulong Company—An¬
Great
American
Industries—
alysis of condition and post-war special analysis—Allen & Com¬
prospects—F. H. Koller & Co., pany, 30 Broad Street, New York
Inc., Ill Broadway, New York 6, 4, N. Y.
Also available are analyses of
Liquidometer Corp., Delaware
Rayon and New Bedford Rayon.
Simplex Paper
White,
Trust
on
in¬
teresting possibilities—Hoit, Rose
& Troster, 74 Trinity Place, New
York 6, N. Y.
Also available is
on
a
Thermatomic
a
memorandum
Carbon
Co.
and
analysis of Panama Coca-
new
Cola.
Corp.—report—
& Co., Michigan
Building, Grand Rapids 2,
Noble
Mich.
Co., Inc.—
dealers only—First
Colony
Corporation,
70 Pine
Street, New .York 5, N. Y.
Pattern
Simplicity
Corp.—Circular
Hajoca
Bank of America, N. T. & S. A.
—analysis—First California Com¬
pany,
Inc.,
300
Montgomery
Street, San Francisco 24, Calif.
Benguet Consolidated Miningcircular—F. Bleibtreu &
79 Wall
Also
Co., Inc.,
Street, New York 5, N. Y.
available
are
memoranda
San Mauricio Gold Mines and
Mindanao Mother Lode Mining,
for
analysis
Van Dorn Iron
Works common
—report—Hughes & Treat, 40
Wall Street, New York 5, N. Y.
International
Detrola
Corpora¬
tion—analysis of rapidly growing
company in the radio and home
appliance field—Wm. C. Roney &
Co.,
Buhl
Building,
Mich.
Detroit
•
26,
vf
.
Ward Baking
Company—mem¬
the Recapitalization
with particular reference to the
outstanding
preferred s t o c k—
orandum
on
Stern & Co.,
York 5,
120
Broadway,
New
N. Y.
Outlook for the Railroad
Equip¬
Industry—eight page bro¬
chure, with comparative figures—
ment
H. Hentz &
Co., Hanover Square,
New York, N. Y.
Bird
Outlook
for
Public
&
Son—memorandum—
Buckley
Brothers,
1529 Walnut
Street, Philadelphia 2, Pa.
Also
on
Peacetime
At Orvis Bros. & Co.
available
randum
on
Fousselot Resumes Duties
resumed
South La
111.
dum
Out¬
service for investors—of¬
open
ard
issues
Russ
Building.
Her
friends are wondering how she
Iiss stood being Tom Price's asiii tant in the trading department
fcr so long.
cir¬
Dunningcolor—Descriptive
Also
Co.—Anal¬
N. Y.
H. K.
cular—J. F. Reilly & Co., 40
Spanier
mate of investment
look,
FRANCISCO, CALIF.
re¬
Now—
Policy
E.TL Rollins in S. F.
& Co., Inc.,
105
Salle Street, Chicago 3,
York 6,
sis—Sills,
N. Y.
160
Standard
Miss Woods 25 Yrs. With
the
Illinois.
exander
Stewart, Scanlon Go.
in
with reviews and analyses
specific situations appearing
to
have
exceptional investment
and/or profit possibilities — Ben¬
Also
William J. Raber With
events
of
nett,
York.
Avia¬
and Purolator Products.
ica,
edition—Pflugfelder, Bampton &
Rust, 61 Broadway, New York 6,
Teletype SF 61 & 62
Continental
tion & Eng.; Michigan Chemical
financial markets Of North Amer¬
New
Bell
current
Radiator
National
ysis, for dealers only—<g. E. Unterberg & Co., 61 Broadway, New
National Terminals Corporation
Building, Buffalo 2, N,.Y.
Commentator—a
Street
Nashawena Mills—Circular—Du
Pont, Homsey Co., Shawmut Bank
Building, Boston 9, Mass.
—circular—Adams
&
Co.,
231
South La Salle Street, Chicago 4,
Corp.; Detroit Harvester; Bow¬
understood that the
Enterprises
5/64
for
and
Inc.
descriptive
circular — Doolittle,
Schoellkopf & Co., Liberty Bank
firms mentioned will he pleased to send
interested parties the following literature:
It is
4-6/48
information
Garrett
on
Pittsburgh
the
since
Recommendations and Literature
Broadway Motors Bldg.
-
statistical
memorandum
a
Pub.
Industries;
Electrolux; Brockway Motors;
Scovill
Mfg.;. Alabama Mills,
Inc.;
American
Hardware;
Douglas
Shoe;V- Southeastern
year
A.)
5/50 w. s.
Midtown
5, N. Y.
Great
plications for new home construc¬
tion under Title II during recent
Dealer-Broker Investment
MARKETS:
Ambassador Hotel (L.
Co.,
Macfadden
Durez
FIRM
Products—
Rock
Also available is
on
construction of 5,035 new homes
of which 4,224 were to be built
Mortgage*
PRUDENCE AND
89
and
circular—C.
E.
de
120 Broadway,
&
New York
The
July record merely re¬
flected the steady increase of ap¬
shows 382 ap¬
plications in January; 614 appli¬
cations in February; 961 appli¬
under the peace time provisions of cations in
March; 1,600 applica¬
Title II.
tions in April; 4.076 applications
During the same month in 1944, in May; 4,425 applications in June
applications for FHA mortgage and 4,224 applications in July.
insurance totaled 2,792, of which
In addition, the FHA's opera¬
all but 129 were to be built under tions
in insuring mortgages on
the wartime provisions of Title VI.
existing houses during the twelve
"This
is
an
indication," Mr. month
period ending June 30 was
Foley said, "that the private home
the
largest in volume in five
builders of America, financed by
and
TITLE CO.
Utilities
Gas
Sterling Engine*
available.
We buy
companies—
Corporation
and Magnavox Company.
Steel, Kingan &
Applications for insured financing on new homes to be con¬
structed under the provisions of Title II of tthe FHA program averaged
Continental Aviation & Engi¬
more than 1,000
neering—Study of outlook and
a week during $•
the FHA program, are starting on possibilities
the three month period from May
for
this
company
through July. A substantial in¬ their post-war programs to meet which is a factor in the field of
the nation's acute housing short¬ jet propulsion—Ward & Co., 120
crease
in this volume may be
expected, Mr. Foley said, just as age. Builders have to have their Broadway, New York 5, N. Y.
soon as remaining restrictions can
plans ready when they apply for Also available are late memo¬
be
removed and
randa on:
building ma¬ mortgage insurance."
SHASKAN & CO.
realization
Co., 208 South
Street, Chicago 4, 111.
available 'are
brochures
dealers
on
Corp.—Circulars—
Chicago
Descriptive
ber 1st.
4's
Also
9,
circulars
are
&
Consolidated
•
Boll Tolotypo
Boston
and
La Salle
10
Price, 231 South La Salle
Street, Chicago 4. 111.
4^'s
N.Y. Athletic Club2-5's
ties
Hicks &
HAnover 2-2100
Broad Street, New York 4
Midland
Riverside Cement.
Consolidated
York Security Dealer« Association
and
Fred W. Fairman &
.
Incorporated
41
Iron
and
Co.
Seligman, Lubetkin & Co.
870-7th Ave. 4H's
(Park Central Hotel)
40 EXCHANGE
Co.,
&
Square,
available
Central
Hotel St. George, 4's
Members New York
de¬
and
Also
Members New
Member* New York
Corp.
recent
on
Mass.
Primary Markets in:
Beacon Hotel,
Office
Post
SECURITIES
165 Broadway,
Cement
A—Bulletin
velopments—Lerner
1929
Utilities
Realization Company—A study of
Values and Distribution,
prompted
by consensus of opinion pointing
to near-term liquidation of utili¬
Consolidated
Class
Real Estate Securities
REAL ESTATE
1 Wall Street, New York 5,
Co.,
SPECIALISTS
Midland
Company
—analysis—Francis I. du Pont &
available
Eastern
are
memoranda
Corporation
Boston
in
the
Reconversion
W.
Main
Broad
Pizzini
Railroad—ana¬
&
railroads—McLaughlin, Baird
& Reuss, 1 Wall Street, New York
8, N. Y.
Inc., 25
Street, New York 4, N. Y.
.
&
Co.—de¬
Maine
Wellman
Salle
Building,
Street, Chicago 4, 111.
Engineering—descrip¬
memorandum
tive
Rouse
&
Co.,
New York 4,
Midland
land
Boston
Lumber
—
J.
Wm.
Commerce
Cleveland 14, Ohio.
& Co.,
Mericka
Union
25
Broad
Street.
Wellman
York 4, N.
N. Y.
Engineering
Co.—De¬
scriptive circular — Simons,
burn & Co., 25 Broad Street,
Lin-
New
Y.
Co.
Period—study of the outlook for
the
Bell
P.
R. Mallory
& Co*r Inc.—
Analytical
discussion — Steiner,
lytical study of current situation
—B.
Railroads
&
Long
tailed brochure for dealers only—
Comstock & Co., 231 South La
and
Mastic Asphalt.
Utility
Stocks—descriptive infor¬
mation—Bear, Stearns & Co., 1
Wall Street, New York 5, N. Y.
;
Railroad—cir¬
cular—Price, McNeal & Co.,
Broadway, New York 6, N. Y.
165
Realization
Utilities
and
Mid¬
Common—Memo¬
randum—Doyle, O'Connor & Co.,
Inc., 135 South La Salle Street,
Chicago 3, Ill.fW-.-- - r r- <
>
Winters
date
&
Crampton—Up-tocurrent situation
analysis on
—First
Colony
Corporation,
70
'
' Number 4418
162
Volume
THE COMMERCIAL & FINANCIAL
CHRONICLE
1049
ADVERTISEMENT
STATE
GOLDEN
r".
•'<; •
..
:
OF
ONE
v
REPORTS
ON
COMPANY, LTD.
»'».
r
;
SERIES
A
OF
•• *
SCHENLEY DISTILLERS CORPORATION
"
TIMELY
COMPANIES
NOTE—From time to time, in this space,
there will
STATISTICAL
WHOSE
STOCKS
ive
LISTED
ARE
ON THE
SAN
FRANCISCO
EXCHANGE AVAILABLE
ON
STOCK
appear an advertisement which
hope will be of interest to our fellow
Americans.
This
series.
a
REQUEST
is
Kaiser & Go.
'
„
.
.
.
NEW
STREET
PINE
2D
NEW YORK
sYoCK exchange
yorifcurb Exchange
san francisco stock exchange
1 50O
RUSE
SAN
5
FRANCISCO
A-
pie&si'on,
dained for
INVESTMENT
must
contain
high level of income
a
the total war we' waged, arid 'they
shall and must help the State -and
Federal
governments With
the
and
we
the
we
social
however,
has
the
fire
cease
out around
gone
order
the
that
depend
living if
wOrld,
we
expansive economy.
What does
sive ; economy
century.
ing
has
had
When
we
the
in
past
celebrat¬
are
100th annivarsary it is easy
reminiscing about the
good old days.
Glancing briefly
a
t6 do some
at the century between 1845 and
1945
we
find
many
marked
period
generation
the
saw
of "that
railroad to Peoria.
of
employment
the
that
re¬
worthwhile
make
that
American
the only modern
transportation^
really had
generation
we
frontier.
a
means
realize we
Later, that
the Civil War and
saw
the trying days of getting back on
our feet.
Toward the end of that
rebuilding
period
of
some
that
The
second
of
generation
that
century saw electricity come to
Peoria.
They, reveled in the Gay
Nineties.
The Spanish-American
War
the
and
came,
generation
last
of
that
The
third
generation of that
century has seen the radio, good
roads,
and
airplanes
come
to
Peoria.
They have lived through
the
insecure
Twenties
have
and
participated in two World Wars.
Summing up that century, we
see
one
or
more
in
wars
every
generation. That is a part of the
picture that we must bend every
effort
to
change.
inevitable', arid
we
Wars are not
must stop their
On the other hand, that century
the development t)f the rail¬
saw
road, telephone, electricity, radio,
automobiles, airplanes. Today we
see
the beginnings of television
arid
of
of energy.
We do not know the exact future
a
new
of either
of
source
developments*
these
but the prospects seem interesting
enough to stick around awhile
and
see
what happens.
big question.
to assume
lay down
forecast.
our
is
a
do
I
buy
can
and
many
every
of those
full
employment,
and services
in
atmosphere
an
courages
that
en¬
expansion and develop¬
We must have
ment.
tax
policy,
a
loan policy, an anti-monopoly
policy, that encourages expansion
and development.
The
but
workers
have
also
have
not
a
this
of
country
high wages
security.
To
only
economic
economic
security
the
worker must have assistance dur¬
ing periods of Unemployment and
protection against pro¬
must have
longed unemployment.
A
to
program
ployment
alleviate
should
broadening
of
the
unemployment
compensation both
to coverage
as
and amount of payments; a
during
unem¬
include
reconversion
service
to
help the
place,
at the right time, in the
right job,
and
the
coordination -of public
and
to be at the right
man
private expenditure.
For
the workers
of
5
this
coun¬
assume
future is predestined.
that
In fact,
markets
and
plan and do.<f
J'"
V
J If
we are to think construc¬
tively, if we are to act effectively,
we
that
must
at
periods
the
of
outset
recognize
War,, peace,
de-
in
the
cities
where
the
and
is
steel
their
lose
felt
by
the
worker
jobs,
cotton
in
the
and
West,
the
a
>
that the
farmer
produce.
This
means
means
that indus¬
have
full
wages
that the workers must
employment and
to
Here in Peoria we
are
in
a
good
the
sharp
fall in prices
accumulation
of
surplus
*
That's what happened between
1929
and
1933.
Employment
in
factories, mines and mills fell by
45%, Factory payrolls went down
and down until they were little
than one-third of what they
more
had been.
And that is about the
extent to which cash farm income
down—from
went
in 1929 to
$11,300,000,000
$4,700,000,000 in 1932.
The industrial depression aggra¬
vated the agricultural depression.
Crops
could not be
cent cotton and
sold.
10-cent
Five-
corn
are
part of the pattern of unemploy¬
ment and depression.
The farm¬
ers ' that were foreclosed and. dis-
in the cities.
ers
plentiful and wages
ticularly
appropriate position to
full employment -at
good wages means to the farmer.
realize
What
-
The source of our great
economic
share -in
farmers
That's
the
what
happened between
As employment
indtfstfy ttfsfc iri Viesp'onise to
war
and -1944.
needs, as payrolls went up,
found that the' demand
farmers
for
par¬
bn
people "on wheels"
a
Some of the food has
row
forces have
eaten
but not
much more than they Would have
eaten at home.- These are minor
more;
The real
factors.
for the
reason
increased demand for farm prod¬
ucts is that with plenty of jobs ht
good wages
people buy
our
Some of
us
more
it—that there
a lot of
faulty
The^e was poor
timing on the part of drivers who
had lost some of their technique of
brakes
on
cars
spond to
once did.
easy,
This
experience
1940s
of
the
•
1930s
shows
clearly that a
post-war farm
program
must start with plenty of jobs at
good
in
wages
workers
industry
so
consume
can
re¬
they
as
^
it easy; take it
easy" for a number
Not in those precise
words, perhaps* Our word for it is
'"Moderation." Tlie whole indus¬
of
years.
try has urged moderation in. the
consumption of its products.
But that
word-mpderatiorC*
•shouldn't
apply to
alone, should it? •The
road
open
products
our
#r
is
again.
ours
old Italian
an
saying, "Que
Sano, E Va
Piano—Va
Lontano." He who goes
safely and
sound
our
throttle
a bad slogan to
adopt. This
Company has been saying, "Take
Va
and
the
the
to
isn't"
There's
s
of
kept thinking: "Take it
take it easy." Now, that
than
before.
Some
weren't able
we
Nevertheless, the people of this
country are eating more food, and
more of the prptective foods.
As
a people we are better nourished
ever
traffic.
in
ancient
So
are
the toad.
driving
have not been
able to get as much meat, butter
and
fruits, as
we
should
likte.
nar¬
from accidents in doing
escapes
goes
slowly
goes
far.
So—Take it easy!
that
FREE- Send
the
foods and fibers which
our
produce
postcard
a
or
letter to
mark merit of schenley distillers
Nothing
prosperity
farms
350 Fifth Ave.,N. Y.1,N.Y.,
will receive a booklet contain¬
ing reprints of earlier articles on various
subjects in this series.
corp.,
-■■■
the
the
crops.
are
a
mysterious
wages.
through
and
are high,
prosperity
through greater consumption of
farm commodities at better prices.
In order
have
same
employment at good
mhy
high income, he must have
market at good prices for ;hifi
good faith.
nothig
to have full
It is just as true that-when jobs
cooperation
;
of the farmer
brid
of
up
than
These farmers feel the depression
try to have high wages, industry
mUst turn out a large volume at a
posessed; the farmers that strug¬
reasonable profit.
There must gled through years of poverty,
not be unfair 'competition
leading were as much the victims of in¬
to the cutting of wage rates.
Col¬ dustrial depression as the unem¬
lective bargaining must bfe
fee* ployed and the poorly paid work¬
atmosphere
went
more
fruit growers of the
Coast, and the corn and
hog farmers of the Middle West.
Pacific
be able to buy
products of the fafrii.
v
will depend
upoft What we think
sense,
tobacco farmers of the South, the
and sheep raisers of the
our
is
are
income
abroad; but very little more
than we customarily exported in
the 1920s.
The men in the armed
food.
common
sur¬
gone
interest
cattle
1941
future
plain
is
about this.
prosper.
Pittsburgh
effect
There
well-being, for
they them¬
When the automobile worker in
Detroit
in
our
and
American industry and American
commerce thrive.
this
What
Farmers
prices that will give them a decent
living. They, know that their big
try must be running in high gear;
lives,
can
This .is
have decisions, and more de¬
cisions, to make.
That very fact
gives challenge and interest to
we
no
The farmers of this country want
to
sell
what
they produce
at
A
—require vigilance and action on
many fronts.
Industry must oper¬
prophet
definite, ucfeurate
a
Nor
us
I do not propose
the role of
each
and
high
high in¬
eco¬
country,
common
other'a
farm
$11,700,000,000 to
$21,000,000,000.
the only way
selves
..
tive and must be carried on in .hri
What the future holds for
and
available.
abundant goods
right
recurrence.
comfortable
are
income,
and
must
biles.
life
that
so
high
the first automo¬
saw
production
goods and services.
These three simple objectives—
ate
generation used the telephone.
of
have a
each
that is
goods and services
level of production means
come
of
level
the
prosperity.,
workers
iri
.
high
of
cash
from
leached 'that all benefit from na¬
tional
and
un¬
Prosperity is national
' section
no
a job will long
It includes a high
level of production; it includes a
good market for our industrial
and agricultural production.
means that tne
in
and
branch, of industry or agriculture
can
escape .the consequences of
riation&r depression; and we have
a
job.
a
wasted in indus¬
power
unemployment
We Went'from
pluses that glutted the market to
rationing of food, because our
people had the chance to eat like
they should.
Farm prices rose
could
prosperity; depression is national
depression. We have learned that
in¬
high
that no
so
had, the
owners
once more.
by shortages.
tragic than to have this
more
nomic unit.
worker who wants
be out of
member what those first railroads
were like and when we remember
was
It
level
we
When
include?
Nothing
marketable farm surpluses.
This country is one big
/
-
agriculture.
trial
sound and expan¬
a
American; it includes
of
coming
be
cludes & high level of iricome fbt
A
first
and
enormous
every
changes.,'
The
own
good American
attain a sound and
the future may bring by recalling
some
of the tremendous changes
Peoria
our
for
We can obtain some idea of What
that
upon
car
We found—and had several
strength is the efficiency and pro¬
ductivity of our vlabor,-industry
Hence,
have laid, in major part, the
groundwork
What does the future hold for us?
a
zzzzzzzzsza
desire,
we
other
the road and
individual choices, providing that
there is an economic level which
war.
that
interests
upon
idea; the nation seemed to be
Phone LD-159
•
had been
to be brought
away,
world of peace. And thousands of
eco¬
permits their attainment.
Now
INVESTMENT SECURITIES
Private Wires "• Home Office Atlanta
.
day for grandchildren to
and talk about with
curiosity, when they grow up in a'
BROKERS OF BONDS, STOCKS, COMMODITIES
security, but also a social
political atmosphere in which
like to live.
Many of the
problems
of
the
future.
All
groups in this
pountry must con¬
tribute to making this a land of
niilk and honey and peace, even
as
they worked together to win
\
,
a
.
some
gaze
,
nomic
and
on
unused "A-Card"
stamps
carefully laid
out
good standard of living.
A good
standard of living means not only
to
contribution
future
Exchange and
Exchanges
UNDERWRITERS AND DISTRIBUTORS OF
:
and
by our
shall affect bur future.
we
That
city arid county, and the civic or¬
ganizations—are all to be com¬
their
Other Leading
We have free wills.
us.
objectives
our
deeds
of Commerce; the officials of the
on
or¬
We have much freedom of action.
By
bor organizations, the Association
mended
not
are
the highways on
Sunday *
the
first one when gas could be
bought
without gas coupons. The few still
BANKERS
Members New Yerk Stock
boom
or
out
were
that memorable
(Continued from first page).
help, as irie govern¬
ment shall help.
/
"
i
The sponsors .of this Labor Day
Centennial
celebration—the
la¬
DISTILLERS CORP.
By MARK MERIT
Raising Our Sights
must
of
i
BUILDING
We
they
article
extra
Take it Easy !
members
■
hew YOfcK
an
•
■
C SCHENLEY
their
creased.-.
productsSteadily
in¬
;
Despite the largest agricultural
production by far in all our his¬
tory, accumulated surpluses began
to disappear and we were faced
in
abundance.
contribute
can
to
the
more
and you
than for labor
Labor, industry and agriculture
will need some assistance from
the
Government
maintain
reach
to
We
and
expansive
In
the high and
and
and
addition, we must bring millions
of our boys back from overseas;
we must provide for our sick and
wounded with the full care that
medical science affords. We must
terminate
uncompleted
our
contracts.
We must occupy
police
former
the
enemy
continue
coun¬
come.
make
a
They should
long time to
It is self-evident that this
is in the interest of people as tax¬
Not as evident, but just
valid, is that low interest rates
payers.
as
"cheap
Out of
$220,000,000,000
for
low
—what
some
natural,
can
Interest rates determine the real
Moreover, much of the cost of
000,000,
human,
resources
and
public debt of about $265,000,-
there¬
product
a
burden of the debt.
All of these. things cost
us.
our
as
technical
war
money.
a
national
high product and in¬
come, our financial problems will
be simplified.
Without it, they
will be magnified.
until they are ready to be
received back into the society of
the war remains with
determined,
our
national income shall be
our
With
it.
tries
nations.
that
high
as
economy that all of us desire.
be
must
fore,
economists
the
the people as
■
ers,
and
call
f
a
policy"—benefits
consumers, as work¬
money
as
citizens.
Low interest
rates, for example, will be an im¬
represents the cost of the
war that
portant factor in making possible
paid as we went1 the better homes, the better in¬
dustrial
along.
By July 1, 1946, even if
plants, and the better
we have no tax reduction at all,, public facilities which will make
the public debt is likely to be our country tomorrow more pro¬
we
have
not
around $275,000,000,000.
ing rates of
interest,
At exist¬
the
carrying charge will
$5,500,000,000.
This
about 2%% of
our
annual
be
about
represents
present annual
kthe
value. of
product
after
than
is
it
rates
the
will
is
if
lower
interest
their
at
present
carrying charge of
a higher percent¬
the
course
national
our
war
and
now,
remain
levels,
age.
in
that it
be
In that event it will be more
difficult Ito
,
pay
.
our
expenses.
a
was
better place to live
yesterday.
Our necessary expenditures arid
our
carrying charge on the public
require a large budget.
a long time to
come our ex¬
debt will
For
product.
If
ductive and
penditures, even after demobiliza¬
tion and reconversion, will prob¬
ably be around $25,000,000,000 per
year.
To meet this budget we
must have sizable taxes.
we
may
Although
be able to make
some re¬
ductions in tax rates, taxes must
i; f (Continued
on page
1050)
:
FINANCIAL CHRONICLE
THE COMMERCIAL &
Thursday, September
1050
We have
Tra^ding Market in
V
Fuller Mfg. Co.
MEMBERS
Steel Tubes
CHICAGO
'■
'
:
MARYLAND CASUALTY CO.
MARYLAND DRYDOCK CO.
Co.
Shillinglaw, Bolger &
CHICAGO STOCK
continuing interest in—1r
a
BOWSER, INC.• •
.
Globe
STRUTHERS WELLS CORP.
' f'H
■'V-
EXCHANGE
^ Ci'iumeu
OF TRADE'
BOARD
TfJtmU* ¥l*m tforl Slocl
i:
Co.
C. L. Schmidt &
834 South
Association
Dealers
stable
or
Wholesale Distributors
size that the world does not stand
STREET, CHICAGO 3
a
For
chance of attaining a stable eco¬
nomic system unless this country
has a sound, high-level economy.
Teletype CG 1070
Telephone State 5850
UNDERWRITERS
Second,
is
DISTRIBUTION
650 S. Spring St.
Trinity 3908
135 La Salle St.
CG99
State 6502
Exchange
Chicago Board of Trade
Stock
A
ST.
4, ILLINOIS
Bell
Wire to New York
System CG 537
*Burton-Dixie
Central
Steel
Corp., Com.
Wire, Com.
&
'Gibson Refrigerator Co.,
Globe Steel Tubes Co.,
*Oak
20s.
Com.
Com.
Paul H.Davis &@o.
1916
Members
Principal Stock Exchangee
Chicago Board of Trade
10 So. La Salle
St., Chicago 3
Teletype CG 40S
Indianapolis, Ind.
Rockford, 111.
-
costing
the
contrast,
about $80,000,000,000 a
about $250,000,000 a day.
that
means
the
if
the
war
by nine
developed a principle in the crea¬
tion and harnessing of energy that
can find many uses in peace-time
production for the benefit of each
and every one of us.
The expen¬
diture of money on the develop¬
excellent
bilities
of
our
invest¬
Many ex¬
are
tomorrow.
will
penditures
repay
us
many
times in money, in health, in wel¬
fare
Company
and
we can
in
use
material
goods
that
Second Edition
fication and the elimination of in¬
COMSTOCK & CO.
equities.
our
CHICAGO 4
231 So. La Salle St.
Dearborn 1501
Teletype CG' 257
of
mass
however,
if the great
take
consumers
home
their pay en¬
velopes to buy the products of our
expanded
industrial
machine.
enough money in
The
modernization
tax structure is
a
meet
of
basic factor
in the program to reach and
tain full employment.
To
main¬
have a
sound tax policy and to aid full
employment,
taxes
should
be
our
Consolidated Gas
needs,
We must meet the future with
a
high and expansive economy. This
requires the recognition' and the
resolution of many problems in
this country. But what the future
holds for
we
do
is not limited to what
us
about
I suppose
local
our
problems.
in this fine, peaceful,
Midwestern city with its diversi¬
fied
activities that on
occasion
have
some
held
the
thought that
we
can
live unto ourselves alone.
We
can
not.
The
clusively what
some
war
really knew for
we
atomic
bomb
illustration. When
atomic
we
bomb
is
a
graphic
first dropped
on
a
city
of
325,000, apparently we destroyed
a population the equal of this en¬
tire city.
When we are able to
to
has' been
There is
on
writers
military
and
the fear that
man
of international strife and
self-destruction to the broad road
of
true
international cooperation
and lasting peace.
These
express
has at last found
crete
the world
to the
of
world
\
a
today.
<
all
international
great factor in
Other nations
the
foundly
and
j
man
will
pro¬
security
the
that these
be adequate or ef¬
While they are probably
little
doubt,
but
will, disclose
what
many
experience
avenues
have
do
faults,
determined
are
come
to
answer
the atomic
ternational political and economic
cooperation.
You and
have
face
can
nations
the
learned
I
future
the
knowledge that not only
that
of
the
world
their
security • depends upoii'effective international
political and military cooperation,
but equally important, they know,
now
that
their
prosperity de¬
mands
international
sound
eco¬
nomic collaboration. Not
we
learned
only have
lesson, we have
this
to
I
and
over
and
the world
correct
those
faults and make the international
patient
While we will be
sympathetic if mis¬
made, we will not tol¬
can not tolerate, failure.
work.
economy
and
have
we
the
unity in
same
in war, if we work to¬
gether at home and abroad, I am
peace
as
holds
for
lems
of
The road ahead already has the
familiar landmarks of Reciprocal
To solve the prob¬
us. £
the
future, we must be
able to grow. Just as an individ¬
ual becomes old in mind and spir¬
he loses the
it
as
so
our
and
ability to grow,
communities, our countries,
old only
for growth.
world will grow
our
lose the capacity
if
we
:i
Peoria, which has grown from
city of 2,000 in 1845 to a city of
a
well
100,000#in 1945, is sym¬
country's capacity for
I realize that you folks
over
bolic of this
growth.
in Peoria
with a
about your city.
have to put up
lot of stale jokes
When
it.
upon
a
doesn't
he
loved
me
rival,
I
jokester lays an egg,
invariably say, "They
in Peoria"?
Your only
believe,
is
But
compli¬
recognition of
St. Joe.
Trade Agreements, the ExportImport Bank, the United Nations
these jabs are, in a sense,
Relief and Rehabilitation Admin¬
ments.
istration,
your
the
International
Food
Agricultural Organization, the
Social
Economic
and
Internnational
construction
Today
and
Council
Bank
of
Re¬
for
international
stitutions,
we
are
born
during
were
greatest
war
economic
the
they
throes
in¬
largely
of the
in all history,
that I
have had grow¬
you
ing pains rather than dry rot. I
think you folks can grow; I think
my
I
folks in Kentucky can grow;
confident that this entire na¬
am
tion
can
With that capacity
I do not worry about
grow.
for growth,
future.
If
so
as
They are
bustling spirit; they are rec¬
ognition that
our
Development.
great
we
■
%: v--■
handle
the problems of
as we have met
well
the future
the series of historic events
as
of the
look for¬
optimism. Re¬
less than five
past few weeks, we can
ward
with
member,
high
it
was
H. K. PORTER COMPANY, INC.
Byllesby and Company
Incorporated
50,000 Shares 5% Preferred ($50 par)
*
With Warrants to Buy Two Shares
Common at $11 Currently.
r
397,230 Shares Common Selling at 6Times
•
Investment
Earnings
"
~
:
.••••>/
Opportunity in the Most Favorable
Rail Equipment Industry
SILLS, MINTON & COMPANY, Inc.
"
CHICAGO 4
SO. LA SALLE ST.,
231
'
Randolph 5686—-CG 972
New
York
Office
-
135 So. La
1
Wall St.
.
Salle
Telephone State 8711
New York
Philadelphia
Members Chicago
Street, Chicago 3
<
Minneapolis
Stock Exchange
209 SO. LA SALLE ST.. CHICAGO
Teletype CG 273
v Pittsburgh
for
bomb^the optimistic about what the future
only answer we have todays-is
lasting peace through genuine in¬
with the
you
all
us
Post-war
H. M»
two
today, of
the best that could be agreed upon
in advance of actual trial, I have
If
whatever the out¬
of the military search, the
Meanwhile,
the responsibility and the leader¬
leadership and responsibil-
fective.
No
guarantee
can
measures
able future.
scene
This
Wars.
so
world
prosperity between
are
ognize it. The question is whether
we shall fully realize it and take
ship it entails.
affected
we
close to the
of the actual birth of these
rec¬
determined to get
of those international
economic problems which
takes
the
>."
us con¬
are
core
erate.
adequate
no
the United Nations Security Or¬
ganization, and the Bretton Woods
Agreements establishing the In¬
ternational Monetary Fund and
;
measures
that the nations of
assurance
defense
which
population equivalent to that of
this city, how can the thought be
longer held that we can live with¬
concern
trail-blazing
together with others, offer
will be found within the foresee¬
for
An
CrPRICE
country
in the atomic bomb an offensive
GALVIN MANUFACTURING CORP. Common
Principal Stock Exchanges
Chicago Board of Trade
this
in
elsewhere, however,
DEEP ROCK OIL CORP. Common
Members
path
others like
and
problems?
We are
point
bloody
as
found to counteract it. Some sober
reach half way around the world
and with a single bomb wipe out
out
the
turned from the
improvement. But the important
thing to remember is not that
they may have faults, but if they
•V:-
HICKS
the
by
truism in
recorded
man
history and in football
strategy that every new offensive
will eventually lose its power be¬
cause
ways and means will be
—We Maintain Active Markets In—
Request
a
military
CHICAGO SO. SHORE & SO. BEND RR. Com.
Circular
people.
our own
dramatized
atomic bomb.
Utilities
The Chicago Corp.
not
can
we
high standard of living
desire for
we
acted
time.
The
the
proved con¬
the
The necessity for the nations to
work together for the benefit of
all
investment,
a
day by day.
taxes
will
remain
Although
high, there will be improvements
in our tax system such as simpli¬
Four Page Brochure
of
source
the Government re¬
revenue
Business
an
not simply lia¬
are
today, but
for
ments
was
Often
investment.
expenditures
Long-Bell Lumber
atomic
days, we were more than repaid
its development cost.
But even
more, we have- saved thousands
of American, British, Russian and
Chinese lives. Moreover, we have
ment of the atomic bomb
AVAILABLE NOW
the
was
war
us
bomb shortened
*Prospectus Available on Request.
Tel. Franklin 8622
In
That
'Wells-Gardner & Co., Com.
Established
to
year, or
Mfg. Co., Com.
employment is the
high standard of living and of
spend money* at the
proper time for the proper item Taxes should be levied so as not
may repay us many times.
For to burden mass markets and mass
example, the development of that purchasing power, which are esr
new phenomenal weapon of war,
sential to prosperity for all of us.
the atomic bomb, cost us, the War
Tax burdens must be equitably
Department reports, $2,000,000,000. distributed among all people in
Even though we have become ac¬ accordance with
the taxpayer's
customed to big figures, that's still
ability *to pay. Tax programs must
a lot of money.
Two billion dol¬ be integrated with an over-all fis¬
lars represented one-half of our cal
policy designed to prevent in¬
national budget per year in the flation and deflation.
ingness
Telephone Randolph 4068
Direct Private
forgotten that the will¬
not to be
study of Midland Utilities
CHICAGO
and
nations.
between
be
that
not to
as
capacity to compre¬
landmarks
will
where
tive
way
our
COAITI
true significance.
In
the perspective of
history I believe
that
these
economic
course,
a
WE ST
their
Without such markets
in
will be profitable only
considering the cost of the
our future taxes, it is
In
M-3—
SOUTH LA SALLE
208
still smaller pie.
war
Midland Realization
Write For
a
full
a
hend
have
quires.
of
Midland Utilities
of
healthy
a
encourages
trade
must
question
creation of jobs, because produc¬
left for the- taxpayer than if the
Government took a smaller slice
Members
Chicago
a
We
nations
establish
to
that
of
other
A N 0
deter business investment and the
a
takes
world
flow
such
the
so
« A % T
..
World
levied
larger slice of a bigger pie,
there will be more nourishment
J Fred.W. FairmanCo.
with
do
TEL 2-3349
This will give us markets abroad.
But high
taxes are easier to pay with high
income than low taxes with low
income. Even if the Government
I SINCE 19081
the
To
economy.
self-interest.
our
economy
(Continued from page 1049)
remain relatively high.
in
work
Raising Our Sights
LOS ANGELES 14
CHICAGO 3
must participate in
we
world's
the
MARKET
SECONDARY
sound
a
at home. With
but I add and empha¬
economy
that I agree,
120 SOUTH LA SALLE
T O
..Willi
not have
can
we
expansive
Pacific Coast
f t I V At I
two-fold.
is
Bldg.
LINCOLN I. NES.
build upon a sound
CARTER H.C0RBREY&C0.
—
TEL DEARBORN 0500
First, we must
foundation at
home. Recently, many have said
that the world's economy must be
ity
Tint National Bank
Chicago 4, Illinois
_
INVESTMENT SECURITIES
Middle West
Spring Street
BISECT
UNDERWRITERS and DISTRIBUTORS
Tele. CG 271
of Securities
J CLcago Su>cl Cutanea
TEL TRINITY 6345
CHICAGO 3
Member, National
&
Co.
an
LOS ANGELES 14. CAL.
Salle Street
T»L Randolph 6960
(CxcLnft
..209 South La Salle Street
Established 1922
120 South La
6,-1945
Telenhone
Dearborn
1421
v
"
-
4, ILL.
Teletype CG
864
THE COMMERCIAL & FINANCIAL
Number 4418
162
Volume
We have prepared a memorandum
markets
trading
and
H00RE, McCORMACK LINES
Incorporated
A
Airlines
CHICAGO 3, ILLINOIS
Telephone: Dearborn 6161
did not know
President Truman well. Today the
world knows him well. They know
him as the man who has taken the
torch
from President Roosevelt
and that he carries it forward and
carries it high. We know him as
a
frank, decisive, energetic, ex¬
recalled recently what
happened since the day he
took office?
On Apr. 25, the San
Francisco
Conference
opened.
has
May 8
V-E Day. On June 18.
was
for
well
job
a
On
done.
June 26, the President closed the
Francisco
San
successful
On
July 17,
Conference
began.
ence.
Agreements
the Potsdam
On July 20,
Woods
Bretton
the
Confer¬
Monetary
overwhelmingly
were
approved by Congress. On July
28, the United Nations Charter
approved by the Senate, with
was
only
dissenting
two
On
2.
Aug.
on
Aug.
atomic
first
the
5,
The
votes.
Potsdam declaration was
In accordance
with its previous agreement, Rus¬
sia
declared
war
on
Japan on
bomb
dropped.
was
On Aug. 14, Japan stated
was ready to accept our
Aug. 8.
that she
surrender terms.
of
this
history,
Truman
has
been
all
Through
President
tive
With
leader.
a
stable but imagina¬
courageous, a
like
record
a
this, with this kind of leadership,
with God's
sights and
help,
see a
raise our
bright future.
we can
some
statements will subject corporation officials
heavy penalties under the Securities and Exchange
<S>
Conference Board.
The
executives
generally
con¬
sider the acts and the SEC proce¬
dures
basically sound and de¬
as
now," said one executive, "man¬
agement is apt to dig up and re¬
port a lot of things that it really
considers trivial but is afraid that
the SEC
or
court
some
might feel
otherwise about."
Objections to the acts and their
frequently
men¬
administration
tioned in the
replies
the fol¬
were
lowing:
(1) Too much information is re¬
quired; (2) the information some¬
required is of such a charac¬
ter that publicity in regard to it
would
damage the corporation;
(3) disclosure of salaries of offi¬
times
is undesirable;
directors
and
cers
the costs of compliance are
sgreat; (5) excessive liability
is imposed on directors and offi¬
cers; (6) too much delay is en¬
tailed in completing the financing
program; and
(7) the SEC at¬
tempts unreasonably to regulate
corporate business.
Many of the executives con¬
tend that prospective investors do
not need and do not read much
of the voluminous statements, de¬
(4)
too
scriptions, exhibits, forms, amend¬
ments,
and so on.
Since the
prospectus is primarily a selling
document, it might be more effec¬
tive if it were only a few pages
,
Yet
length.
of
brief summariza¬
a
material facts
the
the
to
conform
not
would
requirement
disclosure of infor¬
provided to every po¬
that complete
mation
be
CHICAGO, ILL.—Leo J. Doyle,
of Doyle, O'Connor &
La Salle Street,
the
interest of
135 South
purchased
Co.,
has
James J. O'Connor in the firm and
its
change
later
will
to
name
x,
Mr.
the
J.
J.
firm
established
has
O'Connor
new
O'Connor
&
Co., formation of which was re¬
ported in the "Chronicle" of Aug.
30th.
harm both stock¬
corporation seek¬
holders and the
ing funds
tion
gaps
mestic
tails
or
patent structure."
the
used to
public
"it forces the
disclose to competi¬
omissions in its do¬
because
to
company
expressed that
also
disclosures may
where
Doyle & Co.
were
new
acquire
money
going business,
a
disclosure
In cases
is to be
all
of
the
de¬
might well upset the entire
the
to
revelation
of
corpo¬
rate salaries in proxy statements,
one
executive
complains that:
bohm, treasurer, who has been as¬
"We doubt
its
the
with
company
has
formation,
vice-president.
been
since
made
a
,
should
if certain
sections of
the American
public will ever re¬
alize that any executive is worth
more than $5,000 a year, and the
"A
synop¬
of
Costs
The
to
request."
on
Boston
Milwaukee
7
Minneapolis
Omaha
executives
of
to¬
complying with
SEC requirements depend largely
oh
the
size
of
business
to
excessive for small
are
that
accounting
the
or
In general, it is held
corporation.
that costs
issue
the
the
have
not
does
the statements and
prospectuses and must hire costly
outside professional help for the
purpose. Some of the opinions ex¬
prepare
pressed were:
"The
SEC
regulations and
re¬
that
serious handicap to
such
are
a
A
the formation of
new
cumulative
now
small busi¬
Colonial
public
Stores
small
three
floated
we
amounted
which
this
which
of
cash
the
ultimately
received
issue, and, on top of
the brokerage fees."
were
Among the smaller businesses,
small
mining developments are
apparently being frozen out by
the stringent SEC requirements.
One correspondent reports that:
"More : and
more,
the develop¬
ment of mining companies is be¬
ing done by the large, well-fi¬
nanced
of the remaining 52,478
any
5%
company's
cumulative
ferred stock, Series
A, on
for share exchange basis.
The
exchange
Stores
Colonial
offer
to
Series A preferred
measurable
is
will
be
period
carried
on
work.'"
Specific suggestions for simpli¬
fying and improving financing
through the SEC include the fol¬
lowing:
J
tion
2.
.
,
Reduction of the number of
as
of
to location and construc¬
plants and
and
contracts
stock
the principal
holdings.-
chase
of
Direct
noon
tion
will
Changing
to
as
give
3
CG 1234-8
wire
to
York
New
ACTIVE TRADING MARKETS
for
As
there is to be
or
to
on
^National Terminals
attached
old
void
become
long as
preferred
ing fund
the
pur¬
Common
pre¬
the
at
of the
outstanding
are
a
Interstate Aircraft &
semi-annual sink¬
Engineering Corp.
of
1%
of
the
Common
maximum
^American Service Co.
shares outstanding.
stock
;
is
Preferred, Class "A" &
redeemable
at
is
redeemable
through
Common
Mohawk Liqueur
prices ranging from $52.50 to $50,
and
Coal Corp.
Preferred
&
*Howell Elec. Motors
shares
any
payment,
redeem
The
A Common
'
Corp.
Preferred
Franklin County
the redemp¬
beginning on
before Mar. 1, 1946, sufficient
number
&
if not exercised.
date,
4%
the
stock
common
certificates
to
Corp.
Common
.
the
'
sinking
""Circular
ranging
fund at prices
from $51.25 to $50.
request
on
adams & co.
Now
231
Proprietorship
Willis E. Burnside is
now
South
La
Salle
Street
Chicago 4, Illinois
con¬
Teletype CG 361
Phone State 0101
ducting Willis E. Burnside & Co.,
30
as
Pine
sole
a
Street, New York City,
proprietorship. William
J. Tetmeyer was formerly a part¬
ner in the firm.
highly involved prospectus which
very few investors will read and
fewer will understand." This J
might
be
done
through
prospectus, with
mary
that
it
a
a
sum¬
statement
is
incomplete and there¬
a
basis for possible claims
fore not
against officers and directors. The
David A. Carey Heads
New Dept. for Grass
Gruss
New
Exemption
on
change
body,
of
Co.,
115
Broadway,
City, members of the
York Curb Exchange, an¬
nounce-the
opening of an Unlist¬
Department under
the supervision of David A. Carey.
For the last seven years Mr. Carey
available upon request.
3.
&
York
New
complete document could be made
listed
the requirements
the investor the
chief facts rather than a long and
"so
Field Bldg., Chicago
Randolph 8800
its
of
expired at
detachable warrants for
even
Suggested Improvements
details
holders
HICKEY & CD.
by
share and accrued dividends. Non-
and,
result
of time,
only
by a few large companies. The
mine financing business has been
overly policed and regulated un¬
til
only the fearless and wellfinanced attempt to engage in its
a
made
Sept. 4, and shares not deposited
for exchange will be redeemed on
or
about
Oct.
8
at
$52.50 per
that
shut out,
The
the little fellow is
in
pre¬
share
a
mining companies already
existence.
in
Stock
Common
the
to
shares not taken by holders of the
ago
years
7V2%
we
the
from
to
issue
offer
and
close of business
a
GALVIN MFG. CORP.
plus
accrued
dividends
Sept. 7 for delivery after
that date, and will purchase from
ferred
"The legal fees necessary
preparing the data required by
on
Mdt&uola
4%
stock,
preferred
series, $50 par value. The group
is offering 7,522 shares at $50 a
ness."
SEC
INVITED
group
for
the
INQUIRIES
headed by Hemphill,
Noyes & Co. is underwriting *30,000 shares of Colonial Stores, Inc.
legal staffs needed
or
quirements
they offer
Colonial Stores Preferred
from
of
costs
Hemphill, Noyes Offers
share,
Complying
attitude
ward
available
be
each stockholder
1.
Doyle, O'Connor & Co. has also
announced that Leonard H. Kassociated
mation
,
transaction.
As
stockholder.
average
sis," he said, "would be all that
is necessary, although the infor¬
mining
tential investor.
Fears
New York
Chicago
applicants in tedious and costly pre¬
paration and overlong presentation, according to a survey of indus¬
trial and utilities' executives just made by the National Industrial
in
President
"
minor detail in preparing prospec¬
laws and regulations involves
tion
Leo J. Doyle Buys
Incorporated
1
registration
or
and directors to
welcomed General Eisenhower
back
A.CAIXYNam>COMMNY
A.
Required, Excessive Costs, Delays and Liability.
Fear that omission of
is
westerner.
Have you
Quoted
—
Executives Complain of Amount of Information
capable leader of sirable, but hold that reports can
proud of this Mid- and should be simplified. "As it
are
Sold
Bought
CG 1200
Urge Simplified SEC Procedures
tuses
}
At that time some
we
Teletype:
wartime
President Roosevelt, died
in
the service of
his country.
There was much concern about
the future when that man of vi¬
sion left us. Even those who had
said that they did not. like fthat
man
in the White House were
leader,
We
Cum. Conv. $2.50 Preferred
INCORPORATED'
Tele. CG 673
months ago that our great
men.
Common
135 SOUTH LA SALLE STREET
Chicago 3, III.
perienced and
request
upon
DOYLE, O'CONNOR & CO.
135 South La Salle Street
;•
;
Copies available
kitchen & co.
,
on
MIDLAND UTILITIES COMMON
Mid-Continent
shocked.
1051
MIDLAND REALIZATION
Chicago & Southern
Tel. STAte 4950
CHRONICLE
Securities
ed
has been associated with F. Eberstadt & Co., Inc.
corporations
was
with
Riter
Prior to that
&
Co.
for
equally reputable
requires the filing
or some
which
of financial details.
years
and before that
ated for eleven years
Read & Co.
•
was
associ¬
with Dillon,
' T
•
requirement which is forced on
us
by the SEC to set forth this
information leads to constant mis¬
Nordberg Rejoins
Rollins
as
understandings
own
V.-P.Ia;
One
ILL.—-H.
Gerald
Nordberg has been elected a vicepresident of E. H. Rollins & Sons,
CHICAGO,
Incorporated, the corporation
nounces.
He
will
be
located
an¬
in
the
Chicago office, 135 South La
Salle Street, and his activities will
include the handling of institu¬
tional accounts and
developing
new
business.
Mr. Nordberg was
formerly with the Rollins
ization
and
was
organ¬
granted a leave
on
the part of
executive
of personnel
criticized' the
.length of a proposed plan of re¬
organization, running to 111 pages,
which he had received
holder.
as a
stock¬
deserve
of
printed
be
and office location changes
in preparation. We will
suggest appropriate forms
glad
suitable
to
for
such
matter for the
absence
lieutenant
recently
in
in
been
tive duty.
1942
the
to
become
Navy.
a
He has
released from ac¬
advertisements.
Albert Frank
-A
*
Guenther Law
Incorporated
v:*;
SECURITIES
THE
OF
'
James Manufacturing Co.
Le Roi Co.
Standard Silica Co.
Koehring Co.
Nekoosa-Edwards Paper
Wisconsin Power and
Consultation invited
Co.
Light Co.
National
Tool
Co.
Northern Paper Mills Co.
Compo Shoe Machinery Corp.
Wisconsin Pub. Serv. Corp.
Wisconsin Electric Power Co.
Hamilton
wA„,:-yA.
Mfg. Co.
Advertising in all its branches
131 Cedar Street
of
CONTINUOUS INTEREST IN:
care
Another referred to proxy
statements of 31, 33, and 34 pages,
which he believed to be a pure
waste
Announcements (!
our
stockholders."
New York 6, N. Y.
Telephone COrtlandt 7-5060
Boston Chicago Philadelphia
*
San Francisco
he,
two
the New York Stock Ex¬
225
east mason
PHONES—Daly 5392-
st.
milwaukee
Chicago: Stat* 0933
(2), wis.
,
Teletype-, MI 488
l:t
■
CHRONICLE
THE COMMERCIAL & FINANCIAL
1052
Thursday, September
CLEARANCE
Bird & Som
Philadelphia Transportation Company
Corporation
Eastern
offer
We
enced
to
Brokers
department
and
for
6, 1945
FACILITIES
Security
handling
Dealers
the
an
exneri
of
securitv
clearance
y
transactions.
Memos
Consolidated 3-6s due 2039
Asphalt
Mastic
request
on
York, Philadelphia
Angeles Stock Exchanges
Iv
Los
1529 Walnut
and
Hagerstown, Md.
between "
Private Wire System
Philadelphia, New York and
"
Circular on Request
Bank & Insurance
Incorporated
Stocks
3-6s 2039,
Scranton
11
on
a.m.
Sept. 12
on
of $7,500,000 series
J, General Reserve bonds, matur¬
ing in 1985. Proceeds of the issue
will be used to
Williamsport
finance
construc¬
Authority's proposed
of the
tion
Pfd. & Common
Newark
and
Manhattan
union
motor
B.N.NASH&CO.
1421 Chestnut
Phone
Phila.
Locust 1477
freight terminals, which
are
designed
to
expedite
the
handling of less-truckload freight,
reduce
street
traffic
congestion
Pennsylvania Brevities
Street, Philadelphia 2
New York Phone
HAnover 2-2280
Local Industries Lead in Reconversion"
and
permit
and
Teletype PH 257
terminal
lower local trucking
for
costs
over-the-
Commission survey of 75 large labor markets road common carriers.
Actual
throughout the country has shown the Philadelphia industrial area, construction work on the two
second largest in the country, to be least affected by reconversion,
projects will begin as soon as ma¬
according to Area Director Anderson of the WMC.
He estimates that terials are available and they will
possibly 50,000 persons may be laid off in this district but that 40,000. be ready for operation by the Port
of them will be rapidly absorbed in other industries.
Authority in January, 1947.
i Federalr state, municipal and«*>
:
:
In connection with the bond
private
industry
projects
for
issue, the rate of interest, not
A War Manpower
INLAND GAS
1st 6'/2S 50%
post-war Philadelphia add up to
a half billion dollars. Busi¬
foresee
leaders
ness
of
era
an
prosperity that may well ex*end
the next five or six years.
over
have
Many private corporations
already embarked upon programs
of
CERSTLEY, SUNSTEIN & CO.
H213 So. Broad St., Philadelphia 7, Pa.
P WHitehall 4-2300
PHLA 591
Columbian Paper Co.
Reading Coal &
Iron
ing.
Scrip
Electric Co is
spending $48,000,000 on its new
Southwark
Station
at 2501
S.
Delaware Ave., now under con¬
The Philadelphia
Stock
Transporta¬
tion Co. has a 5-year moderniza¬
tion program which will involve
an expenditure of $19,500,000.
The
Philadelphia
$10,000,000
expend
Penn Traffic
will
Education
of
Board
The
Jefferson Coal Co.
six" new
on
—
SOLD
—
G. Budd
The Edward
QUOTED
Mfg. Co.
has announced a 2-year program
WM.W.F0GARTY&C0.
Established
1919
during
for
equipment.
'
Teletype PH 240
Inquiries. Invited
Odd Lots & Fractions
$6,and
projects are:
Television Corp. at Westmore¬
land and C Sts.; a $2,000,000
factory by the Publicker Co. at
Oregon and Svvanson St.; a $1,500,000 motion picture theater ;
to be built at 15th and .Chestnut
<
.....
Sts.,
and
number
a
to be built at
Empire Steel Corp. com.
000
Pittsburgh Railways Co.
a
of
stores
cost of $1,500,-
Avenue.
All Issues
Warner Co. pfd. &
;
com.
Wawaset Securities
H. M. Byllesby & Company
PHILADELPHIA OFFICE
Stock Exchange Bldg. Phila. 2
Phone Rittenhouse 3717
Telttype PH 73
at
Broad
St.
Lehigh
and
According to Alfred P. Orleans,
president of the Home - Builders
Association of Philadelphia and
Suburbs, approximately $300,000,000 will be spent in the construc¬
tion of 35,000 new homes during
the next five years, and approxi¬
mately $117,000,000 in the con¬
struction of 19,500 modern,- low-*
cost group
houses and apartments.
projects are expected to
employment for 31,000
These
provide
skilled
Common Stock
Pennypacker 0100
1528 Walnut
New
York
~
.
St., Philadelphia 2
Boston
San Francisco
Chicago
McKennan's
both
in
and
icing
of
large
institutional
that
more
than
in
Warner Company
recapitalization
of
Warner
Corn-
puny was approved.' The plan of¬
fers holders of the first
an
option
shares
of
of
for six
preferred
exchanging their
shares
receiving
(Continued
the
on
of
common
amount
page
1053)
of
of
revenues
agency,
well
as
out
as
Reserve.
by
The
Port
Authority
Chairman
the
Series J
mandatory
that
out
include
Bonds
Western markets. He has been
bonds into General and
in
en¬
the
investment bond
business since his graduation in
1927, with the exception of the
30 months he served with the U.S.
Air Corps.
Entering the * serv¬
gaged
ice
in
1942
as
a
first lieutenant
he moved up to the rank of major
and became executive officer of
one
of the
First Mustang Fighter
will
conversion feature.
a
The Port Au¬
thority and the bond buyer would
the
conversion of the
Refunding
same
coupon and
maturity as soon as the new bonds
become eligible for such conver¬
to
agree
of
Bonds
the
sion under the terms of the Basic
Resolution.
be
on
This
would
probably
the date that the two motor
terminals
truck
If the successful bidder for the
Series, J Bonds
names
a
coupon
Groups (No. 363) with which he
saw.active, service in the Europe¬
an
theatre.
He returned to the
ijate of; 1%%, then the bonds-, will
United States in September* 1944,
Port Authority
and upon
his request at* that time
placed on inactive status De¬
cember, 1944.
convertible
be
stallment
into
the
of
a
second
in¬
Series
Ninth
General
and
of
of
Re¬
debt
York
is
re¬
pass
on
proposed
of the State's political sub¬
any
The Long Beach program was
approved
in recognition
of
the
strongly improved financial
condition
of
the
city,
.
evidence of which
by
cent "see
to
the
as
"on
invest¬
of
result of
a
for yourselves"
well-known
community.
nancial
factual
obtained
was
representatives
ment houses
Two
experts
re¬
visits
Long Island
of fi¬
groups
participated in
sppt" investigations of
city's: physical plant, its
the
the
financial and real estate history,
tax
structure,
probable
future
growth and other relevant fac¬
tors
July
on
The
will
sue
25
be
Aug.
and
forthcoming
29.
refunding is¬
dated
on
before
or
Nov.
1, 1945 and will be entirely
liquidated
in
13
years
and 3
months, according to City Auditor
John B. McCabe, who also pointed
out that the refunding will result
iri a savings to the city of more
than
$1,000,000 in net interest
charges. The first maturities of
bonds
new
due
be
will
on
Feb.
1, 1946.
By way of illustrating the fac¬
tors
responsible
for
the
city's
"present exceptional fiscal health",
Mayor Theodore Ornstein, under
whose administration the record
has
been
achieved, stated as fol¬
lows:
!
"Our
dation- of"
our
debt;
adoption
(2)
has
condition
financial
been improved by (1) the
entire
liqui¬
floating
of
cash
a
plan,
which prevents future floating
debt; (3) a law requiring nonextension of taxes on property
over
which the
City acquires
budget
pay-as-you-go
opened.
were
'
New
divisions.
the
McKennan, a Dartmouth eco¬
major, brings to his hew
position a sound background of
experience gained in Eastern and
tax
liens;
quiring
(4)
funding Bonds.
ment of
local
a
referendum
a
law re¬
of tax¬
for
borrowing
before
payers
capital
The first install¬
$12,000,000 of Ninth Series
Bonds was sold last March. Any
coupon
rate other than
V/z%
would result in the conversion of
Clifford Hawley Now
at Sheridan,
PA.
—
during the
Tenth Series
Bogan
PHILADELPHIA,
improvements." Mr.
out that the
cash budget law constitutes a
contract with the bondholders
the bonds into a
was
Clif¬
Walnut Street,
members
of
the
Philadelphia
Stock Exchange.
_
pooled
the General
of
pointed
*
Bogan ; Co.,
a special stockholders'
meet¬
held Aug. 17, the proposed
the
by
ac¬
department.
the
payable
are
all facilities owned and operated
counts increases the effectiveness
of
of
Reserve
refunding
and
is noted,
bonds, it
out
General
General
Fund."
wide expe¬
government
become associated with Sheridan,
workers
supply materials.
;
or
Mr.
refunding
any
"be
revenues
Authority's
firm's services to the general pub¬
manufacturing industries which
At
Incorporated
of the
payable out
of the two motor
the
Comptroller,
who
quired by the statute to
ex¬
truck terminal projects and the
ing with the development of the
rience
continued,
until
$5,379,000
purpose of which
granted by
plained, "They will therefore,"
he
bids
of
provide for
State
1931
Cullman
Mr.
to
been
not general and re¬
securities,"
sealed
issue
an
refinancing of
outstanding bonded debt.
Authority for the refunding has
izing the sale of Port Authority
President Grant said, was in keep¬
lic.
since
on
its entire
of the Basic Resolution author¬
Appointment of Mr. McKennan,
Corporation, of Philadelphia, has
ing
E. E Rollins & Sons
is
funding bonds within the scope
of the company.
dent
furnish
will
which are
announcement
an
50,000 others
$1.00 Preference
_
unskilled
building trades*'and
jobs for
in
Bought—Sold—Quoted
and
to
Authority
1
Long Beach, N. Y.,
for
refunding bonds,
2%, is to be named
in multiples of
Port
asking
Oct.
bidder
the
the
by George H. Grant, Presi¬
ford H* Havdey, heretofore VicePresident of Bankers. Securities
the
Phila. Electric Co.
..
according
made
nomics
plant under con¬
struction by Philco Radio and
Botany Worsted Mills pfd. & A
fv
new
will spend
buildings
$1,000,000
a
American Box Board Co.
/
it
Other individual
Lafayette Building
Dealer
which
000,000
PHILADELPHIA 6, PA.
Lombard 6400
CALIF.—
in¬
vestment
securities
expert, has
been appointed Vice-President of
the First California Company, 300
Montgomery Street, in charge of
the firm's government, municipal
and corporate bond department,
law.
The City of
is
The
issue,
designated
Series Jf bonds, "will be the
first long-term bonds issued by
FRANCISCO,
for
operation
Long Beach, N. Y.,.Refunding
lA%.
Bruce McKennan, well-known
the
eligible
refunding
Issue to Be Awarded Oct. 1
'
corporation bonds and in the serv¬
public schools.
BOUGHT
SAN
exceeding
by
Of First California
struction.
Jamison Coal & Coke Co.
Phila. &
an¬
nounced their intentions of so do¬
Bell System Tel.
New York Phone
have
Others
expansion.
SHcKennan Heads Dept.
become
a
under
..
over
Paid
projects
such
agency
offering
au
NEW YORK, N. Y.
Reading
Pittsburgh
AUentown
Cullman, Chairman
announced that the biwill receive sealed
has
State
bids until
PHILADELPHIA, PENNA.
Co.
S.
Howard
ity,
1?0 BROADWAY
STREET
'
Federal Deposit Insurance
Corp.
of the Port of New York Author¬
STROUD & COMPANY
BROAD
:
Member
•
Ifiimcipal I^ws & Nfotes
/
Philadelphia
SO.
Granting Annuities
Member
'
123
and
Chestnut Streets
Federal Reserve System
Price to Yield 8.33%
Los Angeles
Philadelphia Transportation
Lives
on
PHILADELPHIA
Preferred
5% Participating $20.00 par
.
£i
For Insurances
15th and
Telephone—WHitehall 3-7253
N. Y.
THE PENNSYLVANIA COMPANY
Price to Yield 7.00%
2
Los Angeles
Pittsburgh, Pa.
moderate.
Inquiries Invited
Street, Philadelphia
New York
of the best and the cost is
very
are
after
of $1,700,000 per year.
Sinking Fund and retirements
BUCKLEY BROTHERS
Members New
times
2.68
earned
charges
interest
all
Over
Our facilities
1616
Two additional Income Tax .Ex¬
the
of
Series
J
with
identical
Bonds
the
the General and
will
provisions
bonds.
owners, at one time had a debt
of $8,000,000. "It would be totally
impossible," the Mayor explains,
"again ever to recreate such a
security
issue.
Our sanitation, water,
According
the
to
mandatory
Mr. Cullman,
conversion fea¬
the
Port
and
2H points
the Sept. 30 inventory.
of the
City, a resort which has
developed into a community of
year-round residents and home¬
debt. All municipal improvements
only difference will be that are in. There will be no further
of the General and ■need for
any major expenditures
Refunding Bonds will be sub¬ for basic facilities. The City's 50
stituted for the security of the miles of streets are entirely paved.
the
and Benjamin A.
Brooks, W. H. Bell & Co., respec¬
in time to be included in'
life
The
The
are' expected
at the
homes of A. L. Hutchinson, Buck¬
tively,
of
Refunding Bonds
,
emptions
Brothers,
be
pointed
into which they will be converted.
ture of the bond issue will
ley
Re¬
funding Bonds. In either case the
dating of the bonds, interest rate,
call and sinking fund provisions
new
Traders to Get the Bird
newly authorized
of General and
Ornstein
inating
Authority
minals
between
2
bond by elim¬
separate
refunding
a
operation
save
after
are
a
the
opened
truck
ter¬
and
the
facilities
are
all
and sewage
in."
#
He
also
revealed
that
in
the
the City had
conveyed title to $603,240 of prop¬
erty, representing an assessed val¬
current
uation
fiscal
of
year,
more
$2,000,000
He said,
although a
than
returned to the tax rolls.
too,
that
the
City,
THE COMMERCIAL & FINANCIAL
CHRONICLE
Number 4418
Volume 162
PHILADELPHIA TRANSPORTATION
3-6s
10S3'
2039
PHILADELPHIA TRANSPORTATION
PREFERRED STOCK
TALON, INCORPORATED COMMON
MUNICIPAL BONDS
WESTERN PENNSYLVANIA
FEDERAL WATER & GAS
COMMON
pennsylvania
LUKENS
new jersey
STEEL COMPANY COMMON
DELAWARE POWER & LIGHT
COMPANY
PHILADELPHIA ELECTRIC COMMON
PHILADELPHIA
ELECTRIC
$1.00
trading markets
retail distribution
PREFERENCE
A. Webster Dougherty & Co.
C
Municipal Bonds
CHESTNUT STREET
1421
Teletype
Ritteahouse 2580
Rambo, Keen, Close
PHILADELPHIA 2
:
Philadelphia
PH 70
C. S. McKEE & COMPANY
Kerner, Inc.
&
Members
Investment Securities
New York
1518 Locust
BOwling Green 9-8184
coupons
a
payment
yearly income from rentals and
beach park admissions exceeding
York
"The literacy rate of the com¬
munity is 100%," Ornstein said,
the economic position of
have
We
depressed
no
area
Long Beach; and in recent years
our tax collections have reached
to
close
pany,
of
ture
who
have
themselves
express
withl, what
achieved.
the
im¬
as
has
.been
The bonds to be issued
bonds in the amount of
The
the
& Co.,
Union Cen¬
Cincinnati 2, an¬
nounce
the
completion
of! the
fourth annual compilation of the
firm's ratings for Ohio municipal
bonds, copies of which may be
bond
White
of
industry rating,
the population rating, and certain
other factors, for each community
in the State.
ulation;
pop¬
incidentally,
ratings,
taken from White's
a
and
new
"Anal¬
more
re¬
vealing approach in assessing
the investment qualities of the
has
of
In
the
C.
John
Hevey,
Ira
Haupt
&
Archie F. Harris, Merrill Lynch,
Pierce, Fenner & Beane, secretary.
Mr. Blanke has been
the
of
Association
He
1939.
in
a,
to Jan.
current
1, 1945, and, as formerly,
upon the ration of net
based
direct
and
overlapping
debt
to
the assessed valuation.
has
it
was
served
treasurer and
member of the ex'dbutive commit¬
tee.
The Nominating Committee was
headed by
Frank.,Walker of Mer¬
Lynch,
Pierce, Fanner &
°
rill
Beane.
:•
letter
a
of
copy
the
accompanying
a
ratings, J. Austin
White, head of J. A. White & Co.,
that
states
Ohio
!
which
the
im¬
most
com¬
City, the rating
has
Akron
School
77;
Lima
from, A ua to AA 123; Irontop
School
BBB
and
District, from BB 69 to
Heights
School
BB
76.
Interest
of
i
in
Whitehill
in
& Co. ceased
in
County,
The
58
improvement
in
effected
Co.
ceased
says
Grapes & Pampel With
Balk Rurge^fe Kraus
(Special to The Financial
and^illiam
S. Pampel
associated with Ball,
Burge & Kraus, Union Commerce
Building, members of the New
and
Cleveland
Stock
Ex¬
changes.
Mr jJPampel
Coupons Payable Now
years was
with Otis & Co. and has
,
State
highway refunding
are
advised
that
Arkansas
of
for many
recently been with the State of
Ohio Division of Securities. Mr.
for
duty
trucks.
several
an¬
hundred
heavy
Profit margins are
has laid off
of
Business
6
P. M.
meeting will
will
and
be
fol¬
be
The
following have been nomi¬
for
the
several
offices:
President, Edmund J. Davis,
Rambo, Keen, Close & Kerner.
Vice-President, Alfred W. Tryder, W. H. Newbold's Son & Co.
Second
Vice-President, Freder¬
Fischer, H. N. Nash & Co.
Secretary, Wallace H. Runyan,
Graham, Parsons & Co.
ick
S.
Treasurer, Paul C. Fredericks,
Jr., Warren W. York & Co.
In
addition
elected
two
for
six
will
governors
three
and
years
philadelphia
Benjamin Franklin Hotel 5s 1960
Drake of Phila. 6s 1959
years,
three
for
one
as
Phila. Transportation Pfd.
Phila. Transportation 3-6s 2039
Strawbridge & Clothier
More¬
Fid. & Com*
return to the 40-hour week
The
due
Pittsburgh Hotels 5s 1967
savings in labor costs.
a
plans to issue
mortgage bonds
company
1975
first
and
$27,000,000 deben¬
tures due 1964 which should reach
market
Proceeds,
late
in
Samuel K. Phillips & Co.
Members
Philadelphia Stock Exchange
Packard
Bldg., Philadelphia 2
Teletype
N. Y. Phone
PH 375
REctor 2-0037
September.
together
with
cash
raised from the sale of
lowed by dinner at 8:00.
nated
employes
no
.cancellations.
Pennsylvania Power & Light Co.
of of¬
1.20%
The
war.
favorable than those related
Government orders. The com¬
Hotel.
one
serial
will
notes
be
funded
$5,720,900
treasury cash,
and
used
refund
to
debt at
an
present
estimated
sav¬
Southern Colorado
ing of $1,100,000 in fixed charges.
Of
considerable
investor
Power Co.
in¬
terest is the proposed distribu¬
tion of and opportunity to sub¬
New Common
scribe to the common shares of
Pennsylvania -Power & Light
Co., heretofore almost entirely
owned
by
Light Co.
National
Power
&
Under the terms of
a
plan filed with the SEC, holders
of National Power & Light will
be
entitled
to
Pennsylvania
year.
subscribe
Power
&
to
boenning & co.
1606 Walnut
St., Philadelphia 3
Pennypacker 8200
PH 30
Private. Phone to N. Y. C.
Light
COrtlandt 7-1202
common at $10 per share in the
ratio of V3 share for each share
Hallowell
Sulzberger
Opens in Philadelphia
of
a
general
So.
investment business
Broad
Street.
The
Philadelphia
Oakes, president of Penn¬
sylvania Power & Light Co., has
announced
changes.
Henry
program
will
involve
Hallowell
was
for¬
merly assistant manager of the in¬
vestment
hearing
plan of
Water
the
on
recapitalization
Scranton-Spring
Service
Co.
The
Brook
plan
Scranton-Spring
Brook, Pennsylvania Water Serv¬
ice Co. and Federal Water & Gas
company's
about
about
60%
greater
than
the
Publishing
Co.
an¬
redeem, on
Oct. 1, $1,149,860 of its debenture
3s, due 1955, at par and accrued
that
it
will
and
nounce
Jr., is
that
now
Frederick
B.
Davis,
associated with them;
Mr. Davis was
previously with F.
T. Sutton & Co. and prior thereto
Grapes was-with J- S. Bache &
was
Davis & Co.
a
partner
in
Frederick
B.
>-
j"; y«..c
'<v
*
«.w.
•
iV
-5 -
-
V."
*
St., Philadelphia 9
PhiladelphiaTelephone Kingsley 3311
New York Telephone Hanover 2-2280
Pennsylvania
and New Jersey
Municipal Bonds
interest.
of the New York Stock
Exchange
other leading exchanges, an¬
i
employment
160,000 workers,
peak.
Curtis
Hayden, Stone & Co., 25 Broad
Street, New York City, members
Philadelphia Stock Exchange
>
123 S. Broad
post-war
run
nounces
Hayden, Stone & Go.
Members
New York Stock Exchange
devised to enable
rolls to
Frederick Davis With
Rakestraw, Betz & Co.
is
department of Eastman,
Corp. to comply with the Public
pillon & Co., Philadelphia, and
Charles H. Sulzberger was a gen¬ Utility Holding Company Act.
eral partner of Penington, Colket
& Co.
Eugene G. Grace, president of
Steel
Formation of the firm was pre¬ Bethlehem
Co.,
expects
"Chroni¬
and
The SEC has set Sept. 13 for a
•
R.
Complete Investment
the
Brokerage Services
at
Ex¬
5-year construction
a
which
expenditure of $65,000,000.
firm
Stock
National held.
C. E.
PHILADELPHIA,
PA. — The
of Hallowell, Sulzberger &
Co. and Abbott, Proctor & Paine.
hand
result
Net
Moncure Biddle & Co.
already
f
approximately
Army and Navy
contracts permits the company to
the
interest
1
The pres¬
To
in
$93,000,000
at
Price: 12(4.965 & Interest,
o
$14,800,000
ficers and governors of the asso¬
ciation will be held Friday, Sept.
28,
at
the
Benjamin
Franklin
bonds of 1941
Oct.
cancellation
pre-war
Chronicle).
use.
greater than before the
or
CLEVELAND OHIO—Jennings
York
of
nual'meeting and election
viously reported in the
Aug. 16.
Arkansas Oct. 1 Interest
Holders
pro¬
duction for civilian
represents
cle" of
have become
burden,
degrees,
Ex¬
Mitchell, Hutchins &
Aug. 1.
H. Grapes
but* in varying
Mr. White.
of «the
on
this
debt
Co.
found Auto¬
similar to those manufactured for
the military were already in
over a
will be members of the New York
H$fdock, Schreiber
as of Aug. 31.
member
between
1/1/44
and
1/1/45. Practically all cities and
counties in the state shared in
of
&
war
February 16, 195S
Company faced witlj no re¬
conversion problem, since trucks
a
Gets 1945-46 Slate
and
to
practically all cases is due to
the reduction in debt burdens
reduction
Stone
4% Bonds
The end of the
pany
W.
Claude
and
89;
from B
of
Inv. Traders Assn.
held
Philadelphia
car
to
111
! Interest of the late Andrew H.
change,
BBB
late
Bal¬
more
on
Aug. 31. ^
'
Interest of the late Arthur M.
District, from BBB
to
the
Hayden,
Jr.,
77
BB
Summit
Francis T. Whelan retired from
partnership in BKiffon & Co.,
July 3.
Brown,
90 to BBB 98; Lawrence County,
from
president
Co. has opened offices to transact
broker..
Mr.
mercial
individual
floor
doubled,
concentrate entirely on the com¬
demand.
Orders are on
Corp.
firm
L.
City
Shaker
80;
by
up
first
Ballantyne,
be
ent rate of manufacture is
transfer of the Ex¬
membership of the late
Righter to Joseph B.
Ray will be considered by the
Exchange on Sept. 13. It is under¬
stood that Mr. Ray will act as an
Proposed
ceased
District,
School
Warner
..^jpllowing
change
Peters
51
which increased from BB 60 to
BB
the
announced
to
B
for
weekly firm changes:
District
from
of
Any shares not taken
for
The New York Stock Exchange
for
increased
68;
in
since the 1944
as follows:
are
Akron
BB
show
which
provement
pilation
subdivisions
the
241,500 shares
Company common.
be
Weekly Firm Changes
Walter
In
own
member
since
vice-president,
as
sions the debt burdens are revised
are
three
PHILADELPHIA, PA.—The
A.
New York Stock Exchange
/
compilation of.
ratings for Ohio subdivi¬
revised
of
common
Customers
Donald
named
obligations of numerous polit¬
ical subdivisions in all parts of
the country.
Warner
each share of preferred. With its
other holdings, Wawaset will then
John
Co., has been nominated for vicepresident; Richard M. Ross, Dean
Witter
&
Co.,
treasurer;
and
ysis of Municipal Bonds," which
represents
exchange
an
of
will
City of
Autocar Company
Committee of
Association
formed
and
shares
Sept.'17th.
These ratings, Mr.
diversification
ities
Production facil¬
lantyne said.
Philco Corp., states that assemblyline production of 1946
refriger¬
the annual election scheduled for
house
represent as in the
past a composite consideration of
the overall debt burden, the di¬
The
accept
Philco
;
$100,000
volume within six
pre-war
eight weeks.
Com¬
the public.
Blanke of Eastman, Dillon & Co.
to head the slate presented for
says,
versification
Warner
preferred holders will
be underwritten and offered to
Nominating
Brokers,
,
request.
new
of
to
ators has been started and should
Building,
the
a
shares
reach
second preferred, has voted
pany
to
the
Head State
Ratings on Ohio
Municipals Compiled
upon
of
Name Blanke to
$1,580,000.
Revised
from
firm
Customers Brokers
ing bonds in the amount of $3,799,000;
(2)
water
refunding
obtained
the
Franklin S. Wood.
of refunding the
City's indebtedness will consist
of two issues: (1). general refund¬
White
of
made
part¬
nership for the general practice of
law under the name of Hawkins,
Delafield & Wood, by personnel
of the original organization and
ex¬
purpose
J. A.
dissolution
been
and the formation of
amined the City's financial struc¬
pressed
the
Wawaset Securities Com¬
owning the entire issue of
53,500
has
Hawkins, Delafield & Longfellow,
men
per
action.
Announcement
100%."
Financial *
(approximately $84
share) in cash. The exchange into
stock would be a tax free trans¬
Delafield & Wood
in
PG 496
(Continued from page 1052)
their claim
Change Name to Hawkins,
the average American town.
are
$8,600,000 have already been
Teletype
Court 2380
Pennsylvania Brevities
retired by the State.
residents is far above that
our
tral
at
now
Chicago offices of Halsey,
or
than
"and
for
presented for
either the New
Stuart & Co., Inc. Of the original
issue of $136,330,557 bonds, more
$5,000,000.
of
be
may
Bldg.—Pittsburgh 19, Pa.
Telephone
Private telephone wires to New York
and Baltimore
residential community, takes in
Pittsburgh Stock Exchange
Union Tr.
Street, Philadelphia
Pittsburgh Plate Glass Co.
stockholders have authorized an
increase in
common
from 2,600,-
000 shades of $25 par to
12,500,-
000 shares $10 par, making pos¬
sible
a
4
for
1
split up of
common.
Dolphin & Co.
Fidelity Philadelphia Trust Building
PHILADELPHIA 9
Telephones:
Philadelphia—Pennypacker 4644
New York-—HAnover 2-9369
Bell System
Teletype-—PH 299
THE COMMERCIAL & FINANCIAL CHRONICLE
1054
Wages to Go Up but
Not Prices, Says Davis
Non-Callable
$200,000
Province -of Nova Scotia
CANADIAN BONDS
ri
•
••'
•
]
s
v
1
'
-
'
-
••
•
-
v
5% Bonds, due March 1, 1960
.
Principal and interest payable in New York and Canada
government
:
(Continued from page 1043)
Mr.
;■*
Price to
corporation
;
Incorporated
••
14 Wall Street,
stocks
-
New Yorfc 5 t
Wires to Toronto & Montreal
Private
Canadian Securities
BRUCE
By
WILLIAMS
To
determining stage when the des¬
tinies of all the nations of the world are in the melting-pot? Brought
A.E.A8VRES&CO.
suddenly into the forefront by th6 stern urgencies of war, aided by
unlimited material resources and the strong united will of her peo¬
INCORPORATED
ple, the Dominion has reached adulthood effectively and opportunely.
Fully conscious of her new-born<s>
-
TWO WALL STREET
NEW YORK 5, N. Y,
the
for
but
which
power,
of
Scottish
the
Dominion is
hub of the new
fabric,
the
at
now
the
very
-
.
k
To the
of
South, nearly 4000 miles
Canada
links
border
the
to
PROVINCE OF
country to which the world more
than ever looks for leadership;
ALBERTA-BONDS
top of the world the
Dominion is brought face to face
with a new air-found neighbor,
the
over
•
•;
Bought—Sold—Quoted
r
*'■
'ft
•"
powerful U.S.S.R<
the air-transport
the incalculably
"
r
•
.
»•
the
To
West,
shrunken Pacific
affords
an
easy
path to the great future markets
of teeming Asia; to the East, the
traveled
CHARLES KING & CO.
61 Broadway, New York 6, N.
Atlantic
the
of
routes
connect Canada with goods-fam¬
ished Europe and fast-developing
Members Toronto Stock Exchange
;
Y.
WHitehall 4-8980
Africa.
Canadian
industry
has
been
new technological
nurtured in the
and the Dominion is well in
age,
the
L). Col. Carroll Is
van
and
electronic
Near
representative
River
light
synthetic-rubber
Now as
the era of
Canada follows
energy,
the heels of this country.
on
to
us
Petawawa
the
on
Ottawa
in
Ontario, the Dominion
is building a pilot plant for the
production of plutonium, and is
utilizing the "heavy water" proc¬
ess. which was so nearly success¬
fully
employed
by | the
Axis
of
Hugh W.
Long
and
Company,
York,
of in¬
vestment
fast
of
appartus.
brings
atomic
Wharton B. Carroll
of Philadelphia, is returning to
the investment business as local
sponsor
producer
a
plastics,
science
-
Lieut. Col.
New
as
metals,
Joining Hugh Long
in
powers
com¬
their
search
for
an
panies with
$67 million of
atomic weapon. In this new field,
Canada has the incalcuable ad¬
assets.
vantage of
Colonel Car¬
roll
raw
access
to the necessary
material—uranium—from the
world's
with the Ninth
largest known deposit of
pitchblende located in that vast
Air
treasure-house
served
F
o r c e
Service
in
France
and
England.
also
All
in
War
Before
rare
metals—
supplement
refine¬
Canada's
as a
world sup¬
commodities—
grain, meat and dairy products,
I.
Lt.-Col. W. B. Carroll
enter¬
timber,
gypsum
ing the service, he was President
of Kolb, Carroll & Co., of Phila¬
delphia, and is widely known in
newsprint,
and
base
asbestos,
and
precious
metals. Dearth of population
amply
now
ready
access
compensated
to
the
is
by
technolog¬
investment circles for his pamph¬
ical advances made in this
lets
"Inventory Under a Con¬
trolled Economy," "Fire Insurance
try
Stocks
Investment,"
Howard F.
etc.
*
and
Britain, and the
sequently small domestic
Moreover,
Clapp Dies
Howard Franklin Clapp, a mem¬
ber of the New York Stock Ex¬
countries
ing
to
the
are
older
low
the
Mr.
age
Clapp
uniformed
began his
floor
boy
career
on
the
as
Ex¬
1906, later being pro¬
to telephone clerk. He be¬
change in
moted
came
telephone
clerk
telephone clerk for
firms,
and
in
a
and
the
Co.,
leading airplane manu¬
Britain's
facturers,
Canada.
established in
now
are
and
Steel
oil
interests
in this country are
expediting the
development of Steep Hock and
Labrador iron, and Alberta oil.
It is
now announced, following
registration with the SEC of
a public offering here of shares
of Gaspe Oil Ventures Ltd., that
capital from this country will con¬
tribute to the prospecting and
drilling for oil in the .Gaspe
Peninsula of Quebec.
Any suc¬
cessful results would be highly
the
beneficial
and
both
to
Canada.
A
costly
the
on
would
country
of supply
Atlantic
source
tide-water
near
seaboard
this
eliminate
the
pipe-line
and tanker de¬
livery from the distant Gulf points
of
supply.
This
interesting
the
SEC
offering is also
its registration by
as
represents
welcome
a
of
bought his own seat on the Ex¬
change, the fourth telephone clerk
to do so that year.
Director
an¬
be
Labor
liquidation
Board, there
effort
no
continue
to
of
disputes
worked out under
possibly
one
a
The
should
be
formula,
new
that will be
recom¬
decline.
dull and
free funds
at
9
after
Internals
were
in¬
across
regulations govern¬
movement of securities
had
no
notice¬
It is possible that this
relaxation of control
affecting ex¬
ternals in particular
might sub¬
regard to
pects, there
con¬
a
the
future
is every
reason
cost
holiday
demand
affect the
If
2.
will
favorably
Canadian market.
fails, bring a public
spirited citizen from the com¬
munity into the picture.
3. After that, try" the United
States Conciliation Service, which
should be greatly strengthened.
4.
Voluntary
arbitration
of
clearly defined issues in disagree¬
substitute
for
&
Company
64 WALL STREET. NEW YORK 5
WHitehall 3-(874
National
Railway
Labor
for
-i Act,
which
special ~ boards
to
advisory findings which-
are
♦
Municipal^
Corporate
Work
of
the
Margin
Depart¬
ment; instructor: Paul C. Fitzger¬
ald, Hirsch & Co.
Work
of
the
&
P.
S.
Depart¬
ment;
George E. Rie-
.
Brokerage Accounting; instruc¬
Krell, Thomson & Mc-
tor: David
Kinnon.
w
^
instructor:
Paul
Hirsch & Co.
v
C.
Fitzgerald,
1
The fall term of the New York
Institute
of
Finance, 20 Broad
Street, New York City, will begin
on
Sept.
17.
Registration
for
all of which
public, began
are
on
offered
this
open
to
Sept. 4.
term,
Security
Analysis;
Financial
Chronicle)
have
affiliated
become
Fairman
Frankel
was
previously Los An¬
geles manager for Walston, Hoff¬
man
& Goodwin and
was
.
instructors:
The
& Co., 650 South
Spring Street, members of the Los
Angeles
Stock
Exchange.
Mr.
Attorney, lecturer on law of
at Rutgers University.
Practical
Spanish;
instructor:
Herman J. Borneman, New York
Stock Exchange; and
(Special to
Thomas
taxation
'
Join Fairman Staff
with
and
Eduardo V. Moore.
Thomas and Frankel
LOS ANGELES, CALIF.—Har¬
old C. Frankel and Clifford P.
are:
Federal Income Tax Practice;
instructor: Charles Meyer, C.P.A.
,
;
instructor:
Brokerage Law; instructor: Ir¬
win A.
Brodsky, legal advisor,
J. & W. Seligman & Co.
Advanced
Margin
Problems;
trading
prior thereto
in Los An¬
geles for H. R. Baker & Co., with
manager
which firms Mr. Thomas
was
also
connected.
Stephen M.
Jaquith, Investors Counsel, Inc.
drew
Analysis; .instructor:
Lynch, Abraham &
F.
Joe B. Warren fo
An¬
Co.
Investment
Account
Manage¬
ment; instructor: Stephen M. Ja¬
Manage Rupe Dept.
DALLAS, TEX.—Joe B. Warren
has
quith.
Hyde, Jr., Joseph-
thai & Co.
Provincial
shing & Co.
ber, NASD.
tor: W. Truslow
♦
Work of the Order Department;
instructor: Fred W. Hansen, Per¬
ment; instructor: F. Warren Green,
Hallgarten & Co.
Work of the Cashier's Depart¬
the
Analysis of Public Utility Hold¬
ing Company Securities; instruc¬
canadian securities
Exchange and
Brokerage Office Procedure; in¬
structor: John H. Schwieger, New
York Stock Exchange.
ment.
Introduction to Financial State¬
Taylor, Deale
P^lugfelder, Bampton &
Work of the Stock
that
Seidman.
to
doldrums, that
i
roads/instructor: Patrick B. McGinnis,
settlement.
a
Accounting Principles; instruc¬
Jerome J. Kern, Seidman &
pros¬
resumption of general invest-
ment
reach
tor:
anticipate, witli the termination
of
■
Courses
be
extended
to
the
restrictions governing the export
and import of internal securities.
With
NY 1-702-3
Current Developments in Utili¬
Bi-partisan mediation by em¬
ployer and employes, with others
in the industry called into help
the
sequently
con¬
Exchange Place, New York 5, N. Y„
ties; instructor: Harold H. Young,
Eastman, Dillon & Co.
Current Developments in Rail¬
1.
classes,
able effect.
coun¬
as:
Announces Fall Term
slightly
11/16%, and the an¬
simplification of
the border
Corporation
Bell System Teletype
voluntary settlement of
disputes.
As a means of
accomplishing this, he suggested
a procedure which has been sum¬
marized by the Associated Press
N. Y. Finance Institute
their
were
the Canadian
the
40
the
publicly aired.
nouncement of a
ing
-
agree¬
no-strike,
a
labor
make
was
demand
some
recent
labor
agement conference. This substi¬
might follow the pattern of
negligible
and prices mostly
unchanged al¬
though Albertas continued to at¬
tract
for
during the past1
provides
repetition of its pre¬
Turnover
that
no-lockout pledge. He urged the
use
of
establishe d
mechanisms
the
inactivity and lack of
terest.
advocated
ments should contain
Dominion Securities
tute
market
week gave a
vious
He
ment
Government
Direct Private Wires to
Buffalo,
Toronto and Montreal
War Labor Board should be cre¬
ated as a result of the labor-man¬
might well serve as an ex¬
ample to other Canadian mining
interests seeking capital funds in
this country.
'
head
In 1918 he
War
the
some
which
1910 became head
Jay F. Carlisle.
Stabilization
maturity
of
disputes,
5. In cases which cannot be set¬
tled by any of the foregoing steps,
pioneer effort in financing Cana¬
dian mining and oil
development,
number of
telephone clerk for the firm head¬
question
labor
nounced that after the
'
ed by
the
to
ot,%yield 3.33%
to
bor, management and government.
Aircraft
lick & Co. died at Nassau
Hospital
of sixty-three. *
and
country,
Price 105
Hawker-Siddeley
producing
for
capital funds and
this
Series A, due April
1, 1969
Compulsory
post-war
Company
3%% First Mortgage Bonds
mended by the forthcoming con¬
ference of representatives of la¬
increasingly look¬
Canada
from
skills
Turning
settling
ment
of
Power
compulsory arbitration, and that
voluntary conciliation and settle¬
plants in the Do¬
change and former member of the
Exchange firm of Carlisle, Melat
Gatineau
Arbitration
technical knowledge from Britain
is
now
gathering
momentum.
sumption permits the production
of huge
exportable surpluses.
on
for
need for
as
Abandon
would
establishment
the
.*
•
flow
The
easier
economic
unique position
plier
of
basic
served
World
these
ments
He
overseas
of
the Laurentian Shield.
Com-
mand
minion.
and
French conservative weave in the
world.
to
of subsidiary
\he predominant inter¬
mixture
national
A.
addition
growth,
would have been of slow
NY-l-1045
additional sources of supply in
war
owing to
K
no
the additional
payments could be absorbed
at this
Canada
Where stands
RECTOR 2-7231
in¬
getting goods to
the consumer.
Wages were but
one
factor in costs of operation,
though he admitted that in some
lines it was more important in
fixing prices than in others. Mr.
Davis'
theory evidently is that
in view of expansion of output,
most industries can absorb higher
wage
costs
without
increasing
prices/
Wood, Gundy & Co,
:.:f
Direct
t
prices,
$100,000
even
most
in the process of
•
K
in
wages
stances, there will be
wage
municipal-*.-!
1
contended that
higher
higher
yield 2.95%
provincial
'
Davis
with
'*
\
Thursday, September 6,1945
Analysis
of Public Utility Op¬
erating Company Securities; in¬
structor: Charles A.
O'Neil, R. W.
Pressprich & Co,"
-
J v
j
/ Analysis of Railroad Securities;
instructor: Pierre R. Bretey, Bak¬
er, Weeks & Harden.
joined Dallas Rupe & Son,
Kirby Building, investment bank¬
ers,
manager of the
department.
as
bond
Mr. Warren
was
municipal
for 19 years en¬
gaged in the origination and dis¬
tribution of Texas municipal se¬
curities, in Dallas and in Wichita
Falls, prior to World War II, in
which
the
he
served
United
as
a
captain in
Corps,
with the Fifth Marine Division in
the Pacific.
/
States
Marine
Number 4418
162
Volume
THE COMMERCIAL &
FINANCIAL CHRONICLE
No Conflict With Free
Enterprise
Full Employment Bill
In
(Continued from
1042)
page
effective
opportunity of employ¬
ment to all who are able and
willing to work.;
ployment
Private Business Basic Source
post-war
assuring
achieve
I
production and em¬
promptly, to prevent
collapse and
economic
the conditions for
an
ever-increasing standard of liv¬
ing, will be regarded by the
supporting the Full Em¬
am
Our'ability to
full
to establish
Jobs
of
ployment Bill also because I believe^and the Bill asserta-^that
American
private business must be the basic
as
not
unless
and
people'and the world
the critical test of our free en¬
jobs in the American terprise system. > In this test lies
the challenge to our
democracy;
because I believe in the
preservation of our free enter¬ namely, how to get full production
and preserve our economic free¬
prise system, in the operation of a
and in
market
of choice for
producers,
the
in
by
the
Business management must
cessarily play
government of specific jobs for
specific individuals; I do not be¬
lieve in wasteful methods of pro¬
vital role in
a
do
we
an
a
eco¬
ness
j
Full
Employment Bill is the
of
rec¬
the
full
production and full
a
The issue rather
on
businessmen to
capitalize
on
the
full
use
of
our
resources;
opportunity for full
duction,
pro¬
high volume of sales
profitable investment.
As
and
a
Secretary of Commerce, I am par¬
ticularly mindful of these rela¬
tionships because in the free en¬
terprise system, it is vital that the
Government
assure
opportunity
the
to
job maker
well
as
the
as
'"":r
job seeker.
The
that
fact
economic
our
all
elements
system
markets
serv¬
can
be
found.
crystal
They
from
clear
these
charts.
that business
has a
tremendous stake in full employ¬
ment. With our entire economy in
high
a
show
gear every industry can have
of production substan¬
volume
tially above its 1940 level of out¬
put. Furthermore, there is an in¬
evitable relationship between cor¬
poration profits and total produc¬
tion.
When there is
ployment
mass
Bill
Employment
particularly because it
em¬
bodies the only known means by
which the right of the workers,
the
businessman, and the farmer
to prosper
portunity
in a climate of full op¬
be assured within
can
the framework of the free enter¬
prise system.
AH other proposals
that have been brought forward
would either not give that assur¬
ance or wbuld tend to undermine
the freedom of enterprise.
Bill be
tremendous
social
business
The
loss.
well
as
as
prevention of
these recurrent shocks is essential
to the
of
preservation and extension
the
which
economic
freedoms
the American people
are
The possibility that the difficult
period will be fol¬
lowed by a temporary post-war
reconversion
boom should not blind
us
to the
urgency of the problem.
Such a
boom will be followed by depresunless
we
are
the
potential
ex¬
absence
the
is
de¬
frictional
velop
kets
as
strive
to
of
consumers;
products,
new
for
correctly
gauge
wants
old
duction methods
sumer—these groups are all
help¬
less in the face of
shrinking mar¬
and the spiral of deflation.
Only the government, the agent
all the people, and of all the
of
elements of the economy, can un¬
these
conditions
take
the
der
level
of
necessary to sustain the
sales so as to make it
for
private
enterprise
produce ax high
levels of production.
continue
to
The Full
Employment Bill con¬
templates that the normal func¬
em¬
tions of government would be
ercised
manner
inevitable amount of
Even
on
to
a
ex¬
continuing basis in
a
stimulate private con¬
sumption and investment,
of
climate
for
maintain
of fullest
private
and
op
enterpris
increase
level;
production and employment
This long-run function has fre
-
quently been overlooked in public
discussion of this -bill, but it is 1
basic part of its provisions an
should be fully understood;
Public attention has been large
ly centered on the short-run pro
visions of the -bill; namely, thos
which call for government
expen
diture programs to make
up
deficiency in market demand and
deflation
prevent
fail.
measures
when
other
Because
of
this
provision in the Bill, it has been
characterized by some as nothing
more
than
is not the
a
spending bill.
This
case.
The Bill is very specific in di¬
recting both the President an
the Congress to utilize all othe
means at
*the
disposal of the gov
effort to keep th
stream
of private
consumptio
and investment. expenditures a
the full employment level befor
resorting to the use of governmen
ernment in
financial
resources.
recognized,
other
an
It
however,
methods
must
that
will
b
those
not
al¬
ways be
sufficiently effective ox
sufficiently quick-acting to pre¬
vent a deflationary spiral from
getting under way.
Under suchj
circumstances, it is only the as¬
that the government will
its financial power to prevent
surance
use
shrinking markets that will in
duce business to continue <to,
pro¬
duce
Exercising Government Powers
the total
unemployment.
system
kets
to
unemployment. There
an
competitive
collectively to main¬
employment.
Individual enter¬
prise, labor, the farmer, the con¬
profitable
mean
total
tain high levels of production and
for
employ¬
shrinking
demand, private business
measures
full
a
to
a
at full employment levels
Without this assurance and with¬
out
government
implementation
of
it,
we
are
sure
to
the
see
familiar
spectacle of inventory
liquidation,
cutthroat
competi¬
tion, stoppage of investment; pro
so as to
(Continued
or new mar¬
on page
1057)
v '
improve
ones;
of
always
market
the goal of this
it is—assuring the
ployment does not
products;
pro¬
they eaii
afford to pay high wages and still
price their output for mass distri¬
.1
.
'x:
.
THERE IS NO OTHER
RADIO MANUFACTURER
so
that
mass
consumption; and
improve their dis¬
methods
and
their
LIKE HA LUC RAFTERS
ef¬
♦
forts to make their products more
attractive to the consumers.
*-Vu
Business recognizes this obliga¬
It has set its sights on a
tion.
volume
the
of production well
best
above
has
planned boldly for the shift from
production to a high peace¬
time output and is going ahead
pre-war
year.
...
It
M .1
war
with
those
■t
,K
plans.
Through local
organizations, it is studying the
problems and possibilities of in¬
dividual communities and
to
it -1/
6/9f
plan the development of those
Far-sighted
busi¬
leaders
ahead to the problem of filling the
gaps in their particular markets
when there
world's
longer any de¬
are no
business
ufacturer of short
communications
management
should not be saddled with the
wave
For
re¬
war
man¬
radio
....
fs,vw.~
■
Ay|-, y
equipment.
IN
PAST
PERFORMANCE
IN
WAR
PRODUCTION
communications
sponsibility for maintaining full
employment. Within the limits of
Hallicrafters
competition, and of the profit and
statement,
the
individual
developed high frequency,
*
loss
business
often
can
take
action to stabilize its
effective
very
employ¬
It may be able
plan its expansion and modern¬
ization
not
of
a
that
so
crowded
own
high frequency and ultra
that is
these outlays are
the last stage
charting hitherto
explored
into
radio
period, thereby adding
to the cyclical swing.
No indi¬
vidual firm, however, should be
expected to employ people pro¬
ducing goods or services for which
to
maintain
basic
comes,
source
of
actual
production
and
see
no
'
>,y:Xfvrt,t/nxnv
OUTLOOK
i
'
un¬
IN
total
,
,
FUTURE
,
POSSIBILITIES
•
—
a
here and around the world. Hallicrafters receivers and transmitters will
a
be used in all
and air. This
instrument
as
sorts
of
transportation communications
equipment will be used
FM and television
and it will be in
great
who
that
as a
systems
-
land,
»,
sea,
scientific control and research
experiments
move
onward and .upward
popular demand by discriminating radio listeners
Tf
want
no
distance, clarity, sensitivity and stability combined to
other radio
can
a
"!
degree
offer.
and
as
jobs,
hallicrafters
the
in¬
radio
invest¬
'
ment, and I
■■
world that will necessarily be held together by improved
communications, Hallicrafters will be demanded by hundreds of thousands
I urge that government policy
and program be framed in such a
.
After
'
'
reaches of the
spectrum.
sentatives in government.
as
upper
victory, in
sponsibility of all the people, in¬
cluding
business
management,
acting through their chosen repre¬
strengthen private business
IN
high frequency equipment
boom
manner
engineers have
"'f
ment and output.
to
■
is the
largest exclusive
ferred demands.
But
j
IT
XlALLICRAFTERS
already looking
are
■
helping
communities.
conflict with
this objective in the Full Employ-
prepared with ment Bill.
it
Of course, the idea of full
business¬
.
sion
mass* unem¬
shall
unemployment, the promotion of
high levels of employment or any
other ambiguous
compromise.
on
agreed.
act
ment—and that it not be watered
down to the prevention of mass
"The free enterprise system, as
know it, has produced for us
the highest standard
of living it cannot find a
market at a rea¬
ever achieved by any nation or
sonable price.
That assurance of
any system.
But periodic shocks,
adequate
market
opportunity,
such as that of the depression
which is essential to full produc¬
thirties, have recurrently brought tion and
employment is the re¬
we
government
prevent
or
kept
pansion of the markets for their
ness
corporations as a
whole show huge losses.
Profits
are good only when employment
and production are high. This has
held true in war as it always has
in peace.
I endorse the Full
individual
as
visualize
latent
unem¬
our
merely to
ployment
opportunities
only
cur
men
inter¬
are
dependent and rise and fall to¬
gether in the business cycle is
the
phatically that
goods and
more
wherever
unremittingly
of
Shall
producing
ices
tribution
Enterprise
is:
is not whether the Govern¬
maintain full production and full
employment? I want to urge em¬
bution and
Full Employment and Free
gress
opportunities for sound expansion
put more people to work
—to
responsibility for assuring full
Our post-war productive capa¬
employment to its citizens.
This city holds the possibility of a 50%
responsibility involves more than increase in the American standard
a responsibility
to assure oppor¬ of living.
That increase will not
tunity for jobs to labor.
It also happen automatically. It will oc¬
means
♦
with
act
our
anything to miti¬
means
spiral.
Faced
cannot
neces¬
gate depression.
it
to
disastrous deflation threatens
the
on
in
returning veterans and displaced
workers, that - the Federal
Government recognize its solemn
impetus and
em¬
almost
war
The alternative would be a waitand-see attitude which would al¬
low deflation to gain
under
pends
as our
The fundamental feature of the. to take action to counteract them.
double
time of specific obligation to
we
employment
ployment. There is today almost
de¬
the ability of individual
our
.
for
average,
post-war
goal it means
Responsibility for, Full Employ- 1 that we shall be vigilant in watch¬
ment
»
ing these fluctuations and prompt
ne¬
even
the
pre-j and in markets that will necessi¬
vious conditions of recurrent rise; tate some fluctuations in economic
and fall in
activity. But if we recognize full
prosperity levels, *
sity of government action when
1935-39
un¬
achieving
universal agreement
output, which
quantities
is
in
will
unavoidable
could not consent under the
I do not believe in the
a
that
mean
employment and full production
the
there
more
Furthermore, setting
program.
The bulk of the jobs
will be provided and most of the
physical
and
were some
will
ment should do
at
employment, there
than
more
goal at full employment does not
level of production, sales
employment, I believe busi¬
national
private business.
fitting, with the conclusion
of the world's terrible ordeal and
full
had
we
expect perfection in
it.
With a dynamic
find itself set free to economy such as ours there will
cooperate in measures to which it: always be changes in products
and
economic system.
The issue be¬
fore this Committee and the Con¬
It is
portunity
period.
continued
goods and services will be pro¬
duced by private enterprise.
The
attainment of a full employment
tion of
produce
wartime, when
be
unemployment
business
duction, in made work, or in the
suppression of economic advance;
I do not believe in putting gov¬
ernment into business in competi¬
tion with private enterprise; and
regimenta¬
during the inflationary period of
doubtedly
full
a
1055
unemployed
success.
assure
feel confidence in
high
confidence
responsibility of
government to assure opportunity
The Role of Business
I do not
guarantee
have
in their
climate in which
ognition
consum¬
investors and labor.
ers,
believe
dom.
the freedom
does
Now, if
economy;
free
it
assurance
can
of
source
support them wholeheartedly
nomic
action.
'
take the lead in the
adoption of
such measures, but business can¬
The government must
THE HALLICRAFTERS CO., WORLD'S LARGEST EXCLUSIVE MANUFACTURER OF
SHORT WAVE RADIO COMMUNICATIONS EQUIPMENT, CHICAGO 16, U.S.A.
COPYRIGHT
1945
THE
HALLICRAFTERS
CO.
BUY A
WAR
BONDTODAll
..
s
■■}
!•
Insurance &
Bought
ANALYZED
Bank Stocks
Sold
—
REVIEWED
-
to 5
a. m.
Inquiries invited.
Bought
p. m.
"
Chicago
-
300
TELETYPE L. A. £79
L.A. 380
•
FRANCISCO
OFFICES
C. 2
Smithfield, E. C.
/
Charing Cross, S. W.
64 New Bond
.J
/
Street, W. /
-*
CITIES
CALIFORNIA
PRINCIPAL
IN
OFFICESi
Burlington Gardens, W. I
J
Teletype LA533
Teletype SF209-SF431
Seattle
Scotland
Bishopsgate, E.
49
650 South Spring Street
LOS ANGELES '
Montgomery Street
SAN
WIRES
-
throughout
V
INVESTMENT SECURITIES
'
San Francisco
-
OFFICE—Edinburgh
8 West
'
INCORPORATED
St., Los Angeles
PRIVATE
New York
3
First California Company
■
210 West 7th
HEAD
Branches
Quoted
•
LONDON
Orders solicited.
CALIFORNIA
Sold
•
(P. C. T.)
BUTLER-HUFF & CO.
OF
Incorporated by Royal Charter
1727
SHARES
COMPARED
-
Special Bulletin and Booklet Service to Dealers & Brokers
Trading daily 7
Royal Bank of Scotland
OF AMERICA
BANK
Quoted
—
Thursday, September 6,1945
CHRONICLE
THE COMMERCIAL & FINANCIAL
1056
TOTAL ASSETS
£115,681,681
Bank and Insurance Stocks
This Week
—
Tomorrow's Markets
Bank Stocks
Walter
By E. A. VAN DEUSEN
The five largest commercial banks in New York City,
Chase
National, National City, Guaranty Trust, Manufacturers Trust and
Now that victory has been
Central Hanover Bank & Trust Company.
i
jr
interest to survey, statistically,
place in these institutions dur¬
achieved arid peace won, it may be of
the financial changes that have taken
■.
ing
the war years, as revealed by^
The
their balance sheets and annual sons may readily be made.
earnings stated are net operating
reports.
We therefore present this week earnings
exclusive
of security
significant yeat-end figures for profits. Current ratios shown are
1944 compared With 1940, and also based on the Aug. 28th published
asked prices, on 1945, mid-year
1945 mid-year figures, for each
of the five institutions. These are book-values and earning assets,
given in such forhi that compari¬ and on 1944 net operating profits.
i
CHASE NATIONAL BANK
y'-;i
1940
Capital
Deposits
.
$100,270,000
136,482,000
—
& undivided profits
Surplus
3,543,338.000
1,098,103,000
___
XJ. 8. Government securities
^
.
% Increase
1944
June 30, '45
$111,000,000
.10.7
173,800,000
27.3
$111,000,000
181,301,000
4,835,219,000
36.5
4,952,627,000
2,899,834,000
164.1
2,900,026,000
$
Per share—
Book
38$49
20.3
39.50
572.65
99.4
592.19
38.8
(6m) 1.71
31.99
value
-
Earning assets
earnings
Net
-Market
am-1
-
i
-i,-'.
{
1
_______
and
low ibid)
Current Market and Ratios
value
yield, 5.8%; book
market, $13.61.
-
i:
2.54
1.40
1.40
37-24%
per
;
1.40
45%-35%
rate
high
■,.WY-
1.83
_____________
Dividend
t
287.23
bid,
41'/2
dollar
asked; dividend yield, 3.2%; earning
$0.91; earning assets per dollar of
43%
market,
of
-•
H'
Y
-
national city bank
5
■\
Capital
U.
-
securities
151,110,000
88.2
158,295,000
4,205,072,000
44.6
4,503,104,000
2,409,240,000
179.8
%
2,644,844,000
Per share—
Earning
Net
$
29.50
.
41.12
39.4
42$20
603.90
117.5
656.45
2.66
34.4
(6m) 1.90
277.63
assets
earnings
Dividend
high
■
:
1.98
'
—_.
rate
1.00
and
(bid)
low
Market
Current
yield, 5.8%; book
market, $14.27.
per
45%-33%
bid, 46 asked; Dividend yield, 2.8%; earning
market, $0.92; earning assets per dollar of
dollar
of
'
and
earnings include City Bank Farmers Trust.
The
if they
as
a
sense.
4t presupposes a
will
ure
temporary one, from
here," doesn't make too much
even
important thing is to
180 fig¬ Australia and New
Zealand
determine what the
(stocks) will go into a decline,
Your
period
GUARANTY TRUST
1940
Capital
1944
% Increase
$90,000,000
S.
Government
securities
212,223,000
3,432,888,000
1,137,213,000
undivided, profits
$90,000,000
186,946,000
2,389,929,000
Surplus &
2,362,481,000
Per share—
$
'
Book
value
Dividend
Market
June 30, '45
$90,000,000
13 5
;v
$
217,374,000
43.6
3,469,405.000
107.7
% :
2,143,853,000
307.72
335.80
1,845.50
Earning assets
Net earnings
3,656.71
98.1
3,703.59
14.11
20.35
44.2
(6 m) 11.72
•
rate
high
12.00
and
low
9.1
12.00
301-224
(bid)
359-302
12.00
j /•.'! Current Market and Ratios—343 bid, 351 asked; dividend
yield, 5.8%; book
market, $10.55.
value
per
dollar
of
market,
$0.97;
currently
backing and filling,
earning
yield,
3.4%; earning
assets per
dollar of
facturers Trust experienced max¬
imum expansion in Government
NEW JERSEY
nessed. But if it is,
'*
■
securities, earning assets'and de¬
It is not surprising, there¬
fore, to find that it also shows
the
greatest improvement in net
operating profits. National City
registers the greatest gain in re¬
ported book-value, and Guaranty
Trust the smallest.
I. S. Rippel & Co.
Established
1891
&
Jones
it means
at
18 Clinton St., Newark 2, N. J,
MArket 3-3430
N. Y. Phone—REctor 2-4383
upward trend in
assets,
book-values and earnings is now
seventh
year.
deficits
Inasmuch
for
a
are
few
will continue to assist in their fi-
where
situation
have
we
margins
STOCKS
Bought—Sold—Quoted
Members
New York
to
last
The
Telephone: BArclay 7-8600
Bell
Teletype—NY 1-1248-49
(L. A. Gibbs, Manager Trading Department)
Members New
and
other
I WALL ST.
York
Stock
Exchange
leading exchanges
NEW YORK 5
Telephone Dlgby 4-2525
Office
Commercial
Cairo
Register
No.
l
Cairo
FULLY PAID
RESERVE
*
CAPITAL
FUND
.
.
LONDON
6
and 7
£3,000,000
.
.
£3,000,000
.
AGENCY
King William Street, E. C.,
Branches
in
principal
all
the
in
Towns
EGYPT and the SUDAN
*
NATIONAL BANK
of INDIA, LIMITED
Bankers
in
the Government
to
Kenya Colony and Uganda
Head
Branches
Office:
26, Bishopsgate,
London, E. C.
in
Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
India,
Subscribed Capital
circum¬
such
Paid-Up
Reserve
stances is either to turn dull
The
Bank
£4,000,000
£2,000,000
Capital-.
Fund
£2,200,000
i*
conducts
every
description
Of
banking and exchange business
TRUST
1940
Capital—Common
Preferred
Surplus
undivided
U.
S.
Book
share
value
Market
securities
28.3
55,103,000
108.8
269.2
2,145,421.000
326,449,000
yield,
i
qf
36.89
871.36
6.33
rate
2.00
and
low
book
value
Ratiosper
1,324,609.000
46$39
20.9
155.5
994.61
70 6
.
"
(6 m) 2.79
56-45%
59%
dollar
bid,
of
$16.34.
60%
market,
asked;
2.00
dividend yield,
$0.76;
earning
3.3%;
assets
earning
dollar of
per
•
CENTRAL HANOVER BANK & TRUST CO.
1940
Capital
S.
Bbok
;_
Government
securities
1,800,910,000
1,166,189,000
39.1
1,896,739,000
198.9
-
high
14.7
1,532,26
143.7
1,631.44
7.43
28.8
(6 m) 3.00
4.00
and
low
Market
(bid)
and
value
per
dollar
of
credit
due
additional
to
the
to
this
fact
prospect
of
a
demand for commercial
finance the
needs
of
business and
116%
market,
be maintained for some
Coupled with this, however,
growing
4.00
ll0%-'95%
bid,
asked;
$0.91;
dividend,
earning
3.4%;
assets
per
earning
dollar
of
industry in the post¬
war
years,
economy
ously
when
our
a
long term angle
performances
such
be ignored. From a trad¬
ing angle nothing which
brings about a check in an ad¬
vance
can
be shunted aside.
can
As
a
be
policy I think
long termers would
matter of
the
even
wiser to pay
to
atten¬
more
intermediate fluctua¬
tions. For not all minor
trend
meaningless.
And in times like these they
can well be loaded with sig¬
reversals
are
of
nificance.
Consequently,
should,
105.96
4.00
106%-76%
Ratios—113%
either
tion
'
5.77
yield, 6.4%; book
market, $14.03.
the
$
628.82
^
ket. From
1,167,209,000
90,262,000
104.96
rate
percentage¬
wise than the rest of the mar¬
$21,000,000
19.3
91.53
Current
time.
June 30, '45
89,610,000
$
value
Market
% Increase
$21,000,000
share—
Earning assets
Net fearnlhgs
is
1944
.'A
:
$21,000,000
75,104,000
1,294,308,000
390,224,000
less
decline
or
<
2.00
40%-27%
(bid)
Market and
\
44.60
341.00
3.71
10.4%;
market,
4>
<6
assets
high
7,710,000
52,604,000
1,991,382,000
1,205,104,000
(common)—
Current
—8.5
8,010,000
40,987,000
earnings
Dividend
$32,998,000
953,709,000
Government
Per
profits
:
and Executorships
also undertaken
June 30, '45
% Increase
$32,998,000
8,750,000
_=.
&
Trusteeships
1944
>
$32,998,00
-
Deposits
alone,
■
Banks
A.
of EGYPT
Head
in the list is
one
under
do
can
MANUFACTURERS
items
Stock Exchange
NEW YORK 5, N. Y.
8.
NATIONAL BANK
White Motors,
*
up>ward trend in the aforementioned
120 BROADWAY,
with
U.
culty.
are
So, while market action up
the time of this writing still
nancing.
Laird, Bissell & Meeds
the
*
Dividend
Standard Screw
Berkeley Square, W. 1
throughout
they are going up
Whether or not any or all
you're long. It is far from
that when they start going of the above stocks will show
down.
Volatility and thin enough spirit to absorb the
markets are most dangerous expected selling and go on to
on
the down side if for no higher levels is too early to
other reason than most people say. It is doubtful if they can
(if they're in the market at display enough independence
if the market as a whole starts
all) are usually long.
#
*
bending over. The best they
Per
INSURANCE
Threadneedle Street, E. C. 2
and
XJ.
American Hardware
HEFFER,
Manager
George Street, SYDNEY
Agency arrangements
bought at 291/£,
every move an exaggerated stop 28, and now about 34.
one.
Stocks which ordinarily Like the others this one too
hasn't clear sailing from here.
move like senile Percherons
now
act like skittish high Beginning at 35 it will feel
the pinch of selling.
spirited colts.
This is very
Deposits
and
^-£208,627,093
BAKER
LONDON OFFICES:
29
if it will have diffi¬
as
30th
General
Head Office:
47
looks
a
or practically non-ex¬
This in turn makes
high,
istent.
Surplus & undivided profits
BANK
THOMAS
to 43.
a
First of all
kets.
as
expected to
years; it is
logical to expect that the banks
continue
Laughlin bought
35, stop 33, is now about
reaction after
Paramount bought at 30 M>,
a 10 point advance is nothing
to get excited about.
Even stop 281/£, is now about 33.
with a 50% decline the result Somewhere across 35 stock
would still be a five point should run into offerings.
U. S. Steel bought at 56,
advance from the lows.
But
these are not ordinary times stop 65, is now selling for
about 71. From 74 up to 77 it
nor
are these ordinary mar¬
Net
Federal
£23,710,000
Aggregate Assets
Sept., 1944
-
Ordinarily
£8,780,000
6,150,000
—
Fund
'
38. Projecting it, in conform¬
place somewhere within
ity with 180 in the averages,
those days.
J should
bring it to about 41
Earning
The
in its
Reserve
Reserve'Liability ol Prop.J 8,780,000
before it has trouble.
reaction will have to
a
{ESTABLISHED 181?)
Paid-Up Capital
i
should be able to reach 21-23
days. It is entirely possible
posits;
BANK STOCKS
NEW south WALES
\
A. M.
accom¬
that such action will be wit¬
that
banTof
long of.
.
position is as follows:
Byers bought at 19,
panied by dullness, in order stop at 16, is now about 193/4.
to come within the 30 to 90 Using a scale projection Byei-s
of
It will be observed that Manu¬
1
in the stocks
mean
are
you
nice when
\
•
1.30
1.00
'
.
30-21
'
Ratios—44
and
value
Note—Book value
XJ.
____
$
value
Market
$77,500,000
.$77,500,000
860,974,000
undivided profits
&
Government
S.
% Increase
June 30, '45
$77,500,000
80,276,000
Deposits
Book
1944
2,908,438,000
Surplus
•
v
1940
tion it doesn't look
•
'
Bank, Ltd.
Glyn Mills & Co.
■
-'fi
ffi
*
take
"
4
Whyte Says-
Associated Banks:
Williams Deacon's
(Continued from page 1046)
as meas¬
by deposits, are, in the order of their respective sizes:
ured
points to the 180 Dow indus¬
trial figure, the time element
should be dropped.
-
,
peacetime
More next Thursday.
will doubtless be vigor¬
—Walter
expanding.
Whyte
expressed
in th™
Barring the possibility of dis¬
criminating legislation against
commercial banks, which appears
most unlikely, commercial uanKihg seems to be
a period
Chronicle.
of
those of the author
peacetime "prosperity.
\
(
•
rThe
article
time
views
do
not
coincide
necessarily at any
with
They
are
of trie
*r*sented as
those
only.l
wmm
1
■
Volume
-Number 4418
162
•,
,
THE COMMERCIAL &
FINANCIAL CHRONICLE
1057.
No .Conflict With Free Enterprise
In Fnll Employment Bill
(Continued from
/
1055)
page
grams, mounting unemployment,
and farm foreclosures whenever
cient
I want to
important, the organizational
background would be set for effi-
unloosed.
are
essential to the Full Employment
Bill, I do not believe it should or
will have to be used continuously.
The means by which we must
maintain full employment
and
key
production in
in the distribution
chasing
power
both
has
the
funds, for
that
so
incentive
profitable
Federal Govern¬
economic
policies
and
This Bill is only a first
step
assuring post-war prosperity.
of pur¬
business
would
and
about full production and full
the
investment,
not
automatically
in
It
bring
em¬
ployment in the United States.
Effective action to apply the
prin¬
while, at the same time, the mass
of consumers have the purchas¬
ing power to buy the goods that
industry produces.
This can be
achieved
only by an adequate
level of wages which keeps pace
with
rising productivity.
Mass
this
purchasing
President
cient
designed to deal with
urgent problems of reconversion
.
power must be suffi¬
allow full utilization of
to
productive capacity without de¬
pendence on an unduly large vol¬
of investment which cannot
ume
sustained.
be
Over
investment
-
relative
to consumption, such as
experienced in the late 20s,
will inevitably lead to the spiral
of depression.
The key to sus¬
we
tained prosperity lies in mass con¬
sumption, mass distribution and
mass production.
This is nothing
new to business.
In fact, it was
Henry Ford, one of our greatest
businessmen, who led the indus¬
trial world in the drive for
lower
wages,
prices
markets.
higher
and
of
is
the
Full
to
necessary
accomplish
This is recognized both by the
and
Legislative
Executive
branches
of
the
government.
Truman's
legislative
program,
but with due consideration of the
problems
of our post-war econ¬
contains important measures
for attaining the objective of full
production and full employment.
omy,
So
do
the
proposals of Senators
Kilgore and Pepper speaking for
number of
a
their colleagues.
nation."
He
asked
Day be dedicated "to
civilization
and
industry."
Standing
Guire's
after
the
lieve
tljiat
triumphs
beside
Peter
J.
fifty-one
grave,
Congress
tend to
of
a
inspiration for
ture
in
national
holiday,
Mc-
in
Labor
and
war
tions
for
world
we
can
it
fu¬
the
now
union of
a
the
Our country holds in its
a secret force which can
war
that
atomic
ever
we
be
We
stand
at
the
crossroads
of
time
rally
to
quit.
and
It
work
is
and
have
nothing
fear
to
their
faces
forward
and
are
marching ahead in solid phalanx
for
the
achievement
of
labor's
industry which
have glorified in the past will
fade into insignificance if we but
capture
the
opportunities
for
rary
peaceful expansion and develop¬
ment which now present them¬
progressive and prosperous post¬
war economy in America.
of,
own
perhaps
effects
more
than
age
Even
our
in
the
advent
of
the
we
and electric power.
own
day and with
proclaim
this
at
least
50%.
Let
determination
reconversion the
our
Labor
Day
to
achieve
on
dous
that
know
there
gloom who
see
couragement
not call for
history. It has taken the most
terrible of all wars to prove to us
that ihe
As
American
brief
highest priority.
duration.
The
tremen¬
things the American
ple need and
I
keep
a
for
am
tem
^cooperative
a "planned
economy."
publicly stated, I am
"planned economy" but
our
the
intelligent planning to
American economic sys¬
tain
gent
we
planning."
ployment
Bill
The
Full
Em¬
would
the
of course, alternative
methods of achieving full produc¬
tion and full employment.
The
totalitarian road and the
a
road
of
chosen
by the American
The
Full
Employment
Bill maps out a road toward eco¬
nomic
security and progress in
keeping with American traditions
and American ideals.
It repre¬
people.
Particularly desirable is the co¬
ordinating
procedure
outlined
full production and full
employment.
This is so because
it imposes no direct controls, and
does not contemplate interference
with industry's function of devel¬
oping its own potentialities.
It
specifically leaves the ownership,
The Federal
but sufficient provision has never
been made to ensure that the va¬
measures
taken were inte¬
grated and consistent.
The vastness of our Federal
establishment
completely in the hands of private
enterprise and relies for its ef¬
and
fectiveness
confronting
made
the
difficult
it
Executive
of
the
or
of
for
Government
balanced
providing
a
climate in which it will be prof¬
problems
Congress have
either
Legislative
to
full
:
The
dures
'".v
organization
outlined
ployment
of
the
in
ities
proce¬
Full Em¬
anism
for
bringing [, about
Reeded coordination
tency.
^
The work of the
executive
Rearing
«e
and
departments
the
consis¬
various
that
has
on full employment would
better
integrated.
hrough the creation
^/ftittee
So
would,
of the Joint
on the National Budg-
th.e work of the various
L+islonal Committees that
tn
for
the
economic
nave
overall
problems
deal
which
implications.
Just
pro¬
to
vide for human needs
during the
period
from
war
to
On the basis of these ad¬
peace.
conditions,
they foresee
major post-war depression.
a
seek
immediate
wage rates.
to
sary
increases
Such action is
in
neces¬
fortify
power
was
Federation
of
the Full Employment Bill because
it would set us
firmly on that
actment
program which we
for which we have
drafted
and
received
the
hearty endorsement
of
This
and
all
course.
forward-looking
legislative
program
and
offered by the
States with Federal funds to
pro¬
vide as much as $25 a week for
now
at least 26 weeks in
any one year.
Such
tide
their
a
law is
vitally necessary to
workers who have lost
over
Another point in
our
is the Full
program
and
better
mar¬
industry
than
no
American
incentive
the full pay envelope of the
great
legislative
Employment
set
up
promise
workers
of
the
policy
on
that
an
The
to business
that budget and obligate
the Government to stimulate
ployment
industry falls short of the goal.
Also,
we
demand
immediate
adoption of the Wagner Postwar
Housing Bill, which would
millions
of
10-year
To
home
on
construction
almost
correct
*
a
obviously would
the
free
This alternative
mean
I
offer to sell
blight
nor a
solicitation of offers
two
course
between
alternatives,? and
I
these
condi¬
on
the
•
H
economy, the American
Federation of Labor calls upon
(Continued
on
page
1059)
"
to
any
of these securities.
111
|g
Incorporated
Cumulative Preferred Stock, 4
Series
Par Value $50 per Share
r
Price
$50 Per Share
(plus accrued dividends from September 7, 1945 in
52,478 of these shares
share basis (with
a
case
of deliveries made after that
date)
being offered by the Company in exchange, on a share for
cash adjustment), to holders of its
outstanding 5% Cumulative
are
Preferred Stock, Series A, as set forth in the
Prospectus. The remaining 7,522
shares and the unexchanged shares will be
purchased by the several underwriters.
may be obtained from only such of the
undersigned
qualified to act as dealers in securities in this State.
: : ^ i
Hemphill, Noyes
The First Boston
Corporation
Robert Garrett 8s Sons
Stroud &
support
I
!V
Si'
.
•
M
!??;
i'A
Colonial Stores
enterprise system.
con¬
1
'
I
national
buy
offering is made only by the Prospectus.
as are
Company
Incorporated
September 4, 1945.
;
Co.
Kidder, Peabody & Co.
*
Graham, Parsons & Co.
the end of
people will choose the
servative
1
5
".'.-''I
earnestly hope that the Ameri¬
can'
be
by
>
substandard
are
to
entirely
J
i?.v?
to
ods Of business.
create ?
jobs through a
program
of
urgently
new
inevit-
a
em¬
useful
and
necessary public works if private
na¬
the Full Employment
planned economy which
imposes specific controls on the
production and distribution meth¬
native
*
through
60,000 Shares;
ably lead once again to recurring
depressions.
The
only
alter
Ho^cc,'nnc
Thp
nn1v
nltpr"
Bill is
;
.
a
would
an¬
pro-
i};
This announcement is neither
do-nothing
the part of the govern¬
because
ment
»
afford
an
budget,
encouragement
meet
weakened by increased
pay
•
>■
jobs until new peace¬
time employment is available.
war
carried
There is
;
supplementing the inadequate
compensation
needed
the
calls k
Kilgore Bill broadening the cov¬
erage of unemployment insurance
tions which
for
President
for the immediate
passage of the
living costs, by the wartime wage
freeze and b,y postwar losses of
ket
its influ¬
Congress returns from
tomorrow, for the en¬
of a "must"
legislative
private initiative.
bonuses.
all
exert
when
the
purchasing
American people,
of
which
civiliza¬
its vacation
overtime
American
'
Con-
to
for
educa¬
Fifth, The American Federation
to
production and pro¬
plentiful supply of jobs.
a
and
modern
our
Copies of the Prospectus
We cannot
preparation
Budget ahd the
Quarterly reports on the economic
situation would provide the mech-
the
on
tion.
Bill for the
National
rests
maintained, business Itself will
provide
employment
opportun¬
and
the
It
that if the market for business is
•
:
a
employment volume of pro¬
duction.
a
overall view of the total
economic effects of Federal
poli¬
cies.
upon
itable for business to maintain
the
branch
obtain
steps
which
vide
direction and control of the pro¬
duction and
distribution system
rious
multitude
any
tion
their
tion affords.
peacetime
the conservative way of at¬
sents
Government, throughout its his¬
tory, has dealt with problems af¬
fecting the eoconmy as a whole,
the
taken
recreation
taining
Congress and the Execu¬
tive establishments.
not
healthful
and
opportunities
controlled economy are not the
roads
enterprise.
for the
has
workers
the
vide;
ahead.
not
was
nation's
Bill, which would
nual, national job
prepared ; At the same time, in order to
peace,
that reconversion is
keep production going at high
proceeding too slowly, that un¬ levels and to
provide a market for
employment may reach the alarm¬
consumption
to
match
it,
the
ing total of seven or eight million unions
affiliated with the Amer¬
by next Spring and that Congress ican
Federation of Labor intend
The
There are,
employment under
system of private
American
America
verse
challenge of full produc¬
and
full
employment
in
peace.
necessary to promote full produc¬
full
coopera¬
failure
transition
tion
ernment policy and action.
The
suggested national budget proce¬
dure is an effective
way of devel¬
oping
the
factual
information
and
em¬
that
meet the
provide a
mechanism for using the com¬
bined intelligence of the nation
to increase the
efficiency of both
individual enterprises and of gov¬
tion
full
ognizing that continued
have intelli¬
can
and
We must not enter the
and
the
families
during wartime should soon
bring about wide expansion of
are
prophets of
nothing but dis¬
They point to the undeniable fact
tion of business, agriculture, labor
and government is imperative to
job of studying and collecting the
that
production
of atomic energy without rec¬
era
agree with Senator Taft
that "someone should be
doing the
so
full
ployment.
I
facts
of
could meet the challenge
war
of
competitively free and vigor¬
ous.
efforts
business,
agriculture,
labor, and government in winning
have
against
I
Employment Bill does
week, which will spread
employment and give
available
peo¬
unable to ob¬
were
for
The full
our
work
a
backlog of unfilled orders
for the
immediate goal.
I
establish
done, as it must be done,
transitional
unemployment will
be held to a minimum and will
be
of
to
long-*
national leaders.
present, tempo¬
and
If that is
us
nation's
needs, the American Fed¬
eration of Labor is determined to
resume its drive for the shorter
its
difficulties
the reconversion process and
urge the Government to give
up
we can and we
must raise American standards of
by
of
out
able
are
range
Truman
of all, we call
upon pri¬
industry in America to speed
vate
revolution,
sweeping in its
in¬
conditions
as
we
the
which will lift the
First
industrial
new
program
nation
We stand at the threshold
a
of
of Labor will
Labor,
confident, resolute and closelyknit army of
workers, have set
we
selves.
stock
ence
a
The triumphs of
living
versus
take
soon
and
the Americn Federation of
again
will
of civilization.
era
the
to
threatens,
as
down
but fear itself."
American labor
will not be overcome
by fear now!
The seven million members of
employed by the arts of science
to lighten the burdens of human¬
ity and usher in
a
new
and
brighter
not
time
settle
danger
When
1932—"we
hope and
power
with
a
Fourth,
American
remember the inspired words
of Franklin D. Roosevelt back in
destroy
civilization if
accord
conference to be called
by President Truman in the next
the
and
of 'us
hands
national
a
dustry at
have faith
we
na¬
preservation
is
seek
we
fight for what we want and be¬
lieve in* Just as we won the
war,
will win the peace. Let that
be our
challenge to the future! Let
a war
even
peace.
ployment and depression. But I
do believe that they
expect the
government
to
act
vigorously,
assure
Si
col¬
restore
few weeks.
contrary,
America
own
our
is
striving to forge
pray
"Fire!"
in
a
We do not in¬
stampede the nation into
people.
that
dedication.
For America has
just won
all
crying
theater.
On the
years
declared
Day
against
in
crowded
peace,
existing facilities,
to
Third, in order to
panic.
pect perfection in our initial ef¬
forts in the war against unem¬
full production and
full employment.
1
Planned Economy
Labor
spirit, which he re¬
"great vital force
machine
The American people do not ex¬
f
workers.
lective bargaining and establish
peaceful and stable labor-manage¬
Labor
does
not
share
these ment
relations,' the
American
pessimistic views. We do not be¬ Federation : of Labor intends to
the
as
the
Employment afflicts mankind, but
objective.
now,
mass
-
Intelligent Planning
ciples
Bill
industrial
garded
find
pro¬
Action Under the Full
Employ¬
ment Bill
system is to preserve the golden
mean
the
Legislative
grams.
economic
our
between
the
in the formulation of these
ment
full
and
branches of the
pledge of financial support is
this
cooperation
Executive
emphasize that while
American
(Continued from page 1043)
of
as
deflationary forces
i
of
masses
Labors Post-Wai Program
W. C. Langley & Co.
Kirchofer & Arnold
Incorporated
•*
THE COMMERCIAL & FINANCIAL CHRONICLE
1058
is purported to be
Full
Employment—Wages and
.he
There is
(Continued from first page)
must realize that the traditional
Something good may come out
of the discussions around the full
abandon, of their own accord, the
policies that harm both them and
all other people." Mr. Mises* ad¬
dress attempted to make clear
that unless the unions adopt a
flexible and intelligent wage rate
policy,
unemployment
can
be
avoided only through tremendous
credit expansion.
„LC~„*-r,
ill
t
employment bill. It may force us
to think through thoroughly the
problem of unemployment within
of a free enter¬
the framework
prise systenfT
I have repeatedly
stated that a correct diagnosis of
the 1929 depression and of the
developments in the 1920's is of
paramount importance for the di¬
of
rection
minds and actions
our
J
in the future.
the
was
glad to find
statement made recently
same
Beveridge's book, "Full Em¬
ployment in a Free Society", in
Torborgh's book, "The Bogey of
Economic Maturity", and in the
last edition of Charles Rist's book,
in
"History of Economic Doctrines".
In
my
essay
the
on
conse¬
of Lord Keynes' theories,
quences
stated that "the great de¬
I have
engulfed the gold
standard". I was gratified to dis¬
cover in an article
published in
the Aug 11 issue of the "Econo¬
mist" bearing the title, "US Em¬
ployment Prospects", the state¬
ment:
"The
great
depression
broke the gold standard."
Thus,
has
pression
I
more
and
to be admitted that the
gold
believe
more
it
becomes
union methods do not
interests.
Listen
their
serve
themselves
They
must
to Sir William Bev-
now
from his book,
in a Free So¬
ciety"): "There is a real danger
that
sectional
wage
bargaining,
pursued without regard to its ef¬
(quoted
er'idge
"Full Employment
fects upon prices, may lead to a
vicious spiral of inflation with
chasing prices, and
gain in real wages
for
the
working classes as a
whole.... To deal with this prob¬
lem
a central organization of
money wages
without
.
any
.
.
labor
should
devote
their
atten¬
tion to the problem of achieving a
unified wage
policy which in¬
that
sures
the
demands
indi¬
of
vidual unions will be judged with
reference to the economic situa¬
tion
whole." I
a
as
These
two
throw
statements
a
vivid
light on the nature of the
problem with which we are con¬
fronted.
-77-
$
*
What
then
happened in the
1920's and why was the 1929 de¬
pression so profound and pro¬
longed? The answer is, as I have
endeavored
to
show
elsewhere,
that in the 1920's, a misdirected
policy of credit expansion delayed
readjustments which had become
because of the
necessary
the
and
war
paper
the
credit
sustained
prices
and
had
we
end
This
money.
inherited
of
of
issuing
of
wages, which
from the war.
When the credit expansion had to
be stopped (in 1929), American
remained
economy
with the
permeated
disequilibrium
(lack of
balance between various sections
of
the country), which has not
been corrected and has
only been
concealed from us by the credit
inflation made necessary by World
War II. At the root of this dis¬
equilibrium, is a
policy, or a lack of
It is within
and
money
we
our
a
wage
what
kind
ought
credit.
policy?
of
policy.
power to muster
But
have
we
know
Do
policy
wage
have?
to
wage
wage
Is
we
it
possible
within the democratic framework
to
have
a
policy conducive
wage
to
a
high level of employment?
The importance of these
questions
and the
difficulty of
solving the
problems related thereto
clear when
we
become
discover that
one
of: the
outstanding defenders of
liberalism, Mr. Ludwig
Mises, and one of the apostles
economic
von
of
the
full
employment
dogma,
Sir William
Beveridge, agree that
functioning of the system
the
which
has
thp enlightened behavior of labor.
In view of the importance of the
wage policy, I wish to give a few
short quotations from the
writings
of the representative
protagonists
of the
two
opposed schools of
thought.
;
Mr. Ludwig
an
address
von
before
Mises stated in
the
Academy of Political
Science
must
the
not
at
and
Social
Philadelphia:
"One
convince
traditional
serve
American
the
workers
union
the interests of
only those of
that
policies
one group.
.
.
do
all, but
What
.
is needed is not to throw dust in¬
to the eyes
•
convince
the
gers
inherent in the bill
al¬
are
ready potentially operative, and in
point of fact, have been ever since
the end of World War I.
employment
bill
will
The full
add
some
additional dangers to the free en¬
.
and
the
on
threats
to
What then should be
this
towards
attitude
our
If
assumption
my
that
full
a
employment bill will be adopted
is
correct,
then
I
think
our
efforts should be directed towards
are
we
of
most
the dangers inherent in the bill.
Those
who
still
doubt that
vital
of the
Anyone who has attended a
public forum
between
capable
representative defenders of eco¬
And
means.
this
to
not we shall save
or
the
on
The
experimentations, and
that, willy-nilly, we shall have to
test to the full employment
theory, are asked to reflect upon
their own answer to the follow¬
a
his
teachings accepted by
everyone—-or at least by the ma¬
jority of the people?
answer
democracy.
of what
a
have
question depends whether
we
nomic
in¬
what
or
we
fail to do
are
they
very
would
fast
the pol¬
great that
very far and
be
move
...
on
so
and probably in the
It is wiser to be
wrong direction.
ready for such
an
emergency and
forestall the taking of
hasty meas¬
ures
and
under the
impulse of events
public clamor.
national
aspect
brought
Byrnes.
The
forth
ternational
is
the
by
has
been
hold
the
impediment to in¬
economic
policy
inter¬
Secretary
British
view that the
United
which
an
cooperation
impolicy of the
specifically,
how they can tie
or
States.
More
the British ask
their money and
economy
to an
United
(that
of
the
States) whose prospects of sta¬
bility are uncertain. More bluntly
stated, the British are afraid that
economy
the
lack
American
of
equilibrium
economy
another great
of
the
will
bring
depression.
This explains the
whole-hearted
endorsement of ULUCWi y Byrnes
7
7,
"i Secretary oyilies
about
to
to
a
say
point where he is'
what is right and
what is wrong.
When discussing
:
-
1
depressions
We
find
their
some
the
causes
of
and
unemployment,
economists imputing
to
cause
under-consumption;'
the contrary, impute it
inflationary spending.
Some
others,
to
on
economists think that- the
cause
of
depressions is over-saving; some ;
plead that it is under-saving. Some
economists^ say that at the peak
of a boom, we should increase dis¬
that
more
After
of fac¬
causes
have
110
comprehension
.of exactly what the
equilibrium theory is, or what it
purports to illustrate or explain."
cogent arguments, he reaches the
conclusion that the
I
whatever
other
some
The defenders of the "purchas¬
tions cannot be
removed, and that ing power school" have simply
only be sought in the to say: "to buy, you need money".
means of controlling its effects.
This is a proposition which, be¬
Likewise it is my firm belief that cause of its
oversimplicity, and
the
only politically
practicable notwithstanding its speciousness,
and sound approach to the full is easily understood
by the "com¬
employment issue is to provide mon man", as well as by theorists.
safeguards against its ill-effects. The
common
man
understands
When we stop to think, the de¬ this kind of
argument all the more
fense of our political and civil easily as it
appeals to his apparent
liberties rests mainly on the Bill
superficial interests.
relief
can
A fuller defense of the full
lows:
pressions
causes
due to
and
0
a
f
unemployment
wrong wage
monetary
policy,
of
the
are
sI'
To those who adopt towards the
reason
that
because
have
productive resources
United States will not be
liigh
Therefore,
essential to
economy.
dangers, the only
don't
we
part of the people, all of the
utilized.
full
a
wages
employment
The chief threat to full
employment is the instability of
private capital expenditure. When
full employment issue an attitude
of "black or white", and are in¬
to
If
private enterprise cannot provide
people with jobs, then it is up to
it
the
proper
government
to
disregards
practical
po¬
poli¬
I
Difficult
as
it may
be,
we
doctrine,
ject.
and
I
can
offer
tentative ideas
hereafter
on
the sub¬
Furthermore,
ideas, sound
point out
impediments.
as
they
some
may
of these
contend
that
much
to
do.
said
be
favor of the
in
proposition that the distribution
of political power produced by
capitalism has made its proper
functioning extremely difficult.
Though I would not go so far as
that capitalism
to say,
like
can
longer live under democ¬
no
is certain that the very
it
racy,
do
I
(3)
some,
profess to know
for
what the future holds in store
what the answers are to a
problems which are
confronting the world after the
war.
I share, however, with many
us,
or
great
many
others, the conviction that wide¬
spread unemployment will not be
tolerated by the masses. It will be
too
any demagogue or
who does not under¬
the implications of the full
for
easy
for
anyone
stand
we
howl:"Must
employment issue to
useful
public
such
an
argu¬
distri¬
make
difficult.
not
have
war
doubtful
that
will have any
man
jobs?" I am
to have
by practically all
sake of benefits in the future.
must therefore
common
the
sympathy for
Even with the American intel¬
because he does not trust
what
conception of how the
private enterprise system really
works. The way to preserve the
private enterprise system, in fact,
omy
is not
sponsible. for
plan,
or a
talism"
any
"capi¬
account of
on
econ¬
wars.
(He is, in my belief, wrong on that
because
economic
hun¬
doctrines
the
w
provisions of these bills will no
the
private enterprise
To accomplish this odjective, I think that both psycho
logical arid legislative means win
liberalism
are
not
my
contention that the Editor of
behavior of
the
New
national
abso¬
,
American
is
and
due
new
-
'
Government is to accep
responsibilities (of a
fathers
the
re¬
tution
of
kind o
the,,ConsAX/'
never
inter¬
to
If the
which
what
economy
be used. ;
have to
of
happened to
American economy; it would be
truer to say that the unsatisfactory
plans, but simply by
permitting it to function." It is
lutely right, but that he did not
recognize all the consequences of
more
happened to American
between the two world
score,
new
"Times" is
countries,
make sure that tne
lectual, the credit of economic lib¬ destroy
system.
eralism is lowv Y?hy^ First of
alj^
vaguest
York
they
also
private enterprise], ex¬
perience shows, are usually drawn
by people who have only the
a new
think
ing immediate advantages for the
preserve
by
least, if they
It is a fact that
most people have only the vaguest
conception of how the free enter¬
prise system really works.
(2)- It is generally admitted that
democracy cannot exist without
economic liberalism, and there is
understand it, or at
■
(!>' The Editor of the New York
"Times," in an editorial published
on August 5th
regarding the Mur¬
ray bill, states: "Such plans
[to
dred
People are willing to de-'
if they are able to
cause
a
.
tellectual obstacles in the defense
I shall
fend
There again, the masses will be
poor devil is in a
predicament. There is no simple inclined to accept the reasoning
explanation of the equilibrium that if we found money to buna
theory. It requires much personal tanks, guns, and airplanes, we
and serious thinking to be able ought to find money to provide
to grasp it and draw the logical post-war jobs. ¥ *
■■■
*
X *
• *
consequences
therefrom.
More¬
over, these consequences are often i Unless ■ I am grossly mistaken*
not palatable to the common man a "full employment bill" in one
because they may imply sacrific¬ form "or another will be
I
ask
the
defenders of free enterprise to
reflect upon the political and in¬
be.
obvious, however, that they
not.
against; the argument, the
safeguards
ill-effects of the full employment
some
It is
are
ment is not easily refutable. When those who advocate "sanity
m
the defender of economic liberal¬ the name of sound fiscal policies
ism has to state his side of the —or for the sake of our liberties.
trends, and besides,
is dangerous.
contrive
.
provide them
valuable
This'
sary
conditions, for ' its proper
functioning should be understood.
its functioning
services.
tremendous
tolerated.
entails
myth.
be true, but what is even
important is that the neces¬
growth of democracy and
bution of political power
the
(c) Full employment bill or no
full employment bill, mass
unemployment will not be
#
under-con-
excessive
consumption; if we don't
have a high standard of living on
mischief.
:!;
due to
high
credit
and
and
system needs a
and
confronted with the
are
are
thing to do?
It is often said that the capital¬
savings.
The amount of employment avail¬
able depends on the volume of
production.
This, in turn, de¬
pends on the demand for goods
(a) A full employment bill will
be adopted.
(b)" Even if it were not adopted,
clined
runs as fol¬
"Unemployment and de¬
sumption
we
em¬
ployment issue usually
victions:
of their
Besides, this issue has
mind
unable
may
tics and social
pressure
his
istic
the
would
causes
of depres¬
unemployment serve
only to confuse him and befuddle
colleges,
American
greatest
titude
The
the
on
and
wherein he states: "I must confess
sition
iticians
omists
sions
the
factions, but that the
suppression of liberty would cer¬
tainly not be the cure for the mis¬
legislation, I submit that their
vious.
be?
he
nourishes
at¬
Government?" Unless I am gross¬
ly mistaken, the answer is 'ob¬
au¬
And why should
Discussions among econ¬
the proper
employed, what would be the
of
an
thoritarian State.
a
letter from a prominent
professor of economics in one of
files
through
and
not
safeguard
against the emergence of
of the
greatest dangers to
democracy, namely, the danger of
factions.
He
states
that liberty
one
works."
people
is
liberal-'
liberalism
thing to do is not to adopt such
the
economic
ism is the most essential
school
ing simple questions: "If we were
again to have 10 to 15 million un¬
of
intellectual
and of the new
count; rates; others say we should
(which for the sake of decrease them.Some economists'
calculable. I suggest that the wis¬
brevity, I shall call the "pur¬ think that the answer to the undom of the fathers of this republic
chasing power school") has cer¬ employment problem is low wages;
be called to our help in tackling tainly been struck by the manifest others say it is
high wages. Some:
this problem. They, too, were con¬
economists attribute depressions
handicap of the defenders of eco¬
fronted with issues which seemed nomic liberalism.
Why? The an¬ to over-investment;' some attrib¬
insurmountable, and yet, by dint swer seems to. me obvious. What ute it to liquid savings not being
of thinking and effort, they found the defenders of
the economic lib¬ invested. If economists are unable
adequate solutions.
I, therefore, eral school actually oppose to the to agree among themselves on the
am of the opinion that we should
"purchasing power school" is the causes of depressions and unem¬
take a leaf out of the "Federalist", doctrine of
"equilibrium". Now, ployment, how can the ordinary
Letter
10, written by Publicus it is. a fact that this doctrine is individual or the legislator be ex¬
(Madison), wherein he discusses not understood.
I have in my
pected to make up his mind about
do
consequences
moving into further social and
give
free enterprise system and to
of
we
economic
Economic
function
question?
Everyone is in favor of a high
level of employment.
The dis¬
agreement arises only on account
providing safeguards against its
ill-effects, rather than fighting
the bill. By so doing, the full em¬
ployment bill may prove, in the
long run, a blessing in disguise,
because, to repeat again,
already confronted with
economic-liberal
the
properly understood and left free
to work—and provided also there
is a proper psychological climate.
But who enjoys enough authority
to .teach the necessary conditions
freedom.
our
fact
a
liberalism
properly, except
if the logic of its mechanism is
remedies.
It is admitted by the very friends
of the full employment dogma that
it carries with it dangers of infla¬
and
of
cannot
gers, and some tentative
tion
that
machinery.
dan¬
these
of
nature
the
is
few
tioning
terprise system, arising from the
of the bill, and from
feeling that the Government of Rights.
In
is omnipotent in curing unem¬
brief, my attitude in the
ployment in a free enterprise full employment issue is based
on
the
following
three
con¬
system.
mechanism
of the workers, but to
rr,7
'
them.
They themselves I to the full employment
bill, which
.1
I shall discuss further
ties.
source
thermore,
convinced
the
their
personal prefer¬
ence, depends, in both systems, on
firm belief that
my
bill, or some modified
form of it, will be adopted by
Congress. As mentioned before,
it is my contention that the dan¬
are
wrong
is
Murray
expansion of
high level
a
certain
end
It
doubt, however,
employment dogma
(as presently formulated by its
protagonists)
embodies
serious
perils to democracy and our liber¬
chief of faction.
:fc
standards is to be exonerated for
responsibility among the causes of
the great depression. Mr. George
Torborgh, in the above mentioned
book, has exploded the theory
that economic maturity was the
cause of the great depression.
little
It
statement.
very
that the full
existent, and
rli_~
+u«.
f.m
against the ill-effects of the full
employment dogma,
potentially
busi¬
in
that
people have a correct
conception of how the private en¬
terprise system really works. It
is a further fact, I am afraid, that
the
very
growth of democracy
makes difficult the proper func¬
his
able to remedy
fluctuations
in the United States.
ness
Democracy
ready
violent
Thursday, September 6,1945
the
disregard and the violation of the
rules of economic liberalism.) Fur¬
should also
dreamed), then
provide for whsteve
safeguards are
cable
we
politically Pr^, t
make sure tha
in order to
do
not
break
beyond reP
private enterprise system,
ing, at the same time, our
our
prt.ies.
It.
is
furthermore
i">
obviou
?
Volume
.to
safeguards
must be
democratic
contrive
in their
able
THE COMMERCIAL & FINANCIAL CHRONICLE
whatever
that
me
we
Number 4418
162
Psychological Means
1. As often
possible, the Gov¬
through its most
authoritative mouthpiece, the
President, assert and reassert its
and understand¬
essence
ernment
general public.
question is whether there
such safeguards which would
to the
The
•
are
effective.
prove
means
be
can
democracy and
liberty are not possible with¬
out private enterprise and
compe¬
en¬
terprise system together with
liberties
devised'.
our
tition.
Their
effectiveness will depend
on
con¬
economic
dition for the preservation of the
for
tion
protec¬
to
of
toy bring-
employment.
\
high
a
level
the
for
responsibility, I think
ties can: be summarized
unbearable
for
the
'functioning of an individual en¬
terprise system.
(2) The adjustments and read¬
justments of costs to prices (in
wages)
become
may
!not onfy inflexible, but practically
impossible.
•
"
'
-
(3) The free market may be de¬
stroyed. (It seems to me that as
long as we manage to keep a free
market regulated by. prices, we
'can be reasonably sure that the
private enterprise system is func¬
T
■.
above
considerations
in
mind, I think the protection
of the private enterprise system
and
by
liberties may be secured
our
the
following
if
the
the
re¬
means,
Government is to
assume
sponsibility of helping to
conditions
favorable
to
create
high
a
level of employment:
reservoir
of manpower
there is in
4. The Government should make
it clear that employment depends
on profits and
risk-taking by in¬
dividuals and corporations. Prof¬
its, in their turn; depend a great
deal on wage rates and taxes.
The implementation of the safe¬
guards may, of course, require the
creation of some new institutions,
•
the
se¬
capital, and in the
goods produced.
I
follows:
as
(1) The national debt, or rather
interest' on this debt (and
therefore, the level of taxation)
With
times
profit. There must
competition in labor as well
be
;the
tioning.)
all
of which is
as
; particular,
sovereignty of
at
ure
which
wage
would
levels
of
establish
65
a
hourly rates of
cents
Legislative Means
It
would
fix
the
(on
body of experts)
a
maximum
of
ratio
all
taxes
(whether Federal, State or
municipal) to the national in¬
Taxes should be stable and
devised as to foster taking risks
come.
so
and
individual enterprise.
2.
The
Government
tend
that
ridiculous
be
the
above
to
pre¬
suggestions
to
provi¬
the
to private en¬
terprise and our liberties, if
employment bill is adopted
if
even
is
it
not
full
a
(and
adopted).
My insistence on psychological
well as legislative means may
seem
unusual, but the problems
re-
linguish its right to impose a con¬
of exchange except in times
trol
of
national emergency.
3.
The
sion of the
4.
The
commercial
constant
banks.
increment
production, technological
and the effect of
saving
bring about lower
duction.
It
should
in
progress,
concur
costs
of
become
to
pro¬
a
de¬
clared policy of business that the
increase
lated
of
into
efficiency
lower
the
diffusion
the
increase
prices
of
of
be
with which
baffling
we are
the
standard
of
living of the country as a whole,
is conditioned by a trend to lower
and
lower
prices.
(I
ignore
the
I
am
the proposi¬
preservation of our
liberties is impossible without de¬
mocracy, and that democracy is
impossible without private enter¬
prise and competition. Many peo¬
ple (paradoxically enough, mainly
tion
for
that
adequate' treat¬
7--V?
policy advocated, I propose that
a
dividend should be distributed
to the workers
each
dend is
holders.
time
distributed to
The
basis
on
a
the
divi¬
stock¬
which
the
Proportion of the dividend to the
workers is to
be
calculated is
leit
open for
discussion.
The ad¬
visability of distributing
dend
he
to
left
the
to
stockholders
the
discretion
management alone. ^ 'M'l
a
divi¬
brate the
victory because the
men
earned
it—
solved.
the
old
of
coverage
offering
health
masses
the
humane
insurance
of
our
benefits
to
the
to
What
master
bution.
the
we
must do next is
problem
of distri¬
Labor points the way.
By
employment at
high wages, private industry can
put enough purchasing power into
sustaining
of
great
full
the hands of the American
people for the first
people
only to be expected that
Congress may balk at some of
to buy the necessities and com¬
forts of life which they need and
which industry can produce. That
the
is the
time.
It
is
in this program. We
measures
still
only
private in¬
sure way
law-making
dustry can save itself and the free
enterprise system.
body who believe this is. the best
After winning a terrible war to
have
too
resentatives
many
in
our
elected rep¬
of all possible worlds and
nothing
should be done to
change it. They
safeguard the American way of
from external
enemies, we
preservation
of
the
free
prise system but don't wish to lift
a finger to save it.
The American
system
for labor
but
of
in
we
as
well
regard it
as
as a
for
too,
way
life, not as a static road block
the path of human
progress.
The American
Federation of La¬
bor's
it
from
its
own
and
a
made
American
by
Federation
laid
down
of
Labor
their
tool?, an¬
swered their country's
call and
served so gloriously in our armed
forces.
We
,
a
•
can't
the many
tions
of
help boasting about
high honors and decora¬
-
grateful
fellow
valor
to
such
internal
enemies
hunger, unemployment and in¬
security, which always provide
as
fertile soil for revolution.
We
suggest that Congress take
notice of what is
happening in the
Europe and in
Asia. Perhaps those developments
will awaken the stand-patters to
wake
of
war
Government
ment with
shortcomings.
We hope that private
industry
will face the facts as
realistically
as
labor
does.
We
hope that
that
realization
a
in
the
American
must be a govern¬
conscience and with
a
on
our
members
by a
fighting
-the
and
of American trade-unionists.
sons
Especially outstanding was the
by the Seabees, made
up almost entirely of American
Federation
of
Labor
building
record made
t*
the "miracle men" j of
were
and
of
respected by other branches
our
own
armed
Also
forces.
deserving of the highest commen¬
dation were the 300,000 railroad
workers, serving in special bat¬
talions, who kept munitions and
supplies moving efficiently only
a
few
miles behind
armies.
the
And let
of
seamen
rine,
members
us
our
of
our
not
invasion
forget the
merchant
the
ma¬
Seafarers
International Union, who did not
serve in uniform but risked their
the
lives
responsibility for the well being
Also, we hope that
prospect of going before the
fi
this war, fighting as they worked
under fire, feared by the enemy
of its citizens.
a
i
bestowed
nation
union
I
trades and metal trades members.
default
legislative program would
endanger free enterprise but
protect
record
They
industry,
dynamic
labor
proud of
the million
half young members of. the
the
who
of
life
enter¬
Federation of Labor is wedded to
the free
enterprise
women
do not believe the American peo¬
ple are in any mood to lose it by
profess to be concerned about the
American people next year for re¬
This advertisement is not, and is under
following securities for sale
securities.
The
circumstances
no
or as
a
to
solicitation of
in
1 1
transporting
vitally
on page 1063)
(Continued
he construed
an
as, an
offer to buy
any
offering of the
:/'VV
of such
offering is made only by the Prospectus.
The Celotex
(A
Delaware
Corporation
Corporation)
t:
|
$5,000,000
Fifteen Year
Dated August
Debentures
Due
1, 1945
one's
Price 102V2%
faith
expressing
individualism
in
3lA %
August 1, 1960
i
public
to
the
grasp
;
:
the dignity of the human person,
but too philosophical for the gen¬
eral
plus accrued interest
and
>.
oTW
100,000 Shares
impli¬
cation.
Take
another
5% Cumulative Preferred Stock
of
One
instance.
the great problems we shall cer¬
tainly
be
confronted
rigidity of
with
is the
(Par value $20
determined in
perhaps
may
Price $20 per
provide
that
and
I
hold
that
til
nation
are
be obtained only from such of the undersigned
as
*
appropriate
I !i
•*'!'
f
if
trif*,
I ■ :
JM
f.
■im-
Paul H. Davis & Co.
41
A. C. Allyn and
Company
Incorporated
.
Central Republic Company
M
(Incorporated)
■'fcf
~<i '<•; ■ si
,1:
Hornblower & Weeks
Paine, Webber, Jackson
Curtis
T'':r
j
'
conclusion
i
Laurence M. Marks & Co.
The Milwaukee
Company
Julien Collins &
Company
to
Kebbon, McCormick
Rule Bill in 1886:
:
are
■
f•
I-.,
.
this- article than Gladstone's per¬
oration to his final appeal on the
"Think,
* 1
in
registered dealers in securities in this State.
be
can
There is perhaps no better and
Irish Home
'itii- f
the
brought about only if prices slow¬
ly but persistently show a trend
to decrease.-
share
the
spreading of well-being and the
increase of the standard of living
whole
may
a
Certain economists
rule.
view
more
air*-'
is
Copies of the Prospectus
private enter¬
prise system requires for its prop¬
er functioning a slow, rising trend
of prices.
Personally I contest
the
•,
(Plus dividends accrued from August 1, 1945)
badly function¬
our
ing industrial society? The asser¬
tion of a goal of lower and lower
of
share)
i'
By what cri¬
teria, and by whose decision is
the right policy for wages to be
this
per
V
wages.
I
beseech
you;
think
the moment but for the years that
is
over,
knows
no
bounds. Labor is entitled to cele¬
resources
broadening
has its roots in religion.
mocracy
This is another way of
the
■i
I
4
of human life and nature's
waste
productive capacity to raise living
standards
progressively
higher.
Production problems have been
Nicholas
Dr.
is
force
well, think wisely, think not for
I
we
liber¬
should
of
thanksgiving
$
velt, in his message to Congress
in 1940, I believe, stated that de¬
maintain
and
themselves
The late Franklin Delano Roose¬
guiding
5. In order to obtain the
willing
cooperation of-labor in the wage
I
years.
that the devastating
now
Dingell Bill which would bring a
stronger measure of social secur¬
ity to the American people by
the
with
credo
labor
ment.
four
the hard way.
We are particularly
proposition.
The
only authoritative voice I heard
in
this
country
asserting
this
the government that arbitration in
sideration
in
instance
call
deny
prices
jective of a lower trend in prices.
The matter of agricultural
prices
may have to receive special con¬
feel,
and
the
who
those
aberrations in the level of prices
due to purely monetary and credit
conditions.)
It should therefore
also become a declared policy of
disputes regarding wages
should be governed by the ob¬
all
relief
confronted are
Personally,
ones.
inclined to put as much weight
on the psychological means as on
because
and
"good old days" will not
satisfy the American people. We
peacetime Labor
America
.
The
resources, the know-how and the
trans¬
well-being
the pro¬
as
should
adopt a sound money policy and
limit the liberty of credit expan¬
return
in
Day
and
Murray Butler.
Government
A
the
to
years.
This is the first
meas¬
own
backward.
on
want better days. America has the
would
approach
of safeguards
of
now
Finally, we renew our appeals
Congress for action on the
long - delayed Wagner - Murray -
practical
sion
up
instead
to
not
als)
should
a
hour
in interstate
industry at the end of three
have any merit other than to in¬
dicate
a
possible method of a
Take
Government should
the advice of
to
an
to their
responsibil¬
ity for preserving the free enter¬
prise system by being truly en¬
terprising
by
looking
forward
75-cent floor for
pay
the legal safeguards.
1. The
minimum
immediately
rocK-bottom
and
lift
into
Congress
spur
advanced by the American
Federation of Labor;
gram
<
tion
age and survivors
certain
that
the
sources
of
danger to
private enterprise and our liber¬
become
is
consumer
responsibility
kept available. There must be
competition in a private enter¬
prise system, the motivating pow-
so
er
may
its
be
fais proposed
Government's fulfillment
of this new
is
ing of the competitive system that
a
Taking into account the means
,
it
that the
de¬
must
"full employment." It
is, of course,
essential for the proper function¬
of
r
which have been
of
1
will
favorable action
American businessmen will
insurance, plac¬
3. The Government will have
ing unemployment compensation
to define clearly what is meant
by on a uniform, national basis and
about conditions favorable to the
maintenance
that
(Continued from page 1057)
Congress to enact pending legisla¬
may
cure.
dangers deriving from the
tassumption by the Government of
responsibility
Government
watch
the
clearly in mind the nature
new
The
clare
our
of the
dts
which
become "the moral equivalent
private enterprise
system and our liberties, we must
•have
liberalism
socialism and communism".
2.
proper
(plus Number
Legislative Means above)
engender a faith in favor of
may
liberties guaranteed by the Bill of
Rights.
To provide the
Such action
5 of my
our
vigilance, just as this is the
that
election
Labor V Post-Wax Program
as
should
conviction
I think that the
to protect the private
1059
to come."
....
„.
>
*
Stein Bros. &
Boyce
Ames, Emerich & Co., Inc.
Mi
>
'i.,!
Thursday, September
FINANCIAL CHRONICLE
THE COMMERCIAL &
1060
i
6
1945
V—
will
COMMONWEALTH
REPUBLIC
essential to
ever
INVESTMENT
Mutual Investment Fund
known has
the
on
★
world
history.
GENERAL DISTRIBUTORS
Distributors
NORTH AMERICAN SECURITIES CO.
2300 Rutf Building •
New York 15
St.,
now
"
V'l
With
.of
press
quick
a
"The
I
-
Distributors Group
peace.
sums
up
Industrials ♦>
a
July 19 and at
combined lines of the 12 railroads
whose shares are currently owned
'dates!
on
July
30—respective
on which the Group Secur¬
ities
Report
closed at 162.81
[162.09
on
-mailed to stockholders.
f
outlook
market
prices, the railroads are bound
Securities/ Inc.
A Class oi Croup
prices for
their
curities look cheap." w
present
Prospect uson-Retjuest
prospects of higher prices for se¬
lected
jfT^hinery
\ sponsor
quotes
Street Journal
machine
the
this
News,
"sees at least
of
the
transactions
that
so
far
in
industry
now
tool
year
Distributors
Group,
"appear to be fairly valued on the
basis,of current earnings and un¬
dervalued
the
on
1946
imated
basis
of esti-
earnings."
Yielding Securities
digh
in
3orp.,
a
speculative
bulletin
Series,
draws
atten-
;ion to the market characteristics
)f
high yielding securities. Charts
used to show the
typical mar¬
action of various types of se¬
ire
ket
curities
during
and
the
great "middle class" -of
along with the
average, high yielding securities
generally lag in market apprecia¬
tion but catch up fast during the
later stages of a bull market.
Thus, in addition to their in¬
PUTNAM
come
FUND
...
attraction, high yielding se¬
are thought to afford bet¬
curities
ter
opportunities
for
started
the Fund in a stronger de¬
during the read¬
justment
period
now
directly
ahead of us."
At
41%
of
45%
cent
the total fund
request
attention
materials and
Putnam
Fund
Distributors,
Inc.
to
the
new
ma-
products which
new
will make their appearance in the
postwar world.
A
J-'
-ry
Letter
giving the portfolio hold¬
ings on all Series of New York
Stocks, Inc. as of Aug. 17, 1945.
.
.
Distributors Group—Current
.
folder
current
to
p'.fi-'
made by American indus¬
While this era of "scramble"
Aviation
issues
>"
One
and
of
Railroad
Priced
General Distributors
Exchange Place
New York
■
man
next
sloppy mind as well.
Everything is important! To such
in business is assured—if it doesn't come today, or
a
of
1945
Sometimes
a man
MANAGEMENT OF
day important.
we are prone to scoff at such an idealist, but that
doesn't consider himself an exceptional person. More
become so accustomed to doing the right thing
right way, that his good habits are as much a part of his
make up as his eyes or his hair.
Several months ago we were
in
the
talking business with a securities dealer in a medium-sized, western
and unconsciously this fellow sold himself to everyone in
his presence, at the time he was speaking.
He was talking about
his advertising and his convictions, and he made one remark that
told the whole story o£ his sincerity of purpose and revealed the
city
pleasure he took from his-work.
"You know," he stated in a matter
"I haven't got the biggest business in this town yet,
but someday I want to be known as the BEST IN VESTMENT MAN
TN THTS CITY.
I WAN'T PEOPLE TO THINK OF ME [WHEN
THEY THINK OF INVESTMENTS."
'What could be better—what
kind of a man is it that's better than the man who says,, fthis 13
my
%
job and whatever it may be I want to do it
will brook
tion and
lias made this
out
EXPERTLY?
This is the kind of thinking and doing that needs no
his
life
sort of personal
This is the
none.
at
is
basis
the
security that could
ever
we
full
for
be conceived.
has given peace back to this
Now
that
Providence
pray
that
once
bonds
no
less!
I
■
■■
200
a
to stockholders of
Sept. 14.
Garfield, Greenberger
W. H. Saussy Joins Staff
Of Varnedoe, Chisholm
a
George Garfield,
ner
in
Prospectus upon
your
request
investment dealer
front
Greenberger
*-4 4-
*"4
* + * *
&
Co..
Co., Inc., Savannah Bank & Trust
Building. Mr. Saussy for the past
partner
five years
has been serving in the
lieutenant-colonel.
U. S. Army as
American
will become a
effective today
change,
firm
will
name
Garfield,
Growers
Fruit
Arden Farms Co.,
Fullerton
<
or
Prospectus
NATIONAL SECURITIES &
from
The
New York 5, N. Y.
Co,
limited part"
Broadway, New York City, mem¬
bers of the New York Stock Ex¬
be
geneu-
and tne
changed D
Greenberger &
Co.
50
your
local
may
dealer
or
;
:
,
SPRING ST.
SO.
-
Market
* »
4*
8
TRINITY 5761
LOS ANGELES
*v
ty
14
Teletype: LA 68
Congress Street, Boston. 9, Mass.
Inc.
Members Los Angeles Stock Exchanrje
626
Keystone Corporation
of Boston
i
Com.
Oil Co., Com.
Wagenseller
he obtained
investment
Inc.,
Pfd. 8C Com.
Quotations and Information on all
V
.
•"
-
"
California Securities
.•
^
t
world, may
the average, humble American in every
able to say once more, "Just give me my job,
be, and let me do it well."
And selling stocks
again
of life will be
Shci res
Market
this
children, that has ever existed upon
his
rear
employment,L full dinner pails,
peace and prosperity.
It will create more jobs than all the Bretton
Woods, Full Employment bills, and schemes and dreams of so-callea
•
jf ♦
creed than
to live
country the finest and best place for a man
and
Such
earth.
and
quarterly
share payable
ey stone
Www
I
regimenta¬
SAVANNAH,
GA. — William
Hunter Saussy has become asso¬
ciated wrth Varnedoe, Chisholm &
120 BROADWAY
KARL D. PETTIT & CO.
next year, it will arrive eventually.
And when it
realize it because he will still be making every
or
won't
he
act and every
kind of
who is
man
success
month,
arrives
a
Fund—A
dividend
RESEARCH CORPORATION
City 5
Teletype NY-1-2439
s
a
* But
good one.
a
home,['can't hide it in his business—egg stains on
more
than that a dry-cleaning job is needed—they
mean
Request
Knickerbocker Shares, Inc.
20
vest
indicate
our
his
in
SPECULATIVE
SERIES
on
a
build
we
and its
there
is
trade-mark
his
careless
passes
<
Diversification,
Prospectus
reputation either for good
or for bad.
A man is diligent in his office, his employers can see
it.'
SO CAN HIS CUSTOMERS.
Another fellow is always on the
go—he hustles—the world finds it out. I Another man is cautious,
deliberate and thorough, he might as well carry a sign on his back,
walk
Dividend
.
.
Wellington
Securities Series
of Investments
v/i
man.
a
what-so-ever it may
NATIONAL
Supervision and Safe-keeping
re¬
News
Knickerbocker
for the
yoursfclf—if you try it you'll lose out in the end.
So many have
tried the short cuts.
On the surface, and for a while they get
away with it—but when the
going gets rough something breaks
inside and the world see's only the shadowr.because there never
Shares;
and Investment News.
record
of the
News
Aviation
on
Sept. 29,
i v.e v
u A--
be
try."
issue
Hugh W. Long & Co.
Current issue of the New York
of
sponsor, "not much word
is yet around of the mad scramble
for these dollars which is about
National Securities
...
vised
but, according
year ago.
Timing featuring
"Economic Significance of British
issue
dollars
re¬
Investment
great deal has
this
a
Corp.—Current
been said about the abundance of
to
)>u.
17%
...
Research
customers'
50 State St., Boston
a
Lord, Abbett—Current issue of
Abstracts.
Election."
draws
actions
tive
of fact voice,
Lord, Abbett's current Bulletin
upon
compared
and
Sept. 30 of
Mutual Fund Literature
Scramble
Prospectus
30
on
last .year. In the same period the
Investment Backlog has increased
of
Shares
June
on
high of 63%
to 32% from
think about it we realize that a good reputation
about through the constant application" of sound and construc¬
ALL .THROUGH A MAN'S LIFE.
You can't fool
When we stop to
comes
than likely he has
present the Common Stock
Portion represents approximately
with
business
analysis of the values which are presented* before us—we buy because
have confidence in a trade mark—or in a MAN.
fensive position
&
Business
months ago designed
some
capital ap¬
during the latter part
)f the up-swing.
American
quarter have
of certain
to put
preciation
on
Fund
"This represents
continuation
of
a
policy
the
market.
bull
a
Whereas popular type investment
stocks usually lead the advance
the
stocks.
common
National
on
securities "follow
I
ex¬
sale
the
of
for
third
the
consisted
Securities & Research
National
of production
*
is
nam
Wall
the
[at a rate never before reached in
| peacetime."
'1
-"Industrial Machinery Stocks,"
cohcludes
visibility
ing to the Trustees of George Put¬
Fund. They report that most
NEW YORK 5, N. Y.
•
so often—how priceless is a good reputation,
world, where man meets man and millions 0f
contracts are consummated daily, here is the . testing ground of a
man's word and his character.
Today, more than ever before, we
buy countless services and goods of every description , upon FAITH!
The world is too complicated for anyone to make an individual
was
tremely low these days," accord¬
the effect
from
to
a
63 WALL ST.
same
Fine Gold/'
DUTTON
said
has been
It
the
In
Every day that
"Investment
GROUP, Incorporated
In its current issue of Industrial
!
se¬
Visibility Low
DISTRIBUTORS
stocks."
common
business to make
to get enough
are
beginning to see immediate
now
Is More to Be Valued
or
By JOHN
as
expected, are going to generate
enough business to make their
securities attractive at present
Shares
Than Riches
we
companies,
industrial
"If
I
of New
York
Yesterday
27) the Dow-Jones index
closed at 171.96—a new bull mar■ket high. And many financial ob¬
servers who only two weeks ago
Iwere quite pessimistic over the
(Aug;
near-term
the Railroad Series
Stocks, Inc.
by
Low Priced
and
written
was
"A Good Reputation
Stocks
good job in portraying the
values currently available in se¬
lected rails.
The super railroad
system referred to represents the
does
follows:
as
The Securities Salesman's Cornet
system"
Series of New York
road
considerable apprehension over the possible effect
Dow-Jones
the
of
map
showing a "super*
illustrating its
front cover, a new folder from
Hugh W. Long & Co. on the Rail¬
reviews covering the Group Securities Semi-Annual
Report. These press reviews comment on the optimistic attitude of
.the Group Securities management toward securities prices at a time
•
55 LIBERTY STREET, NEW YORK 5, N. Y.
States,
railroad
Distributors Group, in its current Investment News, quotes some
was
outline
an
United
Victory and Peace Are Bullish
iwherf there
Herrick,Waddell & Co., Inc.
greatest
Super Railroad System
Mutual Funds
jfavorable
supplying the
demand for goods
and services the world has ever
seen."—From
Keystone
Corp.'s
current issue of Keynotes.
r
-
request
in
accumulated
San Francisco 4
on
in¬
-
in
poses
,
Prospectus
.
energy and power are
turned to: constructive pur¬
genuity,
f. IT: BULt MANAGEMENT CO., INC.
era
Tremendous
constructive
promising
Prospectus on Request
Common Stock
greatest era of destruction
ended and we are
threshold of the most
"The
ever
Founded 1932
lfr WiHi.»m
Hytron Radio & Electronics Corp.
security
of Peace
Promise
COMPANY
FUND Inc.
•
proper
selection.
t r INVESTORS
,
diversification of
great
see
products on the part of industry,!
good judgment, knowledge and
experience will be more than
r
Number 4418
162
Volume
THE COMMERCIAL &
FINANCIAL CHRONICLE
Seaboard Railway
Company
Chicago, MOwaukee, St Paul
Chicago, Milwaukee,
Denver & Rio Grande
St. Paul & Pacific R. R.
lo6*
& Pacific Railroad
Company
Western R. R. Co.
Chicago, Rock Island &
Pacific
St Louis—San Francisco
Railway
Chicago, Indianapolis &
Louisville Railway Co.
Railway Co.
Delta
and
Company
Air
■a;
Corp.
When Issued Securities
Common
New
We will discount profits and assume
losses in the above
York Stock
Exchange Stock Clearing Contracts
only
"when issued" contracts
PFLUGFELDER, BAMPT0N
Members
SUTRO BROS. & CO.
V
61
Members New York Stock
Exchange
120 BROADWAY, NEW YORK 5, N. Y.
Broadway
Telephone—DIgby
New
York
Stock
& RUST
Exchange
V
*
*
~
New York 6
4-4933
Bell
.Teletype-.NY
Chicago
1-330
'.f-
Railroad Securities
"On the Beam"!
In
some
quarters there appears to have
Pere
directors of
(Continued from page 1043)
developed
Many
A
financing
Celotex
mew
for
program
Corporation,
Jr.
involving
them
is announced today
priced
interest,
ferred shares at $20,
dividends from Aug.
About $2,826,000 of
at
pany,
ended
years
ten
those
years
of bet¬
this
McKinley Co.
plan
presumably
by at least $25
a
only
ness
od.
was
as
an
previously
in
$17. Ji-
recognize
%. share
more
and
entitled
to
5%
of
$70
expected, reduce costs
and
provide
products for the company's
time
markets.
As
dividend
this
would
work
out
to
peace¬
step in this
program, the company last year
spent about $1,200,000 in acquir¬
ing the Texas Cement Plaster
a
Company
sion of its
part of the expan¬
gypsum business.
reduction,
property
improve¬
ments, and financial rehabilita¬
Willingness to forego divi¬
dends
in
dented
based
the
period
prosperity,
of
unprece¬
however,
was
the expectation that once
aims were realized
on
the
laudable
the
benefits would
the
to
accrue
Nickel* Plate stockholders.
Accumulations
Plate
Nickel
preferred had
than $100
more
could
be
nances
put
through.
strong,
debt
is
now
share
of
peake
&
new
the
new
an
t /
1
(dividend rate not
Ohio
common.
preferred at
C.
&
of
Nickel
be
of Chesa¬
O.
par
Taking
of $100
at
common
ficient
it
to
than
more
arrears
would
51%, hold¬
Plate
preferred
offered
securities with
indicated value of around $136
for their
claim, in redemption, for
With 1945 partly estimated,
earnings on this preferred stock
Exchange
New York 5, N. Y.
during
the
with 1940
a
Teletype: NY 1-911
six
are
beginning
years
so
With
Berkshire Fine
Spinning Co.
McCord
Corp
■1
Van Tuyl & Abbe
WALL STREET
YORK
5
Teletype
NY 1-1499
indicated above $140
share.
Similarly, holders of Pere Mar¬
quette prior preference stock are
J
%
Uvih
Maine Central
4%s, 60
Maine Central Com.
the
on
be
cover
the
senior stock,
surprising if
very
in
view
of
of
the
the
prospect for
148 State
s
:
:
Teletype BS 259
I N, Y. Telephone HAnover 2-7914
Marquette
C. & O.
to
years
earnings
for
the
properties
in
early future years based on antici¬
pated high rate of operations in
excess
favorable
outlook
the automobile
If
there
industry.
were
no
alternative
other than merger for
eliminating
accumulated
dividends on prior
it
is
the
common
would
on
run
Nickel Plate common
$25 a share^n
around
Marquette
common
around
$5.00 a share, on the basis of the
regular dividend rates on the se-!
nior
equities. Figured the samej
C.
&
O. earnings would!
(Continued on page 1063)
L
way,
stocks of these roads
look
favor ofi the recent
proposal.
Nickel
Plate
share
common
and
would
holders
of
fir
■tJk-
with
Under this proposal holders of the
0.9
and adjusting 10T
come,
Pere Marquette
of
to
Delaware, Lackawanna
& Western R. R.
get
Pere
of N. J. Division
KEYES FIBRE
1st
Class A and Common
Mtge. Series B
Income
Improved Reorganization Profit Potentialities
4s, 1993
EXPRESO AEREO
^
Mclaughlin, baird & reuss
'i...
Members New York Stock
ONE WALL, STREET
)
iTEL^HANOVERi2*i355> 4:'4
SEABOARD ALL FLORIDA
6's '35
Exchange
NEW YORK S
1.h. rothchild
co.
Member 0/ National Association
TELETYPE NY 4-2155 j ;
a;.;--of Securities •Dealers» Iue.
■
Adams & Peck
specialists in rails
'62 wall street
HAnover 2-9072
n. jr.
0.6
tele. XTY 1-1293
of
/)
possible that the holders
might be inclined
some
^
share
charges and an overall
income tax rate of
35%',
earnings
Pere
preference and preferred stocks of
Nickel Plate and
0.5
Taking 1941 as a reasonable ex¬
pectation of rail earnings for some
present
the
common
common.
Federal
and
St., Boston; 9, Mass.
Tel. CAP. 0425
profits
tax
51 v'
i
Circular upon request
(it
Maine Central PfcL
Lackawanna Railroad
"ROCK ISLAND"
-
—
fi¬
drastically* This is particularly
true
its
$194.
.Telephone: HAnover 2-7900
.
Chesapeake &
recent market price of
ers
York Stock
proposed to offer
specified) and 0.7 shares
would
-%•//>.•■•-■
oic
Magazine Repeating Razor Co*,
and
elimination
it
the
VlLAS & HlCKEY
issues)
new
slightly
holders of the preferred would
consent to compromise their claim
and
49 Wall Street 4
(Old &
Universal Match Corp.
a
risen to $84
by July 1, 1945. In ex¬
change for the stock (callable at
110) and the accumulated divi¬
Ohio preferred
Letter Available to Dealers
—
Seaboard Air Line Rwy.
charges
reduced to a conservative
level,
property in good shape, and pros¬
pective earnings in 1945 alone suf¬
full
the
on
share
one
Railroad Tax Credit Potentials
Chicago 4, III.
Obviously this claim will be ma¬
terially higher by the time any
plan,
even
without
opposition,
a
as a
St.,
TRADING MARKETS
share against a
claim of $170 at the
present time.
was
tion.
new
N ew Y ork 5, Ni Yi v
LaSalle
HA 2-6622
a
recognition of, the need for debt
busi¬
individual dealer.
production
conservative
So.
Telephone
cumulative
(accumulations
dend
Members Nev)
231
72
,
dividends
120 Broad way,
NEW
The Pere Marquette
preferred
stock, which is also callable at 100
be
aug¬
share in
MEMBERS
York Stock
Exchange and ;other^
leading Security and Commodity Exchs.*
re¬
than
generally applauded by
holders of the preferred stock, in
This program includes ex¬
pansion of present facilities and
acquisition of other units which
will, it is
The
policy
way.
preferred, will be added
general funds of the com¬
and will be used for the
comprehensive modernization and
expansion program now under-
Ernst&Co,;
worth, in
slightly
Dec.
will
mented
would
with
arrears
of C. & O.
common,
cent markets,
31, 1944 aggre¬
earnings on the preferred
just short of $115 a share and
gate
Kinley
plus accrued
1, 1945.
the proceeds
bentures due in 1955 at 102%.
The remainder of the proceeds
from
this
offering, as well as
the entire proceeds from the sale
the
with
Ninth Avenue, in
partnership with
Mrs. Inez N. McKinley. Mr. Mc¬
pre¬
outstanding twelve-year 3%% de¬
of
the
.
New
share),
would
be coffered
0.8
GREELEY,v COLO. — Carl
D. the current year.
Although the shares of the new preferred and
McKinley has formed Carl D. Mc¬ dividend is cumulative no divi¬ 0.4 shares of C. & O. common.
Kinley & Co., with offices at 906 dends were paid during this peri¬ Taking the new preferred at
par
from the sale of the debentures
will be used to redeem all of the
to the
of
an average
$15.00 a share per annum
during the period. During the five
were
1021/2%
and the
associated
eight
ter than
Ferguson,
vice-president and treas¬
as
Now Carl
100,000 shares of $20 par, 5% cu¬
mulative preferred stock. The de¬
are
become
in
1935-1944, with
urer.
by a banking
syndicate
headed
by
Paul
H.
Davis & Co., and includes offer¬
ings of $5,000,000 of fifteen-year
3V4% debentures due in 1960, and
and accrued
has
VA.—Mason-Ha¬
1108 East Main Street,
that Homer L.
announce
the
securities totaling $7,000,000,
bentures
Inc.,
tm
—
merger
stock
RICHMOND,
■
have
Homer Ferguson V.-P.
Of Mason-Hagan, Inc.
gan,
1'.
feeling that
a
railroad analysts'*'
—
followed closely the to be offered
one share of the new
progress of Pere Marquette and
preferred and % share of C. & O.
Nickel Plate in recent
The American
years have
common.
philosophy of government calls for been
The
Pere
Marquette
pretty generally of the opin¬ prior
preference stock is entitled
government by law and not government by men.
If sales¬ ion that even as a trial balloon the
to
cumulative dividends at the
men and traders in securities are
engaging in practices that recent proposal hardly merited se¬ rate of $5.00 a share and
is calla¬
are inimical to the
public, and Congress feels that existing rious consideration, in particular ble at 100.
Earnings in recent
it is felt that holders of
laws are inadequate, then it should draft
Nickel years have been well in
laws that would
excess of
Plate preferred and Pere Mar¬
the dividend
make such practices a criminal
requirement but no
offense, and if it is not pos¬ quette prior preference and
pre¬
distributions were made between
sible to phrase a law that will make it clear
just what those ferred stocks would hardly look 1937 and the late
spring of 1945.
kindly on a proposal which in¬ The
practices are then it is better that we have no law at all.
earnings were utilized for
volves settlement of their divi¬
debt reduction,
BACK THE SECURITIES DEALERS
property improve¬
COMMITTEE!
dend arrears at substantial dis¬
ments, and financial rehabilitation
counts.
with the result that
accumulations
Even without
allowing for the now amount to $36.25 a share. Net
interim
reduction
in
its
fixed income in 1945 is
estimated as
charges, Nickel Plate was able to more than sufficient
to cover the
report full coverage of the $6.00 dividend
^arrears,
whereas
the
dividend rate
on
its
preferred
who
;
Group
Offering $7,000,008
Celotex Corp. Issues
■;i
Cons. "A" 5s, 1927
Marquette, New York, Chicago & St. Louis and
Erie at their regular
monthly meetings in Septem¬
ber will approve the
proposal for consolidation with
Chesapeake &
Ohio released a few weeks
ago.
If so, the action will
presumably
mark the
beginning of one of the most bitter fights in recent
railroad
right today and wrong tomorrow it will not be
long
before the same thing will
jbe proposed with respect to
department store clerks and those in every other line of history.
Paul H. Davis
'
Wheeling & Lake
what is
endeavor.
V
v'
Railways Co.
Telephone BEctor 2-7340
63
Wall
Street, New York 5
BOwling Green 9-8120
Boston
;
Tele. NY 1,-724
Philadelphia
Hartford
PROVINCE
FILINGS
NEW
of
List
statements
days
according to dates
registration statements will
grouped
which
in
normal
Underwriters
become effective, un¬
course
Co.;
?
underwriters
The
Securities
to
SEPT. 6
THURSDAY,
five
Proceeds—The
of the presently out¬
and $4.25 cumula¬
tive preferred stocks will be afforded an
opportunity to exchange their shares for
the new preferred stock on a basis giving
them
the
equivalent of the redemption
value of their shares,
A cash adjustment
will be made in lieu of issuing fractional
Bhares.
,A maximum of 95,703 shares of
new
preferred will be required to effect
complete*' exchange.
Shares not issued
under
the exchange offer,
together with
ING
shares of common
142,154
R.
Details—See issue of
Offering—Holders
stock
Aug. 24.
company is offering the
subscription by its common
for
stockholders
The sub¬
shares held.
2V2
each
share for
filed
shares
by amend¬
shares will be
offered to Aviation Corp., as stockholder,
and 56,850 shares will be offered to other
scription
will
price
filed
be
and 150,000 shares of
Of the total, 16,259
shares of the preferred will be sold by the
company
and the remaining 8,741 shares
ries
ment., Of the total, 85,304
stockholders.
not
shares
Any
stockholders
other
by
purchased
of
underwriters.
Offering—The price to
fee filed by amendment,
the public Will
bidding,-*; with the interest
successful bidder. Names
will be filed by amend¬
competitive
at
*
bonds are to be sold
Underwriters—The
t
rate named by the
of the underwriters
ment.
CORK
Aug. 20 filed
on
registration statement for
a
par).
(no
mon
-
225,000
of the $2 preferred in exchange,on
shares
(with
share basis
for
share
a
cash ad¬
a
justment of dividends) ~ to holders of its
$2.25 cumulative preferred stock,
r Company
is also offering 63,710 shares
of
stockholders/of
Sept. 10 in. the ratio of one share
to
common
record
of
common
six shares held.
each
for
common
new
The subscrip¬
by v amendment,
Bights will expire Sept. 25
tion
will
price
filed
be
the public
Initially 50,000 shares of the $2 preferred
and
22,560 shares- of common* together
with
the
unexchanged and unsubscribed
offer
Underwriters -'will
r
shares
of
prices
to
its
to
to
be filed by amendment.
Corporation, one of the
stockholders,
right
new
other
would
it
to waive
22,560 shares of
to
of total of 25,060 shares
out
common
entitled
be
such
and
sold to underwriters.
) Underwriters—/The
underwriting
group
is headed by
Paine, Webber, Jackson &
COLORADO MILLING & ELEVATOR CO.
Aug.
filed
21
for
111,890
$1.
The shares
registration statement
a
shares
are
of common stock/ pat
issued and outstanding.
selling stockholders
are
ties
Details—See
issue
Union Securi¬
and Joseph
Corp. 101,890 shares,
King, a director, 10,000.
of Aug.
H.
23.
Offering—The price to the public is $13
per share.
The underwriters are to receive
$1.50 per share.
Underwriters—The underwriters
Davis
&
Bofettcher
Chicago,
Co.,
Hornblower
&
&
Weeks,
Co.,
are
Paul
45,270
shares;
York,
and
33,310 shares
New
Denver,
each,.
MONDAY, SEPT. 10
S.
filed
BECK
SHOE
CORP.
on
Aug.
22
registration
a
statement for 39,046
cumulative preferred stock
shares of 43/*%
and
20,129 shares of common, par $1.
shares
dustrial
are
to
be
sold
issue
by
of
Underwriters—The
of
purchase
held.
elect
Industrial
certain
Aug.
purchase
Co.
/////
covered
by-the offer they will be
exchange their shares on the
to
plan announced last month pro¬
vided that Morris Plan would provide the
Plan.
A
stock
be
to
sold
issue
Details—See
Offering
ized number of shares of old common from
each, and to issue four shares of
each
for
mon
standing
of
so
share of
that
as
old
new com¬
out¬
common
result 591,165 shares
a
new common would be outstanding.
Underwriters—American General Corp. is
ARMSTRONG
filed
par).
of
company
issue
ding,
the
—
The
of
Aug.
its
4%
The
ratio
of
cumulative
Underwriters —- The
one
will
bidder
rates.
bidding,/with the successful
naming the interest and dividend
4
Details—See
issue
Offering—The
bonds
and
of Aug.
price to
preferred
' ,
30.
V
..
the public
stock will
of
be
'-Underwriters—The
will
be
filed
names
of
under¬
:
.
< ~
■
r -
underwriters
FINANCE
CORP.
Discounting
—
connection
ffled
has
filed
of
with
REFINING
CO.
price
of
will
amendment.
proceeds will be added to
working funds of the company and
retail
wholesale
a registration statement for $400,000
sinking fund debentures, due Sept. 1,
1950.
'
■
Details—See
issue
of
Aug. 30.
the public
to
amendment.
Underwritera—Boettchec &
principal underwriters.
'
Registration Statement No. 2-5889. Form
will
Writer
&
Christensen,
Simons, Roberts & Co.
of common
shares
and
STORES,
statement
INC.,
for
Of
be
to
are
50,000
the
offered
filed
150,000
for
sale
reserved
shares
stock
being
has
to
sold
for
for
cash
issuance
option warrants.
be
offered, 95,000. shares
Elias Lustig, President,
by
Peters,
and
Sidlo,
on
ment
for
GRAIN
&
MALTING
Aug. 25 filed
a registration state¬
40,000 shares of cumulative pre¬
ferred
will
stock, par $50.
The
be filed by amendment.
Details—See
'
CO.,
Address—65Y-665 Broadway,. New/York,
chain, of
08 '
re¬
selling men's hats/, etc, : v
•
Offering—The price/ to /the/pttkUc ?4s
$8.50 per share,
>
>
issue
of
Aug.
dividend
rate
by
are
prior
30.
amendment,
Schroder
Loewi
&
principal
Rockefeller
cents
underwrit¬
&
Co.,
Inc.,
ment for
$160,000,000 30-year 23A% deben¬
tures, due Oct. 1, 1975. v -■ ,k- •
purchase
The
Details—See
issue of Aug. 30.
Offering—The price to the public will be
amendment.
at
ARDEN
tration
FARMS
cumulative
1945, at which time they will be
.
and
CO.
for
has
50,000
filed
participating
Address—1900
West
10
of
subscribe to
of
The
one
its
of. $3
Avenue,
At
,
company
share
new
for
subscription
related
has W granted
stock rights ' to
preferred at the. rate
each
price
GAS
filed
10
&
ELECTRIC
registration
a
445,738 shares of
shares
common
issued
are
and
out¬
bidding' and the price to the
be filed by amendment.
be 'filed
by •• amend¬
\
'
*
"
Broad Street,
15
•
*.•'
New -York City.
>
'
•
....
/.CENTRAL .OHIO LIGHT A POWER CO,
on Dec.
28 filed a registration statement'
for 11,972 shaies-of prefjerred stock, cumu-;
lative
:prin^
($100 par)/
The dividend rate will
.by ^afnendment.
•
be filed
# Detalla—See issue of Jan. 4,
1945.
Offering—Company proposes to invite
proposals:,for services to be rendered to
it In obtaining acceptances of the exchange
offer of new preferred stock for old pre¬
ferred and for the purchase from it of
*uch of the' 11,972 shares as are not ex-
-
changed pursuant to the exchange offer. •
COMMERCIAL' CREDIT
bh June 7
CO.
registration statement for 250,000
preferred stock ($100 par). Divi¬
dend rate will be filed by amendment,
r Details—See issue of June 14.
filed
a
shares of
whose
i/Z
registration
rants.
The
on
Offering—Company is offering the hold¬
of the 121,938 shares of 4»4% cumula¬
June 30 filed
preferred stock to exchange
stock, share for share, for the new
preferred.
The underwriters have agreed
to purchase
any of the 250,000 shares of
preferred not issued in exchange for out¬
standing preferred.
Company will call any
of the old
preferred at $105 per share
statement for 190,464 V» war¬
warrants
issued
are
and
out¬
.
standing
Car
and
being
are
sold
American
by
&
Foundry Investment Corp.
Details—See issue of July 12.
Offering—The warrants entitle the hold¬
to subscribe to the common stock
er
selling stockholder, American
company. The
Car
&
Foundry
1,
1945,
from
Investment
to offer the
the public
of the
day
to
be determined
market sales of the
price
by
day
2V2
shares
will
be
held.
filed
by
Boston
First
and
?/<
cipal underwriters.
to
CONSOLIDATED
are
.
BISCUIT CO. has
mentioned.
cumulative
of
The
dividend
stock,
preferred
rate
will
ment.-
be
filed
par
$100.
&
F.
Co., both of Chicago.
Registration Statement
filed
will
arrangements
underwriters
will
whereby
outstanding
be
be
holders
5%
afforded
made
CONSUMERS
tive
mortgage bonds series out?
The bonds will "be sold at c011??6""
first
Details—See issue of Aug.
filed
by
Underwriters—The
by amendment;:
Bids Invited—Bids
Commonwealth &
and
Street,
of
Class
B
stock,
Details—See. issue of-July-28.
-
.
.
in
Sept;
Class
/'
and 50,000 shares Class B to be offered
units
of
10
shares
shares1 ot Class B. at
of
Class
and
A
price of $60,20 pe*
./-/A-;-/
Underwriters—Andre, de, Sainl-Phalle
a:
^
BROCKWAY GLASS-CO:;; INC., onvAufr
filed
registration statement for 10,000
shares, of 5% cumulative .preferred stock,
per. share.
securities
The
to
Muskogee,
terested
to
company
the
residents
Okla.,
in
;
plant.: by
as
.
York, up to 12
The/: successful
w
0
.
is
bidder
ENGINEERING fO.bnJunj
statement for 25,wo
CONTAINER
shares common
stock
(par $10).
/ Details—See issue of June
21.
Offerlng-^-Price .to the public to g^€n
$35 per share. • -*f Z_ :•
.
h
st.
Underwriters—William L.
Ullric ,
•
.
_
Issue.
will manage the
-f ;
sale* of the
/: /
.
*
ent
-
*
the
the
and
..
company
persons
Brockway, Pa.
.
at
living
$50
will /offer the
the City of
who
establishment; of
are
a
in¬
glass
.Muskogee, ; Jas
in the vicinity
•:/v/:
a
registration
shares of common
of
others
COVENTRlf COLD ltfWES";LTD. on
*
21 filed
:
well
New
the Purc^ase
at the ofnc_
a
par $50. /
//-v.;-.u /--v.:,//
Details—See issue of -Aug.Z16.
of
for
Southern Corp., 20'
15 filed a registration
2
"
8
nf
will be received
10.:
,
will be i»eo
specify the coupon rate.
,
.
the bonds
names
1$ :to be presently/o&
Dffertogr^There
fered to the public. 250,000 -shares.*.of
A
par
' •////
/■■■■'./::
'
public will
price 4o the
amendment/,:.;:/
Offering—The
be
ANCHORAGE HOMES, INC. on -July ;It
filed a registration statement for 505,000
shares/of Class A. capital stock, par $1.
shares
will
bidding and the interest rate
by the successful bidder.
16.
named
.
250,000
CO. on Aug. 16
statement for Siw.*
POWER
registration
a
1975.
oi
preferred,
an
opportunity
to
purchase the new stock by tendering
their; old stock in. .payment for, the. new*
?
Underwriters—The underwriting group ie
headed by Lehman Brothers.
>(i
/,
18 cents;
withdrawn Aug.
issue of Aug/9.
825,000
the
ro
,
underwriters
and Dempse*
24, 1945.
pected
with
Yantis & Co., Inc.,
S.
' * /
..v
Offering—The offering price to the pub¬
lic will be filed by amendment.
It is ex-,
that
.
,
are
by amend¬
;
Details—See
to the puo-
Offering—The offering price
is $20.per share,
v
Underwriters—The principal
lic
registration statement for 200,000 shares
filed
registration statement for 60,000 shares
convertible
cumulative
preferred
stock, par $20.
Details—See issue of Aug. 9.
a
4%%
ALLIED STORES CORP. on July 31 filed
a
1
-
*
Peabody & C°'
named prin¬
'
Corp.
Corporation,
commencing approximately Aug.
with the
plus accrued dividends.
Underwriters—Kidder,
warrants for sale to
Offering—The. price to the publie is
and
preferred
the.
Co.
HUDSON
Aug.
will
Louis,
://V'/
Offering—The
holders
*
will
underwriting group
Webber, Jackson &
Paine,
&
who
at $53 per share.
their
ACF-BRILL MOTORS CO.
Avenue,
.
underwriters
pre¬
basis
shares
phase of . the shares up to noon Sept. 11
deter¬
Qo.f heads1 the. underwriting. group.
preferred
~
Slauson
Los Angeles, Cal.
Business—Dairy
business
share
unissued
ers
regis¬
a
shares
stock, without par value.
on
Underwriters—To
."..
.
twenty days or more ago, but
offering dates have not been
mined or are unknown to us*/
.
statement
CO.
cumulative
for
.
for
The
ment.
'& ' Co/
;
are named
>
.
stock
WEDNESDAY, SEPT. 19
activities.
Underwriters—The debentures will be of¬
fered for sale at competitive
bidding. . Bids
to be received before 11:30 a.m.
on
Emerich
.
r
-
GAS
1 Bids: Invitedi-i-Niagara.'/'Hudson- Power'
Corp.: will receive* proposals for the pur-,
We present - below a list of issues
whose registration statements were filed
warrants
common
to Sept.
S-l. .(8-29-45).
-
24,
opened.
to
being sold
share.
warrant
holders
are
1, 1950, at $8.50 per share.
Underwriters—The
underwriting
group
is headed by Van Alstyne, Noel & Co..
Registration Statement No. 2-5890. Form
SATURDAY, SEPT. 15
Sept.
.warrants
the
Loewi
on
public
DATES OF OFFERING /
UNDETERMINED
Co.
AMERICAN TELEPHONE & TELEGRAPH
CO. on Aug. 27 filed a registration' state¬
by
per
entitle
Offering-—The price to the public will be
filed
Proceeds—The proceeds from the siale of
the stock will go to the
selling stockhold¬
The
6%
The
the public
by
and
competitive
at
common
stores
ers.
amend¬
and are owned by Niagara Hud¬
son Power Corp,./
/
Details—See issue of Aug. 16.
i
Offering—The shares are to be sold at.
.
$100,
„
FROEDTERT
&
share
a
10.
to
to
headed
stock.
."
:
• v.//'
Registration Statement No. 2-5893. Form'
S-U (9-1-45).
,
*
;
company's
tail
York,'
distribution
of
cipal underwriters.
the
a
them
CORP.
f„
inc., and Dempsey & Co.
par
are
being sold to certain* officers
employees of the company and 25,000
to underwriters.
•
* •.
Business—Operates
sold
be
statement
share of pre¬
one
the-company.
1 •
Underwriters—Ames,
and
-
on
CENTRAL
(par
/. Proceeds—Of the net proceeds the com¬
intends to< expend $79,200 for the
or redemption of all outstanding
shares
of
its
5%{ cumulative
preferred
stock at the redemption price of $110 per
share, plus 'accrued dividends; taexpend
$119,450 in payment of its first, loan from
Smaller War Plants Corporation.' The balance will be added to the general funds of
25,000
be
by
filed
pany
shares
by Harold E. Lustig, Vicer
President and Treasurer,
The statement
also
covers
50,000 warrants,
of
which
/
will
(par $1).
New
*
filed
ELECTRIC
Sept.
to
offer
a
stock, par $1, of which 100,000
upon the exercise of stock
^
Inc.,
one-fifth
Underwriters—None
HAT
be
65,000 shares of 4.75%
preferred stock, Series A nar
stock
prior
warrants.
(8-29-45),
.
Co.,
and
proposes
;
ADAM
July
public to be filed by
outstanding
presently
purchase
the development of addi¬
and
of
to
,
ferred
price per.unit to be filed'by amendment.-
i
public
by
be used for
issue
The
bidding
amendment
19.
issue
of
Aug.
2.
Offering—The company is 'offering the'
new
4.75%
preferred in exchange for its
.
auto¬
Curtis,
are
25
and
share
installment
the
stock.
tive convertible
the sale
to
preferred
Details—See
is
has
the
registered
30
Curtis
stock
End Avenue,
of
be specified
u
$50.
Chicago,
Underwriters—Paine, Webber, Jackson &
are
Aug.
on
INC.,
of
a
etc.
"small loans,"
loans.
Co.,
East
to
./v' :
cumulative
relays.
Offering-r-The securities are to be initi¬
;
is
standing
\
-
financing in
the automobile, home appliance and con¬
sumer field generally and for making small
are
by amendment.
Memphis,:
and 5,000 shares
filed
by amendment.
writers
in
tional
ex¬
and
FRONTIER
of
.
may
share for
Blodget, Inc.; Stroud &
Inc., and Union Securities Corp.
INDIANA,
at competitive
"
,
registration
ers
Sept.
Avenue;,
\
Proceeds—Net
convertible
a
offer
CO.,
hw
*,
CENTRAL
July
and
new
and 20,000 shares of common
subsidiary of National Power & Light Co.
Underwriters—Names
will be
filed by
Offering—The
Co.; Graham, Parsons & Co.; Harriman
Ripley & Co., Inc.; Kuhn, Loeb & Co.;
Lehman
Brothers;
Moore,
Leonard
&
Lynch; Morgan Stanley & Co.; Reynolds
& Co.; Singer, Deane &
Scribner; Stone &
thi
1, 1975, and 150,000
shares of cumulative preferred stock (par
$100).
The bonds and stock will be sold
due
Beale
J
•
.
&
Aug. 23 filed a registration state¬
ment for $48,000,000 first mortgage bonds,
F,
1
.
Business—Transportation services
Offering—The price to the public will
be filed by amendment..
'
Proceeds—The
net
proceeds/, together
with such additional cash, from its general
funds as may be required, will be used to
pay
$2,902,509 series A 5%
bonds due
Oct. 1, 1945, and $782,900 series B (income
bonds) due Oct. 1, 1945. /.The company is
on
series
rate.'
Address—821
S-l.
and
OF
has
;
Smith, Barney & Co.; Kidder, Peabody &
Co.; Mellon Securities Corp.; Blyth & Co.,
Inc.; E. W. Clark & Co.; Dillon, Read &
Co., Inc.; Drexel & Co.; Eastman, Dillon &
Co.; First Boston Corp.; Goldman, Sachs
INC.,
to
CO.
Tenn.
held
common
exchange
Underwriters—The
CO.
of
pire Sept. 25.
The underwriters will offer
any unsubscribed or unexchanged shares at
a price
to be filed by amendment.
Webster
RAILWAY
the. successful bidder naming
with
the net
30.
price
TUESDAY, SEPT. 11
SERVICE
the
preferred stock in exchange on
Offering-—Price
Bend, Wis., is named underwriter.
PUBLIC
in
shares
filed by
offering
STREET
interest
holders
of
$8)
a
serial bonds. The bonds are
to be offered for, sale at competitive bid-
be
basis.
<
cumulative
ment.
registration statement for 100,000 shares
a
ally offered in units
registration statement for $3,5Q0,Q00
a
Business
a
share
-
first mortgage
price to be filed by amendment.
The
company also is offering 52,994 shares to
at
/"'•/
MEMPHIS
filed
mobiles,
1945,
13
of
of 55-cent cumulative preferred
Business—Manufacture
.
MONDAY, SEPT. 17
notes
13,
CONTROL
ferred
528 shares to holders of common stock of
each
ALLIED
purchase
will be sold at competitive
the dividend rate filed by
Underwriters—The
Dillon :.& / Co.,
Address—184 West Lake Street,
111.
Aug. 30.
Offering—The company is offering 108,-
introduction
the
received
*
Underwriters—To
proceeds,
THURSDAY, SEPT. 20
new
Registration Statement No. 2-5887; Form
GENERAL
of
net
N. Y
underwriters.
8-1..-.(8-28-45).
the
bid.
the
Offering—Price
types of resistors will require
expenditure of considerable sums for
research, development, machinery, etc.
Underwriters—The principal underwriters
are Newburger & Hano, and Kobbe,
Gearhart & Co., Inc.
Registration Statement No. 2-5892. Form
S-l. (8-31-45).
registration statement for $2,000,000 15year 3% % debentures, due Aug. 1, 1960.
v
Sept.
install
to
/for
The coupon rate
Details—See
improved
Address—2
■
■
.
Underwriters—Eastman,
statement
amendment.
for
the
that
1945,
5,
shares
$5
which are
$743,750,
will be
used to
augment working capital and for other
corporate purposes to cover the transition
operations.
The company said the an¬
ticipated
increased
volume of paecetime
Registration Statement No. 2-5888. Form
(8-29-45),
: / V ■ ,:"///■ /;
CO. on Aug. 25
for 161,522
preferred stock (po
dividend rate will be filed by
Details—See
required
be
may
S-l.
cumulative
The
added
statement
The
CORK
registration
a
for
at
and
be
«n
and
the
general funds of the company
fixtures.
a
stock
common
will
amendment.
unit.
1
Proceeds—The
estimated
in connection
financing of its normal business
The company has entered into
new
leases covering additional store
seven
.
THURSDAY, SEPT. 13
of
.Invited—Bids
stock
;,i
per
business
retail
They will be
$1,546,549.
share
one
amend!
by
BROOKLYN BOROUGH GAS CO.
Julv 11
filed
a
registration statement for 15 000
augment working capital
amendment.
shares
at
and
-
named underwriter.
on
public will be as follows: $75,000 of 3s
at 100.50, $84,000 of 3J/4S at 100.75 and
/ $281,000 of 3tes at 101.
Underwriters—B. C. Ziegler & Co., West
filed
the author¬
by changing
200,000, par $5, to 3,500,000, par 10 cents
fund bonds series A dated July 2,
1945,
due? serially Jan. 1, 1946 to July 1, 1957.
the
of
of Morris Plan; and for each four shares
of Industrial common one share of Morris
■
Aug. 22 filed
registration statement for $440,000 first
refunding
mortgage
serial
and
sinking
*
not
number
entire
Los
Street,
eompany intends to continue the opening
of new stores; and in these stores the
.
57o
30.
a
INC.,
do
Industrial
of
the
Seventh
entitled
be
will
the
locations.
18.5
the holders
following basis: for each share of 7% pre¬
ferred of Industrial12.50 shares tot,common
stock¬
underwriting group is
BENSON HOTEL CORP.
V
purchase
in
St., Phila., Pa..//
resistors,
a
device.
filed
of
Offering—The stock will be offered in
units consisting of one share of preferred
operations.
0.40
stockholders
to
shares
'
r
to
time
tS
underwriters
at office of Whitman Ran
Coulson & Goetz, 40 Wall street
York, at or before 12 noon iEWt>
bonds.
V
Broad
N.
the
at
'
•
electrical
fundamental
With the
shares for each share
In the event that 7% preferred and
common
headed by Lehman Brothers and Wertheim
V
entitled
be
each share held and
common
filed
Details—See
<
will
shares for
The
holders.
&
will
Corp.,
1.60 shares of com¬
fpri each share of new common stock
held.
The holders of 7% preferred of In¬
share
SUNDAY, SEPT. 9
A.
to
record
Curtis. "
H.
Industrial Finance
than
estimated
added to
mon
shares will be
The
Plan Corporation,
Morris
be entitled to purchase
CEM
prin¬
agreed
has
subscribe
to
which
on
of
East
Offering—The price to the public will
filed by amendment.
proceeds to the company
are
preferred and common stocks at
Securities
cipal
stock
common
entitled
Details—See issue of Aug. 30. ,
Offering—Company is offering
/
Under offer one the holders of
to
SEAL CO., INC.,
A
275,000 shares of $2 cumulative preferred
stock (no par), and 86,270 shares of com¬
"
937,500 shares covered by the prospectus.
937,500 shares are offered by Ameri¬
can General pursuant to agreements
with
Morris Plan Corporation for sale at $8
per share or for exchange under certain
conditions.
by
from the sale of 16,259 shares of preferred
the purchase price of the
as
sold
Proceeds—Net
30.
The
of
CROWN
i
Aug.
$7,500,000 in cash from American
received
PENNSYLVANIA POWER & LIGHT CO.
Aug. "20 filed a registration statement
for $93,000,000 first mortgage bonds due
Oct. 1, 1975, and $27,000,000 sinking fund
debentures due Oct. 1, 1965. Ur.. Details—See issue of Aug. 30.
.
of
150,000 shares of
certain stock¬
the
be
Angeles, Cal.
business—Operates a chain of 62
drug stores in Southern California.
be
issue
and
will
Address—1340
cents.
10
Details—See
General Corp.
on
$
937.500
value
$1).
preferred
named.
filed a registration statement for
shares
of
common
stock,
par
24
par),
(par
holders.
MORRIS PLAN CORP. OF AMERICA on
Aug.
($100
common
/
Underwriters—None
A
common
subscribed
be
will
by Aviation Corp.
/./■
Address—401
registration statement for 25,000
of 4>/2%
cumulative preferred, se¬
a
m
company
New
option
consideration
of
Sept.
of the holder into two shares
common without the payment of any
the
(8-28-45).
the
preferred is convertible at
tive convertible
at
some,
reserved
Business—Manufacture / of
the basis of one additional
on
(par
(par
be
to
sale
Bids
$5) and 525,000 shares of com¬
10 cents), of which 350,000 are
for conversion of the pre¬
ferred stock.
Each share of 6% cumula¬
ferred
mon
additional
STORES CO., INC. has
win
bonds will be offers
competitive bidding and
ment.
of
conversion."
THRIFTY DRUG
statement
mortgage bonds due
,
names
registration statement for 175,000
6% cumulative convertible pre¬
a
of
S-2.
Offering:—The company on Aug. 21, 1945,
SATURDAY, SEPT. 8
filed
shares
I., underwriters.
/
Registration Statement No. 2-5886.
Form
on JnW
f0? $*
Aue V
registration
a
first
issue of July 19
Offering—The price to the 'public
filed by amendment.
c
for
INTERNATIONAL RESISTANCE CO. has
Offering—The
new
1,297
named principal
known as the Lincoln
at Lincoln, R. I., about
be
under-
Underwriters—The
City Hall in Providence.
Underwriters—Barrett & Co., Providence,
Aug. 24 filed a registration
on
for
expenses,
the construction of a new
six miles from the
stock, par $1.
standing shares of $4.50
additional shares, will be offered
publicly by the underwriters at a price
to
be
supplied by
amendment.
Unex¬
changed /shares/of the $4.50
$4.25
preferred stocks are to be called for re¬
demption on or before Nov. 2.
Underwriters—F. Eberstadt & Co, are
CORP.
statement
to
plant
race
a
commissions and
after
used for
be
Race Track located
MANUFACTUR¬
CENTRAL
$500 with the un¬
commission of $25
proceeds, - estimated
at
is
receiving
$934,000
be
(8-31-45).
public
stock
of
shares
derwriter
no
Details—See
Registration Statement No. 2-5891. Form
S-l.
offering priee for
consisting of $500 of debentures and
unit
a
filed
640,000
primarily in connection with the
carrying of larger inventories. .
Underwriters—To
be
filed by amend¬
ment.
Offering—The
WEDNESDAY, SEPT. 12
AMERICAN
Pawtucket,
Avenue,
;
meetings.
will
WESTVACO
CHLORINE
PRODUCTS
CORP.
on
Aug. 18 filed a registration
statement
for
97,000
shares of $3.75
cumulative preferred stock, no par value,
i
Details—See issue of Aug. 23.
East
improve cash and
Business—Conducting running horse race
&
10
working capital posi¬
tions,
Address—12
are
BROOKLYN BOROUGH GAS
CO.
net proceeds will be used
Proceeds—The
20-year debentures due
10,000
R. I.
Co., Inc.; A. E. Ames & Co., Inc.; McLeod,
Young, Weir Inc.; and Hay den, Sttne & Co.
\
statement for
Sept.
shares class A stock
registration
a
1965. and
(no par).
1,
are
Gundy
Wood,
Corp.;
filed
has
a
Co.; Harriman Ripley &
Boston Corporation; Do¬
First
Inc.;
minion
filed
23
—
Smith, Barney &
at the discretion of the
less accelerated
SEC.
filed less than twenty
were
ago,
on
registration
whose
issues
Aug.
on
There
—
directors.
$1,000,000 6</o
BRUNSWICK,
NEW
OF
registration
statement for $4,500,000 5V2-year deben¬
tures
due March
15, 1951.
The interest
rate will be filed by amendment.
Offering—The price to the public will
be filed by amendment.
CANADA,
Underwriters
6, 1945
writers.
the board of
such price as fixed by
sold at
RACING ASSOCIATION
BURRILLVILLE
Unsubscribed shares shall be
amendment.
SUNDAY, SEPT. 16
Calendar Of New Security Flotations
Thursday, September
CHRONICLE
THE COMMERCIAL & FINANCIAL
J 062
...
.
of April 26Offering—Price to the public is
Details—See Issue
per
^
.
share.
30
-mhe
Underwriters—None
pany proposes
named.
to market its own
INC.,
for
coinj*ieS
securities. ^
of'
on
registration statement
/ EVERSIIARP,
Ap^
statement for 3JJ,
stock..
32,500 sna
Number* 4418
162
Volume
THE
COMMERCIAL & FINANCIAL
CHRONICLE
1063|
gulf the world
Labor's Post-Wai
needed war
infested
marine
labor's
But
ice
and
seas.
greatest
war
Make
contained
functioning
compulsory labor draft.
victory.' Their sweat, strain
exhaustive effort, their skill
and
And they were
accomplished with
a minimum of
interruption or de¬
lay due to strikes. Time lost due
to
strikes
during
the
war
adaptability
and
amounted
to
and
tasks
new
to only a fraction of
1% of the total time worked and
of production, increased
was
than made up
by extra
put in by workers on na¬
more
the output of munitions to a peak
hours
of five and a half billion dollars
tional
worth
mained
month,
a
eleven
times
first
higher than it was when the
war
stock, par $1.
Shares are issued
outstanding and are being sold for
account of certain stockholders.
and
the
issue
Offering—The
filed
be
of
to
the
Underwriters—Lehman
the
public
will
amendment.
by
underwriting
Brothers
heads
group.
.
.
FABRICON
PRODUCTS, INC., on Aug.
registration statement for 28,960
shares of common stock, $5 par value. The
13 filed
a
issued and outstanding and
shares are
being
18,960
,
sold by five
shares by
are
stockholders, including
Lawrence O.
Turner,
the company.
of
President
•
Details—See
issue
of
Aug. 16.
Offering—The price to the public is $25
share.
"
"
;
per
Underwriters—Baker,
Detroit; Mich.
Simonds
&
Co.,
GENERAL MILLS, INC., on Aug. 16 filed
registration statement for 100,000 shares
a
of
cumulative
$100.
par
by
convertible
The
dividend
stock,
be
will
filed
amendment..
Details—See
.
preferred
rate
issue
of
Aug.
11.
••
.
Offering—The company proposes to issue
to common stockholders of rec¬
warrants
ord
of.
Sept. 7, 1945, to subscribe at the rate
share
one
of
the
convertible
new
pre¬
of common stock
ferred for each 20 shares
at
price
a
Warrants
to
be
1945.
by
at
3
amendment.
Sept.
p.m.
;■
Underwriters
Dillon, Read
Co.,
filed
will- expire
C.
Co.,
'
underwriters
Inc.,
Ashmun,
S.
19,
^
.V
The
—
&
.
'?
are
Allison-Williams
Caldwell
Phillips
Co.,
J.
M. Dain & Co., Frank &
Belden, Inc.,
Goldman, Sachs & Co., Hemphill, Noyes &
Co., Kalman &S Co., Inc., Kuhn, Loeb &
Co.,
W.
C.
Langley
job.
Day
they
This
in
way—at
leisure.
I
labor's
contribution
war sooner-, by
illustrate
toward
end¬
telling
you
lievably
destructive
explosive,
Undersecretary of War Robert P.
Patterson
called
Department
to
me
for
the
War
confidential
a
meeting. He told me that the
Army had developed a new, se¬
cret weapon, the nature of
which
could not even be
whispered, and
that
it
the highest im¬
portance to get that weapon into
before
any
enemy
production
He
said
the
two
other
in
the
State
of
ington, to produce the
plosive.
He
Wash¬
secret
ex¬
asked
whether the
Federation
of
Labor
American
could
supply thousands of skilled
workers to go out to those remote
spots to do the job.
I
?
assured
and would.
for
just
him
could
we
Our unions, mobilized
such
recruited
that
war
many
emergencies,
thousands
of
-
Jaffray & Hopwood, L. F. Rothschild &
Co., Smith, Barney & Co., Union Securi¬
ties Corporation, Watling, Lerchen & Co.,
construction projects in
Through their unremitting efforts
and through th©^
cooperation of
Witter
&, Co.,
HAMILTON
filed
a
RADIO
of
which
100,000
its
presently
reserved
Wood
to
common
July
on
the
for
50,000
stock,
shares
and
public
the
stock
issue
Offering—The
offered
of
1
to
the
of
public
at
at
war¬
*
-
being
per
share.
entitle
The
holder
share
per
company
the
pro¬
warrants
to
underwriters, 15,000 to Adolphe A. Juviler,
President
,
and
Treasurer,
and
5,000
to
Percy L. Schoenen, Vice President and Sec¬
retary, at 10 cents each.
•
Underwriters—Van Alstyne,
.
American
.
Noel & Co.
statement
and
,v
shares
190,000
of
preferred,
Offering—The
$2.25
par
issue of
Details—See
filed
cumulative
$50.
Aug.
public
workers
9.
offering
price
offered
be
by the
share for share
ing
16,500
stock.
value
par
shares
and
The
the
remain¬
unexchanged
shares will be sold to the underwriters and
offered to the public at a price to be filed
by
amendment.
The
difference betwen the
stock and the $45
$5
par
represents
the
value of the
new
redemption value of the
Class A stock.
Underwriters—The underwriting group is
headed by Paul H. Davis & Co. and Union
Securities Co.
JEFFERSON LAKE SULPHUR CO., INC.,
Aug. 9 filed a registration statement for
167,000 shares of common stock, $1 par..
Details—See issue of Aug. 29.
on
Offering—The
holders
on
of
Sept.
at
$9.75
on
the
its
3,
company is
common
1945,
share
per
basis
of
the
offering to the
stock
right
for
record
of
subscribe
to
shares
additional
seven-tenths
of
one
share
f<?r each
share held.
Subject to the prior
fights of holders of
subscription warrants,
officers of
directors,
to
the
and
subscribe
share.
to
corporation,
employees
the
bombs.
in
of the atomic bomb,
official1
commendation
eighteen American Federa¬
tion of Labor unions whose mem¬
bers did the work and
kept the
secret.
who
will
21,287 shares
be
not
are
entitled
at $9.75
per
Ameri¬
the
Federation of Labor in
can
Chi¬
cago,
I received
the
following
telegram from Undersecretary of
.
.
"Through you-J
the
officers
building
want to
far
surpassing
existed
and various
It
is
solemn
our
honored
dead
and
thank
members
metal
tell
though
what they
you
Now
you
we could not
were
hav%. the
making.
reward
of
knowing that their efforts are
making an impqetant contribution
to final victor#;—Robert P.
Pat¬
terson, Undersecretary of War."
deem
and
to
Labor extends
the
make
a
the
good
returning
home
who
are
from
now
overseas
be resuming civilian
We will do everything with¬
life.
soon
in our power to
help them obtain
good jobs and make a new start
in life.
The brave
must never be»tised again for the
wholesale slaughter of human be¬
The imp^ta of those bombs
heard around the world and
struck
terror
into
the
hearts
of
human
beings "everywhere.
All
thinking people now realize that
mankind
total
If
face§;;|the alternative of
: total destruction.
dictator should rise to
peace " or
ever
a
power
avail¬
are
interested
parties
Jj) TEXTILES
be obtained from the Com¬
transfer
agent,
well
as
PLASTICS
other
as
1|
sources.
W. E.
and
find
women
who
during the
served in uniform
will
war
that labor
will
each other is
ican
an
democracy.
essential
for
against
of Amer¬
enemy
For it is just
labor
and
the
together to win the peace
to
was
as
vet¬
to stand together and work
erans
The'
Labor
win
;
the
American
has
as
it
war.-
Federation
of
cissitudes of
stronger in
war
or¬
(Continued from page 1061)
to around $4.70 a share
the present
stock
proximately $6.40
basis
of
the
to
ap¬
share
a
and
on
the
proposed
84.75 SERIES
regular quarterly dividend for
the current
quarter of
per
share, payable October 1, 19,45 to
Even if one goes back to the
1936-1940 average, indicated earn¬
ing power of the Nickel Plate
of
holders of record
ness
O.
holders
and
one
of
Nickel
Plate
securities
current'^
payable October
record
at the close of
business Sep¬
tember 17, 1945.
are
apt to consider in line with the
and
merger
that
strength they
add
to
June
and
the
COMMON STOCK
financial
50
to be asked to
working
capital
while
deficit
Nickel
nation's
workers.
On
the
con¬
determined to press
forward, to complete the
of organizing the
unorgan¬
ever
task
ized
we are
and
to
American
united
and
weld
labor
whole.
the
great
With
assistance
million
seven
the
into
of
forces
single,
your
help
the
members
other
richer
and
a
far
R. O. GILBERT
Ik
Secretary^
of
September 4, 1945.
$8,104,000 respectively. Many
rail men are convinced that even
the
common
stock
holders
of
e. i. du Pont de Nemours
Nickel Plate and Pere Marquette
would fare far better in internal
far
The earnest attention
you have
given this discussion of the grave
problems confronting our country
world
accept fractional shares of a
large stock issue whose earnings
position would presumably be en¬
convinces
me
of
willingness to enlist in the
Miles
the
a
holders
Blyth & Go. Staff
The
Financial
of
record
again and threaten to
en¬
of
business
Chronicle)
Secretary
A.
Sharkey has become associated
with Blyth & Co., Inc., 215 West
Sixth -Street.
Mr. Sharkey was
previously manager of the trading
department for Stern, Frank &
Meyer, and prior thereto was an
J. I. Case
Company
(Incorporated)
Racine, Wis., September 5, 1945.
of
$1.75
per
share upon
the
Preferred
Stock
of
this
Com¬
been
declared
payable October
!,
1945,
a
dividend of 40c per share upon
the
outstanding
$25
par
value. Common
Stock
of
this
Company
has
been
declared
iwab'e
October
1,
1945,
to holders
of
rec¬
ord at the close of
business
September 12,
dividend
A
outstanding
has
and
pany
O'Melveny, Wagenseller
Durst.
1945.
name
of The W.
First
National
firm
L. Timmons
Bank
Co.,
Building,
has been changed to
TimmonsPolk, Inc. Officers, all of whom
were
connected with
firm,
are
the former
W. L. Timmons, Presi¬
dent and
Treasurer; E. W. Polk,
Vice-President and
Secretary; and
Eleanor
R.
Emerson, Assistant
Secretary and Assistant Treasurer.
ST. LOUIS, MO. — White &
Company, Mississippi Valley Trust
Building,
announces
that
they
have
wire
R.
Herrick,
a
City,
died at his home at the
age of sev¬
enty-six.
Mr. Herrick became a
limited partner of Hornblower &
Weeks in 1942 when the firm was
consolidated with G. M.-P.
Murphy
& Co. He had been a member
of
the latter company and earlier had
senior partner of the former
Herrickj Berg & Co.
to
PETERS, Secretary
installed
a
UNION
direct
AND
as
to
well
as
Los
■
the
M
Ross,
retired
mitted suicide
ing from
a
the Hotel
on
stock
window of his suite at
note left
Mr. Ross explained
that his act.had been
caused
ill health and financial
by
Seventy-five
cents
at
the-close
Sept. 6, 1945.
|'
V$cePr&JJeiit:
i.t
7
DIVIDEND
WESTERN
NOTICE
TABLET
&
U:
i
STATIONERY
CORPORATION
Notice
rate
is
hereby
of
$1.00
outstanding
given that a dividend at
share on the issued and
per
shares
Stock of
without
par
Western Tablet
value
&
of
the
Stationery
Corporation has been declared payable on Sep¬
tember 29, 1945, to the holders of record of
such
shares
tember
reverses.
•
JtSUW'A
i
:';77';7■(.
Common
room,
i
,
•
ROBERT W. WHITE,
the
a
■
stockholders of record
of business
Aug. 31 by leap¬
Beverly. In
*
(754) per share on the outstanding
capital stock of this Corporation has
been declared, payable Oct.
1, 1945*
West
broker, formerly a partner in
Laird, Bissell & Meeds and a vicepresident of the Guaranty Trust
Company of New York, com¬
.
v.
A cash dividend of
to
John
*•.
-
PT«ra
:r..
■.
John M. Ross Dead
his
Nj
'
connecting wire service
and
•*
*.
City and New York,
Angeles
,
CORPORATION
/•"
Coast.
in
C All RID E
C A It It O
Laird, Bissell & Meeds,
cago, Kansas
limited
partner in Hornblower & Weeks,
Wall Street, New York
40
recently
New York City, which now
gives
them direct wire service to Chi¬
Walter Herrick Dead
Walter
B.
New Wire for White Co.
Now Timmons-Polk
ZANESVILE, OHIO—The
a
close
STEPHEN G. KENT
future.
been
the
at
September 10, 1945.
LOS ANGELES, CALIF.—Miles
&
of
,f( a % August 30,
Board of Directors has this
day de*
quarterly dividend of fifteen cents
per share on the capital stock of this
Company,
jar $10.,
payable October 1,71945, to stock¬
Sharkey Joins
(Special to
RASKOB, Secretary
IRVING TRUST COMPANY
The
officer of
promise
of
-.ii.tu
'
W. F.
clared
present
the
contributions
August 27, 1945,
their property.
drive
for
a
worthwhile
peace.
And now, for the balance of this
traditional Labor Day, let's
go out
and celebrate the
victory of the
and
the
on
our
of life here in America for
all our people.
the
to
by
a
outstanding
Preferred Stock, payable October
25, 1945, to
stockholders of record at the close of business on
October 10, 1945; also $1.25 a
share, as' the
third interim dividend for
1945, on the outstand¬
ing Common Stock, payable September
14,1945,.
to stockholders of record at the
close of business
senior stocks than they would in
consolidation with Chesapeake &
Ohio where they would be asked
riched
v
& Company
Wilmington, Delaware: August 2^ J94$
The Board of Directors has declared
thisiday
dividend of $1.12J4 a share on the
our
way
your
share, payable September
Plate
s?
Pere
Marquette
showed,
working capital of $6,177,000
abundant
more
per
.
of
movement, we can do
toward establishing a
part'
of
a
cents
30, 1945 to holders of record at thev
close of business
September 17, 1945.1
On
Chesapeake & Ohio had
$1,279,000net
is
Chesapeake & Ohio.
30
net
a
are
STOCK
The regular
the
merger.%
other angle that
the Pere Marquette
is
the close of busi¬
1% SECOND PREFERRED
or
the C. & O. in
There
at
September 17, 1945.
excess
either the present C. &
•
The
consolida¬
be well in
[
FIRST PREFERRED STOCK
tion.
would
1
THE Boardthe Directors has this day
of following dividends:
declared
,
amount
on
,
180 Madison Avenue, New York
16, N. Y«
Railroad Securities
ganization and in spirit than ever
before in history. We do not in¬
stock recapitalizations
(with th&
tend to relinquish a single one of
use
of some cash)
designed to
the gains we have won for the
eliminate dividend arrears on the
trary,
;
CORPORATION OF AMERICA
and
emerged from the vi¬
; ,N
CELANESE
support
who tries to divide labor and the
veterans
and
set
them
<f
CHEMICALS
HAWKINSON,
Secretary-Treasurer.
common
men
BURGER, Secretary,
$9,150,340.96.
the
welcoming hand
servicemen
and will
determined,^at atomic bombs
was
other
or in their hearts
inflicted by war, to re¬
the sacrifices of
suffering
mankind
-Now that the war has
ended,
the American Federation of Labor
is
ings.
of
scars
trades
bomb$ are made. You recruited
skilled mechanics from thousands
of miles
away to work on these
even
R. A.
profit after taxes
statement
their bodies
to
discounts,
$372,515,-
Guaranty Trust Company, 140 Broadway, New York, its
lives to win the
victory and our
obligation to the living who bear
the
the Preferred Stock of this
Company, payablol
October 1, 1945, to Stockholders of
record at the
close of business
September 13, 194S ,Transfer
Books will remain
open. Checks will be mailed.
Company's security hold¬
to
and may
their
gave
of
unions who helped build and man
plants in which our atomic
projects
and
ers
31, 1945, a quarterly dividend oft
and three-quarters
per cent was declared oaj
pany or from
duty to
who
net
Copies of said
in
that
any
reserves
able to the
earth.
on
a
7
STOCK
July
one
WM.
and
.
incomplete this weak)
395.56 and
living
land
our
the
.
Underwriters—D'Antoni & Co., New Or¬
gans, is the
principal underwriter.
(This list is
showing gross sales, less
returns and allowances of
of
We have the resources and the
skill and the facilities with
which
to build a standard of
and
W5ar
of
company in exchange, on a
basis plus a payment of $5 a share to the
company and with a cash adjustment of
dividends, to holders of its outstanding
no
Labor
to the
your
A
produce
success
extended
173,500
Class
to
ended
in the
all
to
of
War Patterson:
$2.25, preferred,
are
Federation
them
biggest
history.
bombs,,hit Japan, the
a
few days.
And
the War
Department, in grateful
recognition of lajpor's vital role
war
the debentures will be filed by amendment.
Of the 190,000 shares of
shares
sent
two
Executive Council of
has
for
$6,000,000
sinking fund debentures, due Sept. 1, 1960,
convertible
and
the
During the last' meeting of the
HOUDAILLE-HERSHEY CORP.
registration
of
unions,which
sacrificed long¬
standing conditiodis. of work to
expedite the job the plants were
completed on schedule. Then we
supplied additional. thousands of
Is principal underwriter.
a
the
When those
"■ '
'
$5.75
of
shares
warrants,
$5.75
stock warrants
common
purchase
shares
before Aug. 1, 1950.
poses
to sell 30,000
of
offered
Aug. 2,
stock
is
common
to
be
purchase
V
Details—See
$1,
50,000
conversion
common
27
150,000
par
to
are
&
Co.
CORP.
rants.
The
E.
&
registration, statement for
shares
and
Harold
Woodward-Elwood
most
new
sites
and
the
to the
us
brand
craftsmen
Dean
make
us
their
economic
and
legislative
punch.'
plants aims just as consistently and ef¬
would have to be constructed in fectively as we backed them
up
record time, one in
Tennessee and on the fighting fronts.
Anyone
power could beat
to
Co.,
let
On
earnings
30, 1945,
by cultivating its rich op¬
portunities and enjoying its fruits.
of
was
skilled
&
And
an
COMPAN
PREFERRED
statement for the twelve months
pe¬
riod July 1, 1944, to June
Francisco
the dramatic
story of the atomic ! pledges which were so freely
bomb.
When the scientists first given in the heat of conflict.
The
perfected that ire^r and
American
Federation
of
unbe¬
Co., Lee Higginson
Corporation, Merrill Lynch, Pierce, Fenner
& Beane,
Park-Shaughnessy &/ Co., Piper,
.
San
peace
on
can^?best
the
Charter.
the
years
in
CAN
Manufacturing
Company lias released
disputes
ever
re¬
is
four
ing the
July 19.
price
the
on
Labor
Perhaps
,
Details—See
when
the nation's workers have
been able to celebrate in
the good
old
common
holidays
which
Efficiency of workers in¬
began.
Allis-Chalmers
carry out to the fullest extent
the peaceful
procedure for set¬
tlement of international
a
' 1
AMERICAN!
MFG. CO.
STATEMENT OF EARNINGS
and
any nation in the war
proved the decisive factor in
(£»
supreme purpose,
the
without
tremendous, record-breaking vol¬
Of war production in Ameri¬
can factories by American work¬
methods
our
to
by a voluntary army of
workers—the only labor force of
ume
ers
Let it be
then, to cement the bonds of
United Nations Organization
plished
performed right here at
the
production lines.
no
mistake about it—the
DIVIDEND NOTICES
tion.
despite long hours
congested industrial
centers.
These achievements were accom¬
on
EARNINGS STATEMENT
it is unthinkable that his
people would not strike him down
rather than face certain annihila¬
distressing living conditions
in
serv¬
was
home
Program
(Continued from page 1059)
equipment across sub¬ creased 72%,
in aggression
anew
and war,
at
14, 1945.
the
close
..
■E.
of
business
on
.
H.
Sep¬
:
■>.
BACH, Treasurer...
,
1064
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, September
6,1945
I New England-Public
Trading Markets in
Foreign Securities
Bendix Home
Wflcox A Gay
Appliances
Seeger Sunbeam
1
<
Clyde Porcelain Steel
NY
Amalgamated Sugar
Ironrite Ironer
Teletype
Bendix
Jacob Ruppcrt
Majestic Radio
Utah Idaho Sugar %
Baltimore Porcelain Steel
market s
Du Mont
Helicopter
Globe Aircraft
SPECIALISTS
Telephone
5B Broad Street
HAnover
Telecoin
Majestic Radio & Television
FOREIGN SECURITIES
Du Mont Laboratories
Lear Inc.
i
Mississippi Central Common
M. S. WlEN & Co.
Corporation/ '
ESTABLISHED 19J9
Members
New York 4; N. Y.
•
Security, Dealers Asm
Exchange Pl„ N. Y. 5 HA.
40
AFFUJATEs, CARL MARKS & CO, Inc. CHICAGO
2-0050
INCORPORATED
™0ur Reporter on Governments"
45
By JOHN T. CHIPPENDALE, JR.
The Treasury's projected policy of financing future deficits and
maturing obligations with short-term low coupon issues, that will
go largely to the- commercial banks, is beginning to be reflected in
Government
bond
market.i.-,
The fact that
.
there will be
.
a
■
'
bonds they had subscribed for in the last
war
loan..
:v.
new
GOOD
BUY;
Oceanic
Alhough the savings banks and to a lesser extent the insurance
companies may switch from the restricted 2.%s due 1956/59 into the
2y4s.of June 15, 1959/62, and the Victory Loan 2y4s due Dec. 15,
..
v
...
.
.
.
.
.,
Nevertheless, with the return flow of currency from $rculaf tion, which is expected to start about the middle of theimonth,
higher
coupon
eligible obligations.
j
Accordingly it is the advice of
following; securities be taken on at
Rate
2% —-
2%
2%
—
Utility Stocks and Bonds
vTEXTILE SECURITIES
Securities with a New Eng. Market
i
of the
Wi%
T2/15/51/55
2y4%
at the
in
Rate
...
21/2%
not
distant future
.
longest
term
sharp
advance
commercial
bank
.
s
•
,
*
•
'
-V.
'*
',
-Y
"
■'''■•
1
v.
i
•
will
means
be
.
are
that
buyers of
...
•
yeason
why
the reported change or elimination of this rate lias
been relegated
background is because of the impendingJiftctprv 1^^
Others are of the opinion that with the return flow ol
Frederick C. Adams & Co.
Specialists in
New England Unlisted Securities
^
24 FEDERAL
that
should come to
a
indicating
has
Tel, HANcock 8715
in
offering of
an
♦
U
of
$20,060,000
debentures
the
In
%%
the
New
York
Stock
Exchange
membership of the late Arthur A.
Zucker and will be admitted to
consolidated
partnership
dated
in
&
Blanchard,
148 State
N.
Snow
&
were used to retire
$28,770,000 debentures maturing Sept.
1.
As of Sept. 1,
1945, the total
Gallatin.
active
er
as an
and was
nerton
outstanding
$266,595,000.
and
&
In
the
past
he
Co., Southgate &
Carreau & Co.
sizeable amount
despite this betterment, those callable or
maturing from11950 on, still give a larger tax free
yield than do
comparable maturities of the taxable
obligations.
Although tax
.
and
Canadian
Dealer
-
Specializing in Unlisted
BANK
PUBLIC UTILITY
Real
-
—
—
INSURANCE
INDUSTRIAL
$48.00 + per share
$23.00 + per share
$ 2.95
per share
Broadway
Telephone COrtlandt
:
i.
;
Bell.Teletype NY
7-0744
1-886
Report
upon
40 Wall
Tel.
' '
»
'
BOUGHT
~
BO
Tele.
NY
I043
Securities
1060
Markets—Walter
Whyte
-..1°1S
Pennsylvania Securities Section
REAL ESTATE
—
pages
1052 and 1053.
.
AND COMMON STOCKS
—.
SOLD
—
QUOTED
REMER, MITCHELL t REITZEL, INC.
208 So, La Salle
1-1448
of Securities
St., Chicago 4
RANdolph 3736
WESTERN UNION
St., New York 5, N. Y.
9-4613
1061
Blocks
■
request
HUGHES & TREAT v
New York 5
,
per share
MARKET TO YIELD 7H
%
W. T. BONN & CO.
1°46
Securities
Ji Says./,
Working CapitaL_$2,225,000
2.0Q
1061
Governments
WANTED
No Bank Loan No Funded
Debt No Pfd,
H. C. Godman Convt. Pfds.
on
Utility
Estate
Common Stock
Pressurelube, Inc.
120
BONDS, PREFERRED
Vail Dorn Iron Works
Equity—
Earnings
Dividend jl.—
I060
Funds
Tomorrow's
on
Eastern States, Pfd.
Value
1045
1052
Securities Salesman's Corner
LUMBER & TIMBER /
Book
Recom¬
Literature
Railroad*Securities
Securities
.
Net
FIotations.1062
Investment
and
Reporter
Public
.
Cash
1056
Stocks
Securities..
Broker
Mutual
Our
.
tax
Radiator, Pfd.
Insurance
Calendar of New Security
Co.,
r
Municipal News and Notes
...
U. S.
Teletype BS 259
:
Pa^e
Bank
mendations
expected it is not indicated that thev will be
so sharp
as to
bring them below the 40% level.
In facf there seem to be
many well informed tax experts who hold the
opinion that in order
to balance the
budget, and retire some debt the 40% rate
will be
With us for a long time to come.
v
While the partially
exempt obligations may be
Sensitive to
developments it is the opinion of
money market advisers
that they are attractive at
these levels, with their
selections still
dominated by the last four
maturities of these bonds.
:
Telephone HAnover 2-7914
INDEX
are
.
Y.
was
individual floor brok¬
a partner in R. Swin-
\
.
St., Boston 9, Mass.
Tel. CAP. 0425
Watts, 115 Broadway, New York
City, on Sept. 14. Mr. Moeller
was
formerly a partner in Smith
$8,710,000
will be
Blanchard, Snow
Richard JR. Moeller will
acquire
Sept. 1, 1945
and due Mar.; 1, 1946. The issue
was placed at
par. The proceeds,
together with treasury cash of
PARTIAL EXEMPTS
of their recent decline but
Pollak Manufacturing
Affoeller lo be Partner
is¬
financing consisted
amount of debentures
The partially exempt bonds have
recovered
;
Dunn, New York, fiscal agent for
.
Columbus Auto Parts
Tele. BOston 22
differential discount
sue of debentures for the Federal
Intermediate
Credit Banks
was
the banks. The
place
of the
in¬
an
.
taken
natural end..
use
concluded Aug. 20 by Charles K.
eligible
.
STREET, BOSTON 10
Established In 1922
obliga¬
...
borrow>and-buy phase of the Government bond
market .which disturbed the monetary
authorities in the past
Even
It is their opinion that the
longest Issues of the Governments
entail far less risk than do
comparable maturities of corporates.
reductions
s v
j
has ceased
Capital Stock
was
.
i'„
FIG Banks Place Debs.
taxable
Government
pointed out by portfolio managers that
they would
rather have the longest maturities of
the eligible taxables than
the long-term corporates.
bonds, it
,
.
Although the monetary authorities have in the past been
the
,.k
to the
A successful
highest grade long-term corporate obligations.
at
x
rate is expected in
the: coming drive, it will probably not reach the
proportions it did
in the past, v
v
'
•* f * - ~x > *
|
9/15/67/72
__
present time some of these institutions
terest in certain of the nearby
refundings.
disturbed
.
tions, but will be buyers of them.
Maturity
3/15/52/54
6/15/52/55
3/15/56/58
—.1-
2%%'-
the
i
.,
While further
banks
-
Hence the
It is believed that: the Treasury's
financing program
/
Investment Trust Issues
currency,
COMMERCIAL BANKS
commercial
all
Public
>
The differential discount rate and its
probable change
to be a market factor..
It is believed by somecthat the
money market experts that the
this time for both income and
6/15/52/54
12/15/52/54
BS 328
Insurance and Bank Stocks
Industrial Issues
DISCOUNTED.
...
Maturity
9/15/51/53
-
2%
some
\
received.
price appreciation:
the
.
which should be starting very soon,'/and the
resulting increase in
excess reserves, the banks will not be
discounting short-term
the commercial banks should have ample funds io
put to work,
which monies it is indicated will seek investment first in
the
!
.
Nevertheless it has started quite a guessing game among
these Institutions with the prevailing opinion that somewhere
between 60% and 75% "Of. the total amount asked for will be
.
there, undoubtedly
ipany will hold these securities for higher prices.
..On the other
hand the savings banks and insurance companies will
probably be
hellers since they can still purchase the restricted issues.
f
*-
Teletjpt
Ha norer 2-7913
We-specialize in
.
.;.
creased
New Yark
Hubbard 6442
subscriptions of these institutions
subject to allotment.
v; Whether allotments will be used in
the coming drive is purely conjecture'at this time.
The'method of financing to be\foliowed by the Treasury, to cut
burden, will nd doubt create a substantial demand for the
outstanding intermediate and long form commercial bank eligible
With
BOSTON 9, MASS.
Borton/''^
...
it is believed in some quarters that
Will be
t
The presently outstanding eligible "securities will be in¬
only to the extent that present holders may sell them.
the knowledge that the demand will be
RALPH F. CARR & CO.
in¬
at
Although the restrictions as to purchases by savings banks and
insurance companies in the Victory/drive have not been announced
the debt
issues.
Trading
Northern New England Co.
1959/62, the shorter maturity is liked for income and price better¬
In just about a year the 2y4s of 1956/59 will
ment at these levels.
.
INCREASED DEMAND
Waltham Watch Common
A. S. Campbell
Common
1-576
york
substantially higher prices than those currently prevailing.
appearing for the middle and longer term taxable obligations.
V; | Also the partially exempts were well taken. . . .
The restricted; issues firmed as deferred purchasers took up the
?
Worcester- Trans, Assoc.
bell teletype
telephone
philadelphia
2-3G00Enterprise 6015
Norma Hoffman
Common
t
YORK" 5
be eligible for purchase by the commercial banks, and under the
dicated pattern of financing this bond, should then be selling
result of the -clarification of the future financing program of the Government the market, which had been hesitant
f and uncertain, became more confident last week with a demand
As
•
STREET; NEW
'NASSAU
telephone
REctor
"\
■
KeVh'Yorft Security Dealer* Association
no
obligations eligible for. purchase „by the commercial, banks, aside
from certificates, when the coming Victory Loan is over, together
iyith the refunding Of the partially exempt 2%% due 9/15/45, with
only certificates, appears to have removed any doubts about the
Government's policy of financing as cheaply as possible in order to
keep down the interest burden; 7.
.
Members
-
2-8780
Tdetype N/. Y. 1-1397
.
Kobbe, Gearhart & Company
the
Laboratories
53|aU. S; Finishing'
1-971
nun, MABKS & P.O. imc.
Service
/ Bendix Helicopter
TELEPRINTER
"WUX?
BELL
SYSTEM
TELETYPE
CG-989
'
Hill, Thompson & Co., Inc.
Markets and
Tel.
Situations
for Dealers
Broadway, New York S *
REctor 2-2020
Tele. NY 1-2660
120
@FedFRASER