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ESTABLISHED 1S39 In 2 Sections The Commercial Financial an — Section 2 d Chronicle Reg. U. S. Pat. Office Volume 189 Number 5838 New York 7, N. Y., Thursday, April 16, 1959 Price 50 k... TEXAS GROUP INVESTMENT BANKERS ASSOCIATION ■ I • - . OF AMERICA % 24th Annual Convention SAN ANTONIO, TEXAS APRIL 1-3, 1959 \ Cents a Copy 2 TEXAS GROUP EXECUTIVE C OF M O M I T IBA IT E E SECRETARY- CHAIRMAN John P, Henderson B. Franklin Houston M. E. Allison A Co., Inc., San Dallas Antonio ties C Wm. A. Beinhorn, Russ Inc., A Jr. Winston A Co., Houston M M I John W. Turner Antonio T T Walter M. Sorensen Rotan, Mosle A Co., E E Earl G. Wilbur E. Hess Hess A Company, Houston John W. Pancoast Dewar, Robertson Pancoast, San Antonio A PUBLIC Dallas William C. Porter I f Dittmar A Company, Inc., San Antonio SAVINGS SECURITIES EDUCATION R. Brud Smith RELATIONS BOND Taylor B. Almon Rauscher, Co., Pierce Inc., Dallas B. Franklin Houston A Dallas Union Securi¬ ties Co~ Inc., Dallas Charles C. Pierce Rauscher, Pierce A Co., Inc., Dallas CHAIRMEN MUNICIPAL LEGISLATION Fridley & Frederhing, Houston EE Newton MEN Fridley Houston COMMITT R. Lentz, Newton A Co., San Antonio Rowles, Eppler, Guerin A Turner, Inc., Dallas Company, San 0 SECRETARY Frank Russell R. Rowles Union Securi¬ Co., Inc., Dallas EXECUTIVE TREASURER VICE-CHAIRMAN VICE-CHAIRMAN John P. Henderson M. E. Allison Inc., San MEETINGS AND NOMINATING A Co., Antonio Nelson Waggener Walker, Austin A Waggener, Dallas MEMBERSHIP W. C. Jackson, Jr. First Southwest Company, Dallas ENTERTAINMENT Milton Halpern Rauscher, Pierce A Co., Inc San Antonio Volume 189 Number 5838 The Commercial and Financial Chronicle ... 3 \ Underwriter John P. Warren Distributor • Dealer Henderson, M. E. Allison & Co., San Antonio, Chairman of the Texas Group of I. B. A.; Crowell, Crowell, Weedon <ft Co., Los Angeles, Vice-President of Investment Bankers H. Association of America; Murray Hansen, General Counsel, Investment Bankers Association of America; W. C. Jackson, Jr., First Southwest Company, Dallas FIRST <Sotd/lW€4t COMPANY- mercantile bank building dallas Abilbne Houston Lubbock Plainvibw San Antonio Tyler Joseph D. Krasowich, Gregory & Sons, New York; Francis X. Coleman, Gregory & Sons, New York; Mr. & Mrs. Walter M. Sorensen, Rotan, Mosle & Co., Houston FIRM BIDS AND OFFERINGS "><s>4a& UNDERWRITERS DISTRIBUTORS DEALERS • SKI : Municipal FIRST & Mrs. M. M. I 2. J BANKERS NATIONAL DALLAS Mr. Company w INVESTMENT 600 w lies BANK BUILDING TEXAS Hatcher, First National Bank, Dallas; Mr. & Mrs. E. J. Alt gelt, Harris Trust & Savings Bank, New York SPECIALISTS IN SECURITIES OF THE SOUTHWEST PRIVATE SPECIAL PLACEMENTS SITUATIONS PRIVATE WIRE TO STRAUSS. BLOSSER ft MCDOWELL. NEW YORK CITY Teletypes DL 558 (Municipal), DL 998 (Corporate) Telephone Riverside 8-5081 Enterprise Telephone Numbers New York (Enterprise 6434) BRANCH William H. Urell, F. S. Smithers & Company, New York; Francis J. Cunningham, Kidder, Peabody & Co., New York; James S. Abrams, Allen & Company, New York; Wilbur H. Frederking, Fridley & Frederhing, Houston; Russell M. Ergood, Jr., Stroud & Company, Incorporated, Philadelphia OFFICES: 10NGYIEW Chicago (Enterprise 6234) • LUBBOCK • SAN ANTONIO The Commercial and Financial Chronicle 4 . . . Thursday, April 16, 1959 Rauschee, Pierce & Co., Inc. Member r/'. New York Stock Midwest Stock Exchange Exchange American Stock Exchange (Associate) Underwriters Brokers • Dealers • Distributors Louis Municipal Bonds Bank and Insurance Pauls, Louis Pauls & Co., Galveston; Mrs. Arnold Kocurek, San Antonio; Nongard, Nongard, Showers & Murray, Inc., Chicago Mr. Sc. Mrs. R. C. Company Stocks Mutual Investment Funds Public Bonds — Utility, Railroad and Industrial Preferred Stocks Common Stocks — Mercantile Dallas Building Dallas 1, Texas Austin Fort Worth • Midland Riverside 1-9033 • Odessa • Harlingen San Antonio • Houston • • Tyler • Lubbock Fayetteville, Ark. • Mr. TEXAS & Mrs. John National Corp., San MacKenzie, North American Securities Co., San Francisco; Gus Nelson, Texas Antonio; Mr. & Mrs. John W. Coles, Jr., North American Securities Co., Houston MUNICIPAL BONDS Central Investment Company of texas 4310 Westside Drive, Suite D P. O. Box 1738 Dallas 21, Texas Bell Teletype—DL 586 LAkeside 6-3818 Edmund San J. Wardell, Distributors Group, Incorporated, Houston; Gus Nelson, Texas National Corp. Antonio; John L. Abbe, Distributors Group, Incorporated, New York; Edward H. Keller, Texas National Corp., San Antonio UNDERWRITERS and DISTRIBUTORS Complete n Information Southwestern For Firm Bids on Call, Wire Issues! Texas or Municipals, Write Bond Department REPUBLIC NATIONAL BANK OF DALLAS Rl 1-5587 TEL • TWX-DL-418 Rl 1-5761 MEMBER F. D. I. C. *j, Mrs.James F. Jacques, Mr. Southwest all of First & Mrs. William C. Jackson, and Mr. Sc Mrs. William Smallwood Company, Dallas; Cushman McGee, R. W. Pressprich & Co., New York Volume 189 Number 5838 ... The Commercial and Financial Chronicle Underwriters — CORPORATION Distributors AND — Dealers MUNICIPAL SECURITIES \ TRADING LEADING MARKETS SOUTHWESTERN IN SECURITIES AND TEXAS INSURANCE STOCKS Murray Hansen, Investment Bankers Association of America, Washington, D. C.; Mrs. Keen Ferguson; Mr. & Mrs. H. H. Dewar, Dewar, Robertson A Pancoast, San Antonio Russ & Company INCORPORATED Members New York Stock Exchange American Stock Exchange Alamo National SAN FORT ANTONIO 5, TEXAS WORTH SAN Bids and Firm Brud Smith, Executive Secretary, Texas Group, I. B. A.; Scanland Hilger, Dallas Rupe A Son, Inc., Dallas; R. A. Underwood, Jr., R.A. Underwood A Co., Inc., Dallas; W. E. Tinsley, Municipal Advisory Council of Texas, Austin; Robert E. Carlson, R. A. Underwood A Co., Dallas (Associate) Building TEXAS ANGELO Offerings MUNICIPAL Pli^ mP /#«■# - W$m p -1 m $r; A M Bond , m Jf 1 FIRST . Department NATIONAL m IN DALLAS The Bank Wire to Principal Markets Telephone Rl 8-5471 Walker, Austin A Waggoner, Dallas; Mr. & Mrs. Jesse Sanders* Sanders A Co., Dallas; Mr. A Mrs. Nelson Waggoner, Walker, Austin A Waggoner, Dallas Mr. & Mrs. Frank Austin* Watching Fiesta Show at River Theater BANK "IP m Dancing at La Villita • Teletype DL 94 6 The Commercial and Financial Chronicle k . . . Thursday, April 16, 1959 Exdiange John W. Fagan; Turner, Eppler, Guerin A Turner, Inc., Dallas; Mrs. Walter Sorensen, Houston; Mrs. Marie William H. Gregory III, Gregory A Sons, New York; Paul J. Fagan, National Association of Securities Dealers; Walter Sorensen, Rotan, Mosle A Co., Houston Dallas Union Securities Co., Inc. 1001 Adolphus Tower Fort Worth National Bank Bldg. Dallas Fort Worth Members New York Stock Midwest Stock American Stock JOHN M. Exchange Arnold J. Kocurek, Rauscher, Pierce A Co., Inc., San Antonio; William F. Parvin, Austin, Hart A Parvin, San Antonio; Mrs. Dorothy Siefert, Kansas City, Mo.; Lewis W. Pollok, Eddleman-Pollok Co., Houston; Charles B. Benedict, R. W. Pressprich A Co., New York Exchange Exchange (Associate) HAMILTON WILLIAM S. HAMILTON TEXAS MUNICIPAL BONDS Underwriters Local — Distributors — Dealers Corporation Securities Mutual Funds Shares Hamilton Securities Incorporated Company Kirby Bldg., Dallas 1, Texas Richard St. Riverside 2-8733 — 8734 Bell Teletype — D. Louis; Bros. DL 992 Morey, A. C. Edwards A Sons, St. Louis; Newell S. Knight, Mercantile Trust Company, Mr. & Mrs. James F. Rafferty, Schwabacher A Co., San Francisco; Joseph Graff, Salomon A Hutzler, Dallas; Mr. & Mrs. Harry F. Reed, Municipal Securities Company, Dallas Dealers In MUNICIPAL SECURITIES 711 HOUSTON STREET FORT WORTH, TEXAS FT 1105 Tin EDiton 2-4301 THE FIRST NATIONAL BANK FORT WORTH, TEXAS Bank Wire \ T. E. Graham, The First National Bank of Ft. Worth, Ft. Worth; Earl G. Fridley, Fridley A Frederking, Houston; Mr. & Mrs. Douglas Hansel, Shields A Company, New York; Clarence E. Sample, Mercantile National Bank, Dallas;- Herman B. Josepb, Joeeph, Mellon A Miller, Inc., Cleveland Volume 189 Number 5838 ... The Commercial and Financial Chronicle 7 See a Mercantile Man 'C'' about Mm Municipal Bonds m*. W. C. Porter, Dittmar A Company, Inc., San Antonio} Mrs. John Hamilton; E. W. Franklin, Dittmar A Company, Inc., Dallas; John M. Hamilton, Hamilton Securities Company, Riverside Mrs. Ed. W. Franklin; Mrs. W. C. Porter; Incorporated, Dallas MERCANTILE ■liAilSifA-l.'.BSNK Mftfnfear fe&itrtA m 1-4181 Coirpo ration * * '"i.- ■ Sanders & Company Members New York Stock republic national Exchange bank bldo. Dallas Mr. & Mrs. Jesse Sanders, Sanders A Company, Dallas; Carl Stolle, G. A. Saxton A Co., Inc., New York; Mr. A Mrs. Nelson Waggener, Walker, Austin A Waggener, Dallas; Mr. Mrs. Robert & R. Gilbert, Sanders A Company, Dallas L Hauser, Murdoch, Rippey Adolphus Tower Bell • Teletype—DL 99 Telephone Riverside Direct Private Wire to New York BROKERS — & Co. Dallas 2, Texas 1-1686 City DISTRIBUTORS DEALERS IN LISTED AND Harold J. Silver, Municipal Securities UNLISTED SECURITIES Company, Dallas; Mr. A Mrs. Maurice M. Hatcher, First National Bank, Dallas; Mr. A Mrs. M. A. Hagberg, Municipal Securities Company, Dallas; Mrs. A Mrs. William A, Jeffers, Dittmar A Company, Inc., San Antonio ■ \ Dealers in United States Government Securities And Bonds of the Federal. Agencies Specializing in Underwriting and Distributing Texas Municipal Bonds BOND DEPARTMENT TEXAS and Trust Teletype—DL 493 Mr. A Mrs. William N. Edwards, William N. Edwards A Co* Ft. Worth;,Mrs. Louis Kocurek, San Antonio; Mrs. MiltonS. Halpern, San Antonio; Mr. A Mrs. Charles C. Pierce, Rauscher, Fierce A Co., Dallas; Mr. A Mrs. E. Kelly Brown, E. Kelly Brawn Investment Co* Dallas . : BANK Company of Dallas MAIN AT LAMAR Wire System — The Bank Wire — Riverside 1-9141 Call DTBC The Commercial and Financial Chronicle One of our most ... Thursday, April 16, 1959 important services to York; Keith Reed, Arthur Wiesenberger & Mr. & Mrs. Daniel C. Kennedy, Jr., Lord, Abbett & Co., Chicago; Mr. & Mrs. D. Acheson Keeler, Lord, Abbett & Co., Chicago Arthur J. C. Underhill, Arthur Wietenberger A Co., New Co., Dallas; Chicago Telephone to Bond Department Dial ill Kequeet EnterprUe 9479 MILUON OVER *000 RESOURCES Investment Quality Stocks and Bonds Texas Municipal Bonds Dallas metropolitan membf c» mium si stock corporation ( xchangk Mr. & Mrs. William E. • Jauer, Lentz, Newton A Co., San Antonio; Mr. & Mrs. Thomas Pawel, Lentz, Newton A Co., San Antonio; Mr. & Mrs. Harold J. Sigler, Lentz, Newton A Co., San Antonio; Mr. & Mrs. Ernest L. Brown 3rd, Lentz, Newton A Co., San Antonio Rlvereide 8-8661 MERCANTILE BANK BUILDING ARCADE DALLAS, TEXAS SCHNEIDER, BERNET & HICKMAN, INC. 1505 ELM STREET DALLAS 1, TEXAS riverside Teletype DL 8-1201 286 Mr, & Mrs. Ed Muir, Muir Investment Corp., San Antonio; Houston; Mr. & Mrs. John H. Kramer, Earl G. Fridley, Fridley A Frederking, Harriman Ripley A Co. Incorporated, Chicago; Trust Company, St. Louis Newell S. Knight, Mercantile UNDERWRITERS DISTRIBUTORS — — DEALERS TEXAS MUNICIPAL BONDS CORPORATE STOCKS UNLISTED LOCAL SECURITIES & & BONDS R. A. UNDERWOOD & CO. Incorporated MERCANTILE BANK BLDG* DALLAS 1, TEXAS Bell Teletype DL 492 Representatives Riverside 1-9295 — Bdton — Edinburg Charles San H. Poulton, Texas National Corp., San Antonio; John Jockusch, Dittmar A Company, Inc^ Antonio; Edmund J, War dell, Distributors Group, Incorporated, Houston; George E. Dulling, Texas Nations! Corp* San Antonio Volume 189 Number 5838 . . . The Commercial and Financial Chronicle EXPERIENCE YEARS in the Texas Securities Market Underwriters, distributors 'n and dealers Municipal and Corporate Securities & Company . Mr. & §^-1 Co., Kansas City, Mo.; Mr. & Mrs. William A. Jr., Russ A Company, Inc., San Antonio Mrs. Russell Siefert, Stern Brothers A I,:? ''i P h % W^ j§f Beinhorn, 1|| W- j * | 201 MEMBERS • DALLAS, TEXAS ANTONIO, TEXAS SAN Dnc Dallas Federal Savings North St. Mary's Street NEW YORK STOCK EXCHANGE AMERICAN STOCK EXCHANGE MIDWEST STOCK (ASSOC.) EXCHANGE TEXAS^FUND A MUTUAL FUND INVESTING IN SECURITIES OF THE SOUTHWEST Prospectus may be obtained from local investment dealer Joseph M. Luby, Commerce Trust Company, Kansas City, Mo.; Warner A McDowell, Chicago; William S. Shanks, The Bond Buyer, New Wm. E. Pollock A Co., Inc., New York your or TEXAS FUND MANAGEMENT A. Rosenthal, Straus, Blosser York; George W. Hall, COMPANY ; Principal Underwriter 423 Texas National Bank Bid?., Houston 2, Texas Bell Teletype: HO 566 Telephone: CApitoI 7-0211 # DEALERS DISTRIBUTORS UNDERWRITERS TEXAS MUNICIPAL BONDS Murray W. Moore & Company Mr. & Mrs. Leslie L. Lentz, Newton A Co^ San Antonio; Mrs. Isa Mr. & Mrs. Pleas J. McNeel, Lentz, Newton San Antonio; Garrett, Lentz, Newton A Co., A Co., San Antonio FIRST Fhone Riverside 1-6475 ■ NATIONAL BANK DALLAS 1, BUILDING TEXAS Bell Teletype DL-160 •' r/wijfenw A. C. AUyn A Co^ Chicago; Charles B. City; Mrs. Ernest L. Brown III, San Antonio; E. Budd Sanford C. Miller, Benedict, R. W. Pressprich A Co., New York Laughlin, Harry Downs A Co., New York Bldg. 1 10 The Commercial and Financial Chronicle . . . Thursday, April 16,1959 I Rotan, Mosle & Co. / MEMBERS NEW YORK ■ . I EXCHANGE STOCK AMERICAN STOCK EXCHANGE i . i OUR PRIMARY BUSINESS IS THE i RETAIL DISTRIBUTION OF BETTER GRADE SECURITIES OF ALL TYPES. HOUSTON BEAUMONT GALVESTON Norval VICTORIA New DALLAS Keith, Schneider, Bernet A Hickman, Inc., Dallas; Avery Rockefeller, Jr., Dominick A Dominick, York; Draper Hill, Harness A Hill, Incorporated, Boston; A. Baker Duncan, Rotan, Mosle A Co., Houston; Carter Johnston, Raxxscher, Pierce A Co., Inc., San Antonio Direct Private Wires to: Clark, Dodge A Co., New York, Gregory A Sons, New York, and ☆ leading Texas Cities. ☆ In Specializing Te xas Municipal Bonds ☆ ☆ John Alex I ☆ I ☆ We offer facilities developed by many of serving buyer and seller of these securities. Offerings substantiated by comprehensive portfolio of ou# own investigation. Bayne, Rotan, Mosle & Co., Houston; William M. Parks, Charles J. Eubank Co., Inc., Waco; Stevenson, Vance, Sanders & Company, Nashville, Tenn.; James W. Pope, Glore, Forgan & Co., Chicago; Floyd R. Westerman, M. E. Allison & Co., Inc., San Antonio years Established 1923 ☆ ☆ McCLUNG & KNICKERBOCKER 505 Texas National Bank Building 1 HOUSTON 2, TEXAS Bell Teletype HO 298 CApltol 3-4583 ☆ E* John W. Turner, Eppler, Cuerin A Turner, Inc., Dallas; Eugene D. Vinyard, Eppler, Guerin A Turner, Inc., Dallas; Mr. A Mrs. A. Ray Edsel, Smith, Barney A Co., Chicago; Mr. A Mrs. E. James Seal, M. E. Allison A Co., Inc., San Antonio; Mr. A Mrs. Edward W. Holland, Creston H. Funk, v t .1 Hobbs A Co., San Antonio i, „ , ^ iI,. DIRECT PRIVATE WIRES TO TO DEWAR, NEW YORK ROBERTSON f HANSEATIC CORPORATION & PANCOAST. SAN NEW ANTONIO YORK AND Frank J. R. \ r;,X t.... , .. . J. Ronan, New York Hanseatic Corporation, New York; Mr. A Mrs. John S. Weathers ton, Phillips Investment Company, Incorporated, Houston; Jesse R. Phillips, Jr., J. R. Phillips Investment Company, Incorporated, Houston; Mr. A Mrs. Leon Walthall, Jr., Dewar, Robertson A Pancoast, San Antonio Volume 189 Number 5838 ... The Commercial and Financial Chronicle 11 B. F. Houston, Bob Spence, Dallas Union Securities Co., Inc., Dallas; M. M. Hatcher, First National Bank, Dallas; Gibson, Spence A Gibson, Dallas; William King. State Securities Commissioner, Austin Underwood, Neuhaus & Co. INCORPORATED HOUSTON CLUB BUILDING - V.' MEMBER-NEW YORK CORPORATE Henry E. Jensen, Calvin Bullock, Ltd., Kansas City, Mo.; Tom Ball, Jr., Brown, Wareing, Ball A Co., Houston; Marsotn B. Pratt, Estabrook A Co., Boston; Thomas E. Leahy, Underwood, Neuhaus A Co., HOUSTON, TEXAS • STOCK AND EXCHANGE MUNICIPAL . SECURITIES jVridley <£. Incorporated, Houston Frederkirtcj INVESTMENT BANKERS Afembers Midwest Stock Exchange TEXAS NATIONAL HOUSTON 2, Telephone CApitol 8-8221 BANK BLDG. TEXAS Teletype HO 42 Richard A Morey, A. G. Edwards & Sons, St. Louis; W. Perry McPherson, Merrill Lynch, Pierce, Fenner Smith, Incorporated, Dallas; Francis I. Abshire, Moroney, Beissner A Co., Houston; Fred Bolton, Muir Investment Corp., San Antonio; Harry Ratliff, Lovett Abercrombie A Co., Houston UNDERWRITERS ♦ DISTRIBUTORS DEALERS • TEXAS • Municipal Bonds • Corporate Securities Members Midwest Stock Exchange TELEPHONE CApitol 2-9944 TELETYPE VJlNSfON 1130 John M. Greer, McClung A Knickerbocker, Houston; A. Gene Owen, Rauscher, Pierce A Co., Inc., John S. Davis, Republic National Bank, Dallas; Philip F. McManus, New York Hanseatic Corporation, New York; B. W. Lucas, Fort Worth National Bank, Ft. Worth, Texas' Houston; HO 395 BANK OF THE SOUTHWEST HOUSTON 2, TEXAS BLDG. The Commercial and 12 Financial Chronicle ... Thursday, April 16,1969 TEXAS MUNICIPALS — CORPORATES BANK & INSURANCE STOCKS 'ddleman-JLolIok JEddleman -]Eoll Co. Bank of the Southwest Building HOUSTON 2, TEXAS CApitol 8-1427 Teletype HO 261 Mr. & Mrs. Charles Co., Inc., New York; C. Pierce, Rauscher, Pierce & Co* Inc., Dallas; Emmett H. Eaton, Wdistort A Mrs. Milton Halpern, San Antonio; Francis J. Cuningham, Kidder, Peabody A Co., New York; H. L. Flynn, McDonald A Company, Cleveland; Louis J. Kocurek, Rauscher, Pierce A Co., Inc., San Antonio BROWN, WAREING, BALL & CO. BANK SOUTHWEST THE OF BUILDING HOUSTON 40 Years Specializing in Southwestern Corporates and Municipals : , Mr. & Mrs. W. Lewis Hart, Austin, A Hart A Parvin, San Antonio; William A. Halpern, Rauscher, Pierce Co., Inc., San Antonio; James Rowley, Chemical Corn Exchange Bank, New York; Mr. & Mrs. Bedell Moore, Austin, Hart A Parvin, San Antonio ■:; v MORONEY, BEISSNER & CO. Investment Bankers Bank of the Southwest HOUSTON Bldg. 2, TEXAS Convention pictures appearing in this issue available from Zavell SMITH PHOTOGRAPHERS at 2118 N. $1.50 MAIN AVE., Mr. & Mrs. John P. a copy Henderson, M. E. Allison A Co., Inc., San Antonio; Mr. & Mrs. Landon A. Freear, William E. Edwards A Co., Ft. Worth; John C. Senholzi, Chase Manhattan Bank, New York SAN ANTONIO 12, TEXAS PErshing 5-5245 u WHITE, MSTERSOH SCO. Rusk Building HOUSTON 2, TEXAS Bell Teletype HO 322 Telephone CApitol 4-7643 John H. Kramer, Harriman Ripley A Co. Incorporated, Chicago; Milton Halpern, Rauscher, Pierce A Co., Inc., San Antonio; Robert R. Brinker, John Nuveen A Co* Chicago; Jack C. Payne, Dallas Union Securities Co* Inc., Dallas; John S. Weathers ton, J. R. Phillips Investment Company, Incorporated, Houston; Glenn R. Schultz, Continental IUinoie National Bank A Trust Company, Chicago Volume 189 Number 5838 ... 13 The Commercial and Financial Chronicle First Of Texas Corporation w. Wallace Payne, President Texas Municipal Bonds Richard C. Nongard, Nongard, Showers & Murray, Inc., Chicago; Mr. & Mrs. Shelby Friedrlchs, Howard, Weil, Labouisse, Friedrichs & Co., New Orleans; Mrs. Charles C. Pierce, Dallas; Mr. & Mrs. Louis Kocurek, Rauscher, Pierce & Co., Inc., San Antonio Suite 804—201 No. St. Marys St. SAN ANTONIO 5, TEXAS Teletype SA 13 CApitol 7-9253 Dealers Distributors Underwriters Lentz, Newton & Co. Members New York American Stock Exchange Stock Exchange (Assoc.) Corporate and Municipal Securities Alamo SAN Mr. & Mrs. Robert M. Ayres, Jr., Russ & Company, Inc., San Antonio; Miss Olga Kocurek, Rauscher, Pierce & Co., Inc., San Antonio; Mr. & Mrs. Jake Martin, Mercantile National Bank, Dallas National Building ANTONIO 5, TEXAS Bell Telephone: CApitol 7-2361 Gregory & Sons Private Wire & Mrs. John W. Pancoast, Dewar, Robertson & Pancoast, San Antonio; Mr. & Mrs. Neill Masterson, White, Masterson & Co., Houston; Mr. & Mrs. Jack P. Brown, Dallas Union Securities Co., Inc., Dallas BRANCH 114 E. Constitution St. Center Hlllcrest 5-1469 TAylor 4-3244 Mr. SA 45 System VICTORIA SUBURBAN OFFICE Petroleum Teletype: T. Texas National Corp. Retail is Our Outlet GUS NELSON EDWARD H. KELLER TRANSIT TOWER Telephone CApitol 7-3401 Mr. & Mrs. Henry Keller, Jr., First of Texas Corporation, Ft. Worth; Creston H. Funk, Creston H. Funk, Hobbs & Co., San Antonio; Mr. & Mrs. Edward W. Holland, Creston H. Funks, Hobbs & Co., San Antonio ■ SAN ANTONIO Bill 5, TEXAS Talttype SA At 14 The Commercial and Financial Chronicle LEWIS LYNE, Mercantile In Attendance at Texas IBA Allen 8c Crockett Company York New CROCKETT, S. Meeting Co. North New Bank Dallas, Texas Texas M. R.* Dallas, ALLISON, Allison E. M. & Inc. Co., Antonio San New ALSBUBY, ED* Merrill Lynch, Fenner Pierce E. ALTGELT, J., Trust Harris Bank First Currie Texas Corp. of Louis Antonio, ARNESON, RICHARD O.* Dittmar & Company, Antonio, Texas San I Inc. , h Austin Walker, Waggoner 8c Dallas ROBERT M„ 8c Co., Inc. Russ San JR.* JR. Wareing, TOM, BALL, Brown, Ball 8c DULLNIG, Co. Texas Houston San DAVE BARNES, & Ranson Drexel DUSON, Co. & SAM J., JR.* BEARD, Equitable BEAUDRY, ROFLE W. Fridley Frederking 8c Moroney, Beissner 8c Texas Houston, BELL, Bank National Antonio, Texas CHARLES B. R. W. Pressprich | New York City Muir National Assn. Trust Fort Co. BURKHOLDER, New Co., Inc. Management San Corp. New O. Fenner & Smith, Management Corp. 8c Hickman, Inc. Company JOHN B., JR. Co. E. Pollock 8c Co., Inc. Trust 8c Savings Bank Inc. Louis, New Mo. Securities Co. Columbian Securities Corp. Antonio Exec. THOMAS DOUGLAS A; R.* Co. MURRAY Secretary of I. B. A. Washington B. Fort Worth Fort Bank 8c Company J. R., JR. Phillips Investment CHARLES E. Investment Co. Antonio Walker, Austin 8c C.* < New Parvin York Dewar, LEON N., Robertson 8c JR.* Pancoast San Antonio Antonio Company Houston WALTON, D. EDWARD Municipal Securities Company Dallas WARDELL, EDMUND J. POPE, JAMES W. Glore, Forgan 8c Distributors Co. WATSON, WILLIAM 8c C.* Company, Value Inc. San Antonio New Line 8c JR. Wells SMILEY National Bank WHITE, WILLIAM f. Blyth & Co., Inc. Chicago WHITLOCK, Co. R. E. Tucker & Co., Inc. Austin Abercrombie Co. WILSON, WILL* „ Attorney RAUSCHER, JOHN H., JR. Dallas Distributors, Inc GRADY, York Frost Francisco New Fund HENRY San Antonio Mass. Rauscher, Inc. H. York WHITE, L. Co. & GAVIN Andrews Corp. San Antonio & New WELLS, National Group, Houston Chicago Dittmar Waggoner L. Cruttenden, Podesta 8c Company Chicago WALKER, GRAHAM Dempsey-Tegeler 8c Co. Cq. Company Eddleman-Pollok PORTER, 8c San Antonio WALTHALL, Houston D. Inc. S.* FLOYD R.« Allison 8c Co., Inc. WALCOWICH, B. Austin, Hart & Rauscher, Pierce 8c Co. Lovett JOHN WALES, DONALD Kidder, Peabody 8c Co. York Phillips James C. National DAVID Friedrichs RATLIFF, HARRY Worth LYNCH, R. M. R. Stewart Schwabacher W.* Co. & WAGGONER, NELSON* Houston San Smithers York WESTERMAN, RAFFERTY, JAMES F. Co. City Co., Inc. Dallas S. Boston, LUBY JOSEPH M. LUCAS, J. Inc. San ALLISON Estabrook Antonio Trust Co., PRATT, MARSOM B.» LESLIE L.* Lentz, Newton & Co. Commerce Securities WALLACE* Orleans Texas & Dallas Co. R. R. A., JR.* WEATHERSTON, POULTON, CHARLES H. E. LENTZ, Kansas York HANSEN, COX, MORGAN K.* J. York LEAHY, San HAMILTON, JOHN M.» Shields Antonio C. WILLIAM S. New POLLOK, LEWIS W.* Co. J. VINYARD, EUGENE D. Eppler, Guerin 8c Turner, Paso San Antonio WILLIAM Company Texas Corp. of Pitman Corp. Houston Co., Antonio HANSEL, San F. PITMAN, B. F., JR.* J. National 8c Dallas Underwood, Neuhaus 8c Co., Incorporated HALPERN, MILTON* Rauscher, Pierce & San / EUGENE Texas New W. Dallas COX, CLARK* LAMM, URELL, Antonio Harold J. Turner, Inc. Houston PEIRCE. El & riAiiflfl Union PIERCE. D. York M. Dain 8c Co., Inc. Minneapolis LAUGHLIN, E. BUDD Harry Downs & Co. York Hamilton Bros. Dallas • LAU, Dallas Wm. JR.* Worth J. New Houston Lehman Fort New of Texas W. R. A. Underwood PHILLIPS, Chicago KRASOWICH, JOSEPH San Renshaw HALL, GEORGE W., Antonio LACKEY, BILL Municipal Securities Municipal Securities D.* Bernet North American Securities San Sons York & 8c Inc. Gregory 8c Sons Chicago COLEMAN, FRANCIS X. Gregory & Sons New York City St. 8c Co., 8c Co. Wiesenberger 8c Co. UNDERWOOD, PEDRICK, PARKS B., JR. Howard, Weil, Labouisse, KOCUREK, OLGA Rauscher, Pierce 8c Co., Inc. New HAGBERG, M. A.* City Dallas CORNELL, of GREGORY, WILLIAM H., IH Rodman Bros. JOHN Bank f HACKBERT, PAUL L.» Dallas COAKLEY, VINCENT P., JR. Harris National Arthur Inc. Dallas Harriman Ripley 8c Co., Inc. Houston Gregory 8c Russ 8c Company, Inc. San Antonio, Texas STOTLER, ROGER G.* Dallas TOM E.* Dallas KRAMER, JOHN H.* Worth New National Bank COLES. 8c Hutzler E. Pauls PAYNE, W. J.* Inc. H.* UNDERHILL, ARTHUR, Antonio First Co., Austin LOUIS PAWEL, San 8c GEORGE TURNER, JOHN Eppler, Guerin JOHN W.* Lentz, Newton 8c Company Antonio San McClung 8c Knickerbocker, Inc. Chicago EDWARD T. First Fort CLAYTON, JOHN B., in* Schneider, LOUIS 'Rauscher, Pierce > Pierce & Co., Inc. PAYNE, JACK C.* Antonio San Company Antonio San Co. Corp. KOCUREK, GREER, JOHN M. WILLIAM G. York San Dallas The Corp. Chicago Lehman D. Bros. GRAHAM, Trust Chicago KOCUREK, ARNOLD J.* Rauscher, Pierce 8c Co. York Bros. Pancoast Louis Boston & City GENE* Galveston & KNOWLES, WALTER E., Ill Investment Corp. Salomon CHAPPELL, WILLIAM B.* Shares t> GRAFF, JOSEPH C. Inc. Television St. First RICHARD Robertson CARL Saxton York New York Louis Antonio D. 1 Houston Dewar, Robertson 8c Pancoast San Antonio San Co. TAAFFE, ROBERT J. Blyth 8c Company, Inc. Chicago TINSLEY, W. E. Municipal Advisory Council R.* PARVIN, WILLIAM F. Commission Trust Rowles, Winston Commerce EDGAR ODpenheim PAULS, Mercantile Inc. Waco KNIGHT, NEWELL S. , Sanders & Company Dallas HARLEY* Securities Co. Boston San of A. STOLTE, Austin, Hart & Parvin Securities Dewar, G. Murray, 8c WILLIAM M.* Charles J. Eubank Co., KING, CRESTON A.* GILBERT, BOB* Antonio Lynch, Pierce, Funk, Hobbs & Co. Bank PANCOAST, Texas Company York New PARKS, Co. & Gibson, Austin, ALEC. Sanders & STOLLE, R., JR.* Houston JR.* Houston W. STEVENSON, STUART Antonio Rauscher, Co., WeCWS & 8earlS' H0U8t0n STEVENSON, Vance, Worth M.» New York Showers Oklahoma JR. & & GEORGE SPENCE,' BOB08' oil™011' Spence CY. A. P.* Dallas ALAN C. Mosle SPARKS, RICHARD C.* OPPENFEIM. Leo BILL* State Rotan Corp. New OWEN. Austin Antonio Lehman Dallas Merrill, KING, I Antonio Muir E. R. A. Underwood 8c Co., Inc. CARTWRIGHT, E. Friedrichs & GIBSON, ROBERT Municipal Labouisse, GATTI, JOHN* San Corp. Antonio Inc Corporation Forgan Chicago Howard, Inc. Boston, Mass. GARRETT, ISA (MRS.) Lentz, Newton & Co. Corp. CADWALLADER, A. H., JR.* CARSWELL, H. Hickman, Co., SORENSEN, WALTER Bankers Nongard, Antonio Glore, Antonio Eaton Chicago CARLSON, Frederking Weil, & KENNEDY, DANIEL C., Lord, Abbett 8c Co. Chicago KEVIN, THOMAS L.* CRESTON H. San CABELL, LANDON Investment Co. & G.* FURBER, DONALD E. FRANK Shares 8c Creston Nashville Television Edwards EARL Texas Southwest The First National Bank of Forth Fort Worth Chicaeo Corp. HENRY, SMALLWOOD, WlLLIAM SNODGRASS, philip R.* National National of Investment norman. Co. SMITH, BRUD Antonio San Bernet & Secretary Texas I.B.A. Dallas NONGARD, Co. J. Lentz, Newton & Co., San Antonio SILVER, HAROLD J. Municipal Securities Company, Dallas First Sons & Lentz, Newton 8c Company San Antonio Antonio San Orleans FUNK, & KELLER, Worth Howard, Equitable Securities COBB, San Frederking \ Edwards NEWTON, FRANK KELLER, EDWARD H. FRIEDRICHS, G. SHELBY* JACK P.* Union Securities Dallas New Co., Inc. N. Inc. Dallas Houston BROWN, KELLY E.* E. Kelly Brown Investment Co. First Schneider, Parvin Houston ACHESON* D. Abbett 8c Brothers Underwood, Neuhaus 8c Co. Company, First Fridley Dallas CHORN, 8c FRIDLEY, Antonio First Company BEDELL* Hart Bank, New York, S. Buyer, New York Kansas City, Mo. SIGLER, HAROLD J.* C. Antonio San Chicago JCEITH, NORVAL Texas William CLAYTON F. BROWN, ERNEST L., Ill* Lentz, Newton & Co. San Lord, Houston Co. & Stern SANFORD NEUHAUS, JOHN Cleveland FREEAR, LANDON A.* Northern Muir 8c Fridley ROBERT P.* & & J. Antonio KEELER, Dittmar Chicago San Corp. D&IlflS Chicago Dallas 8an Bond Shawell 8c Company, Houston SIEFERT, RUSSELL E.* Inc. ARTHUR P.* The Parker Corporation Boston, Mass. NELSON, GUS Texas National Corp. JOSEPH, HERMAN B. Joseph Mellen 8c Miller & Co. FREDERKING, WILBUR H. Houston San First Boston McDonald RICHARD L.* Equitable Securities Corp. BROWN, Dealers t Cleveland, Ohio FRANKLIN, ED. W.* BRADLEY, The Securities FERGUSON, KEEN (MRS.) FLYNN, H. L. Corp. Dallas BROWN, of Chicago FRED* Investment Nuveen Dittmar Co., York San Antonio JOCKUSCH, paiifts The EDWARD San < SHANKS, WILLIAM NAZRO, Chicago , 8c Allyn 8c Co. Muir E. City JOHNSTON, CARTER* Rauscher, Pierce & Co. Co. FAIRCIIILD, PAUL W. Antonio, Texas BOOTHMAN, CLAUD O.* Dumas, Huguenin 8c Boothman John 8c Smith, MUIR, EDWARD D.* Ira Haupt & Co. Philadelphia, Pa. FAGAN, PAUL J.* San BRINKER, JILEK. 8c Louis New Bullock, Ltd. Kansas Fenner Antonio St. Co. HENRY Calvin Pierce, MOUNTCASTLE, KENNETH F., JR. Reynolds 8c Co. Antonio JENSEN, C. The Chase Manhattan SHAWELL, WILLIAM G. 8c SENHOLZI, JOHN Antonio San Bank E- Allison 8c Co., Inc., San Antonio v MOREY, RICHARD A. & Co. The MOORE, Antonio San 8c Chicago Co. National B. First National City Bank of New York w. perry* Lynch, Austin, Dittmar Co. Antonio Stroud Antonio BOLTON, & . . BENNETT, DELTON, JR.* Creston H. Funk, Hobbs & Co. San Edwards ERGOOD, RUSSELL M., JR. Commerce of San 8c JEFFERS, WILLIAM A.* Antonio San ED BENEDICT, N. James Illinois SEAL, E. JAMES (JIM)* Antonio C. A. Dallas New York j.* PLEAS Newton MILLER, at Chicago SCUDDER, DANA York San Co. JAUER, WILLIAM E.* Lentz, Newton & Co. San PHILIP F.* Hanseatic Corp. McROBERTS, JIM First Southwest Securities ENGELKE, ALBERT* Municipal Securities Co. Co. Co. Bank . Continental Trust, York Merrill National Sanders & Company, Dallas SCHULTZ, GLENN R. nollaft "PftllflS RAY* New San JANECEK, LADDIE T. Inc. Worth San HENRY BEISSNER, Co., Company York Lentz, Texas S. 8c Pressprich Mcpherson, Dallas ELLSWORTH, BRUCE* First of Texas Corporation Co. & Antonio San A. Fort BEINHORN, WILLIAM A., JR.* Russ 8c William Texas Houston, Bank F.* J. Mercantile Inc. Southwest Judson Co. W. Ranson First Smith, Barney & Co. Chicago EDWARDS, WILLIAM N.* Dallas Inc. Bank SANDERS, W. T., (TUG) R. J. Edwards, Inc., San Antonio SANDERS, JESSE* CUSHMAN McNEEL, National Southwest Dallas, York EDSEL, Corp. Securities & McCulloch McGEE, McMANUS, Co., JAMES, JUDSON S., JR.* Mosle Walston New F.* Securities Exchange LEWIS* D&IIes New JACQUES, EATON, EMMETT H. Texas B. Dallas Houston JOHN Mosle & Company Rotan, Houston, 8* Antonio First C. PHARR Rotan, York BAYNE, E. Corp. Houston BARTOW, PHILIP K. New GEORGE National DUNCAN, A. BAKER* Rotan, Mosle & Co. Inc. Company, Antonio San McCall Corn JAY Bache & Company, San Antonio SAMPLE, CLARENCE E. Worth Fort Crowe, JACKSON, W. C., JR.* Antonio RUBIN, McCULLOCH, BARRON Austin, Texas HOWARD, VAN H., JR. Dobbins, Howard & Smith San Chemical New York Attorney General Parkhurst, Crowe, McCall 8c Barron Union American Antonio Inc. Dallas HOUSER, WILLARD C. Antonio San Co. Dallas ; ; • DOBBINS, ELMER W." Austin, Hart 8c Parvin Antonio San 8c Hobbs New Dallas Antonio Co., Horton Funk, R. HOUSTON, DEWAR, H. H.* Dewar, Robertson 8c Pancoast 8c McCall, Horton York San Co. Dallas DENISON, RAY* Municipal Securities Corp. Hart 8c Parvin AUSTIN, FRANK E., JR.* AYRES, -New H. HORTON, PAUL B.* McCall, Parkhurst, Co. 8c & , S. Metropolitan Dallas Corp. Chicago ROWLES, RUSSELL R. Rowles, Winston & Co., Houston ROWLEY, JAMES McCALL, HOBBY* Hobbs Antonio San Bank MARQUETTE Smithers S. G. Funk, HOLLAND, EDWARD W.* , deBARY, F. Antonio San Co. H. York Straus, Blosser 8c McDowell, Antonio Assistant Antonio Creston Dallas AUSTIN, EDWARD H.* Austin, & DAVIS, JOHN S.* Republic National Texas WILLIAM Creston San New Corporation ROSENTHAL, WARNER A. Co. 8c Austin HOBBS, Pauls Dittmar Inc. JR. Dallas NEILL T., JR.* Masterson MAYS, HOWARD* Boston Galveston ANDERSON, DAVID F. Muir Investment Corp. San 8c DARST, H. W. Antonio San Johnston Hanseatic GEORGE Guest of Houston Inc. AVERY, Dominick, 8c York ROOKER, MATHIS, WALTER N. San HILL, DRAPER* Harkness & Hill, Chronicle FRANK New York Houston MASTERSON, Dallas Brandenberger, Dominick RONAN, New White, Financial & San Antonio Dallas WILBUR E. VINCENT ROCKEFELLER, MASTERSON, TOM* Underwood, Neuhaus 8c Co. Inc. Houston, Texas HILGER, SCANLAND* Dallas Rupe 8c Son, ( j.* Co. Mercantile National Bank JOHN* Allison 8c Co., Antonio San 8c JAKE* MARTIN, Hess 8c Company Galveston ANDERLITCH, TOM* JR. Corp. E. HESS, York Moreland, York New M. Houston, Texas CURRIE, JACK T. JR.* Savings & HENDERSON, CURRY, FRED* Equitable Securities Smith, & Inc. Houston PAUL, National Antonio San CROWELL, WARREN H. Crowell, Weedon 8c Co. Los Angeles 14, California CUNNINGHAM, FRANCIS J. Kidder, Peabody & Co. Co. Trust 8c Texas & Dallas ROBERTSON, ALTON E.* Dewar, Robertson & Pancoast York New F. Commercial EDWIN Wertheim 8c Co., Standard 8c Poor's Corp., New York Company MARKHAM, Bank 1 HELMCAMP, McCall Horton ALEXANDER, TED R. M.* 8c Dallas Company, Wiesenberger REILLY, Antonio San M. National Co. E. S. f.* KEITH Arthur Francisco Emerson Dallas CROWE, CLARENCE E.* McCall, Parkhurst, Crowe, JOHN L. Group, Inc. York City Distributors Texas First JOHN* American Securities MACLIN, Antonio San HATCHER, Houston Houston AHBE, Co. HARRY Municipal Securities REED, MacKENZIE, HART, W. LEWIS* Austin, Hart 8c Parvin CROCKETT, GORDON A.* Dempsey-Tegeler & Co. I.* Belssner 8c Moroney, 8c T. Houston City FRANCIS ABSHEBE-. CLAUDE Bank Dallas San ABRAMS, JAMES REED, National Thursday, April 16, 1959 ... Pierce 8c Co., General Austin Inc. * Denotes Mr. & Mrs. | Volume 189 Number 5838 . .. 15 The Commercial and Financial Chronicle UNDERWRITERS • DEALERS • DISTRIBUTORS CORPORATE AND MUNICIPAL SECURITIES Trading Market* in -v Texas and Other Southwestern Securities Sc. Mrs. Tom Ball., Jr., Brown, Warcing. Ball & Co., Houston; William J. Lau, J. M. Dain Company, Inc., Minneapolis; Mr. Sc Mrs. William M. King, State Securities Commission, Austin Mr. . A CRESTON H. FUNK, HOBBS & CO. INVESTMENT SECURITIES MEMBERS MIDWEST STOCK EXCHANGE FROST NATIONAL BANK BLDG. CA 7-6215 SAN ANTONIO, TWX SA11 TEXAS WE KNOW THE LONE STAR and STATE... an we provide experienced service for these and the markets and our dealer friends "state" of who U Own Texas Crown interested are CrownZi Crown Z securities Mr. A Mrs. William P. Smallwood, Mr. St Mrs. William C. Jackson, and all of First Southwest Company, Dallas ic in them. Stl *rr m fcn Sut Mr. & Mrs. James Jacques, YiewM, Y&Mkzfam & \jmeoa6f MEMBERS NEW YORK STOCK 11TH EXCHANGE— AMERICAN FLOOR, MILAM BUILDING AUSTIN SAN — STOCK EXCHANGE SAN ANTONIO, ANGELO SAN Corp. Muir Investment 101 N. ST. ANTONIO DEALERS DISTRIBUTORS UNDERWRITERS {ASSOC.} TEXAS SAN ANTONIO 5, TEXAS MARYS ST. Corporate and Municipal Mr. St Mrs. Frank Newton, Lentz, Newton A Co., San Antonio; William H. Gregory III, Gregory A Securities Sons, New York; Mr. A Mrs. Leslie L. Lentz, Lentz, Newton A Co., San Antonio Teletypes: SA 172 (Corporate) Direct FIRM Wires to SA 116 (Municipal) Gregory A Sons, New York RETAIL MARKETS BIDS MUNICIPAL BONDS OVER-THE-COUNTER STOCKS Austin, Hart & Parvin MEMBERS MIDWEST STOCK EXCHANGE USAA Bldg. SAN Phone 4119 Broadway ANTONIO, TEXAS Direct and Connecting Austin, Hart A Parvin, San Antonio; Mr. A Mrs. John P. Henderson, Mu E. Allison A Antonio; Wilbur E. Hess, Hess A Company, Houston; John Gatti, Muir Investment Corp., San Antonio; Edward H. Keller, Texas National Corp., San Antonio; H. Wilson Arnold, Arnold A Crane, New Orleans W. Lewis Hart, Co., Inc., San Bell Teletype SA 71 TAylor 4-2493 Wires to Dallas, Houston, Chicago, New York and Los Angeles The Commercial and Financial 16 Morgan K. Cox, Columbian Securities Corp. of Texas, San Antonio Mr. & Mrs. Alton E. San Robertson, Dewar, Robertson & Pancoast, Antonio; Edward J. Jilek, Ira Chicago George S. Rooker, Metropolitan Dallas Corporation, Dallas; Claude T. Crockett, Crockett & Co., Houston; F. Vincent Reilly, Commercial & Financial Chronicle and Standard & Poor's Corporation, New York . Mr. & ' v v Mrs.^Wallace Payne, First of Texas Corporation, San Antonio; C. Pharr Duson, Rotan, Mosle & Co., Houston Mr. A Mrs. William B. Chappell, First Corporation, New York Boston Haupt & Co., Mr. Mrs. Edwin J. Markham, New Wertheim & Co. & Bruce Ellsworth, First of Texas Corporation, San Antonio Thursday, April 16,1959 Company, Incorporated, Philadelphia Laddie T. Janecek, First Southwest Company, San Antonio; S. E. Maclin, Emerson & Company, San Antonio; John Hamilton, Hamilton Securities Company, Dallas; Lewis F. Lyne, Mercantile National Bank, Dallas ■ Russell R. Rowles, Rowles, Winston & Co., Houston; Mr. & Mrs. ... Frank Burkholder, Equitable Securities Corpo¬ ration, Nashville; Russell M. Ergood Jr., Stroud York Edward H. Austin, Austin, Hart £ Parvin, San Antonio; David D. Lynch, Kidder, Peabody & Co., New York; John Rauscher, Jr., , Rauscher, Pierce & Co., Inc., Dallas •• ■' „* '..':,v ."i ' Chronicle • , Mr. & Mrs. Ray Denison, Municipcd Securities Company, San Antonio* D. Edward Walton, Municipal Securities Company, Dallas ' Mr. A Mrs. G. Shelby Friedrichs,' Howard, Weil, Labouisse, Friedrichs A Co., New Orleans