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r^mwrn^m^^M' Kv.w*i*wM<;f4Y>'Mil>rt,»<!mt*T
,
Reg. U. S. Pat. Off,
THE
Volume
LEADING
MOST
AND
INFORMATIVE
New York
Number 6254
197
EDITORIAL
PUBLICATION
IN
THE
FINANCIAL
FIELD
.
.
ESTABLISHED
.
7, N. Y., Thursday, April 11, 1963
Price 50 Cents
The OTC Market
As We See It
:
there appeared upon the scene
Administration which was committed
to the inauguration of a "New Deal." Its abandonment
of theretofore generally accepted maxims of good gov¬
ernment and of proper attitudes toward the business
community and the sweeping, not to say revolutionary,
changes that it undertook reached into almost all phases
of business. Today New Deal ideas and New Deal pre¬
cepts are in control almost everywhere-—although some
Washington
of it
major efforts of the early years of Franklin Roose¬
the
the securities markets. The
time honored principle of caveat emptor was to be re¬
placed with another which the President himself labeled
caveat vendor. Although the battle cry in the early days
was
"truth in securities" it
more
bent upon
were
investors.,,.
powers
converting virtually everybody
in the securities business into
•
guardian angels of naive
successors
make it clear
New Deal
to the
that
this,
an
official report from
was
hardly needed to
things had not worked out just
as
A broad brush
comment
portrait of the world's biggest market brief
of securities it handles,
discussion of
stimulate second
thoughts in
assigned, should serve to
many
minds which have
been all too
ready to take all too much for granted. It
some quarters that the
report is much "milder"
is said in
than had been expected,
not
meaning,
we suppose,
that it does
indulge in the invective that used to characterize
many
of earlier New Deal state-
(Continued
45)
on page
119
extreme cases,
The
at
York
New
Stock
and Wall
Broad
Exchange is located
Streets, The American
Stock
Exchange at 86 Trinity Place, New
York, but the Over-the-Counter Market is
everywhere—in Seattle, San Diego, Dallas,
Duluth, Chicago, Keokuk, Cheyenne, Port¬
land and Pensacola. It is just as near to you
as
a
telephone; it is linked together by
national network of wires, and functions
your
is
starting gong
a
business
day of the
composed of
of
practice.
are
NASD's
that
are
more
data is not
stock
a
scope
of the
more
frequent
to
take any
some
investors
interest in the
com¬
pany's shares regardless of how meretorious
they
may
be from
an
investment standpoint.
Many Faceted Market
Talking about the OTC market is much
like the fable
of
the
blind
from its
describing
heights, the OTC market is
majestic thing wherein
tional and
ex¬
men
elephant, by the touch method. Viewed,
an
of
members
complete and
readily obtainable;
loathe
are
ones.
trading organizations may be strictly
or
departments of brokerage
number of rec¬
prises. Generally speaking, where adequate
8,000
some
a
expand the
reports be made by all OTC traded enter¬
The OTC market
daily in
to
regulatory functions. The study also
urged that
firms,
houses
industry included
ommendations
prepared to make markets in
30,000 less active
The
securities
our
a
huge
largest institu¬
corporate investors buy and sell
change. In any event, the firms, their prin¬
cipals and traders and over 100,000 security
billions in government and municipal bonds
almost every day. Over 95 % of all "govern¬
salesmen
ments"
they employ, all
under the
come
change hands OTC and, with a fed¬
of over $300 billion (and rising),
jurisdiction of the National Association of
eral debt
Security Dealers Inc.,
the
a
self policing organi¬
trading volume in
(Continued
on page
18)
State,
ISSUE
Municipal
and Public
MULLANEY, WELLS & COMPANY
Underwriters
(ADZ1
Lester, Ryons & Co.
•
y(A)
.
623
So.
Hope Street, Los Angeles 17,
California
,
Distributors
•
Dealers
:
Chemical
-
Agency
.
Bonis and
Members New York Stock Exchange
v
Housing
Associate Member American Stock Exchange
Members Pacific Coast Exchange
Corporate & Municipal
WewYork
Offices in Corona del Mar, Encino,
Securities
Glen-
Municipal
Bond
Division
dale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
CHEMICAL BANK NEW YORK TRUST COMPANY
San
MEMBERS
BOM) DEPARTMENT
•
take steps leading to revoca¬
trading regulations covering solvency, and
4,700 broker/dealers
some
coast-to-coast who trade
over
closing bell, each
or
year.
Securities
770-2541
re¬
and, in
tion of broker/dealer licenses for infraction
Housing,
State and Municipal
phones:
individuals
or
fair and ethical business
OVER-THE-COUNTER MARKET
P. O. Box 710, New York 8,
belong.
member's books,
any
firms
U. S. Government,
Public
¥{•', '•>•••'• I
a'V:
Incidentally, the recent SEC report of the
OTC
was
its trading problems, plus a listing
years) cash dividend continuity.
business
nation
of
some
of dver-the-Counter stocks notable for long-term (up to
inspect
can
member
buke
the bewildering array
on
issues and
the
..•••••
NASD
planned. Nonetheless, the recent document embodying a
detailed study by the Securities and Exchange Commis¬
sion, to which the task of keeping an eye on the securities
of
't
zation to which all OTC houses must
without
,
After three decades of all
the
became clear that much
sought. At times it appeared that the
was
that be
soon
' '/
By Dr. Ira U. Cobleigh, Economist, and Dr. Harold J.
One of
velt's regime was directed at
..
King, Chairman, Department of Economics, Seton Hall
University, Jersey City, N.J.
Copy
for Securities
;
an
has been relabeled the New Frontier.
now
a
Nationwide
Some thirty years ago
in
1839
MIDWEST
N. Y.
STOCK
Diego,
Santa
Ana,
Inquiries Invited
770-2661
Santa
Monica,
on
Southern
California Securities
135 So. La Salle Street
New York Correspondent
TWX: 212-571-1414
-—
Pershing A Co.
Chicago 3,111. FRanklin 2-1166
w
THE
Whittier
EXCHANGEJEz:
MANHATTAN
BANK
Net Active Markets Maintained
«
/
vv
>;'■
UNDERWRITER,
DISTRIBUTOR,
To Dealers, Banks and Brokers
T.L. Watson &Co.
ESTABLISHED
Canadian Securities
1832
Block
DBALiER
hiiMembers
gouthwcdt
m'
company
American
NEW YORK
Canadian
STREET
4, N. Y.
DALLAS
•
PERTH
CALIFORNIA
AMBOY
Exchanges
(Expire June 7, 1963)
CANADIAN DEPARTMENT
DIRECT
212-571-1213
VIRES TO MONTREAL AND
TORONTO
Dominion Securities
Corporation
Goodbody & Co.
MEMBERS
BRIDGEPORT
DIVERSIFIED
Commission Orders Executed On All
Stock Exchange
BROAD
THE BANK of NOVA SCOTIA
Inquiries Invited
Teletype
25
buy
RIGHTS
:
New York Stock Exchange
first
We wish to
NEW
2 BROADWAY
.NEW YORK
YORK
-
STOCK
EXCHANGE
40
Teletype 571-0880
CHICAGO
Area Code 212
•
-
MUNICIPAL BOND
Exchange Place, New York 5. N. Y.
1 NORTH LA SALLE ST.
WHitehall 4-8161
\
California Vintners
DEPARTMENT
bank of america
N.T.&S.A.
•'
SAN FRANCISCO
•
LOS ANGELES
M
V
*'
f
'''
•
.
2
(1470)
For Banks,
*'
'•
V
The
Brokers, Dealers only
Professional Service
Security I Like Best...
:
0
.■
•cj
,ii'v4v
•
„
A continuous forum in
•"
4i'»
'
which, each week,
This
Forum
a
MARKETS
in
•
' .r
ft
leading O-T-C issues.
*
<
\
Nationwide facilities for
Electronic stocks
broadest
for
coverage-of all
^
.
fense
the
as
group have
a
been
out
reasons
of
the
are
Department's
favor.
approximately
computers;
ments such
pub¬
25%
Hanseatic
products
digital volt meters,
.*
•*"
#v*
-1U
Associate
American
'*
geles, Calif. (Page 2)
Exchange
60 Broad St., New
Telephone:
Boston
Roughly 50%
of thd
business
Sales
World
Wide
Wire
there
is
irritant, in
stock
a
market
environ¬
largely
Service
opinion, however,
my
the resultant
price weakness, has
discounted
dustry.
Most
neglect
Continuous Markets
than
has
most
values
First
American
Industries
Craddock-Terry Shoe
priced
to be
appears
an
STRADER and COMPANY, Inc.
VIRGINIA
LD 39
TWX
Victor 6-1333
703 846-0920
Private wire to Shields A
Co.,
Exchange
ex¬
dominant
(supplying
factor
on
Analog
market),
cently
has
product
the
field
of
the
and
been
line
away
in*
70%
some
more
re¬
broadening
with
its
in¬
accessory
struments, and equipment related
ASSOCIATED
to the Digital
TRUCK LINES
BOUGHT —SOLD —QUOTED
tion
is
excellent
pany's
their
Midwest
'Detroit
1051
Stock
Stock
Branch
„
313 222-5012
v
—
Bay
of
(research
facilities
in
By
Universities,
City, Mich.
Digital computers and for practi¬
cal
purposes
are
Analog is
cated
non-competitive.
a
highly sophisti¬
instrument which
equations
and
ing variables, and also
late
actual
ample
Service Your Accounts
aircraft
an
flight.
Digital
as
tion)
operate
at
Analog
Stated
RECORD
puter
an
and
an
(Single Copy
$4)
—-
give
on
well
bound
the
you
all
as
publication
monthly
listed
will
prices
securities
those
"hard
Over-the-Counter
as
find"
to
Write
WILLIAM
25
or
B.
its
quotations.
introduced
Park
the
a
com¬
CO.
Place
a
of
the
.
in
of
is
this
already part of
"wedded"
in
Computer),
1962.
market
for
was
Initially,
chemicals,
New York 7, N. Y.
industries
oil,
gas,
utilities.
(This is under
a
to
rose
$21.3
to
million
from
$4.3
earnings per share
from $.22. During the
period stockholders'
(book value)
to
sales
and
$2.01
same
1962,
$14.11
from
equity
share increased
per
$1.56
at
the
1953
(privately
stands
* held
by
common
908
noting
the
are
at the 1962 year-end
of
plant
gross
at
net
in
and
current
of
and
stood
million
sales,
were
four
the
past
is particularly signifi¬
,
cant, for it demonstrates the
growth
tronics
after
industry
1957-58;
from
stride
(2)
com¬
recover
the
elec¬
shake-out
successfully
of
evolve
a
small-company^ type of
"partnership" management to one
of
operating
single
emphasis
product
in
pects.
and
in
ment
application;
maintain
an
and
opening
to
of
time
to
million
nearly
than
'
;;;/
results
minimum
1962,
of
sales
share
per
as
•
well.
New
March
again
confirm
of
annual
orders
a
(com¬
through
understood
are
been
roughly 25%
year
(and
quarter
the
are
early
to
ahead
first
the
and
have
of
new
last
fourth
seasonally
periods in writing
I; DAI
opinion,
a
the
on
NEW
149
circumstances to be construed
solicitation of
an
offer
to
buy>
any
as an
offer
security referred
Co.9 Ltd.
YORK
OFFICE
Broadway, New York 6, N. Y.
Telephone:
BEekman
3-3622-3
.T
earnings—is
be
in
will
probably
paid in stock
1962)
(5%
the
for
time
company's
GEORGE TALIAFERRO
Dept., Olmstead, Allen & Co.,
Los
Angeles, Calif.
Securities
times
Incorporated
(from
million)
between
times
to
$9.6
and
taxes
1962,
7.1
rose
(from $476 thousand to $3.4
This
record
income
gross
gressiveness
of
1958
after
4.8
rose
million
$2
income
net
in
income of Insurance
gross
growth
of
reflects
the
ag¬
management,
of
low
business).
to
to
sell,
or
herein.)
./'
Reliability
insurance Securities Incorporated
While
Quality,
w
.Speed, -..-JM
APPEAL
PRINTING
130 Cedar
CO., INC.
St., New York 6, N.Y.
Telephone: WOrth 4-3033
1889—Our
74th
Year—1963
but
greater importance, the rise in
net
profit margin
1958
to
35.3%
management's
and
ness
good
crease
in
ICI,
1962
profit
control.
the
expenses
A
31%
assets
18%
an
of
net
in¬
managed
increase
in
the
salesmen, and the
formation
Life
of
in
reflects
conscious¬
ability to keep
under
by
23.8%
from
in
re¬
LAMB0RN & CO., Inc.
99
WALL
STREET
NEW YORK
5, N. Y.
Insurance
Company of California—a wholly
owned
subsidiary—point
and
to
fur¬
growth in earnings for
ther
1963
beyond.
The stock of I. S'. I. is currently
selling
times
at
cheap
which
year's
is
but
the
27
a
more
premium
price.
traded
agement
companies between 1958
est
was
gain by
in
earnings
investment
ings during the
ISI's
earn¬
period
same
If earnings growth
current fiscal year
1963)
14
man¬
N.
Q. B.
of the 14 during
this period was 342%.
610%.
of
73% and the great¬
any
DIgby 4-2727
The
publicly
1961
Liquid
-Futuraa
than
gain
and
Export»—Imports
outstand¬
potential
this
-
—
company's
record plus the
future
justify
about
Refined
-—
earnings of 66c
Admittedly, this is not
price;
superb
ing
18,
last
share.
SUGAR
Raw
rose
in
the
(ends June 30,
follows the growth pattern
of the past four years,
could
be
lower
multiple of this year's
23-Year
Performance
of
35 Industrial Stocks
the current
price
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
ings.
prove
to
Furthermore, ISI
a
much
earn¬
pays out a
FOLDER
in
the
form
of
REQUEST
Incorporated
on
since
page
55
46 Front
Street, New York 4, N. Y.
CHICAGO
dividends,
Continued
ON
National Quotation Bureau
fairly high percentage of earnings
no
WA
Securities
17
average
that
appears
objective
15%
of
■'•-/%/.■ v.'/
■
will
management's
in
10%
$2
■'
fi¬
company
Looking ahead, it
1963
financial
same
pounding) growth rate. Certainly,
and
to
Research
and
program amount¬
$2
some
more
stock.
the
large,
a
equal
and
build
excellent
nanced, research
ing
(4)
at
common,
least
-
times
20
paid
was
a
support
or
the
(related)
markets via expanded equip¬
new
(versus
price/earn-/
a
my
Dividends
continue
a
line,, and develop
derivative
.
from
the year has started off
extremely
such
steel
1963
warranted
million.)
during
pany's ability to: (1) fully
its
or
net
liabilities.
Performance
five years
1961
1962
assets
current
capital
capital
$13
over
than 60%
SECURITIES
our
approximately
ratio—at
that
roughly 40%
made
shade
a
facts
reflected
working
more
in
by
the y company's
product line, competitive position,
growth record and visible pros¬
thousand
stock, roughly
15% of which is closely held. Also
worth
$,0.27
institutions)
ahead of the
shares of
per
earnings and 14 times
of
branch offices
our
JAPANESE
quar¬
support
reflects
In
to
expectation of
year-end. Capitalization is simple; being because of the
$3.5 million in long-term
debt' continuing growth.
the
REctor 2-9570
as
order
through
com¬
hybrid
great potential demand from the
"process"
higher
decade
Direct wires
products.
with
for
prospects.
the
Birmingham, Ala.
Mobile, Ala.
for
$0.35-$0.40
year
of
1962
1963
com¬
34
ratio
pany's record speaks for itself. In
condition
family,
a
stock at
212 571-1425
,
New Orleans, La. -
the
high,
Electronic; Associates'
com¬
standpoint, the
any
products
puters will be the Aerospace in¬
dustry. Eventually, there could be
call:
From
arithmetic
marriage
product line, and
high portion
ings
growth
computer, the "HYDAC" (Hybrid
Digital-Analog
DANA
informa-,
the Digital
ing equipment is
a
"off-the-shelf"
St., New York 6, N. Y.
"across-the-
turn
share
per
Exchange
Profit¬
$2.01 in 1962).
times
extremely
emphasis
$2.35
carrying
$1.5 million,
to
in
sophisti¬ minimum full
as
of
remain
(compared
cent
direction. Analog-Digital convert¬
major
,
special
high
as
York Stock
American Stock Exchange
some
despite
shipments.
rise
and
shift
resembles
new
large,
up
in virtually all
could
store
types should create
important
ter
ex¬
number
products. Electronic Associates
placing
This
a
two computer
year)
board,"
management
in
depth,
and
delegation, of responsibilities; (3)
"adding machine."
Obviously,
per
in
simply,.
computer
"slide rule"
ex¬
is
taxes
systems
be
have been
^
Backlogs
Thus,, earnings for the first
have
(can
high speed in making
BANK & QUOTATION
for
computers
quantities of
calculations.
simu¬
rocket
prodigious
and
contain¬
can
or
functions
memory1
Quickly By Using Our
conditions
solve
can
problems
on
of
in
could be
1962.
to
should
the. gains
buyer's specific requirements.
times
different from
are very
rise
share
types
of
year-to-year
1962)
1962,
engi¬
-
after
March 31
ahead
ability
$1
business.
net
expenditures
major
and
around
7
ponents in tailoring systems to the
of explanation, Analog
way
computers
The
(Only $45
•
15%
sharp
in
for
accuracy,
are
\
reflects management's
the
noted
are
and
com¬
Industry, and Aerospace).,
Exchange
Building:
26, MICH.
.
Office
the
considerations
customers
Penobscot
DETROIT
962-3855
Exchange
and
products
quality
neering
Members
.
the Ana¬
as
log computer field; Trade reputa¬
prime
MORELAND & CO.
well
as
(8.5%
arid
million,
is
concentrated
Analog
1962)
basic
computers, became far and
the
cellent
of
34
Members New
Members
shipments):for the
understood
are
-Replacement
profitability
result,
'
past
Corporate
utilization
outstanding
company
company's
and
essentially a
computer manufacturer which in
the
New York City
,
the
this price tags
around
or¬
annually; approaching 5%
rather
attractive
sales
now
are
cated
ample.
The
sales
u m e.
concentration
All Issues
LYNCHBURG,
of
which ELECTRONIC
of
the New York Stock
on
R. F. & P.
parts
1
v o
in¬
a
,
Foreign
the
been/permitted .to
ASSOCIATES
Furniture
Furniture
singularly
have
develop,
Bassett
ganizations.
commercial
growing and approximate 22% of
of
general
discriminating. As
and
the
important,
been
several
Virginia Securities
us
not
and
nervous
real—or imagined—ills of
Call
*
million
an
dustry. In
Angeles
Los
•
which
present
skeptical
San Francisco
•
in
(actual
reflects
35-40%
educational
87-653),
•
n
STEINER,7 ROUSE & CO.
HAnover 2-0700
military' quarter to end
end-use; the balance is done with
ment, to stifle interest in the in¬
1231, 32, 33, 34
—
Chicago
•
Philadelphia
York 4
363-2000
Teletype: 212-571
L.
Bought—Sold—Quoted
computation
of
■■■"
Member
Stock
(P.
Louisiana Securities
19 Rector
in
center service fees.
"adequate price competition." Ap¬
parently, these have been enough
Established 1920
-
law
-which questions profit margins on
CORPORATION
*.
1962
Aaron B.
—
plotting (graphing)
-
clear
Alabama &
of
Research,
Cummings
&
Co.,
City. (Page 2)
New York
data-
as
5%
Thursday, April 11,-1963
Director
Bregman,
70%
and automatic
De-. systems;
highly
licized cost consciousness," $nd .the
possible implications of an -un*
YORK
NEW
time
some
Among
O-T-C markets.
Exchange
.
Electronic Associates
.
and
processing equipment and instru¬ Insurance Securities
Inc.—George
ments, including a growing line
Taliaferro,
Research
Depart.,
of "display"
(recording) instru¬
Olmstead, Allen & Co., Los An-
,
.
Feigen,
company sales break¬
into
Analog
Cummings & Co., Neiv York City
than
more
Members New York Stock
500
Currently,
down
Director of Research, Bregman,
.
Selections
Electronic Associates
AARON B. FEIGEN
.
Week's
Participants
Their
OVER-THE-COUNTER
Positions
*
.
***
**
i*
t-j
different group of experts
in the investment and advisory field from all sections of the
country
participate and give their reasons for favoring a particular security.
in
•
■
The Commercial and Financial
Chronicle
SAN FRANCISCO
Number 6254
197
Volume
,
The Commercial and Financial Chronicle
,
Trust Investments
(1471)
Thursday, April 11, 1963
.
mmm
By Charles W. Buek,* President, United States Trust Company
PAGE
of New York, Neiv York City
is
of the largest investment
The
perspectively viewed by the head of
is rivaled in size only by Morgan
the
believes
He
economy.
the
strong and waak
storms
have
we
been
Cure.
will soon again imbibe in extreme
was
vestors.
;
and
year for in¬
painful year,
which hurt the amateur: arid1 the
1962
stormy
a
It
What
are
world
lieve
,
have
calm
—it
from
can
how
Holy
to
Survey
would
friend
—Harriet
most
from
of
changed,
the
same?
the
Maine
it
for
that
year
investment
Article
starting
the
on
never
that
of
it
a
cover
"The OTC Market: Na¬
page
in the Over-the- Counter Market
have
showing the
paid
(Table II,
gory
cash dividends
well
as
as
for
10
those in the 5-
the
to
remained
again.
the
for
time
long
a
affords
era
failed
The
—a
this
to
the
break
that
foolish
stock
turn
mistake
debt
the
all
was
a
panic which
Regular Features
NEW YORK
Direct
-
New York
As
We
See
It
(Editorial)
,
if
and
As
;•
•
*'/•
-.c.-"'
—
Chicago
—
1
'."..-A Y
'v;.
Stocks
Los Angeles
•.
15
44
Commentary
16
__i.
Dealer-Broker Investment
...
——
Recommendations
8
SavAStop
Einzig: "Impact of Britain's New 'Expansion'
a
Budget"
.J——...
10
From Washington Ahead of the News
25
budget,
Indications of Current Business Activity....
14
M
a r r u
d
.
Inc.
46
Market
in
proposals
attempting
and Insurance
-
.
.
"down¬
his
tax
not accepted. The
is,
is
it
President
foresaw
disaster"
limit,
tration
try to put out of our minds.- They
the
fact,
Bank
; •••
•
.
.
Coming Events in the Investment Field
describe
to
'
'
■
CHICAGO
•
Connecting Wires:
en¬
always
for
"ailing."
as
speech
and
were
should
we
expedient
of
recent
a
not
do
strength,
economy
matter
They, say
suitable
a
headlines
politically
Many others take the opposite
view.
evidently
economy
investors
reflect
come.
market
Our
in.
set
vironment in which to operate.
that we have
point iii common
high
10-year cate¬
J. F. Reilly & Co.,Inc.
.
believe
of
UNITED NUCLEAR
39).
page
has
about
directly predicted in June
to
;
vears
well, and the paralysis which was
and
ratios
stock
end
179.
to
B)
5: VITRO CORP.
exemplified in the tabu¬
of banks and companies which
names
consecutive
(Table I, pace 19 i
as
< A &
.
in¬
■
world
same
ATLAS CREDIT CORP.
al¬
level, corporate earnings held up
of 1962.
people
"the
was
equities,"
seen
;;;
the
be
thoughtful
Some
OIL;
learned
We
economy
our
production
-
opportunities
'
will
COMMONWEALTH
i
sourid constitution, indus¬
very
trial
took
buffeting
untrammelled.
last
a
Charles W. Buek
financial
is MARADEL
17
the over-the-counter market's
1962?
of
have
psychological
sever
the
that
YORK
4-6551
^PRODUCTS
he
would
seem
impressive,
was
Opinions vary as to
significance of the turbulent
is
Seibert
a
performance in 1962
economy. Its
our
One
NEW
WHitehall
—13
Days......:
tops
such
anguish
would
What
Our
stock market performance
STREET,
Telephone:
opportunities inherent in securities available only
experience.
the
The
woods would be pleased with our
we
WALL
9
vestment
and
learn what
Cobleigh
U.
Department Store for Securities," discusses the
those eventful
months,
Ira
tionwide
in
meaning
.
lations
find
to
the
events
the
and what
be
would
well
Truck
5
the
of
eye
the;
Klopstock
of the financial
and
the
and
be?
the
hurricane
the
NECESSARY?
99
H.
ticker, what would his judgment
we
only
reached
;
suppose
you
think
today,
lines
be¬
that
3
——iFred
According
\
catches
OBSOLETES
1
OTC Stock Price Index Shows Substantial
Gains,
Spared the tension of the head¬
very
who
do
would
appraise
subsided—for
few
invariably
man
has
storm
P/E multiples.
King
arid the bottoms of the market.
a
was
professional alike, Now that the
there
Mack
peak prices, and doubts investors
stocks williiave difficulty regaining
ARE
Beware Despairing Counsel for Payments Deficit
ahead, explains why he believes the market for many
months
•
Store
Trust Investments After the Market Storm
difficulty.' Thus, he counsels moderation to equity investors for
of
the
Department
Charles W. Buek
one
through are over, and though we are out of danger we are not out
a
Nationwide
Mr. Buek assesses the
Guaranty.
storms that buffeted the securities market and the
aspects of
Market:
for Securities._Ira U. Cobleigh & Harold J.
U. S. Trust Co.'s trust business
trust banks.
OTC
COMPANY
AND
Articles and News
The investment outlook
;|
CONTENTS
;
After the Market Storm
v
3
~
;::v
.
and You
.
(The)
United
•VV-v'* V''-
j
Nuclear
Pacific Southwest Airlines
Adminis¬
to.
sell
a
Mutual Funds
___—_
11
'
oniy
A'
staggered, and
ket
attitude
Their
whole traumatic
experience
very
to
a
and
people,
the
toward
its
cits,
not the econ¬
omy.
to
tax-cut, with
the stock mar-
point out that
it
attendant defi¬
conservative
needs
atmos¬
an
phere of economic urgency to put
seems
its
be, "Well now, what were we
point
ment
the
latter
off
ging
do
not
across.
there
they
is
meaning
of
the market of 1962 is
sophical
make
than
much
economic
of
more
It
to
tone
doesn't
the
student
factual.
sense
election
materially.
mood
fect
statistics.
an
Objective
View
by
would
the
lives
touch
an
in
be
better
legendary
the
with
the
York
ways
has
customer
Times. The
it that
appears
this
after absences measured
the
its
stabilizing
to
are
to
two
six
ef¬
Securities
Now
Prospective
in
Offerings
54
2
Exchange Place, N. Y.
Wires
Cleveland
Philadelphia
St. Louis
(The)
16
Tax-Exempt Bond Market
:•'.>>•' :
Direct
Chicago
27
_
State of Trade and Industry
s
40
Teletype 212 571-0610 yl.
47
Security Salesman's Corner
....
Mackie, Inc.
HA 2-9000
Registration...
Security
&
.14
Security I Like Best (The)
to
Los Angeles
San Francisco
Washington
6
*
•
Washington and You
cor¬
the
controlling
the
their
present
in
over
I
sweeping
fear
believe
in¬
American
state
the
56
...
that
we
changes
Continued
COMMERCIAL
Twice
WILLIAM
25
Park
Place, New
CLAUDE
D.
and
Reg.
B.
DANA
York
N.
7,
on
WILLIAM
12
S.
Patent
Office
COMPANY, PUBLISHER
Y.
REctor
DANA
2-9570
to
9576
SEIBERT, Treasurer
GEORGE
need
page
CHRONICLE
U.
SEIBERT, President
of
and
FINANCIAL
Weekly
Admin¬
radical innovations under prevail-
in years,
The
Published
they must
which
not
Street,
15
Singer. Bean
stability
weigh
years,
istration.
backwoods
in Wall
and
thoughtful
This
a
Con¬
change
not
welcome
mind will exert
legend al¬
Governments
on
likely to continue.
investors
people
except for
4
Our Reporter
Kennedy Administra¬
this
understand
occasional outdated copy of the
New
the
fluence
woods, out of
world
did
having
and
next
understood
old-timer who
Maine
mood.
rectly the political factor for the
•
It
on
seems
If
Taking
is
tion,
thought¬
very
conservative,
is
1962
philo¬
a
conservative
and
gress
in
The
say.
ful
too
event
something
policy. The American people
continue to be in
shrug¬
are
significant
a
with
agree
who
group,
casually,
what
I
13
Observations
Public Utility Securities.-.
This brings us to the second un¬
saying when we were so rudely,
changed factor bearing on invest¬
interrupted?"
Although
News About Banks and Bankers
J.
Carter
MORRISSEY, Editor
Thursday, April 11, 1963
Every Thursday (general news and advertising issue) and every
Monday
(complete
statistical
issue — market
quotation
records,
corporation news, bank clearings, state and citv news, etc.).
Other
Office:
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St., Chicago 3, 111. (Phone STate 2-0613).
Paint Co.
Copyright 1963 by William B. Dana Company
All
rights reserved. Reproduction in whole or in part
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permission is strictly prohibited.
without
For many years we
have
specialized in
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Commercial and Financial Chronicle
The
(1472)
not
OBSERVATIONS...
life,
may
stock
WILFRED MAY
A.
BY
church.
a
(Realization,
per¬
haps subconscious, of this fact-of-
Drags
to be instituted in the
are
of
market
machinery, the would-be
the
highly speculative
the
to
accompanying
letter of transmittal
with confidence in the investment
filing with the Congress of the
the
illusion of governmental
Special
zation
Study of Securities Markets with
this
reassuring
the
"While
makes
Report
Special
the
.
.
The
confidence
ards
this
[Emphasis supplied.]
statements
these
are
the Study's Director Milton
at last
but
by
effect
should
be
.
.
to
as
of
more
transmittal
places where
think im¬
we
provements ought to be made and
where
tion
faults
and
weaknesses
exist, but that does not
are
mean
you
saying that the basic institu¬
is
which
in
one
should not have
These
ernment
a
person
and
efforts
directed
at
financial
continue
practices
against
curities
regulation
the
of
to
which
integrity of the
markets
which
and
be
se¬
can
only be harmful to the economic
Earning-a-Living
profit
who
investors
furnish
the
casino,
however
crookedness, is still
a
free
casino
of
and
the
strong
hindrance
political
of
considera-^
embrace
recalcitrance
the
>
vast
system
compensation
motive's
the
investment
is
of
true,
no
world
of
processes.
on
—
order,
no
—
security
It
that
course
in
trade
generally, salesmen's earnings
are
Funston of the Big Board,
Dorsey Richardson of the mutual
pleased to
announce
Gerald
C.
that
.
.........
y r* ■
And
change^-rwhich latter institution
Commission's
are
the Congress—witness the Internal
Revenue's current watering-down
of the
Of its proposed new
Expense Ac¬
stock
tax
the
threatened
nizable
gressional
by the sales prospect. And
is
like the
not
present in anything
kind
same
question whether
action
(this
is
degree, the
or
not portfolio
or
objectively
basic
choice
investment
counsel
system assessed
advisable
justifying
tivity).
ac¬
Also in the tax area, we have seen
gan
the
sociation
quick
down
Presidential
this
on
this
system
of
Also
the
likely to exert
enactment
unique
of
timing
such
of
back
the
member
firms
the
holocaust
the
a
of
:
our
+
V
;
V-
'
.
t»
:
volume, with
on
firms
as a
and
for
their
Ex¬
T.
Over-Emphasis
of
•+'
'V * •*' •" "" V'
-Moreover,
the
•
over¬
must' go
far to
•
sabotage the self-policing
G. A. Saxton
Co., Inc.
&
52 Wall Street
the
absence
New York 5,
various
areas
gested by the Study.
N; Y.
.
.
fcr volume will both act
on
in
profusely
so
of
needs
*
'
•.
of
disclosure
practically effec¬
tive
on
is
even
for
more
the
our
investor's
education.
And
ihe; pub¬
the
Pecora
the
Mitchells
midget-throwing
lap
on
(and
the
sug¬
The need
of
•.'■>.{? J--; J''"
v
/..>•-
\
a
•
*. r:
^
.
r \
f
.
~>-
terial for the New Deal -securities
legislation
through
a
long series of front-page
dramatized
public
Bissell
bers- of- the
mainly .^garnered
was
:
Meeds,:
&
Broadway^ New York City,
change,
*•
■■
New
have
...
.stallation
■
*
,"■■■
of
York
-
a
not an
-Tegtmeyer
Philadelphia
robert d.
harris
'
'
-
;
.
S.
Capital Stock
harry k. hiestand
New York
.
,
(SI Par
Value)V '
.
1
.
lawrence b. howell
San Francisco
Morristown
william
h.
Price $62.50 per Share
williamson
Charlotte
as
H'ice presidents
*
Copies ff the Prospectus may he oltrined from the wndfrspKed in
State where the undersigned may lawfully offer these. SecurhCes,*.-. f
any
|
/
120 broadway, new york 5, new york A
J
Kidder, Peabody & Co.
McDonnell & Co.
v
1
CHICAGO
PHILADELPHIA
,
'
SAN
FRANCISCO
1
fll l l l l l l l l l l l l l l l l l l imil l l l l l l l l l l l l l l l l l||||||ll |l l l||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||if ■:*
'.
the.
Ex-
in-
*
offer of these securities for sale. The offer is made only by the Prospectus.
'
-
120
direct private wire
a
April 11, 1963
•
:• '■
mem¬
Stock
announced
hearings,, the
New Issue
...
.
Laird,-
.
;Whereas the condemnatory ^ ma¬
100,000 Shares
•
•
ney).
Stock ( Ex¬
'
v •
•.
-Wire toTegtmeyer
jailed
Chicago.' /•.
is
ab
Laird, Bissell
to*
Financial Federation, Inc.
Anthony m. englese
first
sub¬
to., Wm..' .H..
Not
the election
the
be; hiS:
nating volumes of the Study itself.
as
present Cohen Committee has for
as
we
sorption of -the fact-packed; fasci¬
Investigation. show—y
Morgan's
weil
Stay * pould.
the most part confined its sleuth-
This
anncuncin/jf
part,
protection,
here
SIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1IIIIIIIIIIIIIIIIIIIIIIINIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!=
tahe.J filealure in
and
For
drag
,
■.
hold
phenomenon
Insulls,. Wigins,
to
that
self-regulation.
self-policing efforts and stim¬
Reyholds & Co., Inc.
in
'•''
combination
stock
big villains,
the
sequently ; the
required
emphasis volume
~
re¬
staff
change's pilfering President Whit¬
a
Saboteur of Reform
•
is
witness
firm
future
5011
intended
hard-core
a
this
lic's urge for reform at this period
with
unit.
Vice-President
—
'i'
through to continu¬
break-even points for
Volume
v
of
mission place great weight on the
the
to
Also ^operatingytq dull
no-order-no-earnings
overemphasis
changes
has been elected
continuing basis, will be
a
The Special Study and the Com¬
ex¬
exposures
later
Dealers.
the defensive loss-wise.
-status carries
member
Securities
area.
post-
avoiding the Street being put
whole.
work
current
trebling-to-quadrupling
this
of
Commission's
tention
coming after the mid-Century
—
Lemkau/of Mor¬
helpful to heeded reforms,
on
'the
the
prices
a
Also
on
is
experience
time
extend
market
for the
Association,
in contrast
through
dividual
but
& Co.,
*
"panic" of 1907; the
1929
the
abuses;
previous
tending
drag
a
reforms
of
B.
Stanley,' for'the National As¬
and
compensation tied to activity are
oy no
means limited
to the in¬
broker,
Hudson
devised
The Important Timing Factor
to
to
backing-
carefully
and propounded Reform proposal.
revelation
'
'
Peabody
Investment' Bankers
and
the amount of
on
of
Kidder
Con¬
compensation
separation from the account's
effects
in
area,
Big Board, representing the
exchanges'; Amyas Ames, of
action .to .that ;effect.
the
capital supervised, with complete
The
through liaison
committees arranged by Chairman
Cary with these key industry of¬
ficials: Keith Funston, -President
rule-making
own
in
there
further, activated
not invulnerable to the will of
of
established
McNamara
a
to
The spirit of cooperation will be
matters subject to the
even
count" rules
ous
'
'
association, and Edwin
qualification standards for people J.year ago, took, concrete steps
s
entering the' business; and the put its housd in/order. -
anticipation
geared to sales. But there the
also
Thus
<
ema¬
executives
Keith
major;
viV:. V'v
industry
funds trade
value of the merchandise is recog¬
as
f;;
post-1929.
Etherington of. the American Ex-
themselves, and to the Exchanges
\
now
ing its quotation systems; "reck¬
less action" in Investment Advice;
and the over-the-counter markets
are
cooperation
displayed
fff: nating from
selling zeal is cited in the Study, disclosure
requirements for issuers
in common with prevalent of companies.
through
We
of
Witness the quick assurances
pending reform need¬
legislation
spirit
being shown by "the; Street," in
sharp contrast to its stiff-necked
the eve of
on
medal,
reform, is the
it,
funds
for that growth. [Emphasis added.]
of
the other side of the
that is in furthering
over-the-counter situation, includ¬
Volume's Indispensability to
the
via
Areas
ing
growth of this country and to the
A
highlight the
Industry
must
undermine the
confidence."
statements
the
community
of
in the remaining chapters
on
additionally
letter;
and
about
to say,
Exchange Markets.;
that, if touched
sanctifies the markets thus: "Gov¬
study
brought
are
We will have
course,
kind
forthcoming
For Chairman Cary," again
stronger confidence as
improvements
.
this
of
cover
all, it will be lightly skirted over.
in his
Cohen
Thursday's (April 4) press
briefing: "I would think that the
total
Study's
on
fear
we
high^volume trad¬
The Commission
opportunity to
the
in
Chapter 8,
"confi¬
broaching
Similarly
dence"
"liquidity."
still has the
practice."
into
put
are
cus¬
1
mission
ing
for raising stand¬
suggestions
tomers,
the
Presidential election year.
thinking, seems to underestimate
the very broad effect of the com¬
the necessity of
markets, but should strengthen it
as
a more
implications of the acceptance of
securities
the
in
gested by the Study, this is
a
On
implementing legislation, where
tions—particularly
important operation for the
basis
the
as sug¬
itself, should face up to the funda¬
question of the realistic
Report should not impair pub¬
lic
Study, and the Commission
is
ing of brokers and dealers,
.Although
"Liquidity" Question
Study,
needed,
V„'.
-
„
the
on
screen¬
.........-v
ques-
technique.
On the Constructive Side
the adoption of
on
Study's
In lieu of the
mental
.
the
security An
,
tion.
pressuring on customers' brokers'
much
pervasive fraudulent activity
\
That Key
needed,
picture presented is not one of
are
of
to
of a
risky
conference
and
goings-on.,
exist, grave abuses do occur, and
improvements
legitimi¬
speculative (and gambling?)
very
important problems do
that
clear
of,
sense
false
statement:
key
of the market, with the
processes
of the Commission's
first segment
monumental Report of the
the public's proclivity
confuse freedom from fraud
of
danger
his
begins
Cary
ing to the relatively "dull"
tionnaire
proposals to be made by
Commission
investor's only hope lies in educa¬
Chairman
volun-
Reform
on
Another curb
If the proposed
context
SEC
Thursday, April 11, 1963
.
tary disciplines specified.
strength after the
reforms
REGULATION
.
have accounted for the
market's
Study's release).
TODAY'S
ulate non-obeisance to the
.
Incorporate!.
&
Co.,
Volume
Number
197
The Commercial and Financial Chronicle
6254
(1473)
cient support in this country. Be¬
Beware Despairing Counsel
cause
requisite
Cure
Reserve Bank
efforts to balance
our
international
malaise,
,
a
does not
strongly intimates that if the
den turn for the better, which is
the
But
much has been
areas
accom¬
proved more stubborn than antici¬
to take another
inter-
fi¬
;
to
i
of
In
balance-
the
continue
in
ourselves
the
predictions
of
end
policies imF. H.
a
Klopstack
the
The
We have to face up
unpleasant fact
and
stark
that the United States balance-of-
deficit
payments
and there are
go away,
tions
has
that
will
it
itself in the year
business
appear
by
Balance1963
for
government
the
from
from
and
disappear
ahead.
forecasts
of-payments
emanating
refused to
no indica¬
organizations
to be-in agreement that.our
deficit is
unlikely to be much less
inj:7t£^tur^
tKe J past
Cr y stal-ball: gazing
area-is, of course, fraught
in this
with
great difficulties and a sud¬
the horizon justifies the expec¬
of
in
substantial
a
improve¬
balance-of-payments
our
position in the months ahead. Yet
the deficit cannot be
last much longer.
it
in
face
the
fairly
If
permitted to
do not end
we
near
future,
we
extremely difficult situa¬
an
in
to
and
ury
mitted
net earnings
Severe
of
barely
beware of
what
of
The
Administration
ties
are
need to
ments
and
our
finance
the
us
upon
remained
of
costs
the
to
many
willingly
been
or
as¬
sumed. These burdens include the
huge
viding
to
exposed
of
to
governments
and internal
external
They also include the
of providing some meas¬
expense
of
interest
security and of pro¬
support
subversion.
ment
in the
overseas
national
ure
of maintaining large
expense
sustenance
impetus
to
and
develop¬
those
less-de¬
veloped nations that have turned
to
for help.
us
much
very
bring
back
our
into
many-sided
launched
causes
of
on
aware
Wash¬
of the
balance of pay¬
order.
A
strong
attack'has
some
the
in
To
monetary authori¬
of
the
imbalance
been
major
and
in
We
temptation
motivated
have
had
generate
on
our
These
for
a
politically
expenditures,
to
take
we
to
as
find
we
in
which
we
have to give proper
that will in the long run
our
about
are
will
our
abroad;
that
more
have
to
our
fully the burden
economic
aid;
European
our
free
access
by others to
and
markets,
all
are
our
instance,
whose
in
of
some
nations
of
the
to
light of them. But none of
deficits, cost and income pressures
gathering strength that should
eventually make for a more rapid
exports.
in
their imports
be
sure
in
bring
within
a
disappearing,
and
in
in
some
coun¬
others
quite
ments
vigorously with the balance
Folly of Devaluation
At
other
the
there
voices
end
of
ahead
from
and
We
cannot be
together
community, 2 some
quite
came
tion
of
we
And
there
or
better
make
a
more
com¬
to restore lasting
our
international ac¬
pleased to
announce
their financial
from
will
point
of
4, California
•
an
of
need
more
There
ment.
a
is far too obvious
ments troubles
to
as
balance-of-pay¬
our
passing com¬
than
is
a
theoretical
case
smaller nations
in the thrall of inflation,
for devaluation by
that
are
international
without
unable
-,:
command
to
reserves,
additional
credit abroad, and suffering
their
in
deficits
huge
from
trade
accounts.
For
a
United
a
nation
wealthy
the
as
vast
of valuable and profitable
abroad, '
a
nation
abroad than it buys,
currency
the
as
possessing
States,
a
selling
having *
that is the keystone of
financial
system,
world's
would
devaluation
indeed.
alleged
Its
conditional
on
be
foolhardy
benefits
are
the willingness of
Continued on page
the
\Exchange \ro
cotS
Yor\ Stoc\ Exchange
3323 Wilshire Blvd.
Los
of
price
devaluation
of
folly
solution
J. Barth & Co.
Montgomery St.
and also
'which
gold.
New York 5, N. Y.
San Francisco
,
press,
dollar
the
One Chase Manhattan Plaza
404
their baskets
merits
the
up
in
increase
Wertheim & Co.
Members T^ew
world.
speculators
surely hear from them,
of a Direct Private Wire to
Members blew T
gold-
under their mattresses. We will
more
balance-of-pay¬
stake
a
in
the
of
the
are
with golden eggs in
array
can
suits those
another
or
nations
producing
assets
toward
to
sort
one
results
reasonable time.
before Con¬
Devalua¬
interests abroad that have
I
J
whom be¬
in their
of
year
there has been insuffi¬
installation
devalua¬
vociferous
of the dollar also
abroad,
developed
are
in the
more
the
tionists, notably in the academic
transactions.
price,
bit
a
would have called
fiscal,
scale,
We will prob¬
despair.
ably hear quite
months
the
of
likely to emerge shrill
are
to
policies involving sacrifices
they
payments.
desired
the
equilibrium,
balance
rapidly.
we
efforts,
prehensive program may have to
be
should
day
developing
favor
our
will
advantages responsi¬
in Europe
ef¬
with the natural corrective forces
Unless
of
such
of , achieving
Continued
but
made,
that
ob¬
these obstacles
overcome
progress
some
for these surpluses
slowly
than in
to
political,
institutional
and
desired, goals.
the
the
Actually,
competitive
economic,
will
sur¬
pluses are the counterpart of our
increase
minimize/ the
to
were
J
problems of the monetary
deal
The
desirable
proposals is new or untried.
And it would be a mistake if we
forts
Europe
balance-of-payments
the
one
own.
highly
stacles in- the 2way
favor.
industrialized
tries
will
They
these
work in
ble
which
redouble
levels closer to
make
economy
are
our
objectives, and I do not want to
appropriate response
weight to basic forces in the world
For
of
They
efforts
capital
These
of tax incentives to
use
would
measures
commercial
measures
for which
to
current
future. In
suggest that the
Congress to
come
bring down their rates of interest
resist the
project
the
sharply
there,
we
persuade
on
recent statement before
a
increased
us
their
to
in
way
more
friends to dismantle their restric¬
tions
:
the Joint Economic Committee of
of
to support
effective.
and
not
are
that 7
Committees.
more
we
significant
last
defense
that
'
can¬
Secretary Dillon went out of his
gressional
sell
to
bal-
our
by other means..
perhaps
testimony
continue
of
of
problems
by the Adminis¬
allies share
specter
make
that
be achieved
is
commensurate surplus
monetary,
wage
such
efforts
Too
have to
a
not
the
strength
future.
that
suggest
solution
ance-of-payments
It
be
use
monetary policy tools if
effective
an
a
domestic and for¬
point that some of the
become
potentially dangerous set of
ourselves,
are
finance
dire
have
to
an
to
of
made
the
to
tration in 1961 and 1962
per¬
such
attention
eign observers that greater
in
operating in
and
taken
measures
we
we
the
devising
on
surely be given to the de¬
mands of many
authorities
yield benefits in the
distant
make
payments
-
far into the
too
circumstances
has
so
ahead
of
Approaching the End of the Road
Stubborn Problem
raising
for.
rather
diagnosis
a
of
-
prognosis,
a
to the
abroad.
from
now
is
Taking
would
In
appropriate
program,
in
of
the
here
best will
at
Treas¬
be
likely
inclined
be
be
to
program,
find themselves compelled to
strategy of exhortation and mild
pressures
Measures
measures
devising
capital outflows, including the
little
a
for the
our
with
favor will
indefinitely.
balance
our
acquisition by American industry
too
New
area
influence
corrective forces
foreign
balances
shrink
to
of
equipment
Not
Are
is
year
the
a
achieve economic expansion would
decision-making
impressed
and
by
up
Cautions Against
tion.
ington and
Cures
Such
fronts.
many
conflicting counsel. Those who are
we
where
still ample, cannot safely
trends
and
under
gold supplies/while
our
Turning
been
we
quite favorable.
current
A
markets
employ such
adequate to finance various sorts
Far
that
banks
purchase of gold from
be
question why
have
our
provided
balance-of-payments
a
turn, are under strong pressure
called
forces
ment
deficit would
operations subject to forces
market
foreign
picked
are
other
plant
dollars.
dollars
exchange
demand
our
nothing
presently
But
eign
made that by the
many years now, our
the
as
growing proportion of
additional
any
from commercial transactions and
of
with
flush
when
persistent is simple enough. For
so
den' turn for the better is always
tation
find
we
Evidently, their
to the
answer
is
and
balance-of-payments deficit is, malaise to
our
possible.
on
brought about
political burdens that have fallen
y ear 2
whole
large
thing of the past.
fecting Amer¬
ican business.
our
coun¬
and price policies,
wage
Thus,
position by the
export of dollars. The world
central banks. These central banks,
ap¬
an
underrated
were
1963
of
international
our
they
which
in
was
determination 2
to
be needed to cor¬
that
this
counts.
effective, would call for action
ease
businesses tends to be sold in for¬
today.
strength
portantly af¬
is
much longer sustain
cannot
question
find"
heavy
of vigilance in
measure
a
own
Present
renewed
to
foreign
in
result
ap¬
the
reappraise the strength
forces
situation
the
major
factor
gradually
are
whether
deficit,
need to
of
a
a
propriate solution to the problem,
we
be
exercise
our
our
transfer•' to
attempting
considerations
to
of
prospects
situation.
of-payments 2
will
the
itself
the
rect
and 2
1963
1964
view,
has
problem
hopeful optimists.
some
efforts may not
expect that
n
by
suggests
2
reason
the
But
continuing
J
There is
every
pated
In
tion;
we
incon¬
Nor Untested
appraise what is ahead for them,
nancial' posi-
finance
than
develop¬
two
or
-
may
balance of payments,
discipline, because it
to
attractive
political
one
Europe
try. The long-term outlook for
We
and
proaching the end of the road.
have
national
ignore
in
in
It is not
today.
that;
always possible, does not soon occur.
plished.
our
are
earn¬
fast clip.
a
movements of capital to
by exports of dollars and
gold.
some
close and hard look at
sub¬
payments.
to
possible
deficit
Businessmen, in their attempt to
cause
of
able
this
escape
sud¬
not
have
we
balance
been
We
good
they
less
appear
ceivable
ourselves to the discipline
proved
devaluation, exchange control and other "quack remedies," and ex-
a
may
our
foreign
not be far off when
investments
countries
of
pressed confidence that the universal concern about the problem will
the deficit if
additional
ments
have
Mr. Klopstoek castigates
facilitate effective measures being taken to end
maintain
to
rising at
are
The time may
nation, have wanted
order
words,
jected
comprehensive program invoiv-
2 ing greater use of monetary policy tools.
in
do
to
during the past decade
ings that
and
country
other
respond to current treatment and to natural correctives it
will be necessary to employ a more
invest¬
our
capital
paying off in the form of
international political position. In
stubborn than anticipated by some hopeful optimists,
more
He
is
to leave-us too little to finance
to
payments "will bring the desired
results within
this
between
what we, as a
researcher wonders whether present
reasonable time."
ments
as
of New York
'
New York Federal Reserve's top
and the distribution of
States
countries
resource
our
measures,
Also, the massive movement of
United
the
adopted
foreign countries have been such
By Fred H. Klopstoek,* Manager, Research Department, Federal
,
not
price and income pattern,
use, our
For Payments Deficit
have
we
5
Angeles 5, California
10
6
(1474)
The Commercial
and Financial
Chronicle
.
.
.
Thursday, April 11, 1963
V
the weeks ahead the Q.E.D. of the
Tax-Exempt Bond Market
DONALD
BY
•
to
found
be
prices.
MACKEY
D.
situation
market
in
It is
Since
for
last
reporting, the markets
state
have
the
scheduled
volume
banks.
need, for
at
sale
for
in
prices.
The
just
at
in
days
30
yesterday
of
this
$900,000,000
The
ahead.
(Wednes., Apr.
State
has
of
reduced
sale
of
10)
the
current
v
0f
that
it
large
There
bond
revenue
tively
set
for
involving
is
issue
being
sale
show
1,
Agency
is
unusual
scheduled
and
volume
variety.
that
is
There
of
than
in
a
have
in i-at
past
the
ation.
This
but
one
as
wa r
the
a
market
1963
it
A
portions
must
'
were
economy
and
Heavy
obviously, in the
d
of"
totaled
$550,000,000.
California, State______
is not
improvement
U.
However,
issue
to
Bid
Asked
'
:
-
1981-1982
3.05%
just;
3%%
1981-1982
*3.00%
1974-1975
2.65%
Cincinnati, Ohio
3y2%
1981
'
3%%
1981
—
Philauelphia, Pennsylvania
•Chicago, Illinois
_
Billups Western Petroleum
Canal Assets; Inc. •
■
7:30 p.m.
April 15 (Monday)
1,010,000
1964-1984 -1:00 p.m.
Brown County, Wis.^
1,000,000
1964-1983
2:00 p.m.
1964-1983 v
2:30 p.m.
1964-1986
7:30 p.m.
Central Union High
Port
S. D., Calif.__
1,750,000
S. D., Mich.____
Huron Area
6,575,000
-
April 16 (Tuesday)
Albuquerque, N. Mex
10,741,000
Anchorage Tele. Sys. Rev., Alaska
Davenport Community S. D., Iowa
Detroit,
1964-1983
10:00
6,000,000
1969-1988
11:00 a.m.
10:30
Evansville, Ind.
1,900,000
1964-1981
11,505,000
Mich
_____
a.m.
1964-1988
a.m.
Snohomish
2:00 p.m.
a.m.
25,000,000
Co.
PUD
No.
1, Wash.
1965-1984
1964-1983
7:30 p.m.
6,000,000
1964-1978
2:00 p.m.
1,160,000
Dist., Neb
11:00 a.m.,
11:00 a.m.
1,250,000
Omaha City Sch.
1964-1983
1:30 p.m.
West Salem & Hamilton Joint Sch.
District No. 1, Wis
April 17 (Wednesday)
been sold at public
15,000,000
1964-1988
10:00
2,790,000
1963-1979
Noon
1,064,000':
1963-1990
10:30
4,082,000
1964-1993
Competition
among
in evidence.
was
How¬
spotty with most issues from
one-third
to
One-half
sold
upon
County
was
011
School
Louisiana
cost
P.
bids
from
this
ton
•
ranging in
2.79%
14 ad¬
were
interest
2.85%
to
made
at
major
members
County, Ala.__
&
National Bagasse Prod.
National Bank of Commerce
Ocean Drilling & Exp lor. Co,
Corp., First National Bank in
Dallas,
Eddleman,
Pollok
&
Inc., and Walker, Austin
Waggoner.
Scaled
to
yield from 1.65 %
3.00%
Steamship Co.
Producing Co.
for
initial
P & H Tube Co.
Central Sch.
etc.,
demand
variety
a
has
of
to
coupons,
been
modest
Alabama State
Highway Authority
Edina-Morningside
District No. 273, Minn.___
Milton,
School
day,
with
Town
was
sale
the
of
also
of
a
quiet
$3,058,000
Poughkeepsie,
New
York, Storm Drainage and Sewer
(1963-1991) bonds the only event
MEMBERS
•
1970-1983
a.m.
2:00 p.m.
10:00
a.m.
v
'
1966-1990
7:00 p.m.
1,750,000
1964-1983
8:00 p.m.
1,240,000
1964-1978
3,200,000
District, Mich
1964-1970
11:30
a.m.
8:00 p.m.
April 22 (Monday)
Cook
County
Sch.
Community Consol.
Dist. No.
Fort Lee School
King
County,
59,
111.,1,020,000
District, N. J.:
Wash
Rim of the World
2,462,000
______
Unif.
SD, Calif.
1965-1976
2:00 p.m.
1964-1988
8:00 p.m.
2,000,000
1,395,000
1:30p.m.
1964-1984
11:00
a.m.
1,715,000
1963-1992
11:00
a.m.
8,750,000
1964-1982
April 23 (Tuesday)
Cheektowaga
District No.
Union
Free
School
2, N. Y
Cook County New Trier'
Township
High School District No. 203, 111.
Davis County Sch.
Dist., Utah
1,981,000
__L
Fayette County S. Bldg. Rev., Ky.
1,600,000
1964-1983
Forsyth County Sch. Bldg., N. C.__
Angeles Flood Control Dist.,
2,000,000
1965-1968
8:00 p.m.
8:00 p.m.
2:00 p.m.
11:00
a.m.
Los
California
15,000,000
Oxnard
Friday
a.m.
1.900,000
Mass
Pontiac
25,000,000
School
Union
St. Louis
High School, Calif.
1964-1989
9:00
a.m.
10,500,000
Oregon (State of)
Last
New York Stock
Exchange
Indep.
Kingsway Regional H. S. D., N. J.
$1,255,000.
•:■■■-
2:00 p.m.
April 18 (Thursday)
with the present balance in
group
Weiss Bros,?/
Whitney National Bank
8:00 p.m.
Dist.
1, N. Y.__
the
of
Fosdick
Corp.
^
popular Texas issue.
Dallas, Mercantile National Bank
Jahncke Service
R
2.7712%. The runner-up bid, a
syndicate. There
215, 111.
(Highway)
Mayaguez,
a.m.
Township
No.
one
(1964-1980)
interest
net
a
D.
the calendar
District
setting
S.
Galveston County, Texas
No.
Thursday (April 4) only
Thornton
Fractional H.
Mobile
offering.
winning group include First Bos¬
Central Louisiana Electric
American Stock Exchange
(Associate)
1966-1993
9:00
a.m.
1964-1976
11:00
a.m.
1964-1983
11:00
a.m.
1,315,000
Salisbury, N. C
1,350,000
5,000,000
County, Mo
1964-1984
11:00
a.m.
1,000,000
1964-1983
9:00
a.m.
Torrence
Unified
Tulsa Co.
Indep. S. D. No. 1, Okla.
3.000,000
1965-1976
10:00
a.m.
Washington Sub. San. Dist., Md.._
14,000,000
1964-1983
11:00
a.m.
Sch.
Dist., Calif.
worthy of mention. The syndicate
headed
of
Howard, Weil, Labouisse, Friedrichs
;
by the Marine
Western
a
dollar
3%
COMPANY
c~>e entitles
Tel. 524-2711
La.
MEMBERS NEW YORK STOCK EXCHANGE
New
Trust
York
was
price
Glore,
101.067
The
coupon.*
100.72 also for
from
of
a
the
at
naming
second
bid,
3% coupon, came
Forgan
&
Co.
and
associates.
V syndicate
Baltimore
County, Md
,__
Cape Giradeau, Mo
New
Orleans, La
New
Roanoke
include
Roosevelt
&
District
Weld
-
564,
Minn.__
County Sch. Dist. #6,
1965-1983
2:00
p.m.
1964-1987
10:00
a.m.
1964-1993
Noon
"
2,075,000
j
County Sch. Bldg., Va.__
No.
1963-2003
1,000,000
108,720,000
York, N. Y
Pawtucket, R.,I._
8,000,000
1,000,000
»_
Thief River Falls Independent Sch.
Other-members of the winning
504 822-6112 (Municipal)
April 24 (Wednesday)
Co.
successful bidder for this issue
a
1964-1988
1965-1996
Other
PERSHING & CO. and GREGORY &
SONS
TELETYPES 504 882-6110 (Corporate)
a.m.
2,300,000
1965-1982
for
MARKETS
Tidewater Marine
Orleans,
a.m.
11:15
3,845,000
bonds
Southdown, Inc.
Now
11:00
1964-1977
Bozeman, Mont
of
initial demand by investors
3.05%
Standard Fruit &
-
1965-1981
5,299,000
2,725,000
yields
2.90% ent
,
Diamond Crystal Salt
Hibernia Nat'I Bank •'
St.
Indep. Sch. Dist., Texas
10,000,000
11:00
cost
PRIVATE WIRE SYSTEMS
Duval Co. Spec. Tax SD No. 1, Fla.
Essex. County, N. J.
2:00 p.m.
Noon
ditional
cz^nvestment
$170,000,000
was the high bidder for
$2,150,000 Lubbock, Texas Independ¬
availability.
Texas Gas
1965-1992
1963-1976
Co.
Carondelet
declining bond
2.78% net interest cost, was made
by the Underwood, Neuhaus &
\
1964-1983
1,250,000
1964-1983
of
BANK STOCKS
1,465,000
Cookeville, Tenn
3,200,000
3.05%
CORPORATE SECURITIES
Conn._
Lexington, Mass
3.00%
Kalvar
April 11 (Thursday)
Franford,
the
3.20%
LOUISIANA MUNICIPALS
the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
under
3.06%
'
Larger Issues Scheduled For Sale
11:00
1981
Corp.
Steamship
the
of
1964-1969
!of sealed bids. The group headed
by the Harris Trust and Savings
2.85%
3.05%
Delta Capital
members
winning syndicate include Phelps,
1970-1996
1980-
Delta
account.
major
1,750,000
3%
DISTRIBUTORS
-cost,
by the Northern
1964-1982
On
April 10, 1963 Index=2.907%
211
over
issue of note
'
DEALERS
at
second
1,000,000
3.05% 'Bank
'
3.20%
FIRM
sold
Co.
Other
the
interest
Ingham County, Mich
3Y4%
_
New York, New York.J
issues
two
in¬
In
Yorktown
2.95%
3.00%
-
market
week
net
compared
not
Recent Awards
2.50%
3.10%
3.15%
this
with
net
made
was
bid
1,125,000
initial
3.00% "'2.85%
'
general
of
2.93%
a
which
Trust
Monday
2.9273%
a
This
favorably
very
bid,
at
cost.
2,855,000
2.80%
3%%
»
have
terest
Cook
2.90%
1981-1982
1978
syn¬
bonds
Halsey, Stuart & Co., Inc. and
associates
Caguas, P. R
was
3%
1981
AND
months
2.90%
1981-1982
to
1973
the
sold.
On
various purpose (1964-1988) bonds
Brockton, Mass.________
on
3.00%
_.
n
a
of
Orange, Texas
of
ever,
3.05%
(N.Y.,N.Y.)_ 31/2%
Los Angeles, California
3%%
Baltimore, .Maryland.
31/4%
$870,000.* AH
in
$6,975,000
are
goals
reached
be
fair
balance in
present
from
been
year.
municipal
bond market in the
Economic
has
1.50%
awarded
car¬
rating
brisk and but little backing away
in
3.15%
Housing Auth.
NEW ORLEANS
the
Treasury financing,
state
bidding.
1981-1982
____
dicate
demand
general
a
in
This past week has been moder¬
new
consumed
Maturity
the
yield from
which
credit
banks and dealers continued to be
record
a
be
2.90%'1981-1982
-
trie
ately active in the field, of munie- •
ipal bond underwriting, with a
Longer Bonds
on
1982*
Delaware, State
UNDERWRITERS
S.
bonds having
with
volume
3V2%
...
•No apparent
later
the
in
is to generate
record
total
-3%%
(U.T.)
if
and
The
Seem Inevitable
_
_
maintained
be
circumstances of
necessarily significant in
Higher Yields
re-
"New Jersey Hwy. Auth., Gtd.
New York, State
Pennsylvania, State
con¬
a
bond financing
orous
up-
•
with
and
bond
-ti
bond financing will require a vig¬
.
has
Connecticut, State
-
and
The
beginning. to
have
3.20%,
North East
heavier corporate
by
ahead.
offerings
be
as
market for
improvement
are
half
least
investors.
are
quite
up
Rat®
New
receptive
incipient
MARKET ON REPRESENTATIVE SERIAL ISSUES
;
Economic! Recovery
To
apprising the market trend,
The
market
fi¬
Strong Bond Market Essential
(April 10) total is $581,866,000 and
fewer
continues to
California
likely.
seems
not
they
to
Bank
Michigan,
to
to
credit
market.
this
several.
tighter
arid
Treasury
likely, to
negotiated
been
possi-
a
nancing, 'some: market reiiiyigor-
of funds
they
banks
our.,
far this year
so
certainly
useful
ceptive
the
the
toward
Federation
Reoffered
almost
pricing
Following the impact of
During the past week, • daily
Blue: List; state
and; municipal
tentatively: sched-
issues negotiated
vehicle
of
none
with
extravagant
turn-
bond
bonds.
uled
ble
the
Blue List.
County, California Watei
It
by
-
institutional
unsold
Placer
-
.
issue bid-
but
and
Co.
a
highest
of
upward
an
policies rather than with
.
as
back
absorbed
other
tenta-
well placed
weeks-
being
another
May
on
as
few
a *
measure
$115,000,000
for fear of
inevitable
policies.
certainly
are
Boston
and
the
City
infrequent
an
ob¬
ing
issues
ries
Trust
The
seems
tinued volume of long-term financ¬
These
April 24 and $120,000,000
sale.
has
there
bidding.
less
a
than
tax exempt securities...
Washington Public Power Supply
System, revenue bonds set for a
2
new
reflect
concerned
are
woes
as
do
too
so
the pressure
market
ding for.all types and grades of
York, New York bonds slated for
May
volume
sense
uing high level of
re-
involves,
issue, only two so-called king size
issues, namely $108,720,000 New
on
heavier
10
to
the
public
Lansing, Michigan,
borrower
been
in
condition
cause
jg best exemplified by the contin-
beyond the $100,000,000 California
sale
little
the pressure
sense
neces¬
and
Co., Buffalo, Wood,
Co., Mercantile National Bank,
Dallas, National Shawmut Bank,
-rate trend. Most of our bond market
ago.
from aimost all repositories.
Voluminous Pending Calendar
The voluminous calendar is
investors
dealers
.
in
As
of
are
tained for sometime,
this type
April
week
the
among
up.
involved
favorable
grade
week "back,
a
on
a
tastes
continue
place
Financial
high
The yield Index aver-
2.907%
at
ages
_
i
of
level
Californiaagainst 2.896%
Few King-Sized Issues in
markable
the
of-a point.
.
.
and
year
-
The change is indeed slight, with
•
'•
a
20
Their
factors
offering down slightly in price
from
calendar by that amount.
Only
Commercial
The
chronicle's
exists
Manufacturers
&
Although the so-called technical
competitive' bidding■»'the average price down about ^sth
$100,000,000
bonds;
-
has
high
under
scheduled
the
calendar
record
new
at
week
come,
bond yield Index shows
issue
new
a
that
Inc.,
Struthers & Co., Francis I. duPont
develop despite the
supply that looms
sphere again,
-v'.W1.
Small Decline in Level of Bonds
current
cer¬
seems
Cross
Traders Trust
in sity too specific for the variety of maturing
well
serve
;
1
,
made
than
better
this
the
than
investor
little time to
some
perhaps
banking will
vate
of
cases
seemingly endless appetite for tax
as
kets do change, however, and pri-
diversified
the
financing
exempts
future promises to more
fulfill
private
in the
to
sure
against the competitive field. Mar-
part of investors as new issue
near
of
almost
the
interest on
decreasing
a
value
bonds
diminishes
been,
some
longer term offerings)
slightly
off
eased
been
through
municipal
and
far
thus
feeling that
correction (as much
.10%-.15%
tain
obviously not
higher level of
a
our
further price
as
is
1964-1988
11:00
a.m.
3,500,000
1964-1983
Noon
'•
1,495,000
Colo.
2,350,000
11:00 a.m.
1965-1983
8:30 p.m.
Volume 197
i
Fenn
&
»t.
J.j.
Co.,
Number 6254
• ., •/• .VIr* V."
«'
"
j t
«
Goldman,
Sachs
.
The Commercial and Financial Chronicle
.
.
;iv. «•■■'"«■»
1>
3.00%,
&
-5''
the
JfA-t ' <A.M
w A
».«.'•'
J< ♦« «.*»'»*•.*
balance
present
in
Nk/
(1475)
»««* J»
Reoffered
to
yield-from
Co., Philadelphia National Bank, syndicate totals $3,350,000.
to
John
been substantial
Nuveeri
&
*
Co.,
Stone
&
Webster Securities Corp., Blair &
Co., Inc.,; A. G. Becker &. Co.,
Bache & Co., R. S. Dickson & Co.
and American Securities
Corp.
v
+h
<%*?-■
*w
w
Reoffered
to
•: •'»
balance
1988
,'of
a
is
from
a
•>
•
** :••
The
Illinois
Barney & Co.
the
was
of
successful
2.9647%.
&
Illinois Co., William
:McCormick
Co.,
&
Scaled
&
to
&
count
gan
Districts #1
led
&
Other
bid
jointly by
Co.
and
major
1993)
the
Glore,
Drexel
Scaled
&
a
mains
in
ac¬
For-
of
yield from
1.65%
balance of $1,515,000
syndicate.
t
The Week's Major
vf.v'
Co. W
members
to
3.10%,
net in¬
from
come
3.15%
a
which
net interest
made
was
by
White,
\
volved
the
Weld &
Brothers
The
>1
..
offered
are
&
offering in¬
$100,000,000 State of Cali¬
National
Bank
duPont
I.
of
general
issues.
&
to
Go.,
First
obligation
A.
bonds
Also
New
on
and
won
Rochelle,
School 'District
Dominick & Dominick, The Hart¬
Wofi
wer e
ford National Bank and Trust Co.,
and
First
Blair
to
of Michigan
&
Co.
headed
Corp., William
Walston
and
&
2.937%
Tuesday,
past week.
a
bid
by
of
York,
Lehman
for
City
Brothers
was
extremely
a
3%
bidding
coupon.
Co.
and
revenue
the
most
these
three
last
fall
some
coincidence
The
Treasury
fornia
market
offering
offering
opportunity
issues
to
and
been set for
correc¬
of
the
and
five
have
the
Cali¬
gave
traders
drop
to
back
an
their
bids and widen their markets.
the
The
Chronicle's
Index
with
has
a
one
ago;
one-half
are
point from
to
;
April
on
week
Inc., group These bonds
spectively, for the two issues.
Revenue Bond
moved
yield
average
2.964% and 2.958%, re¬
a
from
tion.
both
for
competitive
Halsey, Stuart &
on
The runner-up bid, 100.77 also for
Co.
pre-
Bit
a
for
Many of
since
(1964-1987) bonds the Bankers Trust Co., First Na¬ 3.396%
by
the
Bank
of
syndicate tional
Chicago
and sents a
100.93
the
authority
have,
gained
points
The
$50,000,000 State School Building
(1965-1989) bonds. -The bidding
$2,350,000
New
no
but
considerable
port
issues
had
This
3.90%.
'
National Bank and Trust Co., The
Co.,
yield
As
is
road, toll bridge, pub¬
utility,
bond
group bid a net iryterest cost of 2.955% for the
$50,-
yield from 2.05% in 1967 to 3.25%
Miami,
there
sales
on
reported
coupon
part, been uneasy for most of the
of the in 1992. Current balance is about
000,000 Construction Program
Mellon $5,200,000. The bonds due 1993
(1965-1989) bonds and a net in¬
Naitonal Bank and Trust Co., The carry a 1% coupon and are listed
terest
cost
of
First
report
1%
other long-term so-called
rl,r.
include
group
1965. to
reoffered.
time
press
The toll
lic?
•
•.
.
Chase Manhattan Bank
to
members
major
of f
being
Dollar Bonds Down
re¬
Sale
.•;.,*>!
America N. T, & S.
securities
in
to
The week's largest
the Hutzler.
Hutzler account.
Brothers &
Co.,
Salomon
and
near
group
Co.
not
are
formal
Cullom
divided evenly as to purpose. The
account headed by the Bank
of
winning
The
2.35%
net
cost,
-
we
Co., Charles
Shelby
1.65%
one-tenth
a
and
Inc.,
Co.
mon
Co.
yield from
terest
(1967
&
and
bore
are
Co.,
has scaled
group
from
sale interest.
Supply
3.1672%
a
Davis
Co.
&
winning
3.15% in 1988. The 1989 maturities
the
Peabody &
bid,
Weeks, Francis
Gardner
Lerchen
bonds, offering
Water
&
duPont
of
group
&
The
each issue
members
^Brothers
I.
Halsey,
••
fornia
Other
Blair &
revenue
Halsey, Stuart & Co., Inc., Salo¬
Co., Allan Blair &
Reinholdt
Watling,
&
King
*
McEntee
Francis
sub¬
Michigan
major
Adams,
and
from
came
Co., Inc.
successful account include Kidder,
cost,
The
Dominick,
Inc.
System
sub¬
winning
Co.,
Detroit,
County, Florida (1966This
jointly by
of Michigan Corp.
First
$12,000,000
School
Tax
&
&
Lehman
headed
Stuart
coupon
Other
mitted the best bid for $10,500,000
Trust
Co.
present
$7,810,000.
account
Halsey,
the
the
with
3%
Stuart
second
Other members of the winning
account include Harriman
Ripley
Hornblower
and
a
compared very favorably with the
Bank of Chicago syndicate.
Co.,
the
Savings
Trust
for
t,
bonds.
1981)
bid, a. 2.98% net interest
cbst, made by the First National
Dominick
c o s
•
of Brevard
second
&
The
Continental
Bank
Northern
Special
Smith,
Cook
County, 4 Illinois, Hinsdale
High School District No. 86, serial
"(1970-1982) bonds naming a net
cost'
on
mitted the best bid, a 3.149%
bidder for $4,000,000 Du
Page and
interest"
and
Inc.,
National
the
and
interest
by
with
jointly by
led
Trust
Smith
&
ner
offered at
headed
day
Bank, Merrill Lynch, Pierce, Fen-
pres¬
yield.
account
busy
a
group
Harris
the
balance
of importance
The
docket.
one-eighth
was
Was
Tuesday
three issues
1.50%
$1,805,000.
1%-coupon and
4.00%
"C v
-
1987, the
maturity carried
The
•>'? v
y • *■
yield
:in 1964 to 3.05% in
ent
y'*
Busy Tuesday
.
2.15%
3.25%, initial bank buying has
7
3.41%
a
10
this
point
from
reprer
set-back.
off approximately
the high reached
around Match 20.
NEW ISSUE
April 10, 1963
$300,000,000
The United States of America
4Vs%
Dated
Treasury Bonds of 1989-94
April 18, 1963
Due
These Bonds
may
be redeemed
the
at
option of the United States
and after May 15, 1989, at
par
on
May 15, 1994
and acerued interest.
Price 100.75% and aecrued interest
The Chase Manhattan Bank
:
First National
.
Chemical Bank New YorkTrust Company Bankers Trust Company
C.;-
Manufacturers Ilanover Trust
.
City Bank
";Vv .Av
V;".. v.;'
Merrill Lynch, Pierce, Fenner & Smith
Company
v.'*
Detroit Bank & Trust
'
The Girard Trust Corn Exchange Bank
'„•»*
Philadelphia, Pa.
Company.of Georgia
Valley National Bank
The Marine Midland Trust Company
Laidlaw & Co.
Los
V. [f
of Portland, Oregon
American National Bank and Trust
Company
The First National Bank of Atlanta
and Trust
Minneapolis
Company
of
of Milwaukee
Peoples National Bank
Roosevelt & Cross
Incorporated
Bank of Delaware
Puerto Rico
.
-
:•v-
Barrow, Leary & Co.
•
-
;
.
;
\v\
>
,,
Newark, N. J.
Rand & Co.
Rauschcr, Pierce & Co., Inc.
■.
City National Bank and Trust Company
A'-'.'-;
National Newark & Essex Bank
of Chicago
.
State Bank of Albany
.*•'V'-
'v
Royal Securities Inc.
The First National Bank of Miami
National Boulevard Bank
Baltimore, Md.
D. H. Blair & Co.
Los Angeles, Calif.
First American National Bank
Maryland National Bank
.
First Western Bank and Trust Company
Nashville, Tehit."
Seattle Trust & Savings Bank
J. Barth & Co.
V-"::
-
Second District Securities Co., Inc.
Republic National Bank of Dallas
New York, N. Y.
Marine National Exchange Bank
Indianapolis
,of Central Virginia
Banco de Ponce
Ernst & Co.
Federation Bank & Trust Company
Company, Indianapolis
The Indiana National Bank
A
The Ohio
Dempsey-Tegeler & Co., Inc.
Briggs, Schaedle & Co., Inc.
Company
The First National Bank of Memphis
-
American Fletcher National Bank
of Chicago
First National Bank of
Mercantile Trust
Company
*
The United States National Bank
Angeles, Calif.
The First National Bank
St. Louis, Mo.
Phoenix, Ariz.
Union Bank
Allen &
of New York
'
C.J.Devine&Co.
of Chicago
United California Bank
Incorporated
Company
•
Trust
Salomon Brothers^ Hutzler
"U
•
Coffin & Burr
Shelby Cullom Davis & Co.
of Kansas City
^
Eddleman, Pollok & Fosdick
Emanuel, Deetjen & Co.
.Incorporated
.
Fahey, Clark & Co.
Gordon Graves & Co.
v..,;
Hallowell, Sulzberger, Jenks, Kirkland & Co.
'
'
,
■■
J.B. Hanauer & Co.
.,
Hickey & Co.
La Salle National Bank
;
•
v;
John C. Legg & Company
Chicago, 111.
McMaster Hutchinson & Co.
'•*'•'
North Carolina National Bank
"
Pohl &
Company
Incorporated
Refsnes, Ely, Beck & Co.
Sterling National Bank
& Trust
Company of New York
The Toledo Trust Co.
^
'
Wachovia Bank and Trust Company
•
,
Winston-Salem, N. C.
'
-
«
-
v
.
Whitney National Bank
v
r,
of New Orleans
■,
The Provident Bank
Cincinnati, Ohio
Wood County Bank
Parkersburg, W. Va.
t
*-•
8
The Commercial and Financial Chronicle
(1476)
corporated,
DEALER-BROKER'
Canandaigua
INVESTMENT LITERATURE
AND RECOMMENDATIONS
UNDERSTOOD
IS
TO
THAT
THE
INTERESTED
SEND
FIRMS
PARTIES
MENTIONED
THE
WILL
FOLLOWING
d'Armes,
BE
York
available
Also
Corp.—
Fuller &
D.
New
Co.,
26
N.
Y.
4,
analyses
are
McLouth
of
LITERATUREl
Also
Co.
Bul¬
—
Air
414
Bulletin—R.
analysis of 25 leading bank stocks
vocate
—Laird,
and
—
Bissell
&
Meeds,
120
Canadian
Market
Equitable
Comments
—
Securities
L
Smelting
&
k
' /.
Explora¬
of
Canada,
Mines,
Noranda
St., Louis 1, Mo.
Chrysler
&
—
Patino
Mining
Richardson
&
Corp.
McKinnon,
S'ons,
14
St., New York 5, N. Y.
York
comments
Webber,
St.,
City Banks—Bankers Trust Com¬
Broad
James
St.,
West,
Que., Canada.
Charter aft
Chart
Re¬
—
Montreal,
Counter
The
with
700
over
New York.
Oil Industry
point
March
29
issue
$12.50
—
revised
Report
—
Reynolds
—
6
Co., 120 Broadway, New York
5, N. Y. Also available is an an¬
Economy
Ltd., 61
N.
on
available is
stocks
Co.,
counter
the
the Japanese Stock Market for
velopment,
York
711
Economic
Fifth
22, N. Y.—$1.50
Japan
Stock
subjects
nicalities
The
149
Daiwa
concerning
available
tech¬
Co.,
yield
over
and
23-
a
National Quotation
46
Front
Street,
* /-<-
$
Hardware
v:-,;
Corp.
—
Re¬
Knox
Barton
Company
and
Frue-
Company
—
Analysis—Fulton, Reid & Co., Inc.,
East Ohio Building, Cleveland
14,
Ltd., Atsugi Nylon Industrial Co.,
Kanegafuchi
Spinning Co., and
Ohio.
reference
Copper,
par¬
and
&
Co.,
York 5, N.
Y.
report
on
Meat
Smelting
&
Anaconda Co.—H.
72
Wall
St.,
Also available is
Packing
California
pany
New
;
Companies—An¬
—
Water
Ford
Service
Com¬
Canadian
Chemical
Analysis—Watt
7
&
Co.
Watt
Ltd.
Morrell & Co., and Wilson & Com¬
Canada.
pany—Hemphill, Noyes & Co., 8
Hanover St., New York
4, N. Y.
Canadian
pany
W.
Cor¬
Ave.,
New
k/k/'
Inc.-—Financial
Company,
Corp.
Winmill
York
Analysis
—
&
Co.,
Gude,
—
Wall St., New
1
5, N. Y.
Ferro
—
Newburger &
—
'
Pacific
Report
—
Com¬
of Garlock,
Corp.
are
Chemical,
&
Stewart
Warner
United Gas.
Ford Motor
Co., Inc., 85 State St., Boston 9,
Mass.
Also
available
Taft
are
American
Pan
on
Tire
1
Rubber
&
Analysis—Schweickart
Broadway,
New
—Annual
tric
com¬
Sulphur
Broadcasting.
General
Stocks
we
&
York
—
Co.,
29
N.
Y.
4,
Company
report—Hartford Elec¬
Light
Hartford
Company,
Box
2370,
Conn.
1,
Ski
Bros.
&
Co.
New
AVON
Boyce,
Baltimore
—
Stein
Charles
1
St.,
1, Md.
sis—A. G.
-
CULVER
Company—Analy¬
&
Sons, 409
Howard
Johnson
Emanuel,
Co.—Analysis—
Deetjen
Johnson
&
OF
THE
&-
Co.,
120
York
4, N. Y.
Financial
—Schwabacher
St.,
Corp.—Analysis
&
Co.,
San
•
100 Mont¬
Aircraft
Corp.,
Co.,
Corp.,
INT'L FLAVORS &
FRAGRANCES
ANDREW
Francisco
4,
%
Inc.,
CO.
HAnover 2-2400
Illinois
tion
of
for
3%
an
5%,
of
1/10%
and
at
in
1989
in the offering
&
Co.,
Inc.';
The
Harris
Bank;
Devine
Corp., East Main St., Jewett City,
Conn.
'
Oil
Co.
—Analysis—Dean
of
California
Witter
&
Co.,
45
Montgomery St., San Francisco
6,
Calif.
York 6, N. Y.
Teletype 212 571-1780; 1781; 1782
&
Co.,
Savings
and
&
Co.; Wells
United
California
Loeb
Co.
&
Crocker-Anglo
R.
H.
Moulton
Sachs
&
National
&
Co.;
Bank;
Goldman,
Merrill
Co.;
Lynch,
Pierce, Fenner & Smith Inc.; Dean
Witter & Co.; Weeden & Co., Inc.;
The
First
Oregon ;
National
Seattle
-
Bank
of
National
First
Bank; Mellon National Bank and
Trust
Transcontinental Bus System Inc.
Boston
Ripley
Bank; Glore, Forgan & Co.; C. J.
Corp.—An¬
nual report—Plastic Wire & Cable
Bank;Blyth
First
Trust
Kuhn,
Cable
being
-
are:
Harriman
Bank';
&
•
City Bank, N. Y.;
The Chase Manhattan
Fargo
Plastic Wire
not
are
.
the
American Brake Shoe and Oak
being
are
Associated with Bank of Amer¬
ica
Savers
of
coupons,
prices to yield from
reoff ered.
review
a
was
2%%,
1.65% to 3.15%. The 1/10% bonds
Pitney
"Investor-
not
annual net interest cost
Trucking Industry and comments
Also available is
3%,
2.9555%. The bonds
reeffered
maturing
Life
are
Program Bonds the bid
100.057%
Corp.,
Glass—Analysis—
issue
current
1989
.
First National
In
on
1,
ma¬
cou¬
$50,000,000 State Construc¬
setting
70
Nov.
1/10%
a
Securities
Equitable
Co.;
Corp.;
Lazard,
Co.;
&
Freres
—Analysis—Hill Richards &
Co.,
Reynolds & Co., Inc.; J. Barth &
Inc.,
Los
Co.; Ladenburg, Thalmann & Co.;
621
South
Spring
St.,
John Nuveen & Co.
Underwood—Comments—Laidlaw
liam R. Staats &
& Co., 25 Broad
&
St., New York 4,
on
Illinois
are
Central,
comments
Lease
Plan
Weeks; Wertheim & Co.; Hay-
den,
Stone
Inc.;
Ira
Company
Brake
Clutch
&
Analysis—Piper, Jaf-
—
fray & Hopwood, 115 S. Seventh
St., Minneapolis 2, Minn.
Inc.;
Co.,
&
A.
C.
Allyn & Co.; E. F. Hutton & Co.,
International, and Conde Nast.
Electric
(Inc.); Wil¬
Co.;' Hornblower
&
Hammill &
Shearson,
Co.;
Haupt & Co.; B. J. Van Ingen
Co., Inc.; Paribas Corp.; A. G.
Becker & Co., Inc.; Bache &
Bank
National
First
in
Co'.^
Dallas;
Republic National Bank of Dallas.
Reynolds & Co. Inc.
Elects Five V.-Ps.
Customers Brokers
Annual Dinner
way,.
New
nounced
M.
York
the
as
City,
election
of
have
an¬
Anthony
Englese of New York, Robert
Hiestand,
B.
Francisco, Harry
Philadelphia;
Law¬
Association
The
Brokers
will
Customers
their
1883-NEW YORK
V1.
Title
—
Insurance
•
Americana
the
Hotel.
economist
world
Vice-Presidents.
for
commentator
and
and
of Real Property in
State,
York
New
Jersey,
New England and Georgia.
.
Pot Banks,Brokers and Dealer*
Abstract
on
Service
=
for
real estate in Erie,
Monroe, Niagara and Onondaga
Counties in New York State.
Quoted
louden llroeck, Linker & Co.
New York Stock
Complete
Sold
1
125
Tel.
HA
members
Exchange
MAIDEN
5-7300
Private
American Stock Exchange
LANE,
•
Wire
NEW
Teletype
System
to
on
$13.50 per person.
Foreign Securities
owners
Guest
events.
Tariff will be
Bought
-
speaker will be Henry J. Taylor,
Howell, Morristown; and
—
.annual
dinner, and meeting on May 23 at
H.
Willamson, Charlotte,
of
hold
COMPANY
attorneys
Security Dealers Association
Trinity Place, New
due
pon,
Viscose
Rand.,
Nut
being
are
prices. to yield from
PRODUCTS
Troster, Singer Co.
&
74
Beech
at
being reoff ered.
Inc.
William
New
•
and
rence
mortgagees
Members New York
Coil
American
Ingersojl
coupons,
Reynolds & Co., Inc., 120 Broad¬
TITLE GUARANTEE
MFG.
VASSAR CORP.
JERGENS
Heli
1/10%
and
annual net interest cost
2.9374%. The bonds
2.90%,
Lynch,
Inc.,
.
port—Hill, Thompson & Co., Inc.,
•70 Wall Street, New York
5, N. Y.
CHARTERED
TIP-TOP
Smith
Johnson—Analysis—
SHULTON INC.
RITZ
of
reoffered
"In¬
of
Pine St., New York 5, N. Y. Also
available are comments on Piper
Pittston
for
Dreyfus & Co., 2 Broadway, New
,
CHARLES
Com¬
—
of
April
1.70% to 3.15%, according to
issue
&
on
100.032%
turity. Bonds with
Reader"—Merrill
Fenner
sale
Stocks—
Corp.
current
for
3%
For
Marine
State
10 Banks
on
of
totaling
from 1965
maturing
bid
an
5, New York.
in
two
group
2.90%
—
Outboard
Bank
issues
offered
The
Warner
North 8th St., St. Louis 1, Mo.
THE
MORTON
Bank
for
bond
setting
Bulletin
Laird,
Bissell
&
Meeds, ,120 Broadway, New York
D. Harris of San
MARADEL PRODUCTS
BEAUTY COUNSELORS
City
N. Y. Also available
Edwards
Industry
PRODUCTS
York
by
$50,000,000 State School Building
Aid Bonds for 5%, 3y2%,
2%%,
601
First quarter statistics
1989
10.
Bangs. Avenue,
Asbury Park, N. J.
K.
ALBERTO
to
319
Angeles 14, Calif.
—Analysis
trade in the
^Cosmetics"
Inc.,
report — New
Jersey
Natural* Gas Co., Public Relations
Standard
Co.
i,
bids
$100,000,000
Morrison-
—
Company
Manufacturing.
Co.—Analysis—Colby
Major POol Equipment Corp.—Re¬
.
Inc.
news"—Francis I. du Pont & Co.,
reviews, 1 Wall
St., New York 5, N. Y.
General Electric, Na¬
Ford,
and
gomery
.
Company
Inc.;
California.
.
best
2, Pa. Also available
Greenshields In-
For Banks, Brokers and Financial
Institutions
the
Co.
Corp.;
Lytton
Railway
Transport
headed
group
America, N. T. & S. A. submitted
of
Co., 1401 Walnut St., Philadelphia
Broadway, New York 5, N. Y.
Limited,
analysis
an
Jersey Natural Gas Company
Owens
Review
—
—
King St., East, Toronto 1, Ont.,
is
Bowes, North American Aviation
FMC
P. N. Hirsch &
Company, 374 West
Santa Clara St., San Jose, Calif.
Swift &
.
—
Annual report—California
alysis with particular reference to
Co. Armour & Co., John
Bulletin
Water Service
a
Interchemical Corp.
—
Watling, Lerchen & Co.,
Building, Detroit 26, Mich.
Kennecott
American
Refining
Hentz
to
Engineering
A
Annual
vestor's
Duriron
The
Head
Braunu
Outlook—Study with
F.
•
Nippon Rayon Co.
ticular
New
Pierce,
Hartford Electric Light
Distilling
Co.,
Broadway, Boise, Idaho.
National
Third
733
—
and
Inc., Dayton, Ohio.
Analysis—A. C. Allyn & Co., 122
South La Salle St.,
Chicago 3, 111.
Also
available
are
analysis of
Blaw
Publicly Offered
—
&
St., Nashville 3, Tenn.
Annual report
Corp.—Annual
Duriron Company
report
and
hauf Trailer Co.
Insurance
Bradford
available
ments
17, N. Y.
ments
Inc., Ill Broadway, New York 6,
N. Y. Also available is an
analysis
Metals
York
American Hospital Supply Corp.—
Industries
Co.
Clark,
Co.
National
poration,
&
aichi Securities Co., of New
York,
Chemical
Williams
Sherwin
Interna¬
Kimberly
Nickel,
Woolworth
port—Bruns, Nordeman & Co., 115
Broadway, New York 6, N. Y.
Ltd.,
Japanese securities.
Takeda
tional
&
*
of
4,
Corp.,
Penick
-
Y.
reviews
are
Pacific
Distillers
American
Japanese Market—Review—Yam-
of
available
tional
.
statistical data
are
—
Inc.,
.
Bureau
25
N.
York
and
—
Also
Co., 42Wall St., New York 5, N. Y.
investing in Japan—
Securities
to
as
performance
variety
the
Quotation
both
in
used
Paine,
—
Curtis,
&
New
stocks—Carl M. Loeb, Rhoades &
Broadway, New York 6, N. Y.
Also
on
of
a
stocks
the-
-
New Rail
Issues—-Comments. on selected
Manual-
on
Jones
-
over
New York 4, N. Y.
per copy.
Exchange
Detailed information
Bureau,
De¬
Ave.,
Dow
35
industrial
period
year
Japan in the Free World Economy
for
the
the
National
market
—Committee
in
and
Averages,
1963.
of
used
Averages
booklet
a
Jackson
St.,
Diamond
—
Broadway, New York 6,
Also
Y.
1963
for
Securities
Review
—
report-—Diamond
Folder
—
.
Japanese
.Corp.
Life
Department,
alysis of El Paso Natural Gas Co.
Inc., Dept. CF-1, 1 West Avenue, showing an up-to-date compari¬
Larchmont, N. Y.
»/// son between the listed industrial
Booklet—Nomura
New
Allis Chalmers and
on
Over-the-Counter Index
to
Chartcraft,
—
Clevite
Georgia
—
&
figure charts on industrials,
utilities, banks and insurance com¬
panies—Spring
16 Wall St., New York 15,
pany,
".
•
Over
book
Outlook
Broadway,
2
Diamond Alkali.
view—Royal Securities Corp., 244
Market
Thomson
—
4, N. Y. Also available are
New York City Banks—Compari¬
son of the nine
largest New York
Canadian
Comments
Of California
on
Chemicals
Co.
C.
Knudsen
—
and
—James
Wall
Co.
Dufault
e
Mines,
Limited, 60 Yonge St., Toronto 1,
Ont., Canada.
a
—
Canada
Conwest
Company, Consolidated Min¬
ing
Broadway, New York 5, N. Y.
Mines,
&
Morrison-Knudsen
L. Warren Company, 818 Olive St.,
tion
Comparison
—
$100 Million Bds.
California
Chromalloy
Corp.
Union
Also
comments
are
Reduction
Terminal
Mining Package—Review of Ad¬
—
Corp.—Discussion
available
Products
Monumental
Securities
Thursday, April 11, 1963
.
Viner
Air
Analysis—J.
Christiana
.
& Co., Inc.,
Broadway, New York 4, N. Y*
26
Inc.
PLEASED
Broadway, New York 5, N, Y.
Stocks
A.
Sterling Electronics, and Semicon,
letin—Laird, Bissell & Meeds, 120
Bank
Steel
—Edward
Enterprises
Analysis—S.
Broadway,
IT
Place
507
Montreal, Que. Canada.
.
YORK
212
38
571-0525
Canada
J.
•
.v.*--..
6254
Number
197
Volume
.
.
.
The Commercial and Financial Chronicle
acceptance of Mack products, plus
Mack the Truck
notable
improvements
efficiency have
display
By Dr. Ira U. Cobleigh, Economist
momentum
generated
now
Mack Trucks,
at
$265
Inc., manufacturer of
ume
dependability, durability,
having
are
wonder-
a
Brockway
division also produces
military trucks along with its line
of truck tractors.
the first quarter of 1963, American
Of course, connected with the
truck deliveries were up 16% over production of Mack trucks over
fui
but what about trucks?
year,
'zooming
They're
along
For
too.
1962, and totalled 291,600 for the
million, second highest vol-
dramatic—from
at above
the
best
con-
to
ing
sales
expansion through
Worldwide, and aid
and
customer
tries,
financ-
Bull
The
f
is
Mack
bull
the
for
dependability
and
doggedness
Line
Dog
famous
of
its diesel driven units and has an
units,
has
Mack
unfavorable balance of trade with
with
less
than
3
Mr.
million
shares outstanding the stock
a
can
a
NYSE.
of
design
Mack line
The
engineering.
and
in
comes
broad assort-
a
ment of models and new ones
"constantly
are
researched
being
and
road tested for traditional and un-
usual
uses.
is probably the six
Thermodyne
cylinder
diesel
en-
gine, the leading power plant for
Mack over-the-road trucks in recent
six
HP
Two
years.
this
187
plus
year;
rated
of
engine,
of
211
HP, were added last
exciting
an
Hf",
255
at
versions
new
cylinder
and
last year and for 1963, earnings of
completed last year and, at this above $4 a share have been preultra modern new plant are turned dieted.
On this basis, Mack comout the engines, transmissions and mon sells at around 11 times in-
to
Hagerstown,
and
V-8
new
country.
:
Mack
makes
at Hagerstown in-
up
which
held
year.
With
dend)
this
on
preferred
The
down earnings for last
nqt
fully
anticipated
over
-
sells at
($2.62V2
48;
divi-
there
and
are
substantial
trade
way
artfj
manv
the
increase
balance
0f
decade
f
cagj.
in
two-
atjng
at
now
fully
maximum
Ger-
and
in
rant permits purchase of one share
of
ieveiSi
common
and
Rising
The
Earning
genuine
Power
truck
currently
current
consumer
around 22
Exchange.
Interest in Mack at this time is,
no
design and the high
sells at
American- Stock
on
in
boom
at ,$46 to April 1, 1971,
doubt,
due
to
impressive
the
expansion
in
sales
and
development
whatever
that
an
the
by
the
Free
integrated body which
bring about
a
new
era
Mr.
Iwasa
with
West
large
Germany
to
measure
prominently
ure
in
grams,
The
truck
in
wide
a
choice
services.
many
B
series line
have
been
Mack
over
-
role
^ ^
Bank,
York
■;
dustry,
larg-
that
of
announcem
ent is neither an
The
are
Fuji
is
in
its
Bank's
first
country;
Yoshizane Iwasa
191
officials
as
the
branches
offices
seas
Yoshizane
quoted
Iwasa, Deputy Chairman,
Dusseldorf
in
branch
Common
Market
a
bank
has
in Japan
in
London
York.
stat-
Coming
the
year,;is
$30,000,000
trucks
are
is
the
market
ward truck for short haul and city
Scandia
powered by
Mack enjoys
Twenty Year 5% Bonds Due April 1,1983
140 HP
a
(made in Sweden) diesel.
"
the
high preference in
Dated
April 1, 1963
for
heavy
duty
Due April 1, 1983
•
Off-Highway and construction
services,
of these Bonds.
trim cab-for¬
new
a
any
year.
cement
on
solicitation of an off er to buy
for
to
this
mixer
nor a
offer is made only by the Prospectus.
of traditional trucks
introduced
operations,
offer to sell
Interest
-
■
\
•
:■
.
..
\
.
:
payable April 1 and October 1 in New York City
road
building, mining and construction.
Macks
used all over the world:
are
for coal hauling in India, iron ore
in
Australia
bestos
in
and
Venezuela,
as¬
Price 97'/2% and Accrued Interest
Canada, bauxite in Ja¬
maica, and oil drilling rigs in the
Near
East.
The
dumper is
that it
in
was
Mack
M
Model
beautiful
so
in
design
exhibited at the Louvre
Paris; and there's
that
can
carry
a
monster
one
60 tons.
Copies of the Prospectus may he obtained in any State from only such of the undersigned as
may
Fire Engines
Mack
has
conversion
been
of
diesel power.
leader
a
fire
in
legally offer these Bonds in compliance with the securities laws of such State.
the
apparatus
to
Pumping ability and
roadability of Mack fire units have
been
with
can
solidly
a
revolve
provide
a
full
tower,
rapid
circle, and
device,
rescue
mechanical
or
ing
up
by
Mack
diesel
Incorporated
THE DOMINION SECURITIES CORPORATION
CO., INC.
EASTMAN DILLON, UNION SECURITIES & CO.
GOLDMAN, SACHS & CO.
HALLGARTEN & CO.
diesel
production
on
engine
power
an
was
military
MERRILL LYNCH, PIERCE, FENNER & SMITH
CO.
LEHMAN BROTHERS
order
year."
SALOMON BROTHERS & HUTZLER
Incorporated
SMITH, BARNEY & CO.,
plants;
WHITE, WELD & CO.
Incorporated
for
2,564 Army, diesels ($8.4 million),
commencedlate&last
LAZARD FRERES &
Incorporated
gram to standardize 5 ton
with
BLYTH &
KIDDER, PEABODY & CO.
chosen by the U. S. Army in a
pro¬
trucks
HARRIMAN RIPLEY & CO.
Incorporated
ladders).
Military Units
The
KUHN, LOEB & CO.
lifting
equipment (instead of tot¬
it
THE FIRST BOSTON CORPORATION
serve
of fire
and
MORGAN STANLEY & CO.
The
telescopic lift platform,
working height of 75 feet,
water
as
demonstrated.
Mack
new
The
April 11, 1963.
' *•
■
i
va¬
offered
engines
wherever
poured.
This
,
German
riety.
Dusseldorf,
York
noted
increasing in both value and
German
in' New
and
imports of Japanese products
first
branch
industry exports in
-
Agency,
bank's
bank
chemical
raising standards of Japanese in-
Ltd.,
japan's
West
played by German machinery
and
Fu^
engine
-
are
Additions
concrete
'familiar
this
cab
tractors
pro¬
industry.
in
important
re_
April
ported
current fleet
expansion
trucking
the
-series
F
model
in
and
that
due
was
the
trucks and truck trailers that fig¬
replacement
of civ¬
acknowledged
road
-
World
development
Japan's unfavorable trade balance
the
stream;
production
Hail¬
program.
ilized prosperity.
0 r e-
wag
expanding
including
benefit
can
nnfiVinowi
1963
was
of
future
EEC
of such
ahead.-
That
:Q
$70,-
"Japan is deeply inter¬
the
believe
will
West
between
Tanan
in
the
We
.
Wg t GGriTl&Hy ForGC&St
A
desirous
to
Japan
and
relation Britain may have with it.
smH
V
amounted
1962
well-balanced
he added
also three issues of warrants est bank. Anhigh manufacturing efficiency is available for the more specula- nouncing the
assured, and Mack is now oper- lively minded. The longest war- opening of the
plant
and
the
re-
Sarded as attractively positioned
^or l°ng-term gams.
buying, the advanced engineering
Variety of Vehicles
.
dicated earnings and might be
at Allentown.
powerful
maximum legal speeds.in any secof the
was
Volved certain problems and costs
enough to haul top legal loads at
tion
Maryland
carriers assembled
The start
Best known
facil-
lannri
Japan's
ing the achievements of the EEC,
Inc. has $61.5 mil-
,
in
that
its trade with all EEC countries in
Increase in Trade
.
noted
these countries
of
at 45 and pays a $1.80 dividend.
outstanding reputation for quality ities from Plainfield, New Jersey This dividend was well covered
location of major production
Iwasa
ested
big
vehicles
the
over
ther,
therefore
The common is currently
day. Re- selling at around the year's high
which assembles complete
and turns out 60 trucks
a
im¬
year.
ing stimulated by improved earnings. The stock is held in a number of institutional portfolios. For
transportation - minded investors,
Mack common seems to be an attractive vehicle,
Mack Trucks,
the
coun¬
exports "and
1962—an increase of 18%
(84 cents a share), to $8.6 million
($2.89 a share) for 1962. Working
capital at the 1962 year-end stood
at $85.4 million and book value
on the common was $40.80, only
a little below current market quotation of the common at 45.
capitalization
with
previous
produce all these engines and
transport
including
000,000
$3
trade
ing accommodations, provided by
Mack Financial Corporation. Fur-
lion in long-term; debt, $11.8 in Rpfwppri
5J/4% preferred stock and 2,773,plant at Allentown, Pennsylvania, 005 shares of common, listed on
To
prbspect.
Japan's
ports, amounted to $618,000,000 in
'
the industry is now in
that
9
European Common Market
overseas
respond rather sensitively to buy-
has been
year,
history. The
iness,
million
projected and service for existing units,
1,200,000 units and one of
Production Facilities
years in the history
of
full
the
the years, is the steadily expand-
output for ing business in the supply of parts
On this basis,
period.
sales
1962
net profits, the long range growth
in the replacement and parts bus-
in Mack Truck
$227 million in 1961, to
in company
more
cars
to
version into net earnings was even
performance and economy.
Motor
Mack
resurgence
For
power.
from
plant
in
enabled
strong
a
earning
rose
Investors, in increasing numbers, are being attracted by the profit
heavy duty trucks renowned for their design,
(1477)
,
a
total
of
and over¬
and
New
10
(1478)
The Commercial and Financial
sion, it
•Impact of Britain's
New
"Expansion" Budget
trade
recently
the
to
and
budget,
expanded
inflation-bent
natural
accentuate
toll
to take its
out
counter high
safe risk
a
of
lead
LONDON, England—In the course
of
policy in
money
of
of
case
-There
of
can
sible
be
course
objection
no
such
to
The
pos¬
tion
policy,
a
objection
to
declared
aim
the
good health, and everlasting hap¬
piness to all." Critics must
themselves
fine
doubts
the
about
achieving
the
of
means
that
of
to
it
produce its
and
reserve
go
long
a
conveying the
this
bank
by
time
rate
soon
adopted
measures
expansion
on
way
assurance
expansion
would
not be reversed by means of
the
about
or
achieving
of
should
towards
expressing
possibility
aim,
the
possibility
to
declara¬
of Britain's external credit
use
facilities
con¬
firm
the
of
with
"fair
of
it
as
credit
and
will
high
squeeze
begin
as
affect
to
by the government. It is from this
the
point of view that the budget has
to
of
be
examined.
A
million
£700
to
trigger
and
4
deficit
budgetary
a
the
since
the
enough
time
revival
output,
even
the
government
if in
doing
could
next
government's
to 3yz%
the
be
Maudling
concessions
tax
sector
able
is.
proceeding at
cease
tax.
This
ture
of
to
liable
be
to
intended
was
saving
throughout
income
as
of
nature
a
the
ges¬
trade
unions. What Mr. Maudling over¬
looked
better
nature.
British
had
that
was
The
trade
ever
statement
a
out
only
leader
who
in public with
placing
the
public interest above the
and
u
no
and
one
union
come
have
they
broad
narrow
short-sighted interests of his
ni
on
hounded
What
out
Mr..
cessions
done
his
of
Maudling
to
was
the
of
ought
his
make
conditional
ceptance
and
union.
upon
by
Unions
Council.
But
he
would
run
reducing
the
certificates
issue
this
for
a
will
to
consumers
policy
while.
sufficient
up
make
the
to
con¬
value
of their
appreciate
favorable, because the
the
government's
their
Even
fidence.
of
ment at
whether
it
pends
that.
on
The
spending
investment
is
at
why
reason
and
capital
present
inade¬
been
body
feared
a
now
return
every¬
to
hard
mo¬
additional
pumped
£700
so
depends
million
circula¬
on
whether
trade unions will misuse
resulting
favor
in
change
the
Increased
of
for.
the
usual
as
in
balance
demand
so
there is not
of
their
demands
by
the
goods
even
of
success
during
the
to
mit this to
sterling from
;
were
It
"too
by
only,
too
and
free
world
ments
of
certain
that
will be accentuated
expansion will
inflation.
government's
the
But
not
as
be
with¬
result
a
decision
to
of
produce
its
effect -in
the
form of gold sales and
borrowing
the
wage
reces¬
abroad,
there
may
At
be
any
rate
and
credit
inflation
rate, with¬
out tears in the form of
high bank
import controls and
would
scaring
am
that
sure
the
voices
receptive
audience
sible quarters. At
turn
general
a
good
for
in
the
respon¬
same
time,
appropriate and
an
Devaluation
would
This optimism is based
the
end
of
standard,
gold
about
understood
international
to
liq¬
there
Washington
remain
deficit
'
remedies
that
is
well
concerned;
of
-
surely
safeguarding
*Remarks of
quarters for
National
exchange controls, another of the
quack
balance
will
to
-
find
dramatic
take
action
v
Mr., Klopstock
Industrial
Cleveland,
international
to
before
Conference
Ohio, March
21,
hears
one
'
some
analysts of
problem,
controls look like
let
simply
us
an
balance-
our
Ross, Low
exchange
A. Peter Low on
easy answer:
prohibit
limit
or
international commercial
quire
York
finan¬
or
cial transactions that strike
policy
undesirable, wasteful,
unnecessary, and we will have
or
solved
But any
of
problem
120
Admit
April 18 will
a
Exchange,
will
and
partner in the Exchange
Ross, Low & Co.,
Broadway, New York City.
student of the realities
exchange control in
country
a
that is the hub of the international
Forming Whaley Co.
payments system will quickly be¬
to
such
fasten
of the grave obstacles
controls.
controls
funds to
sure
as
we
were
transfers
on
foreign countries,
that
a
the
result
amount
fraction
If
of
to
those
funds
of
no
Effective April 18, F. C.
to
Co.,
of
Stock
than
more
offices
Partners
action
balances
Exchange,
with
we can
retained
such
members-of
are
at
the
will
120
Whaley &
New
be
Broadway.
Frederick C.
member of the
York
formed
Whaley,
Exchange, general
partner and E. H. Whaley limited
a
that
partner.
:•
j
Japanese Securities
YAMAICHI
A Due 1985
Securities
Company
to
purchase agreements negotiated by the
undersigned, the Corporation
has agreed to sell to a
group of institutional investors
$105,000,000 of the aboveto sell to such
on
or
before December
31, 1964, and has the
investors the balance of
$15,000,000
on or
of New York, Inc.
right
Serving Institutional Investors
before December
31, 1965.
.
*
•
and Brokers
.o
.
,
,
Affiliate of
IncorDorated
April 9,1963
YAMAICHI SECURITIES CO., LTD.
The First Boston Corporation
'■
ac¬
membership in the New
member firm of
hand.
at
Stock
become
as
the
a
to
Wheeling Steel Corporation
described Bonds in installments
the
Board,
1963.
whispered about here and abroad.
$120,000,000
Pursuant
a
payments
be
our
financial. position
in good time.
support what¬
in responsible
soever
all
enough to impel those responsible
for
no
problem
by
several
on
determination
continued
un¬
Exchange Controls and Other
Quack Remedies
deficit.
our
solution; and, equally
important, the manifestations of a
alterably opposed to devaluation.
There is also
is
on
reasonable
our.
leaders, as well as
abroad, and the Administra¬
in
the
im¬
has
financial
those
tion
grounds:
exchange
added
which
measurably
bring
attack
.
Mortgage Bonds, 5.45% Series
of
un¬
reasonable measures will not find
a
NEW ISSUE
First
be
them
those calling for extreme and
effective
squeeze.
record.
in
contraction of international trade.
would
matter of
Nothing
effective
are
here
a
are
foreign
I fell confident that the
prospects
be
This announcement
appears only as
in
encouraging
and
come aware
without tears.
which
another,
or
system. We
might well give rise to exchange
let
resulting balance of payments
deficit
capital,
of
country.
I
on
depends. In its wake,
witness huge move¬
of-payments
bout of wage inflation.
out
system,
way
away from our shores, than the
imposition of exchange controls.,
international
payments
would
we
makers
The
this
per¬
more
our
one
investors to employ their funds in
dollars.
ready to
happen.
collapse of
trade
To
little."
inflationary character
expansion
new
their
therefore
seems
a
far
that the concessions
late and
the natural
of
So
of
desirous
to
which much of the welfare of the
post¬
the trade unions would show any
was
terms
in
escape the control
Devaluation would surely spell
the
the
hope that
a
in
own
power.
strengthen wage demands.
Judging
" '
would,
the
currencies
own
Few nations will be
period, unconditionally. That
the
into
y.
It all
the
war
being
to
precarious equilibrium.
a
an
would
quate is because until
frost
is at the
tion?
Likewise, the willingness
consumers
the
reasonable
seems
payments
have
con¬
invest de¬
through
The question is, will it remain
expansionary
private industry to
payments
that Britain's current bal¬
of
ance
r
-
of
that
reaction
so,
tion.
,
permit
his
chose
throughout
appreciation.
assume
induce
policy will command enough
balance
show
Exchequer
suffered
after
the
the
and the American dockers' strike.
spend their surplus
on
for
to
,
of
Trades
Chancellors
previous
competitors
uidity. No wonder then that
concession, like all his
small surplus. It is true, ex¬
a
ports
Whether
to
1982
had
by
savings
on
will depend
resources,
in
and
suspending
short
be
just published
interest
and
chosen
is
war
is
Despairing Counsel
ac¬
the
figures
government
it
the consequences of British infla¬
much
the
principle
policy
change
its
reversed
now
moment
countries might save
1963
the
repudiated
was
income
reason¬
a
the
post-war period, the
has
The
be
Continued from page 5
appeasement to appeal to
better
the
million of them
"stopping"
encouraged
Having
.pace.
private
conceivably
may
.
the
by
October
Beware
previous concessions and those of
expenditure
than
And
the
election, which will
later
inflation.
no
re¬
infla¬
conceivable that inflation in other
al¬
all
tal
until
so
then,
previous
debtedness.
neutralized
doing
or
be
may
until
per
3
of
much international short-term in¬
is not
power
tion
sterling
safe
for
it would lose
so
it
acceptable
2i/2%—Mr.
his
—
chasing
by saving, and provided that capi¬
bor¬
and
So
as
trade
entirely to the lower income
have
deter¬
the
much
and
gold
earlier.
garded
could
r
provided that the additional pur¬
gold
afford
general
not
and
an
losing
Sterling
Britain
rowing abroad indefinitely. But it
our
This
is
be
rise by
of
pur¬
war.
mined to "go" without
of
The
"stop-and-go" policy
ever
be
expansion
an
the
sued
some
payments.
business
should
off
of
of
the
instead
limit
declaration implies the suspension
balance
afford
not
Help
say,
reasonable at¬
a
groups. Some V/z
Loss of
"temporary" infla¬
any
effect
the would be allowed
weather,, effect on the gold
policy
a
that
to
will
Chancellor's
tionary
than there could be any
any more
adopt
now.
annum
Gold
inflation."
without
bank
incomes ; policy
confined
Now Risk
induce
towards
most
government's policy aiming at
"expansion
high
squeeze.
to
to
wages
balance
a
order
would
3, Chancellor Maudling reaffirmed
the
safe
Guides Allow
Wage
modified
payments crisis.
K. Will
credit
titude
is seen
might save sterling from the consequences of British inflation.
1
feel
now
time
unions
He concludes that inflation in other countries
U.
the
to
Thursday, April 11, 1963
.
.
Increase
In
until the next general election—which must be held
April
since
Might
Needless
.
Moreover,
gold, and to run up short-term debt (with¬
his budget statement on
may'
this
and
New
wage-rate
forces.
bank rate and credit squeeze measures)
October, 1963.
by
especially
unions
increases will
government's new decision to allow any resultant price infla¬
tion
as
"expansion"
introduced
government's
to
Einzig surmises that British labor will take advantage of Britain's
guidelines,
the
that excessive wage
rate
Dr.
of
What
wage
accelerated
not
By Paul Einzig
.
become
policy,
new
:
will
result
a
as
probable that
seems
'inflation
Chronicle
TOKYO, JAPAN
*
111
BROADWAY, NEW YORK 6
COrtlandt 7-5900
Number
197
Volume
6254
The Commercial and Financial Chronicle
.
.
.
(1479)
share.
per
This
FUNDS
JOSEPH
BY
The Funds Report
C.
POTTER
$19,744,681 of
Canada
MUTUAL
share
that
General
at
Feb.
28
$55,839,541,
A
reports
assets
$16.01
or
earlier
year
Fund
net
to
value
fiscal
Ten
share.
per
share
the
totaled
was
Nov.
on
30,
1962,
ment
net
per
end
of
a
year.
new
the
with
compares
assets and $7.23
transactions
brought
income for the
share, against $12.37
share in
a
1961.
holdings
portfolio.
added
were
They
:
West¬
are:
V- V
v \
:
Total
net
total
to $15.31
year
'.sis
*
assets
of
Nation-Wide
Air
ern
11
Lines, U. S. Gypsum, Securities Co., Inc. at Feb. 28
Maytag, Singer Manufacturing, amounted to
$48,656,611, or $21.37
Federal
Mogul - Bower Bearings, a share. This
compares with as¬
liever in balanced financial plan¬
Cincinnati
Carriers & General Corp. reports
Milling
Machin e, sets of
$47,127,215, or $23.21' a
ning.
Its booklet notes that in that total net assets
American Metal
on
Climax, Burling¬ share, a year earlier. At Nov.
Feb. 28
30,
ton Industries, Columbia Broad¬
periods of deflation fixed-income were
$17,931,627, equal to $31.96
1962, value per share was $29.89.
$16.38
Hard Facts About Soft Dollars
and
$15.51.
at
Nov.
.30
it
was
,
-
-
It is doubtful whether the Amer¬
ican people have ever been more
interested
flation.
in v the
sizable
of
in¬
time
a
interest
between
gap
understanding.
In
subject
Unfortunately, there is
investment
,
interest
of
the
are
community y
and
man
at
"The
to
the
be prepared
segment
a
which
is
that
of
making
fraternity
signal
a
con¬
tribution to the education of
affluent society.
mutual-fund
the
The folks in the
trade
have
gone
to
considerable expense, through ad¬
vertising,
booklets
personnel,
to
inform
market
investors—
dollars,
their
about
skilled
and
economics,
trends
other related subjects.
Of
not
are
cators.
was
an
educative
essential.
Only
ago
process
people
and
realization of the vital role
a
played
by
skilled
management
Ignorant
few,
ing
mind
the
who
will
perform
investor
lished by
the
in
his
such
incompre¬
to
recently
charting
purchasing
is
pub¬
was;
$7.74
or
Nov.
30
two
million and $9.54
j:
Yet
.
* ■'y-
share.
a
power
$100-a-month
annuity, for example, would
only $75 in purchasing
30
power
hence,
years
assuming
inflation continued at that annual
rate."
to
cuse
shown
inflation
of
cry
overworked
these
get
days
people,
is much
as
an
who
ex¬
have
are
those who will insist that it is
to
of
settle
is
by
Kalb.
combina¬
4%
return
erosion than to venture
market
a
the
than
better
a
1.1%
into
for
that
only last
had
a
Investment
ports
now
the mend.
on
&alb, Voorhis has this counsel
the
salesman
deal
must
with
who
$258,549,897
and
people
not
share
a
During
fund
the
added
latest
to
quarter
portfolio positions.
cluded
tion,
the
Air
of
Corp.,
'!<
Guardian
that
at
March
against
*
Mutual
$18,402,844,
$18.16
=1:
29
assets
reduced
Cessna
Schweickart &
Monsanto
:!s
At
that
Fu
si!
Feb.
at
to
28
d
Gen¬
Inc.
reports
ating
assets
or
the
firm.
of
aware
of
net
IDS
share,
a
compared
plain
and
to' the
his
well
wife
head
the
the
of
A
NEW
Inc.
Calif.—
has
.
the costs and risks
.
Street,
Barceloux;
Red
lished
with
C.
in
Dale;
Drive,
and
at' 913
Sacramento,
Piedmont
under
direction of Bruce E. Rueppe*
600,000Shares
of investments in variable-income
study
series
planning.
,
According
financial
on
assets, such
'
to
,
as
the
figures
as
management
1960 resulted in the loss of nearly
Kalb, Voorhis.
$190
mentioned
cost
billion—approximating
of
almost
two
annual
the
Fed¬
let
fixed-dollar assets held
make
individuals.
Kalb,
or
for
is
will
tion
-
Voorhis
a
strong
.
professional
stressed
are
by
c/MMance
It also might have
be-
a
of
Comfwtuj
cTennmee
that the fundman who
absorbes the wisdom in this book¬
eral budgets—in the real value of
by
.
equities."
Diversification and
amassed, the erosion from 1940 to
.
be
.
admirably
suited
Common Stock
to
($3
Par
Value)
contribution to the educa-
investment-minded
pie and, incidentally, make
a
These shares
peo-
are
not
being sold
or
proposed for sale in New York
sale.
Price $32.25 Per Share
Like
to
sell
Upon request,
Underwriter
securities
large
a
a
copy
the business of the
are
nouncement
block?
who
of
a
Company
may
offered
is neither
Prospectus
may
lawfully
only by
an
means
offer to sell
of
nor a
Goldman, Sachs & Co.
Blyth & Co., Inc.
Hornblower & Weeks
Carl M. Loeb, Rhoades & Co.
-
v
•
„
•
'•
Wertheim & Co.
PIERCE, FENIMER & SMITH IIMC
"
April 10, 1963.
State from
such
State.
and
any
The
this
an¬
solicitation of any offer to buy.
Lehman Brothers
Incorporated
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Smith, Barney & Co.
White, Weld & Co.
Incorporated
*
STREET, NEW YORK 5, N. Y.
any
Prospectus,
Incorporated
MERRILL LYNCH,
70 PINE
the
\
Paine, Webber, Jackson & Curtis
•
these securities and
within
Kidder, Peabody & Co.
.
,
it
Equitable Securities Corporation
•
Marketing Department
describing
be obtained within
distribute
Bluff,
under the management of William
ISSUE
.
as
opened
Street, Orlando, under
family
advantages
■
California branches, at
new
644' Main
at
Net capital gains on invest¬
1961.
Co.,
the direction of Leo T.
or
share,
a
&
406 Walker
for
$17,465,597,
$17,835,597, of $12.27
$7.32
its
and
to
amounted
three
oper¬
subsidiaries
FRANCISCO,
Waldron
ex¬
NOT
Mr.
Branches
ervices,
combined
income
$12.01
reports
$20,688,369,
in
Waldron Co. Opens
SAN
Investors Diversified S
1962,
net
partnership
nership in Ross, Low & Co.
si!
wholly-owned
n
Co., 29 Broadway,
City, members of the
York
Bennett will withdraw from part¬
Chemical
1962
Capital
to
the
were
end of the fiscal year.
Imperial
New
International
a
31,
"
To Admit Bennett
holdings in
Aircraft,
Dynamics,
reports
assets
Oct.
on
Transmission.
Harvester,
A '
share,
$14,845,036 and
of
share
a
net
per
from
rose
Schweickart & Co.
arid Panhandle Eastern Pipe Line.
Fund
$21.21
or
Gas
time it
Financial,
eral
'
,r
.;
value
new
Brunswick, Gillette and Southern
•
.
Asset
Railway while eliminating C. I. T.
Creek
Coal and United Utilities.
an
approximately
re¬
quarter
acquired
new
Reduc¬
Island
of
,
Central Illinois Light, Com¬
same
Reductions in¬
elimination
FMC
Boston. :
New York Stofck Exchange, and
monwealth Edison,
Duquesne
other leading Exchanges, on April
Light,. General Electric, Montana
Power, Tampa Electric arid Ten- 18, will admit Frank J. Bennett,
a
existing
no
ended,
Socony Mobil Oil while add¬
nesse
several
of
un¬
will
advisor
$4.87
of
Fund
history:
"The financial
it
28
Boston
the
that
total assets of The
high
$300,208,000.
diana, San Diego Gas & Electric
earlier.
year
constantly
recent
of
i»,'.
share during the period
ing to holdings of American Vis¬
assets
*i«
Putnam
all-time
holdings in Public Service of In¬
and
March 31,
George
vv-,v
during
Feb.
'•.
quarter
increased from $286,060,000 to
the
cose,
with
compares
amounted
for
on
the
$13.96 to $14.59.
*
Trust
that
ended
severe
and
year
of
end
to $238,256,637, or $4.05 per share.
strong inclination toward
a
30,
This
holdings, but established
those who will argue
are
the
'
'
.
There
that
Nov.
on
.•!:
...;
•
the
A
Fund
fiscal year.
-
'*
*
of
purchasing
Resources
$18,279,157, equal to $4.30
share,
a
a
assets
money.
of
of the dol¬
incorporated
assets of
assets
Congress
to
Voorhis & Co. in its newly-pub¬
;
million,
On
.
net
a
study
erosion
power
$136.5
a r e.
total
our
enlighten
the. American Institute
Mass.,
28
#
During
quarter, assets totaled* $18,135,437, or $4.37 per share, against
announces
11%
tion
longtime series
a
h
Feb.
Fund
'
■
*
■
first
of
and
by the people in Great Barring-
lar,:
Report
shakeout
designed
:!t
seemingly small rise Financial Industrial Fund reports
10 years, to a decrease that at Feb. 28 net assets amounted
cash
for Economic Research. This
ton,
were
;U" *
International
year
a
adds up, in
even
better
chores.
studies
«
Capital
at
s
annually in the first
of his Administration.
years
manag¬
hard-earned
investment
The latest in
the
downright
thought of turn¬
their
over
hensible
of
professional
you—are
at
that
pride
some
*
share
reports that at Feb. 28, end of its
Fidelity
Kennedy has
likely prospects. savings institutions and bonds, to
the gullible enter the marketplace. And there
are
unknown
ers
should
we
casting and Sears, Roebuck.
assets
a
corresponding date
*
folks—not
terrified
to
1.1%
with
understanding of the need for
long-range investment program
a
the
with
$35.96
post¬
continuation of
a
on
and
in -amounted to $136 million, or $7.65
January of 1963 that the Con¬ a share, and on Feb. 28, 1962,
sumer
Price Index rose only by comparable figures
were
$158.5
edu¬
primarily
the
for
with
Economic
be worth
ing out customers they long
that
that
us
compared
$20,173,783
earlier.
the
of
President
life
But in the course of seek¬
found
inflation.
their
the funds and
course,
allies
sales¬
share,
per
of
of
innumerable
and
tells
years
related
fund
every
experience
war
on
considerable
prospect, is made:
stage center, it is pleasant to put
spotlight, however briefly,
of
are
point, which should be
.
critics
when
investments
value. This
of
N
.
a
and
G. H. Walker & Co.
Incorporated
Dean Witter & Co.
the*
,
12
(1480)
The Commercial and Financial
Chronicle
of
Trust Investments
time.
might
Accordingly,
be
weighed
After the Market Storm
after
a
Continued from page 3
ing
conditions,
well for the
and
in
this
the
at
bodes
cern
securities markets.
Kennedy
low
a
the
over
tax
omy,
Tides
Our
Public
of
history
in
party
the
will
deep-
factor
investors to believe that
they can
danger
which
pick
It
the
of
that
times.
President
admirers
Democrat.
by
is
It
acting
the fall
Tru¬
like
entirely
to
tive,
not
because
a
allowed
was
servative
is
the
it
by
con¬
a
it
and
spokesmen.
its
Dr.
impatient with the Puri¬
been
that
not
tempting
demoralizing favors
soundness
have
have
the
by
radical
more
is
of the
brought
unwise
people, who
up
to
to
believe
spend
believable
sight to
disdaining
see
taxpayers
proffered tax reduc¬
a
which
would
not
by tax reforms.
offset
be
tax cut is
radical
conservative
an
proposals
reactions.
It
early to know what the
of
12
after
stock
the
crisis;
in
surprising
The Cuban affair
did
stress.
not
end
but
nuclear
war
likely/No matter
even
comes
first
further
to
a
in¬
and
is
too
outcome
urgently
steel
market
modified
vote.
to
much
less
fret
tivity
about
the'
in Cuba,
we
offered
the
to
market's
record
significance
event.v
The
set-back
the
finan¬
We
William
will
remain
are
which
Common
resulting from
course
of
the American economy,
confident
been
McChesney Martin
Chairman
as
look
sound
have
for
policies,
monetary
to
reason
hope
that
A
tax
acceptance
would
kets
of
further
some
his
views
Two
Elusive
major
of time
tent
and
more'
of
no
all
Our
but
a
tiples
to
the
deficit
has
been
passing
every
to
proposed
some
the
man
of
earnings
It
simply
lost,
the
a
year
the
storm.
same
nearly the
from
same
the
is
recently
burned
fears
of
true
they
does
excessive.
Sales Mgmt. Course
A
six-day
old
if
try will be sponsored by the New
soon
the
pain¬
child
once
flame, and
this
psychology
as
change in the demand
was
as
The
it
this
was
same
problems,
same
fact
a
would
?
were
in¬
heavy capital gains taxes
Many of these blocks
box, and their
think
of
many
are
owners
very
they
owner
an
avail¬
last
were
bitterly
incur
capital
a
the
of
gains
tax
all
was
over
would
an owner
sell without hesitation
such- blocks
if he
of
stock
were
should
moderating effect
a
stock
market
it
as
comes
toward
yield.
wondered
could
the
on
approaches its
the
The
yielded
how
bought
little
as
1%.
as
Harry A. Jacobs,
Jr.,
April 15, 1978
the
flow
of
investment
funds
The
limiting for
may
to
Jacobs,
has
been
time to
some
in
one
respect.
funds, which
were
growing rapidly and buying
millions of dollars worth of stocks
month,
every
set
were
back
se¬
verely by the Wharton report. It
be
may
mutual
rate
in
quite
awhile
funds
regain
before
the
branch—of-
firms.
the
the
Incorporated
meanwhile
for equities
,
for
their
de¬
net
cialized
The
has
modified
stocks
regaining
more
earlier
also
the
is
course
N.
part
of
educational
Y.
the
con¬
program
of
Group of IBA, and was
by three general man¬
one
devoted
to operations
management.
The
it
six-day course will focus
the function of
management as
applies
fact
the
market
be
a
in
application
the
to
While
and
presented,
discussed
A wide
sales.
they'will
context
current
variety of
man¬
principles
case
of
be
their
problems.
studies and
projects will also be examined and
discussed during the course.
In¬
formal
held
discussions
will
throughout the
also
be
week.
The
under
of
is being
prepared
direction and guidance
course
the
James
O.
Rice
Associates, Inc.
director is Dr. Emmett Wal¬
vice-president
of
the
Rice
organization.
will
extremes
has
to
theory
peak
conservatism
prices and multiples. As
cf
Incorporated
and
is
customers.
tinuing
The
will be less.
many
difficulty
prices. A little
EastmanDillon,UnIonSecuriiies&Co. Goldman, Sachs & Co. Kidder,
Peabody&Co.
market
have
Corporation Bly th Si Co., Inc. The Dominion Securities Corporati an
small
course
funds,
municipals, commodities, syndica¬
tion and
institutional) or to spe¬
lace,
.oCCS
both
The
aimed at managers of sales of
spe¬
cialized securities (mutual
growth
For these reasons I believe
that
LazardFreres&Co.
for
the
they previously enjoyed, and
mand
White, We'd
designed
and
large
agement
The open-end mutual
offer to sell nor a solicitation of an offer to
buy these
The offering is made
only by the Prps pectus, copies of which may be obtained in
any
from such of the undersigned as may lawfully offer these securities in
such State.
and
managers—national, regional
on
Finally, the demand for equities
an
ac¬
Bogert
sales
come
go.
has been cut back
98%
course,
Messrs.
will
■
comprehensive
cording
yield
the extremes to which stock
prices
(plus accrued interest)
Group of
the IBA.
consciousness will have the effect
■
Lawrence
Chairman of the New York
Group
the IB A and
of
preceded
emphasis is reflected
of
■,
made
was
H.
agement courses and
new
Dated
Incorporated
by
They became very yield conscious,
into the savings banks. This
Incorporated
8
Bogert, Jr.,, Partner, Eastman Dil¬
lon, Union Securities & Co. and
they
stocks
5%% Sinking Fund Dollar Debentures due April 15, 1978
The First Boston
April
Country
.
and this
Harriman Ripley & Co.
from
announcement
April
■
investors
summer
have
attitude
new
Many
last
ever
which
in
Kuhn,Loeb&Co.
Association
at the Westchester
Club, Rye, N. Y.
quickly for him to do anythihg
about it, but such
some
(A Danish Company)
Smith, Barney & Co.
i
the .Investment
mittee of the New York
to
bottom
six months earlier. It
too
TELEFON AKTIESELSKAB)
State
of
ing
at?] the
New Yield Consciousness
Due
A. Jacobs, Jr.
V".:
marketr that he had been unwill¬
very
Copenhagen Telephone Company, Incorporated
(KJ0BENHAVNS
securities.
Group
21-26
Harry
:v<
-
Partner, Bache & Co. and
Chairman of the Education Com¬
regretted,
before
7 Then
neither
•*•
Bankers
ex¬
block's
more
Spring.
Many
Bjgert, Jr.
'V'.
York
jointly
those
much
now
H. L.
ac¬
have
able for sale than
Would
realization
prompts
were
These,
virtually glued to the bottom
the
I
team to deal with
which
which
of stock
strengths,
and
the fact
was
pected to die with them.
very
ago.
world
high for several
holdings in personal
sold.
$15,000,000
constitutes
the
at¬
large blocks of stocks
have
announcement
to
stand
old highs.
This
devoted
course
improvement of sales management
in the investment banking indus¬
ever
not
seemed
The
investor
Another
volved
and
April 10, 1963
'*
•
well.
counts,
discussion
Maine
them. It is probably
of
ISSUE
Price
Group
the extreme multiples
so
fully
of
April 15, 1963
months
and
frightened again. The availability
NEW
N. Y. IB A
recovered
that investors will
again pay
which
the
pro¬
cut would
renewed
economic
our
much
acute because of the passage
the
lb63.
7"-
•.
ground, it
simply not for sale.
the
rising
month,
tax
inflation, and there
So
seems
problem
'
reasons, one of which
mar¬
of
budget outlook. The
the
find
situation
solution
in
market
the
reason
that
What Has and Has Not Changed
unemployment rate is also
but
deterioration
Our
showdown
a
in
in¬
coun¬
for and
which
the securities
little such talk
elusive.
more
unchanged,
more
of
to
their
and
one,
f'--
stock
of
tained.
of
of
po¬
headache
problem. The
worse,
the
worrisome.
sort
The
much
were
we are now one year
some
this
passage
more
payments
persists, and
with
mere
painful
a
•
greatly increase it. This has given
the
seem
has made them
balance
now
only change
the
spective
Problems
equity
me
'
rise
factors
although the
same,
is
with
Economic
the
concern
federal
the
by
Administration.
proposed
episode and the
crash. With faith
suggests
presence
was
a
experience
Their
green.
1962
looking
reached its record
About
his
to
seems
*An
address -by
Mr.
Buek
at
the
Pennsylvania Bankers Association Trust
Conference, Harrisburg, Pa., March 29,
but its
seas,
still
are
velopment cannot be immediately
and
still shaken by
For
moderation
a
tired,
supply of stocks is purely*
phychological. The stock market
continuation
a
is
in
are
crew
weathered
appraised.
this seemed less likely. Now
may
and it has
market. Accordingly, this new de¬
Federal Reserve Board, and a year
of
riding in calmer
little
be reflected in the American stock
the
of
vestors, this
sel
ship
on
less clear how it "would
even
human
experience.
difficulty.
we
ahead.
economic
is
effects of the Common Market
to a pleasant
now
been difficult to foresee the
ways
the
of
ship, but the
their
many
stocks
cannot
go
higher
?'i without reaching the highest mul¬
However, it has al¬
worse.
forgotten
out
know
and the passengers
mistaken, for
are
historic
to
for the
I
not
to
the storm without damage, and is
the
.
to
price.
regrets and recriminations
will
their not
soon be forgotten. This was the
be
big change in 1962.
■
Market in Europe,
and
but
good
stout
factor in the equation.
breaking
-
the
this
of
77
value
same
is
never
However,
exaggerated
recovery
cial
and
the
even
they
have
the Russians
will
again.-
ac¬
fact remains
fight,
us
of
passengers
cpntinuing
the
stood up to
same
stock
ab¬
Hence,
conditions
we come
that
ago
they
how
a
and
our
hemisphere,
made
attitude toward
'
changed in the
surprise.
we
standards
Our
this
it
and
now
the
disappointing
more
months,
is
be
was
in
believe
that
difficult
rather cooly received
Returning
it
cut
of
'
nearer
it
it
radical
economic
even
of the tax legislation will be, but
the trend of events suggests that
will
but
time
a
to be
Two
teresting example of the conflict
before
to develop,
form.
-
The proposed
between
the
more
than you earn. It is an almost un¬
tion,
by,
gress, and the final outcome may
Congress.
and
Administration'
Heller is
tan
do
people
influenced
the
went
proposal, which seemed
is being
be
It
one.
stocks
same
believe that
two
overseas.
troubles
I
by conservative members of Con¬
he
heartening to realize that
novelties and
of
to
country
American
been
months
at
have not
It
de¬
a
drop the subject of tax reduc¬
sence
possible
what
as
effort.
were
the.black-balling of England by De
do, but because of what investors than it is in its present
Gaulle, was arr unexpected change
wanted to
he
of
econ¬
avert
election made
proves
conserva¬
a
the
was
we
tion. This
that the record of President Ken¬
nedy will be that of
to
emergency failed
You
Eisenhower disappointed many of
his
hope"
the
Republican, while President sound
a
to
described
was
events
at all
where they left off—the
up
now
As
seemed at times to be acting
man
like
the
only
shock
cut
con¬
pression.
the
public opinion and
needs
recall
that
rides
power
seated tides of
of
shows
a
"our
Opinion
Administration
ebb, and with great
of
year
There
Thursday, April 11, 1963
.
one
has not changed
it
.
this
as
has changed for the worse, simply
because
.
of
matter
made
a
impressive recovery, and it
woujd be asking too much to ex¬
pect it to continue such
rapid
Forms First S. I.
Securities Co.
very
Dean Witter & Co.
headway.
In
•
,,
brief, the storm is over, but
we ' are
'still
far
at
sea,'out
of
STATEN ISLAND, N. Y.
hard
F.
Elmers
is
—
Bern-
engaging
in
a
securities business from
offices at
200 Pleasant Plains
Avenue, un¬
der the firm name
of First
Staten
Island
Securities Company.
Number 6254
197
Volume
.
The Commercial and Financial Chronicle
,
.
(1481)
'
Approval has been granted by the
Comptroller of the Currency to
NEWS ABOUT
OTC Stock Price Index
Security
Shows Substantial Gains
..
.
Consolidations
average's performance compared to DJIA and S & P's indexes.
cise
but factual
New
•
Branches
New
•
Officers,
etc.
Bureau
Market
Information
National Security
of the
Traders Association has issued the
information
accompanying
per-
'
OTC's market
the
to
in-
dex performance in the first quaf'ter of 1963 relative to that of the
listed
averages,
dence
of
investor
in
the
with evi-
along
Ins.
Life
in
of
Market:
Over-the-Counter
1963
showed
OTC
gains
stock
Cas. Ins. stocks—
Fire. Ins. stocks—
up
N.
Certificate
Company,
__up5.2%.
viding for
Paul
New
York,
Hanna
J.
promoted
and
George
B.
up4.o%
Y. Bank stocks
6.9%. Moran to Senior Vice-Presidents.
quarter
At
.
the, end
month
with
com-
:
Bureau's, OTC
at 129.19
compared
industrial
'
&
<
Poor's
-
•
500
stock
•
NQB
OTC
industrial——up 7.6%
Dow-Jones industrial
:S&P
•
500
and
'most
market
Poor's
&
showed
instances
as
5.5%
—up
insurance
also
•ages
f___rup4.6%
stocks—
The ; Standard
bank
OTC
stock
better
than
to
slower
been
the
past
.
20
following
recover
sharp declines. Subsequently they
in
instance
each
proportionately
able
peaks.
higher
At
first quarter in
increases
moved
the
to
above
Election
close
their
of
the
1962
lows
averages:
ATr._.
..
.
S&P Cas. Ins. stocks
S&P Fire Ins.
NY
00_
_
—up29%
New
April
—up
.,
4
of
of
,
Trust
the
assets
48.85
—
196'i Low
New
of
York
the
to
of
,1,050.000
Federation
$42,130,000 and
The
Chemical
Trust Co. had
and
327,770
deposits
same
of
$4,292,-
date.
banks
U.
84,000
of
but
exchange
Chemical's
author¬
shares.
Dow-Jones
36.03
Composite
outstanding,
32.16
39.90
55.06
68.07
73.43
20.83
27.46
35.82
45.20
48.31
446.76
524.55
652.10
682.52
York,
.
through
subsidiary
*
>
•••■
Total
•
\
'
.25.29
'
'
'
42.10
52.32
•
J
v
63.10
66.57
*' ;'
1
•
U.
chased
an
industrial
60% above 1958
its
wholly-owned
Bankers
International
pur¬
128% above 1958
S&P
Cas. Ins. stocks
150% above 1958
340% above 1953
S&P Fire Ins. stocks
75% above 1958
132% above 1953
stocks
78% above 1958
84% above 1958
(NYSE)
53% above 1958
(NYSE)
58%'above 1958
the
Company
to
163% above 1953
New
York
United
of New
Certificate
of
on
April
States
4
Trust
York, approval
Amendment
of
154,691,188
2,691,713
149,488,008
profits—
'
Initial
COMPANY
Dec. 31, 1962
<g
1,197,319,592
:Jt
The
752,208,149
596,217,401
discts.
2,290,194,087
2,712,856,425
profits
150,342.630
165,740,512
*
COMPANY
AND
due
June 30, '62
&
149,587.087
from
29,570,435
*
Standard
&
Poor's
OTC
indexes:
10
OTC
2,340,198
2,235,806
sit
.
sit
./
NATIONAL
ISLAND,
'sit
■
BANK
AMITYVILLE,
resources
-
has
approval
in
to
During the first quarter of 1963
.institutional
investors
added
a
substantial number of OTC stocks
;to their portfolios based
on
the
During the three month period
Digest reports show the fol-
the
lowing
increases
of institutions
in
the
$
holding these OTC
stocks:
Inc.
The
publication
conducts
; monthly surveys of stocks held by
Damp Works—up 11 to 173
Avqn Products _
up. o to 78
.
more
than
1800
investment
com-
T
...
n
panies,
insurance
"
trust funds
-
companies
•
*:
and
Dec. 31, '62
James J.
Saxon
that
liminary
on
he
Analysis of the latest Digest
port
shows
increase
an
in
re-
ings of all three categories of OTC
stocks,
industrial
American Express
and
utility
...up
c'
lme
hold-
stocks, bank stocks, and insurance
crease
company stocks
approval to
National Bank in
tions
in
■V'K:-iV
and due from
______
20,938,743
26,636,469
50,229,518
91,361,229
1,407,895
48,291,177
Government
number
of
the
year
report.
This
follows
-.increase of more than 10%
.
m
an
in-
holdings
discounts
stitutional holdings of OTC stocks
during 1962.
The 100 most
OTC
industrial
reported
were
on
and
in
the
represented in
stitutional
.
widely held of 310
portfolios
profits—
90,652,473
1,000,688
sell,
nor a
solicitation of offers to buy, any
Prospectus.
April 11, 1963
132,000 Shares
General Real Estate Shares
Beneficial Interest
(Par Value, $1.00 Per Share)
Price $10.00 Per
Share
institu-
held
^n°dkin
and
un'Hciv
10 widely
of
Electric _____up7to22
up
4 to 19
Sanders Associates .....up 7 to 19
Western Mass ' Co's
uo 5 to 17
Western Mass'
in
than
55
the
10 most
OTC
bank
hliT.£?Ortf0li0S;
held OTC
insurance
stocks
riod
over
the
three month
pe-
were:
Travelers Insur.
.....up
•
40 to 153
Fil'st Nat'1 Clty Bk'—"P 20 to 506
Bankers Trust Co.—„up 17 to 261
.year.
in
,
16%
Auchincloss, Parker & Redpath
Watling, Lerchen & Co.
more
are
from any of the
Baker, Simonds & Co., Inc.
Fireman's Fd. Ins. Co._up 40 to 103
portfolios than at the start of the
company stocks
Copies of the Prospectus may be obtained
several underwriters, only in states
in which such underwriters may legally offer these shares in
laws of the respective states.
compliance with the securities
s—-UP a t0 1'
Insurance and bank stocks reglatest Digest istering marked gains in the num5% more in- ber of institutions holding their
Morgan Guar. Tr. Co. _up 17 to 326
Saunders, Stiver & Co.
Mackall & Coe
a
$200,00$, and
the title
First National Bank of Gillette.
3 to 46
utility stocks
January 1963 report. The
Widely
g
organize
it will be operated under
holding stock:
T
an¬
pre¬
Initial' capitalization of the new
bank will amount to
UP
the
given
Gillette, Wyo.
'
since the first of
.
i
246,431,606 241,745,877
77
The
following
showed
large
gains in terms of percentage in-
;
Currency
March 29
has
.
Christiana Securities—up 8 to
•
the title
*
.
pn5fufr"?usp
n'
,Bea® & Co._^—up .4to 44
a
$675,000, and
•.
number
.April issue of the Monthly Stock
.Digest published by Data Digests
organize
Denver, Colo.
The Comptroller of the
NEW ISSUE
Institutional Investors Add OTC Stocks in First
Quarter
an¬
pre¬
-
.
nounced
of these shares. The offering is made only by the
Banks; 16 OTC Banks Out¬
side New York; 9 OTC Life
Insurance Companies; 8 OTC
Casualty Insurance
Companies; 16 Fire Insurance Companies of which 13 are OTC-traded.
29
given
'
Y.
270,607,866 264,198,563
Deposits
March
he
Bank
;;
.
LONG
OF
N.
of
t|t
Saxon
of Denver.
101,948,639
This announcement is neither an offer to
NY
and
Northeast Colorado National Bank
31,798,780
118,798,163
profits—
tit
it will be operated under
29,278,897
holdings
■
Undivided
new
Bank
bank will amount to
•
;
...
discounts
Undivided
&
a
Initial capitalization of the new
$
167,241,854
30,568,225
security
.
that
National
Government
security
organize
to $500,000
YORK
164,063,400
and
J.
nounced
liminary
BANK
NEW
182,155,399
resources-—
banks
Loans
an¬
pre¬
Comptroller of the Currency
James
Sl!
sis
NATIONAL
$
S.
to
2
given
Houston, Texas.
National
1,095,033,800
hold'gs
banks
has
Houston.
STERLING
Cash
April
he
amount
Memorial
Mar. 31, '63
U.
Saxon
it will be operated under the title
'J
5,313,607,035
.
Loans
;
of the Currency
capitalization of the
bank will
4,381,189,847
&
S.
2,960.974
t;.-
approval
5,095,238,806
TRUST
U.
*
that
L„4,036,931,587
secur.
:
J.
liminary
YORK
Mar. 31, '63
the.
33,187,186
discounts
143% above 1953
S&P Composite
A'.'V
-
SECURITY
of
32,236,977
National Bank in
Governm't
S.
Monrovia*
Department
j
holdings
128% above 1953
Dow-Jones ind.
of
TRUST
NEW
resources-
Total
Banking
28,382,261
210,450,365
from
130% above 1953
S&P Outside NY banks
72;389,174
Liberia.
State
418% above 1953
Ltd.,
236,360,787
The Comptroller
1,825,407,581
75,739,434
equity interest in Inter-
(Liberia)
gave
165% above 1953
S&P Life Ins. stocks
NY Bank
Africa
The
these periods as follows:
NQB-OTC
1,829,495,830
Undivid.
e w
'
Note: A comparison of industry stock price averages (above) at
the close of the first quarter of 1963 with
closing figures for the
end of the first quarter five and. 10 years
ago, indicates relative in¬
over
discts.
Deposits
Total
N
Financing Company, Inc. has
-
'
'
-
(NYSE).
;
Company,
&
S
-
228,718,338
202,305,524
1,029,967,380
profits
Mar. 31, 1963
Dec. 31, '62
16,946,989
due
Undivided
584,028,437
GUARANTY
TRUST
CONN.
3,934,580,367
413,837,984
&
Cash
Trust
COUNTY
Government
nounced
Deposits
Bankers
and
S.
James
the
making
resources
Loans
Dec. 3, 1962
hold'gs
MORGAN
6,000
90.05
*
(NYSE)— 279.87
Ind.
has
34.51
28.28
(OTC)
bank
85.57
'69.47
(80% OTC)
Centre
exchange ratio about 14 to 1,
20.14
Fire Ins.
Rockville
FAIRFIELD
banks
The
shares
35.97
Outside NY Banks
3-29-63
Cash
COMPANY, NEW YORK
—1,106,080,663
Undivid.
Loans
in
unissued
J.
Governm't
8.
Chemical would acquire the Rock¬
assets
Michael
3,359,574,746 3,476,441,549
banks
Centre
2,787,757
Deposits
Cash & due from
The two banks have agreed that
98,722,889
2,760,389
$
Total
Cash & due from
York
of $5,077,-
164,949,818
profits—
Mar. 31,'63
Vice-President.
3,862,590,480
OF
New
resources
the
on
Bank
69,907,255
discounts
&
❖
resources-
32,717.280
79,377,443
Trust
de¬
March 31.
31,789,675
Undivided
announced
Mar. 31, 1963
Loans
Centre Trust Co.
from
holdings
security
BANKERS TRUST
V.;
Government
security
U.
secur.
on
York,
of
312,417,701
COMPANY, STAMFORD,
and
Senior
as
due
S
325,916,258
284,055,090 286,318.459
—
and
S.
THE
appointment
Merkin
WESTCHESTER
par
Bank
New
Deposits
The transaction also
of
the
Rockville
Reserve Board.
assets
the
Shore
Jj:
OF
banks
U.
#
$
Co.,
posits of $38,733,000
of
sit
BANK
resources
Cash
of
value of $10 each.
Total
Trust
The Rockville
shares
North
on
a
Soundview
Washington, N. Y.
Deposits
$20 each, to $10,500,000 consisting
of Rock -
129.19
15.60
consisting
Long
for
$
Total
previously
525,000 shares of the par value of
Bank
285.35
20.48
(QTC)—__
$10,500,000
acquire
120.03
(OTC)
124.9
of
the
of
Y.,
WHITE PLAINS, N. Y.
Mar. 31,'63 June 30,'62
pro¬
num¬
purchase
264.36
Cas. Ins.
S&P
April 8
on
100.23
54.99
creases
Superintendent
190.53
80.64
(OTC)
value
par
Alexander,
proposed
Centre, N. Y.
0i,_
1.2-31 -(>2
Incorporation
change in the
authorized shares of capital stock
THE
3-31-58
Ins.
S&P
C.
requires approval by the Federal
S&P 500 stocks
3-31-53
S&P NY Banks
.
State
Centre
for
S&P
-
of
announced
was
Henry
the
Co.,
ville
Life
S&P
Greene-
Directors
by the Chemical Bank New York
27%
__up27%
and
The
approved
Outside NY Banks..up 33%
S&P
.
H.
of
Banks, Oren Root,
Dow-Jones Industrial—-—up 30%
•
York,
by
York
in
Averages*
NQB-OTC Industrial
•
Road, Port
:
of
a
Company,
New
ized
Table
Board
Chairman.
stock
gains
the
the
730,443
stocks—_up 34%
Banks
.
Crawford
nnn.
up 29%
S&P Life Ins. stocks——up 50%
S&P
to
had
.
-
of
Morgan Guaranty Trust Company
; of
registered by the following
were
in
Shopping Center
Capitalizations
Loans
wait
compar— ville
1963, approximate
ber
from
of rela-
pattern
fionship between listed and OTC
aver-
whole:
a
the
1962 lows.
NQB 0TC industrial
J
-
.
This follows
have
Na-
period
Standard
and
"averages:
in their de-
averages
of recovery from
gree
to
and
OTC stocks have
Dow-Jones
the
OTC
between
over
showed the following gain for the
.three
moved
averages
gap
averages
the
industrial stock average
,
the
in which
March
Quotation
-tional;
•
close
years
proportion-
were
of
OTC 'stock
1963 gains the
stock
parable listed stock averages.
•
As the result of
previous
ately greater than those of
•
Outside N. Y. Banks.—up 7.8%
averages
the
over
which
year end
traded
issues
At the close of tne first
.
office
>!:
stocks- ———_up 7.9%
institutional listed stock
increasing
interest
branch
NATIONAL
"
taining
N.
Con¬
The Manufacturers Hanover Trust
OTC
Bank
Amityvillc,
study presented here should dispel misconceptions
•
The
Revised
•
National
Island,
BANKS AND BANKERS
perhaps too little realized or underrated is the favorable OTC stock
.
13
Alex. Brown & Sons
The Ohio
Company
J. J. B. Hilliard & Son
Campbell, McCarty & Co.
(Incorporated)
Collin, Norton & Co.
14
The
(1482)
day). Traders
The Market... And You
WALLACE
BY
distinct
the
Executive
Commercial
and Financial Chronicle
action, based
thwarted
Oils
unquestion¬
Maybe the Securities & Exchange
Dow-Jones index has
Commission should release reports
ably brought some of the formerly
This
regularly.
more
official
reaction
this week after
of
PUBLIC
some
the pol¬
on
race
to
than
a
its
traders
highest level in
more
strated
year.
Volume
more
of
members
auto
Step-Up
encouraging to
the
many
investment
issues
along
com¬
7
stocks.
oil
and
million
car
major
four
the
in
Chrysler
almost
have hit
months, illustrated again that
uncertainty is
a
highest
bull market.
the
biggest foe
of
siderably
Release of the SEC
of
Motors
all-time highs to no
one's surprise.
interest
more
retail
on
to have little
seems
nual
revenues
lion,
has
from
California,
of
ahalysts.
Royal
Atlantic
Light, with
of
been
being
utilities
of
one
the
the
its
and
top "growth
Revenues
quadrupled
earnings
almost
of
one
enjoyed the reputation
utilities.''
share
an¬
$200 mil¬
over
rated
growing
has
than
the
(adjusted
have
since
more
1950
and
have increased
rate—from
same
for
splits)
in
at
61c
1950
to
Refining, $2.31 in 1962.
New
Progress By
Industry
An
used
to
be
of
study
has
the
already
swept
although both independents have
faltered in their efforts to take
away
doubts although the bulk of
full
is
report
until sometime
While
not
expected
1.600
Wall
question
a
according
it
has
in
helped
the
serve
latest
The
market
its
on
Washington,
of
the
take
failing
political
economic
as
is
moved
now
"1963V2" mod¬
els has encouraged
pects
ago.
should
can
this
opinions
of
'
,
.
stock
are
gen¬
good
is
still
stock
several
have
the
earnings
SEC
the
below
/should
also
Other
bolster
good
the
high
fiscal
improvement
Profits in
quarter
from
up
50
to 65
rose
cents
a
year
profits
are
,.the
prices,
rise
in
retail
sales,
^continued increases
the
ste°l
in
and
and
auto output. But the main
have
been
More
largely
investors
the
be
in "Speculative
Blue chips continue to
get
big play, yet the less seasoned
} issues
are
beginning to
> among the most active
Indicative
interest
higher
of
volume
be
of
Indiana's
climbed
/
American
|E*change. Turnover here
this
sharply
climbed
week
former
nearly 25% over the
daily average of recent
•months.
Itual
funds
and
other
mu-
The
fact that industrial
stocks have fi¬
row
range
away from their
of
670
to
690
in
depressed
outlook
is
too
profit
talk
raising
other
nar¬
the
and
the
Bethlehem,
number
giant
two
industry,
high to sustain ade¬
Cuban
from
it? depressed
under
1955's
Wheeling,
smallest
into
producers,
action.
prices
of the
one
is
If
its
followed
steel
by
stocks
of
Naturally
higher profits
market
the
leading
steel
including Wheeling, scored
overnight advances
of pne-to-two
However, the gains
erased
following
majol; cost-cutting
off for
pay
Indiana
Total
num¬
since
1957
of President
sion to postpone
been scheduled
Kennedy's deci¬
a
trip which had
for today
(Thurs-
by
or
10,500.
Mean¬
mills
some
$40
the
than $1.4 billion
capital outlays
on
in the last five years.
$200
million
improve
of
this
More than
has
gone
manufacturing
tions. A Last
year
opera¬
than
more
products
80%
from
came
facilities.
to
conditioner sales
half times.
a
Vigorous
sales
apartments
bronze
being
94% of all
ments
new
and
rare
exotic
48%
last
but
year
was
of
Crude
only
the
expanded
gram
to
its
tourists
operation
is
the
and
state's
last
million visitors
biggest
year
14
some
spent $1.5 billion.
88%
growing
industry;
estimated
exceeds
12,000,
increase of 17% in 1962.
for
Over
equipped
are
75%
heaters and 56%
with
with
water
include air
con¬
ditioning.
The company has had to expand
vigorously to take
an
Many in¬
of
care
grow¬
ing output. Generating capability
aggregates about 2.4 million
now
kw
(vs. peak load of 2.1 million)
and
additional
an
capability
will
1.6
be
is
kw
in
the
A 300,000 kw
years.
installed
was
million
added
last
going in
and
year
currently;
a
425,000 kw unit is scheduled for
and
in
substantial
two
1965.
new
of
more
In
the
addition
generating
to
capa¬
city, the company is constructing
240,000-volt transmission and dis¬
tribution
lines,
utilities
the
On
Construction
connecting
the
Coast.
expenditures
about $80 million
average
with
West
last
$59 million, but should
year were
a
year
during 1963-5.
Electronics is probably the fast¬
About half of the cash require¬
should be provided intern¬
ally and sale of senior securities
ments
will
probably .provide a- substantial part of the balance. The com¬
,
dustries
the
have
been
attracted
by
big
Cape
sjDace-age activities at
Canaveral.
General Elec¬
tee's
big
research
and
going
Daytona
General's
At
Beach.
up
Aerojet-
site, acquired for future
solid
of
pany has a relatively high equity
ratio, currently around- 48 % com¬
develop-' pared with only 31% about
ment project for the Apollo moonshot
space
capsule is
propellant
ade
earlier;
fore,
to
seem
equity
low
there
would,
be
little
financing at
dividend
dec¬
a
there¬
need
present.
payout
for
The
roughly
—
one-half—helps to build
cash.
up
motors, is south of Miami.
Sarasota,
search has
the
on
Electro
new
lower
West
Mechanical
-
Re¬
In
general, Florida Power &
Light has enjoyed very favorable
regulation
contracts.
(representatives of the
Florida State Commission recent¬
for
com¬
drilling
such
monazite; zirconium, hafnium,
titanium, etc. However, catering
NASA
domestic
Last year the
pany
pro¬
sufficient
company's
runs.
output
total
metals
as
Coast,
enough crude oil
6%
The
1962.
qualified
homes and apart¬
ranges,
size
in
re¬
wired for "Full House-
are
year
million
promotions
Gold Medallions;
or
same
to
needs.
'
sulted in nearly 10,000'homes and
next
$190
expansion
its
three times
were
and water heater sales
many,
ing
rocket
meet
near¬
ly twice the national average, air
doubled in the past decade, reach¬
•
,
on
com¬
were
pany's sales of ranges
another
Yet Indiana still faces the
prob¬
lem of producing
of Cape
Soar
has
added
14,000 acres
Canaveral for the Dyna-
Orbiting
pro¬
Bomber
launch
ly appeared before the New York
Society of Security Analysts and
explained their policies).
The
than
1,000 wells to
further progress will be
made, few
the company as
major
any
in
the
likely to make
exploration
future.
near
prospects
active, but
Some
are
of
the
believed
to
still
unknown
as
earnings prospects.
reported earnings
come
earnings possibilities
a
center
All
currently
are
stem from Indiana's future
Better
said
to
success
not
cide
necessarily
with
They
author
are
those
of
presented
only.]
at
any
the
as
research
and
engin¬
eering activities.
Florida
the
east
southern
(Tampa
Power
coast
&
of
Light
serves
Florida,
the
around Lake Okee¬
area
Corp.
time coin¬
and
serve
most
Florida
of
the
Miami
Beach, West
Palm
Beach, Davtona Beach, Fort Lau¬
derdale, »Hialeah,
Sarasota
revenues
and
serves
are
Coral
Gables,
Hollywood.
only
The
electricity;
46% residential, 38%
commercial and
10%
industrial.
"Chronicle."
those
of the
'
Residential
annum,
end
rate
use
is 5,430 kwh per
about 28%
above the
na¬
held
level
in
to
-
a
on
6.98%
return.
In
year-
consid¬
order
earnings to around
a
moderate rate cuts
ordered
in
However,
of
range
7% %
base with
fair
a
reduce
Power
remaining western portion.) Flo¬
rida-Power & Light serves the
important tourist centers of Miami
and
return
roughly 6^2%
ered
Electric
company
[The views expressed in this article
do
for
chobee and the lower west coast.
Louisiana.
are
of
sur¬
prising that Florida is becoming
increases
longer-range deals in Alaska
offshore
commission would apparentlv like
to have the company's earned rate
nounced
Although observers expect that
see
pads, following its previously an¬
73,000-acre expansion of
the missile complex. It is not
more
help close the gap.
its cost-cutting program and
improvement of product prices.
add
sugar
Value of mineral production has
near
in
Registrar and transfer company
the
to
re¬
new
$138,-
the
customers,
unit
employment
7%/ and product sales 13%.
from domestic operations.
Arthur G. Bisgood
of
at
1961. Based
over
coming three
to
record
new
quadrupled largely offsetting the
est
to definite
beloved President and Friend
and
this winter, but orange prices
crop
number
S.
Cold weather hurt the citrus
crop.
a
by
U.
ultimately
may
million
output has climbed 41%, refinery
Overseas explorations have been
we announce
its
and
plantings
new
sugar
liquid products has risen 30%. Gas
were
disclo¬
benefitted
allotment has been greatly
while production of oil and allied
duction
quickly
the
to
to
lead
has
debacle
put and Florida is also important
share.
a
employees has dropped 21%
fined
ingot-pourers,
points.
state
year
ber of
and
our
last
has been in payrolls.
better
death of
gas
of the company's production of
margins.
prospect
that
in
product
runs, and
still well
of
the
sorrow
the
for about 70% of the national out¬
lie in
It is with profound
third
ranks
37%
$4.53
rose
sure
sold nation¬
are
profits
were
record
may again regain favor.
stocks,
Mid¬
Indiana Standard has spent more
predictions this week that
are
stock
heavily
activity.
one
of
industry's
in
The
ings
Wednesday's refinery
institutions
may be participating more
in current market
nally broken
voiced
steels
should have definite
repercussions
on
Wall Street.
In
Institutional Participation
There is also evidence that
in¬
■
turn
first in farm profits per dol¬
state's phosphate deposits account
.
number
quate
and
earnings of ' 1958, when profits
dropped sharply to $3.29 a share
from $4.27 in 1957. But 1962 earn¬
according to industry
But it took
investor
the
the
seen
bleak,
costs
the
set
000,000, 20%
electric
runs
the ' earnings
producers
leaders.
growing
could
be
an¬
more
that
at
Both U. S. Steel and
"«stocks.
a
be
leaders.
changes
to
Although
attractive
more
still
psychological.
appear
^getting 'interested
to
appear
recommendations
tdrop in the unemployment rate,
in
also
commer¬
appliance equipment
loss.
One
other question.
low
also
programs
;
vestors have been inclined to fol¬
the
marketer
electric
power,"
lar.
sugar
major residential and
cial
cash
a
it ranks fourteenth in agriculture
for
Steel
highs
It
With
earnings of
1962
of
of $857 million in 1961,
farm crop
sales.
for
fruit processors.
and
increased;
large
name.
This
Steel Profits Questionable
optimists.
includes
news
prog¬
Now selling
ally under the American Oil brand
weeks
earlier.
quar¬
ter sales and profits hit new
its
output, refinery
its
significant
first
cents,
earlier
-this week that 1962's fourth
times
west, its products
firmation from the Federal Trade
and
13
A
-:
■
the year-ago pace.
over
and second quarter outlooks. Con¬
^Commission
major
pros¬
recom¬
of 23, but earnings have
year
shown
who
lot of support from first
a
for
that
There is also considerably more
Indicators
cont;nued
find
earnings
extent
interest in American Motors.
Investors
make
notable
oil producers.
"
concrete
the
to
the
to
mendations
re¬
events.
favorable.
to
$10 bil¬
a
market which sup¬
consumer
out ports a big variety of new manu¬
facturing plants, service industries
singled
the
of
in cutting costs.
ress
at
been
one
the lion
in
now
its highest
at
lysts'
The business indicators
look
selling
News from
more
has
as
companies,
the
for
50's,
recently
shown.a sharp reversal from ana¬
variety,
Favorable
erally
highs
new
quick turn
a
back seat to
a
ov
to
Standard,
added
40,640
customers,
bringing the total to 846,087. Sales
po¬
pulation growth it has
into ninth place. It has
poinL $4.53 a share, it is said to be rea¬
sonably priced relative to some of
since its stock split last year.
the other large domestic integrated
Success of Ford's
it
point must
terms.
own
high
question
big
Now trading in the low 50's,/
year.
;
this
at
break through new ground
treat
to
market
breakthrough.
risen
also
Streeters, there is little
catalyst
the
of the auto field but its stock has
too much atten¬
study,
page
-
remains
Ford
tion may have been focused on the
some
Indiana
of the auto sales market.
more
next month.
perhaps
Report
Light Co.
the
one
:
many
ELY
pany
as
states, but with rapid
smaller
American Motors
OWEN
tional average. Last year the com¬
four
Florida
prominently mentioned lately.
in
now
Florida Power &
and Standard of Indiana have been
There is also con¬
Studebaker and
pressure
Dutch, Jersey Standard, Union Oil
General
and
the
Oil stocks continue to get strong
year.
new
lately.
well
earnings.
on
backing
Monday's nearly 6 million share
done
gasoline prices
Motors' New Higlis
turnover,
Florida Power &
stock
far,
effect
munity has been the rise in daily"
volume."
Oil stocks, es¬
fastest
Thus
the strength of another
on
important
plagued with low price structures.
barreling
been
have
an
But oil companies have also been
of the
The
have
variety,
demon¬
been
the popularity
by
auto
Even
has
This
theory.
also
pecially those of the international
is undoubt¬
edly attuned to "buy the leaders"
BY
Backed
are
of heavy industry.
Part of this buying
seeing the market
UTILITY
SECURITIES
price-raising at¬
problem in other major segments
the
into
managers
Price rises
buying fold.
the un¬
some
of
was
fund
hesitant
Thursday, April 11, 1963
in this decision
saw
possibility
tempt last year.
its investigations of Wall Street
.
icy employed in the case of U. S.
STREETE
Steel's
on
.
.
to
7%
were
1957, 1959 and 1961,
earnings
per
share
have continued to increase stead¬
ily, except in the
year 1961 when
they remained unchanged. In 1962
$2.31
was
$2.11
in
reported compared with
the
previous year; and
1963, $2,50 is tentatively esti¬
mated by Standard & Poor's.
for
The
stock
has
cently around 71
been
selling
re¬
(range this year
about 76-66 and in
1961-2, 87-48).
The
current
based
the
on
the
yield
$1.20
is
about
dividend
1.7%
and
price-earnings ratio approxi¬
mates 31.
.
Volume
Number 6254
197
The Commercial and Financial Chronicle
.
.
.
(1483)
Our Reporter on
BANK AND INSURANCE
pected to follow its present policy,
This Week
—
many
Bank Stocks
with
BY
full
year
higher earnings.
ings will be
report
1963
has
commercial
banks
expected
are
to
All estimates indicate that New York bank
earn¬
should show the best results. The
principal reason for earnings
increases is the absorption in 1962 of increased interest costs due
to
Regulation Q.
other
are
in bank
In
factors
addition to
which
earnings.
should
'
little
increased
help
develop
cost
here, there
greater
increases
„\
The recent gold outflow has
been
discussed
in the
press
and
public sentiment would obviously not be against
higher interest
rates. The recent rise in the rate of the Bank of
England has had
an unfavorable effect on
foreign deposits in this country. In recent
statements the Chairman of the Federal Reserve Board
—
Martin—has indicated
a
policy of "less active ease."
Mr.
This attitude
On the
part of the Federal Reserve can mean higher interest rates.
Further evidence of the attitude of this
Agency may be seen
by the trend of "Free Reserves." In the early months of 1962
these averages ran as high as
$600 million and throughout the
year ran in the
vicinity of $400 million.
of this year the
The
figure has fallen to
$237 million.
Tuesday
second
in
and
long term bond markets.
offerings have been responsible
rates.
In
to
The
extent
some
increased
for
the
in
addition
in
its
for
raising oper¬
money
under
the
Treasury,
the
competitive
long-term
bidding
competition
Again
it
is
very
100.5519, for
$300,000,000
a
net interest cost of
narrow
the
The same group, headed by C,
J. Devine, Solomon Bros., Hutzler,
Chase Manhattan Bank, First Na¬
$1,000
new
keen
bond
of
that
competition
tion..
Chicago, which was awarded
the initial auction
offering of $250
million bonds in
January bettered
the competition in the current in¬
stance.
the
The
syndicate
re-offered
$300 million issue at
price
a
100% to yield 4.08%.
The public
offering yield of the
long-term competitive bid¬
second
ding
bond
of
the
Treasury
was
was
this
Solomon
Bros.,
a
porate rates may rise.
This
If this rise is sufficient, it could well
en¬
corporate borrowing at the banks.
the
The. following tabulation of first quarter earnings of
of
some
able
were
to
favorable
more
4%
raising
and
at
York
Bankers
Trust Co. and First National Bank
of
Chicago worked for
$1.9881
a
money
Treasury,
the major banks indicates that earlier
prognostications are coming
true, with the greatest increases occurring for West Coast banks.
just
One argument advanced
taken place in the capital
market,
since early in January when the
of money.
in
crease
for
stable
interest
rates is ample
For the first quarter, New York banks showed
deposits of 7.1%
the
over
period in 1962.
same
of this increase occurred in the time
supply
an
in¬
The bulk
category, with these deposits
now
representing 31.8% of the total, according to M. A. Schapiro
& Co. in their recent compilation of New York
Clearing House
Association
i same
banks.
period.
Demand
deposits
With bank loans
were
the
on
only 0.8% for the
up
increase,
it
appears
more
likely that rates could rise at
some point in 1963.
The additional
deposits, being in the time category, will find their way into the
mortgage or tax exempt market and will not be available for cor¬
about
amount
market and
a
term
earnings growth, the present*situation calls for higher loan
ratios in order to promote higher rates.
BANK EARNINGS
sold
to
1st
Bankers Trust
Co.--.
Chase Manhattan Bank__—
Chemical Bank New York Trust Co
First
National
City Bank___
$0.86
1.27
■
the public in
000,000
the
issue,
bidders
four
sale.
there
with
Illinois
Corp.,
National
Conti¬
Bank
&
Trust Co. of Chicago and Discount
Corp. of New York, naming
of 100.51259 for
a
a
4V8% bond.
came
The
price
The
from the
1.31
1.8
+
4.1
—
3.1
1.45
1.32
1.40
1.49
.*____
0.48
0.42
First National Bank of Boston
1.32
1.37
—
3.7
First Pennsylvania Banking & Trust Co.
0.47
0.48
—-
America,
Blyth
&
Co.,
securities
will be
Joins Federated Funds
PITTSBURGH, Pa. —Frank
Betz,
Jr.
has
Federated
Midland
Corp
——
Liberty
Avenue, John
Girard Trust Corn Exchange
Bank____'
Pittsburgh National Bank___
First
National
Bank
of
1.32
0.75
.
Chicago__
1.32
•:
0
0.68
'
announced.
Mr,
announcement
■
erated many
ultimate
the
has
had
far
as
a
even
followers
a
existing
the
of
would
are
coun¬
not
be
great deal if what
"little
a
the
con¬
though there
business who
be
as
proper and favor¬
conditions
few
in¬
infla¬
no
is concerned. This is
not
try's
these
of
development under
a
new
all
to
sidered to be
able
new
$550,000,000 in
which
injected
Treasury
NEW ISSUE
an
The
inflation"
into
the
is
were
system
is
ex¬
1.01
0.98
0.90.
0.79
T.
Frank
Betz,
fund
field.
cently
dent
Inc.
He
of
H.
A.
member
a
Stock
Wells
0.88
0.72
he
0.56
+
8,9
0.71
0.66
+
7.6
_■
11
____
Bank of California—;—
+
Sales
of
years.
.
for
public
shares
of
by
Telegraphic Address
to
buy
Telex Nos.
Bulletin
Bankers
ADEN
•
to
KENYA
on
SYSTEMS
UGANDA
•
ZANZIBAR
•
PAKISTAN
•
Price
CEYLON
•
BURMA
AND THE RHODESIAS
New
Members
ADEN • SOMALIA ♦ EAST AFRICA
$5.50
Copies of the Prospectus
Laird, Bissell & Meeds
Members
Branches in
INDIA
Stock
American
120
York
Stock
Bell
in
may
and other Underwriters,
as
be obtained only from such of the undersigned
may
lawfully offer the securities in this State.
Exchange
BArclay
Teletype
Specialists
Share
Exchange
Stock
BROADWAY, NEW YORK 5, N. Y.
Telephone:
per
Request
the Government in
•
212
7-3500
571-1170
Bank
than
Funds
Stocks
Emanuel, Deetjen 8C Co.
of
which
April 5, 1963
100,000 Shares
22368-9
Betz
Director
mutual
more
of this Stock.
any
10 N. Y. CITY
BANK STOCKS
MINERVA LONDON
Mr.
and
Federated
(Par Value $1 Per Share)
LONDON, E.CJ
York
Also,
Corp.
Quarter Statistics 1963
Head Office
of
New
distribution
the
-
Common
Co.,
fund
five
Mr. Betz will be responsible for
the
3.0
Bank Limited
&
.
National and Grindlays
it BISHOPSGATE,
the
large
a
INC.
First
of
Exchange.
organization
offer to sell nor a solicitation of an offer
offering is made only by the Prospectus.
ANTENNA
re¬
President
was
firm
+22.1
0.61
Fargo Bank.
Riecke
Vice-President
was
of
most
Vice-Presi¬
(Philadelphia), and previous
that time
to
in
mutual
was
Executive
se¬
busi¬
and.
ness
Jr.
the
+12.8*
.
the
investment
managed
however,
•
of expe¬
curities
nearly
going
economy
The
is neither
Betz
brings to Fed¬
+10.1
~
Security First National Bank (L. A.)__
Crocker-Anglo National Bank
Donahue,
President, has
6.0
+14.2
Fund,
719
+ 10.0
—
T.
Vice-
Growth
the spread
from time to time.
Aubrey G. LansCo., the offer being 98.21262
This
Marine
named
President and Director of Sales of
Income
Foundation
Fund
and
2.1
•
_.
Morgan Guaranty Trust Co
been
transac¬
with
money
to
Halsey
Stuart & Co. and
ton &
time, the
forthcoming.
securities
able to obtain
termed
York, Bank of
to
In
raising ventures has been
disturbed
of New
capital market.
answer
because
favorable
very
Treasury in these two
money
Trust
Co.
bonds
be
F.
government
tionary implications
syndicate headed
a
not
important
narrowness of
tions, the
bonds
Boston
government
would
rience *in
vestor
by
these
years
Jan¬
made
govern¬
of
sizeable amounts included in'these
offer
First
the
government
the
at
amount
the
to
large size
that is usually involved in these
undertakings.
Because
of
the
The second high
contenders
by
nental
only
were
contrasted
as
remem¬
sales
is .compensated for.
In the competition for the
$300,-,
be
of
thru
that
the
operations is the
Again the Bidding Was Very Close
three
sector
particularly unusual.
in
syndicate led by Morgan Guaranty
+
1.22
1.27
_____
the
on
factor
Change
1962
$0.87t
has
not
is evident that
Percent
Quarter
1963
.
minor
short period of time.
very
third and final bid
(PER SHARE)
put
was
was
Also, the rate of deposit growth has slowed considerably for
particularly for demand deposits.
Although long term growth in bank deposits is essential for long
both classes of deposit but more
the
adjustment which
$250,000,000 deal
uary
porate loans.
reflects
of
It
because
be obtained in the
Treasury flotation between
they were bought and sold
at, is
the
must
spread, in this
yield, between
of
was
better than the $1.49
spread in the
first offering.
It is well known
in financial
circles, however, thai
the spread between the bid
and
asked side of government securi¬
so
far
so
or
of
gross
$1,000 bond, which
per
supply
financing.
it
;
since, (
Treasury, according to all indica¬
tions, to not float too many long-
the
Co.,
lines
ultimate investor
without crowding this area. It
ap¬
pears to be the intention of the
term
Trust
power
market
bonds
no
appreciable in-
no
money
can
long-term
is
Treasury
that only a limited
of money
not
as
existing
the
these
the
However,
ment
new
successful piece *
very
deficit
bered
this
what
new
..
the
City Bank, Chemical .Bank,
New
a
so
There
>
what
along
in
crease
Chase Manhattan
Bank, First Na¬
return.
first
bonds
of
rate
difference in
second
that
get
done
tional
new
the
v.
Hutzler,
bonds
than
,
.
winning syndicate of C. Ji
Devine,
buyers of these long government
somewhat higher level of long rates.
With Treasury yields at current levels it is
anticipated that cor¬
a
higher
the first one, so that the
on
per
very
This Offering
on
billion. .The result has been
basis
o"
flota¬
'
..
ties has always been small
the not too sizeable
somewhat
the
6/100
'
City Bank, Chemical Bank, Higher Mark-up
The
for
■
,
Bankers
38
there
to a rise in short
rates, the amount of
long Treasury debt has increased. In January the volume of Treas¬
ury debt exceeding 10 years was $20.1 billion but
today is $22.5
courage
pattern.
but
work
of
the
presently
there has been
sepa¬
issue
money
government
York
of
the
of
investor
the
purchasing
from
margin which
New
Trust Co. and First National Bank
Co., Inc.
evident
tional
Co.,
occasion
rated the first two bidders for
4.09%,
Trust
this
on
C. F. Childs &
was
the
of
sector
4% coupon rate. Absent from
a
market, sold $300,000,000 of 4^8%
bonds, due May 15, 1989-1994, at
of
bill
rise
the
new
ation
Treasury deficit in .1963 is being financed through both
the short term
these
Through the first quarter
recent low of
a
of
show
higher rate of earnings increase, while West Coast banks
a
final
economic
CHIPPENDALE, JR.
•
in the vicinity of 5%. Banks in the mid-west should
up
T.
the
disturb
question
BANK EARNINGS IN 1963
the
JOHN
possible
as
raising issues being placed
money
to
For
that will continue to result in
one
as
STOCKS
15
the
are
Research
>:
16
(1484)
The Commercial and Financial Chronicle
truth
COMMENTARY...
BY
M.
R.
close to exposing dou¬
came
ble-talk.
'
*
:I:
.
.
their income has
.
steadily dropped.
The
back
been
the
on
made
speeches
campaign
political candidates
by
how many
see
instances
tiofi
Promise:
promises they have whoever
are but few
the
where
find
to
sound
promise he had made dur¬
Oiie such pian
President would
at least once
the
press
on
less than twice
made
are
to
politicians
in
be
still
kept
broken
dential
by
even
—
should be interested
—
promises
list
by
made
the
during
Kennedy
naive
and
which
list
comments
accompanying
of
Mr.
presi¬
1960
The
campaign.
the promises with Presi¬
compare
Promise:
—I
not
am
promising
100
days alone
leadership.
to
believes
who
dent
full-time."
a
John
—
Nov. 5, 1960,
"Our balance
be
of pay¬
strong and we can
about the outflow
the
balance
Our
has
celerated
steadily
of
worsened
Administra¬
Kennedy
such
to
.dangerous
a
point that other nations are wor¬
ried about the value
Performance:
F.
Beach,
In
his/first
Promise: ".
istration
Hyannisport,
as
Palm
and
Ora
Glen
ethnic
or
work
.
sympathetic¬
with
closely
management.
.
labor
and
Nor is there a
.
place for the kind of ad hoc lastminute intervention which settled
Promise: "If the clear,
ful
language
of
the
thought¬
Democratic
platform is to have meaning, the
influence
this
of
brought to bear
that
Nation must
just solution
a
on
be
all discrimination at
removes
the Suez Canal for all times.
White" House
And
must- take
the
John
—
Kennedy
appointed
many
intervene
in
latest
being
hoc
ad hoc boards to
labor
the
disputes,
"last
which
board
legislation
to
it
if
government
mendations.
the
minute"
threatened
puni¬
didn't
wage
has
always
the
*
give
recom¬
labor
steel
record
a
Federal
$98.8
budget,
even
topping expenditures in the peak
War II
World
and built
years
up
$27 billion deficit since he came
a
into
for the entire Nation.
In my
view,
only alternative to state
regulation of
a
of
wages
prices—
and
path which leads far down the
grim
of totalitarianism."
road
—
,
F.
Kennedy,
Labor
Day,
to
"Nepotism
the
public
interest
to
in
F.
the collective
Oct.
18,
1960,
Wash¬
ington, D. C.
to
President
R
a n
brought
high
from
dock
substituted
from
subvert
the
g in g
the
Comedian
his
rela¬
Administration
very
Bob
beginning.
Hope
cracked
there
are
Kennedys than people."
business
of
has
news
of
although actual
activity
most
part
noted
the
have
Federal
Review.
the
the
Bank
Reserve
collective
in Janu¬
gains
in
There
February.
are,
however, other encouraging signs
of
possibly
a
substantial
more
a
long
of
major
element
of
recent
the
recent
settlements
strikes
in
of
and
ing days for
it
was
confidence.
any
were
They
challeng¬
free society, and
incumbent upon the Presi¬
New
be
able
to
give full
their Easter and
of
veys
spending
sur¬
hower's
use
of
"There
troops
is
more
at
economic
somewhat
firmer
activity
on
ground.
Al¬
Jan.
business, the things
power
in
Presidency than to let things
and
then
suddenly call
the troops."
out
do if
we
freedom
John
F.
are
we
independence."
Kennedy,
Oct.
22,
our
—
1960,
(*127.9%);
7,
latest week ended
year's
last
than
of
week
net
2,361,000
tons
Production for
Week Ending
Apr. 6
District—
Index
North
Coast
East
Mar. 30
124
120
138
130
121
123
121
120
15i
148
163
168
133
132
134
Buffalo
Business
Failures
the
week
——
Pittsburgh
Youngstown
St.
ended
6,
clearings
for
is
possible
last
of
the
-
130
117
__1
downward,
underlying
well maintained.
stand
against
at
preliminary
for
$31,374,267,730
public construction outlays
registered a significant decline in
the
to
and
drop
was
little
awards
in
suggest
temporary and point
possible
a
changed
contract
rise
in
the
tive
summary
for
centers
money
Week End.
—(000s omitted)
1963
York__
of
some
'
follows:
%
1,423,710
1,365,102
1,228,000
843,577
+
3.7
501,470
493,769
+
Second
Be
by
least
17%
the
unless
threat
of
Rising
10%
a
making,
will do
increase
in
tons
to
6.1%
of
the
labor
however,
the
force.
In
rate
seems
quite likely that the Febru¬
to
5.6%.
rise in this rate had
ary
part
reflected
in
the
at
It
least
unusually
that
month.
June,
steel-
the in¬
above
the
level
ago despite the gains in
of
million
threat
in
production
will be
persists
last year
that
month
tons.
Disorderly
Market
of
the
For
Ward's
entire
market
is
Output for the entire '63 model
last
to
tight
a
re¬
impending,
Iron
54.7%; Ford Motor
1.0%.
1.1% Below 1962's
mills
are
warning
for
the
month
ally tight products
558,611
This
the
cars,
American
was
cars
tradition¬
are
lengthen¬
above the
The loadings
crease
are
swamped
economic
of
1.1%
Over
corresponding
an
Row, and Finally Exceeds
increase
According to data compiled
American
stitute,
ended
April
;(*129.5%),
tons
Iron
production
6
as
was
and
for
week
of
51,694
loaded with
de^
1962,
cars
or
corresponding
15,70,0
one
or
cars
more
reported
revenue
In¬
week
ended March 23, 1963 (which were
by
2,413,000 tons
against
were
in
1961.
There
the
a
below
highway trailers or highway con¬
tainers (piggyback) in,, the week
Steel
the
above
week in
•
Year-Ago Week's Output
the
10.2%
Prior
Week Marks Tenth Weekly Gain
In at
23,612
represented
year
Rise
of
preceding
of 6,487 cars or 1.1%
the
deluge of orders.
a
of
announced.
increase
an
4.4%
or
totaled
Association
Railroads
in
week.
on
ing and sales offices
freight
revenue
the week ended March 30,
be
may
of
!
°
Week
Loading
Delivery promises
Steel
12.8%,
24.8%; Chrysler Corp.
Age
higher than capacity.
with
expected
was
American'Motors 6.7% and Stude-
This shows mills believe
demand
made
cars
week, GM Corp.
account for
Co.
units.
being
passenger
steel
steel
May.
at 4,661,000
estimated
Of
their sales offices not to overbook
in
January-
March.
Rail Carloadings Top Last Week's
a
magazine reported.
Some
of
production
Steel
Seen
signs indicate
quarter,
second
produced
were
647,430
A total of 1,936,883
cars.
But Fall
All
from
in March.
forecasts
1,950,000
units
rise
a
be
month
same
10% and would
some
counted
baker
Not
This would
April.
reflect
also
forecast
agency
than 680,000 units
more
increase from the
an
in
heavy, and output for the
but
7.9%'
corre¬
ingot
quarter may go as high as 33 mil¬
lion
statistical
but
unemployment in March still
mained
31
the
for
output
entire
for
year
strike
a
of
persisting
but
week,
The
(vs. 26.7 million in the first
If
unemploy¬
ment
declined
of
slight
(1.8%) from 159,332 units
output of
will
quarter).
Tight,
March,
Jast
building
the rest—boosting
minimum
to
car
Ward's Auto¬
said.
Reports
decline
units
alone
inventory
and
strike,
said.
consumption
passenger
tire output at 156,411 cars, a
develop¬
summer
a
Steel magazine
require
quick
at
the labor front eliminate
on
S.
of
sponding period of last year.
17%
top the first quarter's by
ments
the
Ward's estimated the week's en¬
Second quarter steel production
will
2,000,000th
U.
assembly
in
be made since Jan. 1,
ahead
Steel
Up
4.3
3.4
Ahead
7.9%
included
to
Quarter
+
—
1957-1959.
Stays
production
week
the
1.6
Output
"City
Kansas
Auto
this
.
874.796
Boston
average
Of Year-Ago-Level
9.1
+
1,186,000
•
Output
for
production
128.1
based' on
production
weekly
motive
—
1962
$19,240,745 $17,633,631
Chicago
Philadelphia
the
months
rate
128
129.5
industry-
of
Index
Auto
the
week in 1962. Our compara¬
principal
*
$32,918,669,933
same
While
——
.
115
119
134
—
Western
4.9%
a
appears
116
Louis
,
obtain
be
corresponding
Our
year.
to
will
dustry's second quarter output to
-— John
F. Kennedy, Kansas
activity since that time.
City Missouri.
1960, New York. %//!%%
Performance: The Kennedy Ad¬ Bank
Clearings
Advance
4.9%
Performance: The President al¬ ministration has not
only wit,^ a»^tM>ve 1962 Week's Volume
lowed
things to
drift
at
"Ole held
information, but it has re^
Bank clearings this week will
Miss," then suddenly rushed peatedly
sought
tp
cover
Up show an increase
cqmpared with
troops into Oxford, arrested citi¬ unfavorable
developments
and a year ago.
Preliminary figures
zens
and
generally, violated the mislead the American people. It
compiled by the Chronicle, based
civil rights of dozens of Ameri¬
has "managed" news and resorted
upon telegraphic advices from the
cans who
happened to be in the to
plain
distortion
when
the chief cities of the
country,, indi¬
12,
production
1-April
"Index .of Ingot
con¬
have
must Nevertheless, the total volume of
going to maintain
and
1962
33,363,000 net tons
of
Trade
been
activity
activity
people the unfinished agenda,
ingots
(*126.7%).
struction
weather that curtailed out¬
the
through
—
output, of
castings has totaled 29,221,000
output
though recent movements in
door
Little
year
the
—
weekly
net tons which is 12.4% below the
Production
clearings
above those
plans
hopes for continued ad¬
in
vances
official
recent
business
have put
publicity to
spring offerings.
severe
this, to set before the Ameri¬
can
6
Total
it
weekly
York
in
Eisen¬
this
far
So
April
sustained
cities of the United States for
the
unemployment
that these
spring of
rises.
Output
Auto
April
*
Truman) took the American peo¬
against
industry experienced
such
Production
Price
for
Apr. 6—
do
(discussing
all
which
New
The major discouraging devel¬
(discussing freedom of opment in
February had been a
information) "they (Roosevelt and rise in the
their
that
Saturday,
nature.
dent, and only the President could
Promise:
cate
totals
ahead.
<
has the
Data for the
Retail
indicators
of
by temporary factors, showed
ary,
March,
bargaining
hedge-buying
Carloadings
week
that had been depressed
February
" to
for
growing under¬
a
11-week rise in the
1961
office.
April Monthly
number
A
mea¬
for
sluggish,"
remained
of New York in its
force,
threatening,
as
Southern
improved since the middle of the
process,
government
of
Cincinnati
tone
Promise:
"In America, we have ple into
just two classes—the people and realized
And
bargaining
:l:
recently:
Kennedys.
as
strike, steamrollered
and
the
has,
Kennedy
process.
brother-in-law,
has.
into
the
badgering
Performance:
brother
Performance:
and
morality."—John
national
Kennedy,
is danger¬
well
as
ad¬
an
demand
use
Chicago--
"The
demand
Promise:
current
weekly
to
Detroit
slightly
1960.
any
Cleveland
City and Cleveland, moreover re¬
bargaining tailers in these cities will now
movement.
of
possible steel strike. Not since
Performance: The President has
Congress
31,
year-ago
that
and
attributed
is
series
to
the
consecutive
tenth
current
a
Commodity Price Index
bargaining is good Furthermore,
Free collective
John
.
bal¬
a
Sept. 6, 1960, Seattle, Washington.
TRADE and INDUSTRY
The
bedrock
the
been
American
it is the
the maritime industry with
Oct.
policy and
The State of
newspaper
sis
Promise: "Collective
drift
maintain
budget."—John F. Kennedy,
Electric
action
No
*
1960, New York.
Performance: The President has
at
Convention,
apparently is contemplated.
•
the
The
larger
has strength—consumer buying—has
continued upward in January and
been taken to persuade Nasser to
loosen his clampdown on Israeli February, and according to early
signs, into March as well. Given
shipping through the Suez Canal.
Performance:
steel, strike."—John F. Ken¬
nedy, Oct. 12,
F.
America
of
Aug. 26, 1960, New York.
None
Rock)
I
important
States
Steel
!]!
*
2.2%,
output
March
April 6 show production was 2.2%
first quarter
*
#
the next Admin¬
.
.
must
and
more
any
That is racism in reverse
group.
two
elsewhere.
Zionists
the
or
that
say
extremely
the White House 215
Newport,
lead."
As
post
post to any race
Kennedy,
-
:•,!
posts
Cabinet
a
to
going
by
was
week in 1961.
vacationing, yachting, etc., at such
places
the
tives
other
not
am
week
the
reached
exceeded
and
and it
w;eekly gain
topped
last
vancing
:
Food
S.
of the U.
dollar/
our
"I
me
United
fiscal
1962
rather
/A.;;
"Let
is
sound
anced
billion
sures
tion, the outflow of gold has ac¬
ous
it
the
sent
New York.
from
Performance:
in
think
that
finally
increase
*
working
in
away
worry
payments
tive
Promise:
their industry
run.
anti-Negro
were
anti-waste.
Presi¬
I want to be
gold."—John F. Kennedy, Oct.
ad
should be
plan
of
thou¬
one
12, 1960, New York.
the
prisons if they didn't conform
to his idea of how
Negro to head it,
a
and
volume
the promised
on
imply that opponents
$
a
Department
new
output increased 1.1%
the tenth consecutive
days, almost one-third of the time,
ments will
ally
with the idea
up
Kennedy,
days of exacting Presidential
Com¬
Congressional
Promise:
under
eral
of office, Kennedy has been
mittee.
cease
"I
years
Republican
came
to
than
clapping dairy farmers in Fed¬
promise
actual perform¬
compiled by the
were
Freeman
of
tried
little
Orville
a
appointment of
Kennedy,
Agriculture)
Promise:
*
promising you
am
sand
F.
for
of Urban Affairs
the
Performance: Imaginative (Sec¬
of
F.
1960, Springfield, Ohio.
fight
been
has
with
people
his
1960, Brockford, Illinois.
24,
retary
conferences.
*
in the first
action
Kennedy's
ance
of
*
promises
that
following, partial
the
dent
is
who
believe
to
(Eisen¬
His record for the first
two years: 46 press
Everyone
of
average
an
month since tak¬
a
Oct.
see
week."
a
Performance: Kennedy has met
with
ing office.
is President John F. Kennedy.
enough
that
after
being elected, breaks almost every
ing the campaign,
think
would
by
imagination."—John
'■
>
.
Administration
hower)
manned
Independence, Missouri.
who,
man
"I
A;/,''.
.
pre-elec- —John F.
Kennedy, Oct. 20, 1960,
it is
every
a
*
*
was
press
pledge has been kept,
rare
since
occupied by the military.
be¬
Although there
has
campus
*
fore they were elected to office to
kept.
The
lias
reason
been, of course, that this
vicinity.
worst."—John
17,
Performance: Kennedy based
Promise: "The dairy farmers of
the country
It is sometimes interesting to look
its
Oct.
*
LEFKOE
at
Thursday, April 11, 1963
2,387,000
included
total).
(*128.1%) in the week end¬ 2,259
ing March 30. The week to week
in
that
This
cars or
was
week's
an
over-all
increase
16.8% above the
Contihued
on
of
cor-
page
41
Volume
'■
Never
the
The Commercial and Financial Chronicle
.
.
.
glorious Easter
In
year.
|
that
our
dream of the
peratures and
climates.
religious observances which
seem
season
of
of
nation shall not
neither shall
final
leap must
Good Friday
1
these
that
high holy days should
made
Jerusalem. Both faiths trace their
His
last
journey to
beginnings to the
ords in the Old Testament. Both have the
again that He
not to destroy the law and the
came
prophets but to fulfill them. He
brought
was
with Jewish law and tradition and
in accord
up
well versed in the
was
1 know not how that
Our
planned
disciples at His last
observe
supper
the
Passover
with them in
His
with
an upper room
in
Jerusalem. As He broke the bread and
poured the wine,
He asked that this
might be done hereafter "in
brance of" Him. From this has
Mass
and
Holy
has
Calvary's
cross
tail
•
me.
V
Communion
come
Force
he
in
mystery;
quarter
and
there.
past
a
Texas
with
&
Transfer
Co.,
50
St., New York, passed
74th
Mineola,
L.
I.,
in
his
year.
Mr.
Lord's
became President
of
the
Registrar
of
&
all
five
to
work
more
and
Even
those who
do not
God's
love for all
this, that
a
man
men:
Transfer
securities
the
of
the perfect
New
of
Jersey, Illinois and District
Columbia)
member
of
in
1941.
The
He
Stock
was
"Greater
love has
Transfer
Association, American Society
a
life is
a
Bisgood
was
native
a
of
Athletic
Club
and
St.
a
branch office in
George under the management of Gerald
Isaacson,
FINANCIAL
is
HIGHLIGHTS
true reflection of God
himself.
In 1962, Diamond
National recorded
and divi¬
12.5 per cent over
increases in sales, net income
During the past
on
religion than
measure
there has been greater- emphasis
year
ever
before. This
due in
was
dends. Profits
by
Pope John XXIII during the closing months of 1962 to
which
non-Catholic observers
were
invited.
attendants
fine welcome
per
annual rate of 10.8 per
they received from Pope John and all of the
daily
whether
so
much
publicity
given
was
papers and on radio and television. I doubt
before the subject of
ever
time
definite effort
and
space
in
religion has been given
secular
media.
There
is
leaders.
Rabbis
and
ministers
changing pulpits. Interfaith meetings
many
of the country which
parts
about better
are
are
have
and
been
being held in
helping to bring
days the Soviet Union
saying that
communist
countries
in
loud
must
feels there should be
a
united
tones
doctrines
which
attempt to bow God
of
$3.15
$2.80
1.60
$30.11
$27.69
Common Stock:
Dividends
Net
(after preferred dividends)
l;
paid
Equity
a
has
their„
neces¬
it is for all religious faiths to join in
counteracting
false
13,575,000
special credit (net) of $9,7.77,000 equal
to $2.14 per common share.
unite
front, how absolutely
Per Share
Net income for 1962 does not include
communism, calling religion the "opiate" of the
people,
these
12,661,000
1.75
Net Income
26,236,000
13,000,000
income
foreign taxes on income
ex¬
forces in order to annihilate
Western nations. If atheistic
sary
Federal and
on
$244,860,000
27,505,000
14,5.05,000
Profit before taxes
1961
$253,942,000
Net Sales
Net Income
understanding of varying viewpoints.
In recent
been
a
1962
being made to bring about religious unity.
Dialogues have been taking place between Catholic
Protestant
share have expanded
cent over
spoke in glowing terms of the
official Catholic representatives. Great
in the
an
the past four years. This is the 82nd
consecutive year the company has paid
dividends to its shareowners.
All of these
non-Catholic
Earnings
at
to the Second Vatican Council in
Rome called
rose
1961.
small
no
out
of
Mutual
PITTSBURGH, Pa.—C. A. Taggart.
of Inc. has opened
Southampton, L. I., and joined the Golf Club, St. James, L. I.
than
man
a
Corporate Secretaries, Downtown the Penn Sheraton Hotel Building
example of
no
this
C. A. Taggart Branch
a
but
cross
closely
in
Southwest.
so
lay down his life for his friends." It
believe that such
easy to
as
Co.,
Texas
Companies (Delaware, New York,
accept the divinity of Jesus
gladly laid down His life
enable
prosperous
Texas Fund Inc. is
naught but praise and admiration for His life of
service and sacrifice. He could have avoided the
He
San
Fund, which invests primarily in
devoutly observed by Christians.
have
for
dealers
remem¬
Supper
the
will
underwriter
growing
area.
sud¬
member
a
of
Management
investment
fast
Registrar & Transfer Co. in 1916.
He
Church
away
is
appointment
Fund
Fund? Inc.,
trar
He
Director
Diego Stock and Bond Club.
principal
Director for 22 years of the Regis¬
J. Thomas Haden
San
Diego and will continue to head¬
—HARRIET SEIBERT
Arthur G. Bisgood, President and
of
the sacrament of the
the
or
Air
eteran,
lives
Joseph's tomb
s
Arthur G. Bisgood
re¬
Mutual Funds.
immortality."
•
suc¬
in
selling
.
living Christ
a
been
cessful
•
.
to
Cali¬
This
Ci
Hospital,
Jesus
only know
denly April 3, in Nassau County
Scriptures of His day.
with
First
prose:
rec¬
found in the New Testament. He emphasizes again
associ¬
ated
ideals of
same
love of God and love for one's fellowmen. In Jesus' Teach¬
and
mere
J.
Regional Rep¬
as
1955,
been
An
come
to celebrate the feast of
was
Jesus
Haden
to
of
Mr. Haden has
Maybe poetry can'
from sin could free;
only know its matchless love
Could solve death's
proximity, for it
as
of faith.
Has brought God's love to
1
ings
one
appointment
Arizona.
mystery. Our
A world
life eternal for all.
bread
be
"I know not hour that
ebrating His resurrection, bringing joy and the promise of
unleavened
ever
of
note
a
Fund
pleased
California and
more."
war any
is
resentative for
sword against nation,
they learn
the
announce
Thomas
Co.
fornia Co. and
marking the crucifixion of Jesus and Easter Sunday cel¬
in close
up
the thought by far better than
lap. At sundown/on Monday the Jewish Passover began,
It is natural that
plowshares,
over¬
preceded by the/Great Sabbath. Palm Sunday ushered in
believers, with
lift
Tex. —Texas
Management
Since
express
Week for. Christian
Appoints Haden
may yet realize the
into pruning hooks;
Always in religion there is
today's world. Two of the great
religions of the wprld again have holy days which
Holy
we
at the
come
special significance and importance
in the troubled state
and their spears
,m./
^
that
Texas Fund
brothers behind
our
HOUSTON,
in ordinarily tropical
even
so
"shall beat their swords into
with frigid tem¬
J
*
.
Likewise the
vernal
occurring
snow
"
-
during these holy days
our prayer
reach out to
may
17
prophet of old that people
country,
our own
in many years,
severe
May it be
concern
iron and bamboo curtains
practically all parts of the world, the past winter
has been the most
(1485)
His universe.
and the return of
season
welcome than this
more
and in
6254
The Holy Days
was
spring
Number
197
For
a
copy
of
our
1962 Annual Report write to Public Relations Dept.
diamond
733
national corporation
THIRD
AVENUE,
NEW YORK 17,
N. Y.
Leading Manufacturers of packaging, printing, paperboard, molded-pulp, lumber, matches
and wood products, .
18
The
r
(1486)
Commercial and Financial Chronicle
v
.
,
•
''
'
area
eternally assured and is without
seems
traded
United States
visible limit.
financial
In
corporate bonds, the story is much the same.
major issues enjoy active "ex¬
Sales
arranged OTC.
indicate
or
define
on
current
fidence and trust, and held in the
r\.' * '
1.
.•
r
side
financial institutions. In the purchase, sale
quotation of such issues, the OTC market has
no
case
are
to
.
as
the
also the
'..<i
on
sheep" elements
are
tired,
new,
stocks,
and
untried
or
pieces
of
trading
stock certificates that
ful
or
a
or
unseasoned
"quotes"
are
either
forlornly hopeless calls
the shares of
or
product,
or
a
new
as¬
for
as
these newcomers are wide and
activities in them subside after ener¬
just not enough people interested in
buying
a small issue, to create or support a
genuine market.
or
as
selling
For
remotely hope¬
on
uranium
are
or
example, in the
June 30, 1962, 1,057
patent
higs of $300,000
geological formations
alleged to be awash with rich mineral stores. It
process
shopworn
getic speculative trading right after the public
offering. The trouble may be, however; that there
industrial
masquerading
with
Australian exploration certificates
or
erratic,
found, for the most
paper
s^ch
Some criticism, too, is heard of OTC
perform¬
in after market for new issues. Often
The
part, in the unlisted trading arena for feeble
about
ance
most
the other side of the spectrum.
buy Over-
never
forget
New Issue Market
meeting place of buyers and sellers of
securities
they
they
per acre.
find the best securities and
dependable markets, is
you
broadest and
thin,
saying far higher in Kangaroos, than in crude oil
of
mart
been
as
OTC
shares
a
bowling
weary
has
Morgan Guaranty Trust, Aetna Life,
Chase Manhattan, Bank of America, Travelers
Insurance, American Express, and mentally as¬
it, and, unfortunately, it is this fringe
place in which
gilt edged securities, the issues
monopoly. In
stalwarts
be bought,
Equities
have defined OTC
or
market
When investors tell
you
side you hear most about. The very same market¬
"black
\
we
OTC
the-Counter "securities,
of the most honored and elite of invest¬
securities. But, this market has another
;
\
the
minerals
fragile, volatile and unreliable.
fire and
quoted OTC—and nowhere else!
far,
ment
usually held in greatest esteem by conservative
&nd prudent investors are the capital shares of
virtual
alleys—that
publicly held life companies) worth
may
these sunburnt issues—sick
among
faded
of many
highest regard.
Stocks in Financial Institutions
pur
some
especially
electronics,
great stature and eminence, the native habitat
securities in the worldpreponderantly an OTC function. In this sec¬
tion, the OTC market is viewed with great con¬
senior
are
or
So
in the most gilt edged
After
is
life insurance
in the
a few "listed"
sociate
is
,
(although, there
Assorted Industrial
priority securities of the highest quality—
..
or
bond prices, but the
Thus, massive wholesale daily trading in debt
•
7
I
major exchange
a
sold
inany preferred stock issues—active listed trad¬
ing, but transactions in big blocks, OTC. >
I
on
$13 billion in market value
big trading volume in "corporates" is usually in
the OTC market.
The same situation. applies to
and
•
,
over
exchange may
an
/
holding companies, and
those of 1,270
change" trading whenever a big block is sought,
or to be sold, the transaction almost invariably
is
.
casualty issues). Banking institution shares, worth
about $19 billion, and insurance shares (including
-
While dozens of
V
operating commercial bank
any
-
company
this
Thursday, April 11, 1963
.
,
^
1
.
Store for Securities
The OTC MarketContinued from page
.
on
12
month
period ended
Regulation "A" issues (offerless)
or
were
publicly offered-
Few of these
acquired more than 500
and
below
most,
stockholders
300. Yet, all these issues
quite
.
automatically began trading OTC; and they
are
still quoted there.
But, if
and
on
only two want
tion "A's"
LEE HIGGINSON
given day, 20 people want to sell
a
to
buy
logical to expect
haps
CORPORATION
a
at
all.
an
exchange,
bids
no
specialists
make
a
of these Regula¬
one
(or other small issues), then it's
on
bid
or
thin chaotic market,
OTC
or
only
per¬
traders, unlike floor
not obligated to
are
offering and, in frantic markets,
5
refrain from doing
may
Members: New York and other
investment service
Principal Stock Exchanges
since
Days such
often
1848
the
ample,
on
so.
May 29, ,1962 tax the
as
of
resources
trading
that single day, CEIR
nerve
firms.
and
For
common
ex¬
ranged
between 191/2
NEW YORK 5
20
BROAD
STREET
HAnover 2-2700
Teletype NY 1-917
BOSTON 7
60
CHICAGO 4
FEDERAL STREET
FRanklin 2-4500
Teletype BS 452
13; and E. F. MacDonald between
;
j
Teletype CG 175
the
quality of
Nor
,
the
are
invite inquiries
on
the
following
sometimes
listed
are
simply because of
Corporation
Company
Corporation
The Duriron Company Inc.
Dynacolor Corporation
Fidelity Bankers Life Insurance Company
Hudson Pulp & Paper Corp.
Kay Windsor, Inc.
Mary Carter Paint Co.
The Meadow Brook National Bank
National Blankbook Company
National Realty Investors
Nixon-Baldwin Chemicals Inc.
Ramada Inns, Inc.
Raymond Engineering Laboratory, Inc.
River Brand Rice Mills, Inc.
Rock of Ages
reflection
on
in OTC markets."
occur
completely
in similar
immune
circumstances.)'
and do not detract "from
tjie use¬
Cameo, Incorporated
Cary Chemicals Inc.
Data Products
no
trading swings and such hectic days
uncommon
fulness
Chemirad
are
Rewarding Values OTC
Such wide
Richard D. Brew and Company, Incorporated
Continental Screw
bid, Mattel (toys) be¬
stocks
from wide variations
Anchor Coupling Go. Inc.
we
10
security—they merely illustrate
a
"pockets" that
Armstrong Paint & Varnish Works, Inc.
Avon Products, Inc.
Binney & Smith Inc.,
and
19 and 13. (These variations
231 S. LA SALLE STREET
Liberty 2-5000
bid
tween 24 and
and
unusual
desirability
market
Petroleum sold
the
erratic
of
pressures.
18
at
the
cents
In
a
predecessor of IBM sold,
Itek
rose
from $4 to
OTC
market,
price movements under
1955,
share
years
Occidental
(OTC)
ago,
$340 OTC in less
and
at $4.
than two
years!
There
values
are
always some fabulously rewarding
lurking OTC. You'll never find them, or
buy them, however, if
sector
or
you
ignore this market
become disenchanted
by its occasional
jumpy gyrations.
Corporation
Telex, Inc.
Transcontinental
H. Warshow &
Investing Corporation
Market for
Sons, Inc.
Winston-Muss Corporation
Wometco Enterprises, Inc.
Wrather Corporation
Zurn Industries, Inc.
Meanwhile^
stocks there
their
you
are
Leading Industrials
should note among industrial
some
splendid ones—leaders
field—available right
now
in
in this panoramic
Volume
OTC
market.
diesel
197
For
Number 6254
.
The Commercial and Financial Chronicle
.
.
(1487)
TABLE
example, Cummins, leader in
I
Cash Divs.
No. Con-
pany,
E.
F. MacDonald,
Chemical,
producer
Exterminators
proprietaries, Orkin
Divs. Paid
OVER-THE-COUNTER
the plaid stamp king,
distinguished
for pest
Consecutive
)
Consecutive
:
Cash
Dividend
Allis
DIVIDEND PAYERS
,
Filters
smaller
market"
be
V-/
-
Retail
Acme
Mfg.
sporting
-
goods
Electric
/■
Molded
balls
ex¬
and
unfolded in the
rubber
and
Aetna
all-embracing Over-the-
Life,
Dec.
31,
1962
on
1.00
25
4.0
12%
2.3
are
not
and
with
29
1.10
251/2
4.3.
2.15
102
2.1
81
4.25
98
4.3
3.00
76
3.9
29
1.00
24%
4.1
93
1.20
53%
2.2.
24
fire
and
Life
1.20
16
7.5
51
2.00
541/2
3.7
36
1.00
19 y2
5.1
Inc.
23
0.25
5%
4.7
Co.
34
0.60
81 y2
0.7
13
a0.70
351/2
2.0
A-
heating
Money
Alamo
f0.95
"
29
3.3
tances;
thetic
55
f0.84
-
85%
1.0
1.60
127%
1.3
99
0.80
39Vs
*
the
*
t
;
Co
fibre
of
wool
felts,
and
syn¬
fabricated
wall
felt
cover-
decorative
Fletcher
National
Bank & Trust Co. (Indian¬
American
Forest
Products
Corp.
12
U.08
2514
Manufacturers
4.3
forest
'
and
distributors
and
products
27
2.00
;
.
84
0.40
6
6.7
2.25
48
American
4.7
v,
2.4
of
corrugated
containers
/l;:,V
Furniture Co.,
*
Large furniture manufacturer
American
Fire
and
General
Insur.
casualty insurance
-
•
-
,
Inc.
Over-the-Counter Market functions.
cards
apolis)
2.0
American
Alexander Hamilton Institute
courses
cheques;
foreign
remit¬
drapery fabrics
;
36
Publishing
credit
American
23
-
Co.__
parts, filters, acoustic
ing .materials/: and
-
L-
^
in¬
travelers'
Manufacturer
..
Antonio);
carrier
'
.
_
Express
orders;
-
Assurance
multiple
peril
allied lines
American Felt.
health
Alba-Waldensian, Inc
Local
and
ex-
•
National Bank
San
.
foreign1, shipping;
•
marine
-
/'
marine,
«
57
and
casualty for
only
Equitable
American
insurance
\
plus
-
29
accident,
Insurance
coverage,
surance,
(>
r-
>
I/. W'||
Insurance Co.
group,
Pipeline
present
how
4.9
Golf
H
Diversified
Market, for the, benefit of
conversant
241/2
Telegraph
Co. of New York
Fire,
.|
Agricultural Insurance Co.__,
the difference between the listed
and Over-the-Counter
1.20
equipment
District
druggists
1962
0.30
for
Albany & Vermont RR. Co.__
we
22
Corp.-
miscellaneous
Fire
tended
Dec. 31,
electrical
industries
Alabama-Tennessee Natural
Gas Co..
accompanying tables.
Following the accompanying tables,
4.6
protection services
Writes
;;
(Hartford)
Difference Between Listed and OTC
Trading
who
26
*26
products
surety,
insurance
I
those
1962
24
transformers
electrical
r.'.■//!...,
Casualty,
companies domi¬
there, whose fine records for long (from 5
179 years) continued cash dividend
payments
discourse
I
Paymts. to
Amer.'
....
Acushnet Process
ciled
a
Dec. 31,
Divs. Paid
-»
Corp
electronic
of
equipment
electronic and
Counter market is to be found in the
great num¬
ber of respected and seasoned
C
tion
A'.:,' I "" v
Abercrombie & Fitch Co.___.
____
are
12 Mos. to
•
Casualty & Surety Co.
(Hartford)
this
21%
American Druggists
1
'
Insurance Co. (Cine.)
'
Years Cash
Perhaps, the most attractive evidence, how¬
to
App:ox.
Aetna
favorable to
1.00
motors
Co.
cash Divs.
secutive
•.
'
pected.
ever,
and
1
Including
% Yield
Con-, Extras for.r Quota-C Based on
No.
-
"folding'' of a
leaving the
confidently
3.6
Dredging operations
;W;.'
v:
underwriters,
should
2.8
32
American Dredging Co.^_
they had sponsored orphaned in the mar¬
ket. This year, new issue
offerings are less nu¬
merous, and sponsored, in general, by stronger
(surviving) houses, so that better maintenance of
"after
;36
1.15
*26
electric
ventilating
Electric
issues
the
1.00
Co
and
Aggregates
American
10 to 179 Years
heavy
buffeting in May and June of last
of
22
American Air Filter Co
and
up
number
17
executive
1.00
31
\ 3.2
/
—
Manufacture
training fc"
/v--
Greetings Corp.
-Class B
'
A
.
Details
a
Details not complete as to possible longer record,
Adjusted for stock dividends, splits, etc.
;
"
Plus
not
59c
of
greeting cards
complete,
as
to
in class A stock.
possible longer record,
:
'
v:
•
Continued,
Direct Wires to
Burton J. Vincent & Co.
NEW YORK
Members New York
1962 >
15
(Louis)
Generators
.
Payers
year. It stood
quite well, and price erosion in leading OTC
issues was, in f^ct, very little different
percent¬
age-wise from performance of major listed issues.
on
Paymts. to
Dec. 31,
';
•
Gravel and sand
-
The most acute problem was the
1962
31,
1962
distributor
gas
American
only OTC.
some
Dec.
Based
60
Natural
>
Up to 179 Years
*
The OTC market had to weather
Co.
Allied Gas Co
Cash
for
OTC
tion
Dec. 31.
.
re¬
O. M. Scott for verdant lawns. The shares of all
Quota-
$
Allied Finance
Installment financing
of
moval, Kelly Girl,, for part time personnel, and
these successful companies are traded
12 Mos. to
Years Cash
* com¬
% Yield
Extras for
secutive
'travel checks and credit, Anheuser Busch, leading
Noxzema
Approx.
Including
engines, American Express, bellwether in
brewer, Avon Products,, famous cosmetic
19.
•
PHILADELPHIA
Security Dealers Association
^jChicagOr;,.;: I.¬
Saunders, Stiver & Co.
Cleveland
Evans MacCormack
Co.
Los Angeles
Birr, Wilson & Co., Inc.
San Francisco
Stifel, Nicolaus & Company,
St. Louis
Jones, Kreeger & Co.
Washington
•
orated
on
page
20
20
The Commercial and Financial Chronicle
(1488)
Cash Divs.
The OTC Market—Nationwide
Cash Divs.
Including
12 Mos.
secutive
Years Cash
Divs. Paid
;5
-
-
i
tion;
to;,
Dec. 31,
1962
•
Electric
■
wire
accessories
rope
.mixing
plants
equipment,
and asphalt v
:
V
dBlectric
,
.
Corp.
;;
12
:
American Insulator
moulders
Custom
of
18
American Insur.
Diversified
American
in public
'V'Yiy:Y/':Y:
lockers*
minals
;
f0.73
„
4%
_
handling
;
33
Company
Y
Trust Co. of
0.18
23%
Avon
47
Co.
Chicago——_
—
Construc'n
concrete
coatings. ,plate
tion, construction
line
Freighters
Great
on
Life
(Waco,
,
and
parts
1.1
39
0.21
13%
1.5
26-
0.55
12%
B/G
4.3
58%
26
15%
1.00
-
485
2.2
,
Y,
4.5
Ampco Metal, Inc.
Beer,
116
Large
27
and
49%
0.80
19
of
20
.
19
and
gas
43
Natural gas
tion
*
and
Details
public utility,
0.15
6%
2.2
,
1.00
13%
complete
t Adjusted for
stock
to
0.30
f 1.88
106
1.8
39
0.82
23
3.6
*
largest bank
2.00
3.4
58%
2.9
4.3
26
fl.74
-48%
3.6
167
1.40
35
Bank. (The) of New York
179
Bank of the Southwest Na¬
13.00
370
Association, Houston
0.80
30%
Guaranty Co.
2.6
Mortgage
1.08
281/4
3.8
0.50
16
Bankers
24
3.1
produc-
possible
longer record.
54.
"
91%
of America.
91/4
67
*
•
Details
not
2.60
64%
t Adjusted
for
1.9
0.80
41
2.0
31
1.00
24
4.2
22
1.84
491/4
3.7
52
1.20
18%
6.5
1.00
23
4.3
pulp mill equip-
utility
pouch"
chewing tobacco
of
work
other
and
play
91
3.00
74
4.1
89
1.80
39%
4.5
33
0.40
6%
5.9
55
3.60
50
69
0.60
13%
4.4
12
fO.ll
14%'
0.8
72
2.00
45%
4.4
31
0.70
10 Va
6.8
85
than
14.00
42
1.16
28%
4.0
36
0.80
22
3.6
29
,6.00
100
6.0
life
Brook Water Co
stockyards
4.0
7.2
V
funeral
Games, toys and
teaching aids
supplies
;
educational
Bridgeport Hydraulic Co._
Supplies water to several Connec¬
ticut
as
communities
Bristol
to
59
f 1.75
58%
3:0
Corp.—
fabricator
Mortgage
loans
&
trust
392
3.6
business
Brockton Taunton Gas Co
possible longer record,
stock dividends,
Brass
Metal
British Mortgage &
Trust Co. (Ont.)
insurance
complete
and
Miscellaneous
1,5
38
21
18
Bradley (Milton) Co.
4.9
1.00
f0.39
National
Boyertown Burial Casket Co.
2.0
17
Shippers Insur.__
line
Trust
Bell, Inc
Louisville
3.5
0.45
3.7
Operating public utility
4.0
17
4.8
27
covering,
Bourbon Stock Yards Co
financing
&
floor
public
Insurance
—:
1.80
24%
1.00
39
shingles,
fl.17
mills
paper
Boatmen's Natl. Bk, St. Louis
Boston Insurance Co
Mortgage
Building Corp
Multiple
64
27
clothes
Chicago office building
Bankers
Co.
\
Bound
■
6.3
38
for
paper
"Mail
Manufacturers
&
Water
Son
Manufacturer
52%
16
paper
Blue
56
-
Saco
Black Hills Power & Light
-
,>
4.6
1.00
2.9
.
etc.
Bloch Brothers Tooacco Co.__
,
of
Bond
&
Operating
utility
30
3.9
24%
76
ment
.
Co.
33%
1.10
240
utility
(Birmingham, Ala.)__
Black-Clawson Company
company—banks
tional
&
Makes
33
1.32
41
public
Birmingham
2.2
estate
Corp.
2.3
27
Bank
26
34%
7.00
manufacturer, Cotton
Asphalt
4.9
13%
1.60
2.25
dividends, splits, etc.
123
0.78
*'
-
paper
Bankers Trust Co., N. Y
as
7.1
83
28
7.3
transmission
not
6.00
•.*
16
Operating public utility
Bird Machine Co
5.3
utility
Arkansas Western Gas Co.—
„
29
Mills..:
3.2
hotel
sheeting,
Machinery
261%
utility
Arkansas-Missouri Power Co. *26
Electric
3.7
14
35
J-p*.
Textile
Bird
Hydro-Electric
meats,
Arizona Public Service
,
real
Bankers
gas
37%
■
goods;
In¬
(Detroit, Mich.)
etc.
Electric and
1.5
1.40
,
„:."n
61%
vj
•/
Mfg. Co._l__
and
and
:
2.00
.
gas
Biddeford
Bank of Delaware..
groceries,
91
Bank of Commonwealth
wrenches
products,
1.40
,1.8
'*V-';Vr*»VY:^.:
■
.Yr-Y::.
bags
Operating
Bibb
4.0
1.40
4.2
traps
Arden Farms Co
Dairy
:
w
California, N. A
Bank of Commerce (N. Y.)
3.0
26
30
1.00
7J
J.;
42
Berkshire Gas Co
.
.
3.Q
'7 V.
0,25 "14%
V.
"
County Trust Co.
(Reading, Pa.)
yams
Designers, Builders,
products
Co. of America
Apco Mossberg Co
Tools
1.50
8.6
24
6.2*
30
5%
Operating public utility
splits, etc.
Brockway Glass Co. Inc
Glass
containers
Brooklyn
ments,
Own
Brown
•
Garden
Apart¬
Inc.
and
garden
___
operate
two
Brooklyn
apartments
&
Sharpe Mfg._
:*27
1.20
39%
____
29
0.85
14%
5.8
Bryn MawrTrust Co. (Pa.)..,
19
1.95
50
3.9
16
0.25
22
0.09
56
0.60
17
1.50
Machine
Wholesale
/,
3.1
tools
Brunswig Drug Co
drugs
Buchanan" Steel Products"''
)
.
■
.
"
Corp.
^
_____
6%
3.7
Manufacturing steel forgings
Troster,
74
Buck
Sing
Creek
Crude
nil
Oil
Co
producer
Trinity Place, New York 6, N. Y.
Hotel
in
Poconos
V
steel
of
6.0
.
/'• Y,
■
3.5
1
•
Buckeye Steel Castings Co,__
Production
iy>
'
Buck Hills Falls Co
26
24%
6.0
-1.00
18
5.6
fO-37
v
73
0.5
castings
'
Burnbam Corp.
■
-16,
Mfrs
boilers,;,' rariiH*ors.
houses
and
air
warm
/-v
green¬
furnaces
Business Men's Assurance Co.
of America
Life,
.
30
accident
and
health
■
insur¬
ance
Butler
Private
Manufacturing Co
25
to:
Hartford
Chicago
Houston
Cleveland
Kansas
Dallas
h
io
Detroit
Grand
v
Rapids
Minneapolis
0.80
25%
3.2
25%
3.5
>
-
•
-.v
•
/
IS
ON
,«nd
lime
CALIFORNIA
f..
St. Louis
SERVICE
/
-
'.Y * Y.,
/
140
-Operating
CO
public
Life -insurance
>:
...
.
.■«
'3.6
.
_
31
fl 1.20
-
.28%
v
.•
1
IS
ON
40.
4.2
•
-
-
'.■»>
•:
v
,
:v-
27
utility
PAGE
f0.72
20%
•
n
.•
3.5
'•
California-Western States
-
,
'•
5.00
*
Telephone Co.
it**
/
41.
products
PubHc.-.utility-watrr
-
PAGE
WATER
• ; • COMPANY'S ADVERTISEMENT
California Water
" ./<■ "'//-*
;
Washington, D. C.
0.90
"
53
ViOment
,
_
h\
utility
ADVERTISEMENT
Co.
v -n
V:
•
COMPANY'S
California "Portland, Cement
r
San Antonio
San Francisco
-.
20
Operating. nublic
Portland, Ore.
Louisville
/
.UTILITIES
Pittsburgh
City, Mo.
Los,Angeles*
7.9
CALIFORNIA-PACIFIC
Philadelphia
;.h
Indianapolis
Columbus, Ohio
30y4
California Interstate
Telephone Co.
Atlanta
2.40
riroHiirtc
Wires
*
rV 3.6
Berks
machinery
Building & Equipment
Corp. of America..
1.3
6%
0.45
19
and "erector,
Bag Co
Philadelphia
4.1
28
53%
i.*.-.-;.-'/ >j., ' *• ;
1.40 V ; 38%
,0.85 ^ 11%--.
-
;
Benjamin Franklin Hotel Co.
1.8
9%
.
1
*'
::
,
Beneficial Corporation...
chain
Operating public
Bank
Inc
corn
variety
0.40
68
1.20
0.40
44
1.60
-
•whoiefcaler'-V^V
furniture
Manufacturer of paper, textile and
-
plastic
4.,7
13
_
:
-
Bank
J
alloys and products
yeast,
Detroit
Nation's
Co.
f 1.45
5.3
11
Foods, Inc
Holding
6.5
Lakes
27
;:2iy4
1.20
v*-»
.V:.vY"-
•
J
-
-
structural steel
BemisYBro.
Springfield, Illinois
Bangor
22.00
-
y'
toiletries
Badger Paper
&
--Designer, -.fabricator
;
•
\
Bank of America NT&SA
Texas)
Animal Trap
and
Restaurant
stamping
55
S.3
;
•
19
59
1
4.2
jf-' f -v.-^
'
1.00
2.6
y
•
59
and
holding corporation--
Investments
nailing
domestic -lyrai-*
of
.
Relmont^^ .Irbn
48
61%
.
,
-
Hardware
E-Z
Co
fabrics
BancOhio
Insurance
Anheuser-Busch
and
1.60
-Belkimp.na^hvare
'
"
*
line
-
\
-
Bank
Products
Sulphite pulp
1.30
,■
dianapolis and Lafayette, Indiana,
Life insurance
Bronze
storage
Bagley Building Corp
Steamship Co
Amicable
535
3.9
1.00
49
1962
wholesaler:^Cosmetic and toilet
;•
Vi'.v.; V:Y.".-V:.!
preparations /Y-'YVV
•
>Y;. Yv V. VV;
;;,-Vr;Y>.'*;:
*
:•
Operates department stores in
insurance
steel
American
6.00
4.5
4.00
-P %
18
Ayres (L. S.) & Co
and
41
American Stamping Co
Pressed
28
22 * •"
""
"
Mills
Cosmetics
2.4
fabrica¬
steel
Re-Insurance
Multiple
85
pipe-protec¬
tive
American
2.00
insurance
(Galveston)
Pipe &
Reinforced
^
15.%
*
•'->»*
,
1962
,
Beauty Counselors,:Inc./____^ 291/
financing
Avondale
,0.8
Bank and
American
-
" *
National
Finance
Cotton
National
*
.
*ii
Service Stores
Manufactures
insurance
(Chattanooga)
American
-
coal,, cold
Auto
■
Amer. Natl. Bank & Trust Co.
American National
—
Auto-Soler Co.
American Motorists Insurance
Diversified
-
Bank
4.5
;
*26 : 2
public Utility-
ll-v"-
;■
1.00 / '•25%
-
on
Paymts. to
Dec. 31,
-293.t-1.20'. 28y4 /
■
%/';
of Jacksonville
4.4
:
•;
Industries
ture
;,Y; v;Y;.; ;■
r*Bay.state Corp.____—_______' 36
3.4
16%
0.50
~
Ice,
systems
r
tion
Dec. 31,
31,
1962
a74
Furniture
,
"-Y.Y. .Complete
7"'"~^ v
0.70
29 ;
springs; 1 ">
_
Curb
Atlantic
3.2
4%
Bassett
service
Sewerage
6.5
22%
0.21
■ ■
Atlantic Company
/:
Atlas
*!H
Monorail Co
Materials
.
Georgi« -carrier-
3.9
y,
Manufactures various corn products
American
Operating
:
•
38
mechanical
Atlanta: A; WesfPoint JEtR> Co.
ter-
American Maize Products
i *18 ;a
Atlantic City Sewerage Co.
33
0.30
20
Precision
.spring steel
s,
%
•/
•
Locker, Class B—
.Maintains
•
1.30
90
(Newark)—
insurance
''
>;<«
0.57
and- liqueur* -
Based
National Bank of
Jacksonville
4.8
-r
Atlanta Gas Light
materials
v
r-Cordials
%
Y
4.2
/
-
-
••
Associated' Spring Corp._—<_
"J"'
^£0 J.-
-
10
drinking-water
Arrow Liqueurs Corp
;
.
f0.76
,
63%
inc.
.V Bottled
4U.-M*
22
Corp^—
plastic
3.00
con-
Inc.
;. r
1962
;;YY.>v,^i
40% -- 2.2 ;"
y0.90
*'•_*
.'
-j
And
Arrowhead & Puritas Waters.
//vY'-Vy/
../
•
35
devices
Dec.
Quota-
$
Barnett
Co.——
wiring
12 Mos. to
Divs. Paid
f
Virol*
Paymts, to
Dec.'31,
''
*-
v
American Home Assurance
."■Diversified, -insurance
,;
»
-
-
secutive
1962
,
Extras for
Years Cash
'
-
yyy •>
0.65'///>£3%/;■'4.7."/*:
23
Derrick--
&
cargo
xranes,
1962
' % Yield
"
No. Ccn-
Paymts. to
Dec. 31,
Dec. 31,
Dec. 31,
1962
Approx.
Including
on
$
Approx.
% Yield
Based op
Y
Quota-
.
Dec. 31,
1962
'
-Hoists,1
Cash Divs.
tion
Divs. Paid
/yy $
f■
12 Mos. to
Based
Arrow-Hart & Hegeman
No. Con-* Extras for
American Hoist
Quota-
Years Cash
19
Thursday, April 11, 1963
.
% Yield
Extras for
secutive
Continued from page
.
Approx.
Including
No. Con-
Department Store for Securities
»
j
Life,
Co
25
accident & health insurance
40.38
-
i,
;
52%
.
* Details not complete as "to possible longer record.
.t Adjusted for stock dividends, splits, etc.
V
H Dividend
a
Including
rate
has
been increased
predecessors,
o
..
v,
.
.
to
..
./
32V2c quarterly
.
••
.
_•
in
1963
0.7
Number
197
Volume
6254
The Commercial and Financial Chronicle
.
.
.
(1489)
Cash Divs.
The OTC Market—Nationwide
Approx.
Including
'
Approx.
Including
% Yield
No. Con-
Extras for
secutive
.
12 Mos. to
Years Cash
Dec.
Divs. Paid
Gas
lift
Based
Quota-
on
tion
Divs. Paid
Paymts. to
Dec. 31,
1962
Diversified
1962
Manufacturer
trench
Cannon Shoe Co
5.1
6
0.40
,
6.7
Los
and
49%
1.60
49
5.00
;
—
1.25
21
Corp.
Apartments
and
18
Cedar Point Field Trust,
6.9
12
ctfs.
3 A
0.28
8.6
*17
16
-
.
Corp.—
on
Central
Cold
Storage Co._—
royalty
22%
23%
0.80
f 1.35
2,25
29
public utility
'
■
oil
34
/4
3.0
Electric, gas and water utility
Central Maine Pov/er Co
21
1.60
36/2
4.4
26
12.00
21
2.50
32%
fl.18
■
9%
3.2
Co. 149
2.00
85
fO.78
137%
0.6
41
1.23
34%
3.6
band
in¬
15
0.40
28
1.25
Tr.
&
accident
(group
and
and
,24%
health
28
&
Power_
in
Southeast
(Bridgeport, Conn.)
Connecticut Printers, Inc.:
" 10.0
4
Commercial
40%
Milling
Elevator
&
prepared
mixes
18
1.00
4.6
for
of
ice
&
17
oil,
&
0.30
5%
Forging hammers, hydraulic
and
2.00
58%
3.4
Tallow,
tilizers,
47
10.96
15
0.60
Corp.
30%
B.) Co
r n
17
u.ou
1/
28
——
1.00
16%
2.50
76
3.00
50
6.0
28
15%
0.80
and
2.60
82/4
Holding
5.2
10.76
24%
3.2
11.17
33
3.5
58
Continental Assurance
2.8
53%
11.50
Life,
48
1.55
accident
Continental
3.2
Diversified
4.20
18
63
6.7
Bank
*38
1.60
64
2.5
61%
0.24
22
Co
50
0.4
*
Details
0.16
3%
Bonds
•
Preferred Stocks
Illinois
and
Retail
Co.
2.80
____al34
86%
not
complete
^
1.35
37
to
as
possible
Common Stocks
•
distributing facilities
Coast to Coast.
101
7.50
23
1.25
27%
4.6
24
0.20
7%
2.6
Chicago Title & Trust Co.—
28
5.00
118
4.2
Chilton
26
1.00
30
3.3
39
2.50
50
5.0
Industrial and Public Utility
*37
b7.45
216
3.4
Banks and Insurance
145
5.2
carrier
—,
boxes,
lum-
r "-
«
i.
r
Chicago Molded Products
Corp.
.
-
'
—
-
molders,
Co.
-
—
of
China Grove Cotton Mills Co.
Combed
yarn
Primary Markets
magazines
business
Companies
manufacturer
Christiana Secur. Co
Holding company
.
.
Companies
V
Churchill Downs, Inc.-———
12
1.30
\
18%
States, Municipalities and Public Authorities
6.9
•
"Kentucky
„
Derby",
Commercial
Citizens
:
.
&
.
/y
United States Government and Agencies
Sav¬
ings Bank (Flint, Mich.)— 28
Citizens Fidelity Bank & Tr.
(Louisville)
*44
2.40
69
3.5
1.80
48
3.8
Complete Trading Facilities
______—
Citizens National Bank
Angeles)
-(Los
Bank
69
—_
66
2.4
58
'
Citizens &. Southern
1.70
83
2.0
.
1.60
National
(Savannah)
;
Citizens & Southern National
Bank of S. C.
(Charleston)
35
2.35
95%
2.5
CI. B—
25
0.68
23
3.0
City Nat. Bank & Trust Co.
(Columbus, Ohio)
28
0.75
52%
1.4
Citizens Utilities Co.,
Public
City National Bank & Tr. Co.
(Kansas ^City)
—
*35 ;
City
Title Insurance
Title
Blyth 6. Co., Inc.
utility
Co
New York
Boston
;\
0.80%
70
0.40
1.1
insurance
Louisville
5.1
7%
Pasadena
•
•
„
.* Details
1.85
54%
3.4
not complete as to.possible longer record.
-t Adjusted-for stock,dividends, splits, etc.
J'a Including predecessors-.
>.
i^b
Plus^3*sh^'fGeMerat-Motors acomtnon, for ^ch share. held.
•
Detroit
Spokane
•
•
•
Chicago
Milwaukee
•
Los Angeles
•
Pittsburgh
-
•
Minneapolis
Sacramento
Eureka
•
Seattle
•
Cleveland
•
Kansas City
•
•
Portland
•
Indianapolis
San Diego
Oakland
•
Fresno
•
■«
al09
Conn.)
San Francisco
Philadelphia
San Jose
27
City Trust ;Co. (Bridgeport,/
;
•
•
|
-
»_.
.2-'.
t-
Palo Alto
•
Oxnard
•
Tacoma
•
25%
2.7
5.2
longer record,
3.9
35
148
dividends, splits, etc.
located in principal
3.2
telephone company
Chicago.Mill and Lumber——
V Publisher,
1.32
-
financial and business centers.
Chicago, Burlington &
Quincy RR. Co
Plastic
4.00
11
of
through 29 offices
"
Telephone Corp.
•
1.9
National
Trust
Distribution
'
;
corrugated
ber, crude oil ->
79%
Continued
4.4
!
and
0.8
insurance
t Adjusted for stock
Co.,
29
Chenango & Unadilla
Wood
154%
1.50
28
Co.—__
Operating public utility
A
1.20
29
health
Chicago
Corning Natural Gas Corp.—
Insur¬
—
and
Casualty
Continental
Co.—
„
(Del.)—
Participating life
insurance
accident
Co.
Life
.
Chemical Bank New York
Midwest
6.5
co.
Insurance
% Blankets, apparel cloth, upholstery
Operating
18%
12
3.1
Bank—^— 115
Class A
Trust Co
1.20
fer¬
sand
Continental American
61
;
Life
scrap,
Co.
Gravel
(Pittsburgh)
meat
Consumers Water Co
3.3
6.0
23
'
sales yarns
4.7
28
Rendering Co._
grease,
6.0
27
(W. Va.)
Chatham-Manufacturing
and
29%
hides and skins
& Maintenance
Manhattan
1.40
Consolidated Rock Products
3.1
10
Details not
9 Q
A
2b
W. Va..bus operations
Chase
67%
30
•
Charleston Transit Co._
/
8.0
2.5
paper
Manufacturing products for Utility
Charleston Natl. Bk
2%
1.70
5.2
ofJ
.
Chambersburg Engineering—
Line. Construction
0.20
30
warehousing
paper
Consolidated
27
I
(no
4.5
3.2
products
.
Insurance
17%
27
11
Sale
financing
(Ky.)
10.86
Consolidated Financial Corp...
Consolidated Papers, Inc
Manufactures
Co.
0.80
83
Connohio, Inc.
3.1
21%
*22
printing
„
-
2.9
insur¬
4.4
utility
69
individual)
.•
1.08
trust
Chance8 (A.
5.2
0.30
or
20
Central West Co
Investment
46%
15
of
Bank
Connecticut Light
complete as to possible longer record,
t Adjusted for stock dividends, splits, etc.
2.8
ak
.
2.40
45
.
26
5.8
58
Connecticut National Bank
health)
of
Service Corp.
gaa
4.9
|0.92
18
Central Vermont Public
and
51
Life
^
Central Trust Co. (Cinn.)—
Electric
17%
*4.0
•
Co.)
Gas
&
Power
,
3.8
distribution
(subsidiary
service
Telephone
60%
; 2.30
Telephone Co
.Western
stores
Commonwealth
ance
Central Steel & Wire Co
Central
Title
3.0
400
Bank
—135
and
0.70
wire
transmission
and
Insurance
(Des Moines)
processing
22
Life,
Commonwealth Land Title
3.3
National Bank 8c
(Philadelphia)
•
60%
2.00
2.7
78
(New Eng.)
manufacturer
ance
metal products, hydraulic
equipment and forgings
Co.
22
Cleveland
Metal
3.1
Jersey (Jersey City)——
Central National Bank of
National
19%
Commonwealth Bank & Trust
utility
Central-Penn
0.60
Commercial Trust Co. of New
.
25%
4.50
Insurance Co.
,
Pressed
.
1.03
Trus4: Co.
4.7
45
Stamping
3.5
23
tu.oy
Connecticut General Life
4.7
85
Commercial Shearing &
-r*-'
„
0.80
23
28
Central
21%
——
(Nashville)
--jiwi'88^28^.3'1^
Central Louisiana Electric Co.
electric
1.00
4.00
(Kansas City)_.
4.7
48
1962
Operating public utility
food
Dealer
Operating public utility
Central Indiana Gas Co.
Public
insulated
Commercial Banking
'Co
gas
Top
Commerce Union Bank
Central Illinois Electric 8c
Natural
5.4
Commerce Trust Co.
3.6
5.7
basis
Refrigeration
Gas
9%
Midwest
Flour
Coke
0.50
39
Stores
Colorado
Dec. 31,
16
Operating public utility
Conn (G. C.), Ltd
baking
mines
•h
1.6
Wall coverings
wells
Leases
V
373
cutting implements
Natural gas
Central Bank & Trust Co.
.
6.00
*48
Color-Craft Products, Inc
'
1962
on
Paymts. to
struments
Colorado Interstate Gas Co.
house
1962
31,
York, Pa., hotel
Concord Elect.
Connecticut
.
of
tion
Dec.
12
Community Hotel Co. (Pa.)__
pnhlA
Retail
„
*
Owning and operating apartment
(Washington, D. C.)
and
Colonial
6.0
23%
1.40
23
floor coverings
(Denver)
6%
57
Manufacturer
1.5
330
'
Central Coal &
0.7
5.9
27
Collyer'Insulated Wire—
3.2
orid
Carthage Mills, Inc..
oil
43%
/
Angeles
Farm
63
-
(William) Co
Texas
0.30
0.40
excavators
Collins Co
31,
Based
$
Commonwealth Telephone Co.
(Dallas, Pa.)
Operates livestock yards
Operates telephone exchanges
Cavalier
Divs. Paid
Dec.
Quota-
Telephone service
mechanical
of
% Yield
12 Mos. to
Years Cash
1962
Coca-Cola Bottling Co. of
Carolina Telephone and Tele¬
graph Company
Extras for
secutive
Paymts. to
Dec. 31,
31,
1962
10
Company
24%
1.25
30
Operation retail shoe stores
manufacturing of shoes
Felt base
No. Con¬
Cleveland Union Stock Yards
Bakery chain
Underwear
Dec.
1962
Approx.
Including
on
15
Cleveland Trust Co.
,
equipment
Campbell Taggart Associated
Bakeries, Inc
*17
Carter
Dec. 31,
Based
insurance
Cleveland Trencher Co
•%%§¥ M'ift
0.10
14%
0.7
■
tion
Civil Service Employees
Insurance Co. (San Fran.)_
Dec. 31/
31,
1962
10
12 Mos. to
Years Cash
$
Cameo, Inc.
Quota-
$
Cash Divs.
'
Extras for
secutive
Department Store for Securities
Cash Divs.
% Yield
Wo. Conv
21
Salem
•
Reno
on
page
22
22
(1490)
The Commercial and Financial
1
'
Chronicle
.
,
.
.
.
Thursday, April 11, 1963
.
'
•
.
V-
*.
,
x-
:
•
.
,
"
Cash Divs.
Market—Nationwide
The OTC
Including
.
4
Approx.
'
'
'•«
»•
% Yield
No. Con-
Extras for
Quota-
secutive
12 Mos. to
tion
Pavmts. to
Dec. 31,
Dec. 31,
21
Continued from page
Cash Divs.
Approx.
-
,
Including
Quota-
Paymts. to
12 Mos. to
7'
.
" 7>
7
—
Based
-
(Boston)
5.0
■'
No. Con-
insurance
Diversified
and
'
facilities
transit
19.1/2
7.0
.12%
5.5
6.6
17%
1*15
27
-
6.7
3
Monte
Pan 1
Delta
'
30
1.4
Name
Co.
18
bicycle
switches,
marine
I
■
lights
27
Metals
changed
3.7
0.60
27%
2.2
*27
f 1.30
24%
1.00
1.00
28%
18
0.40
and horns
•
13
—...
Motor
common
13%
0.50
'"V
3.6
25
1.00
10.44
28
1.20
....
Variety
Oil
chain
0.45
Oil Co
and
gas
Denver United States
National Bank
76
1.20
37
Detrex Chemical
Industries,
——*16
0.60
131/4
Eastern
3.2
4.5
Inc.
.—i.
Chemicals,
and ultra-
equipment
Suffolk
Assn. Inc....
22
0.30
Associates..
35
2.20
Detroit Aluminum
Detroit Bank
Detroit
Owns
tunnel
& Brass.- *27
and bushings
Bearings
,:.7
"
&
Economics Laboratory,
6.2
15
0.93
Tunnel...
operates
2.20
55
4.0
1.00
28
& Trust Co.—
16
Ecuadorian
6.3
international
International
22
•
Operates bridge to Windsor
19%
1.00
19
Bridge.
E.
wheels
5.1
and
lated
42%
3.00
7% '
t
Adjusted for stock dividends, splits, etc. '
Details
7.4
Fearn
Miscel.
railroad
/
/
.
Soup
as
7;
IS
fic
'
'
*
■
•
40
years
•
•
■■
■
-
'
■'
••;
■
••
-
•"
,
•••
in the Over-the-Counter field,
7
.
• ;
**-.•
7,77
'•
r
.
;
.
large
our
private
wire
contacts
system,
help
European
teletypes
our
and
and
i
re-
a
single telephone
vide customers
or
0.40
6"%
38%
17
'
Co.
and
Bank
p
-
37
19%
3 8
-77'7-/' •/"':'7'.//■
1.35
22
1.10
73
1.5
12
•
8.3
6.1
1.00:
/:./7'7e;/7y7/.~
15
„
: fO.89
•
0
.
.
28
•
2.10
*
Trust
4.5
'.7
-
35%
■
2.00
/
'7/'• *'.-7. "'
.
fl.53
7
29
'■»
-
47
...
; •••-7
- •..
4.5
/.'•
.
v
;
►
*
.
,
27
-
20
7.
: ■
/
,
Union
_
_
Trust
Insurance
4.3
-
~
65
3.1
*
'
.
98
2.75
76%
3.6
71
fl.58
55%
2.8
Co.
26
2.50
17
...
50.OO
70
3.6
1,500
3.3
estate v
of
and
insurance
Pennsylvania
line
34
3.25
•
securities
1 ~
'
'
■
81
4.0
12%
•
3.9
:
15
"
:
Co
0,50
/
-
.
.
55
2.00
25
fl.12
34
'
71%
2.8
7
insurance
(Nashv.)
36
3.1
2.00
64%
31
24
1.35
39
25
First Bank Stock Corp
Bank
4 8
7-
screws-
and
First Amer. Nat. Bk.
"HANSEATIC"
25
'
.
Fireman's Fund Insur.
Remember, when it's Over-the-Counter
•
,
,
"7/;, :
22
Publications, Inc.-,
Co.
Multiple
•
f0.74
61
Co.
Title
'
-
warehousing
and
Financial Corp. of America.—
7
/: /... : 7.
1.20
compounds,
v:
'■ '
.../'
:
newspapers
Real estate
6 5
-
'
10
Inc
(Cincinnati)
Fifty Associates (Boston)
pro¬
5.2
1.10
sirens, lights, .trafhighway signs
real
5.8
2.00
insurance
Third
5 1
.
signs,
Michigan
3 1
goods, sponges
Sign & Signal Corp.
Finance
we
,
%
<-35%
38
seasoning
line
and
Fifth
international
throughout the world with fast reliable service.
Call
51
1.80
29
Fidelity-Philadelphia Trust-.
Fidelity Union Tr. (Newark)
coast to coast
cable communication
',
31.
28
Co
Insurance
Boston
Through
1.60
PAGE
11
(New York)....:
Fidelity & Deposit Co. of
Maryland
locate the best markets everywhere.
you
.
17
dlesel
compress
Diversified
■
highly experienced trading organization, plus
5%
,
77
Compress & Warehouse
Federation
.
Experience Pays
'
'
machinery
'
Federated
7;<
'
•'
-
0.10
7,
rubber
Electric
*
4.8
ON
.....
coffee
'
Federal
•.
Banks, Brokers, Dealers, Financial Institutions
over
41%
2.00
.7
Co
Cold headed products
Our
4.7
utility
roast
bases,
Federal
Over-The-Counter"
32
51
Federal Screw Works
a
1.50
bearings
Co
public
Foods,
Multiple
For
2.5
.
Rubber
etc.
and
to possible longer record,
t Adjusted for stock dividends, splits, etc.
complete
5.3
40
abrasives
ADVERTISEMENT
heavy
*'
rings
Fed.
not
26%
1.00
locomotives.
machinery
and
lawn-,
and saw sharpeners
Cotton
0
complete as to possible longer record,
of
Faultless
forgings
.
Details
fl.40
22
Co
products
9.4
40%
4.5
7/ 7
'
Electric
Co
Brothers
mower
0.72
41
steel
22
4.7
fabrics
Fate-Root-Heath
2.2
interests
steel
tires,
i 1.00
6.8
1
co.
10
Manufactures
25
rolled
18
-
*
Wholesale
4.5
Corp., Ltd.
co.—brewing
Holding
0.85
ceramic
Edgewater Steel Co
*
not
fO.96
3.9
7~
„
artificial
River Gas
Farmer
Mfrs.
27
0.8
10%
44
Farrel-Birmingham Co.._.___
Inc...
2.3
>
3.00
etc.
Operating
6.2
/
(Bahamas)
to Windsor
glass
BANK'S
•
Chemical compound manufacturers
Circle
Detroit
;
■
77%
0.40
CO. (STAMFORD, CONN.) 7 70
,
Canada
and
1.1
England
New
company,
utilities
•
FAIRFIELD COUNTY TRUST
2.6
48%
7
4.1
118
;
operating
Manufacturer of ball
Fall
Downs
7 ;
29
and
Fafnir Bearing
4%
%V;''
66
114
..
Fairbanks Co.
28
.
55
6.2
17
f2.73
2.6
17
Hampton
19%
production
sonics
33
1.0
39
52
20%
:'"77"'7
0.30
Utilities
Holding
public
' '
'
22
Racing
Eastern
»
.
'
291 ^
1.00
Central
and
5.0
2.2
ON PAGE 26.
11
South
in
&
Valves,
IS
y
_
"
RR
and magnetic separators
equipment
ADVERTISEMENT
f2.97
-
to mills
power
Cotton
2.4
20
3.0
;
production
by New York
Manufacture
29
COMPANY'S
Eason
carrier
57%
,•.16%
7
Exolon Co.
Eagle Stores Company, Inc...
Trucking Co.,
1.38
30
man¬
Co., Class B_
resistant
insurance
Operating public utility
Exeter Manufacturing
Corp
Corrosion
57v
39
Company
7.6
33
0.50
16-
Insurance
Kalamazoo
Exeter
2.50
3.2
,
refining
Erlanger Mills Corp
to
'
Inc.
5.6
;
CO.
&
Water
73
3.9
53%
.
■/.
Oil......
and
Casualty
oil
Leased
Jacks and lifting equip¬
DURIRON
State
2.2
7
7
.
61
machinery
Textile holding
Essex Co.
Co
...
,
,
f0.99
Inc.
and services for
7
38
*-2.40
17 77 fl.71
(Texas)..
2.6
27%
fl.75
Supply
1962
---t-.-'",..
-
0.62
-
49
3.5
& Bradstreet Inc
Dura
4.8
8%
industry
40%
-
Manufacturing Co
Crude
and
tools
&
11 •05
35
I
utility
and
-',■■■■■
Multiple line reinsurance
5.4
80
28
5.2
Equitable Trust Co. (Bait.).. -48
Equity Oil Co
15
4.0
/
11%
70
Employers Reinsurance Corp.
50
f0.58
.7777-/.:.; y>7;7
Employers Group Associates.
-
2.00
5.4
./
distributing utility
Electric Co...
Diversified
-
20%
Consolidated
production
Fire
Erie
July
in
Duncan Electric
horns
and
Denver Chicago
35%
1.10
refrac-
products
Empire Trust Co. (N. Y.)_._
Employers Casualty Co
,
1.32
(Chicago).
agement
5.4
37
2.00
type
auto
lamps
dispensers
and
of
metals,
supplies
Publications
■
66
....
Dun
2.9
103
3.00
/•'"
•'.
operated by P.R.R.
and
Oil
ment
Co
•
lanterns
3.5
manufacturer
Industrial
to
Electric Co
Hand
•
1962
in
Properties
Leased and
14%
specialties,
Enterprises, Inc.
Ducommun,
Railroad
Glass
):
.
crucibles,
—
Emhart
5.1
23
24
Duff-Norton
aeta fa
Delaware
28%
*30
sprayers
industrial
0.42
11
June
Laval Development
De
Del
,0.50
,.V
Co.
—
Distributors
Pumps
changed
catering
Trust
&
chemical
Ducommun
■
De; Laval Steam Turbine
Name
17':.'
Co...
Furniture
In¬
7;7
Development
Turbines,
1.43
4.8
gas
Pasc
Public
,
7
Drovers Natl. Bk.
0.20
17
headed
fasteners
De Laval
26-
Ducommun, Inc
Corp.
cold
-
4.9
31%
29 /
——_.
of
abrasive
EI Paso Natl. Bank
equipment
Drexel
Decker Nut Manufacturing
of
plastic
4.4'
Hi/4
0.50
steel & aluminum castings
dustrial
7
.
Heavy engineering projects, marine
16
Natural
"
18%
1.50
Abra¬
Gas Co
5.2
El
/
Dravo'Corp
.
(L. A.) Co
Manufacturer
,,
graphite
all
airline
and
Savings
Household
.
"/Manufacturing display equipment
Dayton Malleable Iron Co.—
Iron,
/
230
7
Crucible Co.
and
and
Empire
Drackett
«/>.
A
12.00
bankers acceptances and
time certificates of de¬
- •'• •'
■77 «-■:-
(Youngstown)
:
-
7
v
se-
••••.
Restaurant
3.9
lli/2
0.70
>
Treasury
Houses, Inc
Dollar
0.80
21
Tf. Doors, mouldings, .cabinets^
Dallas Transit Co
\
21
•
Co.
••
0.90
24
*
,
Refractories &
torles
1962
,
Elizabethtown
products
0.9
54%
fO.76
24
overcoats
Dahlstrom Manufacturing
1.2
1962
signs
Manufacturer
43%
fO.53
10
*
Dec. 31,
28
V
sives Corp
"
7 77//
pencils
-
•
Paymts. to
28
"V
Products Consol
Electrical
4.4
and
44
S.
hose
Electrical
and bank equip-
U.
Electric Co
utility
Rubber
4.0
31%
Electric
Based on i
tion
*
/.
Electric Hose & Rubber Co.—
Dicta¬
—
(Joseph)
Dobbs
r
Curlee Clothing Co.
suits and
7,
3.2
511/4
Ao
4
Electro
in
•
.
Dixon
tO-48
15
engines
gas
posit
0.8
„
„
32..;,
1.40
Corp. of New York
curities,
'»
8.0
4
negotiable
..
239
1"l-62
37
Cummins Engine Co
Darling
■'
-
of
'■'•"
Lead
,
Crum & Forster
Local
121/2
,
■«
1.95
40
also
7
sickness;
and
annuities
Men's
0.12
1.0
37
—
sale
equipment
Dealers
*10
Corp.
and
fl.27
27
'
Edison Sault
Quota-
Dec. 31,
.
Dec. 31,
1962
Divs. Paid
'
■'7•' *
...
.
;\r.%
.
.2%
Extras for
12 Mos. to
Years Cash
tiles
ment
Co.
Insurance Co
Life,: accident
Diesel
•
insurance
Life
Crown
r-
Office
Discount
:
culvert Dipes,
and
Diebold, Inc.
manufacturer
Diversified
7 7
0.20
77
'
.
'
phone,
dictating,
recording
transcribing machines
3.2
20
1.00
23
Corp..
Shoe
Realty
;
Approx.
;% Yield
secutive
on
1962
1962
$
financing
Dictaphone
0.9
18%
chemicals
Craftsman Life Insurance
1
56V2
0.60
industrial
Shoe
.
1962
Sewer
31,
1962
.
24
estate
Manufacture
fO.49
Craddock-Terry
;
•
5
24
Cowles Chemical Co.
Mfg.
/
(White Plains) *59
County Trust
1962
1962
Divs. Paid
•
Dec. 31,
31,
.
Dickey (W. S.) Clay Mfg. Co.
•
Dec.
Dec. 31,
Divs. Paid
I
—
Real
Based on
tion
Extras for
secutive
Co.
% Yield
.
No. ConYears Cash
v.
'
-
,
7
.•
.
•
.
Detroit Mortgage &
Dec.
<
"
'
Years Cash
Cash Divs.
Including
•
8.50
81%
18
fO.96
holding company
First Bank & Trust Co.
(South
Hanseatic
NEW YORK
Bend)__:
First Boston Corp
Investment banking
First Camden National
CORPORATION
Bank
& Trust Co.
(N. JT.)_
First City Natl. Bk. (Houston)
60
BROAD
Telephone: 363-2000
BOSTON
•
CHICAGO
-
•
STREET
•
NEW
V,
LOS
ANGELES
•
•
4, N. Y.
PHILADELPHIA
Wires
•
SAN
Name
-V"V
FRANCISCO
to:
Antonio, San Francisco, Toronto± Canada
1.60
changed
in
July
>First Natl. Bank of Md.
First
Natl. Bank
1962
»
7
-
to
.-..
(Birming.).
First Natl. Bank
(Chicago)..
First Natl. Bank of Cinn
.
2.1
*
2.1
63
1.6
55%
/2.9
<;' :77;7\.
7
/
•
First Natl. Bank of Boston
45%
59%
1.25 7
'
Atlanta, Boston, Chicago, Cleveland, Dallas, Houston, Los
Angeles,
Louisville, New Haven, Philadelphia, Pittsburgh, Providence,
San
f0.99
97
First National Bank of Bait.
Teletype; 212-571—1231-32-33-34
Direct Private
*
YORK
24
First Natl. Bank of Atlanta..
Associate Member American Stock
Exchange
30
First Natl. Bank of Akron
Established 1920
3.5
10.4
-7
■
/
,
,
- •<-
20
1.40
60%
2.3
179
3.00
87
3.4
28
1.60
86%
1.8:
100
2.00
55%
3.6
First Natl. Bank of Dallas..__
88
1.36
First Natl. Bank of Denver..
78
6.50
Adjusted for stock dividends, splits, etc.
i Dividend rate is 50c semi-annually. An extra of $1
.
63%
260
2.2
.
2.5
+
1, and a $5 extra on Dec.
1. Yield is based
on
was
paid
on June
regular payment.
<
?•(«.::
Volume
197
Number
6254
The
Commercial and Financial
Chronicle
(1491)
The OTC Market—Nationwide
Cash Divs.
Approx.
Including
Extras for
Quota-
secutive
12 Mos. to
tion
.
Department Store for Securities
"
App'OX.
Including
% Yield
•
>.
Wo. Con¬
Extras for
secutive
y
12 Mos. to
Years Cash
Dec.
Divs. Paid
Quota-. Based
1962
Florida Public Utilities Co.
31,
CORP.
1962
Telephone
S
National
Bank
of
Fort
Worth
30
First Natl. Bank
(Jersey City)
First Natl. Bank
1.45
73
29
fl.65
(K. C.)
1.7
Drilling,
3.3
106
'
Forbes &
First National Bank of
First Natl. Bank (Mobile)
First Natl. Bank (Omaha)
First NatL Bank of Oregon__
Natl.
Bank
County (Paterson^ N. J.)
National
Shreveport,
3.6
491/2
2.8
Bank
10.52
ON
PAGE
34
tapping
20
Industrial
2.6
24.
0.10
12
0.8
\.
1.75
27
85
-
2.4
*
2.6
'
30
0.40
7
1.10
24
*38
lighting
Natl.
15
1.20
52
2.3
16
f0.29
14
2.1
Franco
5.8
27
1.20
321/4
3.7
on
units
Bank
and
Trust
J
Wyoming Oil Co.——
Oil
production,
development
-
'
28
1.00
35
exploration
and
•;///
2.9
89
-.
0.75
37
2.0
Ft.1 Worth National Bank—
5.7 J
4.6
* Details
not complete as to possible
t Adjusted for stock
dividends, splits,
-
longer record.
page" 24
/
etc.
2.9
6O1/4
l*
3.7
•35
38
3.50
96
3.6
45
■
1.60
42%
3.8
of
La
26
1.50
65
2.3
First Natl. Bank (Wichita)—.
43
f9.55
350
2.7
First Natl. Bk. T. (Okla. City)
35
1.00
51
2.0
(Tulsa)._——.< 25
1.29
44
2.9
150
|2.99
97
3.1
81
fl.24
47%
2.6
28
1.00
36V8
2.8
27
1.40
32%
4.3
135
1.20
32%
3.7
88
fl.95
48
4.1
Fitchburg Gas & Elec. Light. 104
3.00
63
4.8
0.60
381/2
1.6
First National
:Trust-Co.
Bank
and
First National City Bank of
New York
First National Exchange
Bank of Roanoke
First
National
Trust
The Franklin Life Insurance
Sav¬
&
ings Bank of San Diego
.
Home Office:
First New Haven National
Bank
(Conn.)
Company
Springfield, Illinois
Chas. E. Becker, Chief Executive
Officer • Francis J. Budinger, CLU, President
First Pennsylvania Banking &
Trust Co.
First
■,
(Phila.)
Trenton
National
Bank
79 years
of distinguished service
Gas and electric company
Statement of Condition
Florida National Bank
(Jacksonville)
....
t Adjusted for stock dividends,
27
as
of
January 1, 1963
splits, etc.
T
Assets.
Cash
.
.
.
$
■
.
10,823,621.73
United States Government
Francis I. duPont & Co.
v. :;,
:Bonds
Other Bonds
Unlisted securities covered
Real Estate
nationally
4.
.
.
.t
.
.
.
J/
Federally Insured
Markets maintained in
Other First
Leading Bank and Insurance Stocks
on
the stocks of banks in all of the cities—New York to
hUCfi-f /-.J
20,212,346.15
High points of our
V"y".
.
.
Policyowners
189,715,425.29
.
.
.
.
.
WALL
STREET
.
.
68,235,072.82
.
.
.
23,254,646.86
.
.
New Paid Business
$946,718,028
K
Other. Assets
5,055,664.94
7,606,626.54
.
Asset Increase
$65,001,184.82
NEW- YORK
.
$709,462,419.19
5,
N.
Liabilities...
Y.
Increase in Reserves
,
..
•
DIgby 4-2000
Cable:
Over 80
RHetpont
.r.; -
228,948,107.28
.
.
Principal Security and Commodity Exchanges
ONE
•
the year 1962...
Members New York Stock Exchange
Tel.:
• 'tX'
progress during
39,232,681.99
.
Interest and Rents Due and Accrued
/
.
345,326,332.87
.
(Liability included in Reserve)
maintain offic.es.
'•
to
.
(Secured by Legal Reserve)
Premiums in Course of Collection:.
inquiries in connection with
we
,
.
Mortgage Loans
Real Estate
Loans
.Honolulu—in which
.
.
Guaranteed
or
Real Estate Loans
We also service
304,591,933.42
.
(Including $13,343,649.01 of properties
acquired for investment)
CHRISTIANA SECURITIES CO., Common and Preferred,
and
$ 40,734,399.45
.
.
".
.
.
.
Legal Reserve on Outstanding Contracts
Other Policyowners' Funds
Reserve for Pending. Claims
Accrued Expenses
Teletype 212 571-1862
Offices Nationwide
.
$517,767,887.00
.
.
.
.
.
...
.
.
.
2,772.266.63
488,071.94
5.785,146.88
.........
Reserve for Taxes
Premiums and Interest Paid in Advance
Securities Valuation Reserve
Other Liabilities.
.;...
.
.
.
23,400,241.35
2,371,904.50
.1
.
.....
.
$42,468,300.00
54,518,431.00
.
TOWNSEND
5,358.469.89
.
Increase in
Surplus Funds
$12,750,000.00
Payments
to
policyowners
and beneficiaries
DABNEY &
$612,462,419.19
during
year
$44,109,673.34
TYSON
Surplus Funds...
Capital
UNLISTED
.......
General
SECURITIES
Surplus
....
$24,873,280.00
Payments to policyowners
72.126.720.00
ORDERS EXECUTED ON ANY EXCHANGE
97.000.000.00
$709,462,419.19
OR MARKET
Balance Sheet
as
and beneficiaries since
1884, plus funds
currently held for
filed with Illinois Insurance Department
their benefit
Private Wire
System
New York Telephone
■
V
-
CAnal 6-1540
-
Insurance in
,
Teletype 617 451-3730 for, Trading Department
617 451-3731
30
for Municipal Department
STATE
STREET,
LAfayette 3-7010
BOSTON
*
'
'
•>,
*
:
•
•
the
5,
MASS.
Cable Address "SENDANTHY"
world's
largest
devoted
Portland, Me. Augusta, Me. Lewiston, Me.
Greenfield, Mass.
"
Keene, N. H.
Bangor, Me.
Lawrence, Mass.
legal
reserve
exclu sivelyvto
individual
Fitchburg, Mass.
force $4,792,506,524
T
company
•
•
24
;
4
(Indiana)
lvb2
Gloves
,
Springfield, Mass.
1*62
-
.
service
Fownes Brothers & Co
Fort Wayne National Bank
170
bus
Co., Wichita
ma¬
Wallace, Inc., CI. B
Paymts. to
Dec. 31,
Continued
Worth
Fourth
IS
1*62
tion
Dec. 31,
Passaic
of
First Natl. Bank in St. Louis.
First
•561/4
1.40
68
2.00
60 97 v |4.41
tl.00
27
2.20
92
First Natl. Bank of Memphis
First Natl. Bank (Miami)
First
2.00
156
22
reaming,
Dept. store.
(Maryland)
Fort Worth Transit Co
2.8
company
ADVERTISEMENT
Paid
31,
Based ort
5
1 251/s
chines
1.6
; 43%
Divs
Dec.
Quota-
•
t0.71
Fort
A
12 Mos. to
Years Cash
1962
% Yield
Extras for
secutive
Dec. 31„
1962
Fostoria Corp.
Foote-Burt Co.
0.50
; 99
CL.
COMPANY'S
•
First
20
No. Con-
Paymts. to
Dec. 31,
1962
Approx. V
Including
„■
on
FLORIDA TELEPHONE
Dec. 31,
1962
31,
Based
Operating public utility
on
Pavmtc. to
tion
Dec.
31,
Dec.
$
Cash Divs.
'
Years Cash
Divs. Paid
Cash Divs.
% Yield
Wo. Con'
23
life
and
stock
the
annuity
life
insurance
underwriting of
plans
$1,009,268,472.27
24
The Commercial and Financial
(1492)
Cash Divs.
Market-Nationwide
The OTC
sccutive
Department Store for Securities
Cash Divs.
% Yield
No. Con-
12 Mos. to
Dec.
tion
Dec.
31,
(P. H.)
and
Pulp
on
1962
Professional
•
IS
City
Frito-Lay,
22
126*4
t0.43
0.3
Realty Co.
food
V
31%
0.53
17
—
2.2
11
iO.24
41
0.80
38*/2
0.85
111/2
Holding
(Atlanta)
1.00
51/4
1.5
Missouri,
Kansas.
Southeastern
1.00
25%
30
6.00
20
0.20'
phonographs
and
home
4%
(N. Y.)_
90
2.00
3.1
Hartford
All
•
1.00
28
3.6
0.80
19
4.2
COMPANY'S
Public
ing
IS
&
lines
Bennett
1*0.53
20
10.98
351/3
refractory
and
1.9
insurance-
;
-
2.25
36
Bank
Steam
Life
4.0
36
4.4
19 A
6.2
Holding
19%
1.00
...
■
_
dairy
fl.19
28
•
.
•
„
products
in
.01>
__
^1
3.00
28
_
*39
0.93
30%
3.1
77
fl-46
o.9
3.9 V
12
0.80
18
4.4
:
Bank
(New Orleans)
Higbee Co.
1.20-
53
31%
2,8
19
22
1.00
20%
4.8
93
1.45
51
2.8
Y.)
91
2.20
63%.
3.5
Telephone and Tele¬
graph Company of Virginia
42
0.38
22
1.00
.\
v'/'.,
——,32
20
——
3.8
Department store
12
Hines
5.2
13%
0.70
(Edward)
Holvoke Water
17
10.58
Electric
3.4
and
dustrial
15
Inc
of
78
1.94
steam
Knowledge"
processing
Power Cq
hydraulic
and
Insurance
'
in¬
power,
real
estate
Co.
Casualty and
Fire,
2.5
Life
(N.
Home
systems
4
Lumber Co.
Timber logging and
of
29
Inc.
and
10
1.20
2.9
41%
Local
and
long
9
4.2
3.9
*
c
.
Home Title
—
31
1.00
45
Guaranty Co.
(Brooklyn, NAY.)—-
2.2
insurance
Title.
and
Insurance
Hooven
31
Fla.)
50
0.45
0.9:
Ropes
—
——
\
28
10.99
&
31%
treatment chemicals*
Details
not
Plus
17«
3.1
...
1.50
12%
11.8
1.00
./
21%
cleaners*
4.6
29
18.00>
V
585
3.1
York City'
"*■'
•
'
•
Continued
on
page
complete as to possible longer record,
for stock dividends, splits, etc.
in
31%
twine
Barbizonj Inc.—
New
v
Co
Co., class A
Vacuum
Hotel
3.1
Allison
and
Hoover
accident
class
A
common.
'C * Details not
complete as to possible longer record,
t Adjusted for stock dividends, splits, etc.
.
SPECIALISTS
FLORIDA TELEPHONE CORPORATION
SERVES AN AREA OF ALMOST
IN
United States Government
6,000 SQUARE MILES IN
Securities
*
CENTRAL FLORIDA
Federal Agency Securities
larger,
most
rapidly growing, and
Tax Exempt Securities
progressive independent telephone
companies in the country.
Certificates
.
★
,
*
„
SQME HIGHLIGHTS IN THE POST-WAR PERIOD
1982
Telephones
In
Service
'
1953
★
★
of
Deposit
★.
1945
57,506
22,609
7,642
Operating Revenues
$7,072,120
$2,180,585
$569,459
Net Income
$
802,187
S
176,755
$ 40,975
$
.78
$
.43
$
.46
§
.40
$
.20
For
Common Stock—__
Earnings Per Share_
Dividends Per Share
—
i
.
^
phone
distance
service'
and
Americana" ;
casualty
t Adjusted
most
■>.
Penn¬
(San Fran.)..
Hibernia National
..
One of the
..
_
42,2
2.50
15
Creamery
Produces
•
71 *4
.
.■
company
-
•
3.00
'
sylvania
Home
Book
Water
Exchange
2.75
2.6
3.1
7
service
Hershey
37
Hagan Chemical and Controls,
8.0
Inc.
(Philadelphia)——— 127
115%
Insp
1-60
:
(Jacksonville,
.
Adjusted for stock dividends, splits, etc.
&
Boiler
45
6.3
Gulf Life Insurance Go.
.
7V2
70%
59%
3.8
1.85
Insurance
Natl.
79
Gas
distribution
Corp
"Encyclopedia
'
0.60
2.65
/
'
Manufac¬
21
Corn
Co.
——
&
fittings,
sprinkler
piping systems
"The
2.8
2.2
150
113
Trust 134
6.6
3.Id
welding equipment and weld¬
Fire
3.25
1.6
,
59
prod¬
Gulf Insurance Co. (Dallas)
15
70%
92
0.9
studs
Pipe
27%
Insurance
Co.—
Girard Trust
•
25.
PAGE
cioth
Bank
of
Industries,
Grolier,
—
allied
and
turing
ON
16
production
Company
Wire
Stud
0.9
and
Georgia Marble Co
Fire
-
Gregory
215
19
1.10
;
equipment
Haverty Furniture Co
Utility — Distributor
gas In Connecticut
natural
2.00
1.25
90
2.2
7.5
...
Insurance Company—.
•
ADVERTISEMENT
Fire
660
*26
Greenwich Gas Co._
parts
GermantOwn
5.90
health
Fire Brick
P.
canning
Vermont
29
23
93
40
'
Insurance
Hibernia Bank
Grinnell
Automotive
Gilbert
63
Green Mountain Power Corp.
Public utility, electric and gas In
electric
fire
V V
2.00
3.00
:
Boiler and machinery insurance
Harvard Trust (Cambridge)..
1.2
130
slippers
(A.
Vegetable
parts
bonding
1.60
health
ucts
and
Genuine Parts Co
/
and
Manufacturer
25
4.2
.:«.:%/■
Haverhill Gas Co.
Co. *38
Ins.
Life
and
accident
Green
lines
Marble
and
v ;
C
55
28
—
Hartford Gas Co
(Winnipeg)
House
——
casualty,
alliPd
Diversified
2.5
52%
„
4.3
42
Fire
Hartford
accident
2.20
/■-.
Co.
handling
1.3
Green'(Daniel) Co
GENERAL REINSURANCE
CORP.
Grain
insurance
.
110
Co
Hotel
Hart-Carter
Hartford
Southern
31
Tenn._
(Chicago)
0,9
Diversified
;
of
Bank
casualty Insurance
Trust and Savings
Penn-Harris
and fire
*
and
Harrisburg Hotel Co.—
63%
>
and
65
Life,
4.8
23
for
plastic
315
450
Life,
automobile
heaters
recording
assemblies.
Custom-molded
8.00
National
Insurance
4.00
1.2
500
1.80
19
Co
motors
2.3
10.82
3.9
producer
small
of
Inc.—.—
Employees Insurance—
Co.
General Industries Co
Mfrs.
86
16
serving
Oklahoma
Oil
2.00
Bank
water systems
Greeri Giant Co.
Crude
5.6 V
16
.
Nebraska
General
18
Harris
Great West Life Assurance
;—
distributor
gas
1.00
Fire
4.5
11
V
28%
Transportation holding company
Natural
24
Mfg
Hanover
financing
Great
Gary Natl. Bank (Indiana;-.
Gary Railways, Inc
Co..
4.9
'
Department Stores
Knoxville,
9.0
16%
0.43
seals, mechanical seals and plastics
Gas Service
1.50
11
19.0
oil
gaskets
packings,
20%
condi-
"
Hamilton
broadcasters
Great Amer. Ins. Co.
industry
Garlock Inc.
Mechanical
{'1.24
24
Co.
Bus
1.00
air
and
7
v
2.9
Insurance—casualty
2.4
52
50
59
company.
48
heating
supplies
Bros
Grace Natl. Bank of New York
warehousing
Galveston-Houston
7
42
7.4
4.5
2.7
'/ V/'
Hamilton National Bank
1.20
Auto
11%
37%
3.6
15
Govt.
Storage-
Bank
30%
Transit
Employees Corp.
*>-
1.00
Retail
5.0
2.1
33
1.10
12
Pumps and
Co., Class A—
Natl.
2.2
0.60
Goulds Pumps,
Brushes
Refrigerated
45%
packings
television
and
1962
0.50
laundry
appliances,
professional furniture
59
belting and
Hose,
to
1962
'.962
12
Hamilton
27
—
on
Dec. 31.
(Chattanooga, Tenn.)______ *58
1.00
allied lines
&
Pavmts.
Dec. 31,
21
Plumbing,
97
Elevator
tion
31,
Based
supplier
gas
Hajoca Corp
multiple peril cover¬
marine,
and
Government
Fulton Market Cold
Fulton
Hagerstown Gas Co
7.5
cQ.50
refining
production,
Brush
4.2
6
Goodwill Stations, Inc.__—— *35
1.7
of
marketing
Fuller
28%
Home
Radio
Frontier Refining Co
and
0.45
29
products
Petroleum
1.20
17
Quota-
$
under¬
insurance
Goodall Rubber Co
10
distributor
Dec.
DiVs. Paid
V
Grain elevator
1.7
22
0.38
12 Mos. to
Years Cash
\
Halle
Co., Ltd
real estate
and
'
Republic Insurance
Goderich
ON PAGE! 23.
16
Inc
Manufacturer
line
ages
(Louis)
York
1962
Insurance Co.
Fire,
insurance
New
1962
»
°„ Yield
Extras for
secutive
,
Dec. 31,
Natural
Co. of America
ON PAGE 40.
LIFE
COMPANY'S ADVERTISEMENT IS
Friedman
Pavmts. to
tioning
&
Globe
agency
ndveniMng
INSURANCE CO.
•
31,
App-ox.
Including
-
No. Con-
writer
3.2
31
1.00
20
INC.—
LAW,
COMPANY'S ADVERTISEMENT
Life
1962'
19
Co
(New York)
(ALBERT)
FRANKLIN
Cash Divs.
1
.
on
facturer
Glens Falls
Multiple
GUENTHER
tion
Dec.
31,
Based
Brick and concrete products manu¬
Dec. 31,
$
FRANK
Quota-
manufacture
paper
Glen-Gery Shale Brick Corp.
Paymts. to
31,
1962
1962
Divs. Paid
Based
Quota-
hxiras tor
sccutive
Years Cash
Dec.
Thursday, April 11, 1963
.
$
Approx.
Including
12 Mos. to
Divs. Paid
Glatfelter
23
Continued from page
Extras for
Years Cash
.
.
Approx.
% Yield
Including
No. Con-
Chronicle
$
.52
C. J.
48 Wall
&
Slreet, New York 5
•
Teletype 212-571-1118
,
CO.
HAnover 2-2727
V
„
%
J
Chicago
•
Boston/
Cleveland
%
•
/-
Philadelphia
Cincinnati
.
•
•
•
•
Washington
St. Louis
Direct Wires to all Offices
•
.> •
*
Pittsburgh
San Francisco
•
26
Volume
197
Number
6254
.
,
.
I
The^Commercial
and
Financial Chronicle
friends
FROM WASHINGTON
of
(1493)
Senator
Goldwater
him.
from
couragement
tinues to fend off actual
Ahead of the News
...
BY
CARLISLE
but
Governor
it has been done without any en¬
declaring
Senator
is
desire
or
Another
Nixon
enter
to
friends at
bit
has
possibilities
Former
President
-
Nixon
GOP
wants
to
Vice
Presidential hopefuls
get started with their campaigns
and
quit playing
He
game.
interest
up
feller
but
is
by
tion
the
would
stir
party.
He
that
Goy.
front
no means
sewed
this
the
in
acknowledges
blushing violet
a
thinks
up.
Rocke¬
runner
the
reason
Governor is out ahead is because
he has workers all
the
over
coun¬
try and he himself is out travel¬
ling and meeting the party leaders.
But Mr. Nixon'sees the
that other
that
real
opposition
Rockefeller, may
by
national
_
July
August
or
politically
strength
and
GOP
possibility
Republican candidates
develop
may
the
meet
time
convention
of next
the
Romney
are
Michigan,
of
Scranton
of
Governor
Pennsylvania
and
Senator Goldwater, of Arizona. Mr.
Nixon
any
does
of them
lican
who
that
their
places.
be
into promi¬
should
begin
the
for
his
nomination.
healthy
a
nomination.
ever,
for
sum
Goldwater, how¬
dissuaded them for the time
Mr.
Nixon does not
believe
that
candidates
mediate
should
necessarily
the
of
any
diately
be
not
make
im¬
an
but
delayed
it
much
longer than the first of the year.
There
was
considered
front
time when
a
dangerous
early
so
candidate
it
contention
them
of
into greater
influence
no
nedy's
clinched the
Michigan—the adoption of
constitution.
He
strong sponsor for the
stitution
The
which
he
opposition
Democratic
Democratic
has
politics
the
Manhattan
the
on
in
General
wire
and
far
so
nomination
Willkie's
towards
for
defeat
him
in
getting the
in
Wisconsin
announced the
direct
a
their
will
enabling
of
their
expand
private
offices.
for
be
both
unlisted
the
firms
service
the financial community.
coverage
had
in
to
the
which
operate in
market
unlisted
handled
offices
York
to withdraw from the race.
.
of
been
the 1944 primary that caused him
state.
Chase
Previously, J. Barth's East Coasf
and
1952
of
facilities
purposes
to
was
Exchange,
Co., Los Angeles and
&
between
These
him.
for
to
the
-
Plaza, New York, and
installation
practically
that
nomination
Stock
San Francisco, have
nomination,
Wisconsin
Barth
J.
Eisenhower's
dominated
in
should
primaries. It is idle
Virginia
went
write.
by
they
York
New
firms of Wertheim & Co., 1
showing in New Hampshire that
organization and the
which
CIO-AFL
led
It
con¬
new
The
a
was
helped
was
in
new
a
that
victory
West
polls
the
Mr.
Mr. Nixon points out. It was Ken¬
bring one
prominence,
great
in
that
that these primaries have
say
Governor Romney has. just won a
victory
To J. BarthCo.
race
every
their New
by
continue
will
other respect.
was
get
to
out
the
because
himself
presented
Nixon's
Mr.
that future events may
possible
announcement
should
in
to
State
being.
as
a
target to be shot at.
Mr.
Nixon,
the
By
Rockefeller
into
1962
the
cites
however,
experience.
Governor
had
his
time
gotten
GENERAL
had
Nixon
race,
pretty well worked the field and
there
were
York
New
on
other Repub¬
come
moves
delay
make
a
any
This would
pledged
$300,000
some
for
the
had
:
Also,
got to
the
REINSURANCE
Kennedy
CORPORATION
pickings
no
for
Governor.
Senator
former
early.
work
Senator
Ken¬
nedy organized quietly, beginning
five
six
or
definitely
his
America's
he
before
years
announced
can¬
ALL
Largest Reinsurance Company
FIRE, CASUALTY, ACCIDENT AND SICKNESS, BONDING
AND MARINE
LINES
didacy.
without
that
or
may
door
What he says, however, is
nence.
and
not shut the
raise
own
Governor George
Goldwater
candidacy
meets
year.
The possibilities that Mr.. Nixon
has in mind
to
today
has the nomina¬
The
Senator
enter the state
imme¬
out
GOP
advice
of
is
But
bear
Wertheim Wire
informal
an
given the Presidential
the Presidential contest next year.
seeming to
very
telling
was
still wide open.
was
denied
the
won
Nixon
meeting here that the
for
Rom¬
have
Mr.
newspaper
candidacy,
Governors
Scranton
intention
any
con¬
candidate
a
period.
and
ney
BARGERON
he
He
Romney
that
day
25
It
test
to
friends
sentiment
in
prominent
recently
was
group of
revealed
Chicago friends of
What
ties
the
will
Republican possibili¬
do
Mr.
with
advice remains to be
work
has
already
Nixon's
seen.
A lot of
been
done by
FINANCIAL
STATEMENT, December 31, 1962
ASSETS
U. S. Government, State,
and Public
Municipal
Housing Securities
LIABILITIES
Cash in Banks and Office
.
.
.
.
.
$
.
,7^54,440
.ment Bonds.
Other Bonds
Chemical
.•
Funds Held Under Reinsurance Treaties
81,289,858
v
Reserve for
Stocks of
.
.
Other Common Stocks
Total
.
GOVERNMENT BONDS
$187,593,599
.
over
90 days due)
.
.
Other Admitted Assets.
.
.
.
.
.
.
.
.
.
.
.
.
TWX: NY 212-571-1416
9,983,915
.
.
.
.
.
,
.
.
.
.
.
.
9,068,478
.
Capital
.
$ 7,260,000
2,007,252
111 Convenient Offices in the New York Area
ance
are
valued
in accordance with the
66,661,715
Surplus to Policyholders
Total
$208,707,984
.
Securities carried at $11,791,232 in the above statement
stocks owned
59,401,715
Surplus
^ 1,168,778
.
Total Admitted Assets
Tel: 770-2661
TWX: NY 212-571-1414
.
59,165,253
.
..-a.
Accrued Interest
MUNICIPAL BONDS
Tel: 770-2541
■
Premium Balances in Course of Collection
(not
Street, New York 15
st
Commissions, Taxes and
Other Liabilities
13,028.409
■
1824
BOND DEPARTMENT
7,227,441
9,708,695
.
Subsidiary
Companies
60,692.749
$24,401,384
.
....
Preferred Stocks
New York
20 Pine
.
.
.
FOUNDED
$ 65,057,601
'Expenses
Reserve for Unearned Premiums
United States Govern-
CHEMICAL BANK NEW YORK TRUST COMPANY
Reserve for Claims and Claim
Investments:
are
.
.
$208,707,984
.
deposited as required by law. Bonds and
requirements of the National Association of Insur¬
Commissioners; if valued at market quotations, Surplus to Policyholders would be $67,333,754.
DIRECTORS
ROBERT
'
Japanese Securities
BRADDOCK
L.
ALBERT J.
President
HARLLEE
HETTINGER, JR.
Lazard Freres &
Company
WILLIAM
A.
The Southern Company
The M. A. Hanna
Securities
LUTHER
A.
of New York, Inc.
Company
G.
EDWARD
G.
A.
Chairman
and Governor
Executive and
Finance Committees
REED
FULLER
O.
ETHELBERT
WARFIELD
Satterlee, Warfield
Corp.
&
HUNT
Stephens, Esqs.
President
Chairman
The
BUSKIRK
T. Mellon and Sons
LOWRY, JR.
General Reinsurance
JOHN
VAN
Vice President
and Governor
HOLBROOK
T. Mellon and Sons
CATHCART, JR.
Chairman of the Board
Company
ARTHUR B.
New York Trust
Vice President
Empire Trust Company
JAMES
TRASK, JR.
Chemical Bank
Company
BRUNIE
President
YAMAICHI
K.
Payson & Trask
HOBBS
President and Treasurer
C.
FREDERICK
BAXTER JACKSON
Chairman
Executive Committee
BRANCH, JR.
President
HENRY
N.
Crown Zellerbach
Shawinigan Water
and Power Co many
Corporation
FREDERICK
L.
MOORE
SAMUEL
Kidder, Peabody & Company
C.
WAUGH
International Consultant
Serving Institutional Investors and Brokers
Affiliate of
YAMAICHI SECURITIES CO., LTD.
TOKYO,
111
BROADWAY,
JAPAN
NEW YORK 6
■
Offices in
COrtlandt 7-5900
Home Office
4CO
PARK
AVENUE, NEW YORK 22, N< Y,
Kansas City, Los Angeles, Atlanta, Toronto, Chicago and San
Francisco
26
The Commercial and Financial
Chronicle
(1494)
.
Cash Divs.
Market-Nationwide
The OTC
Thursday, April 11, 1963
.
Approx.
Including
Cash Divs.
% Yield
We. Con-
Extras for
Quota-
secutive
12 Mos. to
tion
Years Cash
Divs. Paid
.
.
Dec. 31,
1962
Dec.
Based
31,
No. Con-
Approx.
% Yield
Cash Divs.
Including
No. Con-
secutive
tion
Paymts. to
12 Mos. to
Dec.
Dec. 31,
1962
Years Cash
Divs. Paid
•
14
Based on
606
'
rooms
Public
5.6
27
14
2.0
40
0.80
0.73
./
'
Southern
Texas
utility
Hubinger Co.
Corn
12
and paper
paper
Natural
10
4.8
3.6
26
„
100
2.0
Jefferson
1.7
341/2
10.58
Life
Manufactures
industrial
papermakers'
fabrics,
precision
control
and
struments
56
:
felts,
0.48
2.2
22
Idaho First Natl. Bk.
30
491/2
3.00
Jersey
3.2
40
f 1.57
25
7.5
Supply Co
line
12
1.25
Indiana Gas & Water
17
10.98
42
Natural gas
Indiana
3.4
Life
Ins.
Indianapolis
Indianapolis Stockyards Co.—
91
2.00
241/2
8.2
1.20
28%
4.2
| u.vo
73
Operating
51
and
air
Industrial
/Co.
Mortgage
Trust
(Ontario)
Savings, trust
,5.00
;
Textbook
37
0.80
Co...
12
3.00
and
cake
221/2
3.6
49
6.1
24%
30
0.25
4%
Book
5.6
2.20
67%
23%
88
34
41%
Kuhlman
1.45
49
0.60
28%
uetails
not
2.1
Adjusted
stock
"L-
Second Table
3.00
60
1.50
36
5.0
and
4.2
1.90 ;
•
14.00
5.6
3,400
Basic
Lake
0.4
26
1.20
tools
&
31%
3.8
1.9
Kentucky Utilities Co
...
1.40
23%
View
not
1*0.80
24%
3.3
as
Adjusted
for
stock
15
f 1.14
23
20
2.50
50
Salc9
1.72
50%
5.0
-
1959..
1956...
to
net
shares
income
5.0
for
*
calculated on the
the close of the fiscal
1954
years
Annual
basis
year,
and
10%
restated
on
stock
a
1.10
15
15
f 1.17
46
25
0.50
28
baker
0.20
30
0,95.
6.7
7.3
-
Bk.
(Chicago)
...
...
/
2.5
141/g
Blower Co...
of
of
air moving
3.5
Co. Inc..
sportswear,
and
work
5
4.0
equip.
western
4.4
21%
wear,
clothing...»
record,
basis
of
in
consistent
Report Available, Upon Request
Company is
a
pumps, valves
industries with
a
leading producer of corrosion resisting
and other equipment for the chemical
growing position in the widely expanding
Engineered equipment and products produced from corrosion
sisting alloys and materials developed by Duriron account for
than
80% of total sales. These standard
1.93
quantity and sold from stock.
1.62
"
; v
industrial plastics field.
1.62
;
other
3.82
specialties
are
items
Nonmetallic
are
re¬
more
produced in
laboratory sinks and
produced by the Corrosion Resisting Plastics
and Modern Industrial Plastics Divisions.
'
~
3.80
the
adjusted
dividend
PRODUCTS, MARKETS
1.40
r
700,471
is
is
1962
process
,A-
1.84
prior
0
25
1.1
4.2
11%
0
Share
r'
1.57
depreciation policy effected in 1961.
0.40
,
Natl.
Lee (H. D.)
centrifugal
331,021
at
dividend in
150
High speed, tool and die, specialty
steels and vacuum melted
alloys
Lan
3.4
The Duriron
251,944
share
outstanding
stock
income
per
1.60
f0.48
Details not complete as to possible
longer
t Adjusted f.or stock
dividends, splits*, etc.
8,512,565
1954...
Coast
Salle
uniforms
6,202,502
...
*43
61
_
H.) Inc.-
possible longer record.
$1.80
780,692
:
11,427,775
1955
-
332,629
,12,302,916
...
10%
*
499,619 ;
10,093,714
The
•
429,018
12,311,796
1957.
NOTE:
*
379,931
1958.
7.6
Savings
Co
Manufacture
per
12,002,898
...
21
chain
Latrobe Steel Co.
/
■V
Net
$491,144
.....13,142,463
1.60
water)
AND CUSTOMERS
Income
-
I960...
39
19
and
&
THE COMPANY-ITS
.$14,172,527
1961...
5.1
'
24
.
&
West
dividends, splits, etc.
Net
mmmmmmmmmmmrnmrn
1962...
5.5
25
Langendorf United Bakeries.
Income
Sepl. 30
145
1.28
Corporation
'
,
8.00.
Investments
Including predecessors.
Electrical y/ires, Cables & Cord Sets
/
V;
Nel
3.8
52
—
Trust
(M.
Lang
A•
•
complete
+
^
,26i/2
Ishpeming
(Chicago)—
store
Manufacturers of
.
1.00
27
Pwr. Co.
(electric
Variety
6.0
stone
Jewett City, Connecticut
.
39.
manufacturer
utility
./■/ Bank
equipment
a
Year
steel
Superior
Lake
La
141/2
The Plastic Wire & Cable
clothing
;
Co
Railroad Co
compositions, cutting
service
Details
men's
of
Steel
Lake Superior Dist.
specialties
0.28
•
on page
22
Laclede
j
34
20
Inc.,
Kentucky Stone Co
to
Starting
Inc.
Manufacturer
>
61
6.4
Ended
5.7
Kuppenheimer (B.) & Co.,
transmis¬
19
Fiscal
4.8
14
Payers From 5 to 10 Years Appear in the
•.
.
131/4
/
251/4
0.80
products
'
Public
0.85
Including predecessors.
for
Co
Over-The-Counter Consecutive Cash Dividend
*39
Refining Co
Special
possible longer record.
dividends, splits, etc.
a
1.20
17
products
'
Electricity supplier
as
5.6
transformers, metal
furnaces,
fabricate
alu¬
and packaging
melting
and
Kent-Moore Organization—
chain
complete
25
Manufacturer
Lamston
Crushed
+
1.40
3.0
28
dairy
Electric
6.3
*28
5.6
23
California
minum
80
17%'
-
Creamery Co. of
Wholesale
3.9
5.00
1.8
.1.00
3.6
,
Communication
5.9
1.64
26%
16
;
Kittanning Telephone Co
1.1
2.00
61V8
10.49
45
Company
Knudsen
1.00
2.20
19
Manufacture Venetian blinds, drap¬
hardware
and
refrigeration
3.3
51
73
hardware
Mfr.
«
6.3
ery
3.3
f0.78
47
22
Corp
24y8
manufacturing
Kirsch
pole
restaurant
distribution-
6.5
bak¬
Hosts, Inc
^"s'aurant
Company, Brooklyn, N. Y.
Kingsport Press, Inc....'.
35
production,
gas
and
tools
1.60
16
-fl.57
5 Operating railroad
Kennametal
loans
Interstate
2.8
Producing, refining and marketing
of petroleum and its products
?
Financial
10%
operator
Natural
home
//
J
0.30 A
shoes
motels,
Hard carbide
and
bread
;
28
communication
Kansas-Neb. Natural Gas Co.
3.1
20
: 3.8
Manufactures cement
tracer
Corp.
Kendall
——
Wholesale
Small
0.61
16%
Kings County Trust
Non-participating life and partici¬
public utility
eries
and
Kansas City Life Ins. Co
Telephone
publishing
schools ;
Interstate
3.3
sion
Interstate Bakeries Corp.
'*.
54
-
Printing,
5.5
pating life
15
—
Company
study
43
Guaranty
insurance
International
and
Women's
Hotels,
laundry
insurance
Inter-Mountain
Operating
3.7
Kahler
——
Inter-County Title
& Mortgage Co.
Title
3.5
54%
1.80
;
1411/4
2.00
*36
and mortgages
Pennsylvania
Diversilied
V
13
Julian & Kokenge Co
Industrial Natl. Bank (R.I.).. al71
Insurance Co. of the State of
f0.63
Cement
18%
line equipment
&
7.0
conditioning
automatic
Electrical
utility
water
1
a29
Co
Portland
Co.
28
Joslyn Manufacturing &
Supply Co.
Operates livestock terminal market
Indianapolis Water Co
2iy2
13
Keystone
3.3
lathes; thread and form grinders;
optical comparators; precision bor¬
ing machines; die heads and chas¬
ers; tape controlled equipment
3.2
98
3.3
■-
*
Service Co.
Turrets;
of
v.
r-
controls
and water utility
National Bank
1.50
Mortgage banking and real estate
3.0
28%
24
45.
Jones & Lamson Machine Co.
Co., Inc.
46%
481/4
insurance
Temperature
Indiana Gas & Chemical Co.—
1962
pulp and
L00
:
22
Mortgage
Johnson
refining
Sugar
...
color
Bros.
Multiple
1962
and
fl.59
32
Jersey Insur. Co. of N. Y
in¬
(Boise)
1.54
v
98
offset
Standard
Dec. 31,
31
wire
Keyes Fibre Co
Valves
devices
Imperial Sugar Co
3.6
manufacturing
Insurance
Jenkins
Confection and food products
Huyck, Corp.
27
Utility, water supplier
Sportswear
1962
on
Paymts. t#
31,
13
insulated
Manufacturer of molded
fibrous plastic articles
mowers
and
(The) Company
Manufacture
gas
Jantzen, Inc.
2.00 i
3.3
•.
17
Oilier Engraving Co.
Public
producer
gas
0.98
St
Manufacturing Co.i.
Jamaica Water
Huntington National Bank of
Columbus (Ohio)
51
Huston (Tom) Peanut Co.
,26
V"
y4
44%
1.26
11-58
electric,
Photo-engraving
positives
products
Hugoton Production Co
18
stores
lawn
Jahn &
Class A
Pulp,
Department
Power
& Paper Corp.,
Pulp
utility,
Jacobsen
4.6
16
refining
Hudson
24
steam
gas,
Irving Trust Co. (N. Y.)
Ivey (J. B.) & Co.
■
27
Houston Natural Gas Corp.—
natural
Iowa Southern Utilities Co.
*1.50
19
Inc
Syracuse,
0.60
water
S
Hotel
Electricity,
,
1962
tion
Dec.
cable
Iowa Public Service Co
Dec. 31,
31,
1962
Based
$
Kerite
Common motor carrier
Quota-
Extras for
% Yield
Quota-
Dec. 31,
Divs. Paid
Interstate Motor Freight
24
12 Mos. to
Years Cash
1962
$
Continued from page
Extras for
secutive
Paymts. to
Dec. 31,
1962
Approx.
•
Including
,
on
number
to
reflect
the
The
net
1960.
with
of
a
revised
...
NOTE: If you are interested in
to send you our
knowing
more
about Duriron^we will be pleased
latest financial report, upon request,
-
•
*
-«•'
THE
DURIRON COMPANY/lNC.,
DAYTON, OHIO
DURCO serves, as its primary market, those
companies around the world that
produce chemicals,
use
corrosives,
or
have corrosive waste disposal problems^
Volume
197
Number
6254
.
The Commercial
.
.
and Financial
Chronicle
(1495)
The OTC Market—Nationwide
Cash Divs.
Approx
Including
Cash Divs.
% Yield
No. Con-
Extras for
Quota-
Based
secutive
.
,
„
12 Mos. to
tion
Paymts.
...
Years Cash
:
.
Dec.
Divs. Paid
Dec. 31,
1962
31,
1962
*
Cash Divs.
Approx.
Including
% Yield
No. Con-
Extras for
secutive
12 Mos. to
Years Cash
Dec.
Divs. Paid
Co
40
Starting-light equipment
and
aircraft
Ley
1962
24%
2.4
n
51/4
1.75
42
21
0.20
36%
28
:
&
1.20
431/2
2.8
Co.
of
&
Oklahoma
City
Public
2.70
74
3.6
31
0.30
93%
0.3
Life & Casualty Ins. of Tenn.
27
0.60
443/4
1.3
Life, accident and health
■:v
•
76
1.20
29%
221/4
4.4
80
Ship
3.5
811/2
3.7
8%
4.9
-•
Lorain
0.20
18
2.35
".41/4
Telephone
Louisiana
State
and
/
26
1.70
v
43
Milling
'
;
-
insurance
1.00
Trust
Retail food chain
paper,
'
v
30
T
•;
Meat
"
;
10
2.00
931/2
2.1
1.40
241/2
5.7
•
'
Co.
not
(Ky.)
—
20
fO.95
29
fO.79
19%
4.0
h 91
2.40
52%
spices,
3.3
18
4.6
Inc.
Life
Ins.)
plastics
and
rug
2.9
35
5.1
brick
26
——
and
general financing
Bank
1.80
■
ADVERTISEMENT
IS
&
Assur.
ON
PAGE
S3.
51
_
Co.
54
3.0
1.75
52%
3.3
*
(Indianapolis)-- *38
of
Syracuse
and
sales
-mating cards
1.40
21
6.7
0.65
13%
4.8
-
funeral
of
ders
4.1
televi¬
and
service,
1.7
44
&
Corp.
Manufacture
60%
1.80
35
Bank
1.00
23
27
National
Co.
end
1.60
62
Corp..
religious
calen¬
?
'
■
22
0.30
13
2.3
18
1.92
83
2.3
10
Michigan Gas V Electric Co.
115
1.80
T
insulating
•'
:
>
"
„
*"
0.60
191/4
3.1
utility
gas
distributor^
gas
v
\
3'71/2 v
Michigan
3,3
ZZ
y*
•
1.00
39%
2.5
24
1.00
17%
5.7
1,
Telephone
Co.
*
,
^
181/2
,V
5,4
of
States
Illinois
-
Telephone service
6of*.
0.15
.
22
Co.
Seamless
Steel tubing,
Middle
'
16 ' .V 1.00
S;-M
.-
ZZ;-*.'"
'
-
—
Tube
rtr.
0,25
;■/
--
equipment
and
Michigan Gas Utilities Co
1.6
Michigan National Bank
;/ (Lansing)
23
and
—
loans
Natural
2.5
,
,
,
f0.91
24
W'
-
Z;
,<
;
/ 32
2.8
t2.28
tz
Middlesex County Natl. Bank
z-zZv
*
a
,
'
May 1, will admit
Ramsay Wetherill/to partnership
v;-*'
,r "
extracts,
&
28
/:
/
•
39
distributors
tea,
87
Our
Mfrs.
Miller
etc.
-
Details
complete
Including
rubber
.4.5
29%
3.5
26
1.00
13V4
7.5
0.35
44
1.20
24%
1.65
41%
on
'
%
•
22
0.29
7
for
auto
Richmond
33
2.00
and
engine
(Va.)
Minneapolis
6.1
gas
department
Gas
—
etc.
a44
Co
t Adjusted for stock dividends,
a
splits, etc.
Including predecessors.
/
1930
1963
/■
Effective April 15, the firm
ofi. Purcell .& Co., 50 >
name
TRADING
Broadway/
NevV
members of
York
'Company,
f'
'
Forty First Year
MARKETS
the
Stock
Exchange, will
be changed to Purcell, Graham &
in
OVER-THE-COUNTER
>
,*>•.*>
'i,-
y-V-
.
"*
»
•
S
(.»■'■
K
"
"i- '
SECURITIES
t.-k
■
1
1963
UNLISTED SECURITIES
SPECIALISTS SINCE
!
&rceneoa£cmpaiui
Members New York Security Dealers Association
'*•
37 Wall Street, New York 5, N. Y.
1922
Telephone
Telex
HAnover 2-4850
Teletype
212
01-2455
V
571-1636
Branch Office: Miami Beach, Fla.
INQUIRIES INVITED
PRIVATE
JOHN J. O'KANE, JR. & CO.
42
CHICAGO—First
Security Dealers Association
Broadway, New York 4, N. Y.
Phone—DIgby 4-6320
Teletype 212 571-1396
SYSTEM
Company of Chicago
CLEVELAND—Wm. J. Mericka & Co., Ihc.
LOS
New York
WIRE
Securities
ST.
ANGELES—Mitchum, Jones & Templeton
LOUIS—Henry, Franc & Co.
SAN
FRANCISCO—Mitchum, Jones & Templeton
Direct private telephone:
4.8
4.0
distributor
to possible longer record,
dividends, splits,
predecessors.
-..V...
5.5
store
'•
Members
6%.
repair
Miller & Rhoads, Inc
4.1
printer
39
Co
Mfg.
Natural
as
reclaimed
of
Tools
—
not
;
Rubber Reclaiming-
Midwest
.y
'''
2.4
Operating public utility
51
'
—
of
.
1922
4.6
341/2:
4.00
Z /
-v.
fO.83
Co.
1.05
27
:—
-—
Water
50
21
(Mass.) /-
y
3.9
Middlesex
softwood lumber
3purcell, Graham
phia-Baltimore-Washington Sto^^Tew, York City,
'
/
Firm Name to Be f
Co., 1424 Walnut Street, members
pf ^he New York and PhiladeL
the firm.
28
1.10
meat processing
t Adjusted for stock
PHILADELPHIA, Pa.—Bioren
on
'
Operating public utility
stock
Admit Partner
27
Meadville Telephone Co
.
.
11
35
'
,
z 29
.
National
8.3
151/s
life
insurance Z; Z /: z
Textbooks and duplications
as to possible longer record,
dividends, splits, etc.
Including predecessors.
'
^
1.00
Bank
Mobile
McCormick-Armstrong Co.
Pacific Coast
Bioren & Go. to
,*n
3.8;
National
•
COMPANY'S
Electric
McCormick & Co. Inc
complete
t Adjusted for
Exchanges,
46%
Meyercord Co
30
Revere
Manufacturers
——
on
and
Western
...
a
3.6
1.80
of
As¬
McCloud River Lumber Co.—
cushions
Details
3.1
77
Bank
Z,
"
Mayer (Oscar). & Co., Inc.'
3.3
27
___
Ludlow Corporation :
Textiles,
41
2.80
Decalcomamas
Corp.——
Electronic
•
1
fl.27
95
Publishing and radio
sion broadcasting
i
'Conveying equipment
real estate
on
Lucky Stores, Inc
♦
Paul
Imprinted
.'Z
3.3
4.2
director
1.25
'
28
Chicaeo
Trust
3.3
29
1
48
Continued
Rice and by-products
Louisville investment Co.
Louisville Title Co
I
v
75
,
(St.Louis)-a63
Trust
Messenger
Maxson Electronics
•
<
2.50
•;
2.00
Deposit and
(Baltimore)-—
Co.
Trust
insurance, • sickness In¬
and through (.subsidiary
group
,
27
Merchants
.:*
/
•
ZVf
23
Louisville
a57
6.3
at
National
3.4
// siding Z/Z.M;
■
".»• r
'
Mathews Conveyor Co.—_—
24.3/4;6.9
1.40
ZZ .l/Z.
Co.
Title
(The
Z
//
Co.——_ a67
Rice
•
53%
conversion,
manufacturer
of
and
surance,
Mastic
Bank
Fire
1.6
1.80
construction,
Accident
5.9
National
Merchants
340
2.7
32
2.00
of
Merchants
•'
15
sociation, Inc
4.7;
391/2
Bank
Meredith Publishing Co
i
Massachusetts Protective
*
Portland Cement
Operating public utility*
.
5.50
4.7
73%
^
transient
Merchants
lines
Casualty Co
.
'
•
wholesales
industrial products
0.40
21
of
kindred
Multiple-line insurance
3.00
/.-•
'/ Longhorn Portland Cements.
Manufacturer
fO.99
•
and
and
24
*18
Maryland National Bank
Maryland Shipbuilding &
Drydock Co
Lager beer
'>1
6.0
,
chain
0.7
|2.76
Grocery chain
...
163/4
215
MERCHANTS ACCEPTANCE
4.1
164
35
candy field
of
3.5
•
31
and
National
Merchandise
3.7
market
1962
..
Mercantile
3.0
563/4
Maryland
26
the
34
54
3.4
Operating public utility
Candy Co.
1.03
2.00
repairs
Telegraph Co.
4.7
24
41
1.20
27
Loblaw Inc.
63/8
fcjUiw.r
•
(Rochester)
in
54
2.00
—
CORP.
hardware
fl.39
44
.
0.30
10.00
:
Trust
rolling stock
Marshall-Wells Co
1962
Mercantile-Safe
5.8
2.00
Lincoln Telephone &
Leader
281/2
1.00
.
residential
*1
Mercantile
and electric
(Buffalo, N. Y.)_
Market Basket (LosAng.)
insurance
Lone Star Brewing Co
1.65
17
Detroit
on
Paymts. to.
Dec. 31,
31,
V
&
Chicago
Manufacturers & Traders
Lincoln Rochester Trust Co.
Loft
gas
Manufactures
,
i
utility,
Retail
Lincoln National Bank &
Trust Co. of Central N. Y._a28
Lincoln Natl. Life Ins. Co.'
'
•
Co
Trust Co.
insurance
'
Mercantile
sub¬
27
of
(Birm., Ala.)
V*
5.2
(N. Y.)—.——
al09
Manufacturers National Bank
Liberty National Life
Life
4.1
11%
drug chain
Railroad
2.0
(Fort Wayne)
241/2
0.6O
28
Stores
1962
Trust—a68
manufacturer
Natl. Bank
Dallas
cables
Drug
Houston
Trust
59
Life
1.00
"ZvZ'
Co.
1.20
<
3.8
Manufacturers Hanover Trust
28
Insurance Co.
four
Based
tion
Dec.
31,
23
Melrose Hotel Co
32
26
Magor Car Corp.__
22
Bank
1.20
products
and
Corp..
Dallas
rope,
Mading
4.2
.
Trust.
Co, of Louisville.
Liberty Natl.
Mellon
hotel
Madison Gas & Electric Co.-..
credit
Bank
20
Macwhyte Co.
0.5
Non-participating
Consumer
4.7
81/2
■
18
Corp
Medford
15
steel
construction
Wire,
(N. Y.)
Liberty Natl.
5.7
Co.
Liberty Life Insur. Co.
(Greenville, S. C.) Voting.
Liberty Loan
Divs. Paid
7.1
Lumber
17 .0.40
Macco .Corp.
Heavy
14
products
Lyon Metal Products, Inc
Dec.
Quota-
$
1.00
supplier
gas
12 Mos. to
Years Cash
1962
sidiaries
o.30
estate
Liberty Bank and Trust
Buffalo
3.6
Fabricated
& Co
electrical
Lynchburg Gas Co
Natural
ny4
f0.59
instruments
real
1962
&
Extras for
secutive
Dec. 31,
equipment
Automotive
% Yield
No. Con-
to
*
18
•
.
f0.40
28
'
Co
Luminator-Harrison, Inc
Dec. 31,
;
(Fred T.)
N.Y.C,
Typesetting
on
Paymts. to
31,
for autos
Leeds & Northrup Co
Electronic
Based
tion
1962
5 '
Leece-Neville
QuotaDec.
31,
Typograph
"
:
.
Ludlow
Approx.
Including
on
-
Department Store for Securities
27
Philadelphia-^Alnut 2-1514
page
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(1498)
The Commercial and Financial
Chronicle
The OTC Market—Nationwide
Cash Divs.
Department Store for Securities
C
*
Cash Divs.
Including
«
No. ConYears Cash
Divs. Paid
'
.
Continued from
'
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Dec. 31,
1962
-
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Dec. 31,
31,
of
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1962
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21
carrier;
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No. Con-
tion
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Dec. 31,
Dec. 31,
1962
...
v
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1962
secutive
1.50
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>
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1.6
24
tl-93
51%
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29
1.15
41
2.8
74
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38
2.6
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61
1.00
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3.5
of
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Dec. 31,
1962
1962
94
f1.24
113
2.00
84
3.40
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4.6
a94
utilitv
1.60
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3.7
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Conn.
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34%
r
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44
4.5
-
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Conn.
JERSEY BANK AND
CO.
(CLIFTON,
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public
NEW
NEW
Commerce
Antonio
Bank
tion
Dec. 31,
Dec. 31,
1962
insurance lines except life
Operating public utility in
New Haven Water Co
3.7
Commerce
of
Hampshire Insurance Co.
New Haven Gas Co
Orleans
National Bank
4.5
41
-
.
Bank
of San
12 Mos. to
Years Cash
Divs. Paid
% Yield
Based on
Quota-
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Commerce
of
Extras for
•
•
Approx.
Including
-
.
on
Commerce
of
Banx
National
4.3
.V--,';C,■ .w.':-
1.20
distributor
gas
11%
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New
Norfolk
National
Mississippi Valley Gas
•
0.50
on
"
Bank
New
of
Co.
Commercial
31,
1962
'
,
Commerce
Memphis
National
'
v
of
Bank
National
Mississippi Valley Barge Line
rivers
Houston
in
in
glass, etc.
Bank
National
27
page
Mississippi Glass
■
Dec.
Quota-
Dec.
'
$
% Yield
Extras for
12 Mos. to
secutive
'
•,'
Years Cash
Divs. Paid
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Thursday, April 11, 1963
.
% Yield
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12 Mos. to
secutive
.
Approx.
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.
30
2.00
65%
2.00
60
3.3
19
f0.99
30
2.00
_
ADVERTISEMENT IS
JERSEY
GAS CO
3.0
23
J.)_
BANK'S
of Toledo
Natural
ON
PAGE
13
f0.98
distributor
gas
36.
NATURAL
.
Missouri-Kansas Pipe Line—
i
Holding
company
1'.'
.
'Missouri Utilities Co.
Electricity and natural
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23
21
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;
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18
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and
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35
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23
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13
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11
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health
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26
&
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County Trust Co.
accident
North
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Life,
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,
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and
-
screening
utility
Nicholson File Co
Manufactures files, rasps
4.3
22
lines
Newport Electric Corp
1.3
17%
allied
Yorker
Publishes
3.0
122%
Pennsylvania
Lock
30
6.3
11%
8.9
1.00
36%
2.8
0.90
15%
5.9
t";y
Refractories
refractory
materials
.
.
North Carolina National Bank
paper
Murray Co.
Cottonseed
and
of
PAGE
4.00
Texas
"j
36%
130
1.30
68
1.00
;
National
American
Orleans
Bank
V.
-
5,7
Nazareth
;
•
dividends, splits,
Including predecessors,
••
■
oil
.
-.
.
field
2.60
Corp
69%
3.7
fl.31
43%-.
19%;
Fire
6.2
*•
> 15%
Cranes
..
4.3
—
tools
distribution
28
1.00
19%
5.1
•
of
six
1.32
16
held,
0
Details
wholly-owned
36%
3.6
f0.80
17 ,:•*
;.
37%-' 2.1
0.50
:
.v
18%
••vC/
.
•
•
■'/
...v.-T- •'
2.6
v
2.50
48
v
5.2
0.60
insurance
Life
>•
7.%
-"7.7
53
1.50
ir45%
•.
-
Z?
51
.'V
Insurance
and
*23.
/-•••
Co.
-
•
not
complete
2.50
275
fl-59
50
:
0.9
y.
36
y
3.2
;
1.8
/;•
f2.50
27
A
68
2.20
29%
7.5
11
1.00
33%
3.0
141
Natural
gas
distributor
to
as.
t
a
Details
not
complete
as
•
to
possible longer
record.
•>
Adjusted for stock dividends,
splits, etc.
Including predecessors^
10 STRAIGHT YEARS OF
STEADY GROWTH
'
,;
New
...
*
'
Jersey Natural
i
i
Gas
Here
#4
..
'
few
are a
v,..
a
.
*
t
a
f
*
•*-.
'-*
.
•
.
•
•
"! T..'
our
'
•
,
,
■
■
1962
Number of CustomersNet
Per
Plant.
Share
;
——
*
.*' y>
*
t
grow-
(
'4;>
•v '
;
■
s-
,
*** A.
V
»
•
'
'
v
•
■
,r.
■
1
'
■;
'
•*..
•
"'*••«
-j-.« ;•
•".
.
„•
-
-
Ar ...* * if-
>.
1953
122,894
.
;
:*■
«-
**'
'
-yy
-103,028
81,324,460
$343,506
$35,292,292
$24,400,433
■■
^
lv
$1.28
1.00
.80
13.67 !
x
.
2% stock dividend
a
glad
WM V. FRANKEL & GO.
r
.
■
.
V
'
•.
•
$.31
7.27
.*
'
L'-/
each of the
past six years.
Annual Report
giving
10-year growth record. Please
write:
'
1
't-
-
complete story of
a
I
•
■
<
•'
*"•"
Public Relations
Dept.
New Jersey Natural
Gas
.
> \a
601
owr
•
V'
-
./a
INCORPORATED
.12Vi
9.60
j
,'y
to send you our 1962
'
•
substantial
a
V
.
1958
\*;
......I
to
'
steady growth for the past
$1.74
Equity
will be
•••'!.
of the fastest
;
>::Annual Dividend Rate.
e
-
.
"
■
$51,404,770 :
i
W
\
$1,917,156
Earnings.
*In addition
;
■
:•
147,133
,
Income-—----L-
Gross
.
growth record:
a
<*
**
some
^
.
•
•
1
company's operation has shown
'
-
"
fecord of rapid,
a
examples of
••Lw.s'V,;.*
•/.'
•
"
i
Company, serving
ing sections of the
nation, has
10 years.
Every phase of the
annual increase.
'
Bangs Ave.
■
Co.
"
,r
r
Asbury Park, N.
3.3
:
•
health
Northwest Natural Gas Co...
oper¬
possible longer record,
Adjusted for stock- dividends, splits, etc.
t-
20 /
utilities
15
share
hoists
accident
Class
3.8
Excavating machinery
Electric Association
ating
;V
Pennsylvania
Northern Trust Co.
(Chicago)
Northwest Engineering Co.,
i
5.7
45%
gas
Operating public utility
New England Gas &
3.4
{111.)..
Northern Ohio Telephone Co.
,
10%
1.70
.
and
Northern
Life,
...
v>;
,
natural
Engineering Works
Diversified
46%
4.7
.v..
;0.60
-
125
'.'v
r
Northern
6.5
6.7
gas
13
Co.
of
Reinsurance
Northeastern
Insurance
utility,
Gas
distributor
•-
utility
Northern Insurance (N.
Y.)_.
2.20
28
Co
Co
Insurance
Shore
••.
Natl. Bank & Trust Co.^.
alOO
1.00
15
Public
•
■{
19
Insur.
producer
Gas
public
gas
:
-v.
Northeastern Ins. of Hartford
3.0
1.20
facilities
Cement
Penn
North
:
.
-•*.■
r,
''</•
■
100
hard- -...-U.
North River Insurance Co
6.7
46
Parent
each
37 %
1.00
etc.
for
0.2
2.00
longer record,
Assets, Inc.
dividend rate.
-
18
one
share American
j Yield based on
current
260
..New Britain Gas Light Co.__ 104
2.1
47%
2.50
16
sells
and
'
storage
Machine
dl.60
ware
Diversified
New Britain Machine
possible
4.3
Retail
Terminals
Diversified
V
f0.55
73
(Pittsburgh)
of
37
to
16%
Natural
20
Co
National Union
4.6
.
:
as
North & Judd Mfg. Co
Manufacturing variety of
3.5
North
Bk.
Tank
National
F
Details not
complete
t Adjusted for
stock
39%
nuts
Shawmut
Midwest
48
0.70
feeds
and
\oManufactures
3.1
45
treatments
chemicals
Industrial
bolts
Pennsylvania
V
petroleum
f 1.37
37
(Boston) *66
National State Bk.
(Newark) 151
4.4
v
-
28%
2.55
.
Chemical Co...—- 35
and
Natl.
*
VV.
18
oil
Mystic Valley- Gas Co..!—__
y Natural gas distributor
Screws,
National
>
.
animal
•.'equipment
38
Insurance
6.3
34.
1.60
.'V.'•
V
'
Corp.____
financing
28%
.
ON
23
158
Participating and nonparticipating
National Screw & Mfg. Co.—?
"
IS
(Newark)
Co..
Reserve Life Insur¬
Co;7 (Sioux Falls)
ance
/
contractors,
Charlotte, N. C...
Essex
National
4.7
•
general
Co.
Oats
v.Cereals,
.
3.0
41%*
1.80:
,
"Sulphate pulp and
Motor Finance
a
Co.
Banking
5.9
133%
fl.94
24
-
d Plus
50
-1.60
Mortise locks
CO.,
Mosinee Paper Mills Co
t
Metal
New
oil
accident
National
^
____
World-wide
New
&
and
gas
crude
National
2.0
17%,
0.60
wholesaler
heavy construction
'
.' «
COMPANY'S ADVERTISEMENT
and
10
1.00
16
•
Water
2.7
Rhode
National Newark &
26
Inc
MORRISON-KNUDSEN
Nalco
59%
Norfolk
surance
1.2
gym
machining & drop forging!
'INC.
1.60
and
.
? Industrial
Auto
-•
89%
>
grade
—
Hardware
'•'
surance,
N. Y. Wire Cloth Co.
i
National Life &
Life,
Morgan Guaranty Trust Co..a71
Morris Plan Co. of
California 38
,,
stores
5.2
etc.
Moore-Handley
>>
1.10
3.1
Insurance
National Gas
3.5
19%
1.00 .!
-
Drop Forging Co
Light
:
12%.
>
Monumental Life Ins.
(Bait.)
Life
insurance
'
Natural
23
feeds
2.4
65
Holding company; chain food
,
Moore (E. R.) Co.
t
Diversified
.
11
41%
,
COMPANY'S
ADVERTISEMENT IS ON PAGE
30.
New York Fire Insurance
Co.
30
1.65
Fire,
marine,
multiple peril
In¬
Insur.
National Food Products
Corp.
Montana Flour Mills Co
-
v
,
4.6
camel-
Thoroughbred horse racing
Flour
1.6
r
26%
repair materials
Monmouth Park
Jockey Club,
Common and VTC.
■
casualty
Natl. City Bank of Cleveland 27
National Commercial Bank &
Trust Co. (Albany, N.
Y.) 108
Natl. Fire Ins. Ca. of Hartf'd 92
4.2
25
,
tubes,
health,
•
.
0.40
21
Co
tires,
Accident,
•
x
18
—
National Bank of Tulsa
National Casualty Co.
(Det.)_
3.8
26%
i
production
Rubber
2.8
26%
gas
Operating public utility
Mohawk
141
..
Mohawk Petroleum
Corp
iOil
4.00
(Ohio)
J.
,.r!
v4r e \
""
Volume
197
Number
6254
.
The Commercial and Financial
.
.
Chronicle
(1499)
The OTC Market—Nationwide
"•
Cash Divs.
.
'
Appicx'.
Including
Cash Divs.
% Yield
No. Con-
Extras for
Quota-
secutive
12 Mos. to
tion
Based
Department Store for Securities
>
Cash Divs.
•
J
Approx.
Including
No. Con-
Extras for
secutive
12 Mos. »o
Years Cash
Dec.
^
'
-
tion
,
Based
v1962
-
on
31,.
National
Co.
surance
0.30
63/4
/
4.4
secutive
'33%
3.2
Life,"
;
0.8
of
Furniture
and
Portland
Cream
Cream,
Cover
Ohio
2.8
Manufacturers
121/8
4.9
Oshkosh B'Gosh
40
1.25
81
1.5
brushes
Diversified
Co
23
Co.
6.00
67
electrical
8.9
41
0.74
Heavy
25
3.0
erator
Co.
28
Crankshaft
Co.
1.89
23
58
1.50
3.3
183A
Pacific
8.0
New
Crankshafts,
company
equipment for Die¬
manufactures
sel
and
heavy
electrical
tion
engines, and
frequency
induc¬
for
metal
purposes
'
Gears,
speed reducers,
Corp.
27
32
f 0.63*
_™„
32
1.10
*39
water;
7.5
14%
5.3
1.00
15%
6.5
1.80
42%
4,2
20
64%
0.9
1.55
36%
4.3
78
Pacific
1.50
28
5:4
16
Corp
0.90
2.9
30%
Park
(Grand Rapids)
30%
2.60
51
fl.58
"
Details not complete as to possible longer
„t Adjusted for stock dividends, splits, etc.
1.20
20
6.0
16
0.40
11%
3.4
15
fO.28
8%
7 3.3
14
i0.60
12%
electric
Engin'g Corp..
oil
refineries;
chemi¬
soda
and
sulphite
27
.
•
12.00"
Soft
4.0
300
4.0
1.50
75
2.0
37
0.88
27
3.3
16
General
0.60
14%
4.1
15
6.7
Bottlers,
drinks
Corp.
Manufacturer
14
heat
of
/
34
2.9
and
0.60
11%
5.2
25%
13%
5.2
0.09
5%
1.7
41
Industrial
fl.35
37%
3.6
11
1.17
29%
4.0
27
0.48
26
1,8:
46
3.50
62
5.6
32
1.40
25%
Bankers,
Inc.
%
f0.95
in any
.
.
For
latest
stock
on
these pagesZ
prices, quotes,
or
3.8
Consumer finance
Peter
(predominantly
Paul
v
:
Inc
Popular candles
17%
Petersburg Hopewell Gas Co.
4.5
Natural
manufactures
and
oilseeds
-
Petrolane Gas Service, Inc.
.;
9%
Liquefied petroleum gas
5.8
Petroleum
bottling
&
gas
Forge
Co._
die-forged
53
1.25
18%
natural
Including
complete
as
to
crude
petroleum
possible longer
and
gas
Petrolite Corp.
large drop die forgings
not
Exploration
Producing
6.8
crank¬
...
'.
stock dividends, splits, etc.
predecessors.
"
for
t Adjusted for stock dividends,
Continued
on
splits, etc.
-
information,
Marketing Department
„
FMRFIELD
MERRILL
LYNCH,
COlfMTF
PIERCE, FENNER S SMITH INC
MEMBERS NEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL STOCK AND COMMODITY EXCHANGES
70 PINE
TRUST
OFFICES
COMMUNITIES
COMPAIVY
MEMBER FEDERAL OEPOSII INSURANCE CORPORATION
STREET, NEW YORK 5, NEW YORK
THE FAIRFIELD COUNTY TRUST COMPANY
HAROLD E. RIDER, President
Active Trading Markets in
convertible
COMPARATIVE STATEMENT OF CONDITION AS OF MARCH 31
RESOURCES
bonds
1963
Cash and Due
-
from Banks...
*
$
•
'
•
.
LIABILITIES
1962
•
,•
'
7
16,946,989.40
S 16,354.003.13
32,236,976.58
Securities
Sutro Bros. & Co.
;
Established 1896
7
Other Bonds and
-
and Other
Principal Exchanges
v
v
7
80 PINE
BO
-
ST., NEW YORK 5, N. Y.
9-8300
TELETYPE
212-571-0075
Miami, Fla., Paim Beach, Fla., Washington, D. C.
Chicago, III.
7:.
Real
Estate...
19,938,334.08
127,398,117.18
/7 .
3,892,587.53
'•
29,768.61
323,695.51
<
:
Reserves
2,691,712.84
2,204,438.65
$17,189,438.65
1,541,503.91
1,449,418.61
5,246,517.90
7 2,549,296.15
..../.
Other
1
Liabilities
..
7
Unearned
1,948,079.31
•Discount...
-
•
2,019,527.14
202,305,524.05
183,205,533.70
LIABILITIES $228,718,338.01
483.431.34
TOTAL
5,985,000.00
9,000,000.00
$ 17,676,712.84
20,051,705.51
,
1962
$
5,985,000.00
9,000,000.00
V
Profits.....
,:/••/-'/'y•//'/;/'
154,691,188.43
Other Assets
1
Direct Wire to
........
.
Banking House, Furniture and Equipment
4,432,013.97
Other
TELEPHONE
7/7.
Loans and Discounts.
Members New York Stock Exchange
$
Undivided
...
Securities
/
1963
Capital
Surplus
38,346,680.99
U. S. Government
$206,413,214.25
Deposits
TOTAL
RESOURCES...... $228,718,338.01
GREENWICH
STAMFORD
RIDGEFIELD
DANBURY
SO. N0RWALK
OLD
$206,413,214.25
GREENWICH
N0R0T0N
SO. WILTON
HEIGHTS
BETHEL
NEW
GLENVILLE
GE0RGET0WN-REDDING
MEMBER FEDERAL DEPOSIT
,5.5
compounds
record,
simply contact—
■
r
0.70
products
gypsum
manufacturer
•**
16
.
17
23
Cement
Personal
12
*
,
Permanente Cement Co.
1.00
1.00
'
transfer
products
v
35
7
w
35
Interested...
.
4.8
publications
Telephone utilities
3.3
64%
0.55
oil
t Adjusted
a
1.9
14
Inc
t
automatic
bleached
Chemical
record.
51%
•
insurance
mills;
Business
3.1
♦Details
6.8
1.00
'
-
plants
Mfr.
products
Coca-Cola Bottling— *34
Drop
shafts
27
5.9
22
49
-
Co
Washington (Seattle)
Peoples Telephone Corp. (Pa.)
1.00
0.80
Manufactures
Old Kent Bank and Trust Co.
23
1.50
.
21
trade
Beverage
coal
1.35
26
Inc.
Vegetable Oil Corp.—
Panama
24
<
.
vegetable
*21
4.7
>
,
Penobscot Chemical Fibre Co.
1.7
electric)
wholesales
11%
.
Insurance
Pepsi-Cola
——•
utility
0.55
6.3
and
Co.—
Controls,
Perfex
advertising
2.1
160
Peoples National Bank of
28
Co
lumber
29%
72
Co.
waxed
producers
Pennsylvania
cal
1.35
58
Fir
&
0.64
controls
of
Co.
10.00
and
papers
Manufactures
Insurance
——
Foreign
Coal
23
■
woodpulp
Pacific Power & Light Co.—
Hydraulic machinery
Ben
fl-23
insurance
Lumber
Outdoor
0.60 /
27
Oilgear Co.
Marked
line
hydraulic
Penton Publishing Co
Co.
untreated
Old
39
1962
11
parchment,
Diversified
Penn
Steel
York
Public
Service
treated
4.5
insurance
line
of
made
Peerless
5.2
1962
13
Voting
2.0
Life, accident and health
Retails
4
1 48%
Pacific Outdoor Advertising
Chio State Life Insur. Co
Water
0.18
25
Seattle
Tannery
Ohio
2.50
Pacific National Bank of
etc.
Ohio Leather Co.
20
1962
on
Paymts. to
Dec. 31,
components
Brewing
Beer
Dec. 31,
estate
Peden Iron & Steel Co.™™
'
energy
Redwood
>■
.
2.4
distributing
Insurance
Pacific
heating
Ohio Forge & Machine
2.4
.'20%
machinery
—_u
Multiple
duty
high
facilities
Pearl
35%
0.50
Industrial
Employers
Multiple
system
Vegetable
3.5
bldg.
Co.__
—
Co./
(Toledo)
Besides
43
duty trucks, railway refrig¬
cars, heavy manufacturing
Pacific
Trust
fluid
sets
and
real
Manufacturer
:
v>-
Pacific Car and Foundry Co.-
'
Ohio
matched
Generating
insurance
Citizens
of
foundry
C.
Paterson Parchm't Paper
-
25
•
Otter Tail Power Co
Cosmetics
Insurance
and
•
Complete line of work clothing
and
estate
Casualty
Ohio
51%
Y.
Hardware
™
office-theatre
0.60
»
>-
Manufacturing
fl.46
v.'VV 77:.
1.50
2.2
fO.84
i*
silverplate
.
32
Shaving
Girl
Noyes (Charles F.)
Real
Francisco
26%
28
tableware
Osborn
v
.
28
Orpheum Building Co.-
bedding springs
Skin
and
4.1
cement
Noxzema Chemical Co., CI. B
Noxzema
31
7
27
.—
Onondaga Pottery Co.
China
1.28
N.
7,4
31,
Based
/■::-$
Parker-Hannifin Corp.
\
Dec.
Divs. Paid
custom
tableware
stainless
;7
28
—_
i
and
235
1.90
.
•
>
tion
777,/
46
*: f0.59
/;
National Bank,.—'™..
26
.
sale
'•;
„- -
12 Mos. to
Years Cash
■
1962
;i•; 7:.;./:./:
f0.34
:
a27
health
sterling,
San
No-Sag Spring Co
Insurance
Manufacture
.
Northwestern States Portland
> Cement Co.
and
Life
and
Oneida, Ltd.
*
Insurance Co.-(Minn.)
7:27
insurance
*7**7'"
'7/
*7
Northwestern Public Service ; 16
Dec. 31,
1962
Quota-
Park-Lexington Co.
a51
—
(Chicago)
accident
Dec. 31,
Extras for
to
health
and
Republic
Omaha
1.08 7
90
Life
Mfr.
(Milw.)
31,
1962
% Yield
No. Con-
Co.
Olympia Brewing Co
In¬
Electric and gas public utility
Insurance
Brewing
(Milwaukee).
National
Old
Company
Multiple-line insurance
Northwestern
Life
accident
Lile.
products
Northwestern
Life,
1962
•
Line
/J of America
-Paymts. to
Dec.
Dec.
7;
.•
Old
5
Northwest Plastics, Inc.—-i— **12
Plastic
QuotaDec. 31.
31,
•7 Divs. Paid'- .-1962
•
% Yield
.
Years Cash
Divs. Paid
Paymts.
'Approx.
Including
on
•
•
31
INSURANCE CORPORATION
CANAAN
DARIEN
WILTON
N0RWALK
NEWTOWN
page
32
32
The Commercial and
(1500)
Cash Divs.
1
Mulliken
ftmlroad
and
tracK.
Corp
1.00
21
21
and
and
office
2.7
119
2.15
54%
3.9
of
23
0.80
133/4
'
.
Operating
&
li surance
carrier
fO.83
31%
90
3.00
113%
2.6
27
0.40
6%
5.8
2.6
Ry
34
7.00
25
company
0.60
8%
7.2
0.98
32 %
3.1
119
5.9
(Chicago)
1.52
41%
1.00
18
CABLE
11
COMPANY'S
pfrble
anrt
2.5
3.6
ADVERTISEMENT
IS
ON
V
'
:>(!.
twisted
paper
extruded
inforced
materials,
fertilizers,
'
-
Plymouth
-
Rubber
Co
Details
Adjusted for stock dividends, splits,
Including predecessors.
to
as
88
8%
'
1.00
33%
2.00
52%
oil,
2.8
t.
98
3.00
72
4.2
1.10
25%
4.3
17
Consecutive Cash Dividend
Starting
0.72
30
2.4
27
2.50
35
7.1
Reinsurance Corp.
Writes
on page
39.
26
0.60
26%
2.2
19
of N. Y—
1.10
30
3.7
reinsurance
only
Reliance Varnish Co
Mex.)
Paints,
varnishes and enamels
Republic Insurance (Dallas).
Fire
plants
and
1.7
24%
f0.43
35%
2.2
43
J—
ADVERTISEMENT IS
BANK'S
•
f0.79
tl.65
67
2.5
NATL BANK
DALLAS—
OF
57 !
casualty Insurance
REPUBLIC
ON PAGE 38.
■
0.20
22
2.15
57
Republic National Life Insur¬
ance
Co. (Dallas)_____
• 17
Republic Supply Co. of Cali¬
1.9
10%
'
,_
s
3.8
0.10
81%
0.1
41
0.60
10%
5.6
fornia
air
West
2.0
10
0.20
-c
COast
—_
distributor
water
tubing,
13
c
works
of
metals,
materials,
oil
field equipment and Industrial sup-
facilities
storage
5.1
paper
Second Table
26
*15
and
2.6
*29%
Bank
27
gas
91
1.50
3.8
household
chain
2.35
3.0
60
printing
detergents
food
4.4
4.5
57
Ins._
(Phila.)
of
13%
Payers From 5 to 10 Years Appear in the
Corp. vot._
and
0.60
17
(C. A.) Co., class B.
Over-The-Counter
Corp.
Filters
v.
t
complete
4.00
5.2
9.1
Quaker City Cold Storage Co.
Cold
not
18
utility
California
•
0.25
11
0
a
tl.63
55
Purolator Products, Inc..
■;
Plastic and rubber specialties
;
jed
3.2
25%
2.5
machines
hole
button
Makes
fO.81
4
48
etc.
piano
small
Purity Stores, Inc
.
.
pes-
"
ticides
valves,
Pumps,
17
0.10
2.50
bulk candy
and
bar
Hydraulics &
3.9
public
cleaners
4.1
"
products, tacks, eyeplastics, plastic re¬
14
21
81
14%
cut¬
(Cine.)
rotogravure
0.8
Insurance
Life
operation
Insurance
Co.
82
t0.68
5.7
11
Boston
Co
Washington
Manufacturer
89%
Manufacture of rope, harvest twines
lets,
Owns
5.6
Purex
3.70
1962
10%
0.60
Quincy Market Cold Storai
re¬
18
Tradesmens
Public
"
*
PAGE
105
i
Dec. 31,
accident & health
Life,
Packaged,
_
Water
Publication
'
Plymouth Cordage Co
•
100
City
Quaker
Crepe
utility
Public Service Co. (N.
^
CORP.
•
bolt
organ
Trust
Electric
2.50
Paymts. to
31,
1962
Insurance
Queen Anne Candy Co
Public Service Co. of N. H
39
wt»p
tools,
Bank
&
1
a96
Pittsburgh National Bank
rnviM-f>*i
5.2
and
and
Provident
Pioneer Trust & Savings Bank
Plaf'ic
saws
rope
Provident
12
,,
&
and
Providence
.
Texas
PLASTIC WIRE
31
Racine
hand
Multiple line
Pioneer Natural Gas Co
West
1.60
Operating public utility
Northern
Pioneer Finance Co
Financing
19
utility
Princeton
Rail transportation
Serves
wire
keyboards,
actions,
piano
hardware,
tools, aircraft woodwork
Paper boxes
Piedmont &
1.5
body and fender repair tools
equipment and hydraulic power
Piano
Pictorial Paper Package Corp.
64
alloy
Pratt, Read & Co
life)
(except
and
copper
refractories,
Electric
*22
—
0.95
tools
*
(Hartford)
tion
Dec.
Dec. 31,
1962
14
Portland General Electric
public utility
Insur.
Based on
City Insurance Co.
Quaker
ters,
,
5.8
railway and motor bus
Phoenix
steel,
Mechanics'
by
Philadelphia Suburban Water
5.4
24
(H. K.), Inc. (Mass.)— *25
Porter
persons
18 %
Diversified
Sulphite & Paper
fittings,
products
lated
building
Philadelphia National Bank__
Philadelphia Suburban
Transportation Co
Transportation
tool
tools,
56
1.00
mills
(H. K.) Co. Inc. (Del.)
metals,
1.50
Divs. Paid
Manufactures electrical equipment,
Industrial
rubber
products,
steel
4.8
27
secutive
1962
Quota-
Extras for
12 Mos. to
Years Cash
Lightweight papers
machinery
Philadelphia Bourse
Exhibition
lumber
Porter
forg-
equipment,
on
Paymts. to
Dec. 31,
1962
% Yield
Including
steamship service and
Coast
Port Huron
Dec. 31,
1962
1962
$
Pettibone
street
Paymts. to
Dec. 31,
1962
■
iPk
tion
Dec. 31.
31,
Approx.
Cash Divs.
No. Con-
17
Inteiccastal
West
Based on
12 Mos. to
secutive
Years Cash
Divs. Paid
Based
tion
1962
23
Pope & Talbot, Inc
Quota-
QuotaDec.
31,
1963
Thursday, April 11,
.
$
% Yield
Extras for
Dec.
Divs. Paid
Approx.
Including
12 Mos. to
Years Cash
Continued from page 31
Cash Divs.
Extras for
secutive
No. Con-
.
.
% Yield
No. Con-
Department Store for Securities
Chronicle
Approx.
Including
The OTC Market —Nationwide
Financial
■
v':
plies
:
possible longer record,
•"*
etc.
Details
not
complete
t Adjusted for
to
as
*
possible longer record,
stock dividends, splits,
Details
not
complete
t Adjusted for
etc.
to possible longer record,
as
stock dividends,
splits, etc.
Wertheim & Co.
vftCembers
York Stock Exchange
NEW
YORK
UNLISTED TRADING DEPARTMENT
•
Underwriters of
Bonds •
Corporate Securities • Underwriters of State, Municipal and Revenue
Complete Brokerage Service: in Stocks and Bonds • Comprehensive Research
•
Primary Markets in
over
300 Unlisted Securities
fa
cu riti es
Members
York
New
ESTABLISHED
Stock
1920
Exchange
Midwest
American
•
Stock
Exchange
Stock
Exchange
Johnston, Lemon & Co.
@/.
S,
MEMBER
PHILADELPHIA-BALTIMORE-WASHINGTON
STOCK
Trading Teletype: 212-571-1740
UNDERWRITERS
-
DISTRIBUTORS
-
Cable
DEALERS
We have direct wires
Southern
Building, Washington 5, D. C.
Telephone:
■
.
!
•••'_•
•
STerling 3-3130
'
•'
'
_
'
-
-•
*
Teletypes:'
Office:
115
North
Direct
Carl
Detroit
Saint
El Paso
Private
Houston
Asaph, Alexandria, Va.
New Orleans
Phone
to
M. Loeb, Rhoades & Co.
Asheville
Clearwater
City
Toronto
Cleveland
Joplin
-
Tulsa
Bismarck
Columbus
Fayetteville,
Oxnard
Utica
.
San Diego
Boston
Ark.
Philadelphia
Dallas
Fullerton
Washington
,Des Moines
Harrisburg
Minneapolis
Phoenix
Redlands, Cal.
Charlottesville
Denver
Grand Rapids
Malone
San Francisco
Victoria, Tex.
Burlington
Corpus Christi
Los Angeles
Rapid City, S. Dak.'
San Antonio
Gregsons'
Correspondents in the following cities:
Kansas City
Oklahoma City
Potsdam
to
Municipal Teletype: 212-571-1741
•
Address:
Baltimore
Farmington, N. M.
Indianapolis
Portland, Ore.
Salt Lake
Anaheim
Cincinnati
Municipal Dept. 965 0887
Trading Dept. 965 0260-1-2
Branch
Albuquerque
Chicago
-•
i
Telephone WHitehall 3-7600
EXCHANGE
Pikesville, Md.
Reno
Santa Ana
Rome, N. Y.
Sante Fe
Westwood
Nashville
.
Pittsburgh
St. Louis
Seattle
Whittier
Number
197
Volume
The
6254
Commercial and Financial Chronicle
(1501)
Cash Divs.
...
The OTC Market—Nationwide
■
Approx.
% Yield
Including
,
No. Coh-
Quota-
secutive
Department Store for Securities
Extras for
12 Mos. to
tion
Years Cash
Dec.
Divs. Paid
31,
Dec. 31,
1962
1962
Based
Cash Divi.
Appro*.
Including
% Yield
No. Con-
Paymts. to
Dec. 31,
i-.
'
Years Cash
A--
1962
No. Con¬
Extras for
secutive
12 Mos. to
Years Cash
Dec.
Divs. Paid
Quota-
Based
tion
v
Manufacturers
on
Dec. 31,
1962
Women's
coats
Racing
Dog racing,
near
Rhode Island
Richardson
83/4
94
25%
Oil
3.7
plastic products
37
Rieke
Metal
Products
30
Corp..
24
rice
Robbins &
miller
46
hoists
&
r
and
cranes,
and
St. Paul Fire & Marine Insur.
19
1.00
25
4.0
San
13
3.50
27
2.40
46%
CO._
26
1*0.95
Transit
13
Corp
of
Ages
Granite
■
gi&nite
23
and
cemetery
mfg.
1.00
17%
5.8
24
Manufacturing Co._
Meters, valves and regulators,
1.20
251/4
cleaner
151
36
in
the
1.40
58
f Adjusted for
Dillon,
Club
President,
nounced^
To Hear Oates
James F. Oates, Jr.,
f 1.18
60%
2.0
Bottler
47
1.00
16
1.30
33%
26
has
'
;
an¬
'
*.
Life Assur¬
Society of the United States;
will speak before, members of The
of
New
York
at
a
Securities
opened
Thursday,
Crest
April 11 in the Bankers Club, H.
ment
meeting
on
CITY, Mo.—Midland
Company,
branch
a
Drive
Inc.,
office
under
the
has
at
3.8
of Norman R. Reichard.
mfg.
of
32
4.7
25
and
61
1.60
23
f0.95
58
2.8
40%
2.3
21
1.70
30%
5.5
2.00
20%
9.9
ALL
DIVIDENDS
PAST
TEN
SIX
FOR
NEW
41
LA
YEARS
ENGLAND
THE
23
0.60
9V4
AND
DOLLAR
INCREASED
NEARLY
"ITS
ITS
VOLUME
614
1.10
7.4
v.
0.20
»
16%
6.6
—
28
1.40
—
28
1.75
47%
3.0
99
1.8
26
5.3
•
37
0.88
30%
59
2.00
32
'6.3
10
2.00
44
4.5
28
fO.72
20%
3.5
15
1.60
23
7.0
2.9
utility
market
—
Bldg., Cleveland
Skil Corporation
electric
tools
Smith-Alsop Paint & Varnish
Co.
—
Paints
95
10.0
■;
4%
0.24
,
3.00
2
/
Ale
Superior Co
Rockefeller
and
varnishes
3.2
splits, etc.
Calif.
—
doing business
stock
dividends, splits,
etc.
Continued
•
,
Hugh
on
page
as
C.
dent
A.
and
Watson
a corpo¬
is Vice-Presi¬
Treasurer;
Established 1928
Avenue,j
partner in the firm, is President;
Charles
Richard
We
have
for
35
years
offered
a
special service
them with information
reports
46
supplemented by pertinent analytical
descriptive of—
•
•
•
Interesting growth securities
Utility and; Industrial securities
F.
;
Oil and Gas stocks
are
of the Investment
respectfully solicited.
FOX &
COINC.
BROADWAY, NEW YORK 5, N. Y.
Teletypes 212 571-1710 & 1711
UNLISTED SECURITIES
SPECIALISTS IN
FOR
PHILIPPINE SECURITIES
BANKS.BROKERS-DEALERS
& NEW ISSUES
OFFICES
HAS PAID
YEARS.
IN
THE
MORE' THAN
OF; LOANS
PER
Retail
B.
Watson, Secretary.
COMPANY
to
/ Organizations, Investment Trusts, arid Institutions!, furnishing
Hanley, Vice-President; and Robt.
HAS
EARNINGS
13%
:
"Brew 66" beer
"Rainier"
Iowa' livestock
6.5
.
DOUBLED
•
;>
Operating public
Louis,
ration. Hugh C. Watson, formerly
STATES,
COMPANY
f:
5.1
refrig-
Sioux City Stock Yards
JOLLA,
now
LARGEST
CONSECUTIVE
5.1
15 V4
1.00
17
commercial
Sierra Pacific Power Co
:
COVERING
11%/
a.
"Rainier" and
\
47
Watson Co., 7820 Ivanhoe
J.
WITH
*{*0.78
28
Sick's Rainier Brewing Co
and
Merchants Acceptance Corporation
LOANS,
3.3
•
hoists
Telephone REctor 2-7760
CONSUMER
0.60
,
Manufacturer
120
MAKING
42
beverages
27
Electric cranes
P.
AND
1.40
35
;
carbonated
Securities Business
OLDEST
•"
-
Your inquiries in these divisions
ENGLAND'S
34
Sherer-Gillett Co.
-
NEW
3.8
of
Shepard Niles Crane & Hoist
1.50
23
318
manage¬
3.3
Now Corporation
a
JEFFERSON
and
Vulcanizers
hardware
St.
16
Fishing reels, rods and lines
3.9
f0.99
72
"0.60
.
Shakespeare Co.
6.3
32
^.40
29
oil well
(St. Louis)
eration
Adjusted for stock dividends,
Midland Sees, Office
Chairman and
President of Equitable
Club
91
39
—
is
luncheon
3.3
insurance
Union
Bond
Bond
38%
Denver
Bogert, Jr., Eastman
Securities & Co.,
2.5
f 1.70
insurance
t Adjusted for
Lawrence
N. Y. Bond Club
ance
1.25
stock dividends, splits, etc.
t
671/2
69
of
Seven-Up Bottling Co.;
Sears Bank & Trust Co.
Including predecessors.
2.2
a
(G. D.) & Co.__
(Chicago)
741/4
products
Diversified
0.8
2.4
South
1.60
Selected Risks Insurance Co.
(Branchville, N. Y.)„
Pharmaceuticals
stores
82
exploration
services
Portable
Searle
tools
Operates
12
43
manufacturer
stores;
City,
Diversified
4.8
and
Rose's Stores, Inc
a
tools
Seaboard Surety Co-
Rockwell
6.3
knitting machinery
Kansas
granite
power
and
builders'
Department
markers, building and construction
.
—
Scruggs-Vandervoort-Barney
of
7%
company)
Scott & Williams, Inc.
monuments,
wire-line
.operator
and
Builds
Corp
quarrying
4.0
20
locks
sugar
Vacuum
6.4
6%
0.10
1
3 5
Shaler Co.
(water
Scott & Fetzer Co.
3G.
0.40
25
fO-49
27
1962
70
Geophysical
electronics
27
Dec. 31,
i
■
71%
Seismograph Service Corp.—
'
market
Water Works
utility
Locks
Rochester, N. Y., bus lines
Rock
Stockyards—
Schenectady Trust Co. (N.Y.)
Schlage Lock Co
6.3
15
ADVERTISEMENT IS ON PAGE
COMPANY'S
Union
Jose
Cane
5.2
.
insurance
Savannah Sugar Refining
pumps
Buttons
•
Paul
casualty
Hardware,
(H. H.) Co
BUTTON
—
Sargent & Co
5.3
66%
materials
Rochester
and
Public
fans,
0.9
manufacturers
Livestock
packager
Manufacturers of construction
ROCHESTER
—
6.4
St.
fO.99
-
twills
47
gas
motors,
broadcloths,
3.00
4.7
10%
'
Pavmts. to
1962
2.50
—
Security Trust Co.
scaffolding,
St. Croix Paper Co
21%
4.8
bleachers
4.0
1.00
—___
steel
and
40 %
a30
51/4
0.10
18
1.60
.
Fire
Myers, Inc.——
Manufacturing
Robertson
:
stampings
Distributes natural
stands
Paper
Roanoke Gas Co.
23 ;
tion
Dec. 31,
31,
1962
of
0.25
'
Sagamore Mfg. Co.-
4.6
generators
River Brand Rice Mills, Inc
Leading
29
f 1.33
(Los Angeles)
Security Insurance Co.
royalties
gas
Sateens,
RiSdon Manufacturing Co.
metal
21
S.WIEN & CO. INC.
MADE,
SHARE
1
BY
EXCHANGE PLACE
JERSEY CITY 2, N. J,
50%.
\
'
Established * 1919
•
Members 'New York Security Dealers Association
MERCHANTS
34
ACCEPTANCE
MECHANIC
WORCESTER.
CORPORATION
STREET
MASSACHUSETTS
on
82
Rochester
Greeting Cards Co.
Manufactures
5.6
20%
pails
Riley Stoker Corp.
Power steam
&
grand
Closures for steel drums, and
Small
1.15
3.4
royalty interests
gas
Safway Steel Products, Inc.—
25
textile products
line
Wide
and
Oil
2.9
Operates Atlanta department store 1
Riegel Textile Corp.
Dec.
Based
Bank
75%
2.58
Greeting Cards
1.08
Saginaw (Mich.)
Security First National
producers of many
Sabine Royalty Corp.
34
10.7
New Haven
Rust Craft
4.6
and
Rich's, Inc.
3%
0.40
suits
18
Quota-
Second National Bank
5.1
nations
6.9
71
f 1.16
31
—
chemicals
of
1*2.60
19%
of
15
and
with
1.00
gears
Royalties Management Corp._
Co.
and
0.60
Boston
Hospital Trust-
Manufacturers
rubber
21
Assn
steering
Royal Dutch Petroleum Co.
Affiliated
Revere
of
35
Rothmoor Corp.
Paymts. to
Dec. 31,
1962
31,
1962
.
Divs. Paid
'
% Yield
Extras for
12 Mos. to
xsecutive
■
'
Ross Gear & Tool Co. Inc
Approx.
Including
on
$
Cash Divs.
33
TRADING
DEPT.: N.Y. BA 7 4300-12
J.C. HE 5-9400 02
CASHIER'^
DEPT.: N.Y. BA 7-6740-44
J.C. HE 5-0420-1
.♦Teletype: 201 432-6627; 201 432-6628
34
34
The Commercial and Financial Chronicle
(1502)
Cash Divs.
The OTC Market—Nationwide
Approx.
% Yield
Including
No. Con-
Approx.
Extras for
Quota-
secutive
12 Mos. to
tion
Years Cash
Divs. Paid
Spindale
Dec.
Dec. 31,
1962
Based
31,
(J. Hungerford Co.)
cream,fruits and flavors.
Manufacture
related
Corn,
0.40
38
1.10
4.3
91/4
:
14
t0.68
18
soybean
;
14%
and
spinning,
0:90
18%
4.9
fl.20
44%
2.7
proc¬
67
0.95
273/4
3.4
>
42
12
f0.99
3.5
28
27
—
3%
f0.12
3.2
34
t0 76
173/4
22
0.08
53/4
1.4
18
tl.04
30%
3.4
Loan
&
Finance
State
England
2.20
5iy4
Southern Union Gas Co
4.3
production
20
—
and
10.98
27%,
Southland Paper Mills, Inc
27
tl.20
12
2.50
1303/4
0.9
135
1.9
—
for
0.43
II1/2
Auto
Stern
,
21
Southwestern Electric Service
casualty
Southwestern
Co,
investment
financing,
and
0.80
161/2
4.8
4.3
8.00
410
frrp
2.0
18
0.76
I8V2
consumer
Co.
27
Textile
2.60
95
2.7
0.55
12%
4.4
wvw
loans,
1.50 ;
Life
Insurance
t0.95
4.6
6%
f0.59
22%
2.6
e0.36
34
1.1
25
:
0.75
22
3.4
0.60
143/s
4.2
5%
5.0
carrier
Lines,
&
27
1.10
reduction
and
Eastern
30
6.3
13
0.80
163/s
natural
Natl.
4.9
gears
Transmission.
pipelines
gas
Bank
(Houston).
51
1.50
72%
2.1
22
cotton
f0.95
16%
5.8
25
0.60
11%
5.1
34
f0.83
78
1.1
101
1.00
50
2.0
yarn
Brothers,
Inc
department
store
4.2
Third
0.40
1.90
Third Natl. Bank in Nashville
26
National Bank
Co.
boxes
11
0.28
*27
cis'in««
Thalhimer
'
(Dayton, Ohio)
4.6
8%
& Trust
Third National Bank of
17
0.40
8%
0.50
8%
5.9
30
1.00
21%
4.7
1.00
22%
7 4.4
0.25
7%
Hampden County
field, Mass.)
4.7
21
Textiles, Inc...
and
3.4
fabrics
nylon
Corp., CI. A
Wide
Terstegge Co.
(Spring99
Thompson
*
of
range
Fiber
cotton
(H.I.)
glass,
62
4.4
1.40
28%
4.9
17
0.32
products1
Fiber Glass
fabricators
insulation,
fiberglass
pinnarts
Philadelphia department
2.70
*22
Thomaston Mills
store-
0.7
127
4.0
1
common
Richmond
local*, hardware
Large
53
2.1
7
63
21
H
Textiles, Inc.
3.7
403/4
0.30
10
insurance
(Dallas)
14
/
small
compressors,
co.
Operates
.
Texas
Manufactures
Stratton &
2.50
etc.
Turbines
Lithograph
Stonecutter Mills
4.1
f0.71
24
34
13
Texas
financing
rayon
/
Pipe lines
chain
& Stern
Silk,
7.0
56
Tenn., Ala. & Georgia Ry. Co.
supplier
Southwestern
life
23%
16
Corp
Drug
drugs
6.9;
n%:
0.80
Instruments
Tennessee Natural Gas
(Richmond,*
and
14%
:k 1.00
57
Terry Steam Turbine Co
Shake, Inc
pockets
5.1
v
Manufacturing Corp.
82
Sterling Discount Corp.
3.7
in-
dustry
Sales
2.1
of Com¬
24
Labels,
283/4
36
poles
Inc.
Corp.
29
lubricants
'n
fl.47
*28 7
—
Terre Haute Malleable
44
Stecher-Traung
& Oil
Co., Inc.
?;
83 %'.
Corp.
: :41
Restaurant
Newsprint
Southwest Grease
Electricity
5.6
Makes
Steak
Wholesale
Trs.
of scientific
Railroad
(Boston)
health and accident insurance
Southwestern
1.00
18
State Street Bank & Trust Co.
3.6
dis-
Southland Life Insurance Co.
Manufactures
f 1.78
—
&
2.0
California land holdings
Bank of
Bank
and
Refrigeration
business
Va.)
tributicr
Life,
finance
Planters
merce
72
3.2
services
Communications
Mfr.
-
■
5.9
38%
1.00
L60
Albany.......
*;.• El Paso
retails water and ice
Telephone Co.
<
building trades, etc.
State National
insurance
Corp._
4.2
Holding
of
and
ties
7
Ohio, Class B
Bank
Loans
•
Tejon Ranch Co.__
87
State
4.3
9.5
583/4
Telephone Service Co. of
33
for
21
Grey iron alloy castings
7,
7
2.00
fl.18
; -
L
7.
Taylor-Colquitt Co.
7 6.2
25 77' 7
2.25
2.3
-
ranges-
engines,
Class A
Southern Gas & Water
gas
Gas
6.3
V
28%
0.80 7
23%
De¬
Tecumseh Products Co.
Works
Hardware
Operating public utility
Natural
1.20
58
0.55
Sanitary
Tappan (The) Co.
personal
and
toiletries
Catamenial
Internal
Protection.
-'
brushes,
and sells
of
Tampax,
Taylor Instrument Cos.
State
Casualty Co.
(Knoxville, Tenn.)__:
65
4.00
2.0
operator
Taylor & Fenn Co.
.1
polishers,
waxes,
23
Southern Fire &
New
14%
*
dyeing and.
26
producer
Southern California Water Co.
Southern
0.90
50
_
i
Paper Manufactur¬
Manufactures
baker
gas.
4.9
36%
Stanley Home Products, Inc.
planta¬
sugar
Southern Bakeries Co
Wholesale
1.80
1.00
distributor
Incorporated
Manufacturer
colorings and seasonings
Stanley
Casualty
4.1
Screws and screw machine products
Telephone service
and
'32%
27
Southeastern Telephone Co.__
Fire
f 1.32
bus
.
27
Super Valu Stores, Inc.
Syracuse Transit Corp
vices,
ing Co
Food
Southdown, Inc. —
Southeastern
4.2
2.0
Tampax,
1962
20
28%
49%
f
1962
5
-
-
food
Dec. 31,
marine
?
t0.98
V
,
on*
Paymts. to
31,
21
and
29
chemical
—
Based
tion
Dec.
31,
1962
:
,
Quota-
15
casualty
Wholesale
Sulphite bonds & coated papers
I Standard Screw Co
Bk.,
—
oil
fire,
insurance
/.
papers
National
(Charleston)
Operates Louisiana
tions, refinery and
Auto,
96
Operating public utility
Carolina
1.20
111
•
,
(Allentown, Pa.)
Railroad
Standard
4,7
15
specialty
South Atlantic Gas Co.
South
1.6
~
Cotton
3.1
35
27
Co
and
74%
bleaching
Paper and paper products
Sorg Paper
f 1.18
■
.
Stuyvesant Insurance Co.
.
Standard-Coosa Thatcher Co.
13
6.1
Local
Operating public utility
Drug Stores Co
lines
gas
Stamford Water Co
drug store chain
Stock
natural
essor
4.6
tools and
Sonoco Products Co
....
34V2
items
Sommers
Retail
1.60
of
distribution
and
hand service
of
Staley (A. E.) Mfg. Co..
25
16%
Multiple line insurance
&
Snap-On Tools Corp.
Dec.
Divs. Paid
1.00
components
Distribution
-
4.5
38
12 Mos. to
Years Cash
1962
23
Co
Springfield Insurance Co.__._
1.70
40
—
fountain
mechanics'
secutive
Dec. 31,
% Yield
-
.
Extras for
Paymts. to
31,
1962
18
Springfield Gas Light Co
Dec. 31,
1962
Inc.--.
Electric
Electronic
Paymts. to
1962
Mills,
Sprague
on
$
ice
Dec.
31,
1962
Approx.
Including
No. Con-
Yarn-dyed fancy fabrics
% Yield
Including
soda
Dec.
Cash Divs.
on
.
Cash Divs.
of
tion
Based
$
33
flo. Con-
Manufacturer
12 Mos. to
Years Cash
Department Store for Securities
Smith
Quota-
secutive
Continued from page
Extras for
Divs. Paid
Thursday, April 11, 1963
.
.
.
HI
13%
'
2.4
Temp
reinforced
Thrifty Drug Stores
,
.
26
0.90
33
2.7
28
0.25
10
2.5
•
Nonparticlpating life
Cushion
Southwestern States
r
Telephone Co.
17
1.28
and
3.6
shelves
and
Operating public utility
foams,
14
-
for stock dividends,
splits,
etc.
Details
not
t Adjusted
drug
store
Time Finance Co.
spring assys.
refrigerator
Consumer
chain
(Ky.)
-
finance—personal loans
condensers
"
•
t Adjusted
back
polyurethane
V 351/8
California
•
Stubnitz Greene Corp—
for
complete as to possible longer
stock dividends, splits, etc.
WORLD-WIDE CONSTRUCTION
record,
Details
not
t Adjusted
Plus 3%
e
complete
for
stock
to
as
possible longer record,
dividends, splits, etc.
in Class A stock.
Interested...
.
.
in any
.
For
latest
stock On these pages?
prices, quotes,
information,
or
simply contact—
Marketing Department
I SJ
Morrison-Knudsen Company, Inc., was established 51
years ago and is one of
the
largest and most widely experienced construction
organizations in the
world today, with
projects presently under way in 31 states and 22
foreign
countries.
M-K builds such
basic works
of
canals, tunnels, bridges, highways, defense
principal subsidiary, The H. K. Ferguson
progress
as
installations
dams,
railroads.
Company, designs and builds
range of
manufacturing plants, nuclear
MEMBERS
MERRILL LYNCH,
PIERCE, FENNER S SMITH 1IMC
STOCK
NEW YORK
70
PINE
EXCHANGE AND OTHER PRINCIPAL STOCK AND COMMODITY EXCHANGES
STREET, NEW YORK 5, NEW YORK
plants,
power
and
■ ■
Our
full
facilities and industrial
developments.
a
BROKERS &
DEALERS
IN
PUBLICLY
OWNED
SINCE
1946
UNLISTED SECURITIES
TWENTY-FOUR CONSECUTIVE YEARS OF CASH
DIVIDENDS
*
'r-
Our 1962 Annual
the
Report,
■
'
'
*
being distributed, gives details of
operating record of our engineering
Copies are available upon request.
noiC
growth and long-range
and construction
organization.
.' —
T. L. WATSON & CO.
Established
MORRISON-KNUDSEN COMPANY, INC.
Contractors and Engineers
Executive Offices:
319
Broadway, Boise, Idaho
V-.
H.
7"-*.
..
....
New York Stock
25
1832
<.
MEMBERS
-'
Exchange
BROAD
Telephone WHitehall
American Stock Exchange
•
ST., NEW YORK 4, N. Y.
4-6500
BRIDGEPORT, CONN.
Teletype
,
PERTH
212
571-1633
AMBOY, N.
J.
Volume
197
Number
6254
The Commercial and Financial Chronicle
(1503)
The OTC Market—Nationwide
Cash Divs.
Approx.
Including
secutive
Department Store for Securities
Extras for
12 Mos. to
Years Cash
Divs. Paid
Quota- ' Based
tion
Dec. 31,
1962
Dec.
Casn Divs.
% Yield
f
No. Con-
Including
$
Approx
31,:
% Yield
No. Con¬
Extras for
secutive
12 Mos. to
Years Cash
Dec.
Divs. Paid
31,
1962
Quotation
Dec.
31,
Based
37
Manufacturers
on
Inc.
34
1962
Publishers
of
"Fortune"
A
"Life,"
"Sports
"Speed
TITLE
4.7
Troxel
6.3
Trust Co. of Georgia -.i.'i
TUCSON GAS, ELECTRIC
Manufacturing Co
Bicycle
Illustrated"
*17
2.00
31%
Nuts"
Electric
(NEW YORK)
Title
insurance
ADVERTISEMENT
ls
ON
.
*
•
and
4.00
Diversified
101
Paymts.
of
45
f0.43
ON
37
29
heavy
duty
Dec. 31,
1962
!
3.5
;•
X/
Life,
Co
Life,
147
2.0
PAGE
Rust
1.48
37%
4.0
23
0.80
66
1.2
26
4.00
900
0.4
11.03
health '
A
changed irt July 1962
Craft Greeting Cards
to
United Screw & Bolt
Corp.—
Class B
44.
: to.151
65
0.2
24
1962
United Printers & Publishers
1.6
26%
Dec. 31,
1962
health
A
accident
31,
to
63
United Life & Accident
Insurance Co.
8.6
9V4
accident
Dec.
i
on
$
United Insurance Co/of
America (Chicago)
United Transit Co.
*
dustrial
Urban
4.3:
bus
24
1.40
23%
6.0'-
11
(Del.)IIII
lines
0.15
5%
2.6;
-
in¬
clutches,
power
takeoff
reduction gear units, machine
tool
clutches, marine reverse and
reduction
gears,
industrial
Insurance:'-:*-:.
tion
Divs. Paid
-
-v.
Illuminating
Name
POWER CO.
utility
ADVERTISEMENT IS
Insurance
Manufacturers
4.0
3.00
gas
COMPANY'S
12 Mos. to
...
TwhvDisc Clutch Co
.
34
o.8o
29
Twin City Fire Insurance Co.
PAGE 8,
Title Insurance Company
:
:
of Minnesota
:
''-™«'' a55
Title
4.7
c
COMPANY'S
•
23
fl.09
Il¬
________
1.20
20
saddles
LIGHT AND
GUARANTEE CO.
Based
Connecticut operating
utility
26
691/4
•
United
automotive
Diversified insurance
3.25
s. v.
3.9
1962
'Time,"
Tinnerman Products, Inc
63%
Trinity Universal Insurance
Dec. 31,
■■
,
i-
.
equipment
Paymts. to
$
Time,
of
Appro*;
% Yield
Quofa-
Years Cash
1962
•'
2.50
..,
-
Extras for
secutive,
Dec. 31,
1962
.
-'<-/
No. Con¬
to
•
Cash Divs.
/
,
Including
on
Pavmts.
35
and
Title Insurance & Trust Co.
(Los Angeles);
Insuring
title
56%
3.4
—-
21
-
i.io
26%
4.2
packer
Gasoline
44
^ - i. -
rx
'
pumps
Toledo Trust Cq,,
29
—-
28%
1.40
4.9
79
fl-39
17
Manufacturing Corp
Power lawn mowers
1.40
1.8
3.9
35%
:
,
Co.
Theatre
.
-
16
33
26
0.70
15
0.70 i/ 28%
Commercial
1.00
forms
(Los Angeles)
46
U. S. Cold
2.5
f 1.21
77%
A
L6
Manufactures
wheels
Towle
and
Towmotor
Fork-lift
Natural
46
45
f 1.92
4.3
18
fl.00
25%
13
freight—common
natural
f0.70
4.0
17%
12
1.00
29
3.2
U.
Manufacturing
foundation
3.00
50
6.0
accident,
97
(Hartford)
1.70
166
1.0
piling
1.50
42
of
complete as to possible longer record,
t Adjusted for stock dividends, splits, etc.
a Including
predecessors.
*
Details
not
Including
1.65'
35
4.7
33
Maryland
.
stock
any
stock
52%
2.40
71%
3.4
1.60
50%
3.2
For latest
»•
t
.
*
.
.
prices, quotes,
or
health
and
ivWHriwg, i'Aip-
MEMBERS
and
0.20
3%
64
12.50
67%
1"0.23
10
10.99
34
■
'
.
/
*
Bank
•:
(Portland).
New
70 PINE STREET, NEW
Jersey
12
production
Sugar
,
•
"
Details
not
complete as to possible longer
Adjusted for stock dividends, splits, etc.
Vtl •?*'
<
v.
("si.
f,v
0VER-THE-COUNTER
XX
on
Ws
OVER 700
PRINCIPAL STOCK AND COMMODITY EXCHANGES
POINT & FIGURE
YORK 5, NEW YORK
UTILITIES
•;
im/eib'wfa
INSURANCE
COMPANIES
^ Opportunity
Fuji, the geisha and Kabuki is
indeed the land of investment
opportunity today. And
needn't know how to speak Japanese to take ad¬
vantage of an economy that continues to grow ... and
you
of industries
flourishing substantially...
This is where
come
in.
on
Spring
March
all
This
1963
the
4 large point and figure charts
Book
First Class Mail /
192-page
will
manual
you
industrial,'bank
will
be
published
4
be
posted to
The 700 charts will
by first class mail.
traded
to
actively
O-T-O Chart
of this
issue
and mailed
29th
include
•
are
and you may post right to these charts.
Sent To You By
April, July
Co., Ltd.
Broadway, New York 6, N. Y.
Telephone: BOwling Green 9-2895
page
insurance stocks.
and
times
a
year:
January,
*
Japan's Leading Investment and Brokerage Firm
-
each
The
:
Nomura Securities
is making available in one book over
There
Over-The-Counter charts.
700
we
the famous Chartcraft Organization, first in
Wow, for the first time,
point and figure for over 16 years,
;
Complete information on
a
specific security, a particular company or special
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yours for the asking
in a language
you will understand... Call or write.
The pleasure is all...
61
page
BOQK
BANKS AND
True. The land of Mt.
2.9
ft?* \ji%
...
INDUSTRIALS
Land of
"2.3
record,
and' October.
Before you
Spring 1963 Edition
192 Pages
Only $12.
assist
Spring
you
in
issue
Latchmont,
make your investment decision, let a Point
your
to
N. Y.
timing
and
CHARTCRAFT,
choice.
INC.,
$12.50
Send
CF-1,
Dept.
'
.,
& Figure chart
today for
1
West
/
your
Avenue,
•;
/
3.7
CHART
Wmm
JAPAN
r
>
CHARTS ON
•
.
estate
|
EXCHANGE AND OTHER
STOCK
.
_____
LYNCH,
"•
min¬
-
information,
■
6-2
CHARTCRAFT
-v?;t
Y
..
group
22
land
•_
0.3 ' rX
.
.
PIERCE, FENNER & SMITH INC
NEW YORK
79
Marketing Department
MERRILL.
BUH
0.20
*55
simply contact—
•
3.5?u;';
.
i
12
U. S. Sugar Corp
•
..NEW
,
)
Natl.
Real
1 3.2
i
these pages? X
on
1.70
24
as to possible
longer record,
dividends, splits, etc.
-
'
"34%
■
complete
.
in
.
1.20 ;
IX S. Realty & Investment Co.
predecessors.
Interested...
.
64%
4->;.
'
Continued
t Adjusted for
a
fl.15
Insurance
company,
<
Interests
S.
of
Memphis
health
not
Details
eral
3.6
U.
26
of
24
City of N. Y
Holding
*38
Youngs-
*
.
54
U. S. Lumber Co
Bank in Pitts¬
Union Trust Co.
.3.7^
•.
Insurance
Life,, accident,
a43
Life,
*
Co.
16%
f'>1.
Fire Insurance Co
the
Planters National
Bank
Travelers Ins.
0.60
5.6.
U. S. Life Insurance Co. in
burgh
Union
is
-
Fidelity & Guaranty Co.
S.
and
3.4
system
37
1.00
23
5:
Diversified
Union Natl. Bank of
pipeline
gas
1.20
3.4
•
Diversified
lighting poles
Union Natl.
carrier
Transcontinental Gas Pipe
Line Corp.
3.5
U. S.
25
Outdoor
truck
f 1.56
45
redwood
Union Metal
4.0
40%
ucts
utility
Co.
tableware
Corp.
Interstate
gas
California
Transcon Lines
Motor
2.0
blades
Mfg. Co.
Sterling silver
47
f0.95
blower
machinery,
fan
11.38
15
28
Torrington Mfg. Co
21
„
Manufacturer of envelopes,
tablets,
paper cups and other
paper prod-
20
casualty
Storage, Corp
Car-icing, ice, etc.
S. Envelope Co
LJ.
16
Fire
'■n:\
39.
on page
4.7
„
2.9
33%
Second Table
Starting
6.0
refrigerators
Uarco, Inc.
Union Commerce Bank
no
—
■
office building
Tyler Refrigeration Corp..,
Business
2.00/;
29
and
Union Bank
Toronto General Insurance
Over-The-Counter Consecutive Cash Dividend
Payers from 5 to. 10 Years Appear in the
type
hydraulic* couplings and hydraulic
torque converters,
and universal
joints V,
*;■
J
„
220 Bagley Corp.
Tokheim Corp
Toro
1.90
estate
Tobin Packing Co.
Meat
69
1—-real
to
3$
i
wmwwwmmm——-—
36
The Commercial and Financial Chronicle
(1504)
made
Copenhagen
ip
1961
In
Telephone Co.
Telephone
Copenhagen
fund
sinking
is
Net proceeds from
Inc.
Co.,
Principal of and interest
debentures
struction
signed
new
which
program
to
the
meet
The company,
the
kroner
con¬
is
managed
by
telephone
Smith,, Barney & Co. Inc., Kuhn,
Loeb & Co. Inc., Harriman Ripley
conversion
the
the Danish Islands of
which
der
the
of
operation.
underwriting
&
group
Co., Inc., and Lazard Freres &
Co.,
interest,
98%
at
plus
accrued
approximately
yield
to
debentures
The
York.
New
priced
are
second public
States
ing,
offering of the
since
of
com¬
$15,000,000
p r
incip
a
1
sinking fund dol¬
debentures
1973
operation
through
in
which
fund
of
due
1977,
was
un¬
secutive
1969.
debentures
Testing,
U.
New York
the
on
will be option¬
The debentures
ally
redeemable
April
15,
research,
S.
Truck
S. Trust
interest.
on.
and
prices
Lines
Company has been formed
offices
to engage
after
Officers
at
in
647
Robert
J.
and
sinking
fund
1962
1962
13
2.3
20%
4.7
31
f 0.95
management,
1.60
139
35
f 0.69
21
1.2
trusts,
^.._r
distributor
and
opthalmic lens
glass frames
eye
;
3.3
of
blanks
15
1.70
381/4
4.4
22
0.75
121/4
6.1
28;
0.65
11
5.9
public utility
Exterior
and
interior
fibre
wall-
board
Upson-Walton
(The)
Manufactures
blocks,
President and Treasurer, and I. C.
the
0.30
110
Upson (The) Co
Luther,
Luther, Vice-President and
For
Paymts. tt»
31, Dec. 31,
estates
Electric
Putnam Ave.
securities business.
a
are
1962
on
tion
Dec.
and
(Del.)
multifocal
Opens
ranging
at
inspection
Co. of N. Y
Investment
Robert J.
—
to 100%, plus accrued
1973
from 101%
with
31,
28
Upper Peninsula Power__
retire the entire issue*
Dec.
% Yield
Based
Inter-city motor carrier
U.
and
GREENVILLE, R. I.
Luther
Approx.
;
engineering
R. J. Luther Co.
an
i
Quota-
$
Testing Co.
Univis, Inc.
Sinking fund payments,
12 Mos. to
Divs. Paid
U. S.
granted to it by
the
commences
Extras for
Years Cash
Stock Exchange.
ex¬
Cash Divs.
Including
Manufacturer
sinking
United
the
1929; the first offer¬
amount of 5%%
lar
in
securities
pany's
15,
>,
No. Con-
located,
Government.
the
not redeem¬
are
April
to
the equal installment at maturity, will
represents
financing
prior
cept
.
the
Application will be made to list
The debentures
able
is
Zealand,
Copenhagen is
concession
a
the
automatic
to
together with the payment of
5.57% to maturity.
The
system
Department Store for Securities
Continued from page 35
Lolland-Falster and Bornholm
telephone subscribers and to
accelerate
S.
Thursday, April 11, 1963
The OTC Market—Nationwide
supplier of telephone service
on
of
U.
.
.
50.65% owned by
Government,
on
de¬
demands
Danish
sole
in
payable
are
the
on
in New York City.
currency
the sale will
Danish
into
applied to the company's
an
1978
made
and
by
due
being
converted
be
Denmark) 5%%
dollar debentures
(Copenhagen,
plus accrued interest.
placed
company
$10,000,000 of notes privately with
$15,000,000
of
offering
the
several institutions in this country.
Debs. Offered
Public
they will be redeemable at 100%,
the
through
1962
May
underwriters.
same
.
wire
Co..
„
tackle
rope,
blocks
hook
crane
and
fittings
rope
Utah Home Fire Insurance
Secretary.
Company
Fire
and
30
casualty
1.00
28
3.6
27
2.75
27
10.2
30
1.00
591/4;
1.7
insurance
Valley Mould & Iron Corp.__
Ingot moulds and stools
Valley National Bank
.
rochester button
company/rochester,
york
new
of
Arizona
Canned
Figures
are
for
years
ending October 31. Except for
per
share data, all dollar amounts
1961
1960
1939
1938
on
Sales.
$3,074
$2,388
$2,392
$2,307
460
541
per
devices,
351
1.72
Share
1.07
1.39
1.64
steam
and
Share
1.07
.95
.95
.95
.83
2.2
1.50
27
5.6
2.00
44%
4.5
genera¬
heating systems
car
counting
and
computing
devioes
New
Bondholders
Corp....
27
680
0.7
1.45
26
5.6
64
9.00
160
5.6
14
1.50
20
0.60
100
0.6
0.70
23
3.0
13
City
5.00
a40
York
0.43
6%
6.4
29
0.20
7
2.9
real estate
Viking Pump Co
Dividends per
35%
electronic
Veeder-Root, Inc.
Victoria
Earnings
f 0.79
29
of
thermostatic
Makes
351
2.3
chemicals
Vapor Corp
.
$1,891
564
72I/2<
apparatus
tors,
Gross Income
2.1
29
industrial
scientific
Manufacturers
Net Income after Income Taxes
18%
1.65
24
Rogers, Inc
Wholesalers,
and
1962
0.40
Lingerie
Van Waters &
For the Year
15
*15
seafood
Vanity Fair Mills
in thousands.
are
.'
Van Camp Sea Food Co.,
Inc.
30
:
Rotary pumps
.79
Virginia Coal & Iron Co
Own?
and
soft
coal
land
in
Virginia
Kentucky
•
•
At the Year End
Virginia Hot Springs, Inc
Resort
Current Ratio
4.1
3.7
3.2
3.7
Shares
Equity
J
Share
10.70
9.94
9.82
9.40
Name
8.59
Outstanding (Less Treasury Shares).. 328,154
313,043
312,283
314,383
262,050
per
4.0
changed in
Corporation
Oct.
1962
to
Volunteer State Life Insur¬
Co.
ance
...
Non-participating
onl,
VSI Corp
Per Share Data
37%
,
Voi-Shan Industries, Inc
3.4
VSI
Shareholders'
hotels
Metal
Adjusted for 20% Stock Split-up in 1959 and 5% Stock Dividend in 1962
fasteners
Vulcan Corp.
Wood
heels,
bowling pins,
etc.
Vulcan Mould & Iron Co.
iron
Cast
Ingot molds and
accessories
The
growth
of
;
NJB
to
North
Jersey's
■* Details not complete
t Adjusted
a
largest bank
economic
was
built
February,
an
was
paid.
have
been
a
the
on
understanding of
is
NJB
NJB
In
extra 6%% stock dividend
And
consecutive
dividends
century. Current dividend rate
with
Market
courtesy and
paid, without interruption for
reasons
write to
to possible longer record,
splits, etc.
predecessors.
extra
personnel.
$1.60 per share. These
the
—
as
for stock dividends,
experience, extra business-bank¬
ing facilities, and
almost
extras
on
Including
why you
confidence.
can
are
a
few of
refer clients to
For Annual
Report,
CHILES
&
COMPANY
Community Relations Office, 129
Corporate and Municipal Securities
St., Paterson, N. J.
Member Midwest Stock Exchange
/
I
"
Direct Wire E. F. Hntton &
Company
Doyle, O'Connor Co., Luce, Thompson, A. G. Edwards & Sons
FIRM MARKETS—BEIILEN MFG.
DUNCAN
Consecutive Dividends
YEAR END RESOURCES
$332,000,000
-
COFFEE
NEBRASKA CONSOLIDATED MILLS
NORTHWESTERN PUBLIC SERVICE
OTHER LOCAL SECURITIES
AND GROWING!
Founded May
Member Federal
Member Federal
17 OFFICES
1, 1869
Deposit Insurance Corporation
Reserve System
THROUGHOUT PASSAIC COUNTY
v
'
^
412 Farm Credit Bldg.
Omaha
Telephone 346-6677
2, Nebraska
Teletype 402 348-1040
Volume
Number
197
6254
.
.
.
The Commercial and Financial Chronicle
(1505)
The OTC Market—Nationwide
Department Store for Securities
•
II1 or
Cash Divs.
•
'
.
12-Mos.-to
Years Cash
•
.
.
T.c
.--'.V
-
Dec.
Divs. Paid
Based
V,
Wheeling
on
tion
Paymts. to
Dec. 31,
Dec. 31,
«*
31,
1962
pleted
1962
>
.
■;.
$
.
<Winston-Salem)
27
v-TWakefield Corp.-!*24
•«
;
Abrasives
•
-
and
electrical
■
-16
•
v
r
Machine- tools,
■•-**-■
eaTth
2.50 !
an;
-4.4
•:
50 \
5.0
jy
-Paving contractors
Washburn
Wire
Manufacturers
alloy
steel
1.65
v,
48y2
end
21%
•
24
1.00
25
4.0
wire
and
strip
Co.
Life,
(Evanston, 111.)
and
accident
Washington
Crude
oil
40
Co.;
38
producer
gas
V"
Producer
of
steel
Micro
Manufacturer
pounds,
glass
Rold
lighting
West Coast
Operating
ing
-
revolving
3.8
'
•
■
68%
2.3
to retirement of all the
0.70
18%
3.8
outstanding
f0.71
20%
3.5
23
0.70
16%
4.2
*40
3.25
77%
4.2
1.20
21%
5.6
92
1.40
38%
3.7
25
1,20
51%
2.3
the
,v<
-
ments
,
.
casualty
fidelity and surety bonds
Western Electric Co.____
and
315
1.1
equipment
water
gas,
•
telephone
34%
1.20
37
1.28
21
30%,
4.1
30%
f0.99
and
§|
||
|b
Member Federal
a
Members
Underwriters and
ON
hot
third
strip mill,
3.2
The
flexibility
program
Listed and
the
its
basic
16
as,
company
to
of
forest
Exchange
pro¬
FOURTH
OLIVE
industry,
earning
as
Telephone CEntral 1-5585
power,
said.
Branch
6.3
Alton, Illinois
Private
27%
4.4
Stroud & Co. to
0.80
19y4
4.2
18
6.6
76
0.35
15%
2.3
Offices
Clayton, Missouri
Wire
to
Clark,
—
Dodge &
East St. Louis, Illinois
Co.,
New
York
Be NYSE Member
f 1.18
—
;
products
Whitaker Cable Corp
•
AND
SAINT LOUIS
competitive
steel
28
sale
(Associate)
Midwest Stock
Municipal Bo7ids
quality.
and
Wheeling's
in
the
con¬
1.20
30
and
Exchange
Unlisted Securities
will consolidate and
well
2.4
-
1.00
improvements
position
12%
a
galvanizing line and other
duction
42,
PAGE
0.30
27
Company
Exchange
American Stock
80-
new
transportation
conversion
New York Stock
con¬
17
Manufacture,
Deposit Insurance Corporation
expan¬
two-unit basic oxy¬
Manufacturer
of
automotive
Cable
products
Whitehall
turing
Cement
PHILADELPHIA,
Co.
of
Manufacturer
Whitin
Manufac¬
portland
Machine Works
Textile
'
machinery
Broad
come
:
Whiting Corp
•
,
26
0.40
10y4
Trambean, chemical,
foundry and railway equipment
Insulaced
wires
and
...
0.40
11%
3.5
f 1.20
44y4
2.7
21
77
Other
|
known
Corp. Shares
April 18, will be¬
the New York
of
Samuel
A.
LOCATED IN ST. LOUIS
of that date.
as
officers
of
Stroud
Company, Incorporated,
Whitney Natl. Bank (N. Dr.).
Now
on
Exchange.
Exchange
cables
Orleans banking
&
Crozer, President, will acquire a
membership in the
New
York
Whitney Holding Corp
New
Street,
members
Stock
3.9
Cranes,
Whitney Blake Co.
Pa.—Stroud
Company, Incorporated, 123 South
cement
ert
Whitney Holding
exchanged 10 for 1
as
G.
Rowe,.
President;
Continued
on
38
page
are:
Executive-
Robert
E.
&
Heart
of the Middle West
Rob¬
Vice-
'
BUT
Nowlan,
Russell M. Ergood, Jr., Theodore E.
Eckfeldt, Richard O. Smith, Fred¬
:
'
•
Details
*
not
Adjusted
for
complete as to possible longer
stock dividends, splits, etc.
dividend
f Current
rate
is
30c
record.
erick
W.
Schroeder,
quarterly.
W i 11
Jr.,
e
J.
y,
Vice
-
Nevin
We Make National Markets in
Presidents;
Unlisted Securities
WIRES
PRIVATE
TO
Glore, Forgan & Co.
-
.
Chicago
Gunn, Carey & Roulston, Inc.
Cleveland
% Schneider, Bernet & Hickman, Inc.
/
*
;
Dallas
Direct Private Wires To
G. A. Saxton
Bosworth, Sullivan & Company, Inc.
-
" Denver
-
Co., Inc.
New York,
Chicago,
Denver,
A: ;"•*
•
1
Houston
.\Crowell, Weedon & Co.
Dallas,
San Francisco,
Kansas City
Teletype 212 571-0232: '
V
.
<
52 Wall St., New York 5, N. Y.
tos
Angeles
Hess,'GTant-&. Remington, Inc.
Philadelphia
■
-
SCHERCK, RICH1ER COMPANY
Members
.
WHitehall 4-4970
:
-
Reinholdt &
o
•
-
Meyerson & Co.
San Francisco
Stock Exchange
320 N. 4th Street
1
Gardner
St. Louis
Stewart, Eubanks,
Midwest
V
-
A
•o
Los Angeles,
-Underwood, ftedhaus & Co.
v
'
;
&
Trading Markets in
Public Utility, Natural Gas and Industrial Securities
||
•j§
Newhard, Cook & Co.
equipment
Weyerhaeuser
City, Missouri
Capital Funds Exceed Fifty Million Dollars
Distributors
and
contemplates
a
directories
castings
Kansas
^
bal¬
before
or
making capacity,
improve
IS
11
Corporation
31, 1964,
|
(ommcrccjrust (ompait)^ j
of
install¬
shop which will increase
important
publishing
and
in
on
modernization
program
tinuous
Also"
Corp
$105,000,000
inch
3.5
companies.
company
Westran
Gas.
ADVERTISEMENT
Utilities
Holding
Steel
and
telephone
COMPANY'S
Western
24
holding company
WESTERN POWER & GAS—
controls
'
insur¬
steel
and
Western Massachusetts Cos.~-
Electric
816 556-3422 (Gov't)
Victor 2-7500
•
for
Light & Telephone^
utility
—
firms,
the
bonds
$15,000,000
gen steel
System
Electric
of
struction of
3.60
to
before Dec.
or
on
The
27
sell
31, 1965.
sion
;
Operating
Telephone
negotiated by
has the right to sell the
Dec.
and
&
will
mortgage
ance
(N. Y.)
———
Supplies electric,
telephone service
indebted-
banking
companies
first
hold¬
and
Casualty & Surety
Company (Kansas)
Western
investment
Wheeling
insurance
telephone
company's
mortgage
Under agreements
,
manufacturing
Makes
the
mately $10,000,000 will be applied
Western
Bell'
bonds,
76
utility
fire
a
'
ness.
Westchester Fire Ins.
line,
the
1.60
ance
-
Of
received from
be
of
Teletypes: 816 556-0416-17 (Municipal);
§1
addition
banks.
23
Co
company
is-
due
$20,000,000
5.0
||
f§
|§
j|
||
■.§§
J|
ff
f§
of
West Point Mfg. Co
Multiple
of
group
suance
of
10
•
Power
Diversified
a
credit
FEDERAL AGENCY SECURITIES
J§
||
approxi-
In
0.50
systems
operating
Textile
8
proceeds to
.:
of
of insur-
group
a
companies.
16
installation
public utility
i
1, 1935 to
17
Telephone Co.___>
Penn
bonds
ance
...
West Ohio Gas Co.________>_
y Natural gas utility
(distribution
Both
mortgage
13
Bank
Corp.
and
amount
Wheeling Steel has established
0.30
GOVERNMENT BONDS
||
principal
with
.
greases
Maintenance
only
5.8
flat
V'-
;■
Welsbach
«
17 V4
:•";*
Wells Fargo
West
1.00
28
of
wjth|puty ^||;
first
5.45%
5.6
MUNICIPAL BONDS
■<;
The company announced that it
Dec.
-WU;-.
Waverly Oil Works Co.
street
45
J
suppliers have already been
stainless
Co.
distributor
approximately
$120,000,000
of
and
and
1.0
paints, varnishes,
coatings, chemical com¬
industrial
Oils
2.50
15
strip
and
Watson-Standard
indicated that
First Boston Corp., New. York, of
78
'
,
Washington Steel Corp
;:1
0.78
health
Oil
and
;
is
Kuhn, Loeb &, Co. Inc. and The
Washington National Insur¬
ance
announce-." ||
cost
has arranged for the sale through
of high carbon and
rods,
.
~
.
awarded.
5.1
:
Co
„
||
to
of$145,000,000;
-
1965.i A recent
of
side
1.10
The pror
expected
■*$60,000,000 incontracts^
etc.
20
is
aggregate
f.if ment
-3.4
.
which
scheduled to be completed by the
.; v '
*
14
and
improvement program Which
moving ma-
chines,, textile machinery,
Warren Bros. Co.
member
Philadelphia-BaltimoreWashington Stock Exchange.
com¬
announced last fall.
gram,
T
*
•
:}$ Warner & Swasey Co
a
the
provide
and
?1.6
0.60
36%
v0.254 "
5%
-
Vice-Presidents;
Company is
Assistant
■
', .r,:s.74Owning -and operating "apartment
•? -house
in" Philadelphia
'
'
v
.
has
to
of
of
Marts,
financing for its major expansion
>:
products
Walnut Apartments Corp
'
■t
Corp.
-
1962
Wachovia Bank & Trust
>
Steel
arranagements
was
.
..N-5,
Quota-
C.
Stroud &
Fran^
Powers, Jr., J. Murray,
Ingersoll and William William B.
Assistant
% Yield
..
.
Extras for
secutive
•
'•
Approx.
,
Including
No. Con-
•
H.
Baumm, Secretary- Augustus
Treasurer; George S. Hundt, Treasurer.
1" re Oieei
1
Heeling Q-f
VV
"
C
Norman
Financing Set
-
37
ST.
TWX 314-556-0451
LOUIS 2, MO.
GArfield 1-0225
38
The Commercial and Financial Chronicle
(1506)
mittee
With Brown Bros.
part of
as
the
of
Prescott
Honorable
whose
term
Si.
United
as
business
investigation
an
national
stockpiles
these
through
three
his
Bush
Senator
Bush,
the
States
The OTC" Market—Nationwide
of-
of
&
Co.
Dec.
on
$259,625,780;
were
,
has
4.1*.
T
and
surplus
totaled
.
capital
cmfUK
j
[Continued from page 37
deposits
and
1
1962
31,
amounted to $301,456,130;
Bank¬
on
which
Currency,
and
riman
•
OCM
$19,045,284.
:
tive
1.9S3, has resumed
jurisdiction
ac¬
the
eral
other
fields
partner
the
ing
firm
Brown
the
on
84th
.
Federal
Street,
New
which
tion
City.
been
He
had
absence
of
since
Senate
pired
to
He
Senator
in
term
1956.
Senator
ner
authority
an
as
87th
ranking
the
he
the
was
Republican
member
tively
in
and
its
economic
growth,
S.
lem
of
conditions,
the
Federal
balance
and
participated
surveys
Co.
of
the
of
U.
also
York
the
Stockpiling
on
of
the
in
the
The
firm
member
Stock
Harriman
o
a
of
of
America,
York, and
is
utility
of
a
the
its
ac¬
and
banking
in
of
New
services
an
lj
nf
oi
1.3
v.
17
f0.80;
24Vs
3.3
f0.99
24%
4.0
utility
natural
public
gas
.
,
48
3.00
427/8
7.0
16
1.00
52
1.9
"atUral gaS pr°"
lating
26
wallboard,
cushIonlng
Speed
controls
for
0.20
TVs
2.8
insu¬
materials,
etc.
.
Woodward Governor Co.
New
Of
insurance
Manufacturer of
Tnrlp—
mete-
.
i;:./-.
.
24
engines
and
3.50
82
4.3
'
propellers
Worcester County NationalBank (Mass.)
Securi-
1
(*•
21
1.90
51
3.7
14
0.80
17 Vz
4.6
Manufacturer
1
1
retailer
and
New
,
of
—
.•
-
-
„
Wyatt Industries, Inc.
r
>
•
•
Steel
,
ormms
°
plate
fabricators
50
and
of
field
April
&
19, Walter B.
Companv
Inc
Dela-
v
will be formed with offices
Broad
Street,
Officers
extensive broker-
of
B.
New
the
at
York
firm
new
Delafield,
51
will
T.J
i
a
11
o
-r-»
Scholl, Vice-Presidents; and Wolcott H. Fuller,
Secretary-Treas-
THE Investor-Owned
urer.
firm's
.
Mr.
Exchange membership.
Mr.
Cooke
Delafield.
DplafiplH
ueianeia
nnrT
ana
is
will
a
hold
partner
Dplnfiplrl
ueiaiiem.
the
and
heating
-
.-
oc
^
27
1.25
15
8.3
18
fl-38
33
4.2
149
1.48
-
,
7.1
supplies
County Gas Co._
Operating public utility
York Water Co.
be
President;
17
,
York
City.
Walter
E.
Cooke,
Thomas
D.
Moder, Edward A. Scully, Byron
G,
Geoige,
and
Leonard
A.
J
ing
8.0
•;
1.20
\ft„
,
■:—
Metal stamping, wholesale plumb-
Exchange,
.•
on
25
-4
29
Cold finished steels
York Corrugating Co.
members
f " « Lumpany inc., memoers
of the New York Stock
2.00
■
..
.
Wyckoff Steel Co.
As
.
plastic
and rubber m°ided products
mem¬
T\/r
LIGHT
53
Wood Conversion Co.
Fi-
and
Club
T71
offices
ELECTRIC
0.70
and
Diversified
memhpr
memoer
TV
uo
Walter
HARTFORD
2.6
(Battle Creek) Class A
Public Utility
long
York, Boston and Phila¬
delphia and
34
17
public
Walter Delaiield
commercial
through
0.90
*
Wolverine Insurance Co.,
Committee of the IBA.
uT
back to 1882; The
foreign
4.2
Wurlitzer Company
partnership renders complete do¬
mestic
sickness
Sucer °U
He
&
States,
also
IV-k
In-
attended New
Bond
3.00
Wiser Oil Company
pendent Natural Gas Association
banking
United
jc
is
5.9
55.
Co.
Life
YorkUniver-
Accounting
Hp
ne
H3BPP
rance.
6.3
&
sity School Of
Commerce
Co., Inc.
oldest
Exchange,
bership dating
tive in hearings conducted
by the
Subcommittee
1818.
standing
economic
was
1 11
16
29
Co.
Operating
joining
1944.
1.00
Company, Inc.
"
in
ac¬
position in in¬
ternational trade. He
to
'
Wisconsin Southern Gas
Lehman Bros.
in
ties
Brothers
one
T°r
insur-
£• •;
the
Vice-President
a
1962
44
Bank
accident,
Operating
,
^■■1
company.
institutions
payments prob¬
S.
is
&
1962
1.70
hospitalization insurance
Wisconsin Power & Light Co.
the
Co. prior
ance
the business having been founded
national
budget,
been
Brown
top-
Congressional Joint Economic
Committee
U„
inflation. In the
curb
to
Congress,
Harriman
A.
latter
the
following
TT
T
Brothers Harriman
1931
Dec. 31,
*38
Trust
National
surance
Daly
with
.e„w
hue
of
part¬
a
Paymts. to
30
Ohio)
Wisconsin
Life,
,,
Ira D.Daly
became
1962
"67
metals
(Del.)
Natl
(Dayton,
Natura
was
of Brown Brothers & Co.
W.
He had
re¬
sponsibility in government and of
measures
in
merger
and
as an
fiscal
of
advocate
Co.
&
na¬
Bush
in Brown
Winterg
Corpora-
Mr
modern
of
Di-
tion.
reorganiza¬
demands
on
tion
Dec. 31,
31,
beeswax
of
Wilmington
Que-
bee
Department of Defense
the
a
Gas
Services Com¬
the
to
been
rector ot
of
member
a
Distributor
i
elected
a
warfare.;:
re¬
received
Bush
meet
to
Senator
was
government finance, and
effective
u
and
Williams & Co., Inc
of
has
i.i
Brothers,
highways.
defense
become
to
tion of the
unex¬
service in the Sen¬
tional recognition
on
the
late
the
full
a
During his
1956
contributions
elected
was
fill
McMahon.
elected
ate,
he
to
of
term
Brien
associate
an
TV
,
Lehman
mittee, where he made significant
when
1952
the
to
and
the Senate Armed
Prescott S. Bush
firm
the
from
Daly,
resigned from that committee
in
leave
on
D.
1956,
system
Divs. Paid
Will & Baumer Candle Co...
Candles
Ira
construc¬
the
national
the
of
Act
authorized
of
interstate
Senator
Bush
Highway
Dec.
Based
-.v"'"'-
Named Director
leading part in the drafting of the
&
Wall
York
''■.J"-
and
played
12 Mos. to
% Yield
Quota-
■
also
the 83rd
secutive
Years Cash
v
Approx.
including
.
Extras for
-
.
\
.
Cash Divs.
,
No. Con-
'*
•-
.
:
Committee
and
Congresses,
59
Co.,
sys¬
He
Senate
Works in
Public
on
of
Bros.
Harriman
of
community.
served
mercial bank¬
'/
Reserve-
financial
com¬
''
and
importance to the
Federal
tem,
■'
af¬
fecting the nation's banking
participa¬
tion 3s a gen¬
in
legislation
over
*
.
'
.
.
«•
.•
'
3.
Jan.
on
Department Store for Securities
c
,
career,
member
a
was
Committee
Senate
ing
Senator from Connecticut expired
Senate
Thursday, April 11, 1963
.
of
strategic and critical materials.
Throughout
The
Services Com¬
the Senate Armed
Sen. Bush Resumes
.
.
u r
34
4.4
°Per*tine public utility
Yosemite Park & Curry Co._
21
0.30
Young
52
5.00
73
6.8
2.00
38
5.3
1.00
19%
•
5.1
__
Concessioner,
National
(J. S.)
Licorice
Park
Co.
paste
4.8
for- tobacco
Younker Bros
Department
6*4
*16
stores
in
*
Midwest
Zeigler Coal & Coke Co
24
Kentucky"68 ln IIliriols and
in
* Details not complete
t Adjusted
for
stock
as to possible longer
dividends,, splits, etc.
record,
COMPANY
REPORTS...
t
9tm
UNDERWRITERS AND DISTRIBUTORS
Highlights of the Past Year
v'.
1962
Total
Operating Revenues (Millions)
Operating Expenses (Millions)
Net Income
(Millions)
Earnings Per Share
—
■
1961
64,315
52,925
8,046
;
$ 60,138
49,880
6,729
Active Markets Maintained
Common ,.......A...;....,,.,...2.20
Dividends Paid Per Share
—
Common
1.50*
'
Common Stock
Equity, December 31, (Millions)'..
Utility Plant, December 31, (Millions)
Indicated dividend
*Restated to
—
Common 1%3
74,220
227,802
—
on
*
'
Southwestern Issues!!
$1.60
reflect tivo-for-one stock split in December 1962.
FOR FIRM BIDS
WIRE OR
ON
TEXAS
MUNICIPALS
CALL,
WRITE:
1962 SIGNIFICANT
EVENTS: Common Stock
split two for one.
Earnings per common share rose to $2.20 from $1.80 in 1961, re¬
flecting improved operating efficiencies, continued growth and
BOND DEPARTMENT
revised rates. Nation's
first jet engine-powered generator put into
operation. Joined eleven other utilities in planning Connecticut
Yankee Atomic Power
:
HELCO has
an
TELEPHONE
Rl 1-5587
■
TWX
1-214-899-8544
Company.
unbroken dividend record
dating back to 1894.'
'
f
For
a
copy of the 1962 ANNUAL REPORT write
NATIONAL BANK OF
to
the
Secretary,
CAPITAL AND SURPLUS
THE HARTFORD ELECTRIC LIGHT COMPANY
BOX 2370
y
HARTFORD 1, CONNECTICUT
"1
J1H.000.000"
LARGEST IN THE SOUTH
»
MEMBER FEDERAL
DALLAS
DEPOSIT
INSURANCE CORPORATION
Volume
197
Number
6254
The Commercial and Financial Chronicle
.
.
.
(1507)
TABLE
II
direct,
SECURITY SALESMAN'S
OVER-THE-COUNTER
what
in
Consecutive
indirect manipulation, of
or
are
supposed to be facts.
order
to
item out of
CORNER
BY
JOHN
DUTTON
azine,
How To
There
is
"The
for
In
well
a
customer
most
known
is
saying,
always
this
cases
Save Time And
is
true—it
is
customer
5 to 10 Years
limit
a
Cash Div-s.
Approx.
Including
% Yield
No. Con-
Extras for
secutive
12 Mos. to
Based
Quota-
Dec. 31.
•
tion
Dec.
1962
on
Paymts. to
Dec. 31,
1962
31,
1962
$
Air conditioning and refrigerating
equipment
"
fO.42
9
9
32
Trans-Pacific
service
1.00
17%
5.7
0.82
17
4.8
1
is
left
left
less
are
a
de-
Corp.
9
0.53
" '
mg the
12
4.4
to
ing
Precision ball bearings
market,
tnat
dictate
to your
Insurance Co. Class B
Accident
and
*8
g0.20
8
_____
0.10
Marine
and
otters
other,
by
contract
3%
.
5
0.17
5%
3.0
I
assemblies
Continued
on
page
40
has
Details not complete as to possible
t Adjusted for stock
dividends, splits,
g Plus
50%
in
Class
A
longer
record,
nroblem
hands.
common.
visit
So
the
with
who
they
often
as
it
It
are
into
if
we
have
them
well
the
long
ac-
the
less
better>
letters
and
insist
now
mail,
our
clients
for
Naturally
they
with
utmost
can
a
even
quarter
running like mad
in
his
hand
and
Dutton."
...
,
If
..
,
I
have
&
PORTER
COMPANY
™}ing more to tell the customer I
up the telephone. Then I
signal
\s. no
on
1 tel1 hlm
should
know
me
we
PITTSBURGH
19.
densome
little
PA.
If
so
we
over
any questions I
can't
i repjy,
SY
got
good
a
beyond
would
indicate,
twiddling." As
Municipal and Corporate
us
Securities
there
soon
enjoy life, make
see
the
their
After all these years I have discovered the best sales talk
in
the
world is to be
and
to
ad-
few
things
mit
that
honest
there
are
a
that you don't know. By
following
this
procedure
with
all
which
cocted
custo-
who
liv-
good
a
business
by
years,
grow
kind
any
you
dispense
can
formalities,
rules,
abominations
and
by
book-taught
never
Dutton."
"There
like
Then
are
to
have
If
this
catalytic
sold securities in their
of
ology
it
as
writing.
applies
>
to
•
-
that
so
Underwriters
—
Dealers
—
Distributors
for
it
in
doesn't
is
in
UNDERWRITERS
and
says,
DISTRIBUTORS
Foreign
Securities
me.
BROKERS
and
with
nections in
the
friend
my
Private Wire System to Branch Offices,
a
This calls
contact.
switchboard, and
we
have
we
DEALERS
Municipals
state
a
left eye-lid
our
like
left.eye.
another
STREET, NEW YORK 5, N. Y.
Domestic
would
work,
still
looks
WALL
42
of
we
somnambulation,
our
Exchange, American Stock Exchange
principal Commodity Exchanges
op¬
for
over
100 cities
Correspondents and their
con¬
throughout the United States and Canada.
says,
PRIMARY MARKETS IN
OVER-THE-COUNTER SECURITIES
Dutton,
will you please buy me
1,000 shares of 'Earplug Common.'
Corporate and Municipal Securities
I
reply,
the
at
"Do
to
want
you
market,
or
put
a
buy it
limit
on
it?" He answers, "If I thought
you
could put a limit on it I would
have
i^cKelvy § Company
UNION TRUST BUILDING
PITTSBURGH
never
minutes
state
MEMBERS
NEW
YORK
STOCK
EXCHANGE
-
'■-Ay.
PITTSBURGH
STOCK
EXCHANGE
PHILADELPHIA-BALTIMORE-WASHINGTON STOCK EXCHANGE
AMERICAN
STOCK
EXCHANGE
(ASSOC.)
(ASSOC.)
STOCK
EXCHANGE
TELEPHONE: 412 471-8700
TELETYPE:
my
the
switchboard
about
Underwriters and Distributors
°f
five
associate,
complete
in
a:
indifference,
telephone, calls
operator, and
her, "Tell Dutton,
on
hear
says
Securities
to
the office
over
excuse
long distance, and when
Honolulu, I immediately
myself
with
these
polite
Auchincloss, Parker & Redpath
words, "I hope that you will for¬
give me, but I have a very im¬
portant
conference
with
King
Komulgalulu who
wants
"to place
Members New York Stock
to
Pershing & Co., N. Y. C.
'
some
orders for three carloads of *
used
Private Wire
ticker-tape
swept
>.
Branch Office
—
ChaiTeroi, Pa.
Corporate and Municipal
our
inter-com, that Honolulu is calling
him
412 642-3080
later
up
;
(ASSOC.)
effect,
no
of
picks
I
BOSTON
given you the order."
Finally, if this drastic procedure
produces
York
dent
eign
his
up
off
that
the
they
street
in
Kennedy entertained
dignitary,
call
in
our
and
I
a
must
senior
Exchange
Two Broadway
New York 4, N, Y.
HAnover 2-7430
TWX 212 571-0446
just
New
during the last time Presi¬
for¬
take
partner's
con—
with their devious, legal, phrase-
to get them for
subversively drop
twitch
I
quote
you
you
earbetider
our
friend
my
and
with Mr.
me
few stocks
a
May I bother
me?"
our
regu-
Billikens,
LOEB, RHOADES & CO.
Mew hers New York Stock
"thumb
the switchboard and
on
CARL M.
of
either
as
We
should look into it."
procedure
start
we
"Please connect
say,
this.
point
that begin, we call
see
erator
of
the
business
proper
an-
back. You've
you
they
like
goes
he
he
1 ciont know. Ill
auestion
of¬
that the visit is being-
see
prolonged
what
that
if
incidentally, it ne
the two of'us made up
plan
talk,
„
thought lations,
with it
^e?,'
as I
think
1
Incidentals
Know,
,
the line
what
Finally, this problem became bur¬
a
BUILDING
re¬
any-
,,
think that "our time is their time."
THOMAS
that
interest," "Kindest
your
gards,
greeted
are
politeness
away
we
misrepresent
That kind
ing, and
and
broker's
even
.
mer is to° smart to select brokers lives, but who can waste a lot of
who are so dumb they think they your time when you try to comply
up
their
on
purposely
w?
It
..
all
wrjting to people who
been
could get
as
nice
very
neatly.
.
paper
j
snend
inserting
agencies
clutter up
are
letterhead
to the mate¬
,
? Jetteis' sp€;nd flnd out and call
ahything to them if
seems
stores,
their
fice.
"For
hedge clauses that the various
should
down town,
come
department
then walk
to
write
•
the
of-
our
people but they have time
etc.
customers
supervisory
they
the years we picked
clients
some
*
this
over
with
wouldn't
inflicted
am
that
to
of
dresses the message up in a verybusinesslike manner. Then I say,
and
°f a century and who know
One of my associates in
fice
bec0me
stenographers,
y
2.8
,
you
u
^TAT T^
IALK.
th
0.5
a
beep,
hours digging up facts,
rechecking
mistakes
made
by incompetent
desk,
health
Cadre Industries Corp.
Electronic
36%
don't
,
write
used
Beneficial Standard Life
Brewster-Bartell Drilling Co.
cus-
desk
pick
^
you
his life
you
some
The
an
printed
the
than
on
very
messenger boy
Muamiea wim customers tne less asks
can
anxiously wait-
or
polite.
always right—and
cmainted
swering telephone calls, or watch-
apparel
never
forget it.
After
deserving.
proceeds to tell
be
It
patience—you
Letter Writing
deserving
more
more
maneuver
comes
day.
your
mail
.....
out for
depending
So
a kttle cartoon at the top, of
with
lunch,
of
five
I
pick
nice, cute, sta¬
n.
fnr
tor
enerpv
energy
who
and
and
tomer is
you
anv
little
a
always
you
history, and despite the fact that
they could see you are busy an-
Industrial and institutional service
Barden
can
go
rial
,
a
back
either
time
lose
smaller
give them
you
they request,
any
customer who
.
Angelica Uniform Co
have
nave
clients
then
Line Ltd
is
heln vou dispense with a talkative
neip you disnense with a talkative
4.8
heating equipment
Mail
won't
.wont
Here
3.3
•
salesman
a
much, .if
so
all the attention
other
■■
12%
"1.55
8
.
expect
mandiru?
manciing
A'AA'L
which
to
pays
come
I
for
or
the
upon
patience, and court-
I
later
coffee,
are
not required to drive his
failing
supply of endurance. Some people
4.3
financing, and insurance
co.,
American
3%
,
*6
Allied Thermal Corp.
Holding
0.15
,'..AY■■■".
Aetna Finance Co.
Consumer
6
.
«
_
to
beyond
esy,
Years Cash
they
when
minutes
sometimes unreasonable. But there
is
Divs. Paid
when
even
desk
a
It is
size, and it clips
private office." This usually works,
but if my visitor is still at my
right."
good business to try and please
tionery,
Energy
I
stationery
"From
says,
John Dutton."
DIVIDEND PAYERS
time,
reliable paper, mag¬
a
some
which
Cash
save
statistical service, and I
or
have*
Acme Industries
39
"...
Washington
Montc.lair
Newark
Pottstown
Philadelphia
Baltimore
Wilkes-Barre
New Canaan
Bethlehem
Clifton
letter
40
(1508)
The Commercial and Financial Chronicle
«
E. F. Hutton & Company, Inc.
Department Store for Securities
Elects Vice-Presidents Awarded to Five
William F. Groszkruger, Los
American
elected
tion
has
Vice-Presidents of E. F. Hutton & Co. Inc., it has been announced
five
graduate fellowships to
by Sylvan C. Coleman, Chairman of the nation-wide investment
didates
firm.
Continued from page 39
banking and finance.
Richard K. Buechler
of New York,
Angeles and Mark A. Lucas, Jr., of Kansas City, have been
announced
for
The
Bankers
the
doctoral
awards,
Associa¬
and
by
the
tu¬
plus
a
of
grant
of
the
fel¬
1963
York,
student at Princeton University.
student
at*
the:'University
of '
Dolphin, Jr., BloomingInd.,
who
is
studying
at
ton,
Mr.
the
in
firm
1947
Chase Manhattan Plaza, first
Peter A.
with
came
Mr.
firm's
Texas
offices,
with
New
Arizona,
California,
headquarters
623
at
and
Mexico
St.,
The awards
Los
old
Angeles, first started with the firm as computing clerk in 1946.
Subsequently he became
ager
been
City, first
came
President of his
in the investment
over
University.
called the Har¬
Transports
founder
the
of
years
association.
They
25 years.
assist
students
the
qualified
preparing for
banking
the
of
inaugurated five
were
to
ago
or
field
Chief
years
careers
in
finance
and
to
en¬
research in banking and
courage
credit.
Form Kempf, Charters Evans
MIAMI, Fla.
&
—
Kempf, Charters
in
Center
to
business.
Kempf,
dent,
du
Officers
L.
Pont
in
a
Plaza
securities
George
are
President,
Charters,
Arthur
the
engage
Maughn
Vice-President;
Kapplow,
Secretary
L.
D.
and
Vice-Presi¬
and
systems,
equipment
office
and
bank
mouldings &
6
*
Co.
Soft
Avenue,
of
under
Elmer
was
1826
J.
North
the
Mac¬
formerly
an
Central
Mr.
Powell
officer of Powell,
The
firm
has
also
opened
18th
Adrian
will
Winner
acquire
a
and
as
of that
39
on
April
membership
in the New York Stock
10%
5.6
0.75
15%
5.0
1.00
98
1.0
3.31
87%
3.8
fO.48
7%
6.3
8
0.40
7%
5.5
6
0.30
IOV2
2.9
7
-
Government
icing
Instrumentality
secondary
market
1.00
16
6.3
serv¬
for
resi¬
dential mortgages
Florida Steel Corp.
Frigikar
Auto
and
reinforcing items
Corp.
air
conditioners
Genisco, Inc.
Missile
test
equipment
and
flight
instruments
Hanover
Men's
Lynch
Shoe, Inc.
shoes
Communications
Sys-
terns, Inc.
9
0.40
*6
0.60
5
87/s
4.5
Communication systems
M & R Dietetics Labs
Infant
absorbers
37
1.6
f0.12
19%
0.6
6
foods; pream;
0.60
19%
3.1
8
fO.78
13%
5.7
similac
and
Serves
date, Reich & Com¬
Broadway,
Measure
and
power
control
Buffalo
and
Exchange
New
York
City, will become members
*
Details
not
instruments
Niagara
Palls
complete
t Adjusted for stock
as to possible longer record,
dividends, splits, etc.
of the
pany,
partners
which is
office at 12246—111th
Ave., Young-
formerly with George, O'Neill &
town,
the
Co.
ment of John
under
Other
an
Mr. Kempf and Mr. Kapplow were
Ariz.,
0.60
8
Continued
on
page
42
Exchange.
McGowan, Inc.
Treasurer.
9
6
Casualty Co.
Creek, Mich.)
Federal National Mortgage
Association
Shock
management
Powell.
.
steering
Co., Inc. has opened
at
4.5
*
coal
PHOENIX, Ariz.
office
12%
.
Federal Life &
Niagara Frontier Transit
System, Inc.
an
4.4
7
1—
Arthur
Evans
6.4
6%
9
__
Coal Co
Moore Products Co
—
11
f0.58
stampings
Reich to Be NYSE Firm
&
4.1
East Tennessee Natural Gas
Opens Arizona Offices
Cormack
3.3
7%
and
Monroe Auto Equipment
MacCormack
Co., Inc. has been formed with
offices
7%
0.30
commodities
Electronic
graduate
university teaching in
of
0.30
f0.25
utility
Craig Systems, Inc.
Structural
Stonier,
Staff
firm in Kansas City and has been active
banking field for
are
Banking and for many
with the firm in 1960. He had previously
own
7
5.0
Life, accident <fc health
Fellowships in Bank¬
Officer
0.70
3
'
Lines, Inc.
(Battle
ABA's Stonier Graduate School of
of the mid¬
Corporate Municipal Bond Department, 920 Baltimore Ave.,
Kansas
Stonier
old
of various offices on the West Coast.
Mr. Lucas who becomes Vice-President in charge
west
of
ing in honor of the late Dr. Har¬
then Man¬
registered representative,
a
University
student at Columbia
western
Spring
South
The
Reynold M. Sachs of Chicago, a
of sales for the
Groszkruger, who is Regional Director
southern
at
California at Los Angeles.
porate Bond Department, then Manager of Institutional Sales.
public
Elk Horn
Frost, Glendale, Calif.,
student
a
subsequently became Manager of the Cor¬
and
1962
Supplies Oak Ridge
Michigan State University.
Buechler, who heads the Institutional Sales Department,
in the New York office, 1
1962
and
Chattanooga Gas Co.
Auto
Robert
Mark A. Lucas, Jr.
Dec. 31,
truck
Co.,'
Douglas & Lomason Co.__
Colorado.
Groszkruger
Paymts. to
Continental Transportation
Rudolph C. Doenges of Denver,
W. F.
8
on
tion
0.15
5
and
Carnation
Carpenter (L. E.) & Co.
Operating
are:
Nevins D. Baxter of New
Richard K. Buechler
to
Based
Dec. 31,
1962
9
refrigerating
equipment
31,
Quota-
subsidiaries
fees
recipients
lowships
Dec.
8
Vinyl plastic coated fabrics
The
a
Carnaco Equipment Co.
Leases
% Yield
12 Mos. to
Years Cash
-
Divs. Paid
provided
$2,400.
a
Extras for
secutive
in
degrees
Approx.
Including
No. Con-
can¬
Economics, consist of full
ition
Cash Divs.
y
of
award
A.B.A.'s Foundation for Education
in
Thursday, April 11, 1963
The OTC Market—Nationwide
ABA Fellowships
The
;
.
.
manage¬
M. Dick.
can
a
Stock
in
the .firm,
member of the Ameri¬
Exchange are Alexander
We've
Reich, Louis Reich, Jay Reich, and
got to get this ad
in the papers
Norman Mann.
What'll
we
fast
do?
RECORD EARNINGS FOR
CALIFORNIA WATER SERVICE COMPANY
California Water Service Company has
reported 1962
earnings of $1.89
est
level in the
per
share of
common
stock, the high¬
history of the Company.
The number is
The
COrtlandt 7-5060
quarterly
from 30
rate of
common
cents to
dividend has been increased
32% cents
per
share,
a
new
annual
$1.30.
The
Annual
Report for
1962
will
be
sent
upon
7
request.
CALIFORNIA WATER SERVICE COMPANY
374 West Santa Clara
Street, San Jose, California
ALBERT FRANK- GUENTHER LA W, INC.
Advertising
131 Cedar Street, New York 6, N. Y.
•
•
Public Relations
COrtlandt 7-5060
Midtown Office: 44 East 53rd Street, New York 22, N,- Y.
-
NEW YORK
BOSTON
Philadelphia
sai^erancisco
los angeles
Number 6254
197
Valume
The Commercial and Financial Chronicle
.
.
.
INDUSTRY
The State of TRADE and
Continued from page
cars
taled
170,450
of
increase
38.6%
or
cars
period
corresponding
There
road systems
traffic
Class I
61
were
pared with 58
1961.
Falters
but
Intercity truch
March
ended
week
below
the
30
in
volume
corre¬
Sregist'ered
areas
the
at wholesale
lower
quoted
preceding
Shipments Fall Off 7.7%
1962
in
the
totaled
30
compared
to
the
to
re¬
according
of
3.1%;
thousands
of
feet
board
9.
Mar. 23
1963
sales
as
on
the Federal Reserve Board's index
affected
an
overall
doubt
retail
department
store
gain
of
(adjusted) the week ended
6%
March
1962.
In
the four-week period
ended
March 31, 1963, sales gained
+4%
the corresponding
for
the
period in
country's
leading
department store centers.
According to
sales
System,
in
New
the
Federal
department
York
store
City for the
to
only
speculate
to
as
what department store sales might
in
been
the
March
current
a
of
the
week
the overall
a
period last
change
The
for
30-ending
the
week
similar gain. Retail sales
to
records
new
data encouragingly augur
1 to March 31,
in
both
trend to
well for
continue this month.
Harris, Upham Adds
cities fell behind
average for
the
coun¬
whole in their sales'
formance
com¬
level.
to the latest state¬
(Jan.
1963), the two
7%
for
same
January and February, and March
the
For the year
ment
absence
rose
year's
percent
"inched"
can
period
last
year-ago
showed
One
try as
Re-
pared
unadjusted
over
the
year.
year-to-year gain
per¬
EUGENE,
Marxer
Oreg.
has
—
been
H.
Edward
added
to
the
comparable
The U. S. total
4% for the
was
staff
of
Harris, Upham & Co., 55
West Tenth Avenue.
the corre¬
at
stood
index
Mil
1963
vmi
10-month low
the
week,
prior
the
Bradstreet, Inc.,
|o
0.2% to $5.75 on April
1.2%
remained
it
However,
Mar. 31
$5.82 registered
the
last
date
Among the Public Utilities
the
on
year
1962 ushered in the 20th year
for California-
Pacific Utilities Company as an
Weather Helps Pre-Easter
1962
235,357
Electric
N-A 259,629
Year's
Last
of
amount
distributed
public utility. During this
span
investor-owned
of
years:
Level
electric
April
Saturday,
6
at
16,418,000,000
according
to
the
Institute.
Output
ing.
of
the
kwh.,
revenues
increased from $913,000 to $13,759,000
the
tion
total
by
furnishings
clothing, they
good
moderately
up
Net income
rose
from $133,000 to $1,181,000
the
Common dividends increased from 70 cents to $3.60*
re¬
Retained earnings accumulated from
levels
in
dollar
volume
did
Total capitalization grew from
gains
nearly
Plant investment
tail
Since
than
April
a
year
'
3-ending
a*:
.
street,
Inc.
varied
Regional
from
(*adjusted for two stock splits)
higher
according to
ago,
es¬
This
growth record is the result of
a
progressive
and
aggressive policy in furnishing electric,
gas,
water and telephone services to 86 grass roots '
estimates
comparable
expanded from $3,160,000 to $39,781,000
re¬
timates collected by Dun & Brad-
consecu¬
trial failures climbed to 360 in the
the
week ranged from 6 to 10%
April Year Ago
tive week, commercial and indus¬
in
trade
of
$2,622,000 to $31,408,000
all
areas.
total
$399,000 to $3,959,000
•m
mm
year
The
Rising for the second
Easter
1962
over
week of 5.5%.
Failures Highest
as
usual failed to seriously
as
on
chalk
1962
the
over
well
as
challenge the shoppers' concentra¬
and
comparable
increase
or an
Weekly
by
hardware,
autos,
While home
tailers
7,000,000
was
849,000,000 kwh. above
week,
Operating
pre-holiday surge of apparel buy¬
kwh.,
Electric
Edison
16,425,000,000
output
push
strong
a
con¬
72,257
last year's
above
of
goods,
garden
was
kwh. less than the previous week's
of
given
purchases
Number of customers grew from 11,743 to
mi
.
estimated
total
climb
to
levels,
light
volume
Over-all
April 3.
tinued
energy
electric
the
by
pleasantly warm weather and the
5.5%
to
buying, stimulated by
approach of Easter, forged ahead
in
the week ended
Wednesday,
industry for the week
power
ended
Rises
Output
Over
The
Consumer
N-A 254,878
235,834
__
Nw. odrs._
ago
a
sales,
229,034 229,643 236,275
Shipts.
and
without
sales.
Shopping
Prod.
strikes
a
taken from
and
dropped appreciably lower than
in 1961 when $6.03 was registered.
the
for
in
comparable
in
weeks indicated:
Mar. HO
store
these
Both
in the
variations, for the
week
newspaper
settled last week.
retail
seasonal
depart¬
ending March 31, the
Department reported
Commerce
four
Cleveland, Ohio
was
day
FRB
remained
by Dun &
below
figures
the
are
older
weeks
total
the
sales gain
down
corresponding 1962 level
inched up
"■
.
Following
the
still
but
$5.74
piled
orders
new
dropped 9.2%; and shipments fell
by 7.7%.
twelve
a
to
4%
Wholesale Food Price Index, com¬
Compared with 1962 levels, out¬
declined
The
so
stores
was
.
pushed
and
on
After sliding to a
ports from regional associations.
put
earlier.
did
•
contrast
on
and
to 268.73 on
Up Fractionally in Latest Week
feet
in
354,878,000
week
year-ago
which
Post
In
ment
four
publication'
strike
Department
the
%
but 2%.
was
and
1
Wholesale Food Price Index
March
board
235,357,000
York
month
Store
30
April 1 with the exception of the
New
Department
114-day-
newspapers
March
resumed
papers
City
behind
of 272.76.
ended
week
+18;
fell
City's rise in sales
month ago. In fact,
a
when
8
from the
Week
Lumber shipments in the United
States
to
major
ended
Cleveland
the highest level since
it reached
Feb.
week
of the 267.52
269.11,
From
+12;
of
Jan. 1 to March 31 period whereas
New York
York
41
April 8, from 267.98 in
sponding day
ton¬
and Seattle, reported decreases.
Lumber
+14
to
strike
of
Serve
Daily Wholesale Commodity
ahead
Omaha
areas,
+8
week.
New
finally
advanced
corresponding
Sales Rise 6% Above
1962
The
year.
increased
Atlantic
Nationwide
over
markets.
metropolitan
while only two
nage,
advances
an¬
Compared with the immediately
32
Central
Mountain +16 to +20.
wheat and rye gave a
Monday,
week,
upward
Price
Inc.
Price Index edged up
preceding
South
country-wide basis
week earlier in tin, silver,
a
previous
this
level of
slight
a
4.3% ahead of the volume for the
of
+8; Middle Atlantic+5 to +9;
The
have
nounced Apr. 5. Truck tonnage was
week
+3 .to -f 7; East North Central +4
to
22%
ran
year-ago
England and West North Central
strong boost to the index during a
week in which few commodities
0.7%
Associations
New
31,
the
strike.
steel scrap,
sponding week of 1962, the Ameri¬
Trucking
-f-6;
in
were
can
to
March
above
31, compared with the like period
Bradstreet,
in- the
the
-f-2
+3%
reported
from
was
Central
ended
week
two-month high, reported Dun &
Fractionally
tonnage
South
percent¬
trend, the general wholesale com¬
modity price index increased frac¬
tionally to 268.73 this Monday| a
and 58
1962-Week
Below
The
to Two-Month Peak
Continuing
Tonnage Gains Over Prior
Week
toll
business
Inches
in the. corresponding week in 1961.
Truck
East
Wholesale Commodity Price Index
year's week com¬
one year ago
-4-5;
following
Last Year's Week
S. rail¬
U.
to
295 in 1939.
originating this type
this
in
in
1961.
in
and the 343
1962
heavier than the prewar
the
above
+1
South
current
corresponding period of 1962, an..
47,469
year,
Pacific
West
of
13.5% above the
of 20,249 cars or
last
19
by the
ages:
occurring in the comparable week
1963 to¬
an
for
cars
April
levels
casualties inched ahead of the 356
piggyback loadings
12 weeks
for the first
since
level
''
Cumulative
Bradstreet, Inc. At the highest
&
1961
the
above
45.3%
or
week.
preceding week, reported Dun
the
responding week of 1962 and 4,892
in
April 4 from 329
ended
week
16
(1509)
1962
^
communities of the fast-growing Far West.
r-—n
..
.1
-
-
■—:
Counties in California-Pacific Utilities' territory
.v.——r
scored 47 per
Lester, Ryon's
MEMBERS
American Stock
.
..
,
•
NEW
YORK
STOCK
Cd.
census
EXCHANGE
The
•
OF
INVESTMENT SECURITIES
,
^
i:v;
<
•
m
.
securities
owned by 5,914
are
seven
in the
foreign countries; its senior
institutional investors.
Hope Street, Los Angeles 17, Calif..
Corner Wilshirc and Hope
f
mm
Teletype 213-683-0012
'
~
-
"
■
Telephone MA 5-7111
ii$£
+ 15 OFFICES FOR THE MOST
COMPLETE
•
r
portfolios of 22 insurance
companies, pension funds, and other
.
L
623 So.
im
are
residing in 47 states, District of
Columbia, and
DISTRIBUTORS
period in which the entire
company's shares
investors
•
UNDERWRITERS AND
a
United States gained just 18 per cent.
mm
Exchange (Assoc.) / Pacific Coast Stock Exchange
^
cent increase in population in the last
decade,
RETAIL
'
CORONA DEL MAR
LOS ANGELES
RIVERSIDE
COVERAGE
OF SOUTHERN
i
•"
ENCINO
GLENDALE
OCEANSIDE
SAN DIEGO
.
CALIFORNIA
-«
HOLLYWOOD
PASADENA
SANTA ANA
.
•
"j,
'
«
*
"
'
-
LONG BEACH
POMONA
SANTA MONICA
REDLANDS
WHITTIER
550 California Street-San Francisco*
California
The Commercial and Financial Chronicle
Broadway,
under the firm
of The Boyer
name
The OTC Market—Nationwide
Syndicate Offers
Department Store for Securities
$300 Million U. S.
City,
New-York
Now
Company.
Thursday, April 11, 1963
.
Secretary; and Dean A.
Grennell, Vice-President.
securities business from offices at
150
and
dent
a
Treas¬
P. H. Economou Vice-Presi¬
urer;
JVTelkon Boyajian is conducting
and
President
Economou,
Forms Boyer Co.
.
.
Continued from
Government Bds.
Corporation
40
page
Cash Divs.
Approx.
Including
% Yield
No. Con-
Larry
MILWAUKEE, Wis.
Economou
is
now
&
ration.
Officers
Arthur
are
now
doing
corporation.
Salomon Brothers
a
Treasurer;
now
N.
Devine &
C. J.
Larry
City,
as
is
S, K. Lee, formerly proprietor, is
corpo¬
as a
Street,
Broad
Louis
Kantor
is
group
including
hattan
Bank,
The
New
9
of
Chase
York
Co.
Bank
issue
100.75
Owns
Co.,
The
-"pipe
First
Chicago,
America
of
of
yield
Trucking in southern
Steamship
Portable
approximately
is
the
second
and
derwriter
the
on
basis
an
of
the public. The first sale
i. .1
u
*. *
placement and distribution for underwritings and offerings. Our extensive retail
organization embraces
our
over
90 Account Executives in five states, backed by
1963
experienced underwriting department. We will welcome
your
inquiry.
Fourth St.
Cincinnati 2,
Members
NEW
Principal Exchanges
YORK
Offices
—
38.6
&
CINCINNATI
18,
May
:
WOrth
15,
deemed
6-2115
15,
V.
public
and
Vinyl
bid
entire
coverings
will
1963,
but
the
States
at
and
on
and
par
on
floors,
F
V
CITY,
Securities
a
Mo.
Company;
8
1.20
34%
3.5
10.30
7%
4.2
7
fO.49
50
1.0
9
0.50
36
1.4
6
public
anrl
0.15
liy4
1.3
8
0.40
5%
7.6
9
h0.15
4%
3.5-
7
fO.78
30%
utility
•
revolvers
gas
pipeline
.
Engineering
Aircraft
in¬
Corp...
equipment
Milling Co.
B, Voting.
Class
grain
charcoal
and
forms
under
Ohio Water Service
,
American Cement
C, F. M. Co.
under
,
fl.09
23%
4.7
7
f0.19
16
1.2
8
0.80
14
8
0.80
22%
3.6
7
1.20
57%
2.1
Metal
the
0
*5
0.05
4%
1.0
(Jim) Corp.
■
5.7
homes,
Gas Co.
utility
ash
and
related
products
containers
Details
not
t Adjusted
complete as to possible longer record,
for stock dividends, splits, etc.
h Plus
for
one
80
in
Class
A
AAA
common.
.
.
Youngstown Fdry. & Machine
Youngstown Research &
Mahoning National Bank
Development
western power & gas company and subsidiaries
6th Floor Union National Bank Bldg.,
SUMMARY OF CONSOLIDATED EARNINGS
Youngstown 1, Ohio
12 Months Ended December 31
TELEPHONE RI 4-4351 ;
BRANCH OFFICES:
y
Operating Revenues:
1962
Alliance, Salem, Warren, Ohio; Franklin, Sharon, Pa.
1961
$ 47,763,546
$ 35,364.274
22,220.996
Electric
21,445,401
(Note 1)
S 79,108,507.
Operating Expenses and Taxes (Note 2)
Net
COMPLETE
64,925,311
Income
54,886,359
$ .10,922,541
■
:
for Westgas
4,513,056
3,342,083
"V-
FACILITIES-
Preferred
Net Income for
of
Wisconsin!
of
Accruals,
Westgas Common Stockholders
$
Westgas Common Stock outstanding—
period
per
4,736,748
5,043,146
$
4,190,480
546,268
on
2,689,856
SI.79
average
2,755,214
2,813.212
Common Share
outstanding
$
5
2,935,865
(Note 3)
shares
7,686,958
2,950,210
5,732,297
689,151
of
Average
Earnings
Dividend
$
9,825,220 "
4,092,923
$
Stock
At end
% 106,500
Stockholders and Subsidiaries'
Net Income for Subsidiaries' Minority Stockholders.
Shares
j;
$ 11,029,041
Interest and Other Income Deductions,,
Investment
throughout
155,080
S 14,338,276
Earnings
Net Income
$ 65,808,900
S 14,183,196
Operating Income.
Other
8,999,225
9,123,965
Total
Net
$1.56
number
(Note 3).
NOTES:
(1)
(2)
Teletype: 414-2734333
225
.
...
East
Mason
;
_
4.f.
Street
.
Milwaukee 2, Wisconsin
MEMBERS: NEW YORK STOCK EXCHANGE
(3)
Telephones:
Milwaukee: BRoadway 6-8040
Chicago:STate 2-0933
v
(4)
•
OTHER PRINCIPAL EXCHANGES
The
electric
revenues
for
the
12
-
supplier
Valley Mould & Iron
^-^0Va
Commercial Shearing & Stamping
Dollar Savings & Trust Co.
J ;.
Soda
direction of Rue Dastrup.
Lincoln. Avenue
7.4
8
Zero Manufacturing Co..
Inc. has opened a branch office at
Sawhill Tubular Products
Automatic Sprinkler
6%
Wyandotte Chemicals Corp...
AUBURN, Calif.—Beckman & Co.,
985
0.50
controls
Operating" public
Beckman Branch
Union National Bank
Atlantic Business Forms
Walter
Exchange
Ohio Leather
.
Water
manage¬
■'
6
■
Utilities & Industries Corp.
Shell
Exchange (Associate)
Exchange
Ajax Magnethermic
Thermostatic
2.6
•
pipe
Western Kentucky
Midwest Stock
.
Therm-O-Disc, Inc.
has
Slaughter.
MEMBERS
Albee Homes
the
F-
;Y.:*'■
Tex-Tube, Inc
local branch at 527 West
Street,
5.5
Standard
Flour,
Inc.
6.1
7%
VF';',
_______
Wesson, Inc
Natural
Midland
—
16%
0.40
walls,
Gas Co.
,;v"
KANSAS
1.00
7
Sprague
May
accrued
5
South Georgia Natural
the
after
5.3
Toiletry items
re¬
of
option
3.3
5%
Engraving
dated
be
12%
0.30
"
Shulton, Inc., Class A & B___
$300,-
mature
may
0.40
6
Co.
bond,
are
for
'
Operating
Smith &
which
5
Security Columbian Banknote
coupon,
•
ment of Leonard
American Stock
4.3
6
Steel tubular
New York Stock
9%
"
Power Co
Opens Additional Office
39th
3.9
0.40
supplier
gas
Business
(Established 1926)
5.1
14%
9
Tools, Inc._
Standard Register Co.
|
11%
0.58
Savannah Electric &
Hutz-
$1,000
the
1994
at
1989
opened
fO.59
tool.*
counters
group.
group
4%%
terest.
Butler,Wick & Company
5.0
utility
facings and brake linings
Pistols
April
Co.
Throughout the Midwest
TELEPHONE
same
per
for
bonds,
United
-
cents
$115,800
The
Hayden, Stone
2.6
14%
7
Sandura Co.
beating out the next best bid by
or
Teletype—513 577-1685; 1580
Wire:
the
for
000,000 issue.
Ohio
Telephone—621-6800
Direct
the
to
Devine & Co.
J.
100.55119
only
124 East
for $250,000,000
was
awarded
ler-C.
17
7
Co.
Manufacturing Co
Clutch
Jan.
on
The Salomon Brothers &
,
0.45
0.70
Swimsuits
Russell
5.2
-..i.
8
Rose Marie Reid, Inc
com¬
-
8
No. Carolina
un¬
petitive bidding for reoffering to
8,
Robinson
Electric
Portable
largest
Treasury bonds to
6%
:
■
wholesaler
Operating
at
«
states
Piedmont Natural Gas Co
4%%
■■■;■
service
Pacific Gamble
Grocery
0.36
•'
Public Service Co. of
of
was
6
oil
products
.'„•
Pacific Far East Line, lnc.,__
an¬
1989-94
operates
*
'
Overnite Transportation Co.__
April
on
and
lines
Natural
prompt, dependable
1962
f
Products Line, Inc
$300,000,000 The
bonds
to
This
sale
estheimer offers
Dec. 31,.
1962
Oklahoma Mississippi River
4.08%.
—0^
1962
on
Pavmts. to
Dec. 31,
■
Man¬
Trust
and
of
of
States
Treasury
..
tion
31,
'
National
First
public offering
an
United
.
Dec.
Divs. Paid
:
City Bank of New York, Chemical
nounced
^
12 Mos. to
Years Cash
Based
.
National
UNDERWRITERS—DISTRIBUTORS—DEALERS
secutive
and
managers
The
co-managers
Bankers Trust
r
Hutzler
as
Quota-
...
Bank
President.
&
Co.,
nationwide
a.
as
Co., Wells Building,
doing business
25
of
business
Arthur N.
—
York
New
( Now Corporation
Co.,
Lee
Extras for
months
ended
December
31,
1!
include
$361,894
applicable to
properties sold as of June 1, 1961.
Includes cost of gas purchased of $12,988,685 and $12,882,634 in the respective periods.
Westgas issued 122,869 shares, of its common stock for all of the common stock of Morris Telephone
Company and nearly all of the capital stock of Dixon Home Telephone Company, of which 121,424
shares were issued late in 1962 and the balance in January, 1963. Since the
earnings of Morris
and Dixon are included
in the above summary only since September 30,
1962, it was considered
mnre meaningful to compute earnings per common share based on the average number of Westgas
shares outstanding.
above earnings include operations of the former Southern Colorado Power
Company for all
The
periods prior to May 1, 1961, date of merger into Westgas, but do not include operations of former
Southern Nevada Telephone Co.
prior to its merger, on September 21, 1961, into the Westgas
subsidiary, Central Telephone Company.
Volume
197
Number
6254
The Commercial and Financial Chronicle
(1511)
spread between the bid
Difference Between Listed &
the
figures on more
stocks is quite narrow.
active
Over-the-Counter Trading
The exchange market is
often
tion
referred
market
exchange
1
1
as
because
provides
a
a
The
bids
and
In less active stocks the
contra-orders
On
focal
the
Here
Coast
securities
there
rities
po¬
in
securities
in¬
are
the
It
his
is
a
Midwest,
business
to
Coast
in
that.
all parts of the
have a buying
coast to coast that
be
can
know which other dealers
quite
it's
are on
the
in the
the
for
find
The
to
the
are
exchange
often
more
lower than the
profit rates over-the-counter
dealers
job from 7:00
are
obliged to operate
important reason for
An
on.
this is the fact that the
ices
serv¬
dealer,
vs.
When
Counter Dealer
an
executes
as
and sellers.
When
the amount of his commis¬
on
from
confirmation
On the other hand the
slip.
over-the-counter
ing for matching bids and of¬
fers from
potential buyers
order for you
in
an
exchange-listed stock, he
tells you the cost price as well
sion
the
include the extensive search¬
exchange-brokei
an
of
besides
frequently
necessitating his taking the
risk of an
inventory position,
Exchange Commission
77t:j-v Charges
your
a
the
.
Over-the-Counter
Market and listed
on
a
stock
on
a
"net"
basis,
is
it
as
comparable to the commission
charges of exchange ( firms.
securities
business.
This
Though the "counter" dealers'
means his
profit or loss is in¬ profit rates may be somewhat
cluded in the price he quotes
higher, they may afford in¬
you and there is no commis¬ vestors "better"
prices than
sion charge shown on his con¬
the less expensive service of
termed in the
firmation.
counter
just
as
other
parlance of the
The
dealer
over
merchant
a
lines
the
-
usually
of
-
exchanges.
,,
acts
does
Values
in
For
In
business.
other fields when you buy a
set of dining room furniture,
one
thing, the basic
price of over-
fact is that the
•7 ;7 7
Continued
on page
Mar¬
WE
MAINTAIN
PRIMARY
MARKETS
IN
itations.
SECURITY
DEALERS
SPECIALIZED—PROMPT
Cleveland
-
Pittsburgh
-
Toledo
-
-
Chicago
Cincinnati
-
Address
Loans
and
partment. Teletype:
Some
Securities De¬
216 574-9254
dealer-broker
a
execution
an
on
an
sell
"Counter"
directly,
themselves.
they
may
have
Penton
Barton
and
Company
Erie Resistor
Company
Halle Bros.
mo¬
the
Monroe Auto
U
S
fAT
Bank Wire: NCLV.
Off.
OHIO'S LARGEST
securities
that
Equipment Co.
also
in
Fulton, Reid
buy from
ecute
'•
*
Ohio
~
•-
&
Member Midwest Stock
2100 East
•
.
.;•
-
Co., Inc.
Exchange
Bldg., Cleveland 14, Ohio
Teletype 216 574-9442
over-the-counter
or
that do not
sell to an
over-the-counter dealer to
Best route to
'
exchange firms
securities and any
must
k
Telephone 241-1920
deal
.
Inquiries Invited
clientele.
Numerous
•
United Screw & Bolt Corporation
good
present
'
;
cases
values to sell to their investor
Assets Over $1,500,000,000
Stowe-Woodward,Inc.
Tokheim Corporation
Ohio Crankshaft Company
lowing throughout the coun¬
try consisting of retail firms
that are always looking for
BANK
Improvement & Forge Co.
Company
.7
tic
Development Corporation
Sterling Seal Company '
Company
Harris Calorific
Forge Company
Publishing Company
Roadway Express, Inc.
Steel
Corporation
Franklin Electric Co., Inc.
dealer fol¬
a
Rand
Distilling Company
Bloch Bros. Tobacco
dealers
other
Park Drop
American MonoRail
investors
to
In
All States Freight, Inc.
order.
for an unlisted security
mentarily—often while
call is progressing,
:•'.•••/
California and West Coast
-
call
get
We clear for dealers in
New York
As
a
practical
matter,
though, individuals in any
city of 100,000 or more can
frequently pick up a phone
and
CLEARINGS:
customers'
orders
ex¬
(Established 1932)
for
unlisted securities.
distribution
in Ohio
Through the facilities of
The Ohio
sold
Company
to make
on
an
experienced
cern
salesmen, in eighteen
offices
throughout the state, plus a large
"7
'"back up" staff at our central
office in Columbus, stimulate
interest and build acceptance
..
.
•
a
the-counter securities. Our
can
security issues in Ohio.
51 N.
OHIO
COMPANY
Member of the Midwest Stock Exchange
a
cies
his
High St.
a
the
-
are
-
counter
too
large
Quick orderlv
sale
investor
need
not
enumerated
dealer-broker will obtain
STOCK
EXCHANGE
Underwriters and Dealers in
'
Municipal and Corporate Securities
;
,
Cleveland 13, Ohio
One Terminal Tower
purchase and sale.
The
MIDWEST
above, since
quotations on
any over-the-counter stock or
bond, and handle all details
of
MEMBER
con¬
himself with the intrica¬
longer trading day in j
CV 283
PRospect 1-4500
the Over-the-Counter Market
is
often
to
the
a
distinct
investor.
-
-advantage
On
Private
an
Singer, Bearie &
change,
securities
can
onty
be sold in New York between
the hours of
10:00
and
Wire
ex¬
investments
Columbus 15, Ohio
:
exchange possible.
current market
experience
help you make and maintain active
markets for
THE
for
wide range of listed and over-
over
when the blocks
An
Personal contact by our
Saunders, Stiver & Co.
Many listed securities, too,
are
3:30;
!
security is taken
exchange, over - the - counter
over-the-counter dealer more dealers
ordinarily lose inter¬
often than not
buys from and est in it, for they cannot make
sells to you "as principal" or a
profit trading in it at rates
physical lim¬
no
that
opposite.
Over-the-Counter
ket thus has
the
Market
morning until 5:00 ir
Rates
"counter"
the
true
than not
Stock
.
incentive
is
commission rates
the afternoon.
j
dealer
in
Counter
-
It
Wesi
longer than
Dealer-brokers
-
there
•
Because of competition, the
add
any
commission
thereto. So with the "counter"
dealer.
timt
any
the
on
even
Over
country might
interest in a
sold
and
,
money.
not
between 9:00 and 5:00 in the
listed
own
ir.,
secu¬
not
what have
or
the merchant sells it to
you at a flat price and does
you,
oJ
inventory
T Genuine auction
his
hours
instances unlisted
2:30.
fountain pen
a
Wesi
However,
and
most
given security.
on
it. interest themselves in
making
One, five, ten, fifty or more
marketing in a market for unlisted and
Ja security cannot be main¬ some listed stocks and bonds. over-the-counter dealers in
tained, however, unless there Most of them can communi¬ different parts of the country
lis sufficient activity in it.
cate with each other instanta¬ may
interest themselves in
"making a market" for a
In those cases where less neously through private tele¬
given unlisted security. Pros¬
active securities are traded on graph wires or other facilities
at their
pects known to the first deal¬
disposal.
?an
exchange, it devolves upon
er, or known to those other
the stock specialist for each
Thus many over-the-coun¬
dealers
he contacts
(either
'particular stock to create a ter dealer-brokers, in New
locally or in other cities), may
market, in the absence of suf¬ York, for instance, will be often include individuals who
ficient public orders to buy doing
business
throughout are believed to have a
buying
or sell, by, in effect though the
day with other dealer- or
selling interest in the in¬
i not in strict parlance, putting brokers in Boston, New Or¬
stant
security, or investors
tin an order for his own ac¬ leans,
Chicago,
St.
Louis, who
might be induced to buy.
count. In other words, if you Denver,
Los
Angeles, San
The process of constantly
wanted to sell 100 shares of Francisco, Seattle and other
XYZ stock and the specialist cities from coast to coast. As seeking out buyers and sellers
is characteristic of the Overhad no order from anyone an integral part of their op¬
the-Counter Market.
else to buy that stock, he him- erations dealer-brokers stand
A major characteristic, too,
vSelf would be expected to en- ready to buy and sell substan¬
of the /'counter" market is
% ter a reasonable bid on his tial quantities of the securi¬
own.
ties they are "quoting" and negotiation. If a gap in price
after
a
maintain inventories in them. exists
prospect
is
The continuity of any mar¬
Some firms, of course, choose found, the transaction does
ket thus created is largely deInstead, negotiation
to act solely as brokers and not die.
| pendent upon his financial reensues.
The mere existence
not dealers.
:: sources
and his willingness to
of a buy or sell order is the
thus risk
all
the
7:00
over-
does
the
on
assume
volved.
tremendous number of dealer
purchasers and sellers for firms from
he
and
between
sitions
Over-the-Counter
Market the situation is
offerings of poten¬
if
2:30,
wish to
Market
stock
and
the-counter dealer must find
Over-the-Counter
auc¬
an
point for the concentration of different.
tial
*
to
in the Midwest between
9:00
and
asked
43
Mackie, Inc., N.
and
to
Y.
Systems
C.
—
Reynolds & Co., N. Y. C.
Principal Markets
44
44
The Commercial and Financial Chronicle
(1512)
11
11
»
.
'
.
.
.
Thursday, April 11, *1963
*
»
i
,
later he will book losses.
Difference Between Listed &
Over-theContinued
although he
the market" for
And, ment, municipal and corpora- portant
tion bonds and stocks through in " the
an
extended
period, he cannot do
after
his capital is exhausted.
so
page
"counter" dealers for the
count of their banks and
panies.-
warranted hazard
43
buy securi¬
Inventory Positions
the-counter stocks is not swol¬ ties for inventory
purposes
So it is with the over-theunless they take cognizance
len by the premium the pub¬
counter dealer.
If he habit¬
lic is ordinarily willing to pay of basic economic values.
ually assumes inventory po¬
for exchange-listed securities.
Basic economic values may, sitions at
prices out of line with
Then, too, active listed stocks appear somewhat elusive, but basic economic "
values, (the
and the exchange stock ticker
they- are nonetheless real. economic forces will in due
system provide a ready vehi¬ They consist of mathematical time exhaust his
capital and
cle for speculation and tend and
non
mathematical
ele¬ drive him from
the scene. For
to center buying and
selling ments. Some f insights as to survival he must be
cognizant
decisions on short-term price the real value of a stock
may of the elements* listed above,
swings in lieu of "real eco¬ be gained by checking such which are determinants of the
nomic values." Many appar¬
things / as ■ its earnings and real value of the securities in
ently buy stocks according to dividend records, book value which he is
taking inventory
hoped-for price movement and liquidating value. But the
positions.- His prices cannot
and not for true investment first three of these are tied
consistently be out of line
purposes, their interest being to the past, and subject to the with
real values. Particularly
merely ; "where is the price fact- that accounting: is ;;an in¬ in
regard to the noh-riumerir
exact science.- And liquidat¬ cab
going and when."
'V
r
•elements which go into
ing value may be largely of the making of the real value
: / The- mere fact that
under
academic significance/ if the of a
security in which he is
the
"exchange auction-spe¬ corporation is
going to eon-» to assume a position, he must,
cialist system" the spread be¬
t jnue > in
e x i s t e n c e.
The as a
general rule, have knowl¬
tween bid and ask prices is
anticipated future average an¬ edge superior to that of the
close or narrow is no indica¬
nual net income of a corpora¬
lay trader.
tion i that
the investor gets
tion may be capitalized- .nu¬
good value when he buys or
Therefore, L an : important
merically,' but not -without
that the seller obtains a
price reference to many ' non-nu¬ contribution* / of over - tlie in keeping with the intrinsic
counter dealers who take im¬
merical .concepts. -They
in¬
value of the stocks he wishes
inventory-, positions
clude the acumen, - initiative, portant
to sell.
Intelligent investors imagination and forcefulness results from the fact that
are
quick to recognize the fact of the officers and directors their market pricing must be
that prices and values are two
influenced definitely by in¬
of the corporation.
Specula¬
trinsic corporate value fac¬
totally different things,
tion^ as to :how the present tors.
They must stress value
J As pointed out before, the and possible future products
of a corporation will fare on consciousness over quotation
assumption of inventory posi¬
consciousness.- ;
'
: ^
tions: is an integral part of the markets may be handled
the over-the-counter dealers' numerically only to a certain
Officers and directors
of
from
Just
;
-
,
-
,
.
They
initiative
take
must
the
.extent..•
in
Yv;;;::
■;Y
When an individual con¬
assuming such
positions. Although they must sistently : purchases
stocks
be aware of and
responsive without regard to basic eco¬
to the foibles of their custom¬ nomic
values, he may at times
ers, they cannot without un¬ make money, but sooner or
-
IN
IN MICHIGAN
DETROIT
AND MID WEST
have
v/e
the
14,000
banks
and
treatment
from both
ues
ness,
good
you get
different
stores
in
thrive.
ac-
or
and
Lehman Bros.
in¬
val¬
Appoints-Finver
large and small
other
lines
of busi¬
Robert Finver has been
appointed
it is with pver-the-
so
a
nec¬
trustworthy and
judgment with
have good
Just
investment
to
:
be
the
sure
counter
firm
regional
sales
man
Brothers,
1
William
'
N
to
Resources
Member Federal
Reserve
YOUR
System
Fund,
$504,000,000.00
Member Federal
Deposit Insurance
.
DETROIT,
Corporation
MICHIGAN
-Edward
utation.
tional
doing
good rep¬
,>
It is
the
no
exaggeration to say
that both
exchanges and the
Over-the-Counter Market
vital: to
economic
our
UNDERWRITERS
■/.
INCORPORATED
'Finver
life.
york stock
exchange
american
314
stock
exchange
tutions and the like flows into
•in the Metropolitan New York and
supervision of
the department's sales and service
••
N. BROADWAY
trade and
industry and makes •New; Jersey area.
possible for business to ob¬
Mr. Finyer ehTered the' securi¬
tain the wherewithal' with
ties
business; in : 1958J. following
which to provide
j obs fof ever: four years of teaching in the New
more wofkefs at ever. less hu¬
Jersey high school
'
effort and- at
man
('system.
ever
more
remuneration.
Savings there¬
by become
asset to society
and
not
an
problem.!. The
beauty of it is that the cap¬
.
ital
a
needs
small
of
business
thus served.
If
the
both
it
alike
;
can
most
tan sales manager,of Dealer Serv¬
ices
for
members
Kalb,
Voorhis. &
Estimated
an
Tucson
Area
PAST
Exchange.
'
,/
be
*
LOUISVILLE 2
for
the
HARTFORD,
ex¬
duPont
Conn. —Francis
Co.
&
has
opened
Important
Population —End
ESTIMATED
173,000
1963
195,300
1964
325,300
1957
219,800
1965
342,000
1959
249,200
1970
425,000
1961
275,700
1975
500,000
1962
ST.
MARYLAND AVE.
293,000
308,700
Tel. VOlnnteer 3-0330
1522
'
SIXTH AVE.
M0LINE, ILLINOIS
Tel. 762-0793
Private. Wire Between St.
Louis, Chicago, Louisville
ana to Hayden,
Ston.e & Co. and Singer, Bean &
of
and Moline Offices
Mackie, Inc., New York City
L
I
G
H
T-
&
P.O. Box
P O
W
E
R
COM? AN
71 1, Tucson, Arizona
Year
FUTURE
CLAYTON 5
Tel. 587-6053
.
New duPont Branch
1955
CHICAGO 3
8001
'
,
1953
Tel. STate 2-5770
MARION E. TAYLOR BLDG.
Co.,
of The New York Stock
Part of the Nation's
exchange
ADAMS
He
recently the metropoli¬
-
and
~
not
were
big
was
llKyiitflMSSg
(associate)
105 W.
Tel. GArfield 1-1980
dealers
it
„
Company
ST. LOUIS 2
the
activities with investment
?
DEALERS
midwest stock
will
in
assist
Robert Finver
members
new
Mr.
an
X.
of¬
major insurance companies of changes and Over-the-Coun¬ fice, the firm's first in. the "State
the country when buying or ter
Markets, investors of all of Connecticut, at 100 Constitution
'
selling their own institution's types would find it almost Plaza.
stock for their own account impossible to
quickly retrieve
K. Albert Baronian has
been
do so almost entirely through the
capital they put at the named
manager. Prior to joining
over-the-counter dealers. In¬ disposal of
governments, mu¬ Francis I. duPont & Co., Mr. Ba¬
vestment officers, of these in¬ nicipalities
or
corporations. ronian had been associated for
stitutions, too, are continually This is one of the many rea¬ eight years with a local invest¬
■buying and selling govern- sons why it is socially im- ment firm.
UNLISTED BONDS & STOCKS
•
an-
nounced.
MUNICIPAL TAX and REVENUE BONDS
Stifel, Nicolaus
has
ment
INDUSTRIAL, PUBLIC UTILITY, RAILROAD
LISTED and
for
depart¬
*'
FASTEST GROWING STATE!
-
sales
(medium
of
stocks and bonds, idle
capital
of individuals, •
banks, insti¬
1963
DISTRIBUTORS
-
na¬
are
Through '"'j the
Serving
—
S.
Amazeen,
manager
Seventy-Three Years of Investment Banking
1890
Inc.,
dealer you
contemplate
business with has a
SERVICE
...
One
William Street
facilities
AT
national
for-The
over-the-
correspondent bank
Bank Offices
Street,
underwriters
-
values.
have excellent
we
28
The
Leh¬
York
e w
City,
re¬
individual
or
of
manager
One William Department of
essary for a firm to have a
million .dollars to be thor¬
spect
Engaged
com-
counter dealers.^ It is not
oughly
those
investment -business
t.
■
as
^
task.
that
remain "in
may
Y
Volume
Number
197
6254
.
.
The Commercial and Financial Chronicle
.
Back in Market
■■■'-
As We See It
Continued
from
1
page
-
Yet
the
ments about all
things in and
around Wall Street.
But mild
number of
various
ties
to the
what
and
is
point calls in good
New Deal style for more gov¬
ernment
regulation
and
su¬
pervision to remedy situations
which it does not approve and
which have either
continued tinder
or
well
some
similar
or
lation
such
institu¬
quite sure)
of
number
interest,
.
is
they
accumu¬
but
their
people who
those who
cern; us or
a
tion
market
all
tion
securities
the
SEC
has
is
now
made
included
public at
some
what has
now
What, is
re¬
given, to the
later date, but
been
the hands of the
it clear
in
say
of af¬
public.. The'
mainder is to be
placed in
public makes
enough that the
sov¬
ereign
remedy for all evils,
real
imaginary, is still
or
ernment
trol
ernment,
is
at least the
or
would
con¬
the Federal Gov¬
as
concerned.
one
gov¬
regulation and
far
so
Of
SEC,
course,
undertake
to
anywhere else in the business
community—but the question
is whether the road to better
things is to be found in
gov¬
ernmental
regimentation
larger and larger doses. If
could
a
i
n
quick
wildfire
11
Street
demned.
is
And
'Twenties.
There J were
now
some
con¬
of
the
to
ever,
things
mortgages"
*'guaranteed
are
the
The
markets.
from the so-called canyons
of lower Manhattan and
that
thing
goes
on
numbers
at
least
for
a
time
if, and, only if, daily
quotations showed their
stocks
to
be
advancing
price rapidly. It
in
was an era
of
glamor in all things financial,
including
offerings
value
good many public
of securities, the
a
of
which
measured
was
in
which
again
by daily quotations.
It was, moreover, a
New Era
old economic
prin¬
regarded by
many
ciples
were
longer valid.
no
many
other
No
part^ of the economy.
great fault
be found
can
with the fact that these short¬
that
to be done. The
"some¬
course
which
course
cor¬
taken,
was
might
a
reason¬
the situation
which then
isted.
us
had presented a
even
sharp, pain¬
severe
lesson to
goes
what
and
man
on
is
how
affected
is
what
by
avis
ways
of
in
Washington
places
in
the
the
this
funds
in
older
word
of
more
sen¬
in¬ sible basis had been largely
done
by the events them¬
fore¬
is
English
a
rara
country and
al¬
has been. There are, of
selves.
Certainly, it
was
doubtful procedure to
suggest
that
Wall
Street
had
been
made
a
naive
and
which to
safe
a
place
good
for
place
get rich quick.
the
in
Mr.
Donald
Devlin,
Blyth &
graduate
a
Co.^ Inc.
in
New York office in
of the National
gen¬
of the firm in
the
N. McDonnell
the
of
James F. Miller
University of Illinois, joined
Chicago" office
1933 and
was
in
1941,
1924,
ito
moved
,,
the
elected Vice-President in charge
Trading Division in 1S39. He
named
was
director
a
v
member of the executive committee in 1950,
a
Senior Vice-President
and
no¬
add
in
1958.
Mr.
Devlin is
former gov-,
a,
•
of the National-Association of Securities Dealers, Inc.,
ernor-
the
to
Mr. McDonnell is
and
quite
the
Blyth
Harvard
Co.,
&
transferred
of
costs
buying
any
committee
in
McDonnell
is
and
joint managers of
his
under¬
an
the
c o m
the
with
a
office,
corporate
in
1938.
He
being
are
of
General
in
Dynamics
1958.
sold
•
University of Washington, and started
securities
the
Vice-President
a
business
in
resident
and
director
1958, when he
Blyth .&
by
ment
the
of
1921
when he
clerk.
a
as
1953,
He is
*;
joined the
He
the
of
manager
in
firm
to the New
came
the
ran
was
branch
in
Miller became
Mr.
Senior Vice-President
a
York office, in the National
director of C. Brewer & Co., Ltd.,
a
Inc., founded
Co.,
in
1914,
nationwide invest¬
is a
banking organization, which now has 29
offices and more
In addition
key financial centers and cities.
than 700 employees in
W.
Clint
and
Mr.
Corporation;
Co.; Halliburton Co., and Chicago Pneumatic Tool
Buying Department.
director of
a
in
Vice-President
Senior
a
Honolulu, Hawaii, and the Maine Central Railroad.
$32.25 per Share.
p a n y,
Seattle
in
1933,
member of the executive committee and
in
Casualty Insurance Co.
Murchison,
and
1947,
Elected
1945.
which is offering
600,000 common shares
shares
in
associated
the
in the National Buying Department,
„
career
elected
group
D.
in
Vice-President
a
Portland, Ore., office of Blyth & Co., Inc.
Equi¬
a
John.
office
named
Mr. Miller attended the
table Securities Corp., New York,
at
became
Municipal Bond Department in that office from 1935 to 1945,
Goldman, Sachs & Co.
publicly
He
salesman
a
Angeles
was
Company.,
Common Offered
of Life &
Los
as
also .a-director
The Magnavox
Of Tennessee
writing
the
department,
School.
1926
in 1945, was elected a director in 1946. a member of the executive
Life & Casualty
are
in
Inc.
to
graduate of the University of Washington ,r
a
Business
to the New York office,
came
financial system.
principal business of obtaining capital for corporations and
Murchison, Jr., who together will
to
retain
public authorities, the firm maintains one of the largest securities
approximately 13% of the
company's
stock
following
the
offering.
None
from the
of
the
its
trading organizations.
proceeds
financing will
accrue
to
the company.,.
Life & Casualty Insurance with
headquarters at Nashville, Tenn.,
Antenna
Systems
Writes life and accident and health
insurance
on
premium
(industrial)
ordinary, weekly
and
group
At!. Dec. 31,
1962,
the company
insurance
total
in
force
of
$2,199,097,000 and admitted assets
of
Common Offered
$350,903,000.
'
York,
group
New
of
sale
through
Mr.
an
be
McNamara V.-P.
years
ton
&
New
the
Co.,
York
52 Wall Street,
City, has announced
Inc.,
of
election
Namara
firm.
with
as a
He
Mc¬
C.
Gerald
Vice-President of the
was
formerly associated
proceeds from the sale will
to the company's work¬
added
the
and
Antenna
manufactures,
which
common
stocks
companies
of
Exchange
Crouter
the New
scatter communication,
—
DeHaven
& Bodine,
York
Stock
and other leading
Ex¬
changes, announce that Gerald B.
is
now
associated
w„ith
Sales
their
Institutional
ment
in their Philadelphia
Philadelphia
the
Mutual
for
13
Inc.,
years
ment specialist in
as
is
He
Executive
Fund,
in
insurance
a
Vice-
Savings
which
an
he
invest¬
tracking
pany
insurance
com¬
and bank stocks.
missile and
radio
and
applications.
The
as-
rOW6ll, JOHHSOH UillCG
com¬
began operations in January PACIFIC BEACH, Calif.—Powell,
and
and
,
Palmer
Fidelity
served
of
of
banks.
and
Assistant
Central
Century
used primarily for radar,
are
Depart¬
office,
Building.
maintains
and
are
executive
facilities
at
Field, Manchester, N. H.
Additional
ties
its
principal engineering
manufacturing
Grenier
Townsend,
sys¬
of
specializes
1960
And Townsend
&
and
These
tems
offices
members
antennas
components.
Assistant Sec¬
pany
With DeHaven
Pa.
installs
antenna
tronomy
PHILADELPHIA,
and
sells
microwave
large
designs,
Systems
as
analyst
Trust
former
ing capital requirements.
satellite
Goldman, Sachs & Co.
Century
Spaulding for the past four
has served
President
The investment firm of G. A. Sax-
of
Devonshire St.,
Trust, 111
retary
share.
Net
Trustees
of
Shares
Shares
Saxton Names
R.
Systems,
Antenna
stock
common
offering of 100,000 shares at $5.50
a
William
—
heads
an
underwriting it has been announced by"Vinton
which is making the initial C. Johnson, Chairman.
public
Inc.
Co.,
&
Deetjen
Mass.
Spaulding has been elected to the
Board
Emanuel,
Columbia.
had
Named Trustee
BOSTON,
19 states and the District
basis in
of
an
where
politicians
in
we
yes,
the entire economic
sys¬
the nation, upon a
said
face the fact that the "in¬
sense
nation,
much sounder and
other
vestor"
even
the
in Washington and
gather. In the first place, let
us
of
be¬ system
his
tem
fluential
and" what
not
Let
ex¬
Paul Devlin
sweeping change
functioning of
necessary
question
is .whether the wise and
rect
might be
certain to
of Tennessee
circumstances, it is
the
say
"get-rich-quick"
ahd
The
In these
to
popular "abandon¬
a
of
.
satisfied
were
with small the "get-rich-quick" gentry.
savings which he wishes to Quite possibly the work of
"invest." We must then con¬ placing the whole financial
havior
way
sophistica¬
it
as
of
people began to
needlessly
"play the stock market" and
self, that is the so-called small ful and
precisely
invest¬
formerly
% back
:one
public attitude toward the
ure;
forget that
and the collapse of 1929 and im¬
study mediately succeeding y ears
any-'
the mind of the investor him¬
sider
of
were
Senior Vice-Presidents.
Reform
by law and
regulation is doomed to fail¬
of
in
around them. We must
investor, the
distributors
and
as
question takes ably be expected to remedy
to this
answer
us
not j ust what all of
securities
underwriters
nationwide, has been announced. All
tions.
and became
arose
public scandals. Unheard of
why had
just
would want them to be in
us
F.
Blyth & Co., Inc., 14 Wall
pearls before
need
investment
ment
like the sellers- bf
far
we
all through the
eral, and
country. .1 Various institutions
"public interest." political circles
inquire
in
real
profitable is it, how¬ thing" ought to be done and
More
City,
of
three decades
was
must have is
estate booms
shortcomings of government, comings of the financial com¬
particularly official policies, munity were
uncovered, or
Can
hardly be construed as in that the
feeling developed in
the so-called
Devlin, Donald N. McDonnell and James
judgment'than
or
output
What
during -the.: roaring
con¬
dissimilar to these for which
a
Street, New York
ment securities
compared with pearls at all.
this
in
hardly surprising that abuses
stantly in government itself,
developed in Wall Street just
many of which are not wholly as
they developed in
W
came
in
mania
country during the New Era,
that„ is.'
little nasty, one
occur
rich
get
as
one
easily point out various
derelictions which
some
of Paul
Executive Vice-Presidents
as
they brought
least much like
swine—so
A
no
de¬
fend all that goes on in Wall
Street— or for that matter
Wished to be
The election
great many
no more
sound
or
ties"
spread like
to
about the present state
fairs
Blyth & Co., Inc. Elects Three Officers
that
investors"
and
they had two
al¬
The New Era
had to contend with. Not
that
a
market
with them
regifne
regula¬
any
if
event,
any
called
the
another
or
con¬
are
later
or
are
into
declining, and in
fashioned"
In
effect.
of these "small
it is not such "old-
any- event
much
did not have
done
was
tion, and wait the relatively
slow (but
of
effect
net
wonder
Miller
are
sooner
banking,
but
can
45
earlier;. Much if not most of
ways finding fault with Wall
developed
The| elaborate "truth in securi¬
Street.,
L y.
of the most extensive
ever
we
established
a
factors in the securi¬
business,
more
in
criticisms at
severe
who
many
willing to place their savings
not, it levels
or
still
course,
(1513)
at
manufacturing
division
system
located in Fern
a
branch
under
office
the
at
ended
Dec.
$2,236,772
$58,521.
Cass
St.
Robert
an
is
Opens New Branch
Park, Fla.
for
the
26
weeks
29, 1962, amounted
and
of
Kressin.
STATEN ISLAND,
sales
Net
4423
direction
facili¬
Hingham, Mass., and
electronic
Johnson & Powell, Inc. has opened
net
income
to
was
Y.—Security
Planning Company has opened
branch
office
at
210
Avenue under the management
Gabriel Frattalone.
a
Richmond
of
46
The Commercial
(1514)
The
Indications of Current
week
of
Index
Week
INSTITUTE:
STEEL
AND
castings
and
(net
based
production
oil
Crude
weekly
average
on
2,387,000
Ago
2,178,000
Ago
2,361,000
6
129.5
128.1
116.9
Crude
stills—daily
to
runs
Gasoline
(bbls.)
average
(bbls.)
output
Kerosene
output
Distillate
fuel
(bbls.)
oil
(bbls.)_
Residual fuel oil output (bbls.)
Stocks at refineries, bulk terminals, in transit, in pipe lines
output
gasoline
Kerosene
(bbls.)
Distillate
Residual
-
Unfinished
AMERICAN
7,461,160
(bbls.)
7,417,010
7,327,660
29
8,558,000
8,596,000
9,075,000
7,971,000
29
29,434,000
29,935,000
30,531,000
28,429.000
29
29
Mar. 29
3,316,000
3,482,000
3,954,000
2,842.000
14,269,000
15,150,000
16,256,000
13,326,000
5,961,000
Steel
Month
of
205,818,000
22,756,000
21,441,000
'—Mar. 29
79,671.000
81,054,000
89,174,000
87,178,000
2,000
pounds)
Shipments
(tons
Mar. 29
Mar. 29
42,097,000
42,179,000
44.752,000
39.334.000
Stocks
freight
freight received from connections
OUTPUT
COAL
Bituminous
loaded
(U.
coal
Pennsylvania
(number
BUREAU
S.
and
lignite
anthracite
CONSTRUCTION
80,925,000
81,242,000
81.244,000
23.528.000
Slab
zinc
smelter
ENGINEERING
—
and
STORE
ELECTRIC
Electric
•
8,400,000
396,000
378,000
312,000
output
4
$567,900
$418,000
$1,846,300
$637,400
4
392,900
260,300
4
175,000
157,700
1,654,100
192,200
492,300
4
174,100
141,100
176,900
at
end
(COMMERCIAL
BRADSTREET,
4 '
900
16,600
15,300
165,500
S.
145,100
AGE
Apr.
INDUSTRIAL)
DUN
—
(000's
CIVIL
112
92
106
PRICES
<E.
6
Total
16,418,000
17,061,000
16,425,000
Lead
York)
(New
Lead
(St.
JZinc
(delivered
6.196C
1
Apr.
329
302
(East
U.
S.
Straits
of
and
-
$63.33
1
'
6.196c
6.196c
6.196c
$63.33
'
$63.33
$27.50
$30.83
coke
Beehive
Oven
OF
(net
U.
5
30.600c
30.600c
28.425c
28.375c
30.600c
30.600c
28.425c
*
Consumed,
.5
Aaa
■
28.625c
In
10.500c
10.500c
9.500c
In
public
10.300c
10.300c
10.300c
9.300c
—
5
12.000c
12.000c
5
11.500c
11.500c
,
*Pr.
Apr.
5
5
12.000c
Stocks
March
11.500c
Cotton
spindles
22.500c
22.500c
22.500c
109.125c
109.375c
123.250c
COTTON
89.88
90.09
88.04
89.63
89.23
89.37
86.51
86.91
Received
9
93.08
93.08
90.48
90.91
Crushed
—Apr.
v9
91.19
91.19
88.27
88.67
Stocks
f:
Apr.
9
89.37
89.51
Baa
Apr.
9
83.91
83.91
Apr.
9
87.05
-Apr.
Apr.
9
90.48
90.48
9
90.34
90.48
85.85
Group
Industrials
MOODY'S
U.
:
Group
Group
Orders
Group
Percentage
of
1
4.63
9
Apr.. 9
—Apr.
ROUND-LOT
%
of
period
REPORTER
Mdr. 30
>
Mar. 30
—1.
PRICE
4.86
ACCOUNT
FOR
97-1,.
98
94
463,601
465,970
*112,56
113.04
110.79
MEM¬
OF
Total
in
which
sales
initiated
the
purchases-
on
the
619,600
262,110
77,000
17,500
for
389,870
311,020
530,210
239,020
Mar. 15
425,570
345,420
607,210
256,520
•932,858
931,666
78,860
DEALERS
—
sales
by
1,045,637
885,196
1,226,093
964,056
3,496,596
4,657,055
3,439,823
481,940
East
3,690,247
3,032,746
§§Prime
4,596,723
3,514,686
ttLondon,
531,860
Mar. 15
2,952,688
3,484,548
3,380,687
,
AND
ODD-LOT ACCOUNT
SPECIALISTS
SECURITIES
dealers
ON
N.
EXCHANGE
(customers'
,
OF ODD-
Y.
Mar. 15
(customers' sales)
orders—customers' total sales
1,232,345
1,238,550
1,572,170
1,753,995
Mar. 15
59,205,831
$59,955,906
$75,594,775
$91,424,262
1,871,075
19,028
1,794,980
—
Mar. 15
1,600,282
1,447,064
Customers'
short
sales
Mar. 15
17,490
27,113
Customers'
other
sales
Mar. 15
1,582,792
1,419,951
1,852,047
1,787.504
Mar. 15
173,795,479
$66,960,965
$86,988,770
$89,798,846
Dollar value
Number
Short
sales
of
7,476
shares—Total
sales
Mar. 15
sales
St.
Louis
669,300
525,980
698,730
554,740
Round-lot
TOTAL
EXCHANGE
FOR
ACCOUNT
by
dealers—Number
STOCK
AND
Total round-lot
Mar. 15
SALES
ROUND-LOT
OF
ON
of
STOCK
MEMBERS
shares
THE
N.
Y.
Gold
flNew
York,
boxed
Laredo,
bulk
boxed
on
99%
U.
S.
990.200
1,199,080
17,180,140
16,045,380
22,211,420
16,592,020
18,023,210
17,035,580
23,410,500
17,200,190
"
-
——
;
;
commodities
figure,
delivered
other
than
tNumber
basis
at
farm
of
centers
Kt
and
foods-
(per
where
' ,5 *<
not
30.600C
30.600c
28.439c
28.600c
£234.807
£233.875
ton)
£234.144 V
£233.594
£235.239
10.500c
long
10.500c
9.500c
10.300c
10.300c
9.300c
£55.747
£54.681
£60.605
£55.854
£54.997
£60.463
11.500c
11.500c
12.000C
12.000c
12.000c
12.500c
£71.655
£69.550
£69.352
£71.494
_
£69.691
£69.920
127.138c
125.644c
101.500c
I09.155d
76
107.6l9d
$2.80064
$2.80337
109.250c
*.
108.597c
84.608d
$2.81527
-
123.108c
$35,000
$35,000
$35,000
$187,000
pounds)—.
pound)-,
$187,000
$192,000
36.250c
pound
ton
32.500c
33.000c
$82,000
lots
.'
$82,000
$1.85000
—
delivered
36.250c
32.500c
33.000c
;
36.250c
32 500c
1_
pound)
$1.85000
$1.90000
.
$1.50000
33.000e
'
$82,000
$1.6500o
•=
$1.90000
:>
$1.50000
:
(per
$1.75000
$1.50000
of
—Apr.
2
100.0
99.9
100.2
100.6
Apr.
2
96.0
95.2
96.8
2
99.1
*98.9
100.0
100.5
2
,88.2
88.3
91.5
94.7
*100.6
100.7
101.0
SALES
AUTOMOBILE
ASSN.—Month
of
vehicles
passenger
of
-Apr.
2
100.6
Number, of trucks
PORTLAND
Month
CEMENT
of
and
tPrime Western Zinc
-
(barrels)
from
at
Capacity
jM
•
$2.25
22.500c
81.250c
••
$2.25
March:
1
773,714
OF
719,332
710,280
648,143
motor,, coaches—
601,700
603,355
125,571
117,632
106,925
MINES)—
February:
Production
Stocks
24.000c
>
FROM
cars
(BUREAU
22.500c
79.000c
MANU¬
97.6
Apr.
S.
22.500c
22.500c
$2.25
—
FACTORY
U.
IN
number
—
pound)
VEHICLE
PLANTS
22.500c
79.C00c
-
—
MOTOR
Total
reported since introduction of Monthly Investment Plan.
freight from East St. Louis exceeds one-half cent a pound.
<
30.600c
28.400c
£234.125
pound)
Shipments
orders
59,997,055
price)
of
(per
FACTURERS'
V
Apr.
foods
61,105.569
!
grade ingot weighted average (per lb.)
primary pig export
—-
'608,170
DEPT. OF
;
—
61,287,493
pound)—
S.
(per
(per
Number
—
31—
;
pound small lots).
97%
grade (per pound)—
Bismuth
843,070
"
♦Revised
sold
—
Jan.
Aluminum—
-
products————
Meats
All
Cobalt.
Mar. 15
„
V.
commodities
Processed
(Per
514,280
Mar. 15
LABOR—(1957-59=100):
Commodity Group—
Farm
594~740
99%
—
(per
Platinum, refined (per pound)
698,730
Mar. 15
WHOLESALE PRICES. NEW SERIES
at
QUOTATIONS)—
(per pound)
(per
(per flask
♦♦Nickel
.
$1,086,486
Antimony—
404,770
(SHARES):
—
London
(per ounce U.
Quicksilver
525,980
TRANSACTIONS
:
Total sales
J.
and Sterling Exchange—
Silver, New York (per ounce)
Silver, London (per ounce)
Sterling Exchange (check)
Tin, New York Straits
338,550
STOCK
Other sales
All
293,870
I
sales—
Short sales
-
669*,300
Mar. 15
1
purchases
ROUND-LOT
M.
delivered (per pound)
prompt (per long ton)
three months (per long ton);
Cadmium,
Mar. 15
sales
65,230,527
$1,097,101
Western,
'
Other
65,871,915
of
i
customers
&
New York
Laredo,
dealers—
by
69,406,696
consumers—
omitted)
customers—Month
Silver
STOCK
purchases)—t
Odd-lot purchases by dealers
Round-lot
ultimate
(000's
Common, East St. Louis (per pound)
ttLondon, prompt (per long ton)
ttThree months, London (per'long ton)
ttLondon,
COMMISSION
value
of
to
Zinc—
906,476
3,553,568
647,910
2,732,777
shares
of
728,127
840,757
—-Mar. 15
;
sales—
EXCHANGE
(E.
months,
821,448
"
FOR
sales
ultimate
ultimate
Common,
943,808
Mar. 15
STOCK TRANSACTIONS
96
INSTITUTE—
refinery (per pound)
Export refinery (per. pound)
prompt (per long ton)
Mar. 15
members—
Mar. 15
sales...
117
85
,
Lead—
112,630
1,201,645
180,456
780,813
122,360
sales
Other
114
$1,152,572
V
ttLondon,
1
purchases
Short
420.5
variation
Domestic
ttThree
account of
365.9
RE,
Copper—
Mar. 15
transactions
10,513,000
Average=10<)—
.
January
PRICES
34,400
sales
Number
479,170
METAL
19,482,000
17.120.000
7,317,000
place
1,908,530
2,294,110
19,518,000
16,374 000
9,705,000
101
in
19,485,000
16,222,000
120
spindles
,.
of
v.
388.2
for
January
Number
393,740
—_
Total round-lot
Number
2,114,400
2,763,420
floor—
.•
sales
Dollar
of
from
.35,700
sales..
Odd-lot
1,693,630
2,194,510
.yvv,.;'
adjustment
ELECTRIC
174,100
176,800
COMMERCE):
SALES—FEDERAL
seasonal
seasonal
Mar. 15
initiated
OF
164.200
194,300
139,200
March:
-
Short
LOT
1,741,370
2,115,170
268,900
140,000
——
STORE
March:
of
-.Mar. 15
sales
Total
EDISON
hours
2
for
Mar. 15
Other
Total
385,580
Mar. 15
:
transactions
Total
2,396.900
649,020
Mar. 15
—
sales
Total
2,835,810
500,880
floor—
i.
sales.
Other
Total
2,171,190
373,800
Mar. 15
off
purchases
Short
Other
2,141,540,
Mar. 15
;
sales
transactions
Total
15
(DEPT.
SYSTEM—1957-59
Month
Month
Mar. 15
:
"
Other
SERVE
•
Adjusted
Revenue
Mar.
128,000
143,600
170,2C0
.
■„
spindle
DEPARTMENT
Kilowatt-hour
registered—
sales
Other
_:
stbeks
in
158,900
299,000
;
Active
.
111.97
28—
spindles
Without
5
142,800
in place on February 2__
spindles active on February 2
spindle hours (000's omitted) Feb. 2
98
458,343
485,432
136,500
145,500
(bales)
Spinning
Spinning
365,679
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
of specialists
purchases
February
(bales)
COTTON SPINNING
367.6
348,115
y 239,800
54,400
161,500
end
used
of
——.7-—
mills
month
(per
14,750,000
18,289,000
15,309,000
(barrels)——
14,031,000
14,418,000
(barrels)
14,339,000
42,288,000
42,261,000
40,624,000
47
45
cent)—
42
■iVca
',
268,500
315,400
v>
-•
113,600
322,100
57,100
Active
362,209
105,200
290,500
'
—
(bales)
Produced
INDEX—
Apr.
TRANSACTIONS
Short
Stocks
5.59
373,587
122,500
-
'
.
Shipped
375,457
597,800
Linters—
5.47
346,157
141,000
1,736,100
273,200
—
(tons)
February
.i
end
at
Transactions
Total
Produced
5.02
369.4
343,000
695,700
2,120,800
1
.i
February 28
(tons)
J.
Shipped
4.67
4.61
105,200
617,700
1,608,300
t
•
4.51
4.52
(tons)
February 28
(tons)
4.89
370.3
368,979
105,292
661,637
17,127,000
of
(tons)
5.05
4.38
392,020
113,912
811.002
16,222,000
Meal—
and
4.72
.
4.38
..
372.4
Mar. 30
AVERAGE=100
1949
9
4.38
4.39,
3.70
mills
at
Shipped
ASSOCIATION:
s
DRUG
4.50
4.64
Mar. 30
(tons)
OIL, PAINT AND
4.35
4.87
J.
activity
orders
4.38
4.33
3.89
4.45
(tons)—
Unfilled
4.20
4.33
4.87
—:
INDEX
(tons)
Production
:
-
PAPERBOARD
received
4.20
9
——Apr.
t
-
.
COMMODITY
NATIONAL
9
Apr.
Group
105,597
826.578
Hulls-
4.64
4.46
Group
MOODY'S
4.67
9
2,097,460
10,386,112
PROD¬
(tons)
(cons)
Produced (tons)
89.23
4.46
3.75
3.78
Apr.. 9
:
Utilities
88.54
4.47
,
717,044
*1,571,925
14,231,432
16,029,000
„
2
COMMERCE—Month
Stocks
84.04
9
9
Apr.
._
Industrials
Cake
87.59
Apr.
Baa
•Public
83.66
87.32
/;■
Apr.
-
—
Railroad
82.03
'
Apr.
Apr.
:
A
.
86.91
:
SEED
790,045
1,652,484
13,351,376
February
March
91,531
3,761,089
659,128
2—
—
of
COTTON
OF
4,867,670
*64,417
*3,771,123
OF
2
of
as
*4,245,668
65,213
—
AND
(tons)
Stocks
—
Aa
'
AVERAGES:
corporate
Aaa~
,
DAILY
Government Bonds
S.
I
1
YIELD
BOND
Average
•
;
.-
Utilities
month
active
90,400
4,959,201
Cotton Seed—
86.51
81.66
'
Public
March
of
131,200
*4,310,085
3,487,025
(net tons)
2-.
SEED
9
Apr.
A
•Railroad
of month
of
as
-
February:
9-
-Apr.
:
1,170,200
4,023,475
i;.
24.000c
111.375c
707.100
1,260,600
1,391,600
Feb.:
tons)———.
end
Linters—Consumed
12.000c
11.500c
•
V
„——————————
$1,967,700
1,151,900
1,522,800
3,958,262
of
tons)
at
storage
Apr.
—
$2,674,700
915,300
T_
February—
establishments as of Mar.
consuming
10.500c
5
—
Aa
,
—
(net
month
5
at_
corporate
$544,400
998,700
AND
5
Government Bonds
S.
Average
$1,098,900
1,076,200
.
MINES)—Month
(net
coke
Apr.
AVERAGES:
DAILY
$96,170
(000's omitted):.
—
tons)
coke stocks
Apr.
PRICES
♦$98,800
83,400
(BUREAU
Oven
$66.44
$27.83
$28.17
26,860
PLANNING,
municipal
UCTS—DEPT.
BOND
February
construction
Apr.
-
13,580
; *27,430.
$520,100
__
ADVANCE
construction
Apr.
at)
(primary pig, 99.5%)
(New York) at
tin
MOODY'S
*13,970
27,460
OF
construction
—Apr.
—
at
DEPT.
LINTERS—DEPARTMENT
COMMERCE—RUNNING BALES:
-—Apr.
.
Louis)
St.
Aluminum
S.
356
'
Zinc
•
$2,074,900
U.
—
omitted)
COTTON
at
$55,730
January
v'y.
SERIES—ENGINEERING NEWS REC¬
Public
15,569,000
QUOTATIONS):
at
Louis)
1
Apr.
Electrolytic copper—
Domestic
refinery at
Export refinery at
'
*$57,400
91,542
$98,860
Production
-Apr.
J.
138.686
-:V
COM¬
Federal
360
4
Apr.
M.
&
OF
of
85,509
74.634
154,691
14.0C0
ORD—Month
106
PRICES:
steel
(per lb.)
Pig iron (per gross ton)
Scrap steel (per gross ton)
METAL
DEPT.
72.232
80,613
154,158
„
$57,400
ENGINEERING
&
•.Finished
.-
pounds)
(tons)—
—
CORPORATIONS
NEW
Mar. 30
INC.
COMPOSITE
2,000
period
COMMERCE—Month of February
COKE
IJRON
of
:
Private
AND
80,080
-
of
INVENTORIES
State
FAILURES
9,698,316
6,626,181
of
326,800
RESERVE
kwh.)—
000
8,390,914
5,730,873
DIVIDENDS—PUBLICLY REPORTED BY
U.
INSTITUTE:
(in
190,751
299,000
Apr.
AVERAGE—100
157,701
of
(tons
Retail
8,392,000
Apr.
INDEX—FEDERAL
SALES
INC.—Month
Total
—
"
8,222,000
Manufacturing
CASH
Municipal—
SYSTEM—1957-59
154,399
.
;
DEPARTMENT
EDISON
7,970,000
—Apr.
Federal
184.154
139,020
5,604,298
all grades
NEW SERIES—Month
(Millions of dollars):
522.588
Apr.
i:
Ago
162,977
Feb.
,_i
MERCE
•565,098
498,921
(000's omitted):
planning by ownership—
——
State
532.817
510,195
8,700,000
Apr.
Public
534,999
518,654
Mar. 30
Private
•
'
Mar. 30
SERIES
of
80,249,000
558,611
:
output
'7.
MINES):
OF
end
Wholesale
(tons)—
PLANNING
ADVANCE
advance
(no. of
Year
Month
March:
Mar. 30
cars)—Mar. 30
cars)
(tons)
NEWS-RECORD—NEW
Total
of
;
AMERICAN ZINC INSTITUTE,
RAILROADS:
Revenue
Previous
INSTITUTE—
for castings produced
of
February
products (net tons)—
February
7,060,000
Revenue
of that date:
steel
steel
209,395,000
23,112,000
at_.
STEEL
Month
of
5,988,000
AMERICAN
OF
either for the
are
are as
MINES)—
(short tons)
AND
and
tons)
Shipments
BUSINESS
ASSOCIATION
IRON
ingots
(net
OF
primary aluminum in the U. S.
tons)—Month of February
-
213,936,000
at
of quotations,
cases
of
short
5,794,000
(bbls.)
oils
(in
211,164,000
(bbls.)
in
(BUREAU
Mar. 29
Mar. 29
at--
oil
ALUMINUM
at
(bbls.)
oil
fuel
fuel
7,477,660
29
production and other figures for the
cover
or,
at
.
Finished
date,
Production
MarMar.
Mar.
Mar.
Mar.
Thursday, April 11, 1963
Month
126.7
of
(bbls.
.
Latest
2,413,000
production
average
.
Year
6
gallons each)
42
Month
Week
that
on
.
Dates shown in first column
Stocks of aluminum
output—daily
condensate
and
month ended
INSTITUTE:
PETROLEUM
AMERICAN
month available.
Apr.
tons)
1957-1959
for
or
,-Apr.
IRON
ingots
Steel
4
or
Previous
Latest
AMERICAN
following statistical tabulations
latest week
Business Activity
and Financial Chronicle
"h:
)v'!
•
•
.
I
y.
••':•;.y.'.i"'.' 'V;-,'
v
I
Volume
197
Number
6254
The Commercial and Financial Chronicle
(1515)
Securities
Now
* INDICATES
in
SINCE
•
ment, inventories, equipment and working capital.
fice—217
NOTE
—
Registration statements filed with
are
carried
now
of this section
in
•
Registra¬
Registrations"
are
the
caption "Effective
hoods,
kitchen
fans,
Proceeds—For
•
Brewmaster California Corp.
Feb.
11,
1963
("Reg.
A")
30,000
Business—Wholesaling of draft
Allied
dispenser called
—
•
deben¬
tures due 1977.
Price—At par.
Business—Company and
subsidiaries conduct a general real estate
business with
emphasis on land development and home construction
in Fla., Md., N. Y., and
Ky. Proceeds—For repayment
of debt.
Office—230 Park Ave., N. Y.
Underwriters—
To be named.
,
and
general
corporate
Office—80 Richmond St.,
W., Toronto.
writer—E. A. Manning, Ltd., Toronto.
penses.
American Bank
Underwriter—First
of
125
Detroit.
&
Trust
American Mortgage Insurance Co.
10, 1963 filed 31,070 common to be offered for
subscription by stockholders on the basis of one share
for each five shares held.
Price—$18. Business—A mort¬
insurance company.
Proceeds—For
Office—300 St. Salisbury St.,
Raleigh, N. C.
gage
—None.
"*
investments.
Underwriter
*:
American Pacific
Fund, Inc.
July 9, 1962 filed 94,500 common. Price—Net asset value.
Business—An open-end management
company special¬
izing in life, health, casualty and accident insurance.
Proceeds—For investment. Office—1523 Kalakaua
Ave.,
Honolulu. Underwriter—American Pacific
Management
Corp. (same address). /
Ampeg Co., Inc.
Oct. 29, 1962 ("Reg.
A") $294,000 7%
:
conv.
subord.
de¬
bentures due 1972 and 29,400 common to be
offered in
units of one $1,000 debenture and 100 shares.
Price—
$1,020 per unit. Business—Manufacture of amplifiers and
accessory equipment for musical instruments.
Proceeds
—For inventory,
equipment, debt repayment and new
products. Office—1570 W. Blancke,
Linden, N. J. Un¬
derwriter—John R. Boland & Co.,
Inc., New York. Of¬
fering—Indefinite.
Arkansas Louisiana Gas Co.
(4/17)
March 25, 1963 filed $45,000,000 of first
aries.
Price—By
loan
amendment.
repayment
Office—Slattery
and
Bldg.,
writer—Eastman Dillon, Union
•
Proceeds—For
investment
in
con¬
subsidi¬
Shreveport,
La. Under¬
Securities & Co., N. Y.
Associated Mortgage Co., Inc.
(5/6-10)
1962 filed 135,205 common, of which 100,000
by company and 35,205 by stockholders.
Price—By amendment (max. $10). Business—Originat¬
ing, marketing and servicing of first
mortgages and
Dec., 21,
are
to be offered
loans
on
real
estate. Proceeds—For loan
repayment, and
working capital. Office—1120 Connecticut Ave., N. W„
Washington, D. C. Underwriter—Shields & Co., Inc.,
New York.
Atlas
formed to
was
Management Co.
holding
company for two
loan
repayment,
insurance
subsidiaries.
investment,
and
Proceeds—For
advances
to
sub¬
sidiaries. Office—112 California
Ave., Reno, Nev. Underwriter—None.
Feb.
100
common-
shares
Merchandising, Inc.
common, of which 125.000 are
by company and 100,000 by stockholders
Price—By amendment (max. $8). Business—Company
operates, owns, services and leases coin-operated auto¬
offered
vending
and
10
stock
purchase warrants.
per unit.
Business—Merchandising of cou¬
by vending machines in supermarkets. Proceeds—
Price—$250
pons
For
equipment, debt repayment and other corporate pur¬
poses. Office—682 Main St., Stamford, Conn. Underwriter
—Reese, Scheftel & Co., Inc., New York.
Castle
Hospitality Services, Inc.
14, 1962 filed $500,000 of 8% debentures due 1969
Price—At par ($1,000).
Business—Company plans tc
Dec.
offer management and consultant services to
motels and
furnish them with equipment.
Proceeds—For
general
corporate purposes. Office—1068 S. Ocean
Blvd., Pompano Beach, Fla.
Underwriter-—None.
Cedar Lake Public Service Corp.
March 20,1962 filed 9,964 common.
Price—$100. Business
—Company plans to qualify as a public utility and
furnish
water
and
-
sewage
disposal
services
in
and
around Cedar
Lake, Inc. Proceeds—To construct a sew¬
disposal system. Address—R.R. N. 3, Box
28, Cedar
Lake, Ind. Underwriter—None. •
•
age
Centennial
March
6,
Life
1963
Insurance
Common Market Fund,
W.
of
growth
machines.
Proceeds—For
fund
Office—9465 Wilshire
Blvd.,
Hills, Calif. Underwriter—Kennedy, Cabot &
(same address). Offering—Expected in May.
Co.
Consolidated Leasing Corp.. of America
1962 filed $1,000,000 of 6%% subord.
April 27,
tures
due
deben¬
1977
(with warrants), and 99,000 common.
Price—For debentures, at par; for
stock, by amendment
(max. $9). Business—Renting of cars, trucks and equip¬
ment.
Proceeds—For
debt repayment, and acquisition
corporate purposes.
Office—1012 Baltimore
Ave., Kansas City, Mo. Underwriter—Blair & Co., N. Y.
and
other
Offering—Indefinite.
Consolidated
Natural
Gas Co.
(4/23)
$35,000,000 of debentures due April
1, 1988. Business—A holding company for six subsidi¬
aries engaged in all phases of the natural
gas business.
March 26,
1963 filed
Proceeds—For
.
loan
repayment, and construction. Of¬
Plaza, New York. Underwriters—
(Competitive.) Probable bidders: White, Weld & Co.+
Paine, Webber, Jackson & Curtis
(jointly); Morgan
Stanley & Co.; Halsey, Stuart & Co. Inc.; First Boston
Corp. Bids—April 23 (11:30 a.m. EST) at above address.
fice—30
Rockefeller
Information Meeting—April
Bankers Club, 120
18
(10:30
a.m.
EST)
at
^Consolidated Oil
&
Gas, Inc.
Feb.
28, 1963, filed $2,482,500 of 6% sinking fund deben¬
tures due 1975 (with warrants) to be offered for sub¬
scription by common stockholders on the basis of S500
of debentures for each
31. Price—At par.
500 shares
held of record
March
Business—Company is engaged in the
acquisition of oil and
gas leaseholds. Proceeds—For note
repayment and working capital. Address — 4150 East
Mexico Ave., Denver. Underwriter—None.
Consolidated Vending Corp.
April 2,1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment, working capital and other corporate purposes.
Office—129 S. State S't., Dover, Del. Underwriter—Dana
Securities Co., Inc., N. Y. Note—This registration willbe
•
withdrawn.
Consultant's
Mutual
Investments,
Inc.
(4/22-26)
Dec. 21, 1962 filed 500,000 common. Price—$10. (For an
initial period the fund will also offer its shares in ex-
Continued
>
on
page
^\\XDIKG
insurance
Sixth, Portland, Oregon.
Underwriter—June
i»
and
sale
air
pollutants;
of
7-v
over-the-counter securities
....
Price—$12
per unit. Business—Production and
designed to control odors, bacterial
:
specializing in
aii
NEW
an
ISSUES
repayment,
equipment, sales promotion and working capital. Office
N. La Salle St.,
Chicago. Underwriter—Price In¬
vesting Co., New York.
BOUGHT
SOLD
.
QUOTED
for Banks, Brokers, Institutions
-
-
Chesapeake Fund, Inc.
March 5, 1963 filed 100,000 common. Price
value. Business
A closed-end investment
—
IEGEL
Net asset
—
Proceeds—For investment. Office
—
napolis, Md. Underwriter—None.
156
<7
company
South St., An¬
ESTABLISHED
na
1942
Members of New York Security Dealers
debt
repay¬
39
Industries, Inc.
Association
Broadway, New York 6, N. Y.
Nov.
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and
75,000 by
stockholders.
Price—$5.
Business—Design and manu¬
facture of
women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital.
Office—2025 McKinley
the
Broadway, New York.
(max.
chemicals
and
Price—Net
mutual
Co.
and development, produc¬
electronic vaporizing unit for dis¬
pensing such chemicals. Proceeds—For debt
tion
new
Beverly
Chemair Electronics
Corp.
Dec. 28, 1962 filed $150,000 of
6% subordinated income
debentures due 1973 and 30,000 common shares
to be
offered in units consisting of one $10
debenture and two
common.
shares.
Proceeds—For investment.
S. Jones CoM Portland.
sale
Inc.
specializing in securities of foreign and American com¬
panies operating in the European Common Market.
260,000 capital shares.
Price—By
$3). Business—Company is engaged
in Oregon and
Washington.
Proceeds—For additional capital and
surplus. / Office—
S.
D. Jones
Co., St. Louis. Offering—Indefinite.
filed
writing life
811
Office—3570
V
May 24, 1962 filed 225,000
matic
a
Cash-O-Matic Coupon Corp.
15, 1963 ("Reg. A") 800 units, each consisting of
?
,
Automatic
be
operate
For debt repayment and
expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York.
Chestnut Hill
to
and
own
capital.
March 7, 1963 filed 2,000,000 capital
asset value plus 8.5%. Business—A
—
,
working
Blvd., St. Louis. Underwriter—Edward
—221
March 28, 1963 filed $1,500,000 of 6% conv.
subord. de¬
bentures due 1978uPrice—At
par. Business—A
.
Lindell
selling
country
club and golf course,
swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real
estate,
erect homes, apartment
houses, motels, etc. Proceeds—
in
mortgage bonds
1983.
struction,
High
Proceeds—For
surance.
•&
stockholders.
Office—
Underwriters
Carl M. Loeb,
amendment
•
due
Proceeds—For
—Company
Bldg.,
Corp.,
Jan.
common shares held.
Price—At-the-market.
Business—Sale of health,
accident, life and hospital in¬
Hog, Inc. (4/29-5/3)
St., Boston.
Rhoades & Co., and
White, Weld & Co., Inc., New York.
• Canaveral Hills
Enterprises, Inc. (5/6-10)
May 10, 1962 filed 100,000 common. Price—$5. Business
ex¬
Under¬
Michigan
Bush
dustries.
by certain
stockholders. Price—By amendment
(max. $7). Business
—Writing of ordinary life insurance. Proceeds—For in¬
Address—807
for each 3.36
a
gas, condensate, crude oil and oil field pumpequipment. Company also operates a natural gas utility
in West Virginia, and manufactures
various materials
for use in the
rubber, paint, ceramic, and plastic in¬
American Annuity Life Insurance Co.
(4/22-26)
March 29, 1963 filed
154,000 common, of which 125,000
are
to be offered
by company and 29,000
Lansing, Mich.
in
debt
natural
.
•
vestment.
use
Proceeds—For
Cabot: Corp (4/22)
March 11, 1963 filed 295,140 common.
Price—By amend¬
ment (max. $42). Business—Production
of carbon black,
drilling,
exploration
'/Commercial Life Insurance Co. of Missouri
26, 1962 ("Reg. A") 46,000 common to be offered
for subscription
by stockholders on the basis of one share
•
Amerel Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares.
Price—50£.
Business—The company is
engaged in exploration, de¬
velopment and mining. Proceeds—For diamond
construction,
"Portatainer".
filed
Nov.
by the com¬
pany; and 200,000 common to be sold by stockholders.
The offering will be made in units of one
$10 debenture
and two common shares.
Price—$28 per unit. Business
—Manufacture of farm machinery. Proceeds—For debt
repayment, inventory, and working capital. Address—
P. O. Box-1039
Selma, Ala. Underwriter—Courts & Co.,
Atlanta, Ga.
All-State Properties, Inc.
subord.
the
Baltimore.
200,000 common/. Price—$1. Busi¬
mining.
Proceeds—For exploration and
operating expenses. Office—Creede, Colo. Underwriter
■—None.
March 19, 1963 filed $1,000,000 of 6V2% convertible sub¬
ordinated debentures due 1973, to be sold
—
conv.
Sept. 20, 1962
ness—General
gold
Price—$10.
common.
Price—By amendment
life, accident, health
of
Colorado Imperial
Mining Co.
(4/22-26)
beer for home
Business—Writing
disability insurance, and
annuities. Proceeds—For
expansion. Office—444 Madison
Ave., N. Y. Underwriter
equipment, expansion and working capital.
Industrial Way, Costa Mesa, Calif. Under¬
writer—Miller, Fox & Co., Anaheim, Calif.
For debt
1962 filed $5,000,000 of
of
$26).
—Alex. Brown & Sons,
Office—134
repayment, land development, and
working capital. Office
3756 Lamar Ave.,
Memphis,
Tenn. Underwriter—To be named.
April 24,
(max.
and
repayment,
sink¬
ing fund debentures due 1973 (with
warrants) and 100,000 common, to be offered in units of
one $20 debenture
(with a warrant to purchase two shares) and one com¬
mon share.
Price—By amendment. Business—Mortgage
banking, real estate development, and sale of insurance.
Proceeds
and
Price—20
common.
Securities
;
Citadel Life Insurance Co. of New
York
1963 filed 40,000 capital shares to be offered
for subscription
by stockholders on the basis of two
new shares for each three
held.
placer claims in Alaska. Proceeds—For general corporate
purposes. Office—E. 15 Walton Ave., Spokane. Under¬
writer-—Duval Securities, Spokane.
licly.
Mortgage & Development Co., Inc.
Jan. 28/1963, filed
$2,000,000 of 6% subordinated
dehumidifiers,
Underwriter—Clayton
Offering—Indefinite.
March 26,
debt
development
offered pub¬
were
range
products.
ISSUE
REVISED
St., Hollywood, Fla.
Corp., Boston, Mass.
C
(5/6-10)
Bonanza Gold, Inc.
March 4, 1963 ("Reg. A")
750,000
cents. Business—Exploration and
those issues which became
effective this week arid
Of¬
rmlcrwriter—A.
repayment, and
working capital. Office—3050 North Rockwell St., Chi¬
cago. Underwriters—McCormick &
Co., and H. M. Byllesby & Co., Chicago.
•
not, in general, firm offering dates.
shown under
Tamna
Offering—Indefinite.
King Corp.
tilating
the company's name, and in the
index, re¬
flect the expectations of the underwriter but
Also
Bern? Air
related
tion." Dates shown in parenthesis
alongside
are
Ave.
March 29, 1963 filed 100,000 class A
common. Price—By
amendment (max. $7.50). Business—Manufacture of ven¬
separately at the end
"Securities Now
Willow
Allyn & Co., Chicago.
the SEC since the last issue of the "Chron¬
icle"
N.
ADDITIONS
PREVIOUS
ITEMS
47
Dlgby 4-2370
TWX: 212-571-0320
Direct Wires
to
■
R. J. HENDERSON & CO., INC., Los Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia
,
48
48
The Commercial
(1516)
Continued from
Contacf: Lens Guild, Inc.
advertising
inventory,
letter
was
poned.
•
(5/6-10)
Cosmodync Corp.
•
1, 1963 filed 150,000 common. Price—By amend¬
ment
(max. $18). Business—Design, development and
manufacture of equipment used for pumping, storing
April
Sept.
Feb.
1963
11
Economou
Office—901-22
Ave.,
Ala.
Tuscaloosa,
Under¬
March
Ala.
18,
marine
and
purposes.
re¬
General Automotive Parts Corp.
March 28, 1963 filed 200,000 common.
ment
11, 1963 filed $5,500,000 convertible subordinated
due 1983, to be offered for subscription" by
stockholders on the basis of $100 of debentures
each 60 shares held of record April 15, with rights
expire April 30. Price — At par. Business — Publi¬
cation of various types of educational texts and related
materials, and the operation of a home study school and
radio broadcasting facilities. Proceeds — For working
capital and loan repayment. Office—640 Fifth Ave.,
N. Y. Underwriter—Carl M. Loeb, Rhoades & Co., N. Y.
for
to
York.
Dispenser Corp.
General
common.
120,000 common. Price—$2. Business
market a new drug known as
—Company plans
"Clinizyne" to be
•
Feb.
—Real
writer—Bristol
1, 1963 filed 300,000 common. Price—$10. Business
estate
development and ownership. Company
plans to deal primarily in commercial, light industrial
and apartment properties. Proceeds—For debt repay¬
ment, and other corporate purposes. Office—1710 Chap¬
Ave., Rockville, Md. Underwriter
Washington, D. C.
man
Defenders
—
Indefinite.
Ferris & Co.,
general
corporate
common
with attached
units
for
each
preferred A stock held and 40
units for each $1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
company will offer the securities to the public. Price—
To
subscribers, $20; to public,
plans to erect
pany
mental
and
a
$22.25.
Business—Com¬
small size production and experi¬
plant for the limited manufacture of deuterium
deuterium
oxide, and to establish and equip
eral research laboratory. Proceeds—For working
a
gen¬
capital,
construction, equipment and other corporate purposes.
Office—260 Lexington Ave., N. Y. Underwriter—None.
Diamond Mills
Corp.
ers.
and
Price—By
amendment.
working capital.
derwriter—Drexel
&
Business—Manufacture
of
Proceeds—For debt repayment
Office—417 Fifth Ave., N. Y. Un¬
Co.,
Philadelphia.
of
.
one
new
share
for
posited securities, less
to 1% %. Business—A
term
each
a
$27.50 market value
of
de¬
sales charge of frorp 4%
mutual
new
down
seeking long-
fund
growth of capital and income. Proceeds—For in¬
Office—111 Devonshire St., Boston. Under¬
vestment.
.
writer—Vance, Sanders & Co., Inc., Boston.
Fedco
Corp.
Oct. 29, 1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price
■—By
amendment
(max. $15).
Business—Design and
manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass
products for
home
Proceeds—For
use.
and
ers
reduction
recession offer to stockhold¬
a
of accounts payable.
Office—3600 W.
Underwriter—None.
Pratt Ave., Chicago.
1961 filed 800,000 common. Price—By amend¬
Business—Exploration and testing of mining prop¬
Proceeds—For general corporate purposes. Office
—62 Richmond St., Toronto.
Underwriter—G. V. Kirby
& Associates, Ltd., Toronto.
ment.
erties.
First American
15,
terest.
.
June
13, 1962 filed 77,050 common. Price—By amend¬
ment (max. $11.75), Business—A real estate investment
company. Proceeds—For investment.
Office—8397 N. E.
Second
Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
&
June
Diversified
1962
2,750,000
shares
of
beneficial
Price—By
type securities, of Israeli companies.
vestment.
Office—141
Proceeds—For in¬
Milk
St., Boston. Underwriter—
Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬
pected in May.
Flori
Investment Co.
16, 1963 ("Reg. A") 67,000 common.
Price—$3.
Business—Manufacture of a lightweight structural board
and
sheet
—For
For
equipment, leasing of working
space,
Proceeds—
advertising,
and
working capital. Office—42 Broadway, N. Y.
derwriter—A. J. Gabriel Co., Inc., New York.
Dixie
Un¬
company. Proceeds
debt repayment, construction, purchase of
prop¬
erty, and other corporate purposes. Office — 700 West
Campbell Ave., Phoenix. Underwriter—None.
Florida Jai
June
Lime & Stone Co.
Sept. 27, 1962 filed 100,000 common. Price—By amend¬
(max. $6.75).
Business—Mining and processing
granite, lime rock, and agricultural limestone.
Proceeds—For loan repayment, and working capital.
Office—11 N. Main St., Ocala, Fla. Underwriter—Courts
& Co.,
Atlanta, Ga. Note — This registration will be
ness
28,
—
ment
1962
Alai, Inc.
filed 300,000
Operation
of
Jai
Alai
games
Price—$5. Busi¬
and pari-mutue)
building
Doman
Helicopters, Inc.
April
19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
Proceeds—For rent, purchase of leased quarters
improvements, working capital. Office—Fprr
Fla. Underwriter—Consolidated Securities Corp.,
Park,
Pompano Beach, Fla. Offering—Imminent.
•
Floseal
Underwriter—None; Note—The
order
SEC
has
issued
suspending this registration statement.--
,
a
stop
common.
•
Globe
in construction.
Price—$10.
Proceeds—For
Busi¬
debt repay¬
Industries, Inc. (4/23)
20,
1963 filed
127,500 common, of which 50,000
company, and
77,500 for stock¬
(max. $11). Business—
Manufacture of miniature electric motors, and related
items. Proceeds—For a new plant,
equipment, and in¬
ventories. Office—1784 Stanley Ave., Dayton.
Under¬
writer—McDonald & Co., Cleveland.
will
be
sold
holders.
the
amendment
Leaf Pharmacal
Gold
March
for
Price—By
Co., Inc.
13, 1962
filed'80,01)01'^Cojhmoh;cPrf(iiC^$4.' Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and
veterinarian products. Proceeds—For advertis¬
ing,
research, debt repayment and working capital.
Office—36 Lawton St., New Rochelle, N. Y. Underwriter
—Droulia & Co.. N. Y.
Educational Equipment Co. Inc.
1962 filed 75,000 common. Price—By amendment
(max. $6). Business—Design, manufacture, and market¬
ing of items used in educational institutions such as
chalk
boards, exhibit cases, etc. Proceeds—For general
purposes.
Office — 91 Weyman Ave., New
Rochelle, New York. Underwriter—To be named. Offer¬
corporate
Great
Continental
Real
Estate
Investment Trust
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul PL, Baltimore. Underwriter
—To be named. Note—This firm formerly was known
as
Continental Real Estate Investment Trust.
Great Eastern Insurance Co.
(4/15-19)
April 13, 1962 filed 381,600 common. Price—$5. Business
—Company plans to write certain types of fire and
casualty insurance. Proceeds — For general corporate
purposes. Office—116 John St., New York. Underwriters
—Emanuel, Deetjen & Co., and Zuckerman, Smith &
Co., New York.
Industrial Park, Inc.
1963, filed 136,094 common to be offered for
subscription by stockholders on the basis of one share
Feb.
25,
for each
sition
4V2 shares held. Price—$5.50. Business—Acqui¬
development of real estate. Proceeds — For
corporate purposes. Office—811
duPontx Plaza
and
general
Center, Miami, Fla. Underwriter—None.
Corp.
Greater Nebraska Corp.
May 10, 1962 filed 169,420 common to be offered for
subscription by
stockholders,
Price—By amendmenl
(max. $2). Business—Company owns and licenses carton
Feb.
pouring
eral corporate purposes. Office—1107
shares for each three held.
Price—By amendment (max.
$1.25). Business—Research, development and construc¬
tion of experimental helicopters.
Proceeds — To obtain
certification of models, train service
personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
Devices, Inc.
100,000
Greater Miami
common.
betting.
of crushed
withdrawn.
1962 filed
used
March
in¬
March 27, 1963 filed 400,000 capital shares.
Price—$1.50.
Business—A. real estate development
(wallboard).
Minneapolis.
Construction
ing—Indefinite.
Israel Mutual Fund
filed
amendment (max. $10).
Business—
•A mutual fund which plans to invest
primarily in equity
Resources, Inc.
insulating material
29,
oeams
•
Jan.
Hopwood,
Global
Gotham
Aug.
Corp.
for
each
four
held
of
record
April 10, 1963.
Rights will expire May 6. Price—By amendment. Busi¬
ness—Writing of life and endowment policies. Proceeds
For general corporate purposes. Address —8500 W.
Capital Dr., Milwaukee. Underwriter — Piper, Jaffray
Dec. 4,
Nov. 30,
Offering—In¬
definitely postponed.
Diversified Collateral
,
Fidelity Mining Investments Ltd.
women's nylon hosiery.
1963 filed 311,625 common to be offered for
subscription by stockholders on the basis of one new
ment, expansion, research, and inventory. Office—545
Cedar Lane, Teaneck, N. J.
Underwriters—Winslow,
Cohu & Stetson and Laird, Bissell & Meeds, N. Y.
•
Jan. 23, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
Wisconsin
ness—Manufacture, sale and lease of steel supports and
Exchange Fund of Boston, Inc. (5/1)
March 27, 1963 filed 1,100,000 common to be offered in
exchange for certain acceptable securities on the basis
war¬
5%
of
waukee.
rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben¬
tures in units (of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
2
Corp^
\yI,/';V'
share
■
.
Insurance
March 6,
Offering—
purposes.
Corp.
Sept. 28, 1962 filed 120,000
York.
Life
(4/22)
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
Office—146
Old Country Rd., Mineola, N. Y. Underwriter—None.
Deuterium
.
New
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
100,000 common. Price—$12.50. Busi¬
Company plans to write automobile insurance.
—
Inc.,
Corp.
—
Insurance Co.
Proceeds—For
Securities
Equity Funding Corp. of America
March 29, 1962 filed 240,000 common.
Price—By amend¬
ment
(max. $6.50). Business—A holding company foi
Jan. 30, .1963 filed
ness
.
General
to
used for treatment of a variety of
tumor related diseases. Proceeds—For
equipment, sales
promotion, research and development, and working cap¬
ital. Office—727 Land Title Bldg., Philadelphia. Under¬
Danac Real Estate Investment Corp.
Design
April 25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
various
industries.
Proceeds—For
debt
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.
Enzyme Corp. of America
Feb. 21, 1963, filed
(4/29-5/3)
Price—By amend¬
(max.
$15). Business—Distribution of automotive
replacement parts. Proceeds—For debt repayment, and
other corporate purposes. Office — 2011 Cedar Springs
Rd., Dallas. Underwriter—Hornblower & Weeks, New
Price—$2. Business
—Manufacture of- the. SAFER Butter Chipping machine,
and prOcessihg of tray-forming arid chip-cQvering mater
rials. Proceeds—For" operating expenses, equipment, inventory and advertising. Office—118 E. 28th St., New
York. Underwriter—L. D. Brown Co., New York.
debentures
Co., N. Y.
Co., Inc.; Kansas City, Moi Offering—Indefinite.
•
(Arthur N.)
Jan; 29, 1963, filea 50,000
common
»
curities
,
1963
Electronic
(4/15)
Crowell-Collier Publishing Co.
medical
& Co., Inc.
("Reg. A") 60,000 common. Price—$5.
Business—Commodity price analysis, commodity trad¬
ing /account
management,
and
commodity
futures
brokerage. Proceeds-—For expansion. Office—902 Wells
Bldg., Milwaukee. Underwriter—None.
$9.70. Business—Writing of life, health and accident in¬
surance in Alabama and Georgia. Proceeds—For working
capital.
750,000 common. Price—$1 Busi¬
electro-mechanical vehicles and
working capital, equipment and debt
&
Geigher Pipe Supply Inc.
Sept. 28, 1962 filed 60,000 class A common, of which 50,000 are to be offered by company and 10,000
by stock¬
holders,
Price—$9.50.
Business—Sale of steel pipes,
valves and fittings. Proceeds—For inventory.. Office—
4124 N. Broadway, St. Louis. Underwriter—Midland Se¬
Office—2222 S. Centinela Ave., Los Angeles.
payment.
March
writer—First Aalbama Securities, Inc., Montgomery,
of
for
Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor
Offering—Temporarily postponed.
.
Underwriter—None.
30,000 capital shares. Price—
("Reg. A")
filed
devices
Proceeds—For
(4/15)
Cotton States Life Insurance Co.
•
1962
28,
ness—Manufacture
super
investment.
Dynapower Systems Corp.
electronic
cold liquids. Proceeds—For loan
repayment, and working capital. Office—3232 W. El
Segundo Blvd., Hawthorne, Calif. Underwriter—Merrill
Lynch, Pierce, Fenner & Smith Inc., New York.
and transporting
j
(4/29)
Garden State Small Business Investment Co.
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment
company.
Proceeds—For
lights for industrial and commercial use. Proceeds—For
the selling stockholder. Office — 2321 Hudson Blvd.,
North Bergen, N. J. Underwriter—Auchincloss.
Parker
& Redpath, New York. Offering — Temporarily post¬
withdrawn.
Freoplex, Inc.
Business—Operation of retail meat supermarkets. Pro¬
ceeds—For debt repayment and working capital. Address
—Route 18, Tices Lane, East
Brunswick, N. J. Under¬
writer—Alessandrini & Co., Inc., New York.
6, 1962 filed 150,000 common. Price—By amendment
(max. $9). Business — Manufacture of various types of
N. Y. UnderwriterDeGolger Co., Inc., Rochester, N. Y. Note—This
J.
•
Duro-Test Corp.
Office—360 Main St. E., Rochester,
John
Ave., Bronx, N. Y. Underwriter—Mc¬
Co., New York. Offering—Indefinite.
Jan. 2, 1963 ("Reg. A") $200,000 of 7% convertible sub¬
ordinated debentures due March 1, 1975. Price—At par.
Price—By
Dec
capital.
working
and
Thursday, April 11, 1963
Donnell &
amendment (max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas.
Proceeds—For working capital. Office—
1115 Broadway, N. Y.
Underwriter—Goodbody, & Co.,
New York.
Offering—Indefinitely postponed.
Sept. 19, 1962 ("Reg. A") 75,000 class
A
common.
Price—$4. Business—Manufacture and sale of a patented
contact
lens.
Proceeds—For
moving
expenses,
re¬
search,
.
holders.
securities on the basis of one
value of securities). Business
—A new mutual fund. Proceeds—For investment. Office
—211
S. Broad St., Philadelphia. Underwriter—Gerstley, Sunstein & Co., Philadelphia.
share for each $10 market
•
.
Feb. 26, 1962 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stock¬
acceptable
for
change
.
fice—2885 Jerome
Donmoor-lsaacson, Inc.
47
page
and Financial Chronicle
spout patents
rppavment
100
and
and
other
die
patents.
Proceeds—For
corporate purposes.
OffW—
W.
10th; St., Wilmington, Del. Underwriter—None.
Note—This registration was withdrawn.
Forst (Alex) & Sons, Inc..
March 23, 1962 filed 125,000 common. Price—By amend¬
ment
(max. $15)Businessr*—Wholesale:distribution
o*
toys and games/- Proceeds—For selling stockholders.^ Of¬
20, 1963, filed 3,000,000 common. Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
of banking, insurance, finance, etc. Proceeds—For
gen¬
Federal
Securities
Building, Lincoln, Neb. Underwriter—None.
Greenman Bros., Inc.
April 25, 1962 filed 150,000 common, of which 50,000 are
to be offered by company and
100,000 by stockholders.
Price—By amendment (max. $7). Business—Wholesale
;and retail distribution of toys,
hobby lines and sporting
equipment —Proceeds—For- debt repayment;/ inventory
Volume
and
Number 6254
197
Engel St., Hicksville,
Office—35
capital.
working
The Commercial and Financial Chronicle
...
N. Y. Underwriter—J. R. Williston
& Beane, New York.
Offering—Indefinite.
Greenwich
29, 1963 filed 37,735 common, to be offered for
subscription by stockholders on the basis of one new
for each 5.6 shares held. Price—$13.25. Business
share
—Distribution of gas, and
gas appliances in Greenwich.
repayment. Office—33 Greenwich
loan
Sand
Rock &
Hill
Co.
Street
Oct.
Co.
March 30, 1962
filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit.
Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
plant and other corporate purposes. Address—Hai¬
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia
on
share-for-share basis.
a
investment
management
Office—760
vestment.
wrter—None.
Price—$3. Business—A
Proceeds—For in¬
company.
Hill
S.
St., Los Angeles.
Under-
Underwriter—Harrison
Pa.
Holiday Mobile Home Resorts,
Co., Philadelphia. Offer¬
Holly Sugar Sorp.
(4/30)
March 7, 1963 filed $10,000,000 convertible subordinated
debentures due 1983. Price—At par. Business—Produc¬
tion
beet
of
and
sugar
related
products,
of
sale
and
livestock, beet seed, and fertilizer. Proceeds—For a new
plant. Address—Holly Sugar Bldg., Colorado Springs,
Colo. Underwriter—Eastman Dillon, Union Securities &
Co., New York.
•
Home
Entertainment Co.
of America
(4/22-2S)
Jan.
16, 1963 filed 300,000 common. Price—$10. Business
—Company is engaged in the development and promo¬
tion of a pay television system in Santa Monica, Calif.
installation
Proceeds—For
Address
/
&
49
ing—Temporarily postponed.
•
Highland Development Corp.
Feb. 23, 1963 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Real estate investment in Albuquerque area. Pro¬
ceeds—For general corporate purposes. Office—607 San
Mateo Blvd., N. E., Albuquerque. Underwriter—Hyder &
Co., Albuquerque. Offering;—Imminent.
&
Ave., Greenwich, Conn. Underwriter—F. L. Putnam
Co., Inc., Boston.
Haiiandaie
Albans, W. Va.
Underwriter—Willard Securities,
Inc., New York. Note — This registration will be with¬
•
March
Proceeds—For
St.
drawn.
Co.
Gas
(1517)
19th
■—
and
of
a
television system.
Santa Monica, Calif.
pay
Broadway,
Underwriter—Bernard M. Kahn & Co., Inc., New York.
Inc.
Homestead
Packers, Inc.
iandaie, Fla. Underwriter—To be named.
March 27, 1963 filed $1,250,000 of 61/2% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in
March 13, 1963 filed 5,000 shares of 6%
•
units consisting of
preferred stock, and 5,000 common, to be offered for sale
new
Heartland
Development Corp.
March 28, 1962 filed 23,300 shares of 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceed*
—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
Note—This registration was withdrawn.
Heck's Discount Centers,
debt repayment,
poses.
Office
construction, and other corporate pur¬
4344 East Indian School Rd., Phoenix.
-7-
Underwriters—Boettcher & Co., Denver,
liston & Beane, New York.
1962 filed 125,000 common. Price—By amend¬
Business—Operation of discount stores.
Proceeds—For inventory, expansion, debt repayment and
working capital. Office—6400 MacCorkle Ave., S. W.,
(max. $5).
(Tuesday)
Globe
Inter-Mountain Telephone
(Offering
146,228
Industries,
Courts
by
shares
Securities,
Capital Stock
Max;
$291,000
Inc.)
Loeb, Rhoades & Co.)
Mx.
■:rc';:
•
Mack
Shirt
••••••'
..
•
■
.
•Recreation
.
/
I
.<
Service
Jim's
Utah
Power
&
April 16
Pacific
11 :?0
(Bids
(Bids
&
Louisiana
Arkansas
•
—(Eastman
Northern
(Bids
11
CST)
a.m.
—Bonds
•.
&
Co.)
Bush
(First
of
Bonds
Co
Corp.)
Freoplex,
&
Fox
(Offering
Co.)
&
,
stockholders—underwritten
Hopwood)
Home
Entertainment
.
.
(Bernard
Investors
M.
311,625
Co.
Kahn
Co.,
Trading Co.
Jaffray
Plohn
Co.
&
and
Lenox, Inc.——
Noyes
Common
Pizzini
W.
Stock
shares
&
Co.)
Co.)
172,500
Common
(Ingram, Lambert & Stephen, Inc.) $718,750
Life
(Kidder,
Mil
National
Insurance
Peabody
Co.,
&
Co.
—_—Gtee.
Inc.)
50.000
(Hornblower
<
v
&
Weeks
:
.
and
Robert
W.
v
Roberts Co.
—Common
Baird
&
Vend-Mart
,
Inc. and Lester, Ryons
Camera
.(Ingram,
.
)
Lambert
Inc
(M.
G.
&
Co.,- Inc.)
&
Co.,
&
Co.)
130,000
shares
Common
Inc.)
$300,000
.Common
Inc.)
(Bids
Co._
11
-Common
—
be
EDST)
a.m.
shares
California Edison
to
Bonds
—
$6,000,000
EDST)
a.m.
Power Co
(Offering to stockholders—bids 11:30
——Bonds
Co
received)
$60,000,000
Inc.)
Co.,
May 27
(Monday)
Life Assurance Co. of
Parker
Orr
Pennsylvania.-Capital Stock
Redpath
Arthurs,
and
Lestrange
100,000 shares
y;
.—Common
(J. Herbert) Enterprises, Inc
(First Alabama Securities, Inc.)
$10,000,000
Co.)
&
Co.)
$1,050,000
June 6
-Common
CO.,
(Bids to be received)
1,100,000 shares '
Inc.)
Co
Inc.)
Co.,
(Thursday)
Common
—
725,302
shares
June
11
-Common
Associated
King
&
Co.
H.
-Common
135,205
shares
Debentures
Co., Inc
EDST)
a.m.
$20,000,000
11
Bonds
Co
Power
a.m.
EDST)
$9,000,000
Byllesby
Enterprises,
Burnside
&
Co.)
&
Inc.)
Common
$500,000
Fenner
&
Smith
Inc.)
150,000
&
W'eeks)
150,000
11
EDST)
a.m.
Bonds
$40,000,000
(Monday)
Equip. Trust Ctfs,
& Western Ry.—
(Bids
12
noon
EDST)
$4,300,000
shares
Common
Products, Inc
(Hornblower
June 24
Norfolk
Common
—
Pierce,
(Bids
shares
100,000
Inc.—
Co.,
(Tuesday)
18
June
Public'Service Electric & Gas Co
Common
M.
Corp
Lynch,
Maradel
E.
Inc.)
Corp
and
Hills
(Willis
(Merrill
11
(Wednesday)
June 12
Pennsylvania
Co., Inc.
Mortgage
(Shields & Co.,
Air
(McCormick
$25,000,000
(Tuesday)
Bell Telephone
(Bids
$900,000
Debentures
Columbia Gas System, Inc
(Monday)
6
May
shares
July 10 (Wednesday)
Northern
National Fidelity Life Insurance Co.—-Common
(E. F. Hutton & Co., Infc.) 72,455 shares
Properties
Ben.
(McDonald, &
Southeastern
.Common
Inc
Stephen,
&
$6,600,000
EDST)
noon
(Wednesday)
Power
Southern
—Bonds
Co.__
$10,000,000
Equip. Trust Ctfs,
12
(Bids
Shaker
$235,750
___
Davis
(Bids
(Bids
Debentures
Securities
received)
Common
...
Electric
&
(Fleetwood
$240,000
Co.)
$3,225,000
'
Securities
>
Corp.
Sternco
Industries,
America)
Industries, Inc
Sternco
of
&
(Oppenheimer
Tourist Industry
-Class A
25,000
shares
Debentures
__
&
Co.)
Int.
Illinois Gas Co
(Bids to be received)
Bonds
—
$20,000,000
Basic
Economy
$400,000
Corp.)
Indiana &
Michigan Electric Co
(Bids
November
7
$5,000,000
.
Bonds
(Thursday)
to
.Bonds
be
received)
$30,000,000
Preferred
Georgia Power Co.—
(Bids
*
to be received) $45,000,000
Georgia Power Co
(Bids
Development Corp., Ltd.—-Debs.
(American-Israel
(Tuesday)
August 6
.
$11,000,000
-
Co.)
Inc
.
Ben. Int.
Mortgage Investors Tr
(Oppenheimer
Exchange,
to be
,
i
(Reynolds & Co.,
United
(Bids
&
(Peter Morgan & Co.)
Canaveral
Equip. Trust Ctfs.
Inc.
Bonds
$49,000,000
Great Northern Ry
shares
200,000
Natural Gas & Oil Producing Co
Cosmodyne
EST), $4,410,000-
Securities,
-Bonds
Service
Public
Illinois
(Thursday)
May 2
Quick-N-Clean Corp. of Minnesota-, Inc.__Common
"(Northwest
*
noon
Weeks)
Sanders &
(Blyth
: 200,000 shares
(Bids 12
shares
EDST) $30,000,000
a.m.
154,914
(Wednesday)
Portland General
Common
Norfolk & Western Ry.__
i
Stock
$376,000
Mortgage Guaranty Insurance Co
i
.Common
33,383
(Tuesday)
May 21
Central
Debentures
—Common
Exchange Fund of Boston, Inc
Berns
shares
Corp
(Herbert Young & Co., Inc.)
11
$200,000
Inc.)
Co.,
Union
Dillon,
Sons)
Interstate
$225,000
shares
Films, Inc.
Manhattan
$2,800,000
Corp.—.A.
Sugar
&
(Wednesday)
15
Debentures
Co.)
—
&
$5,000,000
received)
be
Brown
(Bids
Interstate
&
to
May 14 (Tuesday)
Virginia Electric & Power Co
Indiana
.Common
&
(Alex.
shares
300,000
—___
$3,000,000
..Capital
200,000
B.
&
America.—Common
Inc.)
;
(Hemphill,
Lunar
Co.)
&
Preferred
(Monday)
Peterson, Howell & Heather, Inc
(Tuesday)
(Vance,
Laboratory Procedures Inc...
(Charles
shares
stockholders—underwritten by Blair &
108,700 shares
rr
•
-
May 1
Piper,
by
__
Co.)
(Nemrava &
Holly
shares
of
&
to
(Eastman
$5,000,000
Co.)
$16,000,000
Inc.—Common
Investments,
Sunstein
;
General Life Insurance Corp. of Wisconsin_Common
,
Inc.-
April 30
Common
_
Bonds
Co
May 13
(Auchincloss,
Loeb, Rhoades & Co., and White,
Weld & Co., Inc.) 295,140 shares'
to
500,000
$300,000
(Carl M.
(Offering
Inc.)
Inc
Common
Corp.-
Mutual
Common
Insurance Co:_——Common
&
shares
100,000
Co
$2,625,000
Liberty Fabrics of New York, Inc.-
Common
shares
154,000
Co.)
•
(Monday)
(Hornblower
(Miller,
(Gerstley,
Allyn
C.
(Alessandrini
Corp.
&
Bonds
$25,000,000
America——Common
of
(Bids to be received)
1
General Automotive Parts Corp.-
Michigan
Co.
Chicago Union Station Co.—.
Co.,
&
(Courts
$30,000,000
California
Consultant's
Hog,
$45,000,000
Annuity Life Insurance Co
Brewmaster
Cabot
(A.
(Monday)*
April 22
American
Co
EDST)
a.m.
Allyn
Power
May 22
Securities
11
$48,000,000
CST)
noon
Missouri Fidelity Life
Co.)
April 29
Public Service
Indiana
12
Nicolaus
(Stifel,
Class A Common
Gas
Union
Dillon,
EST)
a.m.
Kentucky Central Life Insurance Co
(Wednesday)
April 17
Ltd.)
Equip. Trust Ctfs.
(Bids
120,000
•!'
$4,500,000
(Thursday)
Bonds
—
11
Railroad
&
C.
(A.
May 9
May
Debens.
and Grant-Brownell
shares
Co.
—Debentures
(Thursday)
April 25
$50,000,000
Reynolds & Reynolds Co
Forgan
Ltd.)
Co.,
Securities Co.
Nomura
Tampa Electric Co
$15,000,000
Telephone Co
EST)
a.m.
and
Inc.
Chicago, Rock Island & Pacific
Bell
11
Securities
Nomura
Bonds
EST)
a.m.
Co.,
Debs.
$250,000,000
CDST)
noon
Insurance
shares
Ltd.—————
&
Barney
and
125,000
.
•
(Tuesday)
Northwest
(Glore,
(Smith,
ADS
—
Inc.
Co.,
$10,000,000
Light Co.
(Bids
&
'
Mitsui & Co.,
$150,000
100,000 shares
Inc.)
Co.,
&
12
.Common
Inc*—
$100,000
Co.)
Co., Ltd
Barney
:
Common
Pierce
&
(Smith,
Common
Co.)
&
Tyson's Foods, Inc
^(Rauscher,
Mitsui
$955,293
Inc
Russotto
received)
Equip. Trust Ctfs.
(Bids
Alabama Power
Systems,
&
Co
Telegraph
&
be
General Telephone Co. of California
(Bids
Common
Industries,
to
May 8 (Wednesday)
Chicago Burlington & Quincy RR.
Alabama
v
.
(Wednesday)
April 24
Lord
X
Corp.
(Costello,
(Bids
—Common
—
page
250,000 shares
& Co.)
Corp_________ _—Debentures
(Keon
(W. E. Hutton & Co.) 102,060 shares
Manchester Insurance Management &
Singer & Co.)
Corp
on
(Tuesday)
American Telephone
(Bids to be received)
y
(Trosler,
Continued
Poulsen
(Glore, Forgan & Co.) $15,000,000
.
;.„Common
Corp.
Investment
—
health insurance. Proceeds—For general corporate pur-
Common
and Zuckerman, Smith & Co.)
v-'/.v
'
-
L.
$1,908,000
be
(Bids
shares
240,000
Forgan
(Glore,
Victor" Comptometer
$5,500,000
Great Eastern Insurance Co
(Emanuel, Deetjen & Co.
1, 1963 filed 200,000 common, of which 80,000 are
offered by company and 120,000 by stockholders.
Price
$12.50. Business—Writing of life, accident and
to
Corp.)
Securities
Union
of
Victor Comptometer
Crowell-Collier Publishing Co.
———Debentures
;.>'
(Offering to stockholders—underwritten by Carl
M.
preferred share. Price
one
dress—Beatrice, Nebr. Underwriter—None.
and White, Weld &.Co.)
shares
Preferred
Dillon,
(Eastman
Alabama
and
common
(Stone & Webster Securities Corp.
Cotton States Life Insurance Co.
(First
Preferred
Co
Tri-Continental Corp.
(Monday)
15
shares
Co.) ,127.500
200,000
April
—_____Common
_—
&
unit. Business—Company plans to construct
$35,000,000
Transmission
Gas
Tennessee
Co.)
&
Inc
(McDonald
..Common
Co
stockholders—underwrtten
to
Debentures
EST)
a.m.
one
per
and operate a beef and pork packing plant. Proceeds—
For construction, equipment, and working capital. Ad¬
May 7
.
Gas Co
11:30
(Bids
(Friday)
in units of
—$150
Horace Mann Life Insurance Co.
27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Consolidated Natural
non-cumulative
Feb.
Hollingsworth Solderless Terminal Co.
April 23
NEW ISSUE CALENDAR
April 12
and J. R. Wil¬
Feb.
Inc.
June 7,
ment
$50 of debentures and 3 shares. Price
—$68 per unit. Business—Development and operation of
mobile home resorts throughout U. S. Proceeds—For
to
be
received)
$7,000,000
50
50
(1518)
Continued
from
The Commercial and
Financial Chronicle
49
page
Kraft (John) Sesame
Corp.
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in
'poses. Office—216 E. Monroe St., Springfield, 111. Under¬
writer—Horace Mann Investors Inc.,-(same
address).
Hunsaker
March
30,
nated
(S.
V.)
debentures
jnits consisting of a
Price—$900 per unit.
& Sons
filed
1962
$1,300,000 of convertible subordi¬
due
1977
and
200,000
common
shares.
by amendment (max. $6 per common
Business—Construction of homes and apartments
oution
snare).
".Price
—
on
of
seed.
sesame
named.
land
John
A. Dawson &
23,
1962
in the field
mation
tory,
Oak
of
Proceeds—For
new
products, inven¬
plant and working capital. Office—1401 S. Post
Rd., Houston. Underwriter—None
systems.
by
share for each
expire
—Sixth
&
stockholders
seven
May
Proceeds—For
warrants
1.
loan
The
on
basis
offered for
of
one
—For
new
Price—By
April 12, 1963. Rights
amendment (max. $20).
repayment
and
Sts.,
expansion.
development
mechanical
agencies
and
Proceeds—For
Las
and
electronic
the
and
Price—(max. $10).
Business—A real estate investment
company. Proceeds—For investment. Office—450
Seventh
capital.:
*
•
stockholders on the basis of one " new
held of record
May 22, 1963. Price—
By amendment (max. $24). Proceeds—For loan
repay¬
ment and construction.
Office—1000 Main St.,
Dubuque,
Iowa. Underwriters
(Competitive.) Probable bidders:
Kidder, Peabody & Co.; Merrill
Lynch, Pierce, Fenner "
26
—
& Smith
Inc.; Ladenburg, Thalmann &
Co.; White, Weld
Bids—May 22 (11:30 a.m. EDST)at One Chase Man¬
hattan Plaza 23rd
Floor), New York. Information Meet¬
ing—May 13 (3 p.m. EDST) at One Chase Manhattan
Plaza (28th
Floor),, New York.
Interstate' Power Co.
i(5/22)
Mafrch 21, 1963 filed
$6,"000,000* 6f first mortgage
bonds
Proceeds—For loan "repayment and
construc¬
Office—1000 Main St.,
1993.
Dubuque,
(Competitive.)
—
Probable
Iowa.
Under¬
bidders:
Lynch,
Pierce, Fenner & Smith
Inc.-Kidder,
& Co.
(jointly); Halsev, Stuart & Co.
Inc.;
Brothers & Hutzler; White, Weld
& Co.
Merrill
Peabody
Salomon
Bids—May 22
(11 a.m. EDST) at One Chase
Manhattan Plaza
floor), New York. Information
Meeting—May
(23rd
13 (3 p.m.
EDST) at One Chase Manhattan Plaza
(28th floor), N. Y.
investors
Realty
trus\
'
1
May 31, 1962 filed 200,000 shares.
—A
real
estate
struction
and
investment
trust
investment.
Price
Ave., N. W., Washington. D
C
$10. Business
Proceeds
Office
—
3315
—
For
con¬
Connecticut
capital' shares.. Price
—
Net
fund.
30.
1962
hied
(max.
100[000
common. Price—$3. Busines*
designing, the design of teaching machine*
production of teaching
programs
Proceeds—
For expansion, new
facilities and working
capital Offic«
—Centra1 T>qrv'
V
«•
T*ndprwrUor
P
V
&
the
Co.,
now'
Inc., New York.
Offering
poned.
Kavanau Corp.
March 29, 1962 filed
and
four-year
offered
jn
warrant.
•
50,000
common
inits
6%
purchase
of
one
cum.
preferred
warrants
preferred
repayment
N. Y.
and
to
and
be
one
(max. $101 per
unit)
investment.
Proceeds—For debl
working capital
Office—30 E. 42nd St
estate
Underwriter—Hayden,
This registration
will
Kentucky Central
be
Stone &
Co., N. Y. Note—
withdrawn
March 21, 1963 filed
500,000 class A
amendment (max. $25).
(4/25)
common.
Business—Writing
Price—By
of
life, ac¬
cident, and health insurance.
Proceeds—For investment.
Address—Anchorage,
Ky.
& Co.,
Inc;, St. Louis.
'
Underwriter—Stifel,
Nicolaus
1
Key Training Service, Inc.
March
are
26, 1963 filed 47.500
common,
to be offered
by company and 7,500
of
bi
which
a
40,000
stockholder
Price—$6.50. Business
Publishing of home
courses through
franchised dealers.
Proceeds—For
ing
a
a
For
for
and
■::
dent, and health
Medical
insurance.
Walnut
new
11,
1962 filed 250,000 capital shares. Price
By
(max. $10), Business—A diversified closedend investment
company. Proceeds—For investment. Of¬
fice—26 Broadway. N V
Underwriter—Filor, "Bollard &
Smyth. N. Y. Note—This
company formerly was named
—
amendment
Logos Financial, Ltd.
Lord Jim's
14,
1963
Offering—Indefinite."
Service
Systems, Inc.
("Reg. A")
100,000
Price
of drive-in restaurants.
—
$1.
leases, equipment and working capital. Office—
Mandeville Canyon Rd., Los Angeles. Underwriter
—Keoft & Co., Los
Angeles.
'
/ '
Loyalty Financing Corp.
convertible
per
unit. Business—A
business
finance company. Proceeds—For
working capital. Office
—5 W. Main St., Freehold. N.
J
Underwriter—Friedman
Co., Inc., New York. Offering—Indefinite.
r
Lunar Films, Inc.
(4/22-26)
Aug. 31, 1961 filed 125,000 common.
Price—$5.75. Busi¬
ness—The production of television
films. Proceeds—For
filming and production and
working capital. Office—
543 Madison
Ave., New York. Underwriter —
Lambert &
Ingram,
Mack Shirt
Corp. (4/15-19)
March 20, 1963 filed
102,060 class
By amendment (max. $20).
sale
A
common.
Price—
Business—Design,
and
manu¬
distribution of shirts for men and
also women's slacks and shorts.
Proceeds—For
Madway Main Line Homes
ment
19,, 1963 filed
100,000
Inc.
common.
(maximum $14).
Price—By amend¬
Business—Production, sale, erec¬
tion and
financing of manufactured homes. Proceeds—To
finance future credit sales of
homes. Office—-315 E. Lan¬
caster
Ave,, Wayne, Pa. Underwriter—Drexel &
Philadelphia. Offering—Indefinite.
Co.,
'
capital.
derwriters
work¬
Office—407 Lincoln
Rd., Miami Beach. Un¬
Seymour Blauner Co., and
S'helton Secu¬
rities Co., 663 Fifth
Ave., New York.
—
.-4-"
•-
v./
•"
*
Corp.
■
For
general
corporate
.'TV1;
$1. Busi¬
equipment.
—
1962 filed
offered by
be
Financial
Equity
^
Enterprises, Inc.
5,
Office
purposes.
—
r
104,000 common, of which
33,000 are
company and 71,000 by stockholders.
Price—By amendment (max. $5.50).
phonograph records to, and the
Business—Sale
Management Investment Corp.
Aug. 29, 1962 filed 2,000 common
(with attached
drawn.
V'<;'C
Meridian Fund, Inc.
March 4, 1963 filed
rants). Price—$500.
Business—Company plans to fur¬
nish equity capital to firms.in the
atomic, space and
missile fields, and
provide advisory and management
'-V:
■
'.
500,000
capital
asset value plus 5%.
Business—A
shares.
new
offered
Price—Net
mutual fund to
be
initially to members of the medical profession.
Proceeds—For investment. Office
714 Boston
search
Underwriter—Centennial
Met
Food
March 30,
filed
$1,000,000 of
due Nov.
supermarkets
the New York
convertible
1, 1977. Price
Business—Distribution
to
&
rTd
.
Re¬
T
Corp.n
1962
nated debentures
ment.
Bldg.,
Management
Corp., (same address).
of
and
Metropolitan
other
area.
subordi¬
By amend¬
related prod¬
—
food and
retail
stores
In
Proceeds—For general
corporate purposes. Office—345 Underhill
Blvd.,
V
Y.
Underwriter—Brand. Grumet
Offering—Indefinite.
;
Syosset,
Inc., N. Y.
& Siegel,
•.
,
.
:'T,.
;
Midwest Technical
Development Corp.
/
26, 1962 filed 561,500 common to be
offered for
subscription by stockholders on the basis of
one share
for each two
shares held.
Price—By amendment (max.
$7). Business — A closed-end
Feb.
management
company.
Office —
Proceeds
2615
—
First
For
general
National
Bldg..
Underwriter—None
Midwestern
•
three
held
purposes.
Minneapolis.
»-
Indemnity Co.
common
scription by stockholders
each
investment
corporate
Bank
on
the
being offered for sub¬
basis
of
one
share
for
of
record Dec. 31,
1962, with rights to
expire April 15. Price—$19.50. Business—A
multiple line
insurance carrier. Proceeds—For
additional capital and
surplus. Office—6901 Wooster
Pike, Cincinnati. Under¬
writers—W. D. Gradison &
Co., Cincinnati, and Greene &
Ladd, Dayton.
Mil National
Corp. (4/22-26)
Jan. 28, 1963 refiled
94,000 common.
—Distribution
equipment.
Office—1101
of
commercial
Proceeds—For
East
general
Tremont
corporate
Bronx, New York.
Co., Inc., New York.
Young &
Fidelity Life Insurance Co.
ment (max. $8.50).
ance
South
purposes.
Ave.,
Underwriter—Herbert
Missouri
Price—$4. Business
dry cleaning and laundry
March 27, 1963 filed
300,000 common.
war¬
of
providing of merchan¬
dising services to retail record
department. Proceeds—
For
general
corporate purposes.
Office—750 Stewart
Ave., Garden City, L. I., N. Y Underwriter—J. R.
Williston & Beane, N. Y.
Note—This registration was with¬
•
—
study
;
■
Dec. 26, 1962 filed
25,495
selling stockholders. Office—412 E. Sixth St.,
Cincinnati.
Underwriter—W. E. Hutton &
Co., Cincinnati.
Feb.
to
Stephen, Inc., 50 Broad St., New York.
•
facture,
Video
—
Merco
ucts
19, 1962
("Reg. A") 24,000 shares of 6V2% cumu¬
preferred and 60,000 common to be
offered in units
consisting of 20 preferred and 50 com¬
&
•
Nov.
Proceeds—
1601
shares,..Price—$250
St.,
Offering—Indefinitely
—Studio City, Calif.
Underwriter
Corp., Los Angeles. •
Denver.
(4/24)
common.
sales
Greenwich
—
For
mon
-
national
a
Office—812
—
Proceeds
St.,
—Shearson, Hammill & Co., N. Y. Offering—Indefinite.
Logos Options, Ltd.
April
capital.
13, 1961 filed 250,000 common. Price
Manufacture of medical electronic
ness
Proceeds—For
Office—2204
the lives of all types of animals.
Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y.
Underwriter
sure
Nov.
Business—Writing of life, acci¬
investment,
Philadelphia.
Underwriters—Auchincloss, Parker & Redpath, Phila¬
delphia, and Arthurs, Lestrange & Co.,
Pittsburgh./
Livestock Financial Corp.
Feb. 23, 1962 filed 130,000 common.
Price—$10. Business
-An insurance
holding company whose subsidiaries in¬
expansion.
working
sociates, Inc., Denver.
>
Life Assurance Co. of
Pennsylvania (5/27-31)
March 28, 1963 filed
100,000 capital' shares. Price—By
amendment (max. $33).
and
developing;
and
Medical Industries
Fund, Inc.
v
Oct. 23, 1961 filed
25,000 common. Price—$10. Business
—A closed - end
investment company which
plans to
become open - end.
Proceeds — For investment in
the
medical industry and
capital growth situations. Office
—677 Lafayette
St., Denver. Underwriter — Medical As¬
investment trust. Proceeds—For investment.
Office
Commerce Exchange Bldg.,'Oklahoma
City. Un¬
der writer—None.
■;,
Price—$3.75. Busi¬
Proceeds—For pub¬
ing—Expected in May.
tate
••:^
60,000 common.
28, 1963, filed 1,000,000 class B
common. Price—
$1.25. Business—A
holding company for three life insur¬
ance firms.
Proceeds—For loan
repayment, operating ex¬
penses, and investment in other insurance
concerns. Ad¬
dress—714 Medical Arts
Bldg.,/Oklahoma City. Under¬
writer—Lincoln Securities
Corp. (same address). Offer¬
new
•
Pro¬
Feb.
Design and
nettings.
—
laces
filed
Medic Corp.'
Y.
offered
products.
Press, Inc.
1962
N. Y. Underwriter—To be
named.
postponed.
(4/29)
be
related
the
staff
Streets,* Trenton, -
to
and
an
of
china
pro rata basis. Price—
knitted
V
Busi¬
working
& Co., N.
$18.50). Business
and
and
Proceeds—
(5/6-10)
ness—Graphic design and printing.
lishing a sales catalogue,
—432
women;
Life insurance Co.
of
Ave.
Marshall
Feb. 25, 1963 filed
500,000 shares of beneficial interest.
Price—By amendment (max. $10). Business—A real es¬
Indefinitely post¬
Price—By amendment
Business—Real
•
shares
stock
consisting
—
Mead
common
on
packaging
products.5
acquisition and working capital. Office—
Americas, N. Y. Underwriter—Hornblower & Weeks, N. Y.
516
May 29,
and
drug
Products, Inc.
pharmaceuticals
ceeds—For
Rd.,
plant, loan repayment, and work¬
ing capital. Office—105 Madison
Ave., New York. Un¬
derwriter—Blair & Co., Inc., New York.
Liberty Real Estate Trust
lative
—Industrial
®nd
Address—Prince
proprietary
1963 filed 150,000 common.
Price—By amend¬
(max. $25). Business—Manufacture
and sale
of
cosmetics,
>
Underwriter—Hemphill, Noyes
woven
Dec.
Jaap Penraat Associates, Inc.
Jan*
be
Business—Operation
(max. $5), plus 8% sales
charge. Business—
Proceeds—For investment.
Office—460
Denver Club
Building, Denver. Distributor—Nemrava &
Cor
(same'"address).
-1" tv • •;'*
r
■
mutual
Mara del
ment
172,500 common, of which 25,700
offered by
company and 146,800 by
By amendment
Underwriter—None";f
(4/22-26)
asset value
A
J.
Jan.
Investors Trading Co.
Jan. 17," 1963 filed
200,000
to
Proceeds—For
(5/22)
154,194 common to be offered for
by
•
filed
manufacture
Interstate Power Co.
March 21, 1963 filed
writers
■
March 28,*1963 filed
108,700
subscription by stockholders
Underwriter—Van Alstyne, Noel &
Co.,*N. Y.
Offering—Indefinite.
- '
**
+
'
& Co.
1963
Business—Manufacture,
various
registration will be withdrawn.
Co.,
(4/22-26)
Liberty Fabrics of New York, Inc.
N. Y
share for each
are
N.
Interstate Equity
Mai eh 30, 1962 filed
1,605,100 shares of beneficial interest
subscription
Paradise
—
Office—Engineer's
Hill, Plainview, L. I., N. Y.
Underwriter—Leib, Skloot &
Co., Inc., Clifton, N. J. Offering—Indefinite.
•
f•' ' ""
72,000 common, of which 58,000 are
and 14,000 by stockholders.
company
April 1,
stockholders. Price—By amendment
(max. $18).
ness—Manufacture and marketing of
plastic and
dinnerware and gift ware.
Proceeds
for government
Proceeds—For equipment,
-
25,
shares
debt repayment and
working capital.
.
'
Office—9929
purposes.
equipment, new products, debt repayment and work¬
capital.
Office—156 Tillary
St., Brooklyn, N. Y.
Underwriter—Dana Securities Co.,
Inc., N. Y. Note—This
.
March
equipment
military.
Vegas.
&
ing
Co., New York.
investment. /Office—4933
Lenox, Inc.
oy
For
Stocker
&
of
i&xe
Vegas, Nev, Underwriter—Securities Co. of
Nevada,
Las
•
Business—Design,
mechanical, electro¬
of
Office—3701
Charles Plohn
—
offered
De
Puce—$3.50.
Vegas Properties Trust
7, 1963 filed 500,000 shares of beneficial interest.
Price—$10/. Business—A real estate investment trust.
unit.
manufacture
&
Underwriter-r
Manhattan Drug
Co., Inc.
Inc.
corporate purposes.
re¬
purposes. Office
Underwriter—Troster, Singer
March 29, 1902 nied.
Feb.
to
per
general
Proceeds—For
common.
Co., N. Y.
k>
Las
Address
Bristol, Term.. Underwriter-
Price—$4
&
>-.vv
and B. W. ,Pizzini
1962 Tiled 272,941
payment and other corporate
Manchester Rd., St. Louis.
whlci
and
—
St., Los Angeles. Underwriters
held of record
Crumley
warrant.
one
tion.
of
common
basis.
-r
Price—$3.50. Busi¬
ness—Writing
of
casualty
insurance,
adjustment
of
claims, financing of insurance
premiums, and the mak¬
ing of investments. Proceeds—For
expansion, loan re¬
(4/22-26)
Feb. 26, 1963, filed 225,000 common.
Price—$1. Business
—Operation of six medical testing laboratories. Proceeds
purchase 110,000 class A shares at $4 per
share, to be offered in units, each consisting of one share
due
100,000
company
Laboratory Procedures
International Systems Research
Corp.
March 30, 1962 filed 110,000 class A common
and 9-month "
•
A")
for
withdrawn.
Courts & Co., Atlanta.
Avp
("Reg.
fee
a
Insurance Management
Investment Corp. (4/15-19)
Nov. 28,
Co., and Leason & Co., Inc., Chicago
sold
on
Manchester
receiv-
new
subscription
•
638, Moberly, Mo. Underwriter—John W. Flynn
k Co., Santa
Barbara, CaliL Note—This letter will ba
information handling and auto¬
Inter-Mountain Telephone Co. (4/12)
March 21, 1963 filed 146,228 common to be
and
Proceeds—For accounts
None.
distri-
Box
•
will
shares
and
35,000 for stock$3. Business — Manufacture of certain
patented cooling packages. Proceeds-^For debt
repays
orient and working capital.
Office—Jennings Bldg., P. O
common. Price—$5. Business
manufacturing and marketing
electronic
1962
will be
aolaers. Price
1UU,000
—Research, engineering,
29,
(15,000
Corp.
filed
200
Thursday, April 11, 1963
.
loans, and general corporate
Fulton
Federal
Bldg., Atlanta.
—130
Kwik-Kold, Inc.
March
Offering-^-lndefinite.
Infotronics
Oct.
and
counseling services
inventories, plant expansion and working capital
Office—2301 N. Main St.,; Paris, Texas.
Underwriters^
Which company has acquired in Southern Calif. Proceeds
:__for
debt
repayment
and other corporate purposes.
Office—15855 Edna PL, Irwindale, Calif. Underwriter—
be
debenture
Business—Processing
.
payment of
ible,
.
•
To
$300
.
(4/25)
Price—By amend¬
Business—A legal reserve life insur¬
Proceeds—For expansion. Office—2401
Brentwood Blvd., St. Louis. Underwriter—A.
C.
company.
Allyn &
Co., Chicago.
;
.
Volume
Number 6254
197
The Commercial and Financial Chronicle
(1519)
•
Mitsui &
Feb.
20,
(4/24)
Co., Ltd.
bution
filed
1963,
$10,000,000 of convertible sinking
fund debentures due 1978, and 125,000 American De¬
positary Shares. Price—By amendment (max. for shares
$20). Business—A general trading company dealing in a
variety of industrial, agricultural and consumer goods
and commodities.
Proceeds—For
general corporate
Address—Tokyo, Japan. Underwriters
Barney I & Co., Inc., and Nomura Securities
poses.
—
Ltd.,
This
commercial
real
estate.
Proceeds—Foi
ville, Spain
I
*
purposes...
*
*
•
■
-
Co./.:;
1963
General
Mortgage
Agents
of
Guaranty
Office—600
Marine
Undenyriters—Hornblower & Weeks,
and Robert W. Baird & Co., Inc., Milwaukee.
Chicago,;/
Haupt & Co.,
New York. Offering—Indefinite.
Music Royalty Corp.
July 27, 1962 filed 150,000
I —Company acts
I
ness.
Office—545
musical
/' Securities Co.,
National
Ave.,
Price—$1.
Businest
properties, and working capital
N. Y. Underwriter—Associated
545 Fifth Ave., N. Y.
specializing in aviation and
ceeds
For
—
investment.
Office
aerospace
111
—
Central
Life
share
stocks. Pro- Z
Broadway, New
Proceeds—For general corporate purposes. Address—2632 McGee St.. Kansas
City, Mo. Underwriter—
To be named
/'/"/'•" /;// //,/
///;'/
.%:■
National Equipment & Plastics Corp.
} Sept. 28, 1961 filed 105,000 common. Prices—$5. Business
I;—Operation of a cleaning and pressing plant and affiliI ated stores.
Proceeds—For debt repayment, store ex-
*
National
Fence
Manufacturing Co.,
Nov. 29,
1962 filed 100,000
ness
Manufacture
—
welded
of
Price—$8.75. Busi¬
common.
galvanized
chain
link
fence
For
•
Estates
poses.
to
filed 4,750,000 common. Price—$1. Busi¬
plans to engage in cemetery develop¬
establish
Office—13
and operate a life and
disability
Proceeds—For general corporate
pur¬
S. Broadway, Red Lodge, Mont.
Un¬
derwriter—Security Brokerage Co., Billings,
National Mortgage Corp.,
Inc.,
Dec. 28, 1962 refiled $8,000,000 face
Mont.
,
amount
certificates
20) and 300,000 common shares. Price—For cerfor stock, $1.15. Business—A mortgage
company.
Proceeds—For general corporate pur¬
tificates, $762;
loan
Office—113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address)
Note—This offering will be made only in the State of
Kansas.
poses.
Security Life Insurance Co., Inc.
Nov. 28, 1962 filed 590,075 common
being offered for
subscription by common stockholders of record Jan. 31,
6.
share-for-share basis. Rights will expire
May
Price—$1.80. Business—Writing of participating, and
on
a
non-participating ordinary life insurance. Proceeds—To
expand operations. Office—6225 University
Ave., Madi¬
son, Wis. Underwriter—None.
.
National Tetepix, Inc.«
July 30, 1962 filed $150,000 of 6%%
tures due 1972.
motion
pictures.
units
thereof
which
Office—Chicago,
Princeton
March
St.,
filed
Enterprises, Inc.
200,000
Proceeds—
1963
Price—At par.
Proceeds—For
subord. deben-
Business—Production
production
and
o1
distri¬
of
Princeton, N. J.
Price—$25.
Busi¬
chiefly
property,
un¬
Underwriter—None.
Men's
adviser
and
selling
stockholders.
distributor
Underwriter—To
•
be
of
1962
1,
funds.
mutual
Office—60
("Reg. A")
Proceeds—For
Congress
named.
Quick-N-Clean Corp.
(4/22-26) ////
Oct.
Boston*
St.,
'
of Minnesota,
205,000
Inc.
common.
Price—$1.15„,.
Business—Company plans to open a chain of coin oper¬
ated dry cleaning stores. Proceeds—Advertising, expan¬
sion and working capital.
Office—712 Fir St., Brainerd,
Minn.
Underwriter—Northwest Securities, Inc., Detroit
Lakes, Minn.
•
filed
140,000 common. Price—$3. Busi¬
development of materials used in
the "Laser" field, and in related areas of
optical elec¬
Recreation
Nov.
23,
For
purposes.
411
Westbury, New York. Underwrit¬
ers—Stone, Ackerman & Co., Inc., and Heritage Equity
Corp., New York.
capital
W.
Russotto
7th
&
Reliance
Industries, Inc. (4/15-19)
A") 75,000 common. Price
("Reg.
1962
Business—Sale
Office—102 Grand St.,
of
travel
investment,
and
entertainment.
and
working
capital.
St., Los Angeles. Underwriter
Co., Beverly Hills, Calif.
Life
Insurance
Co. of
—
$2.
Proceeds—
—
Office—
Costello,
Illinois.
March 29, 1963 filed 150,000 common.
1, 2003. Proceeds—To reduce outstanding debt, due Pa-^
Telephone & Telegraph Co., in connection with
Price—By amend¬
Business—Writing of life insurance.
Proceeds—For sales promotion, and investment.
Office
—15 South Northwest Highway, Park Ridge, 111.
Un¬
the
derwriter—None.
Pacific Northwest Bell Telephone Co* (4/16)
March 22, 1963 filed $50,000,000 of debentures due April
ment
f
transfer in
1961
of
the
latter's properties
in Wash¬
ington, Oregon and Idaho.. Office—1200 Third Ave.,
Seattle, Wash. Underwriters—(Competitive.) Probable
bidders: Morgan Stanley & Co.; Halsey, Stuart & Co.
Inc.
Bids—April
16
(11
Broadway, New York.
a.m.
EST)
in
Room
2315,
28, 1962 filed 100,000
Proceeds
—
plans
For
to
debt
Remitco.
corporate purposes.
Inc.
Price—$10. Business
is
Resort Corp. of Missouri
Nov. 27, 1962 filed 125,000 class
common.
mine for
Office—39 Broadway, N. Y.
writer—To be named.
$4).
engaged in selling "puts" and "calls.**
Proceeds—For working capital.
Office—130 N. Virginia
St., Reno, Nev. Underwriter—None.
-
—Company
195
Price—$5. Business
beryl ore in Argentina
repayment, equipment, and other
(max.
Nov. 19, 1962 filed 952,000 common.
Pan American Beryllium Corp/
—Company
conv.
real
Proceeds—For debt repayment, and ac¬
additional properties.
Office—195 Nassau
Management Co.,; Inc.
150,000 common (non-voting). Pric*
—By amendment (max. $14). Business—An investment
and
corporate
common.
Putnam
Underwriter—None.
general
of
Aug. 22, 1962 filed
Inc.
Proceeds—For
40,000
sale
Underwriter—None.
(5/27-31)
Optech, Inc.
tronics.
filed
and
Inc.;
dentists. Proceeds—For debt repayment and work¬
ing capital. Address—100 W. Tenth St., Wilmington, Del-
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
28,
1963
V
Lands,
and
common.
Address—Creede, Colo.
,
,
Association, Inc.
Jan. 8, 1963 filed 40,000 common. Price—$5. Business
—Company specializes in financial consulting, and serv¬
icing patients' accounts of member hospitals, physicians
believed
research, and working capital. Address—P. O.
Opelika, Ala. Underwriter—First Alabama Se¬
curities, Inc., Montgomery.
Mining Co.,
Corp.
Research
Professional
Box. 27,
March
28,
quisition
Sponsor—John
111.
Underwriter—None.
Corp.
Underwriter—To be named.
representing *
are
Proceeds
Office—418 Mar¬
wells.
working capital. Office—18 Lancaster Rd., Union, N. J.
ment,
tal.
St., Shreveport, La.
Prescott-Lancaster
—
Feb.
*•
of
oil
operate
March 30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
cific
/ • National
1963
1962
ness—Research
[' (series
1
subdivisions
(J.Herbert)
1,
and
28, 1963, filed 200,000 capital shares. Price—$4.75.
Business—Company plans to manufacture a new type of
brake unit for heavy duty automotive vehicles. Proceeds
—For equipment, and working capital. Office — 2604
Leith St., Flint, Mich. Underwriter—Farrell Securities
Co., New York.
Price—By amendment.
exempted from Federal Income taxes.
Outlet
ness—Company
concern.
.
debt
Jan.
visual equipment; and manufacture men's and boy's dress
trousers. Proceeds
For additional inventory, equip¬
National Memorial
and
$15,000,000
Proceeds—For
improved land.
36,227
shares
Proceeds—For debt repayment, and other
CorpoOfiee—1002 Walnut St., Kansas City/Un¬
derwriter—E. F. Hutton & Co., Inc., New York.
ment
filed
1961
investment.
Orr
for
Power Cam
Tax-Exempt Bond Fund, Series 4
Price—By amendment (max. $35).
of life, accident, and health insur¬
ance.
insurance
ket
new
Nuveen & Co., 135 So. La Salle St., Chicago.
May
insurance.
ness—Purchase
political
to be
Co.
rate purposes.
11, 1962
one
Price—$5.25. Busi¬
ness—The company and its subsidiaries manufacture and
distribute cartridge type tape player recorders and
pro¬
grams therefor; sell at retail nationally known audio
National Fidelity Life Insurance Co.
(5/6)
March 28, 1963 filed 72,455
common, of which
shares are to be offered by company and
36,228
Oct.
17,
-
and
•
Business—Writing
of'
interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.,
concrete
stockholder.
basis
Business—The Fund will invest in
Inc.
ensburg, Md. Underwriter—Netherlands Securities
Inc., New York. Offering— Indefinite. "
a
the
on
drill
—To
offered for
held.
fractional interests in the Fund.
reinforcing fabric, gates and related
Proceeds—For construction of a plant in Ire¬
land, and working capital/Office—4301 46th St., Blad-
by
1 %
health
Powell Petroleum, Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5.
.
Science & Engineering Corp.
29, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $15). Business—Research and developmenl
on
contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive .isotopes
and the furnishing of consulting and radiation measure¬
ment
services.
Proceeds—For equipment, debt repay¬
ment, expansion and working capital,; Address—P. O
Box 10901, Pittsburgh. Underwriter—.Tnhnstnn. Lerrmn &
Co., Washington, D. C.
Note—This registration will be
Oct.
1 products.
/
accident,
Price—By amendment (max.
$2.50).
Business—Writing/ of general life insurance.
Proceeds—For expansion.
Office—-1840 North Farwell
Ave., Milwaukee. Underwriter—-None.
Nuveen
Address — Portage, Pa.
f Underwriter—Cortlandt Investing Corp., N. Y. Note—
| This registration will be withdrawn.
.
by stockholders
each
(5/8)
repayment,
and
other
corporate
purposes.
Address—Executive
Plaza, Park Ridge, 111. Underwriter—A. C. Allyn & Co.,
Chicago.
withdrawn.
pansion and working capital.
\
for
Poulsen Insurance Co. of America
and
March
Co.
surance.
i
■/Zv-'./;
•
March 29, 1963 filed 100,000 common. Price—By amend¬
ment (max. $10).
Business—Writing of life,
Nuclear
Insurance
7 filed
125,000 common. Price ;— By amendmenl
(max. $15),. Business—Writing of health and accident in¬
I
investment trust. Proceeds—For investment. Office—886
Bonifant St., Silver Spring, Md. Underwriter—None.
States Life
26,
subscription
Dec.
v
(4/17)
Insurance Corp.
1963 filed 280,000 common to be
March
% York. Underwriter—None.
National
Potomac Real Estate Investment Trust
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
-
Co.
/"■;
.
Northern
share for each five held of record April
11, 1963. PriceBy amendment. Business—A closed-end investment com¬
pany
General Electric Co.
(5/1)
1963 filed 725,302 common. Priced—By amend¬
ment
(max. $30). Proceeds—For loan repayment, and
other corporate purposes. Office—621 S. W. Alder
St.,
Portland, Ore. Underwriter—Blyth & Co., Inc., N. Y.
5, 1963 filed $30,000,000 of first mortgage bonds
1993. Proceeds—For > working capital. Office-—5265
cago.
*
Aviation
Corp.
March 14, 1963 filed 253,478 capital shares to be offered
for subscription by stockholders on the basis of one new
■.
Portland
Blvd., Los/
Distributing Co.
A
Service
equipment, and working capital. Office — 56 Bennett
Bldg., Wilkes-Barre, Pa. Underwriter—G. K. Shields &
April 1,
Ave., Hammond, Ind. Underwriter—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; White,
Weld & Co.; Eastman
Dillon, Union Securities & Co.Lehman Brothers-Bear, Stearns & Co.
(jointly); Equi¬
table Securities Corp.; Dean Witter &
Co.-Blyth & Co.Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointly);
First Boston Corp.; Kuhn, Loeb & Co.
Bids—April 17,
(11 a.m. CST) at 111 West Monroe St. (8th floor), Chi-
as representative of artists, musicians
Fifth
Public
Sons, Baltimore.
Co., New York.
ceeds—For investment. Office—4680 Wilshire
Indiana
&
'
Hohman
to engage in the music publishing busiProceeds—For debt repayment, public relations
acquisition of
I
•
World Fund, Inc.
21, 1963, filed 250,000 common, price—Net asset
value plus 8V2%. Business—A new mutual fund. Pro¬
,
N.
Feb. 27, 1963 ("Reg. A") 75,000 common. Price —
$4.
Business—Production of TV documentary films, and the
processing of colored kodachrome film. Proceeds—For
Feb.
World
service to firms in the U. S.
Proceeds—For selling stockholders. Office
Charles St., Baltimore. Underwriter — Alex.
management
.Pictronics, Inc.
Industry Capital Corp.
Northern
/
Underwriter—
Canada.
Brown
March
-
common.
and
fleet
—2521
mining. Proceeds—General corporate purposes
Office—90 Industry St., Toronto, Canada. UnderwriterA.. C. MacPherson & Co,, Toronto,
New
Y.
Business—Furnishing of Auto¬
mobile
onent and
due
Broadwaj
etc. and plana
l
<
Proceeds—Foj
Ill
'
Ltd.
„
—
1., N.
•
1961 filed 47.5,000 common, of which 400,000 ar>
to
be offered
by
the company and 75,000 by a stock
aolder.
Price—50c.
Business—Exploration,
develop"
Angeles.
Underwriter
(same address).
L.
Peterson, Howell & Heather, Inc. (5/13-17)
March 26, 1963 filed 33,383 class A common.
Price—By
amendment (max. $35).
City
New
—
Sponsor—Ira
Island Mines
Ave., Wantagh, New York. Underwriter—None.
Municipal Investment Trust Fund, Series B.
April 28, 1961 filed $15,000,000 <15,000 units) of interest*
Price
To oe supplied by amendment. Business — Thi
fund will invest in tax-exempt bonds of states, counties
>
Investment.
Campbell
cor¬
Oklahoma
St., Freeport,
Office — 2301
Pennsylvania Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y. Note—
registration will be withdrawn.
investment, and working capital. Office—1228 Wantagh
Plaza, Mil¬
waukee.
municipalities and territories of the U. S.
Bldg.,
Main
named.
This
—A
common.
investment.
Office—Tekoil
purposes.
N.
be
poses.
Feb. 25, 1963, filed 30,500 common.
Price—$10. Business
small business investment
company. Proceeds—For
Insurance
Corp; (4/22-26)
Price-^-By amendment
(max. $27). Business—Company is engaged in the in¬
suring of lenders from loss on residential loans. Pro¬
ceeds—For
drilling expenses, working capital and other
New
.1963, 200,000
withdrawn.
Producing Co.
Underwriter—Peter Morgan & Co., N. Y.
America, Inc.
March 11,
/
—For
Now
Phoenix.. Underwriter—Associated
be
—70
Parkway Laboratories, Inc.
1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals.
Proceeds
—For an acquisition, research and other
corporate pur¬
Oct. 13,
("Reg. A") 31,661 common to be offered
for subscription to stockholders on a pro-rata basis...
Price—$2. Business—Life insurance. Proceeds—To in¬
crease
capital and surplus. Office — 811 N. '3rd St.,
North
will
pany.
Dec. 6,
(5/2)
Sept. 7," 1962 filed 180,000 class A common,
Price—$5
Business—Production of natural gas and oil. Proceeds
.
Modern Pioneers' Life Insurance
March 7,
registration
porate
Office—82 Baker St.,/ At¬
Underwriter—Overseas Investment Service,, Se-
lanta.
operated
Natural Gas & Oil
ness—Company plans to develop mobile home parks and,/
and
coin
vending machines.
Proceeds—For
debt repayment, equipment and
working capital. Office
—15 Peachtree St., Atlanta.
Underwriter—None. Note—
pur¬
Jan/28, 1963 filed 1,250,000 common;-Price—$2.50. BusL
corporate
Price—$10.
real estate holding and
development com¬
Proceeds—For general corporate purposes. Office
To
Price—By amend—Business—Company plans to sell oi
Mobile Home Parks Development Corp.
general
Realty & Development Corp.'
1962 filed 400,000*class A sioek.
12,
Business—A
lease
New York.
residential
PanAm
March
National UnirPac, Inc.
July ,31, 1962 filed 85,000 common.
inent {.max. $4).
Smith,
Co.,
and
working - capital.
Office—1-270
Americas, N. Y. Underwriter—None
expenses
of the
Ave.
51
-
A common and
three-
purchase 1.250 class A shares to be
offered in units consisting of four shares and one waryear
warrants
to
Under¬
Continued
on
page
52
,
52
The Commercial
(1520)
Continued from page
Southeastern Mortgage
51
and Financial
unit. Business — Company will
luxury hotel and resort facilities,
and sell 80 acres of land for home sites. Proceeds—For
construction. Office—3615 Olive St., St. Louis. Underwriter—R. L. Warren Co., St. Louis. Offering—Expected
Price —$32
and
erect
in
Feb. 15, 1963 filed 1,100,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
per
operate
a
Proceeds—For
writer—None.
(4/16)
& Reynolds Co.
mill.
St., Dayton, Ohio. Underwriters — Glore,
Co., New York, and Grant-Brownell & Co.,
Germantown
Business
A")
1962
21,
("Reg.
A
ment. Business—A closed-end investment company.
Sternco
60,000
purposes.
Office—
Underwriter—Richard Gray Co..
working capital and other corporate
237
St..
51st
W.
N
Y.
New York; Offering—-Indefinite.
Corp.
21, 1961 filed 142,858
Price—$7. Business
Proceeds—For debl
repayment and general corporate purposes. Office—220
K St., N. W., Washington, D.'C. Underwriter—Hirschei
& Co., Silver Spring, Md. Offering—Indefinite. Note—
has
challenged the
of this registration statement.
/ Roberts Co.
March
will
Underwriter—Eastman
and
accuracy
of
22, 1963 filed 105,000
scription by stockholders
Tyson's Foods, Inc. (4/15-19)
26, 1962 filed 100,000 common. Price—By amend¬
(max. $12). Business—Company operates an inte¬
grated poultry business. Proceeds — For construction,
equipment and working capital. Office—317 East Emma
Ave., Springdale, Ark. Underwriter—Rauscher, Pierce &
Railroad, Inc.
be offered for sub¬
on the basis of one share for
common to
to
Co., Inc., Dallas.
the public.
Price—To stockholders, $5.50; to public,
$6.50. Business—Operation of a scenic railroad. Proceeds
Underwriters National Assurance Co,.
Feb.
70,000
None.
•
21, 1963, filed 50,000 common, of which 31,176
are to be offered
by company and 18,824 by a
selling stockholder. Price—$7.50. Business — Writing of
health insurance. Proceeds—To increase capital and sur¬
plus and for expansion:. Office — 1939 N.. Meridian 'St.,
Indianapolis. Underwriter — K. J. Brown & Co., Inc.,
Muncie, Ind.
:
'
,
.
.
shares
be, offered by company, and 60,000 by stockholders.
Price—By
Superior Benefit Life Insurance Co.
March 27, 1963 filed 600,000 common. Price—$2.50.
(max. $11) Business—Manufac¬
of products used in the installation of wall-to-wall
ture
amendment
ness—Sale of life insurance.
carpeting, specialized industrial adhesives, metal folding
doors, and vweatherproofing products. Proceeds — For
porate
loan
Neb.
Office—600 North
Blvd., City of Industry, Calif. Under¬
writers—Reynolds & Co., Inc., New York, and Lester,
Ryons & Co., Los Angeles.
purposes.
Office—211
Sept.
Lee
26,
Corp.
1962
of
Royaltone Photo Corp.
29, 1961 filed 300,000 common, of which 100,001
to be offered by the company and 200,000 by stock¬
Price —By
Business — Develop*
black and white photographic
equipment and working capital
Office—245 7th Ave., N
Y. Underwriter — Federman.
Stonehill & Co., N. Y.
Note—This registration will be
color,
Proceeds
Office—4900
Wilshire
Blvd.,
utors of allied equipment
control
—
amendment.
and
June
and
of
educational
way,
Third
•
cloth.
Proceeds—For bond retirement and plant
Address—Alexander City, Ala. Underwriter
—Hornblower & Weeks, N. Y.
Note — This company
formerly was called Russell Manufacturing Co. Offering
St.
surance
Louis
Shipbuilding-Federal Barge, Inc.
1963 filed 150,000 common, of which 50,000
sre to be offered
by company and 100,000 by H. T. Pott,
Chairman. Price—By amendment
(max. $10). Business
—Operation of a shipyard in St. Louis. Subsidiaries op¬
water
ment
eastern U.
related activities.
pansion.
Seaboard Land
pur¬
common.
Price—By
(max. $2.50). Business—Ownership and de¬
velopment of real estate. Proceeds—For working capital.
Office—912 Thayer Ave., Silver
Spring, Md. Under¬
Securities
Selective
28,
Financial
Corp.
two-thirds share for each class C share of
held. Remaining 94,822 and
any unsub¬
scribed shares will be offered
publicly. Price—To
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance,
mortgage, general fi¬
nance and related
businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe-
Textile
v
Signalite
&
Inc..
Jan.
29, 1962 filed 126,000 common. Price-^-$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for
indicators and circuit components. Proceeds
repayment, equipment and working capital.
Office—1933 Heck Ave.,
Neptune, N. J. UnderwriterMilton D. Blauner &
Co., N. Y. Offering—Postponed.
For
use
as
debt
Urethane of Texas
.
Houston, Texas.
Corp., and
$5.05.
of
working
equipment,
urethane
capital,
Power &
11,
Light Co. (4/15)
filed $15,000,000 first mortgage
1963
bonds
due 1993. Proceeds—To refund a like amount of 5.%%
bonds due Oct. 1, 1987. Office—1407 West North Temple
St., Salt Lake City. Underwriters — (Competitive.)
Probable
bidders: Eastman Dillon, Union Securities &
Co.-Smith, Barney & Co.-Salomon Brothers & Hutzler
(jointly); Kidder, Peabody & Co.; Lehman BrothersBear, Stearns & Co. (jointly); White, Weld & Co.-Stone
Securities Corp. (jointly); First Boston Corp.Blyth & Co. (jointly); Halsey, Stuart & Co. Inc. Bids —
April li> (11:30 a.m. EST) at Ebasco Services,- Inc., 2
Rector St., New York. Information Meeting—April 11
(2:30 p.m. EST) at same address.
& Webster
Price—$3.50. Busi¬
plant producing plastic film and
Proceeds—For
working capital.
Valley Investors, Inc.
Jan. 23, 1963, filed 328,858 common.
Price
May 1, 1962 filed 200,000 common, of which 100,000 are
be offered by company and 100,000 by stockholders
Price—$5. Business—Operation of a chain of self-serv¬
stores
selling clothing, housewares, etc. Proexpansion, equipment and working capital
Florida
Inc.
Business—Manufacture
Proceeds—For
Utah
March
common.
:/ to
Office—2220
9th Street, Kansas City, Mo.v
Reed, Inc., Kansas City,* Mo.
Offering—Temporarily postponed.
For -debt repayment and
Top Dollar Stores, Inc.
retail
&
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas
Under¬
writer — First Nebraska Securities Corp., Lincoln, Neb.
Tennessee
Business—Operation of department stores. Pro¬
ceeds—For inventory, debt repayment and expansion.
Office—819 Broadway, Kansas City, Mo. Underwriter—^
Midland Securities Co., Inc., Kansas City, Mo:
ice
unit.
per
foams.
Distributors, Inc.
ceeds—For
W.
Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—
Securities
—$5.
and
working capital. Office
Bldg., Cleveland, Ohio. Under¬
Co., Cleveland.
/ s
and dis¬
principally in the
March 22, 1963 ("Reg. A") 60,000 class A common.
Properties (5/6-10)
Oct. 19, 1962 filed 215,000 shares of beneficial
interest
Frice—$15. Business — A real estate investment trust.
Office—20
Underwriter—Waddell
repayment, and ex¬
Bldg.,
Webster
Offering—Indefinite.
Investment.
fering—Indefinite.
Shaker
—1956 Union Commerce
&
loan
York.
Fund, Inc.
11, 1961 filed 2,500,000 shares of stock. Price—$1Q
share. Business—A new mutual fund. Pruceeds—For
per
Address—Elsa> Texas. Underwriter—To be named. Of¬
—
writer—McDonald
—
Office—3814
ness—Operation of a
packaging products.
public,
investment
Address—Tennessee
Texas Plastics, Inc.
July 27, 1962 filed 313,108
Life
Proceeds—For
Proceeds—For
—
Auril
working
Ave., Chatsworth, Ga.
Underwriter—Irving J. Rice & Co., Inc., St. Paul. Of¬
fering—Indefinite.
capital.
share and
Underwriter—None.
S.
for resale,
gas
►
Corp.
United Variable Annuities
Business—Transportation
natural
products. Proceeds
filed 500,000 common,
to be offered for subscription
by
xix.
New
S.
subscription by stockholders of Ten-Tex Corp., parent,
of record Feb. 1, 1963 on the basis of one unit for each
150 common shares held.
Price—$100.
Business—Sale
and lease of machinery for production of tufted textile
Corp.,
1962
Selective
U.
6V2% 10-year debenture, 25 common shares and pur¬
chase warrants for 100 common shares to be offered for
of which 405,000
holders of the A,
B and C stock of Selective Life
Insurance Co., an affili¬
ate, on the basis of 4 company shares for each class A or
tre
in
one
(same address).
Feb.
investment
new
Ten-Tex, Inc.
Dec. 31, 1962 ("Reg. A") 3,000 units each consisting of
tmendment
Seaboard
in
White, Weld & Co., New York.
Co.
American
of
Underwriters—Stone
Un¬
July 25, 1962 filed 200,000 class A
writer— North
$102).
(max.
tribution
systems, a railroad, a vessel repair
and barge construction
yard, also dry docks and other
Proceeds—For general corporate
Office—611 East Marceau Street, St. Louis.
derwriter—Reinholdt & Gardner, St. Louis.
and
Tennessee Gas "Transmission Co. (4/23)
March 29,1963 file$ 200,000 preferred. Price—By amend¬
carrier
poses.
Proceeds1—For
Plastic
"B" shares to be offered in units consisting of two
and 10 shares. Price — $305 per unit.
Manufacture of light household and office
furniture. Proceeds — For general corporate purposes.
Address—Rehovoth, Israel. Underwriter—Brager & Co.,
subsidiary. Office—801
Lafayette Life Bldg., Lafayette, Ind. Underwriter—Amosand Inc., (same address).
March 28,
erate
company.
Z"
&
Saran
.
$100 debentures
Co., Inc.
21, 1963 filed 48,500 common. Price—$100. Business
—A holding company which plans to organize a life in¬
Government Bonds
United
Business
Jan.
—Indefinite.
'
nary
.
Tecumseh Investment
expansion.
debt repayment,
Ltd.
Feb. 25, 1963, filed $330,000 of 7% convertible deben¬
tures due 1975 and 16,500 shares of 8% preferred ordir;
N. Y.. Underwriter—Creative Ventures Corp., 733
Ave., N. Y.
-•
.
*'
St., New York.
audio-visual
teaching aids. Proceeds—For equipment, promotion and
advertising and working -capital. Office—1650 Broad¬
Russell Mills, Inc.
Sept. 28, 1962 filed 312,500 common. Price—By amend¬
ment
(max. $12).
Business—Manufacture of athletic
clothing, knitted underwear, children's sleepwear and
in the fields of contamination
Proceeds—For
(4/22-26)
Nov. 29, 1962 ("Reg. A")
100,000 common. Price—$3.
Business—Operation of retail stores selling and trading
cameras, films and other photographic equipment.
Com¬
pany
also sells radios, tape recorders, dictating and
photocopying machines, and provides a film developing
and printing service.
Proceeds—For new stores and
camera concessions.
Office—25 W. 43rd St., N. Y.
Uhderwriter—Ingram, Lambert & Stephen, Inc., 50 Broad
Inc.
sale
■
United Camera Exchange, Inc.
1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬
ness—Production
ultrasonics.
and
—None.
address.
withdrawn.
Busi¬
advertising and other corporate purposes.
Office—1695 Elizabeth Ave., Rahway, N. J. Underwriter
For
Teaching Systems,
Price—$3.50.
equipment,
Tampa Electric Co. (4/24)
March 15, 1963 filed $48,000,000 first mortgage bonds due
May 1, 1993. Proceeds—For refunding of outstanding 5%
bonds due 1990, loan repayment, and construction. Of¬
fice—111 No. Dale Maby Hwy., Tampa, Fla. Underwriters
—(Competitive) Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Stone
& Webster Securities Corp.; Goldman, Sachs & Co. Bids
r—April 24 (11 a.m. EST) at 90 Broad St., New York.
Information Meeting — April 19 (11 a.m. EST) same
are
prints
interest.
A real estate investment trust.
investment.
common.'
engineering and manufacture of special¬
ized products primarily in the field of contamination
control. Company also acts as sales agents and distrib¬
Los Angeles. Underwriter—None.
Nov.
holders.
—.
Laboratories, Inc.
29, 1962 filed 67,200
ness—Design,
Price—For
repayment. Office—112 W. 34th St.,
New York. Underwriter—Reuben Rose & Co., Inc., New
York. Offering—Expected about mid-May.
cotton
Ultrasonic
Underwriter—Capital Investment Co., Lincoln, Neb.
Proceeds—For
$250,000
filed
common.
film.
Lincoln,
Nov.
Proceeds—For debt
and
Bldg.,
Sutro Mortgage Investment Trust
Feb. 1, 1963 filed 30,000 shares of beneficial
6%% debentures and
debentures, by amendment;
for stock, $4. Business—Design,
manufacture, and dis¬
tribution of girls' blouses, sportswear, and coordinates.
50,000
Anderson
Park
Price—$100. Business
Rona
Busi¬
Proceeds—For general cor¬
.
repayment and working capital.
Baldwin
Co.,
•
each three shares held. Unsubscribed shares will be sold
adequacy
which
&
Dec.
—For
common,
Securities
Union
purchase up-^
240,000 unexchanged $2.50 preferred shares and-will
offer them to the public on or after April 23.
construction, debt repayment and other corporate
purposes. Address—Stone Mountain, Ga. Underwriter—
130,000
Dillon,
New York. Note—Underwriter has agreed to
to
Stone Mountain Scenic
Jan.
(4/22-26)
1963 filed
21,
unexchanged
$2.70 preferred shares. Office—65 Broadway, New York.
ment
Dec.
common.
—A real estate investment company.
SEC
Pro¬
ceeds— To help finance the redemption of
derwriter—Oppenheimer & Co., New York.
Richmond
The
Industries, Inc. (5/6-10)
filed $400,000 of 6% conv. subord. deben¬
and 25,000 class A common.- Price—For
debentures, $1,000; for stock, by amendment (max. $12).
Business—Distribution of tropical fish, goldfish, turtles,
animals, and acquarium supplies. Proceeds—For addi¬
tional equipment, inventories, and new product lines.
Office—53 Cottage Place, Allendale, New Jersey.
Un¬
common.
Price—$5
broker-dealer.
Proceeds —For
securities
—
preferred (par
$50) being offered in exchange for a like number of out¬
standing $2.70 preferred shares (par $50) on a share-forshare basis. All $2.50 preferred shares not exchanged by
April 22, will be offered publicly. Price—By amend¬
Proceeds-/-For
March 28, 1963
tures due 1977,
Richard Gray & Co., Inc.
June
March 1, 1963 filed 810,740 shares of $2.50
'.plant and equipment, working capi¬
tal and other corporate/purposes. Office—300 Horn Rd.,
Pinconning, Mich. Underwriter—None.
Proceeds—For
Forgan &
Dayton.
Tri-Continental Corp.
Sterling Copper Corp. .'A•/
Aug. 2, 1962 filed 850,000 common. Price—$1./Business
—Company plans to operate a non-ferrous rod and tube
accounting forms and systems, and allied prod¬
selling stockholders. Office — 800
and
ness
ucts.
•
Thursday, April 11, 1963
May
Reynolds
B
.
Proceeds—For equipment, exploration and working cap¬
ital. Office—201 E. 4th St., Casa Grande, Ariz., Under¬
Charlotte, N. C. Underwriter—Fleetwood Securities Corp.
of America, N. Y.
March 18, 1963 filed 120,000 class A common. Price—By
amendment (max. $28). Business—Manufacture of busi¬
;
Office—500 E. Morehead St.,
investment.
.
.
Transarizona Resources, Inc.
May 28, 1962 filed 500,000 capital shares. Price—$1.50,
Business—Exploration, development and production oi
the Lake Shore copper deposit near Casa Grande, Ariz.
Investors Trust
(5/6-10)
rant.
Chronicle
Ave., Jasper, Ala.
UnderwriterPhilips, Appel & Walden, 115 Broadway, N. Y. Offering
—Temporarily postponed.
v
.
—A
new
Price—$1. Business
mutual fund. Proceeds—For
investment. Ad¬
dress—Sidney, Montana. Underwriter—To be named.?;,
/•
Vend-Mart Inci
(4/22-26X '■
•
-
-
-
'.i/f-Y
Jan.: 22,
1963 filed 60,000 common. Price—$4. Business—Operation of coin-operated automatic ice cube vending
machines
and
clothes
washing
drying machines.
equipment, expansion
and working capital. Office—565 Fifth Ave., New York.
Underwriter—M. G. Davis & Co., Inc., New York.»Y
Proceeds —For
and
debt repayment,
Victor
March
Comptometer Corp. (4/23)
25, 1963 filed $15,000,000 of s. f. debentures due
1988: also 250,000 common to be offered by
stockholders.
Price—By amendment (max. $12 for stock). Business—
6254
Number
197
Volume
.
The Commercial and Financial Chronicle
.
.
machines, printing calculators
business forms and golf
products. Proceeds—For debt repayment, working capi¬
tal and other corporate purposes. Office—3900 N. Rock¬
Manufacture
adding
well
Issues Filed With SEC
1962
bentures
$250,000
filed
due
23,
1973.
7%
of
conv.
2117
Waterman
,
oi
^ Airway Hotels, Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For
loan repayment,
expansion and other corporate
purposes. Office — 901 Fuhrmann Blvd., Buffalo, N. Y.
Steamship Corp.
Price—By amend¬
Business-^The carrying of liner-type cargoes
Proceeds—For the purchase of vessels, and working cap¬
ital.' Offic£-r-7i Saint Joseph "St., Mobile, Ala. Under*
writer—Shields & Co., Inc., N. Y. Note—This registra¬
Aug. 29, 1961 filed 1,743,000 common.
:
ties
Inc.
1963 ("Reg. A") 100,000 capital shares. Price
—$3. Business—Manufacture of airborne and shipboard
vibration monitoring devices and equipment. Proceeds—
For debt repayment, equipment, advertising, research
and working capital. Office—4343 Twain St., San Diego.
Underwriter—Hugh C. Watson Co., Inc., La Jolla, Calif.
Sept. 26, 1962 filed 600,000 shares of beneficial interest.
Price—$4. Business—Company plans to quality as a real
estate investment trust. Proceeds—For investment. Of¬
April
o,
w7ith
expire April 23. Price—$32. Business—Opera¬
tion of electric, gas, water and telephone properties in
central Kansas, and telephone properties in Iowa and
Missouri.
Proceeds
For
general corporate purposes.
Office—2015 Forest Ave., Great Bend, Kan. Underwriter
—Dean Witter & Co., Chicago.
•
<
tL». F.).,
•
Inc.
4
March
B
Wiener
-
working capital. Office
—
808 Dakin St., New Orleans.
Labouisse,. Friedrichs &
—
Weil,
Howard.
Co., New Orleans. Note—This registration will be
with¬
Association
William Penn Racing
Price—$2.
to
be
in units of
Price--$30
one
class
A
unit. Business-
per
New
-—
Inc/i
^
Winslow
•
.
••
,
-
/•
'•
•
• :•
125,000 common. Price—$4. Businen
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Proceeds—For debt repayment and other corporate pur¬
,
poses.
new
Wolf
$4,500,000 of 6.5% convertible sub¬
(with attached warrants)
be offered for subscription by stockholders of class
stock on the basis of $500 debentures for each 100
26.
Jan.
1962
to
A
class
;
A
shares
held.
Price—$500
per
unit.
Business—
Proceeds—For, debt repayment and realty
acquisitions. Office—10 East 40th St., N. Y. Underwriter
Real
estate/
;E.
Securities.
Inc..
10
East
40th
Street, New
York
Note—This-registration will be withdrawn.
.
<-
Woman's Life Insurance Co. of America,
filed 150,000 » common.
Price—$7.50.
writes life insurance for women,.
Proceeds—For investment, and expansion. Office-^-7940
March
-
28,
1963
Business—Company
•
Wisconsin
None.--
Ave.,
Bethesda, "Maryland.
.a••
-
:
Underwriter—
.
America
April
1,-1963
ic Realty Equities Corp. of New York
April 3, 1963 filed 117,853 common to be offered for
subscription by common stockholders on the basis of
one
the
economic
*
r
•.
and
educational
of
its
For debt reoavment, working capital
subsidiaries.- Qffice-r-1575 Sherman St.,
Denver; Underwriter—None;
■>
>
:
■
■'■ •,■
■■■.
-
+ Gas Machinery Co.
March 26, 1963 ("Reg.
A") 20,OGO
common.
Price—$12.80.
Business—Manufacture of gas and the design, manufac¬
sale of gas production:: and liquified
petroleum
ture and
each
three
held.
Price—Bv
amend¬
—
writer:—None.
mem¬
—
advances .to
for
are
•
betterment
share
(max. $7). Business
Comoany and subsidiaries
engaged in the purchase and sale, development, man¬
agement, and holding of real estate properties. Proceeds
—For
purchase of additional properties and working
capital. Address—Time & Life Bldg., New York. Under¬
Union of
filed
and
new
ment
$5,500,000 of 5*4-6% serial deben¬
tures, series E and F, due 1974-83. Price—At par. Busi¬
ness—A non-profit organization of farmers devoted to
bers/Proceeds
Inc.
-
* Farmers' Educational & Co-operative
By amendment
April 3, 1963 filed 2,000,000 shares of beneficial interest.
Price—Net asset value plus 81/4%. Business—A new mu¬
tual fund seeking maximum income, and
long term
growth of principal. Proceeds—For investment. Office—
60 Congress St., Boston. Underwriter — Putnam Fund
Distributors, Inc. (same address).
Bldg., Boise. Underwriter—None.
-
—
—
★ Putnam Income Fund
eral corporate purposes. Office—516 Firth National Bank
filed
ordinated debentures due 1977
held. Price
seven
Company, and subsidiaries are
engaged
in diverse
activities
including
advertising,
building construction, TV and radio, data processing,
warehousing,
equipment leasing, and river terminal
operations. Proceeds—For working capital. Office—111
East Wisconsin Ave., Milwaukee. Underwriter — The
Marshall Co. (same address).
'/-/v
King Mines Corp.
March 25, 1963 ("Reg. A") 100,000 common. Price—30
cents. Business—Mining operations. Proceeds—For
gen¬
Corp.
share for each
(max. $17). Business
Eureka Silver
pro¬
April 1, 1963 filed 90,122 common to be offered for sub¬
scription by common stockholders on the basis of one
Unlimited, Inc.
Inc., New York.
V
named.
be
$34).-Business—Company
'i Pilaris Corp.
Fifth Ave., New York. Underwriter—J. J. Krieger & Co.,
Office—1005 First Ave., Asbury Park, N. J. Under¬
writer—To
(max.
sidiaries, and working capital. Office—30 Sea Cliff Ave.,
Glen Cove, L. I., New York. Underwriter—L. F. Rothchild & Co., New York.
Underwriter—None.
28, 1961 filed
amendment
gases, and the treatment and pumping of water. Proceeds
loan
repayment, equipment, advances to sub¬
—
Dec.
.
—For
+: Fwua'i+v Plastics, Inc.
April 4, 1963 ("Reg. A") 79,995 common. Price—$3.75.
Business
Importing, manufacturing and distributing
general merchandise "notions." Proceeds—For debt re¬
payment, inventory and working capital. Office—286
Inc.
Electronics,
44"
duces equipment for the dehumidification of
compressed
gases,
control o| flow. and temperature, detection of
offered
March 29, 1963 ("Reg. A") 20,000 common. Price—$10.
;Business—Acquisition and development of property in
Englewood, Colo. Proceeds —For debt repayment, and
expansion. Office—180 E. Hampden, Englewood, Colo.
/'
(same address). '
share for each nine class A and class B shares held. Price
—By
"
Offering—Indefinite.
Management Inc.
★ Pali Corp.
April 4, 1963 filed 61,584 class A shares to be offered,
for subscription by stockholders on the basis of one new-
Ave., New York. Underwriter
Securities, Inc., Atlanta, Ga.
sk Eraglewood
modification, and work¬
York.
Fund
600,000
Investment
airline in ten mid-western states and Ontario.
—
outstanding common. Price — $350 per
unit. Business—Company owns a 781 acre tract in Hay¬
wood County, N, C,4 on which it plans to build houses, a
motor lodge,
restaurant and an amusement complex.
Proceeds
For construction, debt reoavment, working
capital and other corporate purposes. Office—2042 South
Atlantic Ave., Daytona Beach, Fla. Underwriter—Alpha
1963 filed $1,000,000 of 6V2% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
mon shares to be offered in units of one $100 debenture
t and 10 shares. Price—$220 per unit. Business—Company
has been licensed to conduct harness racing with parimutual betting. Proceeds — For debt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia. -Underwriter—-Stroud & Co., Inc., Philadelphia.
be
i PMA Insurance Fund Inc.
April 8, 1963 filed 200,000 common. Price
Net asset
value plus 4%/ Business—A new mutiial fund
specializ¬
ing in insurance stocks. Proceeds—For investment. Ad¬
dress
Plankington Bldg., Milwaukee. Underwriter—•
by company and 100,000 by
stockholders. The securities will be offered in units of
one $100 debenture and 100 shares. The registration also
March 8,
will
Business—Opera¬
.
April 1, 1963 filed $400,000 of f£% subordinated convert¬
ible debentures due 1983, and 400,000 common, of which
covers
debentures
par.
it Norway (Kingdom of)
(4/24)
'
April 10, 1963 filed $25,000,000 of external loan bonds
due11978. Price—By amendment. Proceeds—For
acquisi—narriman
Ripley. & Co. Inc.; Kuhn, Loeb & Co.,
Inc.; Lazard Freres & Co.; Smith, Barney & Co., Inc.,
'
be
Unsubscribed
public sale. Price—At
ing capital. Office—6201 Thirty-fourth Ave., South, Min¬
neapolis. Underwriter—None.
'
'
Inc.
offered
^ Eagle's Nest Mountain Estates,
to
an
subordinated,
■
—None.
are
limitation.
or
5*4%
of
1978, to be offered to com¬
April 15, 1963, without allo¬
Canada. Proceeds—For aircraft
("Reg. A") 4,589 class A and 9,178 class
shares
stockholders of record
tion of
—
•*»:<■
drawn.
mon
insurance company. Proceeds
expansion. Office
411 North
ment. Office—420 Madison
ment
Underwriter
convertible debentures due
offered for
common.
(4/22-26)
Underwriter—Kidder, Peabody & Co., Inc., New York.
reserve
two class B shares.
300.000
April 2, 1962 filed 80,000 common. Price — By amend¬
(max. $11). Business—Operation of a chain of shoe
Proceeds—For/debt repayment, expansion and
Insurance Co.
20, 1963 filed 50,000 guarantee capital shares.
Price—By amendment (max. $135). Business—Writing
of ordinary and group life insurance. Proceeds—For sell¬
ing stockholders. Office—111 W. 57th St., New York.
* Consolidated Resources Corp.
j
4
March 29,' 1963 filed 79,700 common. Price—$6. Business
—An /insurance holding company. Proceeds—For invest¬
/;
Stores.
W., Washington, D. C. Underwriter—None.
March
Design and manufacture of electronic instruments for
,th6 -transfer- of engineering data to forms for computer
use.1 Proceeds—For
debt repayment, a laboratory and
working capital. Address—.Garden Office Center, Broomfield, Colo. Underwriter—None.
•
common,
Inc.
Shoes
26, 1963
common
and
.
of which 102,000 are
to be offered - by
the company and 60,000 by stock¬
holders; Price—$3. Business—Operates a chain of retail
drug stones-'' Proceeds—Expansion, equipment and work¬
ing capital Office—738 Bellefonte Ave., Lock Haven, Pa "
Uttderwriter^Godfrey, Hamilton, Taylor & Co., N. Y.
'
29, 1963 filed 500,000 class A
•i: Colorado Instruments,
1961 filed 162,900
28,
★ Manhattan Life
investment, and
Central Ave., Phoenix. Underwriter—None.
*
"Witiman
N.
\474.v^-44.
—For
-
Oct .27/
(Eddie) Restaurants, Inc.
1963 ("Reg. A") 150,000 common. Price—$2.
Business—Operation of a chain of restaurants. Proceeds
—For general corporate purposes.
Office—1007-9th St.,
March
cation
Business—A legal
'■
•
A Leonard
4( North Central Airlines, Inc.
March 29, 1963 filed $1,500,000
March
Western Steel, Inc.
"Jan.'17, 1963 ("Reg. A") 245,000 common.
Price -r- $1.
Business—^Company plans to erect a mill to produce cer¬
tain types of iroa by the new ".Taylor Process." Proceeds
—For plant; /construction and general ? corporate pur¬
poses." Address—Suite 412-413 Hynds Bldg., Cheyenne,'
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
^'NirteMThe'SEe has issued an order temporarily sus¬
pending this issue.
V--"1
ic Charter Oak Life Insurance Co.
—
"
■
debt
repayment, working capital, and
expansion. Office—1310 North 22nd St., Tampa, Florida.
Underwriter—Strathmore Securities, Inc., Pittsburgh.
'
—
rights to
'
Proceeds—For
Aviv, Israel. Underwriter—Sakir & Co., Inc., New York.
12, 1963 filed 113,811 common being offered for
subscription by stockholders on the basis of one new
receivable
general corporate purposes.
Denver. Underwriter—Bos-
* Barak "Adanim" Mortgages & Loans, Ltd.
April 9, 1963 filed 84,303 of 8% cumulative preference
dividend participating shares. Price — $3.33 per share.
Business
A mortgage loan company. Proceeds — To
grant loans to immigrants and other persons in need
of housing in Israel. Office—108 Achad Haam St., Tel
Underwriter—None.
lecui'a
•
For
* Leeds Shoes, Inc.
March 29, 1963 filed 90,000 common.
Price—$3i50. Busi¬
ness—Company operates 25 retail shoe stores in Florida -
—
Co., Inc.
ui
'
financing, and accounts
—
Bannock
St.,
worth, Sullivan & Co., Inc., Denver.
space
Underwriter—None.
March
ciu
Office—1321
industries. Proceeds —For equipment, lease¬
hold improvements, sales promotion, and
working cap¬
ital. Office
12300 Washington Ave.,
Rockville, Md.
Estate Investments
Colo.
factoring. Proceeds
Precision Metals Engineering, Inc.
March 20, 1963 ("Reg. A?) $100,000 of 5*4% convertible
debentures due Dec. 1, 1969. Price—At par ($500). Busi¬
ness—Fabrication and finishing of metal components for
electronic devices used in the weather service, aircraft
general corporate purposes. Office—2727
Ave., Phoenix. Underwriter — William W.
Securities Co., Phoenix.
& Teleohone
General commercial
600
4;/.'///-' vV/V
(S.
R.) & Co.
("Reg. A") $200,000 of 6*4% subord. s. f.
debentures due March 1, 1978. Price—$1,000. Business-
* Alio
Central
fice—1755 Gilpin St., Denver,
* Langsam
—
New York.
and
v;
Price
Insurance Co.
A")
March 29, 1963
and working capital. Address—Fifth
Ave.,
Skagway, Alaska. Underwriter—Jay W..Kaufman & Co.,
Proceeds—For
w
in
("Reg.
—
construction
Futures, Inc.
Western Empire Real
offered
(Thomas)
1963
6,840 common. Price—Bv
amendment. Business
Writing of marine, automobile
fire insurance. Proceeds—Por
selling stockholders.
Office—457 Starks Bldg., Louisville. Underwriter—Stein
By amendment. Business — Company
supplies electricity and telephone service to the Alaskan
communities of Craig, Skagway, and Tok, and
supplies
electricity to Seldovia. Proceeds—For debt repayment,
11, 1963 ("Reg. A") 120,000 capital shares. Price—
$2.50. Business — Acquisition and development of land.
Bones
be
common.
Feb.
N.
will
29,
and
units each consisting of one
$1,000 debenture, 400 common, and 300 warrants. Regis¬
tration also covers an Additional 92,500
outstanding
March 21,
-Western
Bros. & Boyce, Louisville.
March
.
ment./
Wavelabs,
^Jefferson
Underwriter—None.
*
4
A' Alaska Power & Telephone Co. 1
April 1, 1963 filed $600,000 of-6%; subordinated deben¬
tures due 1978, 240,000 common, and 10-year warrants
to purchase an additional 180,000 common. The securi¬
materials.
tion will be withdrawn.
loan repayment, and con¬
struction. Office—233 Pearl St., Hartford. Underwriter—
None.
amount.
on-location cleaning
and
Proceeds—Foi
repayment and other corporate purposes. Office—
N. Wayne, Chicago. Underwriter—None.
debt
By amendment (max. $30).
Business—Company
supplies natural, and manufactured
gas
in Hartford
County, Conn. Proceeds—For
carpets, furniture, floors, etc., and the manufacture
sale of cleaning equipment and
Pi ice
de¬
subord.
principal
of
Price—95%
of franchises for
Business—Sale
April 5, 1963 filed 80,000 common to be offered for sub¬
scription by stockholders on a share-for-share basis.
This Week
Wenger ServiceMaster Co.
Wade,
* Hartford Gas Co.
Co.,
Forgan &
Underwriter—Glore,
Chicago.
St.,
Chicago.
53
gas plants, furnaces and other
equipment. Proceeds—Fo?
working capital. Office—16100 Waterloo Rd., Cleveland
Underwriter—None.
office machines; also
and other
Nov.
of
(1521)
■
Retirement Foundation, Inc.
April 8, 1963 filed 100,000 memberchir>s in the Founda¬
tion. Price—$10 per membership. Business — Company
will operate retirement centers for the use of rent-free/
private homes and apartments bv members^ upon their
retirement. Proceeds—For working capital, construction
Continued
on
page
54
54
The Commercial and Financial
Chronicle
(1522)
Continued
Union Securities & Co.-Equitable Securities
from page 53
other
corporate
Office—235
purposes.
bidders: Halsey,- Stuart & Co.
Inc.; Morgan
Stanley & Co.; First Boston Corp.; White, Weld & Co.;
Eastman Dillon, Union Securities &
Co.-Kidder, Pea¬
body & Co. (jointly); Blyth & Co.-Lehman BrothersMerrill Lynch, Pierce, Fenner & Smith
Inc.-Salomon
Brothers & Hutzler
(jointly). Bids—Expected June 11
(11 a.m. EDST) at 195 Broadway, New York. Informa¬
★ American Telephone & Telegraph Co. (5/7)
April 9, 1963 the company announced plans to sell $250,000,000 of debentures due May 1, 1999. Proceeds—To re¬
Lockerman
St., Dover, Del. Underwriter^—John D. Ferguson, Dover,
Del.
•
.
.
★ Teaching Machines, Inc.
of which 120,000
and 45,000 by stockhold¬
ers.
Price—By amendment (max. $9). Business—Com¬
pany develops and sells teaching machines exclusively
for Grolier Inc. Proceeds—For debt repayment and other
corporate purposes. Office—221 San Pedro, N. E., Albu¬
querque. Underwriter—To be named.
April
1963
1,
16o,000
filed
common,
to be offered by company,
are
tion Meeting—June 6
fund
Probable
(5/6-10)
March 29, 1963 filed $5,000,000 of 7% senior' debentures
due 1983. Price—At par. Business—Financing of tourist
Central
Feb.
enterprises in Israel. Proceeds — For general corporate
purposes. Address — Jerusalem, Israel. Undrewriter—
American-Israel Basic Economy Corp., New York.
March
—For
consumer
Brothers &
repayment, and expansion.
Address — 700
Bldg., Dallas. Underwriters—Midland Securi¬
Co., Inc., Kansas City, and Texas National Corp., San
;
debentures
due
will
take
over
1983,
par;
and
and
ers-Bear, Stearns & Co.
400,000
Chicago Burlington & Quincy RR
subordinated
common.
(jointly). Bids—Expected
Dr., Chicago. V
"K.
Price—For
scheduled for Aug.
Chicago.
Blvd.,
bidders:
(5/8)
international
telegraph operations. Proceeds—For sell¬
Western Union Telegraph Co., parent.
Office—60 Hudson St., New York.. Underwriters—Ameri¬
can
Securities Corp., and Glore, Forgan &
Co., New
York. Offering—Expected in late
July.
Co. Inc.
1, and Oct. 1. Office—547 W. Jackson
Buren
St.,
Chicago.
bidders:
Brothers
&
Halsey, Stuart & Co. Inc. Bids—April 25 (12
at above
in
June.
4
CST)
address.
clared effective this week by the SEC.
Offering
details, where available, will be carried in the
Monday issue of the "Chronicle."
construction/
Underwriters—(Competitive).
Antenna Systems Inc.
100,000 common offered at $5.50
Deetjen & Co., New York.
Australia
per
(Commonwealth of)
of 5% bonds due April
$30,000,000
1,
1983
offered
has
97V2%, to yield 5.20%, by Morgan Stanley & Co., New
raise
for
money
construction.
Office—120
E.
41st
New York.
Copenhagen Telephone Co., Inc.
$15,000,000 of 5%% sinking fund dollar debentures due
April 15, 1978 offered at 98% and accrued
interest, to
yield 5.57% by Smith, Barney &
Co., Kuhn, Loeb &
Co., Inc., Harriman Ripley & Co., Inc., and Lazard Freres
& Co., New York.
" .' "■
\
V-•
Union
■.
Financial
Federation, Inc.
.
*.
&
•>
Real
132,000 shares offered at $10 each
by Baker, Simonds &
Co., Inc., Detroit, and Alex. Brown &
Sons, Baltimore.
Life & Casualty Insurance
Co. of Tennessee
600,000 common offered at $32.25
man,
sale in New York
for
basis
each
10
held
of
of
one
new
share
record
April 5. Rights will expire
April 23. Dean Witter &
Co./San Francisco, is the prin¬
cipal underwriter.
Wisc<wJn Michigan Power Co.
$6 000,000 of 4V2% first
mortgage bonds due April 1, 1993
? £
-at 1021/2% and accrued interest, to yield 4.35%,
by Equitable Securities
Corp., Francis I. duPont & Co.,
and Paribas
Corp., New York.
ATTENTION UNDERWRITERS!
Do you have an
issue you're
Our Corporation
planning to register?
News
Department would like
knew about it so that
we can
prepare an item
similar to those
you'll find hereunder.
to
Would
write
you
us
telephone
at 25 Park
us
at
REctor
2-9570
or
Place, New York 7, N. Y.
Prospective Offerings
Alabama
Power
Co.
(5/9)
.
March 8, 1963 it was
reported that this
subsidiary of The
Southern Co., plans to sell
$16,000,000 of 30-year first
mor/gage bonds and S5.000.000 of
preferred stock in
May. .Proceeds—For construction.
Office—600 North 18th
St.,
Birmingham, Ala. * Underwriters U(Competitive)
Probabie bidders;
(Bonder Blyth & Co.,
Inc.-Kidder,'
Peabody & Co. (jointly); Lehman
Bros; Eastman Dillon,
/
tion
State.)
Western Light &
Telephone Co.
115,339 common being offered for
subscription by stock¬
holders at $32 per share on
the
&
bid¬
of
Witter
& Co.
at 300
10
Hutzler.
&
p.m.
EDST) at
(3:45
to
sell
1963 it
Proceeds
Brothers & Hutzler
(11
a.m.
(jointly). Bids
Expected June 18
EDST) at above address. Information Meeting
(2 p.m. EDST) at One Chase Manhattan
Plaza,
*.
tive.)
noon
Probable
bidders:
EDST)
at
Co.
Salomon
Brothers
&
products
•
—
For
expansion.
Bell
Telephone Co., Inc.
&'
to
Inc.-Salomon
(8:30
March 27,
Union
1963
it
$5,000,000
Gas
&
Pierce,
Hutzler
PDST) at above ad¬
•
Southern
sell
Brothers
a.m.
dress.
plans
-
Co.
was
reported that this utility plans
preferred stock and
$5,000,000 of
first half of 1963 to
help finance its
of
$11,750,000 construction program. Office—1507
Pacific
Ave., Dallas. Underwriters—Snow,
Sweeny & Co., Inc.,
New York, and A. C.
Allyn & Co., Chicago.
Hutzler;
(12
★ Upper Peninsular Power Co.
April 10, 1963 the company announced
plans to sell
34.000
common
shares.
Proceeds
For
construction.
Office—616 Shelden
Ave., Houghton, Mich. Underwriters
—Kidder, Peabody & Co.; Stone & Webster
Securities
Corp., and Paine, Webber, Jackson &
Curtis, New York.
Virginia Electric & Power Co.
(5/14) *
Jan. 16, 1963 the
company announced plans to sell
$30,000,000 of first
mortgage bonds due 1993. Proceeds—For
construction. Address—7th. and
Franklin Sts., Richmond.
—
transistor
Address —Tokyo,
Underwriters—(Competitive).
Stuart
&
Co.
Wnite, Weld
(6/11)
March 4, 1963 it was reported that this A. T.
& T. sub¬
sidiary plans to sell $20,000,000 of debentures in
June,
marking its first sale of debt securities. Office—240 No.
Meridian St., Indianapolis.
Underwriters—(Competitive).
Lynch,
Smith
(jointly). Bids—May 22
Japan. Underwriter—Dillon, Read & Co., Inc., New York.Indiana
plans to sell
mortgage bonds, series
Q> due May 15, 1988. Proceeds
To refund
$32,400,000
of outstanding
bonds, and for construction. Office
601
West Fifth St., Los Angeles. Underwriters
(Competitive.) Probable bidders: Halsey, Stuart & Co.
Inc.;
First
Boston
Corp.Dean
Witter
&
Co." (jointly);
Blyth & Co.-Lehman Brothers-Merrill
Fenner
address.
ranging from locomotives
Proceeds
(5/22)
,
'
Company is Japan's largest manufacturer of electrical
equipment and appliances turning out over
10,000 dif¬
ferent
Co.
company Announced,
of first and refunding
debentures in the
company
Edison
the
—
★ Hitachi, Ltd.
April 10, r1963 it was "reported that this
Japanese firm
plans to raise between
$10-$20,000,000 in the U. S. by the
sale of A. D, R's in the second half
of 1963. Business—
radios.
1963
—
:
Inc/Bids—Expected May 21
above
California
—
$6,600,000 of equipment trust certificates. Office
Broadway, New York. Underwriters—(Competi-:
Halsey, Stuart &
25,
$60,000,000
(5/21)
the
—
—June 13
to
that
—
—
March
Co.; Morgan Stanley & Co.; Lehman Brothers.
(Pre¬
ferred): First Boston Corp.; Lehman
Brothers; Blyth &
Co.; Eastman Dillon, Union Securities &
Co.-Equitable
Securities Corp.
(jointly); Morgan Stanley & Co. Bids
—Expected Nov. 7, 1963.
reported
Inc.-
(6/x8)
reported that this company plans
first mortgage bonds due 1993.
For construction.
—
Southern
Corp.; Harriman Ripley
to sell
Smith
Office
80 Park Place,
Newark, N. J. Underwriters
(Competitive). Probable
bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.;
White, Weld & Co.-Blyth & Co.-Goldman, Sachs & Co.Harriman Ripley & Co.
(jointly); Lehman BrothersMerrill Lynch, Pierce, Fenner &
Smith Ine.-Salomon
—
—39
Stuart
Electric & Gas Co.
was
$40,000,000 /of
New York.
(11/7)
Jan. 22, 1963 it was reported that this
subsidiary of The
Southern Co., plans to sell
$30,000,000 of first mortgage
bonds and $7,000,000 of
preferred stock in November.
Proceeds—For construction. Office—270 Peachtree
Bldg.,
Atlanta. Underwriters
(Competitive). Probable bid¬
ders:
(Bonds): Equitable Securities Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & Co.-Kid¬
der, Peabody & Co.-Shields & Co.
(jointly); Halsey,
Stuart & Co. Inc.; First Boston
Great Northern
Ry.
March 2, 1963 it was
&
Co.-
&
Halsey,
EDST) at 15 William St., New York.
p.m.
Georgia Power Co.
&
Co.-Ladenburg, Thalmann
(jointly); First Boston Corp.-Blyth
(jointly). Bids—-Expected June 12 (11 a.m. EDST)
Park Ave., New York. Information
Meeting—June
March 4,
address.
same
S't.,- New
Probable
Co.
Public Service
California
was
Meeting—May 6 (2
&
.
Dean
(5/8)
v
reported that this subsidiary of Gen¬
eral Telephone & Electronics
Corp., plans to sell $25,- 000,000 of first mortgage bonds in June.
Office — 2020
Santa Monica
Blvd.; Santa Monica, Calif. Underwriters
—(Competitive). Probable bidders: First Boston Corp.Equitable Securities Corp. (jointly);
Halsey, Stuart &
Co. Inc.; Paine,
Webber, Jackson & Curtis-Stone & Web¬
ster Securities
Corp. (jointly); White, Weld & Co.-Kid¬
der, Peabody & Co. (jointly).
Bids — Expected May 8
(11 a.m. EDST) at 730 Third Ave., New York. Informa-
v
per 'share-'by Gold¬
Sachs & Co., New
York, and Equitable Securities
Corp., Nashville. (Note—The stock was
not offered for
Brothers
Securities
6.
Telephone Co.
Feb. 5, 1963 it
,
Estate Shares
Bids—Expected June
General
•
.
General
Brothers-Salomon
E.; Washington
&
H
s- %; -;Y;/%->
100.000 common offered at
$62.50 per share by Kidder,
Peabody & Co., New York.
*
>
Co.-Lehman
Office—19
Underwriters.— (Competitive).
Sal.omon Brothers & Hutzler (jointly);
Co.; Merrill Lynch, Pierce, Fenner
ders: Morgan Stanley & Co.-First
Boston Corp. (joint¬
ly); Merrill Lynch, Pierce, Fenner & Smith
Inc.-White,
Weld & Co;
(jointly); Halsey, Stuart & Co. Inc.; Blyth
Probable
Pa.
Kidder, Peabody & Co.,-White, Weld & Co.Equitable Securities Corp.-Shields & Co. (jointly) / Har¬
riman Ripley & Co.; Lehman
Brothers-Eastman Dillon,
St.,
York.
Underwriters—(Competitive).
construction.
bidders:
made
25-year debentures
in June, for possible
refunding operations. It has definite
"plans to sell $25,000,000 of debentures in October to
at
bidders:
utility plans to
$9,000,000 of first mortgage bonds due 1993. Proceeds
Castle,
it
Bellwood,
★ Pennsylvania Power Co. (6/12)
April 9, 1963 it was reported that this
sell
March
Ave^
Probable
Corp.; Halsey, Stuart'& Co. Inc.; Blyth &
Inc.-Equitable/ Securities Corp.; Glore, Forgan &
Co. Bids—Expected
July 10.
•
15.
Co'umbia Gas System, Inc. (6/6)
18, 1963 the company stated that
tentative plans to sell $25,000,000 of
share by Emanuel,
Office—615. Eastern
Co.,
—For
May
Va.
First Boston
Blyth
Bids^-Expected
Roanoke,
•
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Kuhn, Loeb &
Co.; Kidder, Peabody & Co.;
Co.
St.,
Northern Illinois Gas Co.
(7/10)
April 9, 1863 the company reported that it
plans to sell
$20,000,000 of first mortgage bonds due 1988. Proceeds—
For
—
&
Jefferson
111.
by four major railroads, plans to sell $20,000,000 of 1-10
year serial bonds and $29,000,000 of
sinking fund bonds
due 1988. Proceeds
To repay bank loans, and refund
outstanding first 3Vs% and first, 2%% bonds maturing
July 1, 1963, Office—210 So. Canal St., Chicago. Under¬
de¬
North
Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Brothers &
Hutzler. Bids—•
June 24 (12 noon
EDST).
'
'
Hutzler;
noon
Office—8
Underwriters—(Competitive).
Chicago Union Station Co. (5/15)
March 19, 1963 it was reported that this
company, owned
Effective Registrations
were
_
Underwriters—(Competi¬
Salomon
de¬
★ Norfolk & Western Ry. (6/24)
.
April 8, 1963 it was reported that this road plans to sell
about $4,300,000 of 1-15 year
equipment trust certificates
&
(4/25)
27,- 1963 the company announced plans to sell
$2,625,000 of equipment trust certificates. Office—139
Probable
economic
Roanoke, Va.
Hutzler; Halsey, Stuart &
Bids—May 8 (12 noon CDST) at above address.
Van
Proceeds—For
upon.
Probable bidders:
Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler.
BidsApril 22 (12 noon EST).
Chicago, Rock Island & Pacific RR.
W.
decided
Underwriters—(Competitive).
March
tive.)
statements
•
Underwriters—(Competitive). Probable
Salomon Brothers
been
velopment. Underwriter—Kuhn, Loeb &
Co., New York.
★ Norfolk & Western Ry.
(4/22)
(
Feb. 13, 1963 it was reported that
this road plans to sell
about $4,410,000 of 1-15
year equipment trust certificates
in April.
Office—8 North Jefferson St.,
tentatively
for stock $3.50. Business—Company
operate Western Union Telegraph's
following registration
not
May
March 18, 1963 the company announced plans to sell
$4,500,000 of equipment trust certificates in May. Two ad¬
ditional issues, totaling about $10,200,000, are
ing stockholder,
The
★ Mexico (Government of)
April 5, 1963 it was reported that the Mexican
Congress
had authorized" the sale of
$100,000,000 of bonds in other
countries; It is expected that the
majority of them would
be sold in the U. S. Details as to
terms, timing, etc., have
(jointly); Halsey, Stuart & Co. Inc.; Salomon
Hutzler; First Boston Corp.; Lehman Broth¬
21 at 20 No. Wacker
,.
★ Western Union International, Inc.
March 29, .1963 filed $4,000,000 of 6^4%
debentures, at
American Electric Power
Co., 2 Broadway, New York.
company
$10,000,000 of first mortgage bonds due May 1,
Proceeds—For construction. Office—607 E. Adams
Smith Inc.
finance business. Proceeds
debt
■t Antonio.'
(5/21) •/
'plans
that this
(8/6)
Wayne, Ind. Underwriters—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co.
Inc.; East¬
Dillon, Union Securities & Co.; Harriman-Ripley
& Co. Inc.; First Boston
Corp. Bids—Expected Aug. 6 at>
bidders: Eastman
Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Merrill Lynch/Pierce, Fenner &
Gibraltar
ties
Service Co.
reported
Michigan Electric Co.
Cc
,
,
address.
same
man
able
Business—Company and 30 active subsidiaries
engaged in the
Public
was
EDST) at
p.m.
12, 1963 it was reported that this subsidiary of
American Electric Power
Co., Inc., plans to sell $45,000,000 of first
mortage bonds due 1993. Office—2101 Spy
Run Ave., Fort
St., Springfield, 111. Underwriters—(Competitive). Prob-
filed $1,026,000 of 7% junior subordinated convertible capital notes (series A) due 1978/Price
are
Illinois
1963 it
25,
1993.
29,. 1963
—At par.
Indiana &
(2:30
March
debentures due Nov.
to issue
''•-★ Universal Finance Corp.
*
like amount of 5%
a
1, 1983.
Office—195 Broadway, New York.
Underwriters—(Com¬
petitive). Probable bidders: Morgan Stanley & Co.; First
Boston Corp.-Halsey, . Stuart
& Co. (jointly). BidsExpected May 7.
★ Tourist Industry Development Corp., Ltd.
.
Thursday, April 11, 1963
.
Corp.-Drexel
(jointly); Halsey, Stuart & Co. Inc; First Boston
Corp.; Morgan Stanley & Co. (Preferred): First Boston
Corp.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Co. (jointly); Blyth & Co.; Morgan
Stanley
& Co.; Stone & Webster Securities Corp.
Bids—Expected
May 9, 1963.
•
& Co.
and
,
.
-t
&
Probable bidders:
Halsey,
Inc.; Stone & Webster Securities
Corp.;
Co.; Eastman Dillon. Union Securities
&
Salomon Brothers & Hutzler.
Bids—May 14 (11
ELSi) at One Chase Manhattan
Plaza, New York
formation
aduress.
Meeting—May
•
,
10.
(11
a.m.
EDST)
at
a.m.
In-
same
Volume
197
Number
6254
The Commercial and Financial Chronicle
.
.
.
(1523)
The
of the
one
Security
leading life companies
in California in
short
a
Wilhelm V.-P. of
0. E. c. D. study On
Madison Fund
The Chemical Industry
Madison Fund,
Inc., leading closeend investment
fund today, an¬
period of
The chemical
Zeller Partner of
time.
I Like Best
Insurance
rated
Continued from page 2
large amounts of
needed
to
not
are
the
market
business.
1962
Last year the total payout, includ¬
ing extras,
57c
was
dividend
current
share.
a
is
12c
extra
at
depending
The
Securities
writer,
Securities
of insurance
States.
stocks
Trust
million,
This
ferently
in
important
place, it is
the
As
true
ment.
trust fund
a
which
actual trust agree¬
an
These, agreements
10 years,
issued either
payment
or
on
single
a
accumulative
an
basis.
payment
for
are
on
ISI
charges
a
son
Fund
1957
as
$6 million
over
v
income
assets
were
tax
10 year trust,
can
period
by
Creation
534,000
expires, the investor
it for
renew
another
paying
fees
last
ISI
more
will
the;
the
current
price
another
with
compared
also
rated
fee of
$1,750,000
paid
in
value
ment
Securities
a
is
at¬
an
tractive "business man's risk."
In
current
on
most
mutual
Therefore,
fee
does
fluctuations
asset
funds
the
not
in
the amount
on
manage¬
fluctuate
the
with
market
value
of
stocks in the trust. Last year
the management fee was $2.5 mil¬
lion,
up
year
before.
from
$1.9
.also
ISI
_
million
the
acts
as
title
"special
brokerage commissions
amounted to
■Insurance Securities Trust Fund
has
been
sold
in
since
operations
Sales
are
began
through 550
only
in
1938.
registered
representatives who work directly
for
ISI.
expand
800
The
this
states
In
be
bonds
level
into
is
other
invested
in
California
ance
Securities
total
of
Trust
1962,
more
the
invest¬
Trust
Insur¬
Fund.
investments
new
Fund
in
went into
$82
was
than in
the
million
other
any
company's
The
in
in
year
history.
This
far
was
from
a
banner
year
year
for
the investment company industry.
Perhaps the most important step
taken by ISI was the forma¬
ever
tion
recently
of
Life
Insurance
Company of California.
The
in¬
is
natural
a
the
prior
has
thorough
a
knowledge
of the insurance business and
learned—from years
in
the
leading
panies—how
fund,
the
industry.
pany
has
force,
many
or
are
of
investing
is
com¬
made
com¬
ready
a
sales
made
.of whom
have
insurance
now
over
customers
for
been
agents.
100,000 poten¬
life
expect
subsidiary
is not
this
to
1973
of
of
except
a
sinking
for
semi¬
$833,000 be¬
thereafter
1
to
.
April 1, 1983. These payments
issue.
to
The
Regular
the
retire
100%
sinking
life
become
resides
East,
North
up
by 8%
1960 with
over
was
total
a
for the year of $29,800 million.
Western Europe and the United
States slowed down from previous
In
years.
Europe
6%
was
in
Inc.,
New
of
year.
production
14%
This
1959.
over
States,
in¬
the
increase .in
the
an
over
to
compares
In
following
in 1959
increase
United
of
1958, the index
of chemical production rose
slowly in 1960
(6%)
more
and in
1961
(5%).
In
Europe,
in
as
the
United
redemption
bonds
and
on
obligations
wealth
and
shares
of Financial
Federation, Inc. capi¬
tal
stock
$62.50
of
the
share.
per
offered
by certain stockholders,
of the proceeds will
the
and
of
the
for
April
1,
prin¬
are
sultant
which
it
their
Federation,
services
savings and
to
11
con¬
California
associations,
than
more
issued
guarantee
head¬
Angeles,
loan
owns
and
assists
sale
serves
of
in
real
company,
the
purchase
under
and
deeds
of
-A': y
Australia.
are
Principal
Mass.—R i
h
c
a r
F.
d
&.
King, Inc.,
bury
St.
He
was
137
New¬
formerly with
the
proceeds
equiva¬
will
be
borrowing
program
Australian
The
Council
of
the
and
most
the
approved
Loan
Governments
monwealth
of
recent
the
due
of
1982
of
on
group
Oct.
for
in
1,700,000
persons
with
compares
ployed
in
the
only
total
a
in
1961.
a
The
manpower.
employed
;of
This
the
$836,100 em¬
chemical industry
in the United States.
chemical
products
With Wm. J. Mericka
COLUMBUS, Ohio
sale
of
South
Roger
become
with Wm. J. Mericka
Third
D.
associated
&
Co., Inc.,
St.
He
was
formerly with The Ohio Co.
Economic
pean
showed
a
by
for
Net
invest¬
ment.
is a busi¬
trust organized under Michi¬
law
with
in
April,
of
an
through
consisting
for
to
income
the
Canada.
The
company is designed to qualify
"real
estate
investment
R. A. Dudrak Opens
This trade
ACETATE
•
N.
rak
conducting
business from offices at 1539 Her¬
compared
with
V;;.;-;-
67%
in
"r vF'
•
months
in
1962
for
Europe
value
added,
products.
deal
Separate
Dud-
em¬
chapters
name
Investment
Company.
A. Greenfield Opens
and
North America, It analyzes supply
demand,
A.
securities
a
of Richard A. Dudrak
situation in the chemical
industry
both in
1961
and
the
first
six
and
is
Y.—Richard
kimer Road under the firm
OECD report describes the
Arnold
a
Greenfield is
engaging in
securities business
666
Fifth
He
from
Avenue,
formerly
was
&< Co.,
Investments.
offices
New
York
with
Inc., and
DIVIDEND
NOTICE
Many statistical tables and graphs
illustrate the report; and for the
firsts time
statistical
are
tables
REGULAR
on
QUARTERLY
included.
NOTICE
i The
CELLOPHANE
•
an
AVISTRAP®
•
Board of Directors has
declared this day
AVICEL®
i
COMMON STOCK DIVIDEND N0.11S
|
DIVIDEND
This is
a
regular quarterly
dividend of
NOTICE
V.
Stanley & Co.
AMERICAN
Form J. J. Pike Corp.
LOS
ANGELES, Calif.—J. J. Pike
Corporation
curities
is
conducting
business
Wilshire
from
a
offices
Boulevard.
se¬
at
Officers
VISCOSE
CORPORATION
Directors of the American Viscose
regular meeting
of
on
Corporation, at their
April 3, 1963, declared
a
dividend
fifty cents (50c)
payable
on
per share on the common stock,
May 1, 1963, to shareholders of record at
close of business
on
April 17, 1963.
Treasurer; and Harvey B. Jones,
Secretary.
PER SHARE
Payable
on
,
May 15,1963
to holders of record at
of business, April
,
L
closa)
19,1963
KARL SHAVER
SECRETARY
John J.
Pike, President; James
Maupin, Vice-President, and
|
April 4,1963
Vice President and Treasurer
THE COLUMBIA
GAS SYSTEM,
RAYON-.
ACETATE
•
CELLOPHANE
•
AVISTRAP®
.
AVICEL*
R.
Har-Lee
respectively with petroleum
bonds
Morgan
;
UTICA,
the
•
as
trust"
under the Internal Revenue Code.
DIVIDEND
RAYON
an
A in
.estate
and
>
properties
principally .of
States
own,
shares,
diversified
real
the
investors
opportunity
in
producing
United
1962,
providing
transferable
interest
Community
marked rise.
17, 1962 sold by
headed
Baltimore.
used
accounted for 71% of EEC imports
from
the European members of
petroleum
DIVIDEND
bonds
in
5 V2%
Sons,
will be
the members of the Euro¬
among
chemicals, dyestuffs and plastics.
—
shares
General
^ General Real Estate
a
in
&
proceeds
purpose
with
in
Estate Shares, at $10 each
being made by Baker, Simonds
&
Co., Inc., Detroit, and Alex.
for
industry in
interest
is
Topik
40.
as¬
sn^
offering of 132,000
States.
Commonwealth
$25,000,000
by
una
Real
City.
has
Gordon,
OhI, having been
beneficial
and international trade in chemi¬
Co.
ap¬
Com¬
United States market involved
issue
Public
Atherton
Nelson
in
partner
Stock Offered
at
&
a
Cahill,
Estate Shares
Draper, Sears & Co. and Schirmer, ployment, investment, price trends
payable in U. S.
plied toward capital expenditures
being financed under the 1962-63
the
recorded
achieved
was
increase
The
Rudell has become associated with
Graham
&
was
of
General Real
gan
increase
T960.
Graham, King
BOSTON,
firm
OECD,
estate loans
trust.
di¬
Common¬
The Australian
currency
the
1961
outstanding
The
trustee
as
g .F^,
Eberstadt &
sociated with that
ness
of
currency.
to
5%
Trade
and
stock.
of
80%
also operates an insurance
agency
business,
law
cal
of
interest
lent
The
2%
Los
A
the European chemical
industry
in
industrial
production in general.
accrue
company.
Joins
after
than
All
being
are
faster
re¬
prices
cipal amount. The bonds
rect
States, chemical production is in¬
creasing
of
shares
the
to
joinin
Zeller
Co., Mr. Zeller
Brown
York,
under¬
an
17%
1960
the
over
1961
preceding
managers
at
Prior
Robert G.
,
Reindel
As with turnover, production in
the
chemical
industry in both
100,000
to
nl
tivities.
industry of the United
States. It notes that turnover
crease
of
fund
1973 range from 101% to the
C.
insurance
redeemable
1,
Oct.
the
Trust
it
Co.,
Financial
1, 1965 and before each
and
calculated
611
to
currently
yield approxi¬
provides
are
are
Therefore,
and
including Oct. 1, 1982, to¬
gether with a payment of $845,000
insurance
Fund.
April
and
in holders of Insurance Securities
unreasonable
97V2%
not
payments
1
The
in
Secondly, the
Third, ISI has
tial
has
&
In¬
announced the
none
1983.
in-
me
t
;■
Boulevard
quartered
is
which
April
public
investqv>d
public offering
sold
at
operation
fore Oct.
a
insurance
money
to
the
to maturity.
issue
com¬
In the first place, manage¬
pany.
ment
for
move
This
Graduate
University.
Wilhelm
joint
1,
April
mately 5.20%
itial paid in capital and surplus is
$1 million, all owned by ISI.
the
Bergen,' N. J.
Australia. 5%
priced
are
The
underwriting
of
accrued interest to
record of progress in 1962 is par¬
ticularly significant since last
Georgetown
Kidder, Peabody. & Co. and Mc¬
demption price is 100%.
considered.
of
Secondary Offered
issue of $30,000,000
an
due
bonds
1962, one-fourth of all funds,
ment companies
in
to
the
announced
offering of
to, about
that
expansion
will
has
Commonwealth
on
force
When
men.
reached,
plans
company
sales
of
manager
group,
vate
over
writing group have
as
to
the firm's pri¬
the
11%
with the 1961 achievements in the
chemical
of
Federation, Inc.
Morgan Stanley & Co., New York,
will
special
v e s
the
Arranged
annual
California
Rowland O. Wilhelm
Service
Donnell
:
.
.
1.
o
8900
as
1960
by
re¬
Mr.
attention
dustry 1961-1962," deals separately
e
Australia
through
$635,000.
In
increased
a
Zeller
give
the
report, "The Chemical
boom
Of) Financing
been
nounced.
clC-
The
was
situation."
(Commonwealth
from
Ex¬
change, it has
that of 1959.
Financial
broker in buying and selling port¬
folio securities in the 1962 fiscal
year
re¬
of New York
at
Stock
,.,:,;...
.v.
and
turnover
decline
period.
turnover
opinion, it truly deserves the
my
Incorpo¬
management
a
year
not
—
as
charge.
<
charges
Vz %
fee.
$6,-
were
o
Mr.
Co., 65 Broadway, New York
City, members of the New York
increase, however, showed
"1959-1960
School of Business Administration
more
with
total
a
Eberstadt
&
a
boom in chemical products in the
&
t h
Foreign
passage of time and that the stock
at
h
c
The
measurable
a
University,, and
gain
recognition
The
graduated
S
Cooperation
become
F.
depart¬
He
from
Fixed
year
year
the previous year.
Insurance
10
ment.
only $450,000.
I .believe
and
payable.
in the
search
in cash
was
Current liabilities
creation fee of 8.85% of the aggre¬
gate amount to be paid. When the
Co.
to
has
in
from $20,700 million in
$21,800 million in 1961.
1960 to
Loeb,
R h oa des'
the
over
Zeller
partner
increased
in¬
with
M.
1961
G.
general
by the organization
Economic
Development.
previ¬
Carl
Robert
increase in
according
year,
report issued
for
5%
a
during
preceding
and
ously
1962,- current
$9.3 million, of
were
equivalent,
was
are
i.C
30,
Rowland
in
an
turnover
utility analyst,
share¬
.
of
industry in Western
Europe showed
Vice-President. Mr.
Madi¬
dustrial
were about $7
million, including
approximately $3 million of Fed¬
in
the investor
and
sense,
enters into
;!■>:/
June
of
2,000
among
assets of ISI
eral
In the
to
risen
joined
by large shareholders.
re¬
many
spects from mutual funds.
has
election
as
Wilhelm, who
of
number
ISI
the
O. Wilhelm
shareholders.
the
remaining 890,000 shares
holders.
$900
dif¬
1,600
of
distributed
or
trust operates
nounced
Companies, Inc.
date
owned
The
in the United
$685 million at
in
early
Approximately 83%
5,162,700 shares outstanding
owner,
exceed
A public
year.
2,000.
of the
are
Fund,
single
Fund
from
up
30.
first
about
At present the total assets
this
June
30)
under¬
Trust
which is the largest
that
shareholders
and-principal ; broker for
Insurance
of
by
administrator, invest¬
„
Life
its
to
Since
Incorpo¬
adviser,. principal
when
p. Eberstadt
publicly
established
was
shares
total earnings.
Insurance
rated is the
ment
(June
year-end
on
a
Incorpo¬
been
distributed approximately 550,000
quarterly
and this will be supplemented
an
has
common
traded for about
money
expand
Securities
55
INC.
56
The Commercial and Financial Chronicle
(1524)
••
.
.
'
*■'
••
.
.
Thursday, April 11, 196.3
.
""{ '
•"
'
u
.
May 6-7, 1963 (Richmond, Va.)
WASHINGTON AND YOU
Association
MR. CACKLES
Firms
Governors
of
Marshall
Stock Index
FROM THE NATION'S CAPITAL
at
the
of
the
John
Hotel.
8-11,
May
H
Exchange
Meeting
Spring
Board
BEHIND-THE-SCENES INTERPRETATIONS
Stock
of
Sulphur
(White
1963
Springs, W. Va.)
Investment
Board
WASHINGTON, D. C.—The head¬
line
to the se¬
of importance
news
market
curities
recent
the
was
the Securities and Ex¬
release by
change Commission of portions of
colossal
its
told
that
report
of
purported abuses in the securities
more
Congress for
to curb the condi¬
asked
and
market,
powers
After hearings and pro and
con
^debate, it is reasonably
certain
Congress will give the SEC
that
to carry out some
the rules of the
the changes in
Commission
as
recommended by
important
real
economy
shaping
it will
nearly
category
of
agencies,
bureaus
commis¬
Most all of them seek more
sions.
and
power
000
are
Committee
securities, and many of them
need protection from unscrupulous
who attempt through de¬
persons
ceit
tell
the
"inside dope"
of so-called
to
get rich
gullible how to
quick.
the need
report points up
within the
regulations
more
of
industry
Congress
good, long look at the
practices.
shady
some
will take
out
stamp
to
a
Meade
front
unfavorable
year—does that
at the
sharp
the wrist of the Rural
rap on
Administration
Electrification
of
REA's
friends.
policy
supplied through REA. Pri¬
were
owned
-
furnish
part
the
of
J.
Chairman
the
of
Committee and
ture
the. Senate
member of
a
Appropriations
Com¬
mittee,
leased, and the additional portions
money-lending agency of "empire
to come.
are
building" with taxpayers'
Said to
Agency's Workload
Clapp,
paramount purpose for the
existence of the SEC is to protect
the
investing public. The records
workload
the
that
show
the
of
is increasing from year to
agency
year.
existing
securities
public!
to
offered
file
to
the
registration
a
related
and
of
issuers
law,
be
must
statement
prospectus
providing significant information
the
about
The
offering with the S'EC.
recommended
SEC
before
for
numerous
for
asks
more
employees
more
functions
the
out
carry
1964
year
like
agencies,
and
money
for
budget
fiscal
the
Congress,
Federal
to
the
of
Commission.
plains
the
that
SEC
regulates
public utility holding companies.
total
systems,
of
17
holding
comprising
161
companies,
with
billion,
registered
are
Public Utility
Foreign and
companies
their
company
assets
$11.8
under
registered also and
supervised. Assets
of these companies have increased
from
$2.5
estimated
billion
$31
in
to
1941
billion
#on
Jan.
an
1,
1962.
The
SEC,
one
of the independ¬
of the
Federal
ernment, has about
nent
fairly
with
employees,
small
some
if
1,500
which
one
other
Gov¬
perma¬
remains
compares
agencies.
How¬
increases each year.
will
the
of
"In my
in the
working
five-year terms,
each year.
President
one
around
Congress.
are
for
term ending
Tele¬
the
Country
loan
authorizations
i, 1963, totaled
than
states.
46
billion.
$1
little
prising 213
co-ops
a
had
Loans
tion
judgment," said Senator
is immoral
extreme, and the situation
effort should be made by
operatives
and
to
the Co¬
their
obtain
power
needs from pri¬
transmission
The
felt
never
needed
it,
that
[This column is intended
their
own
therefore
and
the
under
views.]
COMING
De¬
June
.
public
bodies
IN
not
the
totaling
slightest
pos¬
sibility that Congress will amend
subsidy
the
of
been
the
this
sentiment
but
year,
increasing
only
about
a
Municipal
Conference
At
REA
two, foreclosures,
to
the
$34,000.
The
private
crease
4% Money Loaned by Agency
ing
2%
has
REA ; was
*
April 17-21, 1963 (Syracuse, N. Y.)
and
American
only
$5
some
thing
or
in
of
1963
Association
at
the
(Canada)
Dealers
Canada
Annual
Association
Meeting
at
Jasper Park Lodge.
that
worried
has
Security
investor-owned utility
of
authorized
maintains that
Re¬
Indian
New
Grand
generat¬
and
(New York
Traders
York
Dinner
in
-
Mills
Electronics
:
Official Films
City)
Association
Annual
Head
Maxson
-v
MARKETS
Botany Industries
-
the number
plants
Association
ol
Waste King
the
Ballroom, Waldorf-Astoria
Hotel,
Our New
York
telephone number'is
CAnal 6-4592
built
CHRONICLE'S Special Pictorial
Section May 9.
this action is abso¬
LERNER & CO., Inc.
and
lutely contrary to the original in¬
May 3, 1963
telephone programs at the rate of
tentions of Congress. He expressed
Pittsburgh Securities Traders As¬
2%
the
sociation
billion
electrification
Bar
gional Meeting.
with REA funds. Senator Ellender
loaned
20-23,
TRADING
have
companies has been the large in¬
change be made.
The
there
April 26, 1963
is
Capitol Hill that
on
(Chicago, 111.)
Attention Brokers and Dealers
electrification loans
billion
$4.8
loss
Electrification Administra¬
Rural
tion
policy
loan
held
sociations.
Of the 1,097
is
There
be
May 31.
INVESTMENT FIELD
as¬
vately owned companies, if at all
possible."
19-21, 1963
on
Bankers
June
EVENTS
and
limited dividend
or
Cocktail
A
will
Investment
Investment
should give preference to
cooperatives,
Party.
Dinner
Supplement July 11, 1963.
provides that in making loans the
nonprofit
and
Pick-Congress Hotel.
partment of Agriculture. The law
agency
■
-
CHRONICLE'S Special Pictorial
highly urbanized.
operates
•
(Atlanta, Ga.)
May 30, with Outing
reflect
to
three New England States of
REA
-
Spring
Party
the "behind the scene'* interpretation
states
at
(pre¬
Georgia Security Dealers Associa¬
and 584 private
from the nation*$ Capital and may or
may not coincide with the "Chronicle's'*
Island
Rhode
day
Club
,
and
Massachusetts,
Bankers
field
May 22nd by cocktails and
dinner.)^
May 30-31, 1963
com¬
It
Connecticut,
Investment
Omaha
ceded
to
up
a
Hawaii because the Legislature of
course are
should be rectified at once. Every
for
interest rate
is costing the
about
4%
a
while it
year,
Federal government
to borrow
the loans. Several
pronounced
that
from
the
trend
the
Investment Securities
is
original
annual
the Oakmont
spring outing
at
Country Club.
10 Post Office
Square, Boston 9, Mass.
Telephone
HUbbard
Teletype
2-1990
617
451-3438
service
and
bills
so
conviction
(Pittsburgh, Pa.)
pend¬
are
—3
require the REA
to lend money to the Co-ops and
others
costs
at
the
the
that
rate
same
Government
to
Major Pool
it
borrow
Equipment
the funds.
When Congress created the REA
in
1935
the
of
the
intentionally
and
and
Ellender, "this policy
of whom may
by
cooperatives.
been made to 797 borrowers
It may very
in
function
(Omaha, Neb.)
and
did not pass necessary legislation.
agencies
there
agency
was
farm
The
families
Corporation
need for
the United
electricity.
the
real
small percentage
a
the farms of
had
a
in many parts of the
.country. Only
political party. Members
in
May 23, 1963
Bro¬
Hotel.
annual
companies.
operates
Americana
Association
January
well be reduced.
eral
of
appointed
1964?
the
at
com¬
more
states
The Commission is composed of
five members, not more than three
be members of the
seeking for
Meeting and Dinner
Annual
phone
a
$400,000,000 loan authorization it
is
kers
should
g r ess
Nebraska
ques¬
give REA
ing hand-in-glove with other Fed¬
it
ever, the records show the number
same
staunch
City)
Customers
panies
the
by
Louisiana, the
will Congress
does not
a
attack
those
ing that would
ent agencies
tion is
because
Chairman
(New York
ing loans to small telephone
Ellender charged REA with work¬
the
domestic investment
activities
been
friend.
Senator from
REA
separate
of
Holding Act of 1935.
are
has
powerful
by
outing
of
approval of Congress began mak¬
in 46 States
the
of
Because
Norman
jolt
real
a
Ellender
and
the
The budget recommendation ex¬
A
was
by-passing
Under
the
Mr.
money.
promptly denied
rap,
Administrator
REA
Be Increasing
The
subsidized
the
accused
That
REA Operates
Con
Several year ago REA with the
Ellender,
Senate Agricul¬
that
thoroughly examine the situation.
companies
power
substantial
a
farms with electricity.
Allen
Senator
annual spring
Country Club of Maryland.
Association
by vately
staunch
longtime
(Baltimore, Md.)
May 23, 1963
Washington, took cognizance of a
the
Security Traders Asso¬
ciation 28th
form?"
emanating from
news
Outing
Country Club, respectively.
Baltimore
I use the short
mean
to
long accustomed
country,
short this
companies in
vestor-owned power
this
"I'm
in¬
the
Club;
Country Club and Belle
May 17, 1963
portions of the report thus far re¬
that
Hillwood
REA Accused of
another
City
Dealers annual spring party at
'ifX&v)
*
securities
Queen
Nashville Association of Securities
reduc¬
posed 1964 fiscal year budget.
Along
Day—
try Club.
of the pro¬
areas
Field
May 16-17, 1963 (Nashville, Tenn.)
likely to be
similar
of
tions in various
Annual
May 17 at the Losantiville Coun¬
However, the House Com¬
forerunner
the
the
restoration in part,
mittee action appears
.
_
(Cincinnati, O.)
Reception and Dinner May 16 at
not be restored. Chances are
at least.
coni
Park
Municipal Bond Dealers Group of
Cincinnati
a
Mutual
■.
_
request
dollar
half-billion
of
annual
Sheraton
■..
May 16-17, 1963
raised.
This does not mean that part
43rd
the
at
Hotel.
Administration
Kennedy
"accelerated
public
works," program, some eyebrows
one
The
for
ference
pro¬
a
"Empire Building"
17,000,-
in this country who
persons
own
rejected
Association
Savings Banks
$500,000,000
public.
estimated
an
Appropria¬
But when the House
in
important
more
the eyes of the American
There
and
employees
more
become
thus
Federal
all
and
May 13-15,1963 (Washington,D.C.)
get is a matter of specula¬
there will be
Probably the Securities and Ex¬
Palmer
the
at
House.
National
the
,
in CongresSi How far
up
posed
(Chicago, 111.)
convention
nual
be
may
at
Financial Analysts Federation an¬
tion.
will
change Commission is in the same
that
scrap
Meeting
:
May 12-15, 1963
the kickoff of the
was
Governors
the Greenbrier.
the most
Perhaps
week.
the
ing
a
staff.
65-man
in Washington dur¬
were
broader powers
of
other developments
There
tions
of.
tions complained
were
of importance
Association
Bankers
of
States
Carl Marks & Co. Inc.
FOREIGN
workload
was
truly
SECURITIES
20 BROAD STREET
•
Bought—Sold—Quoted
SPECIALISTS
NEW YORK 5, N. Y.
Annual Report
on
TEL: HANOVER 2-0050
TELETYPE 212-571-1685
available
request
burdensome without electricity.
Today almost 98%
of the farm
homes in America have electricity.
Not all
of these
homes, of
course,
1ILL, THOMPSON & CO., INC.
L\/
Ell
70 Wall Street, New York 5, N. Y.
Tel. WH 4-4540
Tele. 212 571-1701
@FedFRASER