Indianapolis Times, Indianapolis, Marion County, 26 May 1941 — Page 14

~ to put up any

. ulators can buy a car of butter].

Government to. Halt ~~ Commodity Gamblers — By ROGER BUDROW —— . THOSE WHO ARE SPECULATING in commodities are on the spot. The Government, blaming them for rais-

‘ing the prices of foodstuffs and other products the pub-

lic must buy, is clamping]

‘down on the speculators.

The first move in this direction is in the de rubber market. ‘ Up until now it hasn't been necessary margin to trade in rubber futures (although some brokers required $500 margin). Now- a margin of $1200 is re-~ quired. Bigger margins for pepper ' speculators are on the

way. | William Fellowes Morgan Jr, New - York City’s market

ger Budfow commissioner,

today blamed the Government's

farm policy for boosting food prices and centered his fire on dairy products. 3 “It is a fact,” he said, “that spec-

worth about $7500 ar $8000 for a $300 margin in the futures market. The center of the current speculative orgy is Chicago, and most of the commodity gamblers there have never seen a car of butter in their lives. : If commodity gambling is stopped the public generally would benefit.

- But many brokerage houses might

go broke. Because, since the stock market has fizzled all through this ‘defense boom, many brokers have more by getting business from the commodity speculators. But, in halting price spirals there is little comparison between the benefit to the

public and the loss to the commniod- : ity brokers. ™

” 8.8 : THE INDIANA Farm Bureau isn’t sure if poultry raising will be profit-

able or not this year, but is sure 3

‘that there will be plenty of chickens and eggs for the consuming. public. ‘The Government asked for a 15 per cent increase in baby chicks.

The Farm Bureau now reports that Indiana’s chick population has been

increased 32 per cent over last year.

It is pointed out that the Gov-

Medium— 160- 180 pounds

HOGS SELLING

10-Cent Increase Made on Majority of Parkers; Vealers Weak. HOG PRICE RANGE

1,500 9,682 10,746 8,509 7,698 7,934 1,200

‘Most hog prices advanced 10 cents at Indianapolis stockyards today, lifting the top to $9.60 for good

Agricultural Marketing Service reported The weighing 160 pounds and more. Lighter weights sold at the same

with a top at $11. « The marketing service estimated 1500 salable cattle were received, 600 calves, 10,000 hogs and 200 sheep.

Saturday, May 24

120- 140 140- 160 - 180 180- 200 200- 220 5 220- 240 ves 340- 270 pounds .

RONO

70- 300 pounds ... 00- 330 bounds

ft bt bt DD 63180 £0 DD =103 Snench

e Oo BILLIE CATHEND ID

VIOOOOUVOOOO

30- 360 poun

8 BEOOEOOBDN © DoVOODOVON

w o>

Packing Sows

ernment has set a price floor of 22 | Good and

cents a dozen under eggs but hasn’t done anything to support the price of poultry meat. If the demand doesn’t keep pace with the increased supply, many Indiana poultry farm-

"ers stand to lose.

bombers a month will mean a “ter-| choice—

ss = = “THE BIG CITY stores have been efitting most from the defense-

270- 300: 330- 32 $0 360

000 ~~ 360- 400 p

DD aba oOo OOW

«J ©

edium— : 250- 500 pounds Slaughter Pigs

Medium and Good—

80- 120 pounds CATTLE

inspired recovery up until lately but | Slaughter. Cattle & Vealers (Receipts,100) now the smaller Indiana cities and |poce. 8

towns are showing some improvement. Last month, as farm income ‘starting climbing, buying increased in rural areas of the state with the result that sales increases in towns

showed a bigger increase over March

than any other sized city group, ac-|110 Comm

cording to Commerce Department

figures. : ; ss 8.9

ODDS AND ENDS: The President’s request for 500. four-motor

planning,” Merrill C. Meigs, head of the OPM’s aircraft procurement section says. . . . The Consumers Credit Council of the American Bankers Association recommends

down payments of 33 1-3 per cent|Jo%4

on new cars and monthly, payments limited to 18 months, evi “terms on used cars, as a means of preventing ‘excessive installment buying during the defense boom.” . . . Because of the drought the Ohio Water Service Co. has ordered three big Youngstown steel plants to cut their water consumption by 15 per cent and electric power may

be rationed in the Southwest where |€

there is great dependence on hydro- ] electric power. . . Freight car makers are complaining that they

. can’t get steel plates because ship-

builders are getting them.

BUSINESS AT A GLANCE

By UNITED PRESS

Florsheim Shoe Co. six months ended April 30, net profit $523,064; equal to $1.31 a share on Class “A” and 65 cents on Class “B” common . vs. $510,670 or $1.28 on Class “A” and 64 cents on Class “B” year ago. General American Transportation

‘Corp. and subsidiaries, March quar-

ter net profit after federal income taxes, $1,165,853, equal to $1.13 a share vs. $1,241,662 or $1.20 year ago. Omnibus Corp., March quarter net income, $82,661, equal to $133 a share on 8 per cent cumulative con-

~~ _vertible preferred vs. $215,942 or 15

.. 12 months.

cents a share on common year ago. United Light & Rys. Co. and sub- . sidiaries, 12 months ended March 31, net income, $6,121,850, equal to

" $692 a common share vs. $6,163,072

or $6.98 a common share preceding

Automatic Products Corp. four months ended April 30 net profit

Baldwin Locomotive Works and subsidiaries four months orders $51,247,369 vs. $10,778,264 year ago; fi months shipments $21,407,813 vs. $15,160,530 year ago. “McIntyre Porcupine Mines, Ltd. 12 months ended March 31 net profit $3,819,032 equal to $4.78 a share vs. $3,719,257 or $4.66 preced-

“port Co. and subsidiaries March net profit after Federal in-

‘common share vs. $2,253,991 or 48 cents year ago. : “Pet Milk Co. and subsidiaries March quarter net profit $77,520 equal to 17 cents a common share ws. net loss $87,612 year ago. ‘Eastern Gas & Fuel Associates, 12 ths ended April 30, net income D33,210; equal to $4.88 a share on per cent preferred vs. $2,204,057 or $2.93 on 6 per cent preferred pres

HAGERSTOWN, Ind, May 26.— , Perfect Circle Co. has declared regular quarterly dividend of 50 ts per share on the 162,500 shares outstanding stock, payJuly 1 to "of record June

escee 10.25 With less than 10,000 population 1300-1500 pounds ..:1:lililk Shagiite e

en stiffer |C

1100-1300 1300-1500

ood— 750- 900 pounds -1100 pounds . 1100-1300 pounds

1. 12.78

[email protected] 11.25

seeeees- $11.28 13.00 1:09 00

um-—— 75 [email protected] 8.75@ 9.75 on-750-1100 pounds

Steers, Heifers 0iCe— 500- 750 pounds

11.70913.00

cesirsesene «+ [email protected] Heifers

cveesssesees [email protected] : 10.009 10.75 [email protected] cesses 8.00@ 9.00

Good—

500- 750 pounds

750- 900 pounds ocd750- 900 pounds edium— 000000

mmon-— 500- 900 pounds

7.25 6.25 Bulls

7.25 it 5.25 5 (Tearlings excluded) Beef— ~

8.25@ 8.75 Sausage— 5 8.35 000 "cuvesei eecnssnss "ee Medium e

Good und choice .........,.c0 Sotmon and medium

Feeder and Stocker Cattle Steers (Receipts, 125) : Steers Choice— ! 500- 800 pounds 800-1050 pounds Good -

[email protected] eecese. [email protected]

00- 800 pounds Tee Veena 9.50010.25 800-1050. pounds sess [email protected]

Medium— 500-1000 pounds ...... scscsse 8.75@ 9.50 C

ou.mon--§00- 900 pounds « 1.750 8.7% : Calves Good and choice— pounds

[email protected] 500 pounds 9.50@11:00 Good and choice . S00 pounds down [email protected] 500 pounds down ............ [email protected] SHEEP, LAMBS (Receipts, 0)

Lambs (Shorn) - Good 9.60 Mediu Common

Good and choice

vi $502 4.50 Common and medium 2.00@ 4.00

WARD BAKING CO. PRESIDENT QUITS

NEW YORK, May 26 (U. P.).—

the executive committee of Ward Baking Corp., it was announced today. He had been president since April 12, 1939, - : Mr. Cook reported that operations

QUI'| of the compahy so far this year had

shown improvement over 1940, but gave no reason for his resignation.

CHICAGO GRAIN .

Opening prices today on the Chicago Board of Trade, as reported by Thomson & McKinnon, ‘were:

Jul Mp a $ 91,81 § 98 Te % $1.00% + 8 5 © | 14% i

EDUCATION OF ‘CREAM PUFF’ TYPE ASSAILED

puff? teaching and, more “inte]lectual 'spinach” is needed in AmeriLcan «colleges in the opinion of Dr. Paul J. Ketrick, president of Loretto

“ [Heights College at Loretto, Colo.

Speaking at the annual educational conference of the Catholic Sisters of Loretto here, he declared: “Cream puffs have entered too

and students are certainly

AT $9.60 HERE

Top Receipts Amn

and choice 200 to 210-pounders, the | .i : Cc increase was made on hogs|SY

prices paid here Saturday. Veal-|Cons Oil ers were weak to 50 cents lower|g

P [email protected]

8.75 7.50 | Y

Wilbur C. Cook has resigned. as|j president, director and member of |;

ST. LOUIS (U. P.) ~Less' “dream

much into the daily college diet,|ob -you may be sure that some|: not getting |

XrTaa.

4 Net High Low Last Change

i 3%

38% «+ 5% 25% 51

1 + 126 3 6%

3 13844 21

38% Ye

‘%

Cll AE

olum $ ve. oY Comwlth Edison 24 Cons Copermns. 6% cee 173%

+1: +1 ++:

Yeh

Coty es Curtis Pub .... Curtiss-Wr ....

Florente Stove.

Gabriel A .... Gar Wood Ind. 4 Gen Motors ... Gen Refract .. 21 Goodyear. 1

Hayes Mfg ... 2 Houd Her A .. 33 wf Inspiration Cop 11 11 Int Hy ive % 1 Int M Marine. 8 6 Int Nickel 24 24 Int P 14 1 Int P&P pf ... 68% 32% oe

Int Shoe 27 Kaufmann pf ..102 102 Kresge SS P 24% 24% Kress 24 24 wl 21 20%

21 20%2 25 1a]

Lockheed Aire.. ou G&E A .... —M— M 25Var .. 14% McKess & R pf. 2 Mission Corp .. Mo-K Tex pf... 2

Nash-Kelv 415 Nat Aviation .. Tl} Nat Distillers .. 19% Nat Pwr & Lt. . Nat Sup 5% pf 56 Neisner 13% 13% Newberry A pf 107% 107% N a © 32% 12% 5 123%

Oliver Far Ohio Oil

: , —Pe— 33% 1p 11%, 10% Ya 83g 23% 6Ys 22Ys 142 Ya 9%

Pacific Ltg .... 33% Packard 215 Pan Am_Airwys 11% Paramt Pict ... 107 Parmelee Film ...

Pathe Penn Pitts Stl

Radio Radio pf

v1 NEY LOCAL ISSUES ? Saturday, May 24 The following quotations by the Indianapolis Bond & Share Corp. do not represent actual price of offerings. but merely indicate the approximate market level based on buying and selling quotations of recent transactions. ; Bia Ask

Stocks T% 2

Agents Finance Co. Ine, com Agents Finance Co.. Inc. pfd 20 Belt RR & Stkx Yds com..... 65

.. 86 Central Ind Pow 7% pid....114 Comwlth Loan 5% pfd 98 Hook Drug Inc com Cy 18 Home T & T Fy Wayne 7% ota 50 Ind Asso Tel' Co $5 pfd Ind & Mich Elec 7 Ind Gen Serv 6% bf Indpls Gas com .. Ind Hydro Eles 7 Indpls'P & L 5%% Indpls P&L com Indpls Water 5% ¥ Lincoln Nat Life Ins com: .. 28 N Ind Pub Serv 5%% pid.. N Ind Pub Serv 6% pfd 2 N Ind Pub Serv 7% pid Progress Laundrv com Pub Serv Co of Ind 6% pfd.. Pub Serv Co of Ind 7% pid So Ind G & L 4.8% Terre Haute Elec

33% 3% 50% 80%

54 87 121%2124% 7 100

an Milk pfd ........-07 Van Camp Milk com ....ceee 1 ‘ Bonas American Logn 58 51......... 09 American Loan 5s 46 Citizens Ind Tel 4Y%s 61 Consol Fin 6s 60 %...... ... Oran Inclds Tailor 8s 42... 97 Home T Ft Wayne b%s ..102 ome TAT Ft Wayne 6s 43.. g i Assoc. Tel Co J 8

Pub N Ind Tel 4's Pub Serv _of Ind Pub Tel

Te! * Richmond Water Trac Term" Corp 5s 57 .

Former British

from May 1, and 1,568,000 shares of common, priced at $24 per share. Sale of this stock marks the transfer of ownership of the former Brith concern to- American hands. In arch of this year a group of 17 banking houses purchased from the British Treasury control .qf the American Viscose Corp., a subsidiary of Courtauld’s, Ltd. of Britain, the world’s largest textile firm. American Viscose Corp. is engaged’ primarily in the manufacture and sale of viscose yarns, viscose rayon staple fiber and acetate rayon yarns, taining substantially all: o its

«i. Jaoth cont-¥

‘| corporation;

2 Thige Bomber Factory.

Ford Motor Co. is building this $18,000,000 bombing plane factory on a two-mile square track at Willow Run, about 25 miles from Dearborn, Mich., to make complete suhof the four engines—for the giant Consolidated B-24D bomber. | planes a day to Government assembly plants at Tulsa, Okla. and Ft. Worth, Tex., but Ford will build an assembly line one mile and one-quarter long if the Government requests it to make the complete bomber.

v. STOCKS _|

assemblies and parts—with the exception Present plans call for shipping five

30 INDUSTRIALS Saturday Week ARO ...c.o.

High, 1941, 133.59; low, 115.30. High, 1940, 152.80; low, 111.84. 20 RAILROADS : 27.14 = 0.0 A Unch.

High, 1941, 29.75; low. 26.54. High, 1940, 82.67; low, 22.14. 15 UTILITIES Saturday Week Ago .. Month Ago . Year Ago High, . 1941, "High,

20.65;

1940, 26.45:

Hi Rayonler pf .. 2¢’ ? —— 8t Jos Lead... 30 Schenley Dist.. 9 Seabd Air L .., 3-16

uth Ry Brands .... 5 Sun Oil B new.121% Std G&: 32 “Ya Std Oil Ind ... 8 8 .29 Std Oil NJ .... 36% ~ & Pe’ . 34 10°

Texas CoOrp- ... Thermaid ..... Tide W A Oil.. TWA Oil “98 wets 5% ]

lo8% 20% 28% pf. 104 104 104 pL.i104% 104% 104% . 239, “2234 22 8 1 1 7

Un oil Cal ....

eeen 87 7 ..-18 3% 13 1

fh gf oi BANK CLEARINGS "RISE 6 PER CENT

' NEW YORK, May 26 (U. P)— Bank clearings in 23 leading cities

in the week ended May 21 amounted to $6,375.906,000, an ‘increase of 6.1 per é&nt over the :orresponding, 1940 period’s total of $6,008,962,000, Dun &s Bradstieet, Inc., reported today.” Compared with the previous Yreek

contrasted with a_ rise of. $1,017,357,000 between the -two sirailar weeks last year. :

GIEG NAMED HEAD OF NATIONAL CAN CO.

NEW YORK, May 26 (U. 2). — L. Frederick Gieg, formerly president of the Crown Can Co, has been elected president of the National Can Co., it was announced today. Mr. Gieg succeeds Georges F. Doriot who has been elected chairman of the board and who will continue as chairman of the executive committee.

|PULLMAN WANTS

TO BUY ITS STOCK

CHICAGO, May 26 (U. P.) ~~Pullman, Inc. today announced a new offer to buy up its outstanding capital stock at $29 per share to the extent of 517,241’ shares, or an outlay of $15,000,000. 3 The “company previously anMarch 26, but rejected tenders made under the offer in an dnnouncement on April 16. The new offer will ex-

pire on June 5." ——————— een en. Ags

Incorporations

"Cyanide Gas Co., Inc., 3126 8. Lafayette St., Ft. Wayne: agent, Clyde Thomas Miladdress; 100 share

» §

Arthur T. Altschul Title of address to 801 Hayes St., Y. : ahd change of agen to Anna Grabiel, same address. - Standard Houses Corporation, Illinois ghange of agent ty H. R.J Robinett, 25th and Fairview Sts, Ander5

on. Morgan County Rural Electric Member-

p orp., amendment of articles of incorporation. } Express Freight Liles, Inc., Wisconsin corporation; amendment of articles of incorporation.

sh Martinsville;

WAGON WHEAT = Up to the close of the Chicago market

elevators paid 88c per bushel for 3 red whea' (other grades on their merits) and pad 69c per bughel for shelled \ No vellow corn: No. 2 white shelled”

tes | which is in addition already paid on

corn, 3c; No. 3 white oats, 33¢. 4

Viscose Firm

Is Offered to U. S. Investors]

, .NEW YORK, May 26 YU.P.)—Morgan Stanley & Co., Inec., and Dillon, Read & Co. today headed a group of 152 untlerwriters and 500 securities dealers Which offered publicly $62,193,600 in comraon and preferred stock of the American Viscose Corp. This was the fast public sale of securities of the corporation and comprised 228,480 shares of 5 per cent cumulative preferred, priced at $1073 plus accrued dividends |

Pennsylvania, West Virginia and

bankers represented abou: 91 per

of American viscose which had previously been turned over to the British Treasury in order that dollar exchange might be obtained with. which .to finance war -ex-. penses: ; According to the contract for sale of the corporation the bankers will

pay to the British Treasury $17,802,923 out of the proceeds of the sale,

April 16,

+ 015] + 056)

there was a gain 0of“$768,004,000 |-

MORGAN OFFICERS

TRANSFER STOCK

"NEW YORK, May 26 (U. P)— Five active officers of J. P. Morgan & Co. Inc, have transferred to members ‘of their families - their stock holdings in the investment

(banking house of Morgan, Stanley

& Co., Inc., thereby severing all direct financial connection between the two firms, according to evidence submitted to the Securities & Exchange Commission here yesterday. The hearing was held at the re-

quest of J. P. Morgan .& Co., in an

effort to obtain an SEC ruling permitting the bank to act as trustee, without conflict of interest, for bond flotations' that might hereafter be underwritten by Morgan, Stanley.

Show Big Gain

- NEW YORK, May 26 (U. P.). — Todd . Shipyards Corp. today reported for the fiscal year ‘ended March 31 net income of $2,981,049, equal to $14.52 a share, compared with $832,727, or $4.05 a share, in the previous fiscal year. “The obnormal increase in the volume of business indicated in the earhings statement for the fiscal year is definitely due to the, inter-

our national -defense program,” John D. Reilly, president, said in the annual report. Th “While a considerable amount of our regular ‘foreign business has been absent under these conditions, the reconditioning of American vessels for the U. S. Government and of vessels for other owners has kep! the yards active.

Todd Shipyards 3

national situation, which resulted in

INSURANCE AGENTS

HOLD CONFERENCE

General «insurance agents and managers from 10 Midwest states attended the third annual Mid-West Agency Management Conference at Indianapolis Athletic Ciub today. . Speakers at this morning’s session included C. Preston Dawson of New York and James S. Dre%ry of Cincinnati. A “recruiting clinic” was conducted by George H. Lackey of Detroit, Ralph W. Hoyer of Columbus, O., and Kenneth W. Conrey of Grand Rapids, Mich. In the afternon another clinic was scheduled with John A. Ramsey of Newark, N. J, A. F. Haas of Pittsburgh and E. T. Proctor of Nashville, Tenn. as speakers. Arthur Coburn of Dallas, Tex., was to be speaker at the banquet.

Public's Attitude On Taxes Praised

NEW YORK, May 26 (U.P). = Public willingness to accept a $3,500,000,000 boost in tax rates ree flects the determination of Amerie cans ‘to face the realities” of nae tional defense an dtheir recognition of the economic problems involved, the Guaranty Srvey said today. The Survey, monthly publication of the Guaranty Trust Co. of New York, declared that “drastic ine creases” in taxes proposed by the Treasury are the first definite indie cation Americans have had “of the"

scope of the sacrifices that must be

made in meeting the cost of national defense.”

: This is not an Off

These securities do not

The Preferred Stock is redeemable

The Corporation has agreed to make app

6% Cumulative Preferr.

Net sales of yarn and staple fiber

ering Prospectus. The offer of these securities is made is published on behalf of only those of the undersigned

. These issues, though registered, are not . % : : which

does not pass on the merits of any registered sec

1,568,

5% Cumulative Preferred Stock

(par value $100 a share)

000 Shares Common Stock

- (par value $14 a share)

Preferred and Common Stocks are exemp personal property taxes now aggregating 8 mills, and the Preferred Stock is a legal

American Viscose Corporation . 228,480 Shares

represent new financing on the part of the Corporation; not receive any of the proceeds from the sale thereof.

at the option of the Corporation, at any time, in whole or in part, upon not less than 30 days’ notice, at $115 per share and accrued dividends.

In the opinion of counsel for the Underwriters, the Pennsylvania

investment for life insurance companies in New York.

n rged in operating expenses (I)

Profit or loss from operations

lication for the listing of the Pre on the New York Stock Exchange.

evo00000scstobe

Stock (par value $100 a share) Common Stock (par value $14 a share)... ........

tBrcluding 1,846.95 shares of Preferred Stock ond 8,557.5 shares of Common Stock held in the Corporation’s treasury.

EARNINGS ' The following condensed summary of statements of profit and loss, reviewed by Price, Waterhouse : & Co., independent public accountants, is taken from the Offering Prospectus and is subject to

she comments and notes therein.

marketable securi

The following is merely a brief outline, prepared by the Corporation, of certain information contained $n the Offering Prospectus and is subject to the more detailed statements in the Offering Prospectus and the Registration Statement, which also include important information not outlined or indicated herein. The Offering Prospectus, which must be furnished to each p purchase of these securities.

THE CORPORATION

The Corporation, incorporated in Delaware in 1922, is the largest producer of rayon in the United States and is engaged principally in the manufacture and sale of viscose rayon arns, viscose rayon staple fiber and acetate rayon yarns. It obtains substantially all of its raw materials in the nited States and Canada and sells practically all of its products in the United States. The Corporation owns six manufacturing plants for the production of viscose rayon and one for the manufacture of acetate rayon. Such plants are located in Pennsylvania, Virginia and West Virginia. Since 1938 the Corporation has been engaged in a program for the replacement of obsolete equipment and the modernization of production Processes for the purposes of improving the quality of its viscose yarn and reducing its production costs. This program may be hampered by National Defense priorities.

CAPITALIZATION

Authorised

None 251,940 shares 2,000,000 shares

seve se

sess cssscncee

Other income or

deductions ties (net)(2)

; only by means of the Offering Prospec who are registered dealers in securities in this rato approved or disapproved by the Securities and Exchange Commission,

the Corporation will

t under present laws from

ferred and Common Stocks

wurchaser, should be read prior to any

1,720,442.5 shares

Taxes on income

Outstanding t as of May 12, 1941 None : 250,693.05 shares

Net profit or loss

1940, 3 Mos. 1940** 8 Mos. 1941°*

Denotes red figures.

COMMON STOCKS

(not to

. to one

nounced an offer of this kind on |:

ul, Cirporation, Indianapolis; chauge q Gary. Ind.,

tod Indianapolis flour mills and grain |. ay D b 5 R

The stock purchased by the U. 8. cent of the outstanding obligations |

to 136,456,000 bringing |

of $4,099,200,

‘in New York funds.

Lor A

EE - Securities and !

+ .

bia $07 = ~

$41,837,915 30,743,035 42,753,782 37,918,991

,261,387 62,771,895

13,871,955 17,028,803

vote per share and

if sold, offered or optioned to o to one vote per shar:

PURCHASE AND The 17 corporations and firms named in the Offerin UNDERWRITING by a Purchase Agreement dated March 15, 1941 purc an aggregate of 448,000 shares (Ol of @ total of $84,000 issued shares) of the old common stock acquired from Cour: , Limit n the recapi i the Purchasers became the holders of #7 gsization

‘of the Corporation which the British Treasury .of the Corporation effective May 12, 1941, a CuI Sink veiny oles. such Pure greement t urchasers are to pay to the British Treasury out of the to Proceeds-to the Purchasers get forth below an amount computed to be approximately $17,892,923 which tari . addition to the amount of the initial payment of $36,456,000 made by "April 16, 1941. The total amounts received and to be received by the British Treasury from the sale to the Purchasers are therefore estimated to be $54,348,923. Of the balance of such total Proceeds to the Purchasers, amounts estimated at $400,000 for expenses and $290,472 to be received by Morgan Stanley and $290,472 to be received by Dillon, Read & Co. as compensation for their services as Joint Managers under the Purchase Agreement, the Purchasers will retain, ii addition to an amount equal to said initial payment to the British Treasury, the estimated amount of $2,764,533. The above amounts and to be retained by the Purchasers arg exclusive of approximately $95,000 and $5,000, respectively, on account ’ ock. The Purchasers will also be Underwriters and as such will, upon completion of the sale to the public as planned, receive portions of the underwriting discounts and commissions set forth below in respect of their commitments as Undrwriters and in respect of retail sales made by them. Subject to certain conditions, the Purchasers have agreed to sell to the several Underwriters named in the Offering Prospectus the 228,480 shares of Preierred Stock for $23,990,400, plus accrued dividends from May 1, 1941, and the 1,568,000 shares of Common Stock for $34,104,000, or total Proceeds to the Purchasers of $58,094,400. The Preferred Stock is to be offered to the public at $107.50 per share or a total of $24,561,600, plus accrued dividends from May 1, 1941, and the Common Stock at $24. per share or a total of $37,632,000. The underwriting discounts and commissions are $2.50 per share for the Preferred Stock and $2.25 per share for the Common Stock, or a total

. of accrued dividends on the Preferred

& Co. Incorporated on or ab

'* MELLON SECURITIES CORPORATION = LEHMAN BROTHERS UNION SECURITIES CORPORATION

THE FIRST BOSTON CORPORATION HARRIMAN RIPLEY & CO. BLYTH & CO., INC. KIDDER, PEABODY & CO. CLARK, DODGE & CO. DOMINICK & DOMINICK GOLDMAN, SACHS & CO. HEMPHILL, NOYES & CO. SHIELDS & COMPANY WHITE, WELD & co. LAZ4 @ EASTMAN, DILLON & CO.

* LAZARD FRERES & CO. HORNBLOWER & WEEKS

$4,911,862 4,132,149 4,187,503 3,798,871 3,860,446 3,949,558 4,110,025 4,202,153 4,299,970 4,469,050

1,086,767 1,372,821

**To March 81.

$ 3,537,408 695,870 10,145,146 6,835,063 5,473,299 10,457,536 10,296,421 2,804,016* 3,393,209 9,372,430

2,225,891 2,661,665

per 8

$1,719,280 § 111,704

1,711,908 1,119,447 948,159 704,144

217,334 133,908

$ 26,793 175,927 65,738 702,098* 14,460 1,840,209" 19,671° 300,275* 30,642 7,677

1,251,010 190,816 283,490 38,245 111,866

236,554 390,425

243,125

1,064 6.801

(I) The rates of depreciation used were generally reduced in 1932 and again in 198}.

(&) Including charges of $750,000 for settiement of damage claim in 1984 and of 81,445.448 for flood losses at Zauwtstown Pennsylvania, in 1986.

PREFERRED AND Preferred stockholders are entitled upon voluntary dissolution of the Corporation to $115 hare plus accrued dividends, and upon involuntary dissolution to $100 per share plus accrued dividends, before any distribution to any other stockholders. Preferred stockholders have no preemptive rights to subscribe to any class of securities. On or before May 1 in each year, a purchase fund $500,000 in any year) to retire Preferred Stock is to be provi $5,000,000 in the preceding year available for dividends on the Common Stock. Preferred stockholders are entitled to certain special voting rights as specified in the Certificate of Incorporation. Common stockholders have preemptive rights to subscribe to any Common Stotk, or to any securities convertible into Common Stock, sold or offered for cash (with the exception of 100,000 shares of Common Stock flicers, directors or employees of the Corporation). Common stockholders are entitled Ce A .

PRICES

Preferred Stock $3107.50

per Share

plus accrued dividends from May 1, 1941

Common Stock $24. per Share

MORGAN STANLEY & CO. 4 : Incorporated Tart

rat

; DEAN WITTER & CO. MERRILL LYNCH, E. A. PIERCE & CASSATT

. The Underwriters, including those named below and the others named in the Offering Prospectus, have agreed to purchase the Preferred and Common Stocks, subject, among other conditions, to the approval of certain legal matters by Messrs. Davis Polk Wardwell Gardiner & Reed and Messrs. Wright, Gordon, Zachry, Parlin & Cahill, as counsel for the Underwriters. It is expected that delivery of - temporary certificates for the Preferred and Common Stocks will be made at the office of JP. Morgan out June 8, 1941, but not later than June 10, 1941, against payment therefor

TO FACILITATE THE OFFERING, IT IS INTENDED TO STABILIZE THE PRICES OF THE OUTSTANDING PREFERRED AND bs STOCKS. THIS STATEMENT IS NOT AN ASSURANCE THAT THE PRICES OF THE ABOVE SECURITIES WILL BE STABILIZED OR THAT THE STABILIZING, IF COMMENCED, MAY NOT BE DISCONTINUED AT ANY TIME.

"Further information, particularly finarncial statements, is contained in the Registration Statement on file with the

Commission, and in the Offering Prospectus which must be furnished to each purchaser and is obtainable from only such of the undersigned as are registered dealers in securities in this State.

DILLON, READ & CO. Re

DREXEL & CO.

STONE & WEBSTER AND BLODGET

$ 589,191 274,691 1,861,700 999,157 1,016,282 1,940,959 2,052,683

551,400 2,590,000

620,000 875,000

out of net income in excess of

g Prospectus (referred to as Purchasers), hased severally from the British Treasury

the 228,480 shares of Preferred

the Purchasers to the British Treasury on

to be received by the British Treasury

SMITH, BARNEY & CO.

$ 4,805,994 2,492,542 11,675,420 7,410,765 6,627,641 8,943,977 9,974,220 1,872,978°* 4,057,164 7,884,676

2,067,414 1,913,772

after deducting & Co. Incorporated

COMMON