The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
and FINANCIAL
Reg. U. S. Pat. Off.
THE
Volume
197
Number
LEADING
AND
MOST
INFORMATIVE
6252
PUBLICATION
New York 7, N. Y.,
EDITORIAL
As We See It
IN
THE
FINANCIAL
FIELD
...
ESTABLISHED
1839
Thursday, April 4, 1963
Price
50
Cents
Copy
a
Canada—Continued Progress
:
*
Some
some
weeks
took occasion to comment upon
thinking that seems to
good deal of the economic management-—or
inspire
a
should
we
By Dr. Ira U. Cobleigh, Economist
say
the Administration has increased its
pressure upon
gress
Featured by] Exchange Stability
we
the attempted economic management—of
Washington Administration. In more recent weeks
the
*
ago
of the Alice-in-Wonderland
for early enactment of its program
Con¬
of business
suits
the
has become
Plus
is
more
deed
interested in tax reduction than tax reform, in¬
that
his
budget (at
central
.
would say
is
that
of
balancing the
indefinite time in the future) by
some
"
balancing the
notion
economy.
Of
that what they
course,
are
he and his advisers
trying to do is not to
balance the economy but to balance it in the
a
balanced economy will more or less
.
un-
un-
balance the
of
a
budget in the course of time, but this idea
balancing the economy by turning it upside down is
little fantastic to
say the least.
Meanwhile, the Chairman of the President's Council
;
attempt to
plain what the plans of the Administration
pected to do for
ex-
could be
Committee of Congress on the Economic
Report of the
President have come forward with
some explanations
and certain statistical
analyses of two mysterious terms
now
constantly bandied about by New Dealish econo¬
mists—and, we are sorry to say, by a good many others—
in
discussing
activities
from
ways
and
means
the
or
directing it, that is,
Washington by the politicians. Two
omitted from such discussions
.
of managing the economic
pf the people, managing
are
the
"accelerator." These two fac-
a
terms
rarely
"multiplier" and
(Continued
on
page 28)
together
which
of
Canadian
year's
corporate
new
aid
Canadian
in
from
the
United
the
many
new
National Product
above
1961;
levels;
personal
a
employment
,
income
new
iron
motor
levels
and
cars
attained
exceeded
before
never
trucks
attained
of the Dominion. With such
in
ments
Minister
to
the
to
history
little difficult
a
comprehend
how
Prime
Diefenbaker, the official shepherd
of these material
boons, should find
it
neces¬
sary to again submit his credentials to
electorate. The vote will be taken on
the
April 8.
no
gainsaying the
accomplishments
attended
Municipal
V
Distributors
623
"
V
MEMBERS
'
MIDWEST STOCK
JH
EXCHANGE
135 So. LaSalle Street
1
FIRST NATIONAL CITY BANK
000
stantial
falling off of oil discovery in West¬
,
Canada.
ern
Athabasca
Bond
tars,
actual' volume
exception
perhaps
years
production,
no
of
away
new
the
from
fields
have been found for several
years. The gas
end of the business has
been
moving along
swimmingly thanks, in part, to stepped-up
deliveries
United
to
States.
pipelines
increased
their
and look forward to
16
%
for
serving
Canadian
1963.
a
natural
sales
40%
Northern
gas
in
pro¬
1962,
further gain of around
Oil
(Continued
on
page
18)
State,
Co.
Street, Los Angeles 17,
Housing
Agency
Bonds and
Exchange
Notes
on Southern
California Securities
York
Correspondent
—
Pershing &, Co.
MANHATTAN
BANK
To
T.L. Watson&Co.
1832
Maintained
Dealers, Banks and Brokers
We wish
Canadian Securities
Block Inquiries Invited
Commission
New York Stock Exchange
American
Stock
Orders
BROAD
Exchange
STREET
NEW YORK 4, N. Y.
3DAXJXJA.S
"CANADIAN
MKCT
VIRES TO
PERTH
AMBOY
On
buy
THE BANK of NOVA SCOTIA
RIGHTS
All
DIVERSIFIED
NEW
2 BROADWAY
"NEW YORK
.
(Expire June 7, 1963)
DEPARTMENT
CALIFORNIA
212-571-1213
MONTREAL AND TORONTO
Goodbody
MEMBERS
BRIDGEPORT
Executed
to
Canadian Exchanges
Teletype
25
&
Whittier
New
Members
the
Encino, Glendale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
San Diego, Santa
Ana, Santa Monica,
Dept. Teletype: 571-0830
DBALSjR
0
With
Inquiries Invited
Chicago 3, III. FRanklin 2-1166
ESTABLISHED
company
»
was on
target, and
projected to reach 800,B/D. The only cloud here is the sub¬
Associate Member American Stock
Exchange
Members Pacific Coast
Exchange
Net Active Markets
<£outhu>€4t
•
,
Offices in Corona del
Mar,
UNDERWRITER
first
Gas
production for 1962
California
Securities
w
DISTRIBUTOR
So. Hope
Dealers
+
Corporate & Municipal
770-2661
TWX: 212-571-1414
cor¬
at the end of 1963 is
Members New York Stock
BOND'DEPARTMENT
•
to
quite successful in defining
desired goals in these
Oil and
Oil
Lester, Ryons
•CHEMICAL BANK NEW YORK TRUST COMPANY
770-2541
reductions
'
MULLANEY.WELLS & COMPANY
„\e>v\oi4;
P. O. Box 710, New York 8. N.Y.
tax
-
ducers
Politics aside,- there is
fact that solid
were
record
splendid achieve¬
1962, it has been
outsiders
and
implementing
areas.
1961
expanded
in
and
peak 8%
by
9%; and production of steel, cement,
ore, wood pulp, asbestos, oil, natural
gas,
agriculture
majestically along
all-time highs. Gross
reached
incentives
porations increased gross business and profit
margins. The national policies for oil and for
economy moved
1962 to
for
States,
businesses, and expanded export trade.
Tax
Quite unmindful of the vigorous
disagree¬
ments
among highly placed political leaders
in Canada, as to the
desirability of accepting
and Public
Chemical
1
policy, including
doubling the loaning power of the Industrial
Development Bank, stimulated small and
134 years.
up to
in American
and abroad. A liberal credit
motion.
enterprises which
uninterruptedly for
Underwriters
iM
forward
of
Municipal
Securities
■
cents
past
92 Vz
funds arrested a
capital
outflow, and restored confidence at, home
business
Housing,
A; State and
phones:
of
re«
the continuance
on
economic trend
during the
The stabilization of the dollar at
year.
Canadian Investment
Opportunities Issue
Government)
Public
assortment
an
occasioned Hast
long list
f
U. S.
with
have paid cash dividends
ex¬
And the staff economists of the Joint
us.
forces
over
of Economic Advisers has made another
1962,
nuclear
thought that
automatically
*
for
projections for this year, predicated
stimulation. In the later utterances of the
President, it
increasingly clear that the Chief Executive
Canada's
Highlights of the Canadian economy as revealed in the
YORK
1
&
STOCK
Co.
EXCHANGE
NORTH LA SALLE ST.
CHICAGO
Dominion Securities
Corporation
40
Exchange Place, New York 5, N. Y.
Teletype
571-0880
WHitehall 4-8161
Food
Processing
MUNICIPAL BOND
DEPARTMENT
bank of america
Area Code 212
N.T.&S.A.
SAN
FRANCISCO
•
LQ.S ANGELES
2
The Commercial and Financial Chronicle
(1370)
The Security
I Like Best...
A continuous forum in
orders
which, each week,
in the investment and
This
Forum
advisory field from all sections of the country
on
different group of experts
a
participate and give their reasons for favoring a particular security.
John
...
facilities
wide
executions
help
contacts
system,
months have made many
Teletype: 212-571
Boston
1231, 32, 33, 34
—
Angeles
balance
for
the
combina-
a
and
distributor
of
quality
a
a
of $15,602,969
current liabilities
food
selling
almost
st°°d at an all-time high of $13,way .of. comparison,
shareholders' equity ip years ago
amounted to $5,789,000. Net m-
en-
tirely to the "institutional trade"
of
consisting
hotels,
restaurants,
p.01?? a,
in fiscal 1962 of $1,420,520 represenfs earnings of 11/2% on the
company's equity on June 30,
schools, clubs, colleges, industrial
hospitals, and
other purof prepared food services.
plants,
veyors
Opportunities Unlimited
for
Monthly Stock
our
Digest, and our other reports
that give you a pretty clear
picture of the Japanese
economy
whole.
as a
cated
61 Broadway, New York 6,
N.Y.
Telephone: BOwling Green 9-2895
not
is
an
for
offer
any
solicitation for
or
j?er share amounted
lo-
at the close of the most
recenf fiscal year,
continental
dies
particular securities
the
throughout
United
I believe that the food industry
in
Nearly
the
marketed
Sexton
John
started
cities
Carpenter & Co., Inc.
cl"?ion
I consider John Sexton and Co.,
1940's
with its past record of well-defined
growth in both sales and earnings,
to be a sound value presently sell-
en-
scope.
around $21
share in the
Ovei~the-Counter MarIcet (a conservative 11 times , last , year s
earnmgs) - and recommend' pur8
0 thevxommon stoek for
§-term capital appreciation as
The company prepares or proc-
Keyes Fibre Co.
and
esses
meat
The Alison Building
Rittenhouse Square
New York 6, N. Y.
Philadelphia 3, Pa.
and
CO 7-1200
LO 8-0900
spices;
packages
coffee.
ages
for
25%
total
of
items
food
packaged
by
65%
proximately
food
is
institutional
quotation
sales,
The
that
of
for,
spends
(Only $45
per
(Single Copy
$4)
give
on
well
bound
increased
all
as
will
publication
the
you
monthly
listed
those
prices
securities
"hard
as
find"
to
quotations.
by
ah
average
consumption
WILLIAM
25
or
B.
Park
call:
DANA
.
,
CO.
Place
roadside,
and
in
tional
holding
of
commercial
feeding
,
have
only
one
($481,000)
in
labor
N. Y.
year
ended
June
30,
over
$66
Both
were
rate
that
have
the
risen
company
Per
-
It
times
now
in
$1.53
for
$1
pays
as
a
Office
Post
S.
U.
vide the balance of total
Transcontinental
around 4,300
Bus
travel
bus
creased
shown
is
circumstances
to
W;
Securities Co.9 Ltd.
Telephone:
BEekman
3-3622-3
communities
America
of
public
no
OFFICE
YORK
149 Broadway, New York 6, N.Y.
Transconti¬
States
United
have
NEW
the in¬
Greyhound.
40,000
are
inter-city
by
of
revenues
the
that
A I
D
revenue.
people.
nental Bus and
There
pro¬
employs
Public dependency on
passenger
than
transportation
other
There is
continued decrease
now
a
buses.
With
in railway passenger service.
this
in
railroad
strong
increase
decrease
comes
a
service,
in
bus
business.
Inter-city bus travel represents
of all travel.
There
and
operators
large
smaller
bus
for
ures
Fig¬
bus
in¬
8%
an
menrnmsm
ijSpeed^^&lla
miles
passenger
Transcontinental Bus is
to
much
nation.
the
over
indicate
two
are
908
organizations.
1962
in
crease
subject
regulations in their inter-state
APPEAL
operations by the I. C.C. under the
Motor
of
Act
Carrier
1935,
Interstate
of the
part
Act.
They
PRINTING
now
Commerce
also
are
subject
the
In
operate.
130 Cedar
Telephone: WOrth 4-3033
to
fare
10%
cently
in
tax
eliminated
been
lower
during 1961
Excise
Federal
the
to
cost
without changing
of
com¬
The
has
re¬
LAMB0RN &
resulting
passenger
the basic rate to
the company.
In
Year—1963
aver¬
mile
passenger
per
74th
1889—Our
obtained
overall
an
CO.. INC.
St., New York 6, N.Y.
few
last
increases
rate
have resulted in
;.
•
9 9
WALL
NEW
CO., Inc.
STREET
YORK 5,
N
Y.
f:
/
1957, the company introduced
its.highly successful Silver Eagle
and
Golden
75%
of
buses.
Eagle
the. company's
handled by
now
1,375
SUGAR
About
is
service
Raw
Refined
—
—
The
these buses.
owns
company
buses
of
Liquid
Export*—Import*—Future*
at
jumped
1962,
from
ing
method,
revenues
$56,551,120
$27,841,291
revenues
offer
solicitation-ofan offer tp buy, any.security.referred
to
to.
depreci¬
are
$4.42
of
compare
over
Federal
ports
tax
to
eight
an
which
sell,
or
herein.)
is
equipment
has
heavy
cash
in
share.
-
of
.
the
period
used
for
in
re¬
This
new
resulted
flow
of
.
de¬
heavy
in
the
$4.42
.
,
be attributed to
'
Bureau
success
Incorporated
Established 1913
Over-the-Counter Quotations
Services for 49 Years
program of
a
terminals.
passenger
ft
Quotation
per
management's
upgrading
National
on
account¬
and
purposes
of
Part
year
shareholders.
in
ac-
more
June of 1963.
buses
new
"sum-of-the-digits"
to
an
service by
These
the
only
as
of
Eagle buses making about
in
ated
4-2727
has
company
delivery
preciation
Passenger
be construed
The
for
cash
Greyhound
the
Transcontinental^
have
to yield
Silver
DIgby
Golden Eagles have
service.
contracted
440
are
bar, lounge area and host¬
with
These figures
favorably -with
Corporation,
18
The 50
$1.81
high
a
last
amount
modern type with air con¬
snack
ess
substantial
a
of the
can
no
t
accounts for
were
1961,
in
1962
share.
1958.
the
REctor 2-9570
(This is under
the
a
profits
Earnings in 1962
versus
flow
addition of
1962
fastest
of the business, and contracts
with
in
SECURITIES
in 1962.
19%
Charter bus revenue
9%
ures.
three
3.8%.
institu-
1960.
the
also
is
being up
growing,
and
a
months.
increased
$6 million to
million with
It
revenues.
crippling strike in 1958,
a
such
rate
establishments.
sales
new
cially, but has raised its dividend
in the last 20 years using
from about
capital
down
sales and net income for the fiscal
New York 7,
at
Packaged
and
these
has not only become sound finan-
prepared items offer the ad-
vantage
into
JAPANESE
company's
12% -of the
for
counts
ditioning and other comfort feat¬
revenues
resort,
hotel
11 -fold
Write
in
addi¬
This business requires little
tional overhead to handle and ac¬
which
After
since
restaurants.
ratio • from
in 1962.
operating
102.9% in 1958 to 88.49%
and profits.
have
40%
The company
branch offices
our
rev¬
regions* as management is hopeful
of doing, should add to revenues
is
and
Sexton's
V
22c
Moving
states.
and
home
some
They oper-
Las been built through the acquisition of local lines. Several major
markets have not yet been penetrated, including Florida, New
England and. the Canadian Border
More peo-
the
nation's second
our
continental routes.
Increased travel boosts food
costs
Over-the-Counter
outside
System,
Continental
largest bus operator.
"eating out," expenditures
meals
1951.
This
Trailways, is
,
approximately
for
year)
—
express
pared with 2.54 ceritg in 1959.
from home in "institu-
are
its
reduce
to
The
as
beverages,
pie
package
wires
helped the company to
has
enues
Mobile, Ala.
Direct
of
charter
package express.
in
increase
years
^
non-^ate in 33 states with five trans-
food
tional" establishments.
and
the
is
212 571-1425
New Orleans, La. - Birmingham, Ala.
growing and profit¬
business
buses
of the total.
75%
count for about
Bus
spent
away
D
St., New York 6, N. Y.
HAnover 2-0700
better
estimates
dollar the
every
19 Rector
able
Co!
Members New York Stock Exchange
Members American Stock Exchange
Transcontinental
been
company
.
known
Steiner, Rouse &
(Page 2)
the
primarily
has
Rowles,
Houston, Texas.
about 2.58 cents
outstanding sector of the food in-
American
record
market,
System—R.
President,
Rowles,
Winston & Co.,
age
sales.
by
Bough t—S old—Q uoted
Bus
Transcontinental Bus System
,
Sexton
dustry.
bank &
of' total
Colum¬
Corp.,
(Page 2)
ap-
items.
The
\
'
Columbus
they
R. R. ROWLES
,
.
Louisiana Securities
The
regulations by the states in which
Winston & Co.,
and
under
represented
n
William E.
—
Houston, Texas
remaining 10% of dollar sales
volume
Quickly By Using Our
.
and
compaiw's labels account for
Service Your Accounts
<
sales.
processed
others
a liberal 4,4% cash re-
urn at the present time.
grinds, and pack-
Canned fruits and vegetables
other
,
J**? ^
and
These items account
around
The
.
blends and packages tea;
grinds
blends, roasts,
111 Broadway
various
jellies,, pickles,
dressings, vinegars and meat
sauces;
Established 1914
400
including
powders,
products,
salad
BOENNING & CO.
items,
dessert
soups,
Rudd Melikian, Inc.
almost
packages
food
separate
Richardson Co.
R.
Alabama &
President,
-
Transcontinental
26%
States
through the present, thereby
larging the company's
investments
^on*
Various
United
added from the
were
selected
°£
™thmJth<; industry in,?all port.desiring capital apprecia-
incorporated in the
in' major
sta-
products, and recommend the in-
bust-
the
above-average
with
bility, due to the necessity of its
ness.in Chicago in 1883, and the
branches
L. E.
dustr'y
trade
"Sexton Quality Foods."
name
company was
Continuing Interest in
of
own
the
and
State of Illinois in 1887.
A
In-
all
its
under
labels
and
West
the
Hawaii.
items
brands
is a growth industry, primarily
because of our ever-expanding
company's line population; and that it is an in-
in
States,
and
are
orders
1,500 to
customers
50,000
over
serves
the
The Nomura Securities Co., Ltd.
Thl*
centers,
Sexton
items,
separate
2,500
Write
distribution
10
which stock from around
JAPAN
IN
Through
$4,502,555.
S. Government Se-
Cash and U.
na-
related
and
of
purities totaled ®J0r© than $2.3
million, and shareholders equity
broad
of!
June 30, 1962,
in excellent fi-
on
was
Current assets
were
3.47 times
Co.,
is
Co.
and
sheet
company
company's^
nancial condition.
I be-
quality.
Sexton
Sexton
tionwide
line
and
John
products,
Wire Service
Wide
World
Los
•
San Francisco
offer
in the
As exhibited
Co.
&
Another fast
share, payable .quarterly,
Per
stock, offers many of the
investment objectives.
desired
John
searching
been
value
common
Exchange
fu-
and
made." This
are
that
that
lieve
-
363-2000
•
of
tion
New York 4
Chicago
•
Philadelphia
has
securities
Member
earn-
putlook before major invest-
investor
CORPORATION
Telephone:
dividends
ment \ decisions
Hanseatic
Stock
company's
a
current
ture
American
of
conscious
NEW YORK
60 Broad St.,
$1-82 per share earned in fiscal
1961. Cash dividends have been
paid for 27 consecutive years. The
current annual dividend is $0.90
in
and
Selections
Vice
bus, Ohio.
and compares favorably with the
prices during the last 12
investors
market
locate
you
Established 1920
the recent fiseal year> totaled $1 .
420,520 or $1.90 per share based
on the 747,437 shares outstanding,
stock
fluctuations
wide
The
ings,
Associate
The^First Columbus
First
Net income, in
the company.
i
7
John Sexton and Co.
everywhere,.
best markets
the
^
r.
Corporation, Columbus, Ohio
and Interna¬
teletypes
European
tional
wire
coast
to
coast
m1
Over-
their
of
..
~
Vice-President,
transactions.
the-Counter
Our
New
for speedy, accu¬
York Hanseatic
rate
of
Sexton
Deegan,
the highest in the 79-year history
WILLIAM E. DEEGAN
traders are using
and more
world
the
Week's
Participants
Their
OVER-THE-COUNTER
More
Thursday, April 4, 1963
.
/*
World Wide Markets
for your
;
,
.
Continued
•
46 Front Street, New York 4, N. Y.r
CHICAGO
on
page
17
SAN
FRANCISCO
Volume
197
Number 6252
.
.
The
.
Commerciahqnd Financial Chronicle
(1371)
3
CONTENTS
Thursday, April 4, 1963
Stocks Should Be Favored
The
author
of
this
article
member of the investment
He
expresses
is
an
economics
department of
educator
that sales
as
this
Favored
are
He notes, for example, their built-in
edge over smaller firms
from inherent economies of large-scale
The
facilities.
capital,
Reviews
ing firms and
an
and
efficient
more
and
names
marketing
and
-
flowing
only autos among
has
years
belief in
based
the
greeted
investment
an
locate
popular
careful
the
deavor
only
unre¬
of
most
growing,
rapidly, but also with
tempt.
The
He
Israel to Start
the greatest degree of consistency.
must
emphasize not
quantity,
haze
d
the
r e a m s
o
"growth"
One
f
both
burned
away.
in
bright
growth and
the
cyclical
light of math¬
festations
ism. However,
says
termination of
ment
the
:
as-
public
.
'
•
recent
the
of
its
viable,
omy!
-
robust,
An
growing
examination
is
eco-,
nomic .progress
during
or
historical
clear
a
eyed,
able
the
tinuation
dispassionate
future.
judgment of
of
this
to
ap¬
record
in
the
on
investor
postulation
intelligent utilization
nomic
can
the
when
it
is
of
at
resources
the
his
his
it;
than
i.e.,
and
To
and
Once
basic
with
he
tential.
the
increasing
budget
deficits
festations
of
the
by the diminishing
power
of
fiscal
it
of
or
have
earners
greater
Article
starting
the
of
him
wages
and
prietors'
of
primary responsibility fac¬
10/62
228%,
p.
17
GYRODYNE CORP.
17
...
TIP TOP
May 1
on
26
the
cover
"Canada:
page,
UNITED NUCLEAR
Continued
Progress Featured by Exchange Stability," discusses
.
the in¬
opportunities inherent in Canadian securities
and,
by way of documenting the views presented, includes a tabu¬
lation of the Canadian banks and
companies which have paid
consecutive cash dividends from 10
tp 134
(Table I,
years
18)
page
and from 5
10 years
to
with other data of interest
(Table II,
J. F. Reilly & Co., Inc.
24)', along
page
investors.
to
NEW
YORK
Direct
CHICAGO
As We See
....
—...-(Editorial)
.
—■
Chicago
—
28
...
Coming Events in the Investment Field
44
__i
Commentary
Marrud
43
__l_
Dealer-Broker Investment
Recommendations.-^-.
Zonolite Co.
8
Einzig: "Clay Committee Commended Except
U.
Its
K.
McLean Indus! ;ies
Hopes".....
From Washington Ahead
9
of the News
.
.
and You
.
Notes
_L_
41
(The)
25
Mutual Funds
NSTA
......
12
...
News About Banks and Bankers
Observations
Our Reporter
Public Utility
31
Securities
Security
40
Exchange Place. N. Y.
Teletype 212 571-0610
25
Securities Now in Registration.
Prospective
HA 2-9000
4
.....
Governments.
on
sMackie, Inc.
29
1.
__
Singer, Bean
26
_____
__J_1
Pacific Southwest Airlines
4
_
Indications of Current Business
Activity
Market
Inc.
27
Current News in the Field
For
Los Angeles
1
Bank and Insurance Stocks
Offerings
Direct Wires
32
...
Chicago
38
__
Security Salesman's Corner
regu-r
Connecting Wires:
Regular Features
Security I Like Best (The)
primary in¬
this
economy,
conclude
_•___
State of Trade and Industry
(The)
to
Cleveland
Philadelphia
2
____
,
„
Los Angeles
San Francisco
St. Louis
.1. 27
Washington
16
6
Washington and You
44
The
COMMERCIAL
Published
Twice
Park
on
DANA
Place, New York
CLAUDE
D.
553%,
323%,
and
to
rental
dividends
N.
7,
Y.
-
1356.
DANA
SEIBERT,
pro¬
Thursday,
Every
Patent
REctor 2-1)570
to
Thursday
(general
April
4,
Mary
1)576
and
news
J.
MORRISSEY,
135 South La Salle
Carter
Editor
1963
advertising
issue)
and
Monday
(complete
statistical
issue — market
quotation
corporation news, bank clearings, state and citv news,
Office:
Office
Treasurer
GEORGE
1961
income
S.
COMPANY, PUBLISHER
30
259%.t
CHRONICLE
SEIBERT, President
investpage
1929
increased
FINANCIAL
Reg. U.
WILLIAM B.
25
and
Weekly
that
consumer
prime
period
salaries
income
persons
FRB
the
THE JAPAN FUND
INVESTMENT OPPORTUNITIES
on
WILLIAM
In
.
Clearing
on
Tax-Exempt Bond Market.
mani¬
*NOTE:
12
Err in Finding Fault
more
accepts, the
Continued
irresponsi¬
KANSAI
ELECTRONICS
Inflation Hedge
an
wage
is,
of the economy cater¬
afford
YORK
4-6551
the consistency
Disposable Per¬
logically
areas
wants
bility.)
The
must
as
factor
Federal
other
spend
ing to the satisfaction of
emanating from
and
con¬
disposition
investor
Income
those
and
:
.
premise
sonal
a
large portion of his economic po¬
purchasing
interest,
two alternatives
-
vestment
large
is
return
important
That
senior
ravages caused
Income
that the
wage
of'the growth of
of
should
spend their incomes
larity!
Dept.
NEW
WHitehall
PRODUCTS
earner's
the
can
capital in the form of highly liquid
assets, such as time deposits or
nothing
it
rent,
the
dividends.
rapidly
con¬
sterilize permanently a
dispropor¬
tionate amount of his investment
say
Dispos¬
:
only
to
and
earners
ef¬
(To
sees
higher propensity to spend than
the
recipients
of
rent,
interest
disposal
securities, is to dissipate
of
National
income—he
save
eco¬
fectively in the bounty of a
stantly expanding economy.
he
as
a
the
will enable him to participate
American
wage
realized
has
sumer
It
the,, amount
distinctionis
•
pertaining
safely
that
the
the
capitalists,
This;
::.A"
:
The careful
of
Income,
that
faster
The
tion to the wrong areas.
: '■< •'
'
'
"
and
and dividends.*
a-con¬
investing public sim¬
ply misapplied its growth orienta¬
act
of
taxes
removed.
are
growth
Personal
noted
share
re¬
consum¬
corollary to the fact of
a
growth and' growing
praisal of economic realities will
confirm
consistent
be
of
dispose of
As
every
Paint Co.
records,
etc.).
Other
St., Chicago 3, 111. (Phone STate 2-0613).
Copyright 1963 by William B. Dana Company
All
For many
years we
have
specialized in
.
PDrCCDDm
1 HC.TLHllLU
.
.
rights reserved. Reproduction in whole or in part
written
permission is strictly prohibited
class postage paid at New
York, N. Y.
without
CTflPKO
OIUUlVO
Second
SUBSCRIPTION
RATES
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In
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up
subscriber!
' *
mathamatical
the
aggregate
the
150 years will confirm
of
the
terminol¬
income
fit.
the., past
the
all
STREET,
Telephone:
exactly what it
the
deductions
\vhich
eco¬
5, 10, 50
fact
is
consumer can
econ¬
of
after
other
incalculable good,' if
factor
it
—
ers
invest¬
nomic life is remembered—this
is,
has been, and w.ill continue to be
a
economic
maining in the hands
in
render
salient
one
"
witnessed
will
of
measurement ' of
Michael F. Sassi
months
of the few mani¬
one
ogy which means
the abrupt
pirations
dislocations,
pily, this is
ematical real¬
countless
of
is that
of
Disposable Personal Income. Hap¬
sun¬
OF
vestment
consistency
imperviousness to
an
.
of
has demonstrated
years
7
~_____Haller Belt
Redeeming Its Bonds
CANADIAN
gratifying
a
quality
of the economy which
area
in recent
has
been
the
also
charter
a
WALL
only the
projected growth.
sur-
but
Be
Obsolete Securities
99
;
NASD and Amex Announce
Program
Facilities for OTC Stocks..
not
con¬
optimistic
5
.
Samuel Weinberg
en¬
strained
rounding
Announced by Mary
to
economic
are
Cobleigh
Municipal/
Roger W. Babson 15
is
.
red ink entries
your
date.
;___
The Paper Industry As
Keep
3
....
investor
areas
which
Sassi
Potential Harm Contained in
Depletion Tax
Proposals..
______Henry C. Brunie
compromise with quality.
the
U.
and
consumer durables.
ing
philosophy
with
"growth"
on
Free Enterprise
on
Where Critics of the OTC
The stock market in the past two
F.
.
BOOK
OBSOLETES
Into
—ira
"The Cross of Gold".
accompanying table quantifies their performance.
importance of selection skill and judgment
no
CHART
1
Robert V.„ Wehrheim
Roebling
financing
The author stresses the
Author favors
Cobleigh
Michael
Secondary Market for State
Panel
briefly describes representative lead¬
coupled with the reminder that there is
U.
Metal
of
Bonds.
advertising, superior return
invested
on
Ira
Kennametal, Inc: Converter
Money—
bound to keep pace with realistic dis¬
posable income and population growth projections. Mr. Sassi favors
leading firms to form the nucleus of a well-rounded equity portfolio.
area
Stability
Why the Consumer Industry Stocks Should Be
the supposition
on
SOON
Continued Progress Featured
by
a
large New York City bank.
strong investment preference for the non-durable
a
in
Canada:
a
goods and services sector of the economy based
COMPANY
READY
PAGE
Exchange
well
as
Mmm
B.S.
Articles and News
By Michael F. Sassi, Member of Economics
Faculty of the
American Institute of
Banking, New York City
and
the
rate
of
advertisements
■
BROADWAY, NEW YORK 6
(Foreign
*
.
in
FRANKfl 8 CO.
INCORPORATED
.
\
WHitehall
3-6633
exchange
must
be
Teletype
•
212-571-0500
212-571-0501
"
.
4
The Commercial and Financial Chronicle
(1372)
estimate), Vlaminck, Derain, Buf¬
•
(with
MAY
A. WILFRED
BY
"average").
30%
a
Side of
Down
The
...
shortfall
of
overall
below
proceeds
the
margin re¬ expert total estimates were these
quirements to 50% prescribed last "deficiteers" below the lowest es¬
The behavior of the community in
July and/or the "de-bootleggingi- timates: Chagall (by 30%), Pisthe buying and holding of mutual
saro
1963's generally reduced
funds in
creates
atmosphere
speculative
main¬
doubts concerning the
some
of
tenance
investment attitude
an
During the first two months of
the
while the stock market
a mere 1V2 %
year
advance, from
the
Industrial Average) below the alltime
the
of the previous year,
peaks
purchases Vof
public's
shares
fell
$633.2
million
period
last
in
1962's
equivalent
the
was
redemptions
from
million
and
$231.3
to
million
$183.4
higher
Fund
Moreover, this
accompanied by
year.
sales decline
rise
in
•
million from
to $400.5
in
active
more
market.
have
savers
acting
been
10%
a
gliani
which
Moderns—paintings, drawings, and
sculptures—at Parke-Bernet, New
auction
gallery,
demonstrated
the
of sales results, both
vergence
the
of
other
auctioning
been
—
legally
and
the
were
since
total
February
highest
last
Bondholders'
greater
predilection for long-term invest¬
during
ing
relatively favor¬
this
interval
able
Bass sale
likewise shown
was
through their Redemption behav¬
(with deflated price) of
the Lilly book
October;
sale
MAIL-BOX
et.
Pleasure First
Mr.
Dear
have
I
May:
been
(whose
Moderns
receipts hit the overall esti¬
mate
materialistic
other
eight
this despite
And
years.
secular
the
-growth
in
the
out¬
standing pool of redeemable bonds.
Whatever
Last week's drastic
based
auction's
the
on
invalidation,
mar¬
tude, the conclusion that he needs
culties
greater educationalong these lines
of
statement
A
of
this
■
issued
writing
(Wednesday)
Investment
tion
in
implementing
just-issued
rants
the
and
Special
assurance
work
SEC
Insti¬
Company
tute, pledging the trade's
-
that
coopera¬
the
SEC's
Study,
the
of
war¬
industry
constructively
can
together in furthering such
education.
debit
balances,
works
by
it.
in
which the voters
A
cut.
no
less
this
-
a
President of the company,
than
latest
85
ma
the
sale
jor
Vice-
located
in their Phila¬
delphia office,
of
of
geared to
accompanying
comment
re¬
a
an
of
the subject of tax
on
cut.
against
a
anticipated $667,000, based
011
an
the
Manager
19 others exceeded such
the
nine
appraisal
estimates,
topped the highs of
range.
works by Arp, Picasso (who
also represented on the
Redon,
proceeds 90%
security
attaching
against
taxes.
Andre LhOte
over
and
Bond
cost
the
ciated
announce
that
He
is
for
year
tour
Navy.
past
He
tion,
was
opposed
no
opin¬
13%
of duty
a
of
member
Securities
of
pri¬
75%
and
divided
op¬
opinion.
no
opinion about
opposing and 12%
payment of school,
salaries,
only
public
considerable
had
posed and 7% had
no
opinion*.
asked
how
about
Phila¬
majority favored
of
the
favored
they
felt
Kennedy's record
domestic affairs.
foreign and
on
On his record
legislation
pro¬
viding tax credits for parents pay¬
our
firm
of
affairs, 18% voted good/.
to
On
answer.
his
foreign affairs
record, 24% thought it good, 41%/
fair,
31%
poor;
no
response
63%
were
5%
Democrats
registered Republicans,
"and
-
Feins V. P. of
Hochstin
Martin
vice
S.
Hochstin
111
Feins
president
-
&
of
become
is
Trotta,
Incorporated,
the
New
New
York
York
embers NcivYork Stock Exchange
Ill
BROADWAY
WOrth 4-6630
•
Donald &
merce
■tY: 11 EAST MARKET STREET
;
;
York, Pennsylvania
y.
Telephone: 39855
clearing through
has
become
associated
,
V
Company,- Union Co
Building, members
Lehman Brothers
To Admit Partner
Effective April 11, Edward Gudewill
bo
admitted to partner¬
ship in Lehman
Brothers,
01
the New York Stock Exchange.
associated with
us
a
ice President and Director
v»-
New York and Midwest Stock Ex¬
changes;.- and
Associate
S. R.
Mer bars
cf the American Stock Exchange.
Mr. Jack had previously been as¬
-
over
Trust
the
man
Dillon,
Co.
Col,
New
York,
ani
Chicago office of East¬
Union
Securities
■
&
.1
Exchange
60 Broad Street, New York 4, N. Y.
'
with
Arias, Incorporated
Members New York Stock
.
sociated with Manufacturers Han¬
IRA ++AUPT & GO
pleasure in announcing that
now
L
April 1
1*163
1 'Wil¬
liam SL, New York City, members
the
of
City,
Stock
Exchange.
and has been elected
with the Sale? Department of Mc¬
Members American Stock Exchange i Assoc.)
New York 6, N. Y.
Jr.,
Jack,
INCORPORATED
a
Scheinman,
Broadway,
members
has
of
Philip Greer
CLEVELAND, OHIO—Donald M.
V
Scheinman,
Philadelphia.
Of McDonald Co.
HOCHSTIN & TROTTA
inde¬
32%
pendents.
the Bond Club of Philadel¬
We take
SCHEINMAN,
4%.
Of those responding to the poll,
Associa¬
Jack Joins Staff
*
on-
44% fair, 38% poor, and 4% failed"
phia and the Municipal Bond Club
Vice President of
the-:
Mr.
A
scholarships for higher education
^ and-7Q%
op-',
were
opinion.
no
Freiinghuysen
voters
man
the
of
schools—prayers,■
of
22%
it, 72%. op¬
polled favored
posed and 6%
non-
activ¬
no
On the question of Fed¬
teachers'
optional,
religious
reading, etc., 14%
Mr.
Supreme-
favoring
colleges —42%
>
President
Is
Philadelphia
a
and
(including
buildings
schools)
with
for
those
four
delphia.
school
eral aid for the
Harry K. Hiestand
Investment 'Association
MARTIN S. FEINS
to
Forty-
primary
construction
the
opinion.
&
a
public
the
Seventy-nine
for Federal
voted
cent
such aid, 46%
with
a
related
education.
;
•
for
aid
has been asso¬
cf
to
-
Twelve per cent favored such
There
Mr. Hiestand
Inc.
questions
aid
per
posed,
Philadelphia.
Reynolds
nine
the Kennedy
favored
Several
Federal
parochial
in
down
the maximum
social security-
medicare to the
vate
De¬
(with
in
Bible
they
cent replied
aid
Syndicate
tion-
has become
per
ion.
of
partments
Among the latter "plus" results
to
the query
was
secondary schools; 43%
such aid and 8%
had
formerly
minimum of each estimated range;
were
list
social
in
ings for the
was
of which
the
that
favored
domestic
.
on
ities
ex-
cent made
per
one
denominational
-
Only
reduction
Six
expenditures.
fa-
without
cut
a
is
cent
per
was
majority
ependitures.
11%. favored
Here
aid for the construction of build¬
Chestnut
1526
for members of Congress took;
against such:
on
polled
were
large
reduction
duction
no
opposed
not voting. "Increased
Court may listen to.
subjects
the election
announce
Harry K. Hiestand as
with the U. S.
pleased
among] the
vored
Forty-two'
answering.
100,GOO
to
18,000 answered.
•
taxes, 35%
the past ten years with the excep¬
are
First
were
Co,,
We
and
persons
tax
opinion.
no
a
for'
shellacking—62 %
a
not
a
15%
per
of
•
35%
corps,
peace
it with 21%
influenced
be
sent
was
Fifty-eight
Mr,
was
be reflect¬
will
creation
increase, 17% favoring it and 21%
poll
crease
Co., Inc.
backs-
Fifty
answer.
no
against
about medicare—medical care for
Reynolds
their
military personnel, 37%
conserva-r pay
of
falling $179,000 short of
side),
may
it
•
The
Next
Hiestand, V.-P.
turned
cent favored increased pay for
per
the aged, financed through an in¬
Street.
reported
This trend
the
voted
it and
the Republicans,
undoubtedly
•
tax
Washington, D. C.
Hiestand
credit, are—at $4.3 billion
all-time
WALKER
Congress.
shoulder, 58% against, 22%
domestic
un-
but
Democrats
up
Democrats
Gallery of Art,
tom estimates, with the total pro¬
—now
an
the
reduction—presumably
ceeds
market
at
people.
cent
is quite
result
&
donors'
sold at less- than their bot¬
were
a
outstanding
The
It is not likely to
valuations for
on
While
measure
high.
independent.
cold
for and 20%
Repub¬
of scientifically tighten¬
pending
deductibility.
major
of
as
the
of
plan and 7% had no opinion.
tax
the
Customers'
registered
are
55%
—
up
by
President
Richardson,
Dorsey
the
time
enjoyment by himself and by
other
voters
proposed by
as
of
Federal aid for commuter rail¬
on
his] a
-serving
PHILADELPHIA, Pa.
Collector
the
Revenue's
Internal
ing
the
at
for
is
Roughly
of
confronting
program
:!:
National
Con¬
Of Reynolds, Inc.
.
undeniable?
the
of
patron
proceeds,
estimates of
of the advance
signifi¬ ket value, as set by the Gallery's
cance of the mutual fund
buyer's top experts, is particularly signifi¬
anti-long-term
investment
atti¬ cant now in indicating the diffL
is
benefactor
and
National
the
be
may
collector,
blowing.
members
some
The
Director,
The Tax Impact
marked the lowest February level
in
deceased
JOHN
Their cash-ins at $353 million
ior.
cently
of last December.
target)
term.
fallacy of buying art with in¬
or
ing college tuition,
constitu-;
licans, 10% Democratic, and 35%
interest your recent articles citing
vestment
is
Freiinghuysen
sixth
.
reading with great
occasion¬
their
Freiinghuysen, a
Re¬ roads, 47 to 39% with 14% not;
publican of New Jersey, has just answering. Creation of a new de- *
taken one in his district.
It is a. partment of urban affairs in the
strong 1-Republican district. V Mr. . Federal Government also received *
tiv
•
of
gressmen
and
and in the Lewis,
of
sale
al.,
total
BARGERON
effort to find out which
an
ought to perk
of Gallery, the Metropolitan Museum
of New York, etc.] bought them—
(with sharply inflated results)
last November;
CARLISLE
Congress
the .wind
way
Gross sales
-
1960.
Savings
ents in
revealing.
of cited in this space, has been pre¬ purposes.
1
I agree with you that the only
Savings Bonds- during this Feb¬ viously evidenced in the Berwind
ruary
at $425 million showed a sale (whose proceeds far exceeded sensible way to buy pictures is
gain of 17% over February, 1962 the estimates) in June* 1962; the the way Chester Dale [the re¬
differently.
quite
of
take polls
swerve
the
has
as
value
commercially.
FROM OUR
car¬
rooms.)
divergence,
Members
ally
voters
of
"fluid"
highly
an¬
glamor
by closed circuit TV to two
1 Such
and
appraisal
an
remains
up¬
was
Gallery's
the
with
shows,
ried
(This
valuations.
vance
the
in this instance.
Surely
from the ad¬
ward and downward,
on
past sale price—which
a
done
di¬
leading
strikingly
only
over-estimate
gross
weight to
was
York's
$50,000-
a
brought
estimate
ing the fallacy of attaching major
week's Sellin-Saxe sale of
Last
against
Modi-
a
Modigliani is significant in show¬
MARKET
ART
deficit); and
$27,500.
THE UN-APPRAISABLE
-
overflow
Other
with
with $55,000
Board.
Reserve
level some 11%'
a
conducted
being
now
(reversing his above-cited excess
The
(80 points in the Dow Jones
so
a
credit
(25%), Picasso
(37%), Dufy
loans.
Purpose
by the major study of mar¬
area
ket
-
will be shed on this
becalmed with
was
or
Non
of
by the SEC in collaboration
clientele.
by these institutions'
zation"
Valuable light
BY
in
reduction
the
ing
"SAVERS" AND SAVERS
Thursday, April 4, 1963
.
Ahead of the News
Medal
the
the
to
Contributing
.
FROM WASHINGTON
fet Chirico, Madrassi and Tamayo
•
.
Telephone 363-4668
Volume 197
Number 6252
.
.
The Commercial and Financial Chronicle
.
(1373)
Kennametal, Inc. Converter
&WMSV5S2S Signing Agreements
taxes,
after
as
sales
// Of Metal Into Money
A
\
/////
-
net
was
percentage
a
7.6%.
earnings
For
fiscal
advanced
Sony Corp.-Amer. Depositary Shares
and
on
Offering of
on
of
1962,
58%,
amounted to $1.77 per share
5
the
common, as against $1.12 the year
earlier. For the six months
By Dr; Ira U. Cobleigh, Economist
period
;•/:
'
Destrifrihg -a 'company producing hard, heat-resistent metals
r;v' V * 'v industry, -and exotic ones for. the space age,-/, ■/
v
ended Dec. 31,
for
earnings
and
We used to live in
simple- world
a
wherb ordinary metal^^irob^
per, vlead, ;zinc,
silvery and gold
were; all that .we needed. Today,
however, the world-of metals is
,
far
sophisticated and
more
elements and alloys, that .pre., very
'resist
friction tand
temperatures,
and
be
can
are
extra
much
high,
durable,
about
to 99.9%;
up
;anE.£a/new
nertium,"
used...
as
50%
denser
ballast
...
around
"Ken~
weights; in
than
and
high,
share
per
$2.15
the full year..
is
a
share,
figure
anticipated
'
-
*
of/
for
-
>
lead,
counter¬
rotating
maximum
A ;v; Plant
parts,,
weight
Within
the
in
Expansion
past
12
,
/,/
:/v"
•
the
years
company has ^ expanded ff'orh two
minimum space—as in projectiles,
plants (1949) to a 12 plant oper¬
ation today. Two plants are de¬
,
Kennametars
..
essential
are
tantalum
in
and
be
can
anodes
voted
to
the
performance Tefined
certain, missiles, ing
adapted to highly spe¬ :of capacitors; in
hear
we.
purities
and missiles.
cialized electronic applications. So
now
in
calling, for
com¬
plicated^ We vmusi. jiayje'c^etalHo
hard,
tantalum
about $1.05
were
net
a
1962, indicated net
adapted
for.
use
processing
tungsten
raw
to
Above, center,
Aklo Morita, Executive
Vice-President of Sony
Corporation, Tokyo, Japan, manufacturer
of electronics
products,
is shown
signing documents covering the
offering April 2 in the
United States of 300,000
American Depositary Shares
representing
into
ore
meet, exact¬
specifications; and the-others
variously to machine shop opera¬
tions, sintering: and grinding; re-
in
3,000,000 shares of
less computers and control
equipment.
tying/- Kennametal is also if sdd
militari-/ fining of metals; / production of
sten; tantalum,; . titanium,, columly to. make 'armor-piercing pro-, (alloys, and of
metal-.working- and,
bium and niobium.'/A'
w-Vw/ jectile cores. Kentanium
(titanium. mining tools.-, Over ; $5.2 million
common;
-
{Since^-
■
elements , such
-
as
Jhtopoi^ia^
ha^address^d;lt-
:based; carbides)
Kehnameitallf nc^*
'
sdlf
and
ih&
rec^
A
■/./
ogpizedr -leader vin^itS'' special field
Growth Rate
-
;
can
sales, and
' iri-.a,sinteri
has
last- three
51%
Smith, Barney
Co.
&
an under¬
Incorporated and
At the left is Ernest B.
Schwarz-?
enbach, Vice-President of Smith,
Barney & Co. Incorporated; and
at-the right, Shoshi
Kawashima, managing director of Nomura.
The offering price
per American
Depositary /Share was $17.25.
years
on
plant ' and equipment..
-spinning tools- for hot metals; and- Kennametal Overseas *
(Panama)
in nuclear, reactor equipment.
handles European and South Afri¬
producj^n<pf'.tip|
usual metals and is today
the
stock of Sony Corporation
by
common
headed by
group
The Nomura Securities
Co., Ltd.
high temperatures and is used for
great* s^be^s
v^fopmqnt
Tstend: very, has been spent in
/can
writing
-
J interest
engineer/ a former vice-president.
vKennametal,.Inc. common is; the/
arid, in a,Peruvian manufacturer Of St, Joseph vLead Company; and. kind
V i
of/stock that/fits > welt in$o ^
exotic A metals.
Nobody,
except of ; drill bits. ;
Kennametal, Inc. Assistant„Secretary of Interior in- the, space rage, and* into-investment /
Products
i
"scientists^ cir
engineers,, "really. also owns-44% of; Kennametal Xtd." the I^isenKovTertrV^rim
portfolios,., partial to/ technologi-'£>
Jy news tor .understands them; and, in Great Britain./
A*For>^
%
!
V "
cally attractive securities: A
Financial Data
/:/./,:
gatded- asohe-of^tlie-: most /desir^ : investors' are far more interested,
r
of cemented
"/" But/enough,
hard.carbides. ■V•
;
of this: catalog
of
•
.
;
able
and
useful
-metals,«but gov¬
ernment/support for, "-and- stock¬
piling of, tungsten, at artificially
high
prices,
prevented
application to
its
broad
many uses
wherein
it could outperform steel.
government
stockpiling
today,
less
tungsten, costs
than
in
1957;
that
about
and
75%.
vast
rather than
money,
in
makes,
company
.
any
earning
Kennametal Inc. has per¬
power,
formed
new
well.
search
Inc.
cessfully cut steel, led to
growth
metal, -Inc., has long pioneered.
Cemented "hard carbides (mainly
in
in
company
the
totaled
sales, beg*~
,
1940's.
$31//2
Sales,
million
o
esses,
1946,
reached
$22 million in 1952. Then
sales plateaued for several years,
on
re¬
improvement
manufacturing
development of
ucts and
new uses
new
for old
of
...
Financial
position
■
with
the
3.2
a
1962
to
from
$1.1
million
is
year
end.
depreciation
annually.
Management
common
Management,
headed
by / Mr.
Philip M. McKenna,President and
Founder, is composed of a rela¬
due partly to the cyclical nature
tively young research and execu¬
tungsten) are the strongest' heat-, of
the business, substantial non¬
tive team. Directors include Mr.
-resistant
commercial
materials
recurring business and the close
llow
Andrew
Gahagan, President of
available./For tools in the •of the
Hammill
rently
at
around
25V2.
cur¬
This
tries, and for wear-resistant parts.
Kennametal's
compositions
vide exceptional
density,
pro¬
strength
1957.
ing,-friction
and
and
A
for
in
some
than
v
.
.
for
steel tool.
•
for
Co.,
Mall.
1
-A
;
.
''■
•
the hori¬
A
vessels That would withstand pressures far above the tolerance
of
/cylinders,
-
enduring;
per
square
above
inch,
in certain carbon transformations.
Newer
alloys,
produced
by
Kennametal, include niobium ,and
lot
'pressive
;
of
companies
gains
in
but
net,
and
appears
to
a
be
a
stock- Bernhaut,
with such dominant growth char¬
im-
to give their shareholders a lot of
double talk to account for
meager
distillations
of
gross, into
net.
That's not the situation with Ken¬
nametal,
Inc.
Here's
with
one
vance
and product
the
eye
other
eye
on
on
a
acteristics.
and there
Dividend
is
80
cents;
October.
was
a
2-for-l
split last
Paul
E.
Blackman.
a;"'anD
*
-
-/•.
ROBERT WINTHROP & CO.
ad¬
excellence,
the
WOOD, STRUTHERS & CO.
company
scientific
cash
ARE PLEASED TO ANNOUNCE THAT
regisTHEY HAVE COMBINED TO FORM
.
THE FIRM OF
It is
a
pleasure for
us to announce
that
WOOD, STRUTHERS & WINTHROP
John W. Hemmer
MEMBERS OF NEW YORK STOCK
has been admitted
General Partner of
EXCHANGE
as a
our
20 EXCHANGE PLACE. NEW
YORK 5, N.Y.
firm
7-i
Research
30 WALL STREET. NEW YORK
5, N. Y.
Department
BOSTON. N EW HAVEN, ROCHESTER,
DALLAS, SAN FRANCISCO
Orvis Brothers &G>
APRIL 1, 1963
Established 1872
..
'
Members New York Stock Exchange
v.
%
.
'.«■
•
'•
'
-.
\
Thirty Broad Street, New York
April 1, 1963
,
.
|
J.
Bindewald,
Eugene W. Dryden, John B. Farese,
Jr., Richard A. Gardner, Joseph T.
Iozia, John J. Villani and Richard
of
have
■"
Warren H! Bree has been named
"
show
sales,
on
/
•
fiscal
v
office,
•
mil¬
high
announced
new
:•
expected
the
have
a
resident' manager. The registered
representatives
are
Melvin
S.
conservative appraisal- for
•
Lower Promenade at Bergen
of
1961,
$29.6
are
all-time
million
&
Profitability
on
tungsten carbides include
1,500,000 pounds
.
new
a
$33
•
crushing and grinding machiner*
steel
They
~
about 12 times indicated 1963
per
share
Beryllium Corp., and Mr. Felix E.
consulting
"/■
is
Wormser, well
known
•' '
opening
instances, 100 times long¬
a
Newer applications
zon
.
to
were
(fiscal)
ending June 30, 1963.
year
'
er
mine
dynamic
a
31%
1962.
reach
aroupd
last.
can
tungsten
1961
for
advanced
lion
and
corrosion.;
million
$22.6
resistance to heat,. pressure, bend¬
■to
Kennametal cutting tool
Since
uptrend has resumed. Sales
properties—high
hardness,
company's
in
V-'/
the
•
metal working and
mining indus-r
•"
the
is held by over 2,000
stockholders, and trades OTC
>
,
PAEAMUS, N. J.—Shearson,
capitalization only by a long
term 5% bank loan of
$1,700,000.
The,
* ''/;
'
Opens New Office
Common.
the
ones.
.*
•.
•
about
outstanding in the amount
1,216,902 shares, is preceded in
of
>„
Shearson, Ham mi 11 =' /
Cash
is
,stock,
proc¬
'
excellent,
1/ current ratio at
fiscal
flow
prod¬
;
which
in
stresses
products and
rapid
a
//'/A.?
.
search and nOw spends about ;3%
of sales annually on iC This re¬
perfection by Kennametal,
of carbides that would suc¬
nine
markets have opened up for tungt
sten
carbides in. which
Kenna¬
///////A; Research
This company was biiilt
event. As an expander of
The
ot^ tung¬
so
a
'
'*■
how much
what,
In 1957
sten ended, and- prices fell
.
in
6
The Commercial and Financial Chronicle
><1374)
sibility arid the result is
Tax-Exempt Bond
DONALD
BY
certainly
10
about
reached
•
days
^orioo
ipal
bond
yield Index
•2.896%
April
on
27)
2.888%.
This
increase
late
is
January and early February
set back
slightly after the spirited
occurred
which
advance
'
Slight
At
correction,
quick- to
a
.
a
their
resume
yield
yield
4.QOO /v
2 888%
last
was
offerings.
This afive
week.
narent
parent
as
.the
new
street
bulge
few
tew
state and
,
situation,,
about
Lint
the
market
viewpoint:
dicate
that
be
of
strata
of
,
as more
experienced
of
scheduled
issues
new
scheduled
the
over
may be absorbed by the banks and
by :other' institutional
-sizable
heaviest
for
-
is
.
.
,0
that
■
>;■
.'
m
Turnpike Revenue3
•
;nS..
ca
•
•
flat.
down
F .agopi;nnj*
oward
,
economy,
to get the
seem
state has been comparatively
well governed. Almost uniquely
f"ere is no sales or income tax
though one
;^9W justified.
or the
.
Unfortunately
partisan
there
effort
leadership
other
.in
toward
seems
,
Rate
no
bi-
constructive
fiscal
Maturity
3V2%-
________
respon-
The
past
:
1982
Bid
3.00%
3%%
1981-1982
3.30%
2.85%
2.85%
New
York, State..:.
3V4%
1981-1982
3.00%
2.80%
________
State
3%%
1974-1975
2.90%,
1981-1982
2.65%
2.50%
2.95%
2.80%
(N.Y., N.Y.)_- 3V2%
1981-1982
3.10%
Los Angeles, California.
3%% "1981-1982 .3.15%
2.95%
Baltimore,
_____
Housing Auth.
Maryland
....
3.05%
3V4%
1981
3.00%
2.85%
(U.T.)
2Yi%
.Philadelphia. Pennsytvar}iq___—— 3V2%
♦Chicago, -Illinois——
3Y4%
New York, New Yorkc.__.___
3%
1981
3.05%
2.90%
—
-
—
.—.—_
Cincinnati, Ohio
1981
,
:
.
*
April
3,
1963
3.05%
F>
3.20%
3.05%
1980
'
3.20%
1981
...
.
3.06%
3.00%
.
'
April 8 (Monday) :%.F
light and
was
totaled
is almost always the
ever, as
♦No apparent availability.
there
were
half
a
are
Bidding
com¬
these
issues
for
the
hectic
of
pace
the last month but initial investor
for
demand
at
these
feverish
so
Last
a
New Rochelle City
issues
not
was
only
California
State
State
School
State
Construction
0
(Las
Vegas),
terest
cost
compared
the
of
&
Other
This
bid
with
3.40%, net
a
which
made by
was
Dillon,
Co.
net in¬
a
favorably
bid,
A
Members Midwest Stock
CHARLOTTE
V
'
RALEIGH
COLUMBI A
"NEW
T
Union
,
Franford,
Exchange
Sachs
&
GREENVILLE
Gold¬
Shearson,
Paine, Webber, Jackson & Curtis,
William
Co.
Blair
7:30 p.m.
2,350,000
1964-1987
Noon %:;;/■
1965-1937
11:00
a.m.
a.m.
%
1965-1989
10:00
a.m.
1,814,000 : 1964-2003
1,000,000.
1964-1978
Noon
Essex
&
Fitch,
North
&
yield from
1.80%
Indep. Sch. Dist., Texas
'3.50%
to
for
various
11:00
a.m.
11:15
a.m.
2,300,000
1964-1988
7:30 p.m.
April 15 (Monday)
1,010,000
Central Union High S. D.,
Kenosha, Wis
Fort Huron Area
S. D.,
1964-1983
1,750.000
Calif—
— —
1964-1984
1,000.000
^
Brown County, Wis.—
1964-1933
1:00 p.m.
'
2:30 p.m.
2,790,000 :? 1966-1992
„
Mich.____
6,575,000
,
2:00 p.m.
________
1984-1988
7:30 p.m.
1964-1933
10:00 a.m.
1964-1981
10:30
April 16 (Tuesday)
10,741,000
_______
6,000.000
Davenport Community S. D., Iowa
Detroit,
1,900,000
Mich
1,000,000
1970-1998
1984-1969
.
Ingham County, Mich—
Omaha City Sch.
Dist., Neb.:
Orange, Texas
Co.
25.000,000% 1965-1984
:
No.
Wash.
1,
2:00 p.m.
11:00
;
a.m.
11:00 a.m.
1.250.000 \ 1964-1983 % 7:30p.ili.
—_
PUD
a.m.
1964-1988
1,750,000
Evansville, Ind.
Snohomish
•
11,505,000
6,000,000
1964-1978
2:00 p.m.
1,160,000
West Salem & Hamilton Joint Sch.
1964-1983
1:30 p.m.
'.
District No. 1, Wis.-____———
'r;
April 17 (Wednesday)
»•
Galveston County, Texas
Louisiana
3,845,000
1965-1996
15,000,000
1964-1988
,•___—
(Highway)
2:00 p.m.
10:00
a.m.
April 18 (Thursday)
Edina-Morningside
Indep.
School
District No. 273,' Minn
$3,034,000.
The
'
.
group
Dillon,
headed by Eastman
Union
Securities
of
1966-1990
7:00 p.m.
1,750,000
1964-1983
8:00 p.m.
3,200,000
1964-1970
8:00 p.m.
1964-1988
8:00
$2,250,000
University
Rhode Island, Student Union
(1965-1987)
revenue
major
members
G.
H.
Mich
April 22 (Monday)
Fort Lee School
District, N. J—:
King County, Wash:—
Rim of the World Unif. SD,
an
of
2.462,000
2.000.000
Calif.
Ad¬
1,395,000
bonds
of
this
Walker
&
Township
.
Flood
Control
to
bonds
have
California
only
for-
p.m.
10,500,000
1966-1993
9:00
a.m.
1,350.000
1964-1976
11:00
a.m.
5,000.000
1964-1983
11:00
a.m.
1,000:003
1964-1983 %
9:00
a.m.
Okla.
3,000,000
1965-1976
10:00
a.m.
Washington Sub. San. Dist., Md—
14,000,000
11:00
a.m.
10:00
a.m.
Union High
School, Calif.
Sch.
Dist., Calif.
Tulsa Co. Indep. S. D. No. 1,
Baltimore County, Md.__
Business
This
was
there
is
rare
interest¬
were
$100,000
over
with
8:00
:
April 24 (Wednesday)
Week's
because
of
1964-1932
15,000,000
been sold.
issues
.
8:00 p.m.
•
Dist.,
Oregon (State of)
Unified
reoffered
the
a.m.
.
8*750,000
Angeles
Torrence
of
11:00
,
High School District No. 203, 111.
County, Mo.__
$590,000
1964-1984
1.981,000
St. Louis
were
,
Davis County Sch. Dist,, Utah——
Oxnard
bonds
p.m.
1:30 p.m.
April 23 (Tuesday)
_
,
Cook County New Trier
Los
include
School District,
Co.
&
purchased through negotiation
issue
1.900.000
Kingsway Regional H. S. D., N. J.
the
coupons,
present balance in syndicate totals
up
1965-1981
to
Barret,
Scaled
day,
2:00p.iri.
5,299,000 ' 1964-1977
Bozeman, Mont
I.aidlaw &
Co.,
vCo.
but
1964-1983
'10,000,000:
Fla.
County, N. J..
North East
*
1,465,000
Pontiac
and
GREENSBORO
JACKSONVILLE
8:00 p.m.
11:00
—
Co., Goodbody & Co.,
but
no
the
on
indeed
public
was
in
bidding.
(Memphis),
awarded
$8,000,000
-
District
Weld
No.
on
1963-2003
1,000,000
1964-1987
108,720.000
York,. N. Y
Thief River Falls
^1964-1993
-
Noon
:
Independent Sch.
564,
1,495,000-" 1__,
Minn
County Sch. Dist. #6, Colo.
2,350,000
10, Wis.
,
.1,184,000
11:00
a.m.
8:30 p.m.
April 25 (Thursday)
Horicon Junior S. D. No.
v
1:30 p.m.
*
Shelby
Tennessee
general
Continued
issue
8.000.000
—
Orleans, La._
New
another dull
one. notable
County
•
1963-1973
1964-1985
Conn._i
the
of
include
Co.,
day ..of this week
ATLANTA
a.m.
''
members
syndicate
calendar.
•
V
11:00
April 11 (Thursday)
-
Duval Co. Spec. Tax SD No. 1,
Se¬
these days of heavy volume .Mon¬
YORK
„
C
Noon
1967-1993
Building.—_______ 100,000,000
County, Va
group.
major
winning
headed by
Co. at
very
Eastman
curities
$5,-
Tax -(1964-1983)
3.3987%'.
runner-up
interest cost,
sold
Nevada
Limited
Phelps, Fenn &
ing
■
1966-1981
1964-1991
University, Fla.—
New
f
1963-1978%' 8:00p.m.
&
Albuquerque, N. Mex
District
School
Friday, March 29,
I
-
Noon
Anchorage Tele. Sys.. Rev., Alaska
County
Current
O
8:00 p.m.
■
-•
.
%!,025,000
Clark
Common Stock
C
1984-1988
April 10 (Wednesday)
:
.issue
one
yield from 2.10% to 3.50% and all
"
.?
1964-1988
Sch. Dist., N. Y.
Thomasville, N. C.„__
Townsend, Dabney & Tyson.
& COMPANY
>
1,660,000
of note sold at public bidding. The
The
'
V
2,000,000
Co., Brown, Lisle & Marshall and
R. S. DICKSON
'":F'F
\ 7:30 p.m.
pace.
Thursday
Other
Colonial Stores, Inc.
a.m.
1970-1982
■
importance
of brief
worthy
at
issues
dozen
market
general
which
group
trading market in:
11:30
: "*
-
1965-1988
*
-
High Point, N. C
case,
late Thursday.
We maintain active
1,098,000
-
Lompac, Calif.
on
only $108,000,000 of bonds. How¬
dition
Index == 2.896%
%
;
1963-1984
1,000,000
calendar for the
issue
new
Asked
3,15%
3.00%
—
;
Okla.__
Duncan,
Florida
week
man,
1981-1982 ;
State_—
%
Recent Awards
the
is
3%
New
don't
right questions
bonds to the syndicate
P°hhcal Parhes
^
2:00 p.m.
1:00 p.m.
~
seems
just
We
pectacle By heritage and tradi-
Jersey Hwy. Auth./Gtd
Delaware,
is
and
the ballot!
continued
•
New
Pennsylvania,
dormant
000,000
the
Connecticut, State___________
The
that fre¬
sense
*ew Jersey s case continues as
the ™st .interesting" financial
v
State..—
prob¬
generation.
seems
Hammill &
California,
highway
common
ment.
.<impound..
MARRET ON REPRESENTATIVE SERIAL ISSUES
.
1964-1993
1964-1980
■*
3,058,000
—._
Dupage & Cook Counties Hinsdale
%
patient and quiescent,
posal
of
^^prylsa s
similar
a
.
^maue continue to obliterate any
investors.
calendar
reported
often
less
The headlines portray state and
u n i c i p a 1 financial problems
daily. Tne scareheads for more
the
month
or
'
pres-
next
,
.
tentatively
or;
r
Jersey Hopes
.
in-
before
more
^
New
of
to
2,150,000
April 5 (Friday)
Foughkeepsie, N. Y.__„
likely to turn this ridiculous pro¬
.
,tf
from
seem
4,000,000
—.
Indep. Sch. Dist.,- Texas
8:00 p.m.
..
.
Greer, S. C
the
for
quently
ex--
easy money"
this has simply ber f.
•
conscioUs. and
further- correction
a
$850,000,000
This
lems
ulace has become
However, the im-
plications in general
1964-1991
~
hopeful
base taxation.
broad
of
for
pehrf»orum°rs fav°rlnS s0!re"
%alh:gherh™ney rates' °ur pop:
was
level
for
vote
will set back the date for the need
extreme
,t is
•
.
serious'.
a
Lubbock
-
inventory
represents
Parish, East Bank Sewer
the proposition that it
on
the
%'
.
creditable become the
the heavy calendar
nor
to
current
.
passage
orders"
capital
headed
.
2500,-
total
November
a
the ballot
1,500,000
Dist., Mich
District, La.
2,000, plus the esti¬
$500,000,000 of interest cost
attaches to -this. factor, the less
April 3.
on
forming'up,
ently
necessary
and
are
,,
beyond the
of
Blue
F? Neither/the
may
vin
considerably
municipal offerings
$559,900,500
.
calendar
issue
and
norm
The
000.003.
aps'ss s
Jefferson
Loudoun
inventory has begun
above
tradit onal
•our-
been
increased
been
/threat
has
Dast
past
the
the
riurin«
during
,
while
u
,
high
investor resistance
to
credit
reduce
and eyen increases and
recorded
recoraeo
some
has
to
facj that VnemP1°yme"t Persists
The
year
sions
of
djt
7
in-
certain to be tested and
April 4 (Thursday)
Clarenceville Sch.
■
AHhough durable goods.
are
proceeded to
Index
inaex
following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
this debt. This fiscal Franken¬
for
^g-term capital program expan-
were
active
to
stein is to be placed on
high level represented by
new
ine
the
reservoir
period ;.g
investors
bank
likely
not
seems
week
one-half pomt
two
then slowly
market
v
'
'
"
Resistance
terest in attractive
a
De•
the market ease
point
but
less and after
or
early
]•
Investor
that
spanned
'
'
•
s
I
from
■
thru mid-January:
cember
out
Factors
the
proposed
Jerey bonds issued
about
.
In
-
when the market was.temporarily
iriunicipal -bond 'market
thus
Thursday, April 4, 1963
.
Township High S. D. No. 86, 111. / 4,000,000
It goes without saying that the
market period that has prevailed
Lansing, Mich.
:
%. 6,975,000
since early December, the salient ballot question, if any, should be
Missoula
Special
.Improvement
r
money market factors continue at "do you want a broad base tax
District No. 281 & 282, Mont.—_
1,175,000
least as favorable to the market and if so, what kind?" Thus the
as they have been for most of the state's institutional needs could
April 9 (Tuesday)
past year. Even though there ap- be reasonably disposed of.
Brevard Co. Spec. Tex SD #1, Fla.
12,000,000
Should the Turnpike issues be
pear to be favorable aspects deDetroit, Mich—10,500,000
veloping within the economy, the paid off by 1972, the funds thus Gallatin
County Sch. Dist., Mont.
2,348,689
total prospective economic activity freed will be then needed in the
since
recorded
New
to
of
.
Larger Issues Scheduled For Sale
.
,
,.v.
first ,weekly
the
in:"yield
and
capital construction maturing
mated
20-year
Index yield was
the
(March
presumably
1972,
$750,000,000
of
New
for
Although these important maraverages oat at ket factors are less favorable than
3. A week ago they have been during the firm
obligation
general
Market
off
State
.
state and munic-
icle's high grade
Turnpike,
by
pay
No Change in l*unctameniai
j
Commercial and Financial Chi on-
the earnings of the
available
on
The
ago.
•
T-i-
j
i
not
grab
massive
a
the part of the .Governor
on
Jersey
period in several years and poses
at least a psychological obstacle.
Moreover, it comes on top of the
most voluminous first quarter in
municipal underwriting history.
general,
it is apparent that the state and
municipal bond market has eased
back slightly from the high point
and
to
MACKEY
D.
Although price changes have been
small
effort
.
obli-
page
42
April 30 (Tuesday)
Beaumont,
Texas
Santa Clara County, Calif
.1
2,000,000
8,000,000
„—„
——_
10:00
a.m.
—
Volume 197
Number
6252
*
,
The Commercial and Financial Chronicle
.
(1375)
The
actually
Secondary Market for
shows
cline to
substantial
a
de¬
1946, occasioned by strict
material
and
labor
priorities im¬
posed by the Federal Government
during
the
which
war,
limited the flotation of
while
By R. V. Wehrheim,*
Vice-President, The Philadelphia
National Bank,
Philadelphia, Pa.
outstanding
Still
generally unrecognized
the
if
tax-exempt
little
as
secondary
1/9th
as
the
unappreciated is
market.
12%
or
return to the market, the
today's huge
or
of
Trends
the
show
we
that
annual
outstanding municipals annually
yearly secondary market volume will equal
by 1970. Mr. Wehrheim points to
A
new
con¬
little
of
quick
in
division
here
1962.
financing
1951
to
Some recognized authorities
projection,
that
volume
about
freely. The Philadelphia banker describes
from
of
16
by
1970
issues
new
billion.
we
the
annual
will
be
Following this
arrive
can
at
9
marketing arrangements and strongly recommends upgrading trad¬
ing departments and traders to the recognition they deserve as
secondary operations become a substantial part of the municipal
bonds expected to be
outstanding
business.
by 1970.'
(1)
as:
"shopping the bid";
secondary
accounts
by
(2)
said
to
exist
granting
of
members
in
such
options;
(3)
times 16 billion,
lions
areas
forming
primary accounts;
and
You
(4)
of
those operations and transactions
writing, syndicating, and market¬
writing and syndicating
bond issues has become
complex matter, and the rules,
a
customs,
and
bonds
investors,
bond
new
in
the
portfolios
of
either
directly
by
related thereto
underwriters-^or
through
dealers
require
who
con¬
stant
surveil¬
lance
and
vision
re¬
by
By
re-
such
the
I B A.
ket
industry-
tors"
How¬
I
won¬
ever,
who
us
must
become
devote most of
so
our
engrossed
with
Market, and whether
given
due
recognition
sponsible
,
market.
to
the
in
they
come
;V-^
■
have
we
individuals
for,' dealing
as
re¬
these
the
into
the
by
to
as
making
what
These
the
and
orig¬
then
re-
ondary
sure
we
as
by
con¬
"Primary Market."
might
be-
are
The
bonds
find
annual
Primary
as
Market
taking
New State and
let's
take
resenting
Issues
in
1962___
Debt
Amount
Issues
(In Billions)
6425
for
ket.
shown
at
As
and
their
1956___
6495
in
$5,600,000,000 held by
reveals
■'
the
following:
-.
V.
000,000s
-v..A'';'./,-*.'
Omitted
V-
V
Corporations (exclu. banks
& insurance companies-.
Mutual
U.
$2,300
were
leave these bonds undisturbed
portfolios
a
they
once
the
case.
seems to
"
be
'
The
reasons
for
y ;yy'y>3'\
.
an
increasing
degree of flexibility in, investment
accounts
not
are
hard
to
a
great
banks went up
ment
bonds, producing
with
return,
into
longer maturity and
a
ducing
enough yield to
their increased
charges.
Also,
many
tax-exempts
manent
time
as
banks
more
when
find.
not
many years
the
column
rates
3,278
note
since
S. S Gov't
600
Investment
average
average
500
Other Misc. Investors
The last
:
To be
little
a
refer again
and
the
1,800
category includes
ings and loan associations,
or
sav¬
corpo¬
rate pension funds, non-profit as¬
as
any
bonds
29%
outstanding
by
types
of
$23,206,000,-
of
owned
outstanding
by commercial
of June 30, 1962.
There¬
development influencing
investment
banks
of
Note that
hanks
fore,
specific, let's
to the statistical data
about
were
the
more
division
tax-exempt
000
frequent ad¬
more
Yields
were
bonds
Funds
yield
first
"Bond
the
of
can
Secondary
policies
add
of
these
importantly
Market
activity.
to
shorter-term
on
ping at times to
on
bonds
maturity
banks
and
the
The
years.
their
in
do
they
not
do
of
great
carry
books
one
issue
and
a
high
ous
annual
new
the
in
a
constantly
being
having been recorded
The
data
shows
the
3319
on
in
SONY
1961.
outstanding
static
same
CORPORATION
•
(A Japanese Company)
debt
situation
during the 1931-1941 decade, then
Price
;
Bond Buyer
Top
20 Bond
'Corporate
Municipal
Outstand'g
Yield
30)*
Index
As of Jan. If
Tax
•"
RatcH
3.37
47,400
2.56
26,592
1.66
1,204
15,626
5548
1,229
19,860
2.14
5342
1,156
19,212
1931
4480
1,251
19,060
52
Individual
Normal and
«
Surtax Rate§
V
This
52
91
±85.63
38
;
constitutes neither an off er.to sell nor a solicitation
buy' these securities. The offeringis.made only by the
Prospectus, copies of which may be obtained in any State from such
of the undersigned as may lawfully offer these securities in such State.
of
91
$50.75
1.42
*
$17.25 Per Share
Top
-Percentages— —r-r—
$80,131
I'
.
an
announcement
offer
to
86.45
31
81
3.25
15
79
4.12
12
25
Smith, Barney & Co.
The Nomura Securities
Co., Ltd.
Incorporated
Approximate /amounts of
outstanding State and Municipal Bonds
Held as of June
30, 1962 by Classes of Holders
Kuhn, Loeb & Co.
Merrill
Lynch, Pierce, Fenner
Incorporated
& Smith
Incorporated
Increase Over
June
Commercial Banks-
29%
Individuals and Trusts.
38
Life"& Casualty Insur. Cos.__ 17
and
State
Pension
Funds
UAH time
*
Note
low
static
decrease
**
low
1.29%
1%
Feb.
1913-1915.
figures
30,500,000,000
13,600,000,000
1,300,000,000
14,
7,200,000,000
SOURCE—Daily
5,600,000,000
700,000,000
1946;
§ All
time
all -time
low
high
7%
5.G9%
on
May
1,
Buyer.
Incorporated
Lazard Freres & Co.
.
Wertheim & Co.
Carl M.
Loeb, Rhoades & Co.
White, Weld & Co.
Dean Witter & Co.
Incorporated
1933.
1913-1915.
of
war
Bond
Goldman, Sachs & Co. Harriman Ripley & Co. Hornblower& Weeks
200,000,000**
7
outstanding debt during depression
years—1931-41,
years—1941-46, and rapid increase thereafter.
$ Average.
during
Decrease.
on
^
9
'
time
30, 1961.
$4,400,000,000
2,200,000,000
of
Governments...
Others
f All
$23,200,000,000
Bache & Co.
Philip Hill, Higginson, Erlangers, Ltd.
on
today
and
replaced
300,000 American Depositary Shares
$8,359,000,000
are
investments
Continued
as
Therefore,
inefficient
Share)
of
on
discount
premium.
1962
previ¬
ten
rate
coupon
amortize
The
record,
figure of
per
Represented by
war
1946.
$8,514,000,000 bonds isued
set
(Par Value 50 Japanese Yen
"bank"
to
bonds
these low-coupon bonds
In
dip¬
majority
discount
at
bonds
low,
so-called
range"
3,000,000 Shares of Common Stock
following the
through
on
fraction of 1%
a
very
depression
1931
Buyer
Note that
obtainable
April 3,1963
Mar¬
new
in
1946,
a
quality 20-year bond
rep¬
the
As
were
let's look at
ago,
correspondingly
the
less static annual volume
or
1936
Trusts
rates
20-Bonds Yield Index."
an
the
were
today.
low
headed
less per¬
during
interest
haw
pro¬
"cover"
purchased
or
investments
reminder of
the
inade¬
an
tax-exempts
very low compared to
.
Media
associations,
commercial
States Government and
local gov-
in
were
acquired in the Primary Market.
investors.
Savings Banks
statistical
our
substantial increase
(In Billions)
5,446
5281
1941
savings banks and
building
loan
the maximum rate.
Then, to
obtain sufficient
income to afford
this higher
payout, many banks
entered into a broad
program of
shifting out of short-term United
Secondary
potential
the Secondary
presentation,
(As of June
$8,514
1951
/
from
New Issue
look
a
current
material
State &
No. of
there
growing tendency of investors to
their
pay up to
time and savings
deposits.
to meet the
competition
on
outstanding quate
little to the Sec¬
if
per¬
order
Potential
imposing ammount of bonds
largely self-ex¬
defined
Municipal Bond
our
Reasons for Changing Investment
12%
or
on
concerned.
Re¬
ruling
to
Secondary
Market
Now
STATISTICAL DATA
Year
is
of
mean
Market
these figures
only one-ninth
an
effect
token, the large and
amount
debt would
•
terms
planatory.
1946
bonds
from
Current and
during
is meant
"Secondary Market"
trasted to
broad
for sale.
of
start
Pri¬
"inves¬
;a
dealers
Material for the
years
Let's
by
ac¬
those
including
as
volume
Primary and
Secondary Markets
all agree
in
underwriters
more
Definition
here
used
Huge
to
problems of those
departments'and
bond's
from
same
contributed to
mar¬
the
term
offered
this
have
we
ary
the
via
The
purchased
some
extent
lost
sight of the
relative importance of the Secon-
and
see
the
as
economy
Federal
a
issues might have
particular sector that
status
and
the
justments.
and
been
is
.
inal
new
having
far
so
national
types of holders. A further break¬
we
-
back into the
first
4%
In
to
wiih
velocity of money is
importance than the sup¬
However, the opposite
Municipal
■
transactions
by investors
sense,
Robert V. Wehrheim
der if those of
attention to
Market
Market.
mary
gen¬
erally.
after
quired
the
by
Secondary
find their way
have
"others"
those
mean
izations
and
the
ply
the
mitting these banks
and
fact that the
down of the
part of the under¬
a
quotations involving bonds which
trade organ¬
a s
not
are
the
writing account.
sponsible
can
familiar
1961
Board issued
Changes in interest rates, govern¬ on Jan, 1, 1946 was
only 1.42% ;
Market volume
approximately mental fiscal
policies, the shifting on Jan. 1, 1951 1.66%; and as late
equal to new issue volume.
economic outlook, tax
revisions, as 1956 it was still only 2.56%,
As a matter of interest I have new rulings and interpretations
compared with 3.37% in January,
also presented
central
a
breakdown of by
banking authorities; 1962. This index stands
today at
presently outstanding debt as to these and other factors have all 3.08%. v:
issues and the ultimate
placing of
those
p ro ced u re s
144 bil¬
.
outstanding
we
involved in the process of under¬
ing of
new
or about
way back to the market each year
doubt that the under¬
no
State
also that if
piecemeal offerings.
There is
of
all
are
of more
issues.
new
We
growing
new
to
is
accom¬
The Velocity of Turnover
By the
predict
improvements
December,
serve
the
as
"Velocity of Turnover."
rapid
same
the increase
as
volume
Spot surveys already made are said to
show that secondary market
operations account for a surprisingly
large percentage of both volume and profits since dealers are free
for
the
of
dependable profit-sources.
Need
well
as
yield index column in the
shows outstanding debt to be
just
about 9 times the annual volume
changes
fast and to price
figures
table will
have
more
issues significance
shortly, as we discuss
bonds
the
see
the s^me ratio
taking place in the distribution of holdings and to the
forces shaping a rising, voluminous turnover of
those holdings which
is of no femall concern to dealers and
dealer banks looking for
move
Foreign
panying
build-up in outstandings, in about
issue volume
new
of
many
looming size
charted
severely
These
tinued to be retired.
Then
of
sociations, investment
balances, and dealers' holdings.
7
are
with
page
14
8
The Commercial and Financial Chronicle
(1376)
Co., 125 Maiden Lane, New York
N. Yk Also available are re-
DEALER-BROKER
INVESTMENT LITERATURE
Cartwright, Valleau
—
Co., Board
fining Company.
IT
UNDERSTOOD
IS
TO
THE
THAT
INTERESTED
SEND
MENTIONED
FIRMS
THE
PARTIES
WILL
Works, Inc.
Richter
PLEASED
BE
_
Stocks
Comparison and
—
between the listed industrial
son
analysis of 25 leading bank stocks
stocks
—Laird,
Averages
Bissell
&
Meeds,
120
Broadway, New York 5, N. Y.;
Beet
Sugar
Evans
&
Processors
Co
&
Stock
The
Wnrnn
rated,. 20 Broad St., New York 5,
New
York.
Common Stocks for Growth—Bul¬
letin—Watling,
Lerchen
Gold Problem
»
roall
rnmnom,
New York
New York
Growth
1K
.
,
Bureau,
Industries
Discussion—
zona
Public
Service
Co.,
&
Brands,' anVlIolLRine-
Winston. A. M. Kidder &
of
j.
,
subjects
on
concerning
the
Daiwa
Co.,
available
are
—
ton
&
York
Common
Stocks—
Sax-
Co., Inc., 52 Wall St., New
5, N. Y.
Co.,
&
120
Broadway, New York 5, N. Y. Also
available is
&
an
analysis of Merck
Company.
Russian Oil: Fuel for Communism
-Discussion
The
in
current
issue
of
Exchange Magazine-The Ex-
0
'
,
5
/
aichi Securities
...
Co., of New York,
Inc., Ill Broadway, New York 6,
N. Y. Also available is
Takeda
an
Chemical
TT
_
analysis
Industries
Also available is a memo- is
Houston Lighting
Inc.—An-
Laboratories,
Prufcoat
Power—An-
&
—
E. J. Brach & Sons—Memorandum
Johns Manville
—Halle
Hayden, Stone & Co., Inc.,
Broad St., New York 4, N.
&
Stieglitz,
St.,
Wall
52
New York 5, N. Y.
abie
Discussion
—
Corporation
Radio
25
Y.
America& Co.,
of
Memorandum—Goodbody
Broadway, New York 4, N. Y.
2
.
Tex Star 0,1 & Gas"
reviews of General Tire
are
—
t
.
a
?
TpijuntMinn
j-
^ussk[n
Vilas
&
Hickey,
26 Co.,
n
Broac*way, New York 4, N. Y.
*
.
.
*
*
•
.
'
w.n
c+
an
km.Hw.v
—Pemngton, Colket & Co., 70 Pine
St., New York 5, N. Y.
American Tobacco—Review—
Gomberg
&
Company,
Co
'
randurm—Johnson, Lane, uyav-t.
Lane, Space
laiiuum'—duiiiisun,
rp„
Review
Christiana
Co.
"
Street,
Pomnanv-L-
San
2,
Avenue, Brooklyn 4, N. ,Y..
Springfield Insurance Company-
Wall. Street,. New
York
N.
5,
Y.
Company
&
Analysis—Sanford
.
feantora <x
P
^
.
233
Street, San Francisco 4, Calif.
~
,
"'AIs0'''avai able' are' reviews of -Standard Oil Compaiiy of Indiana
N Y
Southern Pacific, and the Rails. - —Annual .• Report — Standard Oil
'vr-"Mack -T r u c k s-Memorandum-^ ^Company
(Indiana),!-910 Sou
A 's-l,"'
(inntinpnial JncuranMi rnmnonv
comments
Francisco
per copy.
"7,7 c~0~
R^WiuS^'&'"'B^e
alvsis-J
2
are
and
Sperry Rand Corp.—Analysis—F.
Louisville & Nashville—Review— Analysis
Carl M.
An
4,
c^
Letter,'*414 & c- Securities, Inc., 6911 18th
Loeb, Rhoades & Co., 42
N. Y. Also available,
-
.
^
Calif., $2
Broadway, New York 5, N. Y.
Can
Co.
Report—North's News
Bui-
—
York
New
U'
Y- Als0 available are'
ments
Loeser's
Sunray DX Oil.
Son^Najwa
and
Mason
Rroadwav
.
Eumbermans Acceptance Cptl'
5,
Qa
,Suffar_Com-
ments—Winslow," Cohu & Stetson,
-
xi.
?
N
,
letin—Laird, Bissell & Meeds, 120
Continental
La Gra g
H
a
Sparks &
New York
^
a'Grange
^
W.
Securities
D
^
5 Hanover Square, ir
Howard Johnson
Celanese Corporation of America
.
American Seating—Memorandum
•
Lorillard
-'New York4
120 Broadway, New York 5,
Insurance_Memo&
^ North Court Square,
L,fe
—
+ai
Blair & Co
New York.
American Enka—Memorandum— —Memorandum—J.
Steiner, Rouse & Co., 19 Rector Co., 120 Broadway,
St., New York 6, N; Y.
New York.
Dresner,
P
Celanese Corporation of America
—Analysis—Emanuel, Deetjen &
-Analysis—Emanuel,
--
-
9, Mass.
Labrador Mining and Exploration
Co., Ltd.
Analysis
Equitable
and Scb.umberger
Kanegafuohi
pil >Stock^ —Bulletin
New York
Chase Manhattan Plaza, New York alysis—Cohen, Simonson & Co., 25 slow, Inc., 24 Federal Street,
5, New York.
Broad St., New York 4, N. Y. Also Boston 10, Mass.
.
.
Boss-Lined Inc. — Analysis—Doo- available are analyses of Peoples puiaski Furniture Corp.
Memolittle & Co., Liberty Bank Build- Ga#s Eight & Coke, National Bis- ran(jum—Galleher & Co., Mutual
ing, Buffalo 2, N. Y.
cuit and Abbott Laboratories.
Building, Richmond 11, Va.
Inc., 37 Wall Street, New York 5,
and
review of MSL Industries,
a
Inc. and United Npclear.
Piper Aircraft—Review—Purcell
alysis—Chace, Whiteside & Win-
Ltd., Atsugi Nylon Industrial Co.,
-Spinning' Co.,
Nippon Rayon Co
Broadway,
& Co., 50 Broadway,
4? N. Y.
Ltd.
_.
Arvin'Industries.
booklet
Japanese Market—Review—Yam-
Analysis-—
New York 6, N. Y. Also available
Savings & Loan Holding Compan- Canadian Gas & Energy Invest- Broke s Ltd., 60 Yong^ St., To'
Hutton & Co-' ment, Ltd. — M e m o r a n d u m— r^to 1, Ont., Canada. Also avail\\ Wal1
New York 5' N' Y' Gaifdner & Company Limited, 320 able ** an falysis of Dominion
Broadway, New York 6,
1963,
_
_
Transcontinental Rate Case—Dis-
a
—
& Co., 65
Fahnestock
—Analysis—Eddleman, Pollok &
Black & Decker Manufacturing Fosdick Inc., Bank of the SouthCompany — Analysis — Eastman west Bldg., Houston 2, Tex.
** **»hh« C°>
^
Welch Scientific Co.
Ltd.,
the Japanese Stock Market for
'
Co.
Pepsi-C.pla
.
Memorandum—Shields &
11 Wal1 st-> New York 5> B r i t i s h Petroleum — Review — Marvland'ruwSeaboard Allied Milling—MemoN. Y. 20d per copy, $1.50 per year. Shearson, Hammill & Co., 14 Wall ^a y, . dates'Pas Produei^ff an^ randum—Clayton Securities CorAls° ln theJame isaue are c°m" St., New York 5, N. Y. Also avail- S°®sta ®t»tes Gas Producing and
0
147 Milk street Boston
.
Also available is
•
—
Dillon, Union Securities & Co., 1
Utility
Comparative figures—G. A.
Economy
for
1963—
Booklet—Nomura Securities Co.,
N. Y.
phone.
F.
L.
—
Great Southern Life Insurance Co.
Japanese
Ltd., 61
Report
Santa Barbara Plaza, Los Angeles
Survey
—
Company—Analysis
diana, Sinclair Oil, Ferro, Talon
8, Calif.
statistical data
Japanese securities.
—
Public
osdwsyj INgav York 6, N» Y»
_
Also
Products
Avon
Y.
tech-
Securities
of
Street,
,
Petroleum Standard Oil. oL In-
randum on Purolator.
,
The
on
Front
.
nor Industries and Hawaiian Tele- and Ceco Steel Products.
alysis—Wedbush & Company, 157
investing in Japan—
.
46
Also available is
ments - on - "Rayonrfcr, - National
Acme, Gardner Denver, Amerada
port—Courts & Co., 11 Marietta Ford
National Quotation on Genuine Parts Co.
Inc.,
Co.
&
^ PhBa(*elphia 2, . available arecomments_on Ford
Hornblower & Weeks, 1 Chase
Pennsylvania.
Motor and Combustion Engineer- Manhattan Plaza New York 5,
Atlantic Refining Company—Re- "g.
N. Y. Also available are com-
A. J. Bayless Markets Inc.—An-
variety
a
nicalities of
on
in
Airways—
World
Y.
c. Penney
j.
Bureau
ments on Wa™er Brothers Co.,
p
Also
N.
5,
dak.
Walston & Co., Inc., 74
—
Wall St., New York 5, N. Y.
American
memorandum on Eastman Ko-
a
Thomson &
Exchange Manual-
information
ments
Sherrerd,
&
Com-
—
McKinnon, 2 Broadway, New York
4, N. Y.'
•
Detailed
Firestone Tire & Rubber
Co., 44 Wall St., New York 5, N.
NY
Stock
York
Fourth
New York 5, N. Y.
Co.,
Co„ Inc., 1 Wall St., New York 5,
Japan
Calif.
320 N.
Planned Portfolios for various ob-
Warner
Pharmaceutical
Incorporated, 120 Broadway, New
Fram
Chesebrough Pond's Inc., Minne¬
apolis Honeywell Regulator Co.,
liart
—
Bulletin — Reynolds
—
155 Sansome St., San Francisco 4,
Rothschild & Co., 120 Broadway,
particular reference to Ari¬
Standard
Quotation
Recommended Investment Lists—
„
fi
N
6, N. v
Y.
with
Lambert'
Jones
over-the-
Discussion—Car-
—
Scherck,
—
New York 4, N. Y.
&
Co.,
Building, Detroit 26, Mich.
Ford
Memorandum—McDonnell
jectives
Market—
ReviPwl-Bl^r^To
Period
year
Hutzler, 60 Wall St.,
&
-
Pan
orandum—Birr, Wilson & Co., Inc.,
-
New York 5, N. Y.
Business
Dow
35
Analysis
Butcher
10, Va.
Richmond
Firemen's Fund Insurance—Mem&
Atlantic City Electric Company—
—?
Street,
Main
East
1001
pany,
-
—
Memorandum — RittSt., N. W., Atlanta 1, Ga. Also master, Voisin & Co., 40 Exchange
Averages, both as to yield and available, is an analysis of E.. J. .Place., New York 5, N. Y. .Also
market performance over, a 23- .Brach & Sons and a memorandum available are memoranda on Mel-
Y
Bond Market —Review—Salomon
Brothers
the
the
the-National
300
N
York 22
in
and
\;counter industrial stocks -used
Report
Incorporated
Avenue'New
Park
used
—
Company,
Analysis
Bank
Building,
Mathieson
Varnish
;
Paint
St., St. Louis 2, Mo.
LITERATUREi
FOLLOWING
Trade
of
Chicago 4, 111.
Armstrong
Co.—
Chemical
Olin
Analysis—J. C. Wheat and Com-,
&
Company and American Sugar Re-
AND RECOMMENDATIONS
Thursday,"April 4, 1963
.
Farmers Underwriters Association
Utilities
Southern
Iowa
of
.
—Analysis
38,
views
.
Rrobdwav
New York 4
.
■ ...
on . .Til
•
_
-
Co., 36 Wall St., New York 5, L
Also
available
is
a
bulletin
Rail St°cks and
reports
Finapce,
and
MarX*
Hart
on
on
Famiiy
Schaffner
&
'
New York 5,
Aneiex
Putnam
N.'Y.
&
Co.,
^
'
Corporation
6
—
V;'coViments' on Georgia P^c^or- D°VCi> and ^"c^r.
Analysis
Central
—
Over-the-Counter Index —Folder
showing an ub-to-date compari-
Armstrong
Cork
view—Vanden
Company —Re-
Broeck,
Lieber
For
&
port—Hill, Thompson & Co., Inc.,
70 Wall Street, New York 5, N. Y.
alysis—Walston & Co., Inc., Ill
West Jackson Blvd., Chicago 4, 111.
Marathon
ALBERTO
AVON
Industry
of
CULVER
-
MARADEL
MORTON
COUNSELORS
OF
THE
RITZ
TIP-TOP
PRODUCTS
MFG.
|
'
New York 4, N. Y.
& Co., 120
Broadway, New
■
Comments
Fpntr
^
S Inc.,
Smith
New
CO.
«•
York
issue
n
5,
N.
Y.
"I™*510*'*
7?P
QCf'
70 Pine St.,
Also
in
discussions
are
in
120 Broadway,
.
New
:
Corporation—Analysis—
the
■
v..
....
..
,.j
.
-x.
Troster, Singer &
-ex
Members New York
Security Dealers Association
,
.
HAnover 2-2400
Teletype 212 571-1780; 1781; 1782
■
A
Also available
Y
on'the
Steels and
••
.
Building,
National-. Concourse
Lines—Memorandum-
Transcon
Street,
Tool
Los
~
Calif.
14,
Angeles
14'
Company,
South-
on
U.
S.
Plywood Corp.—Memoran-
dum—R. W. Pressprich & Co.,
western Investment Co.
80
S'treet' NeW Y°rk 5' N' Y'
National General-Memorandum Pine
Kleiner, Bell & Co., 215 South U. S. Steel—Bulletin—J a c q u e s
Beverly
D.rive?
Beverly
Hills, Coe & Co., 39 Broadway, New
York
Calif.
of In¬
6, N. Y.
hasco Industries Inc., Kellogg Co.,
Street, New York 5, N.
and Union Oil Co.
available
*
is
a
report
on
CLASSIFIED
Also
Y.
SELL TO
Sealright
*
York 6, N. Y.
• Rpuhen
Broadway,
Report—H;- Hentz & Co., 72 Wall
FMC
Trinity Place, New
*
New York State Electric & Gas-
■
74
N
are" comments
Spring
ternational Nickel Co. of Canada,
•
York 6
115
Inc * '
Hill Richards &
Co., 621 Soul
"iC,^ma"' Hffl"mdiarts"& Co.'," mT'South
Draper Corp., Heublein, Inc., Mo-
-
RoseTco
Minneapolis 2, Minn.
memorandum
a
'n,dou.
c
Organ-^
ization, Inc.,
of Ridge
dum—Sincere and Company, 208
South La. Salle Street, Chicago 4,
• rnl.nftl.o4in„
TIn„0
York 5,
alysis
way,
Stewart Warner Corp.-^Memoran-
Cintettima
Bulletin-de Witt ConkUn
and
—
&
'
;
N. Y
/A
Also available
Yo'rk 5, ^^i^S
Tn Philbi's'r amn^vlrk'8 & rep0l t
Kodak
Street,
lATTrvil ftVvl
Rexall
are comments' on-
Chemical.
A Iff/-*
®chn^' ®ern|?
same
'
*
Murphy
Pont-Report-Harris, Upham
PRODUCTS
VASSAR CORP.
ANDREW JERGENS
'
V
Ex¬
SHULTON INC.
INT'L FLAVORS &
FRAGRANCES
'
an.aly-
an
s'
CHARLES
■'
is
Intermountain
Broad
30
press
Eastman
■t
available
Pacific
Oil—Comments—Herz-
Stern,
MinrmnUin
Inc., 85 State St., Boston 9,
Also
&
Du
PRODUCTS
BEAUTY
Mass.
sis
;
Chemical-Analysis-Colby
& Co.
trade in the
Cosmetics"
Corporation-Seagrams
St., Toronto 1, Ont., Canada.
Dow
we
feld
Easson Co., Limited, 217 Bay
son,
Banks, Brokers and Financial Institutions
Stocks
;t
Major Pool Equipment Corp.—Re-
Company
L'm'^®d—'Analysis—'Isard, Robert-.
i
i
Hanna
and Standard Oil of Indiana.
Distillers
:*■
A.
Coral RldffC. Properties, Inc.-An-
Row,
Hertford 4, Conn.
•
poration, M.
Corp.
Moseley
Boston
an
&
1, Mass.
analysis
phone.
Analysis
—
Co.,
of
:'a
50
—
F.
Congress
S.
St.',
Also available is
Rochester
°sweff0 FalIs' -v. v
INSTITUTIONS?
'
.
Noranda Mines Limited-^Analysis
—Greenshields
Incorporated;
507
New
organizatiort
securities
Tele-
Place
de'Armeis,
Canada.
Montreal,
Que.,
25
Park
requires
salesman. Write
Commercial
and
debt
a
Box W
Financial,
Place, New Ycrk 7.
44,
Chronicle,
•
Volume
Number
197
6252
.
.
The Commercial and Financial Chronicle
.
(1377)
of British
proportion
'could claim.
-
Except for Its U. K. Hopes
;
*
'
'
*
'
'
'
•
'
•
'•
'
3
•
.r
:
Dr.
'
*
' >7* W.'
«'
'
'■-
'
■'
'■
-j
'
aid
""/'v. ^
\
1 1'« "vT V-v "» s- r
"
•
Panel
that
mean
or
level.
in
Britain
thing
conditions,
level
wage
and
to
allow
tb /rise
at
the
matters
V'"*
:
is
the
take
is
urged the Washington abroad is achieved at the cost of
Administration to reduce foreign an increase of British short-term
Lufcius Clay
indebtedness abroad.
granted
by year by the United States.
isf: precisely what I repeatedly
suggested in my articles in the
Commercial and Financial Chron-
that
for the last two years
icle
that, since
along
all
felt
have
I
same
plus but out of the gold reserve,
in
the
long
It is bound
to
United
assist the
run
weaken the capacity of the
continue to
World effectively.,
States
Free
to
Ihecush.on
reserve. The Brit-
,f~
c
of
e
"
till
h
'^gol.1 resierve is barely suffi-
confidence in ster^ Sl"ce.,tbe loss °f f°me hun-
>° an®er
f'
",S shorMem invert-.
^ent abr°ad increases the less
adequate the
.
•
aid
of
nist.
level
gold
reserve
ligion,
it would
at which
is
in
cussion
dis-
But
many
as
far
as
the
right
are
lines
when,
in
is
on
answer
more
influ¬
decision, it lays
the principle of "no
repre¬
down
Mrs.
of
taxation,"
and
Commml.t
aggression will be much > more
acute-than it is today, because the
greatly
have
will
and
because
China will
have a
decisions
the
in
say
Soviet
increased
of the
capacity
industrial
bloc
bigger
ol
darner
the
piper calls the
tune."
on
More-
Communist foreign policy.
by
over,
moderate
that time the
elements may
no
the
oirthe Marxian forecast
be to rely
I
instead
coUapse of capitalism
trying, to Overthrow capitalism
by armed aggression. For by. that
time ; the business cycle will be
of
more
once
the upswing.
on.
Just at the
time
United
E.
imperative
resources
from
the
than it is today, the relieve the .dollar
no longer be avail*uay well be, but
they had been
.
time.
years'
would
tion
Only With Regard
above argu-
scaling
ment, the case for a drastic
down ot American aid is
The Clay
as
follow
surely
European allies of
States are now in a
bear
is
rate,
This, at any
about France,
Germany and Italy.
West
Britain
Although the Brit-
concerned.
by
sterling's
as
tual
funds
departments
McAlister Co.
small
of
surplus
in
payments
had
a
1962, its size is
large
to
not
sufficiently
any
increase of foreign
foreign
even,
the
the
Celebration
25th
Dia¬
mark¬
commem¬
of
year
Joe
directorship
an
"The
Enterprise"
Honorable
This advertisement is not
on
of
of
under
James
the
others
will
As
banker
a
Roebling
this
and
and
stated,
feel
throw light and
factors
have
enterprise
the
industrial
growth
key
to
"Now
we
at
are
enterprise
is
to
strength
years.
the
crossroads
history.
last
who
Survival
of
past, and to
tors
may
thoughts
The
survive
Comp¬
to
see
succeed
join with
to
help
and
grow
new
other
offer to sell or a solicitation of an offer to buy
offering is marie only by the Prospectus.
any
British
it
of these securities.
exchanging each share held,
$2.50 Cumulative Preferred Stock. The exchange
April.22,1963. Unexchanged shares of the $2.70 Cumu¬
The undersigned have agreed, subject to certain
conditions, to purchase
British
pity to
a
was
Copies of the Prospectus may he obtained from such of
the undersigned as may legally offer these Securities in
demands
wage
trade
io
^
compliance with the securities laws of the respective States.
#
ieaders to quote authoritative
expressed
states
the
to
in
the
United
effect
that
British
wages, so far from
are
it is true, they are still considerlower
United
so
than
States,
Eastman Dillon, Union Securities
being too high,
in fact supposed to be too low.
in
the
much
in terms of purchasing
than
in
terms
of
In-
very
dustrial
Incorporated
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
wages.
in
the
mind
which is
more
than
a
very
-
'
-
Stone & Webster Securities Corporation
-
Clark, Dodge
Incorporated
wages
large
X
White, Weld & Co.
in-
United
maintenance' of States do work for their
aid on the existing scale
Lehman Brothers
.
money
broadly. speaking,
workers
Kuiin, Loeb & Co.
Blytii & Co., Inc.
power
But then it must be borne in
permit that,
aid.
Co.
less
wages
though
The First Boston Corporation
&
& Co.
•
•
»
in
the
modern
business
in the next 75
Currency;-^ie years."
such shares of $2.50 Cumulative Preferred
Stock, up to a maximum
of 240,000 shares, as are not issued
pursuant to the exchange offer.
devalua¬
75
how these old fac¬
lative Preferred Stock have been called for
redemption on April 30,1963.
,
If free
another
Holders of the Corporation's outstanding $2.70 Cumulative Preferred
Stock are being offered the opportunity of
dollar
on
free
American
and
during the past 75
in U. S. economic
made
($50 Par Value).
on
Mrs.
certain
understanding
that
$2.50 Cumulative Preferred Stock
expires
key
meeting of businessmen
were
new
for
top leaders of the nation will
810,740 Shares
share of
ex¬
be
citizen,
"I
April 1,1963
one
of
Mrs., years, we must
study and discuss
the the factors that enabled
America's
include:
Saxon,
the
The
NEW ISSUE
offer
to
the
.
leaders
The
for
is
and have pros¬
free enterprise
years
businessmen
speak
troller
~
deed,
will
Free
,.
*
ish^balance
of.
for¬
mur
100
night follows day.
reason
enabling
Unfortunately, ably
it is far from true as far as
is
encourage
West- views
the United
better position,
the burden.
true
the
on
unan-
Committee is
right in suggesting that the
to
of
Nationally-known leaders
of pressure. That
pressure
For this
ern
was
least
U.K.
wn
uie
On the basis ux the
of
swerable.
Carver
To con-
.
range.
To
Mr.
merly in the municipal and
corresponding increase of pressureon steiling. In the long run it is
certainly not to the interests of
sistable
Disagrees
Building.
at the
aid
foreign
Inc., South Carolina National Bank
at
this result would
used he achieved at the expense of a
a
five
in
Pate,
signifi¬
interest
other
the United States to secure relief
present for the dollar by weakening the
rate may best be compared with defenses oj. ,sterling,
lor, should
wasting our ammunition
before sterling be unable to resist presthe enemy has reached our firing s"1'e> the development of. an irrebe
tinue
&
be a good thing since it would
period when the need
for granting foreign assistance was
not nearly as imperative as it will
during
Memorial
bank.
Smith
side of the Atlantic suggesting
that a rise in British wages would
will
able because
up
Roebling's
McAlister,
a
businessmen
Fears Weakened Sterling
During recent weeks there
be much more
States will
climax
Anniversary
the
Carver, Sr., has become associated
adopTspe-
of the
when the need
War
The unusual event will
Jubilee
orating
bofrts which would da more than
effect of
deflationary measures on exports.
pronouncements
assisting the Allies
for
the
joint
the Silver
1?and^aPPmS
m®nt would be able to
Co.,
ing the 75th Anniversary of the
founding of the Trenton Trust and
GREENVILLE, S. C.—Thomas
W forget about the balance of pay™nt® al?d concentrate on bringab°ut a. busmess recovery. The
Pleasures taken, or about to be
wise Britab w.a8es and
tend to stimu-
Trust
the
at
W.
Pennsyl¬
leaders in every facet of business
from every part of the United
States.
that
mond
McAlister, Smith'
tion
s
longer be 'able
that0^heUrtaht^rTCUcy°'iromlnfhe
of
°
the Trenton
event
of
particular
past 75
system.
2,000 top U. S.
businessmen, leaders, and Trentonians, who will participate in
be
T. E. Carver With
a""f rer.rideraUy Yet
at the Present moment it seems
Free
will be host to the
with
time
of
the
without
"he who pays the
that
pered
Survival
Mary G. Roebling, Presi¬
rectors
William
Governor
nation's
the
Mary Roebling
dent and Chairman of the
Board,
together with the officers and di¬
NATO
on
1
the
"The
Honorable
and
colum¬
that have been in continuous
istence in the United States
Enterprise."
concerned, the
to their claim to have
ence
subject
France, West'Ger¬
and Italy
America,
national
industry will represent companies
fact¬
on
J.
message.
fact
and
finding
clearly
means.
a
of
Pearson,
Lending
the
communica¬
only
David
vania, will also deliver
re¬
education
America;
President, United
The
cant
management,
they continued foreign tions
rate
of
Scranton,
labor,
Building.
will be-
abl.e to. '""esse the contributions
financial re-
because
nation
ernment,
What
countries
syndicated
columnist; Lawrence
Steelworkers
in
k
present rate, a stage may
simply
a
run
Co.
num
Drew
,
come at times of adverse pressure
be reached, in not much more than on sterling.
five years, at which the United
*n +Un4.
u
u
States would have to stop foreign
°*der that Britain should be
At the
long
do harm if
aid at
sentation
fnre^.^ m.ni,ion® of dollars tends
nfitl
the
nationally
McDonald,
the
Notre
Litchfield, Jr., President, Alumi¬
a
from all parts
time.
both
and
business
to
Washington Administration
to
balance of payments sur-
out of a
*<*
a!"
Ink
May 1, leading
businessmen
•
,t
Obviously, there must be a limit
heyond .which, this process^ coitld.
paid not
American foreign aid is
•
or so.
In
beyond their
j
year
This
national importance for
when on
011
day
of
Dame
historic
in
LONDON, Ehgland-M.n its Report, may . mean that an increase of should realize their
limitations.
"headed by General British long-term investment
the Committee
economic and military aid
J. —This
or
wage
M. Hes-
University; Woodrow Wirsig, Moderator, Editor of Printers'
N.
gov¬
aid
J. Hughes,
Jersey; The
New
Very. Reverend Theodore
rise
to
of
burgh, C.S.C., President
city, Capitol of the United States
September of 1783, will again
for¬
If it is too much to
existing
the
Governor
TRENTON,
This
increase
One
Honorable Richard
;
Free Enterprise
to maintain it at
even
on.
that
order to assist the
dollar, it is will join with
surely the height of absurdity to key
spokes¬
expect Britain to increase foreign men for
foreign aid burden.
t.T
i
payments.
unable to
present
allow
the way of taking on more of the
-" UWi
v
.
doubt
expect Britain to increase foreign
U.S.A. to do for the past two years. The noted economist disagrees. '
,Y.
'V
be
quite certain.
precarious balance of payments preclude doing what France, West
■
of
would
concurs
.With the report only with regard to Britain's ability to increase its
share of foreign aid. He fears that Britain's return to reflationary
measures and its domestic upward wage cost trend coupled to its
Germany and Italy can do in
balance
eign aid
;Vvv. with but one exception with what he has been urgently advising
;
ish
the
recommending reduction of U.S. foreign aid,
little
any further rise in British wages
would be detrimental to the Brit¬
again
Einzig is pleased that the recent Clay Committee report to Presi-
dent Kennedy,
workers
'.
be
can
would
..
By Paul Einzig
r.':
There
•
9
10
The Commercial and Financial Chronicle
(1378)
"The Cross of Gold''
not
as
urges
Heilprin who contemplates
Speedy, simultaneous multilateral
a
possible for William Jen¬
nings
and
privilege
addressing the l»th
of
suggestions
wards
the
of
sim¬
are
of
recommenda¬
any
one
of .these
of
the
return
advocates
efforts and his great
three
the
to
"But
what
to¬
'THE
is
gold
CROSS
that
bility
thrust
is
States
to
the
It is
with:
as
banking system for all
as
the
reserve currency
world
on
and our
influence to¬
a
with
par
gold.
With
D. C., in Sep¬
pansion of the U. S. dollar and of
inflated
tember
1963.
British sterling as the reserve cur¬
the U. S.
on
face of the increas¬
Federal
deficits'and, ih
I
every
rencies
have
f i d e,n
c o n
"THE
par
with gold at the
IMF,
price.
In
other words, he
actually, is
favors
accorded
a
$35.00
c e
that he would
be
managed
strongly
five recommendations to the Con¬
the following
gress
Recommen¬
as
-
-
The-United States must not
^
devalue the
dollar,
offer
nor
a
EXCHANGE
GOLD
the
of
GOLD
within
resumed
-
STANDARD
given him at the Democratic Con¬
vention in Chicago in July 1896,
of the
the terms
address and conclude it
same
%
-
thorns, you
shall not crucify man¬
kind
a
i
upon
attain
To
of gold.
cross
dissenting voice in-the
one
South
his
of
th.e
Africa,
brief
but
that the PAR VALUES
all
currencies
be
devalued
review
Annual Meeting
17th
the
in Washington,
1962.".
of
gold
terms
per¬
lar
in
that
(2)
the
change
be
made
held
enough
,
each
exception,
one
to
discourage
In
making
these
pressing
too, of British sterling as the re¬
prompt return of the free world to
degree,
member
the
IMF.
the
of
lesser
flects
of
currencies
to
Also,
address
each
a
re¬
subdued apprehension on
a
the many Foreign
Ministers of the possibility of the
devaluation of the gold content
the
part
of
Both
of
are
especially, to - the ad-?
applicable,
dress
.
observations
these
of
the
President
of
the
United States and,- also, to that
of
Secretary of the Treasury Douglas
Dillon,
United.
the
the
stantiates
with; well considered
levels
Board,
he
sub¬
on
sured the many
assurances
dollar must
the
reserve
continue
to
serve
currency on a par
gold at the price of $35.00
ounce
as
per
as
fine
no
stability—with
exchange
to
<■
Mr.
'■
■
■
Donges'
of
the
IMF
,
i
,
address
the
of
one
for,
v
is
'
VvA;
fully
he
Paris,
Michael
France
A.
is
does
but
minority
the
to
supporters
is that
he
small
very
STANDARD,
strong
while
return
dollar,
GOLD
have
in the
two
persons
Rueff, Financier of
and
of
Professor
uate
Executive Board and the Manag¬
Studies, Geneva, Switzerland.
ing Director of the Fund, in which
Rueff
he emphasizes the
in
a
Institute
of
presented
his
International
M.
observations
splendid paper, "The West is
tention being given constantly to Risking a Credit Collapse," that
the two very important problems:
appeared in the July 1961 issue' of
stability
the
of
Fortune
and
fates of exchange and (b) that of
prin's proposals
adequate
the
He
commends
splendid
existing
central
the
international
most
highly
cooperation
the
among
banking
attainment
liquidity.
the
currently
international
organizations
of
these
two
in
pri¬
of
the
nations
of
their
gold
content—<
.
mem-'
stability
provision
the
of
the
PAR
new
VALUES
of
ten
tioned
major
nations
comprise
men¬
so
those
that
lor
emergency loan fund for the IMF
of
.
p n a m e 1 y,
Belgium, Canada,
Kingdom and the United States;
form
in
-
changes,
rencies
Mr.
as
Donges
President
rec¬
so
cur-
Ministers of these ten nations for
invite
to
the
Finance
conference in Washington for the
ommends)."
Careful
without delay, authorize the
gress,
simultaneously,
the PAR VALUES of all
attention
must
be
the
.
close
of
quarters
.first,
purpose,
ac¬
of
units
their
the
currency
(including the U. S. dollar)
solely
of the
devaluing
of
PAlt VALUES
1
terms of their gold
in
will
be
oe-t
cupied at 20 Exchange Place.
Robert
Winthrop &
Company,
founded iri 1871, was'active in the
institutional
brokerage
field.
Through its corporate affiliate, de
&'
acted
Company, Inc., it has
investment adviser to a
as
number of large private
stitutional portfolios.
Wood,
Struthers
&
in -1914
of
successor
and
in-"*
Co.
but
was
was'
a
firm founded
a
Throughout its history, it
active
was
as
investment ad¬
an
viser and broker.
In
Mr.
addition
to
Mr.
Winthrop, there
General
Partners.
Roderick
H.
George and
15
are
These
Cushman,
other
include
20
Professor
are
Heil-
embodied
in
Hearings of May 16, June 19,
and 21,. 1961 before the Sub¬
committee
United
,
States
will
Freeman, Jr., Robert K. Halloran,
S. Moseley,
Jr., Melvin
G. Ott, and Daniel S. Poor from
the
firm
of
Robert
Winthrop
&
Comoany and Cornelius N. Bliss,
Jr., A. Oakley Brooks, George "W.
den of "THE CROSS
for should
we
the
of
terms
OF GOLD/'
decide to
the
abrogate
Bretton
Woods
Agreement Act of 1945 and, actu-
f
the
,?aIue the goId content of
dollar unilaterally, we would
j
initiate
the
on
International
Ex¬
'
Copp, Jr., Gerald M. Gantz, Henry
Green, Henry Keasbey L'Hommedieu, Daniel J. Lynch, R. Bruce
McBratney
bank
and
from
Samuel
the
firm
R.
of
Mil-
Wood,
Struthers & Co.
Wood,
con¬
Struthers
&
Winthrop
will continue the five branches of
Wood, Struthers
& Co.
in
Boston,
Dallas, New Haven, Rochester
San
has
Francisco.
The
and
merged firm
approximately 200 employees.
newly
formed
corporate
af¬
filiate, Wood Struthers & Co., Inc.
will
in
engage
corporate
municipal underwriting.
Robert
the
and
-
Winthrop, grandfather
present
of
Robert
Winthrop,
formed the partnership of
Drexel,'
Winthrop & Co. shortly after the
end
of
later
the
to
Civil
be
War.
succeeded
This firm,
by Drexel,
u'hrn,' laying determined the Chicago Analysts
of
PAR
schedule
present
financial
structure
of
every
nation of the free world.
currencies,
a
of the IMF recom-
the simultaneous fixing
ing
new
( gold
a'U
the Fi¬
resolution to the Board
Governors
nren
promptly the collapse of of
PAR VALUES of all
mem-
nSsoie!y ln terms °£ their
content and
longer /in
no
terms of the United States dollar.
Reviews
Sub-Committee's
Report
On Exchange and Payments
•
To Hear
Ministers, in concert, should
nance
of
ten
•
VALUES
new
these
°r
CHICAGO,
Cummins
111.—Officers
Engine
of
Company
the
will:
be guest speakers at the luncheon
meeting
of
the
Investment
Ana¬
lysts Society of Chicago to be held
April 4 in the Illinois Room of the
La
Salle
Hotel.
It is to be hoped that this de¬
valuation
of
the
gold content
of
.Juries can be accomP'ished Col. Miller Opens
well to consider briefly the Re¬
term in office of the
port pf Dec. 21, 1962 of the; Sub¬
-thl iv ®?55 and' th"s,ofbefore Put & Call Firm
November elections
committee
International Ex¬
1964.'
Before
proceeding further, it is
RHfh
on
r-
r
change and Payments of the Joint
The
United
States
Economic Committee of the Con¬
gress.
,
/f?
During the past two years, this
Subcommittee
change and Payments of the Joint hearings
on
has
conducted
these subjects and has
must
of
the
insist
GOLD
■EXCHANGE STANDARD and the
resumption
of
the
international
QTilmfr.system Of the GOLD
STANDARD before the Inaugura¬
Economic Committee of the Con¬
given
careful consideration to the tion
gress.
many
proposals and plans for-im¬
in
of
the
next
January, ,1965.
Administration
'•
.
■
W.
andjmeness in effect on July 1,
continue ' to
bear, without end, the heavy bur¬
.
Harry B.
Frederick
In conclusion and in all sincer¬
uni¬ ity, it is suggested that the Con¬
for
at
Friday, March 29.
joint
new,
A
Va^ues~~(This section, equally;
makes full
provision
effective
business
cently established the $6.0 billion
rates
partner
re¬
sec¬
Heilprin of the Grad¬
6f Per Jacobssen, Chairman of the
of the
full
senior
the
Cites Other Devaluation Advocates
ing the gold content of the
t Another striking address
that
makes
parity—(This
Wood,
Robert
tent and, second, of deleting from Morgan & Co., served as the New
weight and fineness in effect 011
Agreement 0f the York affiliate of Drexel & Co.—
July 1, 1944,"; must be deleted in
IMF the words, "or in terms of the Philadelphia and Drexel; Harjes
of employment and for adequate their entirety from the Articles
United States dollar of the weight —Paris.
of Agreement of the International
rates of growth.
i
*■
*
Monetary Fund.
Otherwise, the
advantages
of M. Jacques
(a)
on
former
of
and
whole free world for higher levels
intention, whatsoever, of devalu¬
continuing at¬
ten
these ten major industrial nations
The
of the United States dollar
with favoring
the United States has
with
above for the words, "or in terms
for
the
rates of their currencies to accord
July 1, 1944.
tion
for
delegates that the
in
or
international corded the wording of Section
both worthy of the most serious con¬
speakers, >with full confidence, as¬ sideration by the member nations
ernor
val¬
liquidity and of the firm founda¬
Gov¬
States
of
*
the
of
and
recommendations
the
Of. higher
for
system
STANDARD
significant
S. dollar.
the U.
of
support
fundamental
GOLD
for
so.^^ye their curunits simultaneously solely
terms
in
Sec..7. Uniform changes in par
the
nations
industrial
sufficient
It
exchange mentioned in the ad¬ France, West Germany, Italy, Ja¬
of Per Jacobssen).
pan, Netherlands, Sweden, United
' •
recommeda-
Finance Minister to the
retention of the U. S. dollar and,
the
cur¬
tree world to
*
strong
in
dress
ex-,
serve
be
weight and fineness
on
based
the
any
tions, Mr. Donges, actually, is
bv every
the
effect
tion
justments in PAR VALUES.
strong adherence
address reflects
devalue
gold content of the
would
of the United States .dol-
of
ings
speculation regarding further ad¬
....
to
rencies of the member nations.
Sec. 3. Foreign exchange deal¬
(3) that the change be substan¬
tial
the
unison
IMF
the
value of the cur-' the remaining seventy odd
denominator
common
uniform
terms
a
simultaneously for all currencies;
D. C., in Septem¬
;
*
but
in
by
a
centage;
oi
of
of each member shall be ber nations of the IMF, of neces¬
expressed in terms of gold as sity,
will -adjust
the
exchange
of
of the
the In¬
Fund
Monetary
ternational
with
of
Governors
of
Board
ber
Proceedings
"Summary
lished
Article
of
-
par
Co.
Robert
in 1850.
rency
.
has only
one
address,
he recommended:
'(I)
Expression, of.
com¬
Winthrop & Company.
The new firm is
Wood, Struthers
& Winthrop. The
agreement be¬
IV, Sec. 7 of the Articles of Agree¬
ment
rency
ues—The par
provisions
major
pertain:
Par values of Cur¬
rencies.
Sec. 1.
In
Donges.
outspoken
to
impression,
E.
following
fer
Governor
T.
so
"Article IV,
Meeting, mentioned above,
that
was
the
Articles
portions that
The
thoughtfully
the many
addresses
in the receptjy pu
lul
the
fiom
For Devaluation
<
somewhat fanci
this
it is properly appropriate to quote
Pleads
Delegate
•
this crown of
of labor
brow
the
with
pressed© Vn upon
-'You shall not
African
South
Annual
dramatic
those very
Articles of Agreement of the IMF,
that self-
repeat
but
he
should
STANDARD.
the
be
,
acclamation that was
resounding
partner
&
Winthrop,
of
Wall
by Rowland II. George,
senior
Struthers
direct
As. pointed? out above, it is fully
that
can
dol¬
on
Advocates Multilateral
j;. Revaluation.
;
within
the
former
in
of the New
businesses, it has been
established
'
.
To revert to the statement
announced
lars held as monetary reserves."
curren¬
positive reality.
a
general gold guarantee
;
GOLD,"
OF
CROSS
firms
Exchange, have
bined their
Vegh
dation 4:
.
support for
every
the international monetary system
Haller Belt
the very same
on
paper
oldest
York Stock
doing
so
cies of the member nations of the
Wash ington,
with the highly
the
Headquarters will be at both
equally inten-v 20
Exchange Place and at 30 Wall
studies, seemingly disregards Street
until about Sfept.
1, when
Public Debt and the continued
ing
huge and increasing Pub¬
lic Debt and, too,
of
Street, hoth members
hearings. and
-dollar in the
Federal; deficits
continuing
our
serve
of the free
Winthrop Formed
came
surprising, indeed, that the
entirely this burden
this
Wood, Struthers &
Subcommittee, after these exten¬
the
upon:
maintain
as
price of $35 per fine ounce of gold proceeds; to include among their
his
lends
'and
currencies of the free world.
Gold" Explained
..S is the very heavy responsi¬
United
E X-
incorporating the IMF
or
sive
of
GOLD
STANDARD
the central
Sive
"Cross
the
the reserve currency on a par
*
ward the continuance and the ex¬
1
■
CHANGE
GOLD S.TANDARD, well may. one*
OF GOLD'?"
of
cpntinuahce of the U. S. dollar
procedures and, thus, to have the-dollar
Jacobssen
Per
of?. extensions
favoring the acceptance
of the thoughts and
tions
ensures
,
in
held
be
to
Thus,
the
ple, direct and to the point
voices
he
Tew, the Zolotas,
and the Roosa—all
Heilprin
Thursday, April 4, 1963
Bernstein,- Two
the
,
proposals
Heilprin—they
objection to
system of gold guarantees.
any
Monetary
(IMF)
appear
than
Before
designa¬
Donges' seemingly, with the exception of
the Heilprin, having to do with
to be jnore ac-?
Professor
tendency
any
deflationary
too,
and,
International
Fund
of
avoidance
Board of Gov¬
ernors
cooperation
of the
ceptable
international
this
that
monetary
the
of
+ue
IMF. I
the
The very brevity of Mr.
Also, he expresses a con¬
gold.
fidence
Annual Meet¬
ing
of
following
,
so
mentioned
be
may
the
of the
the terms
Articles of Agreement
extended
be
to
considered
the. Stamp,
be
can
proposals
many
tions:
to, .this possible to achieve them without
the any alteration of the present price
return
to
Bryan
earth
the
of
ask;
Were it
Balance of Payments
our
Among
those
adopted within
objectives and. he deems it
mary
an
in
years
.th&t, appropriately,
accomplished prior to November, 1964.
ae
or
international GOLD STANDARD
devaluation of
Further, he advo¬
cate* the fixing of new par values of all IMF member nations strialy
in terms of their gold content and not the U.S. dollar's, and the re¬
turn to an international gold standard before the next Administra¬
tion's January, 1965, inauguration. The writer uses William Jennings
Bryan's famous "Cross of Gold" phrase in contending that the United
States today bears such a burden by maintaining $35 an ounce mint
fixity in the face of: Continuing Federal deficits and increasing public
debt, inflated member countries' paper currencies, and reserve cur¬
rency responsibility to the Free World. Devaluation, he concludes,
could then permit prompt return to the gold standard, and end our
heavy burden of the "Cross of Gold."
Belt
Mr.
gold to
comprehensive
as
definite as are those of Profes¬
sor
By Haller Belt, Sun Francisco, Calif.
quite
.
RueffV proposals provement in the deficits of recent
M.
However,
are
.
Col. Homer E. Miller & Co., Inc.,Put & Call Broker and
been
formed
with
Dealer, has
offices
at
115
Broadway, N. Y. C. Col. Homer E.
Miller,
U.
President.
S.
He
Army
was
retired,
is
recently with
Saul Lerner Co., Inc.
'
Volume
197
Number
6252
.
.
.■
Commercial and Financial Chronicle
The
(1379)
11
Standard Oil
<Indiana>
Increased Earnings
In 1962, net earnings increased for the
Successive year,
totaling $162.4 million,
5.6 per cent over 1961.
$4.53,
Cash income—the
of
sum
earnings and
.
ments—was
Standard Oil
Corporation properties.
Company
y
•.
exert
$10.68 per share. It was $9.95 per
,»-.v-V V;v-V-. -V:*',v
Total
revenues
est
in the
set
for
and
••
net
earnings
strong pressures on prices
of crude oil and
gasoline. Wage increases granted in line with
.
»-y
were
the
also
Y;:
v,-./■'
AMERICAN OIL COMPANY manufactures,
transports and sells petroleum products in
Company's costs in 1963.
On
and sales. Net
runs,
Major Subsidiaries
an
industry pattern will add about $12 million to
•.
the high¬
were
Company's history. Records
production, refinery
•"
•;
*
.
ONDIANA)
Oversupply and competition will continue to
share in 1961.
Vv
DIRECTORY
OUTLOOK FOR 1963
abandon¬
and
retirements,
years.
record total of $470.3 million in
chase of Honolulu Oil
charges against earnings for depreciation, deple¬
tion, amortization,
a
the last four
over
1961, principally because of the $73-million pur¬
were
year.
net
expenditures
They reached
gain of
a
Per-share earnings
$4.30 the previous
versus
of such
fourth
the
the United States. In 15 Midwest states -it-
brighter side, industry increases of
about 2.5 per cent
markets
through its Standard OH division.
in domestic demand and about
PAN AMERICAN PETROLEUM CORPORATION
earnings
per
share in 1962
1955, when fewer shares
were
were
the highest since
outstanding.
Capital and exploration expenditures in 1962
•were
8 per cent
in free world foreign demand
ticipated. Prospects for the Company
and
~
$376.3 million—about equal to the average
we
are an¬
are
good,
further increases in earnings in
expect
1963.
explores for and produces crude oil and.
natural gas
in the United States and Canada.
INTERNATIONAL
AMERICAN
directs
foreign
America from
:
THE YEAR
IN
/
-
'
BRIEF
y
SERVICE
common
.
operations outside
North
headquarters in New York City.
PIPE
COMPANY
LINE
carrier crude oil
operates
pipe lines, trans¬
1961
1962
'
OIL COMPANY
porting
crude
to refineries of American
FINANCIAL
Total
Oil and other
revenues
earnings.......
Net
earnings
Dividends
2,502,274,000
.
Net
paid
outstanding share
share*.
per
.
.
.
;
.
.
..'
4.30
2.248
...
Capital and exploration expenditures
Total
assets
at
year
Book value per
share at
Working capital
at year
OPERATING
470,316,000
end
(1barrels
..........3,108,876,000
year
end
per
«
AMOCO
CHEMICALS
factures
and
CORPORATION
chemicals
markets
manu¬
from
petroleum.
3,035,097,000
65.64
...
end
Crude oil and natural gas
«
153,837,000
.y,'. v........
per average
companies.
500,925,000
TULOMA GAS PRODUCTS COMPANY markets
liquefied petroleum
gas,
natural gasoline,
ammonia, and related products.
day)
liquids—
.
*
r
'
INDIANA OIL PURCHASING COMPANY buys,
]Net production
!
352,272
Refinery input
660,218
sells, and trades crude oil and natural gas
687,406
liquids in the United States.
Refined products sold
^Includes the market value
on
date of distribution of the dividends in
capital stock of Standard Oil Company (New Jersey)
•
.
Jf
you
would like
to
have
a copy
Standard
of
O
our
'
Annual Report, please write
IL
COMPANY
•
'.j
'
\
•
t.
"
•
:
to us:
<INDI ANA>
910
s,
michigan,
ciiicago
so,
Illinois
12
The Commercial and Financial Chronicle
(1380)
either to sell
Potential Harm Contained
discovered
only
In Depletion
Tax Proposals
one
wanted
to
Company,
points out that
1925-1961 period
10.4% for all manufacturing industries. If the Treasury
stir
oil
Brunie adds, it will
industry
petroleum
commodate
ac¬
can
mucli
recently offered Congress would,
in
phrase, get the country mov¬
a
and complex plan for
The large
revisions of the nation's tax struc¬
technical-
four
includes
proposals that threaten
future development of our na¬
sounding
the
tion's
The
supplies.
petroleum
changes
long-range effects of the
believe, seriously jeop¬
ardize President Kennedy's entire
would,
we
of economic acceleration.
program
,
petroleum-re¬
the
Moreover,
lated
as
the nation's oil and gas
As
companies,
of production
result, costs
a
would
ing again.
ture
as.
proposals
sharp contrast with
have
a
depressant effect on profits
and
would
the President's
This, in turn, would
in
oil
prospects,
Would also be
risk capital.
to
attract
Exploration would fall off
materially, substantially affecting
the
nation's
petroleum
resources.
other
tal
narrow
margin,
per-
in
industiial
domestic
Present
gains
"The
allowances
depUtiori
a
price ^squeeze, the industry*has, in
primarily
and
of resources policy
matter
as
only secondarily as a tax issue. Its
all
to
provide
rate of explora¬
a
tion, development and production
adequate to our national security
and the requirements
omy
.
.
.
served
has
ance
test."
of our econ¬
The oil depletion allow¬
well
us
'
;.v
Members
this
by
v
V
Just
recently Treasury Secretary Doug¬
depletion "was
put in for the purpose of stimulat¬
ing the development of our natu¬
resources
questions
lot
a
...
into
enter
depletion),
centage
resources
of other-
this
(per-,
natural
our
policy, conservation,
tional security, and so
They also
with
run
this
of
President's
objectives
were
spelled out in the Economic Re¬
port of the President, transmitted
to
Congress just days before the
tax
message.
Quoting
from
this
report:
of
consumption
bill.
the
we
heavy drag
exerts
now
on
have
our
financial
pgyt
"phe
Juried
natural gas at an an-
this
marginal
level
of
activity only as a result of
improved efficiency and costreduction
of
programs
steps
any
1980
by
gffgg^
?iTG
will almost
demand
keeping
search
the
up
for
new
.
.
.
.
costs.
rising
j
i
ions
*
Already,
amount
an
discover
to
■.
develop
,
„
■
i
third of
j
*.
T
ury
officials admit that the bulk
of the industry's added tax burden
oil.
a
;
*
-
point
of
developed in the future.
are
added
costs,
stances, could
between
a
well and
one
mean
in
many
in¬
the difference
moderately
successful
that does not return
enough to justify the investment
in it.
more
The changes
would! be of far
significance,,
areas
where
however,
drilling
terrain,
deeply buried
zones,
or
because
of
in
costs
difficult
producing
offshore operation.
the
greater
per-
have
to
well."'*
To Sell
or
Not to Sell
tax
industry's
average
net profit
petroleum
erage
tries
its
In the
was
year
same
10.4%.
run
and
personal
effort
Present
production,
industry
was
period, the
av-
about
average
in and year out.
tively be locked into their present
holdings. They would often find it
4.
,
•
-u
economic
leum
structure of
industry.
the
petro¬
percentage
would
a
change
foreign cred-
j"* t/e'r Ct'frate sales' aud
industrial
^
Depletion and the related tax
■
•
■
,
provisions
under study have
now
been built into the
industry's
eCo-
comics over a long period of years.
A change,
particularly at this time,
be
the
f
dislocations
economy.
Petro-
increases.
in
t£e
would
g0
ployed in drilling would
the
S
,
'■
farm
°
de.
up.
.,
the
go down
.
.
would, also hurt our
§
But
large body of evidence
alterations
™
the
consumer
depletion,
indus-
;
S1
.
gov|e^ tt
The
n on.
nation
served
„
°Ur con^Pe^^10n Wfth the
were
might
the
b
e
better
Administration
Congress to look for
instead
ways
stone of bur economy.
Materials
Policy
Commis¬
of
cutting the cost of government
of
undercutting
erratic
Conclusion: Co
Price behavior of minerals and the
interval between initial investment and yield from produc^07l> the Commission concludes
that incentives provided through
the price structure are unlikely to
Changes Cr
of
the
past
las
Dillon
did
a
corner¬
*er Any
iilly
Americans should seriously con^
sider the potential consequences
to our economy and security that
could result from implementation
of the petroleum - related tax
hnng about enough exploration changes now before Congress,
specifically\ and dev^lomemJo'meet .national ■■ We must also be alert to the
not
mention these statistics in
tax message
a
post-
interview, but he
con-
ceded that oil company profits are
not
high.
He
said
that,
though
.
.
that pays
substantial taxes."
nee^s tor ■^domestic production of
growing' dependence on foreigncontrolled petroleum production—
.which would cause a greater outflow
Sold.
This
,
increased
dependence
on
This admission goes to the heart
the
assss
House Appropriations
Committee.
very
pe-
in
'
June, 1952.
'•
s
,r
,
,
1960,
from
such
for
instance,
published
revenues
statistics
indicate
sources
were
in
excess
o?
$7.5 billion. This is over 40% more
total revenue than that generated
for the same levels of government
by any other industry. Petroleum
alone generates 6.7% of all taxes
collected in the United States,
It is our observation that the
mbst careful consideration1 should
be given before anything is done
which might adversely affect the
economics, of this vital industry
and endanger |t^ continuing abil-
"y
,
important role that the oil
scar e mi er
and gas industry plays in the gen^ course, the adverse effect of era tion of tax revenues for fedproposed change on the na- eral, state and local governments,
^on's consumers might be partly This role is, perhaps, not as gen°ffset by increased imports and a erally understood as it should be.
available domestic supplies of
Caught between these two fires
that would make it less profitable
corollary benefit, the Soviets
a
have increased their
mand for materials and labor em-
program
crude imports, however, would inof the petroleum-related proposals clude an implicit threat to the seThe petroleum-related tax
pro¬ uneconomic to sell their producing
now
before
Congress.
Treasury curity of the United States. In the
posals are not in accord with these assets because much of the sales"
officials estimate that about two- event pf war, there would not be
goals, They are economic icebergs. price would be taxed as ordinary
They show little while they income. And not being able to sell thirds, approximately $200 mil- adequate time to search for and
threaten much.
They are osten¬ their successful producing prop¬ lion, of the ipcreased tax burden develop enough oil to assure vieon the industry would result from
tory- ln very large measure,, suesibly aimed at the "correction of erties would cut off an important
defects/' yet they provide the gen¬ revenue source to make possible recommended changes in the way ce®s in tw0 maJor wars within a
esis of a radical
development posts are treated in generation rested upon our readily
change in the further exploration activities.
Economic Icebergs
eco¬
Secretary of the Treasury Doug-
except
provisions, producers would effec¬
effectively
"Because
investment
on
.
war."
As
sion that reported in 1952:
the
...
the
i
,
changed.
.
■
..
Since the pending tax
dent's
pic¬
Petroleum prof-
just
attempt to undermine the
!ry's tax structure. This aspect was
the Prey-
some
oil companies pay less tax
in than other
types of business, still
can we
expect to restore the high situations where producing prop¬
"the earnings that these oil comlevels of employment and high erties are
sold, would be virtually
panies make, after taxes
aren't
rate of growth that we took
for unaffected. But, because of pro¬
much more, if any
than the
granted in the first decade after posed changes in the capital gains
business in another area
risk-taking
j
that indicates that, by themselves,
for all manufacturing indus-
have
■-j.
if percentage depletion were
there is
the
profit
pressure
nomic foundation of free nations.
and the
In the 1925 to 1961 span
9.7%.
,
stantial
is
increasing
being exported to the West in
pretty. price increases cannot be expected
structure
for
under
from Russian oil—cut-rate oil that
to adequately compensate for sub¬
present
worldwide oil companies have
leum costs tQ indust
,
there
of
still holds.
the
1CC:
mar-
kets now competitively held by
American concerns. For a decade
doubt that gasoline and all the
available
The real key to the fairness of
ture.
rec-
.
.
.
This
tng to capture free world oil
_.
■
the
war
against the national interest. And
this is particularly true at a time
*n which the Soviet Union is try-
throughout
«v
present
worked
costly
have to bc pnCcd somewhat hiyh-
system of taxation and allowances
seems
a
products of the oil industry would
f
the petro-
our
in. preventing
ogniz^edthis.poss]bilityin a recent would necessitate substantial adtelevision interview, when he ac- justments in the industry's finanknowledged that there could-be cial structure that would be trans-
discovery, would
exploration,
petroleum
These
,
Treasury Secretary Dillon
development.
close study of
a
per¬
that
of
.
-
After
decisive
re-
well have
may
risin/needs ^ J !?" ^
mty to obtain essential
» dol»ftlf
•
increased consumer goods.
A
Our Present System Works
artificially
properties
effect
•
a
A, ,r>. .r,no
to
lower
precise
Western
.
an
vcducinff any gain tconsumers' may
t from
t
activities-alone
and
of the
Against the National Interest
Placing an additional economic
burden on United States oil cornPanies would most certainly work
prices for petroleum products> thus
fraction of the money needed in
exploration
the
on
be
differing opin-
are
the
to
as
shortages and
.
{-fail to locate any
*total Recovered by
The
pro¬
fiscal system
for
exploration
most, of which
ability
11uirv,Q+oUr
exploS acUvUk'/atone—
for
to
generated by the
depletion
would
•
be
centage
proposals
,that'a
exploration, development,
of reserves, inarms
wells. Treas¬
Re-
agreement
slackening pace
inth lace oi steadn
;
:
.
perspective,
new
the
gf
oil
new
gas;: deposits.^
and
;■<
and
historic
posals would most seriously affect
But the
is that the total bill will
4uoc._
half of the net receipts
tenance
production from
is
economics
\)f oil firms.
While there
petroleum deposits in the face of
in
The petroleum-related tax pro¬
program
One Effect: Higher Prices
be discouraged from
may
taxes and lower profits will result
exploration.
the
of
internal
the
Without present incentives pro¬
ducers
the
development of
is
development, and continued main-
sharply curtailed
have disputed
try's taxes, and reduce its profits.
government that lead to increased
rise
on
the
ex-
our
^as
!i
double.
i
1956,
emer-
the Suez Crisis of
Hemisphere to supply the oil
to lower the effective rate of perbeen
centage depletion, raise the indus¬
leum industry's tax structure in
major the fifties a former Treasury Sec-
by
been
taxes
gardless of the real cost, the net
retary reported: "From the stand-
Inevitably,
cost
in
consensus
increase by two-thirds over
j
explora¬
tory
has
additional
sources
0£ hundreds
conducted for the Senate Interior
demand
of
an-
According to the recent, fuels study
greatly exceed $280 .million.
dustry has been able to maintain
sharply
personal and busi¬
incentives
are
In fact, the in¬
removed
purchasing power and
ness
levels
estimate
No
of the
Industry
centage depletion, amounts to only
barely adequate.
those
"Only when
1956.
exploration
aggregation
ihe figures the Treasury has given,
nual rate of 14 trillion cubic feet,
posals
in¬
philosophy.
the
These
year,
Present
the
and
as
been
na-
consume
oil
Arthurs
at
troleum products.. In other
gencies, such
pected from the proposed changes
growth,
we
would
counter to the long-
goals
range
program.
na¬
forth."
The present proposals seem
consistent
de¬
dimensions.
have adhered to this theme.
ral
peak
of the Administration
las Dillon said that
substantial
a
cline in drilling activity since the
and its value are first of
purpose
recorded
fact,
depletion,
relating to foreign operations.
is 3.7 billion barrels per year,
Committee,
their
Oakmont
be made with
may
Woeber
tax
would
oil
wi11
Robert
or
quired by Europe
.
should, be considered
percentage
proposals, relating to capi-
made
Further
exploration
future
s
Co.
other $80 million to the industry's
seiious threat to the
posq a
hold
the
Open Golf Tourna¬
guests. Reservations
Parrish
at
1963 National
at
looking forward to seeing many of its
properties, would add at least
history has amply dem¬
from production is used every year
onstrated that the industry's abil¬
statements. Dur¬
ity to generate capital is no more
ing the 1960 Presidential cam¬ than
adequate to its present needs.
paign, for examplesHhe said:
Hard pressed by a serious cost-
previous public
reductions
equal to
Recent
require fewer computing
energy.
our
Hoy
will
1963
'
lead to shortages.
of
friends and
John
of
area
important to keep in mind
ply 74%
is
3,
diminish.
outside
appreciably
of town
of the
scene
association
May
program to
a
that low-cost oil and gas now sup-
Consequently, their fi¬
nancial base would be
altered.
eco¬
The
Association
Traders
Friday,
on
Lestrange.
A cut in drilling ac-
even
producers
seriously hampered
efforts
their
from
dimmed
With
production.
nomic
reinvest¬
generated
funds
of
ment
in
be
to
appear
rise.
discourage
inconsist¬
In the
reserve
Securities
outing
Country Club the
ment.
recommenda¬
economy.
present
tion
spring
circum¬
the cash flow would
haps
estimate that the proposed changes
would have the effect of reducing
additional
$280
in taxes without by
an
more
or
the
including
the
the
one-fourth the
ill effect. This is obvious from the amount currently being charged
insistence that the tax proposals off under percentage depletion by
million
of
tivity would also tend to
-
Pittsburgh
annual
out
highlights
It is
the
The
activi¬
either
employees.
Treasury Department spokesmen
Department thinks
PITTSBURGH SECURITY TRADERS ASSOCIATION
barrel-by-
combination
-
Fewer wells would
by about one-fourth the amount
Treasury
the
tions of this kind in
,
currently recovered under
percentage depletion, have an adverse effect on profits, discourage
investment and, thus, could impair future development of the nation's
oil resources which definitely would conflict with the national interest.
The
they
exploration
oversee
of
ency
petroleum industry's profit was 9.7% in the
reduce
if
alternative
all
Thursday, April 4, 1963
.
NSTA NOTES
:
-
had
liquidation of their current
stances
depletion tax allowance proposal enacted. Mr. Brunie
realizes the additional $280,000,000 it seeks, Mr.
pro¬
they
holdings.
This
compared to
many
that
protect their interests:
and
barrel
Empire Trust head predicts serious consequences for the oil industry,
as well as the economy, if the Administration succeeds in getting its
the
to
cease
ties
By Henry C. Brunie, President, Empire Trust
New York City
feel
would
.
to develop newly
or
properties,
ducers
.
rteriaiiy to
the Strength Of the nation.
...
Number 6252
197
Volume
...
The Commercial and Financial Chronicle
(1381)
Bankers Association and the Bond Koshland
TVTrvYVUria+innc: fmIN OmmdllOIlb
1UI
Club of Boston.
oh board..
I
the Exchange since 1955, was
of
the
founders
of
of
^d
one
a
He
is
Robert
&
Co.;
jrtLew°s£
•
°.
Total
a
a partner of Carl M. change,
Rhoades
Underwood,
senior part- Neuhaus & Co. in 1948.
Mitchel, Schreiber, Watts & former Governor of the
Henry M. Watts, Jr.,
ner
Loeb,
..
.
Mr' Underwood' a member °f
-\TVQT71 "RaqttI
JN
.
.
&
,
John
were: William K. Beckers
of Spencer Trask & Co. and John
J.
partner ol R"therf°rd °f J°hn Rutherford
a
a pa t er of Co
membership of the Board
also
proposed
the
following
i
Invest- is
33, including the Exchange's serve on the 1964 Committee:
for a ment Bankers Association, a Trus- President, Keith Funston, and
Andrew J. Corcoran of Carreau
term as Chairman tee of Vanderbilt University, a three
Governors
not
connected
& Company; Alfred J.
Coyle of
of the
Board member of the Board of
-
Regents
of
Governors
of
of
the
Governor of
New
Stock
.
Nomi-
The
the
University
Rice
of
Houston,
with
the
of
Chairman of the Houston Research
held
Elections
.
.
*
■
Joseph
by
Hin-
McM
Renominated
as
Governors
Richard M. Crooks,
members
of
j0hn
ton
,
_
Robert
the
.
,.
T
'
e
^
Reynolds M&'"Co.; William* D.' Pofifr
& 'Co.;
Blancke
Stephen M.,JPeck of S. M. Peck & Stava; and
Co.; T. Edwin Pereyra of Kidder,
&
ton,
Securities
Levy,
Saehs &
a
&
new
Bar¬
Gustave
Co.;
partner
a
of
Goldman,
Co.; Harry C. Piper, Jr.,
partner of Piper, Jaffray & Hop-
wood
(Minneapolis,
bert ; Pratt,
a
Minn.);
partner
.
of
Al¬
Paine,
Webber, Jackson & Curtis
(Bos¬
ton, Mass.); and Milton R. Under-
Wood, President and Director of
Underwood,
corporated
Mr.
Neuhaus
&
Co.,
In¬
(Houston, Texas).;
v
Barton, who has been Man¬
aging
Partner
since
of
Eastman
Dillon
1952, joined the firm at its
Philadelphia
office
in
moved
New
York
1933
to the
head
to
the
operations and, became
partner in 1944.
office in
firm's
trading
general
a
Mr. Barton is
a
director of Food. Fair Stores, Inc.,
Getty Oil Co, and Progress Manu¬
facturing Co.; Inc.
Mr.
Sachs
man,
been'
a
since
1933
of
both
American
the
Special
has
He is
New
Stock
and served in 1962
the
Gold¬
and
partner since 1945,
a
member
and
\
Levy has been with
Y.o
Exchanges,
Chairman
as
Committee
for
the
Study of the American Stock
Ex¬
change.
y
directorates
His
Diebold
May. Department
served
tion
include
Inc., Witco Chemical Co.,
New York
as
of
Stores
the
and
Telephone Co.
He has
President of the Federa¬
Jewish
New'York,
Philanthropies
of
director of Lincoln
as a
Center for the Performing
Arts, as
President of Mount Sinai
Hospital,
and
as
a
What does this sign on a broker's door mean?
.member of the Board of
Visitors of Tulane University.
Mr.
Piper
with
has
been
Piper, Jaffray
since 1946.
He
was
associated
&
Governor of
a
the Association of Stock
Vice-PresideUt of the Associa¬
tion
in. 1958.
Truax
He is
Traer
director of
a
Coal
are
Co.,
Wayne
just
a
few of the rules
ed to observe: another way
endeavors to maintain
Exchange
"Firms from 1952 to 1958 and served
as
Here
Hopwood
Next time
about to
a
Member Firm is expect¬
■
At least one
person in each firm has had to qualify for
membership and holds a seat on the New York Stock Ex¬
change.
' 1' ;
•
:
■
fair and orderly market.
find yourself in front of a broker's office,
in or just passing by, look for this sign.
just the wink of an eye to read it. It took just
you
,
go
It takes
hours to letter it
on
the door. It took 171
years to
■ The
Exchange sets standards for Registered Representa¬
insists that
they be full-time—not part-timeemployees.
tives and
develop
Knitting Mills and Superior Sepa¬
all that it stands for.
rator
sign designates the brokerage firms that have com¬
the'just and equitable prin¬
ciples of trade in which the New York Stock Exchange be¬
and
Co.
He
is
Governor
former
a
of
the
officer
Twin
Bond Club and has served
on
City
sev¬
eral committees of the
Investment
Mr.
Pratt,
who
joined
left that firm for three
years from
ant
serve
Secretary
appointment
hower.
An
counsel
for
of
of
ing
is
a
a
as
the
an
Assist¬
Navy
President
attorney, he
by
Eisen¬
served
as
Paine, Webber in his
first years with
the
firm, becom¬
general partner in
member
of
lieves. And
the
1950.
He
Investment
Almost two centuries of experience
to observe
the
Such rules
ence.
rules which the Exchange
trading began in 1792.
many
When
inside this door,
ject to such rules as these:
you step
you enter a
firm that is sub¬
'
■ Member Firms
carrying customers' accounts are expected
to
report each week to the Exchange any position as an under¬
writer of securities.
They have agreed also to disclose certafn
types of borrowings or loans by the firm or its partners.
■ Each
firm receives
a
accountant at least once
own
examiners
surprise audit by
a
an
as
these
From the
grown to
Examples of Exchange regulations
Paine,
Webber, Jackson & Curtis in 1945,
1954 to 1957 to
The
mitted themselves to
promote
has evolved since
Bankers Association.
Exchange rules prescribe that the firm have adequate cap¬
ital in relation to its volume of business.
the New York Stock Exchange
a
are
the
original 24
1,366. There
product of 171 years of experi¬
Exchange membership has
men,
are some
3,300 Member Firm offices
throughout the country and abroad. And the sign you seeMember New York Stock
Exchange—signifies that the firm
is
subject to the Exchange's code of self-regulation.
This
self-regulation is just one way the Exchange en¬
deavors to maintain a fair and
orderly market.
Members New York Stock Exchange
independent
year. In addition, the
Exchange's
spot check its books and records.
Own your share of American business
of
Charles
R.
Williams
of Williams, Olivo & Holahan.
partner of Eastman Dillon,
a
Union
L.
The
;
,
Beauchamp, West &
Kenneth
Ler
Frederick
D.
Noyes
Co.;
Henry M. Watts, Jr.
are:
Robert
T
nominated four present Governors,
nominees
:
eimer & Co., Robert M. Gardiner Austin J. Lyons of Francis I. du-
chen
all for three-year terms.
Hut-
Baldwin
Scheffmeyer, Werle & Co
shaw, Jr.,
Watling,
.
E
B
of Baker, Weeks & Co
^ew Nilssen of J. A. Jlogle & Co.; J. Stava of
Ex-
W
H
Morgan Stanley & Co, Cornmittee Secretary James F KereLief of
,
H.
Co.
Committee1 in-
Anslim of
•
_
„
&
of
sey
_
J
Co
&
Kerr of Wertheim & Co.; N. Mat- Hemphill, Noyes
are made to the families of
Thomson & McKinnon; -Stephen A. deceased
Nominating
Richard C. Dube of Carl H. Pforz.
Walker
In addition to Mr. Hinshaw, the
1963
Hayden, Stone & Co. Incorporated;
,
H.
pay-
Gratuity Fund, from which
were:
partner of ments
a
be
G.
-
J
+
mltte^headed
will
1
on
-
.
who
representatives
as
public.
industry
May 13, and the new
Board will take office on May 20.
Institute connected with the XJni-
versity of Houston.
appointed
are
a
University, and
the securities
of
eluded:
to
Co., has been renominated
second one-year
Peabody & Co.; and Richard
Smith
&
The 1963 Nominating Committee
*
•
13
14
The Commercial and Financial Chronicle
(1382)
because it
The Secondary
Market for
not
are
"Secondary
/.
bonds
coupon
carrying
rate,
higher
a
Liquidation
for
ment
add
tax
the
to
reinvest-
and
loss
also
purposes
mobility
bank
of
in-
...
.
,
,
Tlurty^ billion, five ar u dr d
or
8%
n
million, dollars
individuals
by
trusts.
Here
low interest-bearing
again
m
search
a
current
for
because Gf frequent
Another'
ter
from,
stocks
bonds
market
Switches
bonds,
rom
switches
itself,
Governments
and
be-
Corpo-
herent
Secondar
ared
underWriting."
stfjctiofis
ing
rates and tax-exempts are becoming
prevalent
more
individual
investment
times
philosophy
Normally
Normally,
by
the
as
adjusts
securities
securities
-
to
insurance companies (holding
17% of outstanding bonds)
apt to be retained for
com-
However
values
equity
rising
a
profits
stocks and to bal-
on
these profits
ance
pal
the
convictions
t0
by recent complex
tended
of
to
the
egislatiop
in-
with
ig
what
often
ml
he
unrealistic
alsainfluenced
companies to
holdings.
of these
many
of d
}
going
ht
bid
con.
set
bv
a
^
out of the account
tM
mogt dealers
are
cooperative and
main
re-
It is
to
of
a
a
bonds
obligations
the
and
their
obligations of
or
other intra-state
municipalities in
investment of Retirement and
Pension funds.
instances
restrictions
replace
their
bonds
since
these
benefit
from
the
it
if
with
corpo-
funds
get
tax-exempt
■
.
.
;
,,
of
:
the
is
to
bid
is
dealer -for
number
large,
his
sale
at
he
the
best
want
may
competitive bids from
of
joint
such
course
follow this
can
size to
joint
bracket
the
,(1>
is
rate
finding
ductive
as
high
a
tax
having
a
hard
as
investments
pro¬
tax-exempt State
and
Municipal bonds, the tax columns
in
the
of
accompanying
tabulations
haven't too much bearing here
the
Enter
with
a
instructions
bonds
for
an
of the
terms
and
7%
1913-15
individual
top
be taken
may
nostalgia,
or
rates
as
in
bit of
a
Give
a
with
Source of
Profits for Dealers
Dealer
So
far
hensive
ma
know,
out very
selling
the
been
ever
volume
of
business
done by dealers an the.Secondary
Maiket
and
therefrom,
ume
the
as
profits
derived
compared with vol-
and profits from the
Market.
Perhaps
Investment
made
turn
the
Banking
Primary
study
some
interesting data in
this connection.
check
has
Meanwhile
revealed
that
a
spot
opera-
tions in the Secondary Market
count for
centage
a
surprisingly large
of
both
profits—40%
common—one
to
volume
50%
large
is
not
dealer
ac-
per-
and
un-
bank
lepoits that in both I960, and 1961
cver
50%« of
profits
both
volume
and
in their bond department
may
only
are,,
spelled
also become
vertise
for
to
that
Because of the
re¬
blind
as
an
bonds
publications
circulation
of
they
as
Which
method
will
most effective will
degree
bonds
of
would
probably
of
member
a
to
not
Undue
/i
at
least
using
are
with
Firm Offerings
practices
and
or
a
various
narrow
occur.8 When
can
attached formal
an
un¬
This
agreement.
rent
too
lightly.
/
;
•
to
come
could, stand
ment.
There is
code
of
this
of
are
a
are
'
the
national
constitute
The
business.
It
that'
so-called
dealer
Departments"
should
be
and
and
accorded
very
then,
"Trading
"Traders"
a
there
is
very
) not
poll
the
of
fair
of
at
business
and
there
employed
-would
on
" the
whom
tp
that
are
part
the
are
the
of
is
option
times
some
not
complied with.
or
of the bonds sacrifices
owner
to/sell
reject'.
or
Some
against the sale.
these
his
bonds
might
to
other
100%
certain
are
the
three
members
A few days later
major
other members that the "bid
ing to the account'
and
manager
majority in
For
of
the
ac¬
ment,
which
example,
a
dealer
the
without
as
The
is
time
at the
lower
number
municipal
the
of
other
broker>
or
a
he
purposely
procedure
with
respect
which he does not
own
the
to
option is
offered
upon
"The
reflects
idea
account.
the
are
re¬
frank
a-
of the
hope that
some¬
and
be
if
a
a
at
is
coming
the
that
can
of forming a second¬
acceptance
account
bility
new
be
either
to
secondary
to withdraw their
or
completed.
who
should
opportunity
before
for
lia¬
transaction
th.e
Of
votes
Or
a
bonds
be obtained
course
is
anyone
acceptance has
certain
the
A
no
to
take
account
concession,
a
not
member
and
bonds
at
the
reserved
of
members
dealer
following situa¬
is
syndicate
entitled
of
the
assume
Dealer
count is of
option price.
a
that
a
of
such
down
a
is
out
takedown
only
account.
member
course
as
of
for
Any
the
ac¬
entitled to only
the
Formation of Secondary Accounts
By Members of Primary Accounts
be
Sometimes
bonds
primary
become
a
market
parjt pf the
sec¬
ondary market through processes
described
same
by the following
illus¬
•
Assume
dealer
less
than the members' takedown
concession.
bonds
a
$5,000,009
joint
ac¬
concession,
which
is
Dealer A thinks these
are-undervaluied
fering
price,
so
*
he
at the
of¬
withdraws
bonds at the takedown concession,
but
trations:
bonds
but which
bid
the
participate in* the
tion:
additional concession
dealer order
at the
against
given;-an
firm
that
shopped among other
an
if
from certain account members for
understood, it
dealers, in the hope of buying the
bonds
seems
All members should
complaint coming.
requested to promote
sale,
not
that
In
be worked out.
generally, assumed
retail
the
on
the
in
—
advised
be
ethical
account, and those who vote
owner
can
indefensible.
an
procedure
purpose
to
the
From
this
the
alternative 'to
no
group."
man¬
majority interest in
a
ary
price
retail
a
determined by
may
there
genuinely
basis
time
terms
attempt at price
course,
an
with
will
better price/ Or
follows
time the
discus¬
option
thing
that
will
the
viewpoint
price
bonds
accepted. Then, instead of accept¬
ing tjie, high bid, he uses it as a
supposing
for
to
having
request
explanation
Bid."
dealers
that
members, including the
conces¬
a
dealer
Unless otherwise
implying
highest bid received
Of
there is
leasing
is
owning
further
any
to price or
additional
an
case
general
time
ager,
be
part of
block of bonds requests- bids from
a
agree¬
states
from
a
perfect
the
a
Technically
syndicate
customary
for
exercised.
annoying de¬
"Shopping
ac¬
constitute
action is within the terms of
.such
consideration
and
duration
granted and not at the time it is
techniques
under i the
occur
to
interest.
in
bonds
tices
com¬
from the
came
enough, other
members
count
bonds may be
sions
into
Shopping the Bid
Some of the most
names
participants,
revealing for the first time to the
the
sion.
and then which it
now
is
ac¬
bonds appear as a sec¬
same
of
arguments
of
personally
be
to
members
to whether to
as
v
better to avoid.
be
:
can
un-
refrained from using these terms,
coming
price consider¬
a
account
the
for
Wfaen
thousands
entered
re¬
consider the bid too low and vote
should
generally
high order.
even
proportion- "tool;to solicit
Up
"Bid
quote
a
account"
this,/if the option is exercised it
that the
sense
re¬
members
ceive word from the manager that
option
improve¬
doubt
contracts
heading
a
follows,
ate degree of recognition.
til
this
point I have
The
,
market,
part of the municipal
bond
there
price,
'/ whatever/
opportunities he
quainted,^ and the almost complete
the
have established the
operations
unsold.
agreed-upon
.
fully understood
few practices
business
consider
verbal
a
some
no
ethics
in
you
the
fact by now that Secondary Mar-
ket
main
period of
of
have
Trading Techniques
Now we
no
Trading Departments
-substantial
a
amount
good
a
ondary offering under the
granted
against taking the agreement
that
other circumstances.
we
firm
a
stated length of time and at
dealer
acts
psychological deter¬
a
Sup¬
ing weaker and after
a
obligations
ing short of remarkable; However,
on
members.
selling effort
cept
certain implied considerations and
tie-in
wide
Growing Responsibility of Dealer
hope
major
also that the market is grow¬
offering is requested, and granted,
viations from sound trading prac¬
I
three
for
absence of repudiation, it is noth¬
whether
local
the
pose
ac¬
brief
a
a
with
ity in interest clearly resting with
being taken
where violations of desirable
area
which'
issue
new
letter
as
t
market
of
Advantage
Granting of options is another
man¬
name
a
each
ably under the offering price and
their good' will.
upon
Taking
same
agreement
to- confirm
phrase to
a
for "com¬
own
a
asso¬
members
an
of formal
used
confirming
ad¬
prove
have
knowledge
other
heavily
A number
the
$1,000,000 participation and
a
the
original
an
using
now
are
counts, Or they
place,
to
depend
urgency,
involved
gotten top
business'
his
ing
ciates and has probably borrowed
account
secondary joint account
agers
dealers.
among
has
member
a
joint
underwriting account.
accepted
having
than
let his
and
rpapket
gathered from
to
prone
higher
him to the fact that he has
the
and two
manager
$500,000 participations, the major¬
the knowledge
customer
the
with
price equal
received
on
count
ether account members each hav¬
four
price, but- that. should not
misused,
usually work
are
bid
his
market
dealers, these
dealers
secondary
a
take
a mu-
dealer-banks
portfolio
stock.
common
account. He
a
slightly
even
best
conscience rest
verbal
a
or
the
purchase
to
own
the /seller
pay
re-negotiation
by the Wharton School will '/./•'■.
up
formally
information
/
the bonds for his
well. However, here and
play
of
being
now
issue
agreement
among
few
a
which
over
order
instructions
petitive bids over-their
compre-
new
market
same
this valuable
uses
a
of
//
,
and
$18,000,000
over
partner of Paine, Webber, Jackson
for sale to the high¬
are
bidder, then
the country who quite frequently
It has
in
no
has
survey
oi
e
I
as
and
Banks
est
s,
the
a
he knows
be times when
practice
a
the
less
arrangements
there
the
bids
name.
Life
American
totalling
Curtis, investment bankers in connection with the public offer¬
nicipal bond broker to sell at the •daily, involving millions of bonds,
among people scattered all over
kost
possibly comic relief.
Secondary Market As
as
agreement exists.
con¬
advertise
competitive
(right)
North
checks
ing of 1,000,000 shares of North American's
a
dealer
under
out. .;. Sometimes
dealer with
the bonds in the hands of
point.
^corporate
account.
President,
receiving
parties ..for
Showing
top
of
much
%
agency
selected
to
the dealer's
(3)
into
(left)
Company,
frequently
among
operates
often
agency basis
dealer
1%
account
derwriting
let's pass them ovpr at this
the
&
underwriting account, except that, to
,a sellmS oraer * 3
on an
(2)
so
bonds
of
general principles
accomplishing the sale.
tract
Skogland,
from Alan T. Wenzell,
a
„.
selected dealer
corporation subject to
or a
52%
time
in
Market
P.
Casualty
of
except
justify the formation of
which
type
flowing procedures:
/1X
under¬
member of
a
H.
of views
of
into the market in sufficient
come
Other than pointing out the ok"
.at a stated price, permitting the
fact that at today sfax rates
dealer t0 choose his own method
individual
Secondary
the
Joint Trading Accounts
vious
the
syndicates,
Blocks
same
resort to any one
or
members
when he is
on
without
exchange
an
to
the
act
a
dealers,
If the amount of bonds involved
he
in
must
judgment
of
course
is
is large,
Market
choice
a
methods,
trusted and repu-
obtainable—or
to obtain
has
not
,
that
depart-'
commitment
a
sponsibility
place the bonds in
a
on
own
loose
selling
to
comparable
take certain liberties
of
amount
bet
table
and
sense,.-
generally high level of moral
Bonds
bonds
number
best
status of the former.
Jt
block
the hands of
State
higher-income-producing
no
are
holdings
Municipal
rate
many
removed, 'making
^expedient to
and
However, in
these
being
now
judgment.
Market
of
own
dent
An investor desiring to dispose
common
Government
feeen takeQ
wqu
their
rear pa n-g e
eommitment
Marketing Methods—Secondary
thing for States
a
bad
,
Municipalities to be restricted
and
in
ind
::/■'/
;
s()metimes
accou
resultj
_
rket
addition, the individual
writing
is
con_
hig acCQUnt
ma
investments
company
/
,
acumen,
pricing,
of
*
which
nearly
more
underwriting
an
In
benefit
comes
dealer
proper
he
is
,
available
fronte(J
regulate the tax status
insurance
has
few
a
The confusion created
ago.
years
only
his
participant in hew
a
dicatePs
issue
Qr
principal func¬
of
ma
Secondary
tQ jun
advantage
that
fact
of
taking
direction.
in a Position to lollow his own'
by taking losses
bonds Purchased
tion
ment.
Sec-
mentioned. later)
another
a,
and
required in the successful opera¬
re„
low-coupon State and Mumci-
on
,
in
^
eUher
Still
from
of
placement,
;//:/•///•'/
degree
field
this
acc0unts,
^ dea,er
it
make
tempting for these institutions to
take
price
n0
(except
■
^
issue
to ,new
Market
whjch
the
ourchased
puicnased
paratively long period.
op.
ithposed by uhderwrit-
•
about
are
Market
with
agreements
fagt
and
:
beard¬
responsibility
service
judgment,
his
his tax status changes.
as
or
trustee
or
,
deserving of the trading appella¬
income
Qn
tween
execution
The
is.'the."
individuals
final
::
,
flexibility, in-, knowledge of credits, required in
stocks and within the
into
bond
into
Complete North American Offering
to those de¬
now
not to those whose
overpricing,
indueement
Thursday, April 4, 1963
tion is to provide a quotation and
margins
profit
and
the
commitment
dwin-
resultant
with
hoped-for
s
and for tax loss purposes.
ing
appropriate.
referring
and jncreasing exposure to losses* tion//;7''
bonds
and
continually being weeded out
are
issues
dling
they
.
Specialists"
Market
more
partments
•
.
be
I am
erations.
.
;
Increasing emphasis on the Secondary Market is logical in view
feverish competition for
new
vestments.
would
from Secondary Market op-
came
that
me
descriptive. ^."Sec¬
.
.
ondary Market Departments" and
State and Municipal Bonds
Continued from page 7
to
seems
fully
.
at
the
same
time
invites
dealers B, C, and D, who, are not
Volume
197
Number 6252
.
.
The Commercial
.
and Financial Chronicle
(1383)
account
to
feed
in
smaller
at the
seems
a
takedown concession.
B,
C,
benefit
allowance
entitled
and
of
to
D
special price al-
a
which they
are
of
duce
not
the
non-members
as
; This
violation
ment. Of
down
the
bonds
the
and
free
a
operate
bonds
at
J"VV
in
price
volved is
bonds
the
Let's
of
say
selling
limit
the
midst
and
is
offerings.
a
has
with
fully
ability
that
of
a
market
block
but
of
As
the
There
toward
this
is
potential
future
of
client
.
Today's inflation hedge article
resources
series
the
market
nervous
the
of
prob¬
for
this
any
bid for the
would
be
particular
lower
en¬
in
subject.
this
policy of
a
7 but
but Vit
third
field
and
briefly
ultimately work to
intention, here
over-emphasize
to
most
infrequent
these
with
Tliey
the
vent
thought
any
in
mind
everyone
matter
has
of
high
wise
expect
from
course
the
by
address
Institute
Investment
ica,
by
Mr.
of
not.
School,
Pennsylvania, March 19,
they
so
will not
comes
Personally, with the
think
I
In¬
the
U.
is
S.
con¬
headed
inflation; but it will
before
too
run
in
soon
containers,
market
of
1963.
taxes
stock
up
collapse
should
when
prices
to
follow.
remember
buying
Timberland Is
a
Also,
-
Names Five Vice-Presidents "7•
7r
•
election
Securities
of
James
&
- v?
-r
Research
Corporation has
Leighton
H.
Thomas
Fuller, Thomas W. Anthony, and William G. MacDonald
Kimberly-Clark
the
largest producer
wadding, and is
facturer
Good Investment
a
of
>
acres
and
in-remote regions of the U. S.
and
with
trees ' do
of
work
not
coffee
of
are
of
total, costs.
ments
Book
companies
generally understated
realistic
benefits.
relatively small
these
of
holidays,
fringe
a
values
The
breaks, and the
other
costs
week.
require
proportion
to
regula¬
regard to productivity
length
Labor
growth is not
union
timber
in
controls
regarding'
St.
or
Jim
>
V
controls
Canada.
in
is
It
producer
Thomas P. Fuller
5 million
over
of
the
acres
U.
S.
of
and
highly integrated
a
products,
many
cluding kraftand wrapping
in¬
papers,
million
11
some
in
the
ATCHISON.
SANTA
New
The
a
FE
York.
Board of
dividend
of
RAILWAY
N.
Y..
Thirty
at
the
close
of
has
26,
this
1963,.
day
S.
o
and
i.
Li.
a
Among
Paper
ern
mills
the
Papers
NEWS
AT
and
Company.
excess
instrument
acres
Clevite's
concentrated in
are
ized
has expanded
creasing
emphasis
'
in
an
as
for electronic
equipment.
:
important producer of
promotion
have
brand
self-sufficient
wax paper,
advertising
made
ment); and has
1
a
pulo
(it
The Board
competition
f|
25 cents per share on the
Stock, payable
1963 to stockholders of record at the
close of business May 15,
|
M
plywood field, the growth of
has
Corporation
Because
of
said
Common
books
pf
the
April'26,
M.
$$
its
The Goodyear
Broadway,
7
...
5;
April 1, 19 63
J
THE
IN RUBBER
NAME
GREATEST
company is considered to be more
of
seller
a
In
than
addition
wood,
it
timber
to
a
manufacturer.
distributing
sells
doors
products
to
and
the
ply¬
OTIS
other
building
ELEVATOR
COMPANY
CITY INVESTING
COMPANY
Capital
Company
980
The
on
Madison
Board
March
of
N.
Ave.,
Directors
Y.
21,
of
N.. Y.
this
5,
Common Dividend No. 226
N,
A
quarterly dividend of $.45
share on the Common Stock
has been declared, payable April
26, 1963, to stockholders of
company
per
27,
1963, declared the regular
quarterly dividend of 12'.2 cents per share
on
the outstanding Common Stock of the
company,v payable May 10.
1063, to stock¬
holders .of
1963.
York
;
,
on
SWEARINGEN,
New
Tire * Ru'ih1' Ci
By R. L. Miller,
Secretary $
||
throughout the U. S. and Canada,
April
record
11,
Assistant .Treasurer
120
'£
facilities
at
the
close
of
business
"
R.
f
I
7 it;
.
.
g
|
§ 1963.
in
S.
distributing
g
i;i
U
remarkable.
g
dividend:
$;■; Common
£$ June 15.
the
Plywood
of Directors to-
£§
Plywood Industry Is Growing
intense
I
":S| day declared the following |
distributing organization.
Despite
I
DIVIDEND
No- 120
is
require¬
wonderful retail
a
COMMON
I
Company
timberland
in
and
Scott
name.-
valuable
owns
"GOODYEAR
m
concen¬
consumer-goods
Aggressive
leading
recording
• 7
specialty,
on
tissue, napkins, towels,
etc.
a
modern¬
is heavily
the
marks
into
placing in¬
'.
■
•
Paper
trated
field,
is
and
line
entry
major additional market
While world¬
capacity in newsprint
facilities
of a light
oscillograph to our
beam
Company's
million
2*4
some
CLEVITE:
Addition
production has created problems,
declared
Cents (30c) per share,
211,
on
the
Common
Company, payable June
business
on
is the
AND
COMPANY
March
Directors
being
Dividend
No.
Capital Stock of this
1,
1963,
to
holders
of
Stock registered on the
'
TOPEKA
share
29. This
of
acres
U.
DIVIDEND NOTICES
THE
dividend of, 35
a
DIVIDEND NOTICES
'
a
ON
10, OHIO,
!;t m.
companies
The largest American manufac¬
wide
Regis Paper. Company owns
ATI
R
company's 163 rd consec¬
utive quarterly dividend.
and
specialty
turer of newsprint is Great North¬
been
all inclusive.
timberland
towels,
paying
March
printing
other
affiliated
Favorites
the
Obviously, the list is not intended
to be
and
O
P
R
cents a common
manu¬
Com¬
of
some
is
cellulose
are
companies in the industry follows.
1963.
•
RAZEL
'
T.
Y.
•
record at the. close of business
-
April .5, 1963. 7 '■
Checks will be mailed,
on
BOWERS, '
Secretary.
H. R. Fardwell,
New
Anthony
"shell"
mm e
CLEVELAND
is
Canada..
relation
values.
of
,
and
and
timberland
Scott
myriad
Thomas W.
of
friend
my
de¬
same
highly integrated organization and
papers.
tions
-
Leighton H. Borin
Another
building
which
pulp,
produce newsprint. Kimberly is
growing timber they
circumscribed, by
P.
book
Its
paper.
Most of the timber properties
vacations,
James G. Sheridan
the
packaging
leading
a
napkins
paper,
cigarette
wide
and Canada. Timber
:
presidents of the firm.
doing much to
costs.
Walters of Tampa originated;
Corporation
the State of Maine.
*
vice-
as
is
CO
or
timber
paper
lie
-
the
announced
Borin,
are
labor
homes,
paper,
evenN
,
of timberland
primary asset of the
own.
77(7
Sheridan,
G.
house
in
expense
DIVIDEND NOTICES
of
cost
'industry is.,the millions of
of land
•
largest
*
The
-
printing
and
company
The
.
The
machinery.
about
come
other real estate.
National
South
building today is labor. Plywood
for
advance, beware of
readers
of Amer¬
University
National Securities & Research
operations.
resources.
lumber,
gradually. If, however, speculators
Banking,
Bankers Association
Wharton
balance
stantly growing government debt,
-
Wehrheim
Investment
Therefore,
should
portfolios
temporarily
*An
handi¬
are
inflation.
investors
their
as
vestment Banking Industry.
re¬
utilities,
be hurt—whether inflation
standards
to
come
very,
mentioned
public
commissions
capped
that
or
the
have
I
railroads,
state
relaxation in tne effort
maintain
a
which
a
natural
largely fixed by government and
mentioned
are
Most
and corporations whose income is
departures from normal business
practices.
to
word.
helped by6 inflation. However,
are
the
timber and other land
on
in this column the past few weeks
'
not
their
long-run, gradual inflation for tha U. S, A.
repeat; Inflation is
me
sources
is
••
end
of the leading com-
some
describes
Coast,
various
Atlantic states, and Canada.
velopment to accomplish the
concluding consecutive weekly
names
England,
extensive
West
of short-run stock market booms and busts, and of taxes
warns
levied
advantage of both buyer and
It
New
the
on
manufacturers
.v
the timber-paper-plywood natural
and
maintains
can¬
tricky,
seller.
on
Mr. Babson
financial writer foresees
to
Let
the
amount. In view of this he decides
on
panies
re¬
dor in these situations when at all
than
the bids he could get for a lesser
marks the
area
grey
and
purchasers,'
that
seem
in
By Roger W. Babson
7
-
particular
sort
a
his
to
-
Inflation Hedge
an
It
timber stands
reduce
time open discussion might help to pre¬
short
a
aware
type of bond
tire
to the
us
large block of bonds in
a
the
in¬
piecemeal
order
on
making
dealer
a
from
•
Industry
'
the
amount
this observation brings
subject
price,
t
pro¬
feasible would
important factor ahid
an
not
reaction
attitude
sponsibility
he:,
7
i
for
offerings
his; would
Piecemeal Offerings
bid
average
might
the
trades,
■
better
about
in^-
'
line here between the dealer's
and
out
It is well known that in
a
•
•
or
dealer?
which" to
parcel
can
whatever
chooses.
t'
The Paper
dis¬
total "amount
i'
•
their
and
them
expires
market
and
the
^
removed, he
are
market
no
...
agree-„
holds
agreement
price restrictions
has
account
of
if Dealer A takes
course
the
until
of
the
purchasers of the initial offerings,
original account, and that this is
a
to
might
a
what
bonds
amounts, with
VOlved. <'7
getting
are
the
closure
pretty obvious here that
Dealers
the
into
second¬
ment
It
members,
account to share the commit¬
ary
15
7. '
•'
Treasurer
York, March 27, 1963.
W. G. MacDonald
THE
Mr. Sheridan
working with
Metropolitan
will make
Walter
New
1959, Mr. Sheridan
J.
territory.
Prior
Borin
will be
National
.'••••'
♦
•
v.-x.
Georgia,
Arkansas.
.'v;
;
Louisiana,
Mr. Anthony
Arkansas..'
Mr.
MacDonald
\
'
.:
-
I
V
;
; >,
will
cover
will
work
.7
with
and
parts
■
•
DIVIDEND
NOTICE
of
/. v.
totaling
share, payable
of record
April 15, 1963.
20
cents
share,
share is desig¬
per
dividend paid
from
income
and
dividend of 65c per share on the capital stock of
payable May 15, 1963 to holders of record at the
close of business April 12, 1963.
nated
The transfer books will not be closed in connection with the
dend
divi¬
paid from net realized
payment of this dividend.
gains
on
declared
a
7:,'7
*
7 7.7h- '■■.-7
net
15
as a
investment
share
cents per
as a
investments.
-
..r','77'7
•
■,
Jones, vice-president in
.
has
the Bank,
Wm. M. Hickey,
MORTIMER J. PALMER
Ira
.
7 7:,7;-L
per
cents
April 29,1963 to stockholders
BANK
The Board of Directors of The' Chase Manhattan Bank
Tennessee
dividends
35
Of the 35 cents per
Texas, Oklahoma and parts
7'7:-7 '
declared
,
L.
Mississippi,
charge of the New England territory.
The Board of Directors has
MANHATTAN
•
Moorman, vice-president
charge of the Southern Territory, covering the states of Ala¬
bama,
The UNITED Corporation
in
headquartered in the office in the Baker
Mr. Fuller will work with Mr. L.
of
joining
,
Building, Minneapolis.
in
to
with Kidder, Peabody & Co., and Texaco
Company.
Mr.
headquarters in New York City,
Smith, vice-president in charge of the
York
was
his
Vice President and
~
/
Secretary
7
April 3, 1963
President
16
^The
(1384)
Commercial and Financial Chronicle
Steel Production
dissatisfaction to the Administra¬
Electric
tion. Viewed in perspective of the
March 30
total economy,
and
Output
Carloadings
The State of
Retail
Trade
Price
Auto
TRADE and INDUSTRY
vestment
Index
Food
Production
business fixed in¬
construction has been
which
and
The latest assessment of business
conditions
the1 First
by
National
City Bank of New York reported
the
on
continuing
taking
servers
The
ob¬
Economic
monthly publication
a
of
out?.that
pointed
Bank,
"Winter has passed and
<
spring has
the
peacetime
cycles
economy
on
turned
without
slump so widely feared last-sum¬
mer. It is true that the Bureau of
unemployment
Statistics'
Labor
to 6.1%
in Febru¬
rate
edged
ary,
compared to, a 5.6%
for the
that
up
average
1962. It is also true
year
stockpiling
raising
steel,
of
production of the metal to
March
annual rate around 115 million
an
tons, is adding
less,
spurious element
a
industrial
to
activity.
Neverthe¬
forces
undeniable:
are
increase
further
in
since
been
"Some
all
and
in,
indeed
did
make
winter.
this
But
commonly
is
far
for
in
retail
the
level, and
trade.
The
investment
that corporate
no
and
results
This
would
of
of
to
in
good
ment
the latest survey
equipment
and
.
adj usted
February,
for
for
show
picture: of
a
sustained
broadly
seasonal
recurrent
fluctuations,
when
levels r of
ac¬
tivity. Retail sales for the month,
in
as
January,
7% ,ahead of
ran
the corresponding period of
New
sales through
car
maintained
March
13% lead
a
1962.
20
1962.
over
People keep adding to their sav¬
of renewed ad¬
one
been
for plant and
The
next
survey
strengthened
by
of business plans
equipment spending.
by the U. S. Depart¬
ment of Commerce and the Securi¬
and'
outlays
old
than
the
billion
$37.3
6%
and
above
the
peak of $37.0 billion back
corporate
announce¬
stepped-up
investment
by
of
programs,
v
for
inflow
.order
of
rates
better
new
machinery
by Conference Board—Newsweek
outlays,
borrowings.
they
and
the
At
themselves
business
hot
to
borrow
for
of
buying
homes
Suspicions that
and
spending
ahead,
tion
but
taxes
cannot
be
an
unfavorable
be
(seasonally
adjusted, 1957-59=100), at 119.1
for February, held within
the re¬
119.8
narrow
that
sband
has
118.9
prevailed
eight months.
ployment shows
of
now
Likewise, em¬
sideways pat¬
a
followed the
Moreover,
labor
capital-
1955-57
with the
high
cost
of
compe¬
business
managements
pressure
armed
71
forces)
has
held
million for seven
close
months
to
dat¬
ing back to August.
Recession
or
minimize
to
investment
in
forces
work
modernized
by
labor-
"Businessmen
have
the
bilities
of
Officials
warned
a
of
from-the
and
risks
the
ness'expansion,
proba¬
recession.
down,
period
dating
of
ment
actually
have
busi¬
from
may
enlarges
one
typically takes
savings, the
vestments
to
is
for
a
com¬
spent on
themselves
largely
in¬
go
meet
payrolls in capital goods
industries.
"Even
though prospective plant
rate
of investment
employ¬
cost-reducing investment. The
achieve
may
invest¬
considers that
money
and
1961, is two years old. It
on
em¬
This
years
will
ary
munity
that
is
legislation,
equipment spending for 1963
a
record
is
a
level,
source
the
"of
Mar. 30
If there is
121
on
sheer
into
of
giving
"
Canmakers told Steel that they
tin
-L0Ui8V.-jIi-ijx-J---"
induS tr
120
•
;
112
.
124
,
128.1
8?I
weekly
production
production
April
Will
based
for
Be
Best
who
fear
whose
strike
a
needs
seasonally
and from
for
will
make
those
April
the
best month
in
year,
a
said.
Steel
Ingot
production
will
that
than
ments
of
will
March,
is
April,
Ship¬
million
7.6
largest since those
consecutive
weekly steel
forecast for
exceed
for
that
Steel
ingot
this
the
million
2.4
week.
Output
the
tons
industry
The' 'operating
Bank
show
clearings this
increase
an
year
week
figures
telegraphic advices from the
chief
cities
cate?
that
of
the
for
country, indi¬
the
week
the
ended
uptrend
The
with
compiled by the Chronicle, based
upon
is
nearly 30%
than it was in late
will
compared
Preliminary
ago.
of unofficial, capacity.
Production
1962 Week's Volume
not
January when
is
market
scrap
composite
price
No.
on
15
heavy melting grade rose 67 cents
to
$28.67
ing
jump
ago,
the
year
all cities
Pittsburgh.
at
composite
A
at
$31.67.
which
is
possible
clearings
last
totals
at
$31,411,687,235
$29,583,777,486
week in
tive
summary
principal
——
Mar. 30—
for
York__
for
the
the
of
some
centers
follows:
(000s omitted i
.
%
,
Steel
$16,898,672
+
Chicago
1,303,824
1,159,000
Boston—891,397
Kansas City
500,652
1,261,824
+
Philadelphia
1,119,000
+
3.6
851,654
+
4.7
470,663
+
6.4
4.6
3.3
Rise
still
of
2.4%
Prior
Over
Row,
and
Only
Is
Below Year-Ago
the
American
stitute,
Iron
production
(*128.1%),
tons
and
for
was
Steel
the
week
2,387,000 tons
against
as
In¬
2,330,000
(*125.1%) in the week end¬
ing March 23. The week to week
output increased 2.4%
and it
was
the ninth consecutive weekly gain
and
the
highest output since the
year-earlier
This
increase
vancing
steel
as
is
attributed
current
well
current, of
a
consecutive
as
row
seven
strike.
weekly
a
consecutive
ad¬
for
growing under¬
a
hedge-buying
ending
there been
an
demand
use
possible steel
the
to
weekly
against
Not. since
advances
Feb.
17,
1962,
in
a
has
flat
are
quoting
ules
and
keep
production
bolster
steel
for
for
are
pace
sched¬
inventories
sheets, hot rolled bars
finished
and
standard
needed
of
requirements
against
much
a
canmakers
-
take
plate
and
contractors
for
reinforcing
Although
most
cerned
about
they
than
they
the
are
were
users
are
con¬
possibility of
less
a
concerned
during last year's
even
The
net
profit
$582,700,000
com¬
1962
$541 million.
figure was 18.4% below
1952's
with
1962
The
several-year de¬
industry's
approximated
pared
1961's
Net
profit
stock
share of
per
not
in
the
shares
outstanding.
industry
too. The
com¬
;
the
on
employees
industry had about 13,350
unchanged
yet
has
employment
industry
jobs)
81,000
(or
10%
dropped
in
years',
three
last
the
it
production has
practically,
of
1962 than
in
Steel
1961.
steel
slight
squeeze
reached
employees
in
a
of
number
economic
The
steel
1962
the drop
only from
profit but also from
increase
mon
in
1961. The decline
$2.73 in
in net
«
common
$2.19
yaveraged
stemmed
1960's.
under
14.2%
was
1961's
And
$714,450,000.
total
ship¬
in
rise
a
profits.
net
during the period.
Despite the decline in the num¬
of
ber
employees
last
year,, em¬
tributable
mainly to the increase
in
benefit
fringe
last
payments
were' unchanged.
Oct. 1, 1961.)
Wage rates
year.
(They went up
These
industry totals
the
performance
based
are
of
34
com¬
of the
steel made in the U. S. last year.
tabulation
The
their
of
formance will appear in
While
was
ingot production in
about the sahie
shipments
to
an
per¬
the April
Steel.
of
issue
7%—due
almost
rose
1962
1961's, mill
as
inventory reduction by the
producers.
Softening and Depreciation
Hit
Net
quite
sales
as
flection
The
of
vious
softening
the
plans
.
they
making.
A
are
equipment
accelerate
company
an¬
goods has
price
profit making. A sig¬
government
allowed companies
their
to
for
chargeoffs
depreciation.
Taking
of
a common con¬
factorv was
that
profits was
net
on
before taking extra! steel.
oil
not
but
—-
result
nificant
action
major
.
or even
manufacturer will wait until May
A
in
the
solely
striction
\
leading electrical
5%
price softening.
a
decline
not
from
Profits
rose
much as shipments, a re¬
period of uncertainty. That is ob¬
Demand for oil country
'
in
Less Strike Worry Behind Orders
rise.
'
The
dollar volume of sales
to halt the
cline
Price
nounced its decision not to hedge.
T
profits
1952.
bars, pipe, and wire mesh.
comparable sustained
r
that
1962
in
ments and
giving
are
orders
increase
net
since
profit squeeze was so pronounced
8
strike.
summer
as
of
lowest
panies that produced 94%
structurals
lift
control).
volume
boosting orders
carbuilders
tin
more
3.06%
on
themselves
a
dollar
was
forging.
seasonal
Railroad
revealed.
per
(a period of wartime gov¬
the
was
semi¬
plates and structurals to meet
protect
was
tabula¬
ployment costs edged up 2.3%, at¬
buying heavily to
booming
the
a
profit
<
in
year
1945,
4.05%. It
was
Dollar
backlogs
Automakers and their suppliers
strike,
week.
ninth
is
longer deliveries.
the threat of
According to data compiled by
the
As
mount,, steelmakers
and
Week
in
products.
expanding
1.2%
demand
since
ernment price
been
improving
but
concentrated
rolled
Week Marks Ninth Weekly Gain
a
sales
each
is
board,
Fabricators
Steel
Fabricators
business
the
across
with
$17,669,603
In
Rails, and
Boost Orders
are
: 1962
1963
■
Autos,
1962. Our compara¬
money
Week End.
New
was
dollar
industry last
1962, :net
fewer
6.2%
be
corresponding
Our preliminary
year.
same
obtain
to
will
of the
stand
against
States for
of
1945
by Steel magazine
did
it
steel
In
ton last week, reflect¬
a
$3
a
'
Sales
Per
Since
sales
per
lowest
versus
started.
over-all
Steel's
S.
tion
higher
displaying much strength, but
Saturday, March 30, clearings for
of the United
U.
the
production
week.
estimated
last
increase
rate is 78%
Above
Profit
failed
1962.
will
6.2%
+
than
more
1962.
approach
tenth
poured
close
be
more
output and 15%
tons and be the
The
5%
;
Profit
Industry
in 1945
last month's
of
magazine
V
inflating
Bank Clearings. Advance
Steel
steelmakers have had
over
mill order
washed out, some
Dollar Lowest
expanding
are
now,! about
of
as
estimate.
people
Year;
a
Strong demand from customers
in
"V.-'
reopen
of the tonnage on
.
Month
Steelmakers in Over
.!
average
on
1957-1959.
of
de¬
early
'
reopening the contract
on
to
not
25%
125.1
"
an
(it "can't be reopened officially
until May 1). If the uniomdecided
122 1
r
make
to
books would be
up
looking
money
goods to buy."
cision
133
•
115
_
our
cross
buyer.
one
America
171
132
_
"We'll
orders.
duction
the v United ' Steelworkers
.
147
134.. *y
119
of
of
are' not
they
that
and
plate
says
114
..
128"
"Index
inventories
building
not
are
Industry sources do not expect
117
-
168
•_
1__
+
Southern
for
scale
of
purpose
of
amounts
will
goal
massive
a
V
--
Cincinnati
'"s Tot£l ~
hedging, the mills
any
will do it.
115
120
Chicago
St.
support a
to
upswing in production.
bridges when we come to them,"
Mar. 23
120
148
Detroit
distracted by political
considerations
the
in
incentives and
strengthening
revenues
the
on
eye
avoid being
Congress,
the
tax
its
keep
get back, through current
the
cyclical
save
of
opportunities.
pany to
cost
to
reduce
process
point in Febru¬
last
low
of
Administration,
President
that
and
business
the
ployment, the
it
task
"The hope in the business com¬
ended March 30
investment
apparent when
economists
challenging
evaluating the
"While
labor utilization
.
Week Ending
to 10.6 million tons,
under
saving equipment.
ment
Advance?
tion.
to improve cost controls
are
'
Cleveland
posi¬
balance-of-payments
tional
titive conditions in most markets,
and
inflation
of our interna¬
worsening
a
without
force
reductions.
sharply
as
which
tern
on
a
seasonally
adjusted
basis; except for a dip in Novem¬
ber,
the
total
(including
the
and
to
the
to
up
the
in
1954 tax
well
as
appears
growing
spending boom of
of
investment.
economy
gradually
for
desire
capital
However, the
has
and
management's
capacity installed
"The Federal Reserve index
industrial production
for
blunted
con¬
on
shaving
price
ques¬
reaction.
markably
the
now,
years
in certain lines has fostered com¬
petitive
achieve
and fuller utiliza¬
labor
our
precipitating a wave of
•week
of under-utilized capacity
additional
no
that failure of action
would have
several
pressure
tons
the
•
of invigorated eco¬
growth
of
tion
above those
some persons
firmed although there is
nomic
weekly
;,v.
The Investment Lag
specific
be anticipating tax cuts, and
may
ViV;
■■
reported
as
been
"For
reluctant
purposes
cars.
tabulations.
time,
same
have
<
tax bill we will
a
the objectives
1957. The survey results are sup¬
ments
of
the kind
have to have if we are to
a
ported
;
Pittsburgh
YoungstoWn
employment. This
offer
and
in
Activity, state and local gov¬
tion
is
of
total
1962
capital appropriations
ernment
vest
this
helping to finance construc¬
are
supports
analysis
"This
reach $39.1 billion, 5%
year, may
higher
such
net
* Index of Ingot
Production for
.
.
1947-62.
Commission,
that
indicates
Exchange
accounts, and thus indirectly builders, and continuing rise in
ings
to
be
the
production and employ¬
have
ties
"Figures
*
.over
fashioning
that
may
rising
slowly
a
plant
"Expectations
phase
corroborate
important
downturns in activity.
vance
spending.
.
availability
most
preceded
1962.
the
quarter
tend
expectations
h, curve
from
fourth
of
•
the 1.5 years;
Relatively tight money
credit.
has
busi¬
relationship
in
inventories
ness
but
orders
incoming
the conservatism of
on
of
expansion
moderate
than
more
The
sustained
activity, founded not only on con¬
tinuing
is
profits for the first
seasonal decline
a
impression
community
will show
quarter
peaks
new
the
from
is
of
record
last
view.
accepted
expectation
general
peak
a
or even
v
approximately
and
doubled
phasis in reforming taxes should
be on incentives to produce, in¬
sometime this spring
week
hand
on
and
planning to place additional pro¬
-■>;
District—
expenditures
businessman's point that the em¬
ness
2,417,000
v
goods and homes were
be found
retrospectively that busi¬
'
years
preliminary to final forms, it may
the
a
from
converted
year's
"y V'f
,
27%
it -was .15
five' f.'years
a
suspicion that when the statistics
are
last
of
ended
(*129.7%).
,
than one-fifth in the past
up more
entertain
observers
or
for durable
of
different sizes and shapes.
to sales and the ready
at
that
one
average
an
(*128J)%).
pipe
not
casing,
tubing,
enough
drill
production is only
below
was
only
and
Consumer
happened,
1956
1957
earlier.
is
cycle
average
never
it
net tons
only becaifse users have
moderate
123
than
also
employment
than
lower
was
in
trade
business
of
vestment
greater
The
for
adjusting
after
1962,
below the
31, 1962 production
31,002,000
,"
price inflation, business fixed in¬
evenly
amplitudes of fluctuation.
spending for plant and equipment,
maintenance
"In
of
Yet business fluctua¬
never
1-March
the figures into 1954 dollars.
has
months
28
had
output
of
prices eliminated by deflation
the
1919,
picked up in the last few weeks,
but
1.2%
1947, with the influence of rising
eight
average
after
have
or
projected
a
the
time
favorable
counterbalancing
in
the
down
tions-
business
arrived
that,
through
—
Thursday, April 4, 1963
.
castings has totaled 26,808,000
March 30 show
since
investment
year
the output of
—
Data for the latest week
business
compares
consumer
rhythmical, either in durations of
opposite tact.
an
Monthly
April
Letter,
those
of
view
of
observed
expansion expansion.
moderate
the
dwarfing
the
expectation
growing
be
of
This is brought out in the
chart
this
.
ingots
Jan.
lagging for
years.
Price Index
Commodity
far
net tons which is 13.5%
durable
producers'
and private nonresidential
goods
Failures
Business
in
;
So
.
.
advantage
of the
Continued
on
gov-
page
42
Volume
197
Number
6252
.
.
The Commercial and Financial Chronicle
.
(1385)
Where Critics.of the OTC
Err in Finding Fault
By Samuel Weinberg,*
President,
York Security
New
York
The
American
the
distinctions
invidious
Market, vis-a-vis the
City
industry of
The
SEC.
by the
strides taken,
directed
be
NYSD
head
in
which
abuses
re
Clearing
announced
it is
issues
furnished by the
Clearing Corporation
and
would
Exchange's
service
on a
basis for the National OTC Clear¬
uncovered
ing Corporation.
self-regulation
on
stock
be
to where
recently
proudly reports
publication of quotations with
part
as
approximately 1,200 Over-
the-Counter
Over-the-Counter
parcel, compels Mr. Weinberg to set the record straight
fault-finding should
OTC
have
Exchange
newspaper cooperation,
President
Edwin
conjunction with the staff
the American
Clearing
August
In
Stock
Corporation
the
Exchange
Manager.
National
OTC
Corporation's
in
'
selection
to
be
cleared
the
Clearing
of
new
stocks
system,
prime factor will be the trading
a
volume in the New York
in
particular
a
availability
respect
stock.
market
However,
information
of
to
the
issuer
with
and
other
factors will also be considered
by
the National OTC
Clearing Corp.
Early
D.
in
1962,
the
Exchange's
Association's
the
dedication
for
markets
reasonable
and
the
Stolle and President John H. Kir-
of maintaining
goal
issues
fair
since
the
inception of the NYSD.
Thirty-seven
the
New
York
Security
Association was
1926
in
ago,
years
organized to pro¬
the
and
pub¬
o
f
Candid Pictures at
effort
r
was
the
a
37th
At
outset.
n ews
to
As
The association
Weinberg
form Practice
rulings
adapted
were
es¬
Uni¬
rulings. While these
the
of
securities
for
binding only
were
members
immediately
Committee
a
association
generally
the
on
they
by
the
industry throughout the
Obtaining Newspaper Coverage
A Committee
cooperation
the
publicize
Daily
by the
space
issues.
Over
the
-
for their in¬
greater number of
a
continues to
despite
their
the
still
not
the
why
given
quotations
We have
adequate.
found
ways
be
recent
reason
publicity
Counter
-
the-
-
The problem
expansion, and is the
today
the
pleaded then
was
This still
problem,
of
Over
newspapers
ability to list
ob¬
the wire services
quotations.
white
was
in
succeeded
newspapers and
Counter
Quotations
on
which
taining
and
press
is
al¬
wire
services most
cooperative, and
we
have
appreciation
the
full
a
of
white space problem.
.The New York
Uniform
of
newspaper
until
over
There
the
we
was
and
in
confused
is
on
to,, what
as
market
the
is, and
fact
that
the
Over-the-
Counter market pre-dated the ex¬
changes and that it is
more
stock exchanges
combined.
the
sidered
industry
as
small
a
deaiers
ex¬
must
be
con¬
whole, because only
a
segment
do
lack
purpose
of
not
of
all
broker-
participate in
ex¬
The abuses that led to the
market
the
may
Over
be
-
of
the-
attrib¬
a
investigation
were
par¬
ticipated
in
large
and
small
transactions
Over-the-
not
effected
the
exchanges.
the
OVer-the-Counter
The
provide
a
by
spread
Even
table
firms
throughout
in
through
of
purpose
market
is
responsible
through which both
the
the
the
in¬
the
malpractice
sentation
because
and
repu¬
accused
were
of
of
the
complained about
misrepre¬
received, and deliveries would be
The
un¬
bought and sold—thus- adding
essential
American
element of liquidity
shown
Exchange
the
American
Clearing
equipment and
space,
well
registered
processing equipment
and
people confuse those
with
the
market.
I
be ef¬
can
They added that American Ex¬
able
to
regardless
back-office costs. The dual
operation
the
of
shares
their
of
banks;
utilities
handled
Counter
stocks
also
National
poration
provide both
OTC Clearing' Cor¬
and
Exchange
will
American
Clearing
Stock
Corporation
periods. The National OTC Clear¬
ing Corporation's staff, under the
direction
of
Executive
Charles
A.
Gilroy,
Vice-President,
presently
tribute
The
to
MOINES, Iowa
and
in
traded
ership
has only
stockholders but
has
market
broadened
has
company
Many
of
the
Over-the-
today
New
York
Stock
the
on
So, when those who choose
Over-the-Counter
The
curtailment
service
vast
by
the
on
practically
the
markets
every
bus companies.
on
package
the
bus
and
more
in
So
to
conclusion—I
all
assure
Dealers
of
would
behalf
on
New
York
to
reasonable
traded
in
maintain
will
★
The
1963
Spring
world's
in Des
June
Moines, Iowa
27, 1963.
Thursday,
on
■
'■
The Wakonda
Club
will be the
sife.for the
program
Association
plays host to Invest¬
ment
all
Bankers
sections
guests
as
markets
the
we
for
'
'' ;;
-
:'f
^
increasing number of for¬
to
our
and
the
from,
population
time
and
and
expected to attend. The
are
Association
will
bus
to
continue
industry
The company is now
a
Des
Moines
hold
Club
cash
a
cocktail
on
Wednesday
evening preceding the Field Day.
flow
far
in
address
Annual
Security
by
Mr.
Dinner
Dealers
Weinberg
of
the
Association,
City, March 29, 1963,
-
'
^
at
the
New
York
New
York
J
^
to
con¬
revenues.
generating
excess
debt requirements and
edition
of
our
up-to-date
★ A
list
OVER-THE-COUNTER
of
dividends
includes
have
been
We
feel
the
ture
earnings
growth, and
stock
chase
as
and
paid
uninterruptedly
consecutive
dividend
is
Counter
traded
Bus
in
the
Market.
MARKET
which
on
cash
years
or
longer.
It
years
of
Firm, Corporation
or
up
to
179
cash dividends.
★ Don't
miss
Bank
this
in
the
opportunity to advertise
important issue.
Please
your
reserve
before
your
space
requirements
closing date of April 8th.
Regular advertising rates will prevail
for space
in this important issue.
The COMMERCIAL and
25
PARK
FINANCIAL CHRONICLE
PLACE, NEW YORK 7, N. Y.
2-9570
at-
business man's invest¬
a
Transcontinental
stock
stocks
for 5
an
recommend pur¬
we
of the securities traded in the
corporations and banks which have paid
is
ment.
OVER-THE-COUNTER
MARKET
new
tractive value and like it for fu¬
'
.
its
terminal facilities.
April 11, 1963
resume
of
diyidends;
therefore, freeing funds for
party and dinner reception at the
RECTOR
An
leisure
and
added comfort to
will
Ap¬
members
150
nation.
interest.
37th
is
time, along with the building of
new
expressways, which have re¬
Over-the-Counter
market consistent with the public
country
boon to this business while the
will
issues
more
of that lucrative busi¬
eign travelers
the Iowa
Dealers
and
of
proximately
largest market.
the
fair
the
helped
secure
Security
Association, that
continue
like
of
opens
to
has
express
industry including, ex¬
underwriting and Over-
the-Counter houses.
passenger
year
securities
change,
a
list¬
Poor rail service
industry to
ness.
The
of
an
whole
so.
for
railroads
to
mar¬
consider¬
Exchange
exchanges tomorrow.
damn the
own¬
ing and could be accepted to trad¬
ing in the near future.
tribute
Association Field Day will be held
Will Be Published
the
are
traded
few
a
applied
Over-the-
the
be
of
con¬
growth.
com¬
industrials
the
in
shares that will
hundreds
many
ably and is continuing to do
The 28th
—
the
should
future
traveling,
Meeting
of
that
company
duced
DES
its
thousand
a
To Hold
because
THE OVER-THE-COUNTER MARKET ISSUE
known
insurance
market:
Counter
is
Iowa Inv. Bankers
have to report in detail
leading
are
and
positive factors
growing
ISSUE will present an
the
; arrangement
being prepared.
speed settlements and
mo¬
the part of some, to look
at Over-the-Counter is¬
don't
earnings ratio and above average
yield
the
Annual Iowa Investment Bankers
According¬
values.
that
covering
136.
Over-
tendency at the
askance
contract
this
.
opera¬
established
the-Counter
sues
as
A
cities
41 terminals
were
ly, there is
on
personnel,
for out-of-pocket ex¬
data
Over-the-Counter clearing opera¬
exchanges,
on
tions
a
,
re¬
reasonable basis for
on a
Stock
Corporation's
personnel
tion.
Exchange
six-month study has
a
that
Stock
Clearing Corporation will be
imbursed
penses.
Etherington, Stolle and
offset, payments of
now own
Transcontinental Bus is appeal¬
ing because of its modest price
The
allotted. These steps will minimize
the handling of securities.
as
Messrs.
and
lease
being bought
are
several
under-
many
*
the
clearing
11,000
They
year.
and
in
in new and
questionable
listed and many listed issues may
be
with
of
area
terminals
leased
or
malpractice
was
writings, the stocks of which
not
be¬
Continued from page 2,
New
manipulation, And,
most
sometimes
most
industry
embroiled and
came
of
of
some
firms
members
medium
Over-the-
dustry. The whole industry must with
back-up
equipment
and
take responsibility.
manpower Yduring heavy-volume
great many
the
associate
to
market
others
and
the
Street,
neit balances would be made and
facilities similar to those enjoyed
lower
rent SEC
Counter market with all securities
simply
Counter
be
cur¬
making
understanding
of
uted to the fact that
people
banks
in
change trading, underwriting and change, members who also do an
Over-the-Counter trading.
Over-the-Counter
business
will
attack
Counter
Inc.,
Kirvin said
securities
ket and Over-the-Counter
trading
houses they are in fact
Today's Misunderstanding
The
Dealers,
participating
fectively used in furnishing this
hete¬
larger than all the
rogeneous and
the
established Dec.
was
securities
panies,
thinking
operates. I need not dwell
the
Clearing
experience,
years
formed
to the NASD.
Over-the-Counter
on
func¬
turned these func¬
part of some
how it
the
Practice
quotations for 13
NASD
the
1939, when
tions
know
many
ment,
Security Dealers
continued
Association
tions
OTC
working
matched
National Association of Securities
otherwise
Responsibility of the Industry;
formed
National
change trading, underwriting and
Over-the-Counter trading.
The
nation.
even
which
industry is composed of stock
Samuel
quotations.
a
New
might become frozen assets.
Over-
tablished
securities
f
o
Counter
-
proximately 100 issues. The entire
program is expected to be running
by late 1963. 'J
Albany
joint program, Overthe-CoUnter transactions would be
by Exchange member firm brokers.
nor
publicity
of
of the
in today's Pictorial Section.
appear
paper
daily
ap¬
a
12
Under the
new
procedure
to
Dinner
Practice
form
the
Annual
Uni¬
no
for
summer
4, 1961, to provide members of the
York Security Dealers Association
the time there
was
this
Corporation
On-the-spot pictures taken at the
from
success
started
The
In This Issue
self-regu¬
lation
feet is available.
joint pro¬
pilot operation to
.
| NYSDA Dinner
lic interest.
This
where
be
Dealers
tect the Over-the-Counter market
quarters
the Exchange building into
larger
at
Security
I Like Best
Clearing Corporation moved from
gram calls for a
to
Over-the-Counter
Etherington, National OTC Clear¬
ing Corporation Chairman Carl
vin* declared that the
and
The
headed
by
Vice-President
Gunther,
and General
Exchange
plans under which clearing facili¬
being made about the
securities
Stock
National
Corporation
ties for
The
of
Clearing Program
and
Dealers
Association, and President, S. Weinberg, Grossman & Co., Inc.,
Neiv
work in
n.a.s.d. ,a.s.e.
17
System
Over-the-
The Commercial and Financial Chronicle
18
.
.
Thursday, April 4, 1963
.
(1386)
Canada—Continued'.Progress Featured by Exchange Stability
1
Continued from page
.
generally are far mora sought after than
a
year ago, partly because the dearth of v new
fields places a premium on known oil reserves
in existing ones. The market advances in 1962 in
Canadian Oil Companies from $25 to $52V2 (the
take-over
Royalite
price paid by Shell), and of
British-Amer¬
ican offered in Exchange) indicate how rewarding
oil in the ground may be to stockholders. We
would rather expect similar performances in the
from
$9 to $16 (in market value of
strategically located pro¬
shares of certain other
ing, and nearness to year-round ocean seaports
•
,
-
\
#
duce 15 million tons
centrates.
oriented national
a
year
of 66 % iron ore con¬
/
-
Forest Products:
.
;
»
For
<
1963
been
diverse
num, an
comer,
turning in
Perhaps
of the most significant
one
developments of the
tion undertaken
Nova Scotia.
excellent profit statement.
an
year was
broad swaths of terrain in
over
This
mining
the active explora¬
province^,£#qept for coal and
declining, industrial
phases, has not been noted for mineral' produc¬
gold, which have been in
tion. Extensive recent survey
by
a
a
George. Substantial coming expan¬
would include the construction of a new 100,-
Across the board,
of 1962,
Canada's business
(and continuing this year) is
tive" one—motor
car
production
r
-
attrac-,
exceeding that
credit
constructions in the
couver,
bustling cities of Van¬
Calgary, Toronto, Montreal; $60 billion
of life insurance in
force; the completion of the
Trans-Canada Highway; and
National Product—these
stones of
$40 billion in Gross
are
some
of
the
The Year Ahead
General
-
opinion is that Canada should
region with potentially great stores of
cial
grade lead, silver,
antimony/Recent
assays
last
growth rate to absorb
commer¬
zinc and
copper,
up
year.
the
some
labor
standard
have led to stepped-up
force
of
and
trading
for
arenas
.
acjturi|i|f.
chemical, service, and technological. Canada
tinues to be
tive
con¬
of the most desirable and attrac¬
one
for investment in the Free World.
areas
This
attractiveness
is exceedingly well docuby the following impressive list of diverse
mented
>
>
Canadian companies with notable and
rewarding
uninterrupted cash dividend payments
their shareholders .for as.
long as 134 years.! • '
records of
to
llllll
TABLE I
:
CANADIAN
Two major prob¬
(Listed ;and Unlisted)
rising population into
provide an ever-higher
a
to
-
industrial, commercial and
the increasing number of
publicly held equities,:
both in established companies and in a broad t
spectrum of newer enterprises ~ Wanuf
lems remain to be solved: The need to sustain.a
mineralized
for
con¬
profitability built
extensive
available
v
..
Phelps Dodge, etc.—has pointed
an
disquieiuig biMne^ a^ financial J
mile¬
of Canada,
of
•
1962, and the launching pads for 1963.
and drilling activity
evidencedt
as
recently in Que- ;
more
vide respected and animated
earlier year ; 200,000 new telephones added by Bell Telephone of Canada; landscaperchanging
new
both
trend toward
agricultural needs.. Major stock' exJcHahge^ ptoV-
tinue, in 1963, the momentum of progress and
possibility
Columbia, and
of any
number of internationally known companies
the
attractive, "with the
phenomenon. Canadian banks continue to be ably
and profitably
managed with a proper supply of
panorama
an
Mining, Dresser Industries, Gun-
to
climate in Canada appears
economic
bee, the iriost
$50 million pulp mill by Canadian Forest Prod¬
;
.
managers, The
in British
—-Consolidated
nar
investment
government„ takerover- of utilities?'
all-time high. The pegging of the Cana¬
92 V& cents (U. S.) was a boon to
by $2 dollars to $37.80 an ounce. Copper com¬
and
Probably the biggest current expansion in this
dian dollar at
panies did well, with Craigmont, a' sizable new- "
investors
favorable and
mineral. production.
gold miners, increasing the official price of gold
;
may emerge.
industry is now in British Columbia, where $200
million in new facilities are abuilding, including
000 ton .newsprint thill by -PriceBros. in Quebec?
The. and projection for 1963 of a 90,OOP ton expansion
of the Quebec .North Shore Paper Plant-;
; v
year saw a new high in the output of nickel;
Aluminium, Ltd. produced 730,000 tons of alumi¬
Milestones
has
and
policy
Favorable Investment Climate
;.
...
y.
traditionally renowned for
Canada
extensive
<
:
.
Timber and wood pulp surged ahead- in 1962. -
sion
,
v
•
„.
ucts at Prince
Metals and Minerals
problems.
The most
'■/%""' J
economy/This region now has capacity to pro--
1
k
of these
and
for the solution
measures
puzzling uncertainties of the months
-J.
-V ahead will be found in the interaction between
Continued expansion of iron ore properties in
the British Commonwealth and the Common mar¬
Quebec, Labrador and Newfoundland, and sub¬
stantial increase in hydroelectric power in these;: ket, and in the Canadian elections of April 8,
from which a new Prime Minister and a: re¬
areas, are substantial builders of the Canadian
Scotian economy.
'
Long-range gains in petroleum are illustrated
by the fact that in 1926, 70% of Canada's total
energy requirements were supplied fby coal, and
10% by oil. Today the percentages are 19% for
coal and 57 % for oil!
" ' ■ .
hopefully find, practical
,
interesting new horizons to the No via
up
open
administration is in power must seek,
ever
supplies, adaptable to low-cost open pit min¬
ore
-
ducing companies in 1963.
improve the balance of payment position. What¬
drilling activity.. Further, the proximity of rich
-
•
.
shares
•
'
'*/T
'.
's7;
\
-
■H".
.«
.
.f'iv-i'
*
3
hi
"
\
(
^
:
Common Stocks
living;, and the continued need to
On Which
CONSECUTIVE CASH
DIVIDENDS>%'
•I' *')
Have Been Paid From
BANK
helps
10 to 134 Years
you steer through
tax
Cash Divs.
problems
•'
secutive
Divs. Paid
will face the
you
taxation
problems
as you
same
kind of
Abitibi
do in the U.S.A.
Power
&
Paper Co.,
•V Ltd.
Based
\tion
Dec.
31,
1962
31,
1962 ♦
Canadian $ §
—
■
Canada,
% Yield
Quota-
12 Mos. to
Dec.
Approx.
A
•
Extras for
Years Cash
If you are a businessman with interests in
.■A'.
Including
No. Con-
on
Paymts. to
Dec. 31,
1962
.r
—
•
" '•
•
■
••
_
Knowing the facts
on
interests will
much
do
taxes that affect your
to
help
you
need
is
clearly defined in
a
on
new
allied
products
and
free booklet
distributes
Aluminium Ltd
{-;% Largest
ingot
shoes
,
Andian
revised edition of the memorandum
the
The Bank of Nova Scotia, Business
mail the
.
to receive your free copy of this
44
bia,
Development Dept.,
King Street W., Toronto 1, Canada.
Please send
me a
free copy
of
your
oil
A.
newly-revised booklet
Holding
pipe
Name
••..V
•
i9% 1
A'.';
-
3.1
•
Corp.,
line
in
Ltd.
*0.50
19
$
allied
operating
in
$
Colom,
and
&
interests
3.4
r
>
-
*0.60
24
Can.
A
_
17
2.00
33y2
23"
0.50
7.25
6.0
products
Anglo-Huronian Ltd.
—Canadian Business Guide.
14
.
'
'
•
.
Newsprint
0.48
'
aluminum
of
Anglo-Canadian Pulp and
Paper Mills, Ltd.___
^
Gentlemen:
helpful Scotiabank booklet.
S.
4.7
;
world
National
Operates
41
"
.
"
—
producer
in
1.925
29
___.__._i:
Makes
14
Shoe; Stores,
through 145 store retail chain
by The Bank of Nova Scotia.
Income Taxes. Just fill in and
coupon
Ltd.
\
,v-«
you
It's called The Canadian Business Guide-—
the
and
Agnew-Surpass
make
profitable decisions. The information
offered to you
•Newsprint
_______
co.—chiefly
gold
1
~
mining
' "
-.
-
•
6.9
"•
*
;
.
Anglo-NewfoundlandDevel¬
Address
BRNK
A
37 Wall Street.*..
;
Los Angeles Representative:
.
General Office: 44 King St.
..
•
for
on
allied
8%
0.30
products;
a
>
3.4
Monthly
current
Review, which
reports
f0.1929
16
prior to
§ Less
.
,
9Vs
2.1
co.—manufacturing &
merchandising-interests
,v
:
.
^
that date. Bid and. ask quotations
current
Canadian
Exchange Rate.-
or.
are
,
•'
,
.
;
.
the last sale price
as
of Dec.
•
paid in U. S. currency,
t Adjusted for stock dividends, splits, distributions, etc.
t Inactive issue; doesn't trade.
'
• Dividend
•
•
.
Quotations represent Dec. 31, 1962 sale prices
each
topic affecting Canadian business.
v;
interests
to put your name on our free mailing list
Scotiabank's
month
.
West, Toronto.
London, Munich, Amsterdam, Tokyo, Buenos Aires,
.'Investment
'□ Check here
•
St.
and
Argus Corp., Ltd..
.«
:
11 Wilshire Blvd.
The Caribbean
Newsprint
also "mining
Position
...
Chicago Representative: Board of Trade Bldg.
Houston Representative: Gulf Building, 712 Main
18
*
Company Name-
THE BRNK OF NOVR 5C0TIR
New York Agency:
opment Co., Ltd. ^Ord."
_
31, 1962.
.
Volume
197
Number
6252
.
.
The Commercial and Financial Chronicle
.
(1387)
19
■
.' v.
Canada—Continued Progress
V
:
,
"'
■
\
Cash Divs.
Featured by Exchange Stability
"
,
,
'
tion
Years Cash
.
:
-
.,/
,
Dec. 31,
Divs. Paid
•
Cash Divs.
Approx.
Including
% Yield
l\lo. Con-
Extras for
Divs. Paid
Dec.
Asbestos
Corp., Ltd.
25
—;
1.60
J.
H.,
and
retail
Refines
duces
raw
50
sugar
12
0.675
kx
3.9
17%
& pack¬
Ontario
22
0.20
3.50
5.7
In
producer
tive
cies
throughout
See
•
Bank's
BANK
OF
Operates
offices
•
branches
887
See
the
6.3
3.2
65%
Co.,
world
on
page
and
the
2.45
74%
sub-
in
branches
branches
Bell
in
32
in
.important
Ontario
19
__•
Bird
fur,
82
and
road
in
general
construction
several
British
2.80
a53
5.3
production,
holds
Co.-
Refining
.
54
Ltd.
items
1.00
30
Western
0.85
30%
C.
2.8
:
Canadian
d
♦
Cable
27
Mr.
Greer
graduated
from Princeton
S. R. Arias Inc.
Graduate School
1960
Philip Greer has been admitted
bers
Arias,
of
Director
Incorporated,
the
New
York
from
co.
—
in
of
Stock
the
Master
tration
where
of
and
the
New
Underwriting
Business
Departments
since 1960.
1.4
19
1.50
25VS
6.0
19
0.70
34
2.1
19
1.00
18%
5.4
0.60
30
2.0
2.00
100
2.0
fO.4333 14
3.1
Co., Ltd.—
of
new
parts,
stores
190
repairs;
—
makes
also
machinery
mining
Co.,
—
and
General
large
variety
of
apparatus
Co
Trust
28
fiduciary business
18
Chateau-Gai Wines Ltd
Wines
2.8
72
2.00
and
juices
Coehenour Willans Gold
Mines Ltd,
20
1.80
N. W. Ontario
Collingwood
Terminals,
million bushel
grain
0.60
11%
f 0.35
10%
3.2
tor
35
1.50
24
2
*
.
KS
4.
Collingwood;'T>6tario
4.2
b26
Vi
Combined Enterprises Ltd.
Name changed tojurnbull Eleva¬
5.2
18
a
1.10
21
Ltd.
Operates
in
3.2
4.35
0.14
15
.
Gold producer
3.3
54%
Ltd.
Commonwealth Int'l Corp.
Ltd.
A
6.3
mutual
Investment
management
make
bushings
___
system
'
type.
29
Rigid
conduits,
electrial
b8.54
3.7
26
0.64
8%
7.6
,
Conduits National Co., Ltd.—
and
0.32
of
trust
elbows,
yarns
and
27
3.9
36
1.40
fabrics
♦
Canadian
stock
1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1962.
current Canadian Exchange Rate,
Quotations represent Dec. 31,
§ Less
t Adjusted
for stock dividends, splits,
b Bid.
Exchange Rate,
v- s.
y,
distributions, etc.
•
—
•
•
dividends, splits, distributions, etc.
Continued
on
page
Ad¬
Business
Adminis¬
with
was
High
elected
Offices
of S. R.
a
Disj¬
George
Scholar.
at
are
58%
received
F. Baker
rated,
0.80
1957
BONDS
investment'banking firm of White,
in
37
couplings, etc.
current
he
Degree
unction and
5.0
University
of Business
as
mem¬
b23
distribution
Westinghouse
Chartered
3.3
53%
grain
subidiaries
1.15
University and in
Harvard
ministration
Exchange. He had been with the
Weld & Co.
1.75
ropes
and
3.6
12
Corp., Ltd.
and
Airbrakes
24
t Adjusted for
Greer V.-P. of
&
railway
Ltd.
Co.
and
14
60
STOCKS
Arias, Incorpo¬
Broad
Street,
New York City.
IM
Canadian
M
.ARKETS maintained
Investment Securities
in all classes of Canadian .external
and internal bond issues.
Stock orders executed
A. E. Ames & €0.
Exchanges,
^.imited
UNDERWRITERS
AND
DIRECT
A. E. Ames & Co.
Affiliated
sixteen cities in
net New
or
offices
York markets quoted
on
request.
PRIVATE
WIRES
TO
TORONTO, MONTREAL, OTTAWA, WINNIPEG,
CALGARY, VANCOUVER, VICTORIA AND HALIFAX.
BELL
Exchanges
TELETYPE
SYSTEM
571-0880
(Area
Code 212)
in
Canada, England and France
A. E. Allies & Co.
Incorporated
Associate
BOSTON
LONDON,
PARIS,
ENb.
Two Wall Street, New York 5, N. Y.
EDMONTON
BUSINESS
ESTABLISHED
1889
American
EXCHANGE PLACE,
FRANCE
CALGARY
Member
Stock
Exchange
TORONTO
MONTREAL
40
NEW YORK 5
Telephone WHitehall 4-8161
OTTAWA
the Montreal and Toronto Stock
on
DISTRIBUTORS
Members Toronto and Montreal Stock
3.2
investment
Vickers, Ltd
Canadian
3.6
70
2.50
include
wires
0.50
.
"
industrial
Quotations represent Dec. 31, 1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1962.
§ Less
private
Shipbuilding,
vessels:
bearings,
Synthetic
Ask.
R.
5.0
castings
b Bid.
S.
20
prods.
interests
Bronze
Holding
bronze
Canada
and
1.00
107
and
64%
36
Sells automotive accessories,
distilling
passenger
steel
2.10
products
of
refining
etc., through
Canadian Celanese Ltd.
Vice-President
3.9
Mortgage
Holding co.—brewing
milling interests
'
Quotations represent Dec. 31, 1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1962.
§ Less current Canadian Exchange Rate,
t Inactive issue; doesn't trade.
"
a
35%
18
Canadian Breweries Ltd., new
♦
a
"The"
elevator
Wire
Copper, and
which
type
Canadian Tire
1.39
35
Ltd. "B"
3.3
3.8
17
allied
Canada
,r
•
Canada
'
53
11
B.
and
diverse
hotels
cane sugar refinery
with
capacity of 500 tons daily. Through
operates 4 sugar beet
in
4.2
16%
0.70
on
first mortgage security,
debentures, accepts deposits
other
4.6
subsidiaries
factories
13
kinds
packinghouse
36%
through¬
Canadian Oil Cos., Ltd
of
„_
Freight
2.50
rev¬
operates
.
1.5
6%
0.10
Petroleum
Canada Steamship Lines, Ltd.
Note
refining,
99.6%
Co.
of
Permanent
issues
Sugar Refinery Ltd
Holding
Sugar
„
Canadian
&
1.39
International
Management
and
14
brewing
0.9
95
branches
1,272
electrical
line
Lends
distribution
B. C.
the
33
trust
19
all
f0.30
world.
Investment Trust Ltd
4.4
27%
1.20
.32
largest foil converting
Corp.
,
British American Oil Co. Ltd.
Petroleum
for
Full
and
Can.
bonds,
similar
and
4.8
the
Chemicals and
industries
Canada
28
stamps
enue
b8%
Malt
4.1
branches
central
notes,
4.4
out
Holding and operating company—
machinery & equipment interests
4.4
53%
0.40
14
Co. Ltd.
bank
29V4
Canada Iron Foundries, Ltd..
hats
Ltd.—
American Bank
Makes
1.30
Canada Packers Ltd., "B"____
building
with
In
cities
3.2
system
wool felt
Co.
Operates
13%
refining
of
3.3
34
Commerce
0.4375
plant in Canada
36%
2.20
29
Construction
Engaged
in
felt
1.60
flooring
and
4.50
Management type invest, trust
Sugar
manufacture
0.15
&
sell¬
Electric
Canadian Industries Ltd.
Canada Malting Co., Ltd.
Biltmore Hats Ltd
Men's
t
supply retailer,
telephone
Quebec
and
hardwood
;
Oldest
Canada
Telephone Co. of Canada
Most
t-
5.00
2.2
.
Canada Foils, Ltd.
3.0
supplies
Beaver Lumber Co. Ltd
271
721/2
Canada
printers'
Lumber & building
2.20
in
3.4
Fair¬
Can. Pac. Ry. Co., "Ord."
Specializes
18.
81
22%
13
wholesaler
8%
Chicago
manufacturing
rights
of
General
products in Canada
'
Canada Flooring Co., Ltd. "B"
page
.
rctnllcr
world
on
r;
0.50
11
.
sugar
of
ing
Canadian
cake
Co.
&
Canadian Gen. Invest. Ltd.
'
Dominion
and
Morse
0.30
Morse
'
for
agents
Exclusive
producer
beet
Fairbanks
sales
13
Canadian Imperial Bank of
.___
&
—
&
Co., Ltd
-
cement
and
Bread
3.3
6.7
,
Canada Bread Co., Ltd.
21.
SCOTIA— 130
7.50
banks,
,v'1'
26
.'
.
5.5
rights
Ltd.
Cane
Barber-Ellis of Canada, Ltd._
and
(;
gold
Canacia
2.10
-
Stationery
Corp.,
-
drilling
gas
_
Portland
—
598
Alberta
Ontario
Banque Canadienne
Operates
affd
24%
0.50'
Edmonton
oil
1.35
project
•
agen¬
Advertisement
Nationale
dredging
-
.
15/
Canada Cement Co., Ltd
184
and
branches
633
throughout
4.00
&
Advertisement
NOVA
Bank's
0.25
automo¬
of
carburetors
auxiliary equipment
BANK OF MONTREAL
Operates
16
'_
distributors
electrical
gold
-
1962
1962 ♦
Canadian $ §
32
Canadian
5.0
8
31,
1962
25
dredging; construction
repair work on waterways
?
Based on
Paymts. to
Dec. 31,
Dec. 31,
Canadian General Electric
•
_
Ltd.
new—
Service
4.3
51%
and
.*
.
Campbell Red Lake Mines
Auto Electric Service Co.
Ltd.
36
Guinea
&
Leases
gold
*
Ltd.
Aunor Gold Mines Ltd
Canadian Dredge & Dock Co.
Ltd.
Exclusive
.-
Dec.
—
.
0.40
tion
Divs..Paid
Co., Ltd., class "B"
flooring
*.
a
New
Calgary
'i
pro¬
r'
16
Bulolo Gold Dredging, Ltd.__
busi¬
&
2.20
*
12 Mos. to
Years Cash
\
1962
General
Ltd. "B"___
roofing,
insulation
3.2
of sugar
ages
(Stanley)
Building Products Ltd.
8%
Dec. 31,
Quota-
—
Laundry supplies, hardware,
plumbing supplies, etc.
5.9
Operates
cane
grades
more
or
Brock
—■
Asphalt
Atlantic Sugar Ltd
47
•.-■■■.
% Yield
Extras for
secutive
/ '
.
"Ord."
,
•...
0.27
Telephone
.largest
privately
owned
telephone system In Canada
hardware
general
Columbia
Approx.
Including
No. Con-
on
Second
Co., Ltd.,
25
wholesale
in
ness
t
"B"__
Large
$ §
-
Dec. 31,
1962
27
•
Co.
on
Paymts. to
31,
1962 ♦
Canadian
Mining & milling of asbestos fibre
Ashdown Hardware
tion
Dec.
31,
1962
.
—
Based
Quota¬
12 Mos. to
secutive
Years Cash
British
Canadian $ §
Based
Paymts. to
Dec. 31,
1962t
1962
—
Cash Divs.
% Yield
Quota-
12 Mos. to
secutive
;
Approx.
Including
Extras for
No. Con-
i
WINNIPEG
VANCOUVER
VICTORIA
Canadian
Affiliate
and
—
Member
Canadian
Stock
Toronto,
Montreal
Exchanges■
.
HALIFAX
20
20
The Commercial and Financial Chronicle
(1388)
Cash Divs.
.
Canada—Continued Progress
/■'
Including
tio\ Con-
.
,
12 Mos. to
secutive
Featured by Exchange Stability
1
•
Years Cash
V
Dec.
/
....
Cash Divs.
No. Con-
Extras for
Dec.
Divs. Paid
Wide
Life
Assoc
tion
31,
39
19624 v
Canadian $ §
1962
Ontario
1.2
Canada
ates
Co.
19
Quebec
Consolidated
zinc,
tilizers,
■
Ltd.
30
1.00
V,'-
17
2.10
37
0.44
19 %
Corby (H.) Distillery Ltd. V.t.
16
1.00
of
glass
Holding
and
operating
cohol and spirits
co.
—
mutual
Fund
trust
heavier
9.88
3.3
0.80
10%
7.9
17
sells
forms
0.48
14
first
mortgage
for
dustry.,.^
of
the
81
2.75
131
2.1
♦
5.0
Co., Ltd.
beverage
of
Wide
34
3.00
72
Co.,
4.2
linoleum
of
6l %
-U
45
2.80 '
in¬
of
'
of
1.20 b
63
57
2.1
and
Pass
74%
3.7
Co.,
45
western
on
0.75
^15
5.0
i '
.at
Dec.
represent
1.30
24
45
3.6
'
12
190
0.5
64
1.4
50%
4.9
17%
5.7
28
4.3
.
1.00
;
-
of
——
of
life
24
-
and
tar
Nickel
Mines,
30
-
cobalt;
copper,
steel
0.30
7%
4.0
"
Ltd.
■
1_
theatres
of
in
motion
28
large candy chain
402 stores and 1,660 agencies
Distributes
&
0.40
10%
metics,
4.0
steel
*
•„
.
.
.
i
.
35
of
J
*1.20
,
,
-
•
21
—
0.36
.
Co.
12
3.50
0.20
subsidiaries
drugs,
cos¬
/
etc.
Motor
Ford
..
.
'
,
of
Canada,
14
Common
2.6
,
'
30
7.50
23 V
0.50
19
172
1.20
0;80
17%
4.6
Fraser
Wide
Co., Ltd...
51
0.90
16%
5.4
of
Canada
general
&
variety
a
17
0.95
Hydro-electric
22
4.3
Canada'
,
4
.
25%
4.8
* 33%
5,9
'/';////
■/;
f2.00
25
energy
'
in
,
_
Eastern
"
'
mill
paper
.
5.3
and
yarns
•/. /i
/
lumber
and
paper
synthetic
/; '-/. fabrics",
9%
;
contractors
Companies, Ltd.
products;
and
yarns
Co.
-
Engineers
Quotations represent Dec. 31, 1962
prior to that date. Bid
§ Less
*
current
Dividend
paid
in U.
sale prices or the last sale price
and ask quotations
Exchange Rate; -•
Canadian
S.
are
of Dec.
as
b Bid.
„
ley will be responsible for making
.
Philadelphia
utive director of economic and in¬
economic
vestment
•••
analyses, and
help the;
business
company
arid
forecasts
in
financial
its
Mr.
own
planning,
Prior to
research.
McKinley
was
an
economics and busi¬
professor in
Since
1945
U.
S.
business
PHILADELPHIA, Pa—Francis I.
.
..
University, and had been
recting broad economic studies.
-New
a\
,
visional
duPont
and
ness
York
other;
investment
in
Canada
$13.0 billion to
billion.
a
by
total of
nadian "bonds
_
holdings of
in
plant
:
offer
an
& Co.
ment' service
in
all
since
Mr.
invest¬
.with
Canadian
including latest
quo¬
in American funds.
,
Our
a
was
leading Canadian cities
coast-to-coast wire service.
"W. C. Pitfield &
Co., Inc.
30 Broad
Street, New York A, New York
HA 2-9250
TWXs 212 571 0540-1
An affiliate of
;
W. C. Pitfield &
17 offices
across
Company Limited
Canada and
a
' *
direct
private wire system covering ail Cana¬
of
Riecke
/
&
was
Francis
I.
asso¬
staffs,
di¬
and
faculties
duPont
F,: W.
Hill
.
Dodge
Corp.,
McGraw-
a
many
with
the
has
been
"The Federal Reserve
is
with
the
Company
duPont
&
of
the
office
Co.
was
Davis
formerly
for
Association, American Fi¬
Association, National Asso¬
ciation
of
and the
America
Forecasters
Business
Economists,
Club of New
York.
CANADIAN
of
the
formerly
Building
Treasurer
McGraw-Hill's
STOCKS-BONDS
Orders executed
on
all. Canadian Exchanges at
regular commission rates
Economic Staff
of
V
CHARLES KING & CO
.
■
/
Members:
Exchange '
Exchange
•
McKinley has been
.
Canadian Stock Exchange
New York 6, N. Y.
Telephone:
Teletype
212 571 1353/
ap¬
pointed Vice-President-economics,
Publishing
Royal Bank Bldg., Toronto, Ont., Canada
DIRECT
PRIVATE
WITH
Company.
new
.
American Stock Exchange
WHitehall 4-8980
McGraw-Hill
traded
States funds.
Montreal Stock
.
or
in New York in United
61 Broadway
In his
nance
for ten years, where he was exec-
Toronto Stock
the
Association, American Sta¬
tistical
Prudential
of
System." He
member of the American Eco¬
nomic
Before coming to Dodge, he was
Insurance
a
associated
Philadelphia
position, Mr. McKin¬
the
Rutgers
articles in professional jour¬
book,-
Riecke
Gordon McKinley Heads
of
and
State
on
nals and is co-author of the
subsidiary,; since Nov., 1961.
the Philadelphia Arena Corp.
Gordon W.
Lehigh
1946.
Company, - and President
also
of
Ohio
at
Mr.
McKinley has been vice- Universities. ' / /
'. /
Mr.
president and chief economist of
McKinley' has
published
Co.,- associated
con¬
Philadelphia Ramblers. He
dian Markets
I.
President
Supply
.
and
arbv.
economic
organization
April 1, 1963. He had
Davis
the
of the
Canadian affiliate maintains of¬
fices in
A.
which
past three years. He
tations and prompt execution of
orders
H.
with
of
as
Francis
securities
and
,
Assistant
as
formerly
was
associated
t
extensive
with
solidated
and
firm
We
Handly-'
Incorporated,
been
equipment.
Exchange
appointment
J.
Handly
ciated
securities
and the balance is in direct
investments
the
.
Mr.
and
of
Manager and George L. Davis, Jr." He has been a; member of the
as
Sales; Manager, in the - firm's podge ,board -of directors since
Philadelphia office at 1620 Chest¬ 7962, and will continue in that
nut Street. • /
' /
;
•.;
;
post.
Over $6.2 billion of the
total represents
Stock
the
Richard
over
$18.0
members
leading,, exchanges^
„
nounce
have increased their
Co.,
that,
assistant
coordinating the work of the de&
1962,
31,
;
.
currency.
f+.Adjusted for stock dividends, splits/ distributions, etc.
v.,
.
to
.
4.4
.
manufacturer
Foundation
Ltd.
duPont Appoints
•jr
-
.
-
Automotive
producer
.
In Canada
5.7
„
.
,
—
through
requisites,
smokers'
Quebec
In.
1.00
pic-
■v'.
Canada
Operates
;
•
&
cotton
..
2.50
subsidiary
castings
operator
ture
.
operates
./
/
<
Gatineau Power Co
Clermont,
0.90
endowment
"
Chemical
Textile
Sound Value
*1.60
.
Fanny Farmer Candy Shops,
Inc. ———i
11
17 //
v/
co.
Finlayson Enterprises Ltd. "B"
derivatives
b Bid.;
19
&
/
Largest
5.4
Quotations represent Dec. 31, 1962 sale prices or the last sale
price
prior to that date. Bid and ask quotations are as of Dec.
31, 1962.
§ Less current Canadian
Exchange Rate.
r
1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec.
31, 1962.
§ Less current Canadian
Exchange Rate.
31,
/;/'/
Famous Players Canadian'
4
Quotations
;.A., :'
meat chain
&
coal
and
4.9
-
oil¬
Ltd.
Owns
slope
30%
-
:
manu¬
cleaners,
life Insurance
Corp.,
Donohue Brothers Ltd,
Rockies
1.50
2.5
,
-j
'Tar
range
fabrics
Coal
—
producer
Iron
and
grocery
Wide
fiduciary business
Nest
and
-i.
produces
stores
its
4.4
management
co.—coal,
Dominion
business
vacuum
as
line
Ltd.
{
■
11
trust
of
39
and
subs.
vending machines
Falconbridge
2.6
invest-
Scottish
•
Distiller
wood
through
.
.>
358
b47%
25
sells
and
Corp.
of Canada
,
1.60
......
Co., Ltd. ^--^--.—-76
Dominion
of
Operates
Oilcloth and Lino¬
Operates
Ltd.
purifiers
Nickel,
Dominion Stores Ltd.
security.
.
,
Canadian
.;
_
Crown Trust Co
Coal
12
r
•
26
-
Interests
&
Crown Cork & Seal
Ltd.
;
variety of'glassware.
holding
Trust
policies
,"wide ' variety Tof'.primary
range
A
operate
real
estate
cos. & have int in oil &
gas props,
in West Canada
General
*
Dominion Steel &* Coal Corp. '
Ltd,
•
:—17
3.4
1.20
1.70
cone
Empire Life Insurance Co.l~
:
products
>>(
___
Crow's
0.60
etc,
ments Ltd
continuous
Credit Foncier FrancoCanadien
1
Bottle .caps
,5.3
'•
'
Steel
&
tvaae
&
lumber
in
air
/;
36
..
draperies,
Foundries
Investment
and
matches
"Electrolux"
■
Manufactures
own
/// 1.9
19
V
cream
investment trust business
Electrolux
;
of
Crain, R. L. Ltd.
on
Fabrics, Ltd..
cloth
28
General
Manufactures
v
fire, .accident
,
69
36
5.2
'
>
facturer
1.00
11 %
Equitable Life Insurance Co.
Wide
duck
business
life,
0.60
flour
Company, The_
Invest't
book
109
1962
—
daily;
Eddy Match Co. Ltd.
3.6
General
I 2.075
Ice
1
Dec. 31,
19624
Canadian $ §
fiduciary business
is
tapestries,
Dominion
0.33
2.5
50 «.'>;• 0.70
19%
r.;,/.;
/."./v; 'v/4
27
——J
.Wide
5.8
17%
manage¬
grades
structural
Canada
bl
Dominion
Manufactures
Lends
2.1
type.
cotton
*
bl6
-
products
leum
of
.
Dominion Glass Co., Ltd.
30
Cosmos Imperial Mills Ltd.,_
Subs
39
al¬
Corporate Investors Ltd
A
Ltd.
steel
containers
ment
2.3
Makei
0.80
variety
Towels,
gas
27
1
Eastern Trust
'
area
Consumers Glass Co., Ltd
Wide
Dominion
5.7
/
0.40
and
23
two
bbls.
1,350
Paymts. to
factory
2.8
.
Dominion
-115
distributes
and
Toronto
garment^
newsprint
23
Co
range
box
2
Ltd.
operates
capacity
General
—
•' 4
25
and
mills,
Economic
company
and
Industries
Owns
3.6
kinds
Insurance
-
Cbrp., Ltd.-,.-,
Dover
47%
Based on
tion
Dec. 31,
31,
1962
—
'
//■; & automobile etc.
Dominion Corset Co. Ltd.
13
Manufactures
ladies'/ foundation " ' -
4.4
223/4
chemical;; fer¬
Consumers Gas Co.——:
all
Dominion of
etc.
Manufactures
holding
cranes
of
Wide
Can.
of
silver,
Paper
the
6.1
•
Owns five mills;
daily
capacity 2,764 tons
in
8y4
&
Mining &
Smelting Co.
Consol.
0.50
steel
oper¬
Ontario
•
Investment
Bridges,
subs,
in
<»
Lead,
of
10
through
bakeries
producer
Dominion Bridge Co., Ltd
Ltd.
Holding
Divs. Paid
•
Quota-
12 Mos. to
Dec.
Approx.
% Yield
.
Extras for
—
and
Anglo Invest¬
Corp., Ltd. new
—•
ment
i
policies
Consolidated Bakeries
1962
0.70
43
No. Consecutive
also
Ltd.
gold
Dominion
—
173
2.00
Mines
..!•
*.
Years Cash
holding co.—interests include a
complete line of whiskies and gins
Dome
of endowment and life
range
19624
;
Cash Divs.
Including
-t-
Paymts. to
Dec. 31,
1.70
26
—
Thursday, April 4, 1963
.
'
on
A
Paymts. to
Dec. 31,
Dec. 31,
1962
—
Confederation
Quota-
12 Mos. to
secutive
Years Cash
Ltd.
% Yield
Based on
tion
Canadian $ §
Distillers Corp.-Seagrams
Approx.
....,
Including
Based
Dec. 31,
31,
1962
Divs. Paid
—
Continued from page 19
Quota-
.
V
.
Approx.
% Yield
.
Extras for
.
WIRES
TORONTO
CONNECT
AND
NEW
MONTREAL
YORK
Volume
197
Number 6252
The
Commercial and Financial Chronicle
(1389)
Cash Divs.
Canada—Continued Progress
Featured by Exchange Stability
Years Cash
Dec.
Divs. Paid
Including
No. Con-
Extras for
Dec.
Divs. Paid
One
^
>
of
Canada's
hide-
largest
pendent bakery operations.
bread,
cakes,
-
"12
—
Based
tion
Dec.
31,
1962
-
General Bakeries Ltd.-
Quota¬
12 Mos. to
secutive
Years Cash
Hallnor
•
1962 ♦
Wide
1962
Harding
3.3
ster"
Gold
•„
N.
producer
W.
Yellowknife
T.
1962
10%
6.5
Elevator
and
Canadian $ §
4
grain
elevators.. Ca-'V■■■
3,000,000 bushels
' ,l
1.50
bl6%
-
9.0
•
;
Natural
and
products
synthetic
1.10
26V2
4.2
rubber
amic
20
29
13%
1.80
bined
4.4
50%
f0.60
3.6
per
parts
—
*
'•
paperboards,
!
0.60
0.285
20%
in
stores
wholesale
Has
quired
/...
in
:
2.5
,
-
Listed
Companies Which Have
Consecutive
Paid
Dividends From 5 to 10 Years Appear in
Hughes-Owens
Mfg.
the
scientific
Second
Table
Starting
on
Page 24.
Co.
retailer of
&
Ltd.
"B"
10
Owns
Mackay
Stores
0.50
38
Manages
tribute
subsidiaries
textile
which
7
7.1
Imperial
dis¬
Ltd.
products and allied
goods
Manufactures
commercial
eral
stationery
and
distributes
furniture
throughout
bleached
&
3.2
gen¬
0.60
With
un¬
of
16
0.25
4.05
6.2
Great-West Life Assur. Co.__
health
of
accident
life,
5.90 b670 '
63
of
life,
policies
wire
of
Trust
General
0.175
3.25
5.4
138
2.2
63
comprises
&
43%
3.2
in
of
Can-
34
business
1.175
14
-
insurance
gen'l
Ltd.
Co.
Sarnia,
•
,
' : V
Quotations represent Dec. 31,
78%
19
2.40
45
5.3
Ont.
Ltd—
Service, Ltd.
all
Holds
which
power
3.7
movers
Morgan
from
2
generating
Co.
Trust
Guaranty
form of 200,000
of
ADR's Sold
Public
4
11
race
Shares
offering' of 300,000 Ameri¬
ing
3,000,000
shares
common
of
Sony Corp. (Tokyo) is being made
by
underwriting
an
group
man¬
aged by Smith, Barney & Co. Inc.
the
and
Nomura
Ltd.,
New
price
per
Securities
York..
The
American
$17.25, -.A;
Co.,
offering
Share
-is
•'■-/■/./'
being offered will partici¬
in
pate
000,000
common
Each
stock
the
American
10
shares
of
share
new
held
shares
deposited
Bank
of
Share
in
repre¬
common
Tokyo
Tokyo
as
with
agent
of
for
of
each
-
record
1963.
five
one
Sony
April
30,
*
Co.
as
and
10
The
offering of American De¬
positary
Shares
be made by
the
is
Sbny'Anade
of
the second
the
1933.
U.
to
by
a
un¬
Act
of
That offering comprised
2,-
000,000/
common-
•
shares
in
-the
in
warehouses
operates
cartage.
the
magnetic tape
ceivers,
and
add
the
the
the
capital
to/finance
ex¬
company's construc¬
which includes the
expansion of manufacturing facil¬
ities
at
two
locatipns
in
Japan.,
Oct.
basic
any
.■%.
,
the
ended
year
$63,780,000
and, net': income $3^119,000, equal
tp 74.3c per American Depositary
31,
1962
Share.
totaled
.
'
.
/''•":
requirement of
Investor
esti¬
are
program
sales .in
Net
page
:/•
•
-
the
Street is the address
New
Canada's
which
zation
York
First
has
of
Agency
Bank,
an
been
organi¬
serving
U. S. businessmen in Canada for
a
century. The Bof M, a $4 billion
bank with 900 branches
Canada, is
serve you
across
uniquely equipped to
north of the border. Pro¬
viding the facts and services
need, to operate
you
in Canada is the
major function of the Two Wall
Street office of Canada's First Bank.
Make it your
.
/:'://;/,
_
Information
Two Wall
of
penditures, principally in connec¬
tion with the
on
Canadian
funds
apply
to
intends
tion program,
,
for
the
The Sony man¬
company.
mated at $10,000,000.
information is the
.
Headquarters
re¬
from
sale of the shares to general
of
Your
equipment,
proceeds
construction
source
...
of tran¬
Capital expenditures for the 1963
A reliable
.
New
recorders,
electronic
other
t
V.
'
•
§ Less
31, 1962.
market.
sistorized radios and television
proceeds
Securities
t
under¬
manufacturer
a-
the first public
common'stock
S.
> Sony,
agement
Japanese company registered
der
:
traded
are-
In June,
company.
0.40
Through subsidiaries
freight
distributors,
Depositary
The
over-the-counter
York
will
v
1961,
Sony
shares to be made
group.
Shares,
9,-
by Sony Corp. in the ratio of
offering
sents
free distribution of
a
0.12
tracks
made by a
was
Barney-Nomura
writing
Depositary
.
Depositary Shares represent¬
can
American
3.8
steam
and
American Depos¬
itary Shares and
Smith,
The
3.20
headquarters for
Canadian information.
Hanrahan- & Co.
To Be NYSE Firm
.
WORCESTER,
Mass.
Effective
—
April 11, Hanrahan & Co., Inc., 332
Main
St., members
Stock
WILLS, BICKLE & COMPANY
member
become
York
held
will
J/ Eulner
OF
CANADA
King Street West, Toronto/ Ontario
New
Exchange
be
who
will
a
Stock
mem¬
by
a
Bank
Cable Address WIIBRIC0
firm..
director
of
be
*
.
:
•
"
BRANCHES IN ALL TEN PROVINCES
,
District
Officers of Hanrahan & Co.
B.
are
Hanrahan, President and
Treasurer;
Charles
Vice-President;
and
J.
Anthony
J.
are
is
a
director
of
all the Officers.
the
firm,
as
Headquarters:
Halifax, Toronto, Winnipeg, Calgary, Vancouver
.
-
"
••
NEW YORK: Two Wall Street
Fleming,
White, Secretary. Gilbert M. Slovih
Montreal
Francis
;
the
Paul
Telex No. 02-2316
the
EXCHANGE
THE INVESTMENT DEALERS' ASSOCIATION
Telephone 368-3081
of
of the Boston
will
Exchange. The
of
44
Exchange,
bership
LIMITED
MEMBERS: THE TORONTO STOCK
-
'
stations.
Continued
York, the Depositary.
10.7
Jamaica
serves
b Bid.
New
9%
Quotations represent Dec. 31, 1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are <s of Dec. 31, 1962.
current.,Canadian Exchange Rate.
■■/...i
*
Dividend paid in U. S. currency.
t Adjusted for stock dividends, splits, distributions, etc.
t Inactive issue; doesn't trade.
sale prices or the last sale price
b Bid.
Sony Corp.
f0.9875
com¬
Public Serv¬
♦
.
1962
Quotations represent Dec. 31, 1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec.-31, 1962.
§ Less current Canadian Exchange Rate.
'
■
-
.
Ontario
&
prior to that date. Bid and ask quotations are as of Dec.
§ Less current Canadian Exchange Rate,
t Adjusted for stock dividends, splits, distributions, etc.
Oct. 26, 1962.
y
■
•
.
,
' ,
♦
•
3.7
.
hydro-electric
5
operates
27
2.95
Investment
type
Hght & power
Holding
1.00
i
10
Johnston Terminals & Storage
Ltd.
5.7
small
business
:■
♦
>
.
0.80
Corp,
1.9
6IV2
„
V
3.5
\
•
.
Jockey Club Ltd
full
51
43%
19
Capacity 67,400 hp.
also
acceptances;
V
Foundation
Operates several horse
Acceptance
Corp-
10
diesel
15
loans
and
,
company.
electric,
1.40
1.55
"
S.
stock of Jamaica
with
cigars and cigarettes
Purchases
products
Co.
fiduciary
ice
3.00
en¬
>
-
Guaranty
•
Ltd.
25
;
Public
Holding
88
term
and
Industrial
policies
variety
Co.
—
subsidiaries
Tobacco,
0.9
and
Greening Industries Ltd-Wide
Jamaica
5.0
mon
Imperial Tobacco Co. of Can¬
ada, Ltd. "Ord."
lignite
coal
range
32
.
range
Wis.
1,930 miles
integrated oil enterprises
Great West Coal Co, Ltd. "B"
Wide
1.60
3.6
development of
electrical com-
new
Imperial Oil Ltd.
3.6
16%
—22
28%
and operates crude oil pipe¬
Red
Water,
Alta.
to
Management
trust
Paints
*fl.029
from
Investment
etc.
dowment
16
2.1
.
Glaze
-
Comprehensive
paper
distributor
Flo
of Canada
;
Co., Ltd—
and
accounts
Imperial Life Assurance
Ontario
newsprint
sulphite
Wholesale
60
& business forms
office supplies &
Great Lakes Paper
Manufactures
1.90
19
60
-
operates deposit and
——
paints,
Toy Ltd.
1.25
mortgage
2.8
in Alberta
Superior,
Varnishes, lacquers, enamels,
,,
Grand &
and
debenture
Ltd.
first
on
67%
—-Opmills in
Interprovincial Pipe Line Co.
artists'
&
gas
*1.90
and
co.
Utilities
and
panies
3.8
equip,
«
security
"B"
b8
0.30
U.
the
4.0
Ontario
paper
and
line
money
and
20
co.—Pri¬
operating
and
natural
-
Huron & Erie Mortgage Corp. : 98
Lends
and
pulp
Management
supplies
1
Gordon
5.9
products
drafting
instruments
51%
0.80
of
mines
at
Sudburv,
International
zinc
&
copper
erates
Canada
Hudson Bay Mining &
Manitoba
Co.
operating
near
Holding
'
f-
3.00
5.5
v
International Paper Co
28
5J/2
17
powders
Nickel
and'
smelters
r.
prod¬
Smelting Co. Ltd.
0.30
com¬
barrels
manufacture
aluminum
operations
mary
Canada,
brand
.
Subs,
co.
and
Holding
type stores. AcMorgan & Co. Ltd.
Henry
1960
Western
name
12
"B"-.
with
70,000
year
International
2.9
all
229
of
Canada, Ltd
11%.
7.1
29
Ltd.
breweries
capacity
bronze
producer
Co
4.25
cer¬
Ontario.
Breweries
2
and
Ltd.
Gold
25
in
glass
International Bronze Powders
>
47
in
Q30
nephaline
processes
use
trade
Interior
Operates
automotive
of1
gold'
ucts:
4.4
•
4.2
Operates chain of department and
retail
135
is y4
fO.76
and
for
io
12
Mines
syenite
Holding
Also
6.00
.36
Divs. Paid
Industrial Minerals of Canada
Ltd.
"Axmin-
of
Hudson's Bay
Goodyear Tire & Rubber Co.
Canada, Ltd.
8.0
27
on
—
2.00
—.
Based
tion
Paymts. to
Dec. 31,
Dec. 31, Dec. 31,
1962
1962♦
1962
Canadian $ § —
Years Cash
1962
Quota-
12 Mos. to
—
0.16
etc.
Ontario
30
'»
rugs
Hollinger Consolidated
'/ Mines, Ltd._^.:
Operates
of
Ltd
variety
boxes,
area,
Transit Co. Ltd
pacity
0.70
31,
21
__
seamless
in
-'Wilton"
variety
Wide
10
1962*
Dec.
% Yield
Extras for
secutive
products
Hinde and Dauch Ltd
.
Goderich
Co, Ltd.
textile
of
Carpets
and
Wide
con¬
Giant Yellowknife Mines Ltd.
Dec. 31,
No. Con-
Paymts. to
24
Hayes Steel Prods. Ltd. (new)
•
fectionery
v
31,
Approx.
Including
on
producer
Cotton
variety
Specializes
-12
Makes
biscuits 'and
gold
Hamilton
Canadian $ §
0.40
Mines, Ltd.
Ontario
on
Paymts. to
Dec. 31,
31,
tion
Based
,
Approx.
% Yield
Quota-
12 Mos. to
secutive
Cash Divs.
% Yield
Extras for
—
Cash Divs.
Approx.
Including
No. Con-
21
CHICAGO
SAN
•
FRANCISCO
HOUSTON
-
LOS
ANGELES
Office: THoh&IMI
BRANCHES IN CANADA, UNITED STATES, GREAT BRITAIN, EUROPE AND
JAPAN
•
RESOURCES (4,000,008,000
<
22
22
The Commercial and Financial Chronicle
(1390)
Cash Divs.
Canada—Continued Progress
Featured by Exchange Stability
Dec.
Divs. Paid
Cash Divs.
12 Mos. to
secutive
Years Cash
Dec.
Divs. Paid
23
-
Labatt
(John) Ltd
General
brewing
1962
gold
.46
12.40
14%.
3.1
3.75
5.3
Laura
Secord
Ltd.,
1.45
37
3.9
elevators
Milton
4.1
17%
1.00
31
Lewis Bros., Ltd-
1.35
Operates
0.10
17
1.4
7%
Montreal
31
Loblaw,
"self-service"
markets
in
northern
Pennsylvania
St.
Co.—
4.8
8%
general
Operates
of
1.30
12
36
3.6
1.00
b23
.14
0.25
and
Co.
1.10
5.6
19%
0.75r
18%
General
4.0
large exporter
'
23
Ltd.
0.15
Ontario gold producer
arena
and
of
of
17
0.50
12%
4.0
♦
0.90
17
0.60
bll%
Over Half
trust
1.90
88
2.2
are
*1.00
17
0.40
463/4
11
50 years
3.6
able
us
stock
to
Chemical
Steel
0.80
15%
5.2
Co.
&
>
21
0.60
23
2.6
Our
tons
64
f0.44
2.1
21
33
0.70
4.0
17%
4.7
21
Ltd.___
of
0.17
3.00
5.7
+0.75
37
0.90
Management
new
facilities
at
and
New
16
4.7
21%
4,2
cold
West¬
cargo
per
year
i
Tubes, Ltd
.fl*.
Owns
in
0.60
bl2%
Drilling Co. of Canada
Ltd.
^
Pato
4.7
10
&
Consolidated
14
2.40
70%
3.4
7.3
24
10.75
2.96
25.3
1.80
Gold
___^
Operates a gold dredging
in Colombia, S. A.
Light & Pow.
2.75
rigs
*
Canada
Ltd.
drilling
0.20
56
oil
operates
Western
Dredging
—,
project
Penmans Ltd,
utility
Woolen,
cotton
Canadian
sale prices
1962
ask quotations
Exchange
and
silk
36
I
5.0
knitted
the last sale price
or
are
as
of
Dec.
31,
or
at net
general
new
t
etc.
to
partners
Drexel
John
&
represent Dec. 31, 1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1962.
current Canadian Exchange Rate,
Adjusted for stock dividends, splits, distributions, etc.
Mr.
Hughes
on
are:
David T.
F.
Sherrerd,
J.
the
became
with Drexel & Co. in
were
Co.
been
past
seven
&
Co.,
associated
1958, having
connected
1958.
He
is
a
member
Financial
Analysts
phia,
New
the
of
York
in
1959.
a
Montreal
J.
'/■";
»
with
he
The
had
First
a
member
Society
of
the
Mr.
ciated
Sherrerd
with
He
is
has
Drexel
a
Analysts
a
the
and
been
&
ited
of
former
Investment
Mr.
Exchange
■■■
/
INCORPORATED
74
since
of
CANADIAN INVESTMENT
the
Philadel¬
President
Association
Boyer
joined
the
dent Tradesmens Bank
Company, serving
—
of
SECURITIES
of
Federal
and
latterly
Assistant, Vice-President
Office—*-36 King St.,West, Toronto 1, Canada
Commercial
Branches in the principal cities of Canada
and in London,
England
has
J
J
Trinity Place
NEW YORK
AFFILIATES
became associated with the Provi¬
•,
Wood, Gundy & Company
Limited
Matty Warsaw to lim¬
BELL, GOUINLOCK & COMPANY
Reserve Bank in 1950. In 1953 he
/j
and
partnership.
Philadelphia.
\
•.
City,
Stock
asso¬
Co.
member
phia,
'
& Co.,
York
New
Exchange, will admit Ethel Neumark
'
Lieberbaum
of the New York
members
Security Analysts, and the Phila¬
Municipal Bond
Financial
.•
of
11,
Street Club.
1956.
\ X
Broadway,
been
Bost.On
as a manager of their
Municipal Dept. Mr. Guernsey is
Exchange
and
April
50
the
of
Corporation
Canadian
Stock
On
Vice-President
Previously
associated
Affiliated with
Stock
of
Philadel¬
Club of New York, the Municipal
Exchange
Lieberbaum To Admit
with
Hemphill, Noyes & Co. from 1954
to
trade.
Mr.
years,
Incorporated,
which he became
Street, New York 5, N. Y.
Stock
doesn't
delphia Securities Association.
W. Boyer, Jr. and James
For
prices in United States
on
Quotations
§ Less
Guernsey has been with B. J. Van
en¬
promptly
♦
1962.
Rate.
t Inactiv.e issue;
serv¬
orders
Canadian
14
and
Canadian
warehouse
■
Head
0.66
Co.,
bumpers
Co.
terminal
Parker
Hughes, Jr.
and
Members of
—
3.3
Industrial pipe and tubing
54
serve
Wood, Gundy & Company
*•' '
36%
deben¬
mortgages
Products
trust
Page-Hersey
.
Ingen
execute
'
;■
1.20
$
,.
Guernsey,
investing institutions,
to
service in Canadian securities,
exchanges,
Toronto
0.50
&
minster, B. C. Capacity—1,500,000
'
signs
public
Ltd.,
Owns
business, also
John
Telephone Dlgby 4-0633
The
sells
first
Atlantic
storage
April 1, 1963. They
Wood, Gundy & Co., Inc.
v
4.4
Debenture
springs,
products
Forum of New York, and the Wall
,
13%
Pacific Coast Terminals
22
chemical
admitted
principal Canadian cities provide fast
Wall
0.60
10
Halifax
(new)
Investment
Co., Ltd
Four
funds if desired.
40
4.9
subsidiaries
and
in
Investment
'
of experience in Canadian invest¬
readily available
accurate
48%
"B"__
in
and
deposits
invests
Pacific
paid in U. S. currency.
1
Adjusted for stock dividends, splits, distributions,
a
organization is well prepared to
fourteen
2.40
14
John, N. B.
Loan
plastic
♦Dividend
Direct private wire connections with affiliated offices
in
Ltd.
Automotive
2.1
dis¬
__
current
banks and dealers.
and
60
Scotia
cereals
through
breweries
in St.
Ltd.
Ltd—.—
prior to that date. Bid and
+
investors interested in Canadian securities.
ices
4.1
Hali¬
Nova
and
19%
19
in
in
0.80
25
Son
2
Ontario
estate
wholesaler
advertising
Century
Investment Experience
our
Power
interests
Co.
5.3
formerly
ments,
&
33
and
tures;
Drexel Partners
over
/
92
&
Directly
6.7
Accepts
54
drugs,
grocery
b Bid.
With
Light
feeds,
operates
13%
Ontario
Quotations represent Dec. 31,
§ Less
paid in U. S. currency,
b Bid.
of
3.2
6%
repair
instruments
goods
Quotations represent Dec. 31, 1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are as bf Dec. 31, 1962.
§ Less current Canadian Exchange Rate.
Dividend
of
Operating
♦
•
0.20
3.9
operates local and long
phone system. At latest
has 22,421 phones in use.
report
17
Co., Ltd.
milling;
and
18
gas
Can.
and
Oland
etc.
bakeries,
0,70
10
Western
distance
.___
and
Newfoundland
flour
handling;
1.9
"*
vicinity
flour,
Owns
2.0
Operates telephone system in
4.5
33
name
same
2.80 bl40
92
Works,
New Brunswick
Maple Leaf Mills, Ltd.,new—
Grain
1.50
operates Toronto sports
operation
Drug
Co. Ltd
17
Maple Leaf Gardens, Ltd.—*
9%
31,
Ogilvie Flour Mills Co., Ltd.-
New Brunswick Telephone
7.2
2.07
0.18
use
and
power
in
aircraft
utility
and
Mills
Neon Products of Canada Ltd.
Neon
9.3
52
150
Ltd/.
distributes'rice
accepts deposits
business;
Madsen Red Lake Gold Mines
Owns
67%
3.0
etc.
National Grocers.
22
3.3
2.90
Okanagan Telephone Co.____
National Trust Co., Ltd., new_
-
lumber
2.00
19
of Canada,
Ontario
33%
0.27
and
Dec.
overhaul
Scotia
Diverse
of
advertising
in
Co.
general merchandise
MacMillan, Bloedel &
integrated
15
—,
and
f 1.125
type
Wholesaler
21
Powell River Ltd
3.5
management
real
forms,
National
interest
power
28%
products.
6.8
3.70
Holding company—newsprint, lum¬
Fully
&
electric
cities
Nova
Ricg Mills, new_
MacLaren Power & Paper
bering
securities
17
5.3
Ltd.
accessories
,
cold storage
and
trustee,
play products,
Mount Royal
4.3
gold producer
Co. "B"__——
1.00
and
6.2
Montreal
Manufactures
—
13%
province
Moore Corp. Ltd.
confection
other
Mines, Ltd.
Ontario
in
&
Business
27
Lowney Co., Ltd—
and
in
Montreal Trust Co.
Power
products
Macassa
branches
33
15
11
in
Ontario
Quebec.
aircraft,
production
warehouse
Quebec electric utility
Chocolate
0.85
18
Refrigerating &
Storage Ltd. "B"
food
_________
Walter M.
14
York,
New
of
fax
number
owns
0.80
producer
Ltd.____
system
Utilities
Engages
one
Ohio
and
Lawrence
5.2
.
Locomotive
Executor
Lower
3.85
•
—
related
zinc
telephone
to several
Diesel-electric locomotives and
2.1
8%
*0.40
24
252
0.20
Montreal
Inc.
Operates
0.171875
238 "self-serv¬
in Ontario
of
stores
-
—_
Operates 53
of Quebec.
and
Northern
Distributes
4.0
houses
Ltd.
chain
grocery
3.75
0.15
13
City & District Sav¬
ings Bank
6.7
in
Loblaw Cos. Ltd. "B"
ice"
0.09
Canada
Eastern
.
1962
Co.,
Northwest Industries Ltd
brick
on
producer
Telephone
Northwestern
1 2.6
Montreal
25
trade
and
apartment
producer
hardware
43%
financing
&
brewer
Operates:
Leitch Gold Mines Ltd
Wholesale
"
,
Monarch Investments Ltd.___
3.2
in
printing
and
litho¬
graphing,
manufactures
labels,
folding cartons and calendars, etc.
Engaged
gold
1.15
gold
copper
Northern
Canada
face
Based
Paymts. to
Dec. 31/
wire
1957, had 59,896 telephones in
Brewery, Ltd. "B"_
Montreal
14
3.5
Northland
Co., Ltd.___—
quality
cloth,
Mining Corp., Ltd.
centres
17
Western
and
Operates
46
exploration
Molson's
Lawson and Jones Ltd. "B"—
40
company
&
Quebec—137 stores
Ontario
in
Holding,
0.70
1.40
grain and operates line
first
mesh,
Mines, Ltd. (new)__
Copper
Quebec
16
Mining Corp. of Canada, Ltd.
36
3.1
producer
Brick
Makes
—
Ontario
in
chain
12%
Normetal
Corp., Ltd.
deben¬
——
candy
0.40
Pacific Grain
Dealers in
Dec. 31.
1962
19624
Canadian $ § —
28
wire
Noranda
17
Ltd
_
gold
Weaving
31/
weaving machinery, etc.
sub¬
dealings
grain
Midland &
Shops,
Candy
new
Retail
General
V
119
through
Wire
Ltd.
4.3
Makes
McCabe Grain Co., Ltd., com.
Ontarlo
mortgage company in Can¬
ada,, Company
also issue
tures and accepts deposits.
20%
system
tion
,
—
P.E.I.
Ltd.
producer
—-
Oldest
in
and
0.90
Dec.
Divs. Paid
—
Mclntyre Porcupine Mines,
Lambton Loan & Investment
Co.
1962
% Yield
Quota-
12 Mos. to
Years Cash
Complete line of farm implements
and machinery
6.45
0.20
Scotia
Nova
23
telephone
Massey-Ferguson,
—
business
—-
largest
sidiaries
Dec. 31,
1962♦
0.80
18
in
Paymts. to
Dec. 31,
Canadian $ §
24
,
Operates
on
gold producer
Lamaque Gold Mines Ltd.
Quebec
31,
Based
Mines
Gold
Ltd.
Ontario
tion
1962
—
Kerr-Addison
Quota-
1962 ♦
Canadian $ §
Extras for
secutive
Niagara
Telephone Co. Ltd
% Yield
Extras for
Paymts. to
Dec. 31,
Dec. 31,
31,
Approx.
Including
Maritime Telegraph &
Approx.
Including
No. Con-
Cash Divs.
No. Con-
on
tion
1962
—
Continued from page 21
Based
Quota¬
12 Mos. to
Years Cash
Thursday, April 4, 1963
.
Approx.
Extras for
secutive
.
% Yield
Including
No. Con-
.
Trust
BELL, GOUINLOCK & CO.
LIMITED
as
in
the
Established 1920
44
Loan
Division.
He
King Street, West
Torointo
been
associated
& Co. since 1961.
with
\
LEGGAT,
Drexel
BELL,
GOUINLOCK
LIMITED
"
an
Members
Montreal
Stock
Montreal
Exchange
0\HMiWiw -*W
*l*o| «;
irh t}i(r
ikJPAlW#
*1
Volume
197
and Financial Chronicle
The Commercial
Number 6252
(1391)
23
A
Cash Divs.
Canada—Continued Progress
No. Con-
Extras for
Featured by Exchange Stability
'
,
Approx.
% Yield
Including
No. Consecutive
Extras tor
Dec.
Divs. Paid
tion
Dec.
31,
1962
Dec.
1962 ♦
related
1962
(new)
out
Retailer
of jewelry
10.2333 11%
29
Photo
engravings,
commercial
15
0.80
63
electrotypes,
27
0.95
4
e0.54
Electric
Investment—holding company—
derwear
tool
26
2.00
86
1.00
22%
4.5
/
26
0.40
11
3.6
27
utility hahling management and
engineering company
and
cotton
Manufactures
A
'
1.00
15
Engaged
Premier TrusV Co.
8.00
345
2.3
wool
•4
Co.
etc.
'
Brothers
&
Stuart
19
Co., Ltd.—
351/4
2.00
5.7
Sun
0.90
>"
30
21
1.00
23%
4.2
35
1.20
36%
3.3
'
Canada, Ltd.
enamels,
varnishes,
Paints,
3.0
Companies Which Have Paid Consecutive
5
'
Second Table
ale,
Beer,
23
Operating
Provides
counties of
35%
4,5
in
1.10
44%
2.5
Holding
Eastern Quebec
ious
9.87
0.90
12
Ltd.
silver, copper, zinc,
in Quebec
pyrites
Wide
variety
Reitman's
of
milk
0.15
12
b4.75
Ltd
0.45
subs, operclothing stores in
retail
153
"and
Ontario
Robertson
Wide
of
range
Wholesale
and
dry
ing' of
screws
Quebec
retail
goods
&
0.80
15
15
5.3
t
variety
and
♦
sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1962.
current
Canadian
distributions, etc.
prior to
e
'
will
Meyerhoff Co.
to
provide personalized service
Associated
hoff
40
a
eral
LaSalle Street, under
120 South
Since
the name of
has
Irving Meyerhoff & Co,
Mr.
nized
a
f0.30
9%
3.2.
27
0.85
34%
2.5
Co.
&
has
0.4
0.05
3.70
1.4
0.08
1.05
7.6
1.05
0.10
1.62
6.2
19
1.60
43 %
3.7
34
fO.20
6%
3.1
105
2.05
63%
3.2
16
fO.80
14%'
5.5
10
0.60
12%
4.8
new
,
refining
and
dis¬
General
trust
Ltd.,
of
In¬
new—„
the
manage¬
type
Bank
Finance
Ltd.
Corp.,
new
Turnbull
;:5 4 . -
2 5Q
—
installment
sales
ob¬
&
food
flavors,
goods,
rubber
3.00
308
companies mfg.
paints,
industrialmoulded drug sun¬
operates
dries, elevator gears &
in
Plants
44
Ltd..
Elevator
Owns
'
machinery.
and
Toronto
Montreal,
Farnham, Out.
1.0
insurance
♦
sale prices or the last sale
that date. Bid and ask quotations are as of Dec. 31,
Quotations represent Dec. 31, 1962
sale prices or the last sale
prior to that date. Bid and ask quotations are. as
current Canadian Exchange Rate,
t Adjusted for stock dividends, splits, distributions,
b Bid.
'
price
1962.
Canadian
this
etc.
Continued
on
four years.
brokerage career four decades ago
as
a.
formed
his
Meyerhoff and
Irving
as
the
of
predecessor
Company,
been
Nathan
associated
OPPORTUNITIES IN CANADA
Company. He later
own
business, also
and
Stock
Charles
with
marker
board
Freehling, Meyerhoff firm. ,"•
Our facilities
in
Bache Offers
practical
zled investors
can
be of valuable assistance to those
in
for
puz¬
being offered in
interested
and of benefit to
industrial development of Canada
selecting suitable investments
participate in Canada's assured
courses
are
the
investors
Inv. Courses
Two
through which to
growth.
Nesbitt, Thomson and Company,
Limited
April by the New York Stock Ex¬
Equitable Securities Canada
change firm of Bache & Co., at its
770
Lexington Avenue, New York,
office.
Limited
Member
but
subject
tion,
Equitable Brokers Limited
of The Toronto Stock Exchange
to
i
_
—
J-*.- ■
•
■■
.•
■
••.'■.••
.
Branches in the
to the public
to
designed
are
financial
teach
W.> Montreal
principal Cities of Canada
in¬
situation, how to choose
available,
\
Dealers' Association of Canada
advance registra¬
best
suited
for
how
recognize
to
nesbitt, thomson & co.
their
objectives, how to use all the tools
•j.
of The Investment
Head Office: 355 St. James Street
vestors how to evaluate their own
investments
Canadian Investment Securities
Members
r
The courses, open
of The Investment Dealers' Association of Canada
Member
Members
Montreal Stock Exchange
Canadian
Stock
—
Toronto Stock Exchange
Exchange
op¬
portunities and pitfalls, and how
to
use
fundamental
and technical
approaches to investing.
■
The
given
Yonge Street, Toronto, Canada
Branches:
Montreal
Hamilton
first
under the di¬
course,
rection of Leonard Harvey,
Head Office
60
Kitchener
on
four
Nesbitt, Thomson and
will be
•
25
Broad
the
and
second,
under
Joseph
Direct
N. Y.
successive Thurs¬
Jr.,
Associate
Manager
the
Lexington Avenue
four successive Tuesday
beginning April 16/
office,
wire connections
of
New
Subsidiary: Equisec Canada.Inc.
Company, Inc.
Street, New York 4,
day evenings, beginning April 11;
Loeb,
U.S.
page
of $3.79.
the past
for
company
on
evenings,
price
of Dec. 31, 1962.
§ Less
for stock
with
5.8
18
ligations
4Q
—
______
endowment
in
products
producer
Canadian
"B"
Southern
Sincere
in the large,
partner
Meyerhoff
Meyerhoff
firm
19%
other
Canada Limited-
Purchases
three
operates,
known
a
gold
Traders
are
1947, the elder Meyerhoff
been
ling,
specialist
floor broker
and. odd-lot dealer. The new
son,
Both
Midwest
the
10.075
v
Operates
588
branches,
584
in
Canada, one in New York, Chicago,
and two in London. England
newspapers
general brokerage firm of Freeh-
Meyerhoff is widely recog¬
as
of
his
is
Meyerhoff.
Exchange.
has opened a new gen¬
brokerage firm at
Irving Meyer¬
partner
a
E.
members
broker for
Chicago stock
years,
as
Nathan
CHICAGO,. 111.—Irving E. Meyer¬
with
10
37
has4
Irving .Meyerhoff began his stock
tions and brokers.
Formed in Chicago
hoff,
25
Exchange Rate,
dividends, splits, distributions, etc.
Dividend payment does not include special distribution
investors, corporations, institu¬
4.2
Quebec
vestment Trust
power
.
current
t Adjusted
•
3.0
30
lubricants
and
Com."
production,
ment
Quotations represent Dec. 31, 1962
§ Less
Exchange Rate.
Adjusted for stock dividends, splits,
53
1.25
(G.) Ltd
Investment
,
of Canada
store
Quotations represent Dec. 31, 1962 sal« prices or the last
b,Bid.
4.4
1.70
Sovereign Life Assurance Co.
merchandis¬
Life
§ Less
0.075
and
;—
daily
Operating public utility;
bolts
and
1.60
23
,
__
Third
Southern Canada Power Co.,
1.8
11
lines
♦
Oil
stations
radio
0.20
21
Manufac¬
(P.
Robinson Little & Co., Ltd.—
.'
2.7
Quebec
L.)
turing. Co., Ltd.
•
297/«
stampings
metal
Canada;
across
26
26
friction
Toronto-Dominion
seven
3.2
tribution
Ltd.,
for
hardware
Publishes
Through holdings of 3
-ates
0.80
,
13
Southam Co., Ltd.—
'4.5
blO
18%
steel
new
business
petroleum
and
Ontario
interest in var¬
with
companies; also
and
forgings
3.2
products
(Canada)
4.6
subs
located in Ontario
Pole-line
14
13
Texaco
17
Slater Steel Industries
Produces gold,
Quinte Milk Prod., Ltd
Ltd.
0.60
16
dairy products
Co.
fO.60
new
of
Teck-Hughes Gold Mines,
'
.
operates
mines
47
10
branches
Operates chain of 134 drug stores
Quebec
9.1
.
4.8
Mines Ltd
Siscoe
17
Quemont Mining Corporation
and
and
2.5
Mfgs. vacuum cleaners, floor pol¬
ishers, gas heaters, furnaces, etc.
other
and
through
dept. stores in Canada
to
services
villages
&
of
20
interests.
Ontario
4.5
26%
Simpson's Ltd.
Owns
12
telephone
towns
300
some
1.60
48
1
utility
public
line
5.50
1.25
Dairies, Ltd. "A"
Silverwood
Full
Telephone
Quebec
rayon
2.9
176
Operates
178
branches
and
agencies in eastern Canada
Quebec Power Co.
49%
f0.50
wares
products
"Vot.
Tamblyn
suits
'
swim
products
Lingerie,
1.45
62
0.25
15
Silknit Ltd.
Provincial Bank of Canada—
all
circulation
Ltd.
producer
gold
Quebec
28
37
small
Switson Industries Ltd
(Quebec) Ltd._
Sigma Mines
Starting on Page 24.
4.3
Supertest Petroleum Corp.,
carbonated
and
stout
b23
Publishing Co. Ltd., "B"_
varied
•
beverages
10 Years Appear in the
to
retail
extreme
Markets
Dividends From
1.00
yarns
Publishes The Vancouver Sun, 216,-
etc.
Sicks' Breweries Ltd.
Listed
1.7
rayon un¬
knitting
fiduciary
related
500
Sherwin-Williams Co. of
Newsprint and related products
10
(D. A.) Oil Co., Ltd.—
.
r
~~
56
new
Quebec electric utility
Price
f 0.17
wave
Canada, Ltd.,
in
General
6.7
Makes
Shawinigan Water and Power
Operates as tEU^t company trustee,
5.0
"B"
Sterling Trust Corp.,
,
and
46
10
production
cotton, .wipers, etc.
waste,
short
woolen &
hand
and
Steel Co, of
switches,
Scythes & Co. Ltd.—
2.3
0.50
business
gold interests
Power Corp. of Canada, Ltd.-
and
wholesale
products
motors,
meters,
15
Stedman Brothers Ltd., new-
allied
1962
—
in Canada
Manufactures
5,7
Corporation
and
1962 ♦
Canadian $ §
on
31,
and
owns
and
Stanfield's Ltd.
-
Co., Ltd.
Dec.
22
(new)__
subsidiaries
radio
stations
3.5
9%
12
Sangamo
3.5
52
>/;;
';w.
Newsprint
30
1.80
27
machine
—
31,
25
Radio Ltd.
Through
Ltd.
photography, etc.
Placer Development, Ltd.
Standard
business
company
Based
Paymts. to
General paving contractor
3.3
operates
Lawrence
St.
5.3
:•
•
76%
2.50
through¬
branches
1,042
.interests
Electro-
&
Engravers
Ltd.
Standard Paving & Materials
Ltd.
,
world
the
Holding
typers
1.8
Dec.
1962
—
,
94
Russell Industries Ltd.
merchandise
Photo
Divs. Paid
11
% Yield
tion
Dec. 31,
—
•
General fiduciary
2.0
associated
ana
1962
writing paper &
bond
Royal Trust Co.
21
s
1962 ♦
0.20
products
Operates
—
People's Credit Jewellers
Ltd.
1962
13
Royal Bank of Canada—
31,
Paymts. t6"
Quota¬
12 Mos. to
Years Cash
Canadian $ §
Approx.
Extras for
secutive
Dec. 31,
—
"B"
Co., Ltd.
Paper
High-grade
on
Paymts. to
31,
Canadian $ §
—
Based
Quota¬
12 Mos. to
Years Cash
Rolland
4o. Con-
on
Dec. 31,
Divs. Paid
..'.7
-v../
Cash Divs.
tion
Including
Dec. 31,
Years Cash4
,
Based
Quota-
12 Mos. to
secutive
Cash Divs*
Approx.
% Yield
Including
York, Montreal, Toronto,
London
(Ont.), Winnipeg,
between
Ottawa,...Hamilton, Kitchener,
Calgary and Vancouver
24
24
(1392)
The Commercial and Financial Chronicle
Cash Divs.
Canada—Continued Progress
.
Thursday, April 4, 1963
.
Approx.
Including
Cash Divs.
% Yield
Stability
Extras for
secutive
12 Mos. to
Years Cash
Dec.
Divs. Paid
31,
1962
Quota-
Based
tion
Dec.
Including
on
i
;
'
.
No. Con-
Paymts. to
31,
■
Continued from page 23
Cash Divs.
Approx.
Including
No. Con-
12 Mos. to
Years Cash
Dec.
Divs. Paid
Union Gas Co. of Canada, Ltd." 14
and
United
in
gas
motion
4
v:<.
.
'
picture
1.00
t
$
•
v
cities
co.
insurance
—
38
Investment
of
trust
24%
22
the
Supplies
1.00
23%
4.3
12
0.40
11
3.6
Operates
Bow
Upper Canada Mines Ltd
gold
producer
23
v
and
1.60
3.8
34%
3.6
also
"
.
8
_
0.80
12%
ft.
confectionery
to
confectioners'
and
&
driller
contract
10,000 ft.
Operates
Walker
&
Grey Trust Co.—
1.75
12
59%
Bralorne
2.9
Owns
trust company
as
area
27
Worts, Ltd.
2.00
58%
0.50
16%
3.1
for
;interests
49
Western
Canada
Westminster
12%
1.2
•
,;4
Co,
of
29%
30
0.80
33%
bread,
ness
cakes,
33
0.325
2.4
12
—
__
Holding Co. Subs.
water
Canada &
heaters,
oil
equipment, etc.
.
0.20
12y8
f0.40
3.3
*
trade
duces
(1947)
ries
"A"
15
12%
through
subsidi¬
Operates
chain
across
of
61
34
4.1
specialty
/
20%
2.5
19
2.6
Ltd.
N.
.
4.00
180
17%
1.25
products
CONSECUTIVE
25
4.0
heat
as
exclusive
for
Owns
CASH
producing
in, B. C.
Corp., Ltd.__
Gold
N.
secutive
Years Cash
Extras for
Dec.
—
tion
Dec.
Canadian $ 5
1.40
31,
19624
Based
and
and
Paymts. to
Dec. 31,
and
Ont
on
&
0.79
and
able
bits
carbide
for
4.9
6%
rock
0.08
1.90
and
0.18
3.95
fans,
motors
obligations
for
sale
of
home
im¬
113/4
(Brandon)
&"
Brandon,
sells
tions
___^
Brewer
8
1.00
b42
Manufactures
&
fibres,
agents
§
t
t
b
Quotations represent Dec. 31, 1962 sale prices or the last sale
price
prior to that date. Bid and ask quotations are as of Dec. 31, 1962.
Less current Canadian Exchange Rate,
Adjusted for stock dividends, splits, distributions, etc.
v
Inactive issue; doesn't trade.
Bid.
*
•
•
•
chemicals,
commercial
1.50
50
Taken
over
-0.425
17%
2.4
four
Jamaica.
*
1
gas
anu
'
4
,
range
of
7
'
loan
installment
vehicle
■
0.20
6
/
0.40
Subs,
,
73A
*
household
purchases.
•
3.6
i
v--"
obligations
&
5%
,
boxes
paper
Acceptance Corp. Ltd.
motor
"
5.2
'•
'
•' '
op-
divisions.
9
0.40
7.30
5.5
8
0.30
7%
4.0
7
2.50
Subsidiaries
company.
small
has
steel
interest
steel
Ltd.
subsidiaries
Company
'
3.0
bars,
in
small
Hawaiian
Total
182,000
<
Regina,
9
"
0.75
37
and
capacity
tons.
subsidiaries
stationery« and
business.. Factories
on
2.0
Edmonton
carries
office
at
and
Canada Ltd.
etc.
Through
subsidiaries
tops in Quebec.
new com.
b44
V.:
supply
5.7
i-V'i-YCr.■
1
■>
Winnipeg,
Vancouver
Wool Combing Corp of
textile
explosives,
Eddy Paper Co Ltd.
»
5
products.
Canada,
in
Envelopes Ltd
5-
with
DuPont of Canada Ltd.
through* company owned sta¬
3.2
Willson Stationers &
allied
plants at Montreal,
Quebec City, and Toronto
2.4
operates
refinery
in
Man. * Distributes
and
4
♦
and
of
electric
Dow Brewery Ltd
__
propane
Western
1.7
radios,
materials
Anglo Canadian Oils Ltd.
Owns
electric
food
in
and one
wide
a
also
0.20
products
provement
9%
shapes,
nuts,
bolts,
rivets, spikes and bands. Company
8
Purchases from dealers installment
0.30
subsidiaries
& sell ex¬
structural
:;
television,
3.9
of
plants
A
producers
4.6
producer Northern Ontario
phonographs,
9%
15.2
processes
Western Canada Steel Ltd
9
sells
1.32
Yukon
drill rods
and
0.20
Silver-lead-zinc-cadmium producer,
4.2
detach¬
drilling
.
7
property
Company and subsidiary manufac-
erate
8
sells
Manufactures
0.375
v
•
7
through
variety
equipment
B.C.,
Industries Ltd.
Algonquin Building Credits
stor-
Montreal
United Keno Hill Mines Ltd.-
and
Dominion Electrohome
mines.
Ltd.
&
Holding
Gold
fur
&
in
81, stores
use
of
subs,
10.5
ap¬
,
3.6
9.4
9%
Columbia
four
Union
0.24
0.85
1.00
.
ture
8
0.08
6
dry cleaner, launderer,
as
Purchases
Dickenson Mines Ltd;
fully integrated
steel, coke & by¬
5
producer
s^iis
-
other
thru
/
-
S.
3.8
'
;
shoe repairing
Markets
Que.
Manufactures
3.2
8ys
1.30
;
Thompson Paper Box Co. Ltd.
0.40
0.50
cruising
Superior Propane Ltd..
10.1
material.
real estate in
timber
pliances & equipment for the
of gas in Ontario & Quebec
Craig Bit Co. Ltd.
1962
Also Iron mines & subs,
coal
0.08
6
books
6
$
topo¬
patrol.
gold
Has
in U.
Dlst.,
lithographs
printed
behalf
own
Alta.,
-r-
44
publishes
makes loans
on
operates
products.
operates
31,
On
% Yield
1962
Yellowknife
Coronation Credit Corp., Ltd._ 1
Approx.
Quota-
12 Mos. to
Divs. Paid
9
_______
_
Prints
Including
No. Con-
Ltd.
Ltd.
Cash Divs.
iron,
Has
$
prospect-
Porcupine Mines Ltd.
tensive
property
T.
prints
for
5.6
4
producer,
W.
specialized
plant
10%
0.37%
subproc¬
for
work,
surveys,
manufactures,
Copp Clark Publishing Co.,
5 to 10 Years
&
0.60
5
3.0
1
•
7
Salada Foods Ltd.
Consolidated Discovery
•
oil,
in British
rep-
^
From
helicopters
survey
Directly
asbestos
Through
fishing,
in
Lead-zinc-silver-cadmium
products.
lOVs
0.30
V
.
Reeves Macdonald Mines Ltd.
Plant in Winnipeg.
Have Been Paid
6
2.1
'
.
prod¬
Ltd.________
area.
transfer
allied
Y'knife Mines
Corp. Ltd
48%
6.5
marketing seafood fish
pipeline
tailor,
31%
byproducts
Operates
.1.00
2.05
,
Paul Service Stores Ltd.__
Through
wallpaper &
&
acts
Cassiar Asbestos
DIVIDENDS
and
ages.
farm
&
resentative
Y'..
operates
Ontario
1.00
Manufactures & markets automatic
electrical,
in
Oper¬
allied
and
company.
fish
and
paint stores.
On Which
cement
>
ing,
'
merchandise
15,889
Fisheries
Pamour
9.1
subsidiaries manufactures
graphical
4.2
b5%
Co.
power
areas.
electrical
sells
and
2.8
Manufactures wallpapers.
Common Stocks
Power
distributes
Serves
Holding
29%
0.50
-
•
12
8
.
yearr >
7
five
Ocean
5.7
9
per
Okanagan Helicopters Ltd.___
"B"__
4.4
Y
lignite coal.
tons
Quebec mining
essing
0.25
8
wholesales
850,000
Through
management
Ltd.
27
in
Saskatchewan
-
Quebec
ucts
1.00
Canadian Wallpaper
Manufacturers Ltd. "B"
»
;
-
1_
5
dyes
wools
■
0.60
v
14%
4.2
i
by Geo. Weston Ltd.
.4
♦
Quotations represent Dec. 31, 1962 sale prices or the last sale
price
prior to that date. Bid and ask quotations are as of Dec. 31, 1962.
§ Less
b Bid.
-
shoes
stores
5
company
Carter, James B.
1.20
5
retail
customers.
Securities
6
>
.
for its
ore
Ocean Cement & Supplies Ltd
2.2
electricity
in
Alberta.
plants; Capacity 90,460 KW;. serving 46,082 customers
Owns
W.
and
8
1.9
''Y
_r
stores.
.
7
26
Co.
.
and
ates
.
and
Forum
operates
0.50
receives
& ,distributes
and
Operates
subsidiaries
6
ore
produced.
ore
112
Capacity:
Supplies
Steel
thru
Mines
type
(Listed and Unlisted)
>
producer,-
and
right to ship
etc.,
'
quar-
1.8
55
account.
all
Generates ,&
Canadian Utilities Ltd
Operates
1.00
man¬
iron
in
of Can.
has
Northern
Pro-
3
-
,
6
>.
0-50
Canadian Power & Paper Se¬
curities Ltd.
TABLE II
,
Maher Shoes Ltd
6.4
chemical
Ontario.
of
:.
to
Ontario
Co.
Trust
'
Labrador.
in
interest
Co.
sidiaries
Canada
.
for
Coal Co. Ltd. "B"
Warehouse
holding
Investment
Algoma
Ore
Manitoba
——
Investment
:
„
_________
on
•
General
Ltd. "B"
b5%f
.
asphalt.
Montreal
Canadian
,'3' i =■'r
1.40
/;•.
plant
limestone.
Hamilton,
Operates
22
0.35
7
stone,
Ontario. '
4.1
4.3
-
basis.
extensive
on
also
il-50
crushed
at
>
2.30
4500
as
fee
on
own
:
and
with
acts
acreage
holds
Iron
& Cut Stone
Canadian Arena
Ltd.
6.5
Brand
4
bituminous
in
docks
0.50
15%
utility
agriculture
stone,
'
/
investment
royalties
,;Ltd.'
Pfoce&fes
•"
.0.10
Mining & Explora¬
leases
Also
1.00
.
furnaces
air
coal
Canada Crushed
S.
Also
tion Ltd.
.
.
,___
Winnipeg.
power
/
:
10.1
4
.
modern
9
from
distributes
Manufactures
or
Owns
distributor
&
ager
Calgary Power Ltd
8.9
and
prospect
Leaf"
warm
oil
gas,
Alberta
20
_
U.
2.25
•
_
Canada
aries
stores
Manitoba.
"Clover
Manufactures
in
company
which operr
departmental stores in
seven
Zeller's
and
using
1.7
'
Stores
—
western
19%
1
.
Wood, John, Co, Ltd.—
holding
Issues
"Rupert Brand."
V
con-
.
ates
1.2
Labrador
8
are
*
9.95
10.000 ft.
to
Has
Scotia
etc.
Woodward
85
stores.
Salmon, clams, oysters, etc.
plants in British Columbia,
names
wells.
certificates.
gals.
retail
14
1.00
Que.
5,000,000
capacity
operates
Packs
^
^
■
Operates wholesale hardware busi-
A
Lachine,
driller
contract
as
gas
changed in June 1962
Bow Valley Industries Ltd.
Niagara
with
specialty
paper
Wood Alexander Ltd.
Ltd.
Also
and
&
Name
6.8
Wines,
in
Nova
(George) Ltd. "B"
biscuits,
mfr.
5.90
vineyards
of
acres
Plants
Ont.
J
6
Investors Syndicate of Canada
Ltd.
6
Bulloch's Ltd. "B"
fectionery,
0.40
mines,
River
Ltd. "B"
4.1
Ltd.
—
___
-
1.20
products
Fine
gold
8
British Columbia Packers
provinces
Paper
Common
Weston
Ltd.
Bridge
Canadian
1,500
Storage
0.15
22
-_r.
Breweries,
western
range
Mines
Columbia
Ontario.
northern
;
\
.
silver-lead-zinc-
rigs capable of drilling
sheet metal
26
Wide
owning
2.3
in
Ltd.
four
b65
Falls,
Westeel Products Ltd.
Manufactures
1.50
fidu¬
parts
:
producing
Operaies
oil
ft.
producing
Creek,
Manufactures
Accepts deposits and general
ciary business
in'
,
1.00
/ 5.4
18%
'
Bright, T. G, & Co
Waterloo Trust & Savings Co.
Serves
2
5
and
buses
producer
1.00 '
in
eastern
Thru
subs
Hi-Tower Drilling Co. Ltd.
3.4
Holding company—extensive liquor
,
Pioneer
British
service
Canada.
Mining Ltd.____;
Owns
■■■■•
Cadwallader
(Hiram)-Gooderham
*
gold property in British Columbia.
'
Victoria
♦
'
Highland Bell Ltd.—
&
gas
wells. Owns 9 modern
rigs capable of drilling from 4,500
6.4
12.2
and
Saskatchewan
5.4
28
and
Valley Industries, Ltd.__
as
9
of
varnishes
manufactures
Uranium
,,
1.50
bus
western
Gunnar
supplies
Operates
line
complete
5
and
V
Ltd.
importers
of
"B"
Operates
at Welland, Ont.
operate
in
England,
interest
In
similar
Belgium.
day
per
Corp. of Canada
Ltd.
stainless
&
1.10
6.8
3.55
and
Greyhound Lines of Canada
1.25
of
range
oil
16
new__
Biscuits
.06
•
,
.
wide
steels
in
wholesalers
-
plants with capacity of 29,060 hp.
6.2
plant
has
bakers'
10
13
0.24
7
blocks
8-in.
paints,
enamels,
lacquers
supplies
7
of
1962
Capacity
aggregate.
20,000
Ltd.
v
0.80
distributes
Manufacturers,
to 160 communities
power
Viau Ltd.
with
tool
operation
man¬
and
&
Bowes Company
Newioundland.
Ontario
&
Mexico,
agement type
United Towns Electric Co. Ltd.
in
producer
steel
3.6
and
Steels Ltd
Major
is
2.5 7
8
—
blocks
concrete
Manufactures
and
Subsidiaries
1
An
0.90
interests
United Corporations Ltd. "B"
water
radiators
equipment
alloy
United Canadian Shares Ltd.
soil,
Dec. 31,
—
Block
Concrete
Ltd.
General Paint
Temple Limited
Atlas
r~-•/
Que-'
'
Holding
for
boilers,
scaffolding
dental
15%
distributes pipe
Also
Manufactures
thea-
other
fittings
air.
Ash
■
Corp.,
and
Co.
Manufactures
0.40
.
and
''
'
3.2
lightweight
8
Manufactures and
2.7
9%
,
new
1962
—
18%
0.50
38
34
Montreal
1962♦
steel
"A"
Operates
tres
natural
jol
Amusement
Ltd,
t
31,
Canadian $ §
Paymts. to
.
19624
Canadian $ §
—
Anthes-Imperial Co, Ltd. "A"
Paymts. to
Dec. 31, Dec. 31,
tion
Dec. 31,
31,
1962
•
Edmonton
0.30
investment company
as an
Dec.
Divs. Paid
—.
Invest¬
Corp. of Canada
Operates
on
transmission
storage,:
distribution
Based
tion
1962
—
,
Production,
Quota-
Scandinavian
ment
% Yield
Extras for
secutive
'
Anglo
Quota-
12 Mos. to
Years Cash
1962
'
Canadian $ §
—
Extras for
secutive
Dec. 31,
1962 ♦
Appro*.
% Yield
Based on
•
^
No. Con•
Featured by Exchange
.
current
Canadian
Exchange Rate.
•
.-•
•
•
Quotations represent Dec. 31, 1962 sale prices or the last sale price
prior to that date. Bid and ask quotations are as of Dec. 31, 1962.
current Canadian Exchange Rate.
t Inactive issue; doesn't trade.
§ Less
b Bid.
.
'
;
•
.
'
*<«*«&«;
M*™TO#wwiaAnww«wmwim
Volume 197
Number 6252
.
.
The Commercial and Financial Chronicle
.
BY
in
trading
the
Phillips,
high
Continental
is
the
market
reached
im¬
an
nipped
of
house
be
market
Wall
few days ago
a
haps
leading
a
ally all ingot
could per¬
Oil
the
by
has
equally
prominent
brokerage
month is
establishment. His view: "Neither
bulls
bears have had any firm
nor
convictions
about
the
far in 1963."
market
;
certain
so
for
headed
the
over
1962
to
trades
April,
of
the
few
past
the
Dow-Jones
"breakout"
indicates
spells
Ford
and
while
been
definitely
forebodings
tions
industrials
the
on
upside,
severe
the
change.
needs
move
the
end
the
of
signaled
by
shift
a
showed
the
will be
of
has
trend
heavier
v
Optimists
tribute
it
tops this week
their
automotive
the
produc¬
field.
optimistic
more
Or
public is
good
news
for
still
others
of Wall Street
is
and
near
the
say
fuller
better
newspaper blackout has hurt vol¬
ume'in all. segments of the
a
rules.
rails
And the long-awaited
stock
eliminate
interest
in
motive
undoubt¬
firemen
the West
in
those
presented
are
only.]
any
time coin¬
The
Admits Partners
,
trend
long
can
the
of
the
pronounced
odd-lotters
to
action to stave off
at least 60 days.
the
.
sell
side
considered
be
omen?
bullish
a
,
Although
the
traditionally
that
are
there
right by
when
they
dint of
mere
The ratio of selling
buying is currently
4-to-3
are
history shows
times
are
proven
perseverance.
to
odd-lotters
wrong,
margin,
and
has
Justice
to
in
Meanwhile
self
the
consistent
biggest
victim
few
signs of changing.
extent.
the
one
wants
outlook
for
remains
good
find
to
the
still
to
break-out
a
there
in
if
profit
The
second
favorable
to
news
is
it.
large
a
quarter
many
.
in¬
dustries.
And
a
tax cut
still
are
much alive. Business is also
finding that the tax guide line is
very
a
practical help in most instances.
Many market observers feel the
release
the
of
will
week
Securities
Commission
change
prove
&
ties
that
may
terest of
geared
bullish
a
sign.
lot of uncertain¬
investors.
market
last year had its third
tempered
by
be
although
psychology
to
an
extent.
Consider the steels and the auto
certain
in
mark
month
a
is
million
over
loss
this
While
consolidated
post
an
highest
Production, this
expected
tons.
This
to
is
March and 15%
reach
a
While
steel makers
5%
more
10.6
gain
than
indictment
seems
on
the
year.
an
un¬
did
road
profit of $12.5
officials, inclined to;
overall
million. Some
blame troubles on outside sources,
cheap
steam
"increased dumping of
residual oil at East Coast
plants," has posed a threat
to coal traffic.
Yet
has
rose
conceded
that
last year.
area
In
he
fornia
Since
•
the
firm's
processing
center
of
operation
data
in New York City.
partner in Lynchburg of
Franics I. duPont & Co., it has also
will
handle
firm's municipal bond
activi¬
announced.
been
the
in
the
He
Southeastern
states.
Mr. Wisman has been in the in¬
price softness of many petroleum
Lynchburg
1955, when he joined Scott,
Co.,
a
Virginia-based
which
firm
investment
with
in
business
&
merged
1958.
stocks.
buyers
are
this
legislation
analysts
And
Francis
I.
duPont &
Co., in
of
many
year,
recommending
are
are
uncertainty
the
oil
Sutton Joins
the best-liked list
Standard,
California
Harold
Standard, and Texaco.
a
favored
include
Jersey
Oil stocks
Indiana
of
to have
by institutional investors
Gulf,
Standard,
Phillips,
'
Continental.
Gulf,
according
study
brokerage
firm
currently at
Mobile,
Socony
a
to
by'
can
a
a
be
'
the
area,
and
'
recent
leading
bought
price-earnings ratio
allocations during
started
company
an
It also obtained additional
mil¬
may
share
have been largely responsible for
throughout
earnings
decade
the
for
1963
Construction
favorable.
seems
area
last
level.
year's
Swain
&
In
Myers
of. new
S.
available to
made
successful in 1962 in
a
is erecting
new
a
plant in the Rockford
half-million dollar plant
*
has
Sutton
the Rockford-Freeport
and Lincoln
gas
400 commercial gas
an
intensive
bulk of the
Promotion of gas heat was particularly
heating customers were added, mainly through
campaign from early
revenue
The
August to mid-October.
from the addition of these customers will be
The gas system
is also being extended into new
have been made to
and similar projects are
planned for seven or more areas starting in 1963.
Public ac¬
ceptance of gas for air-conditioning is also on the increase, service
being supplied to several new buildings in the Rockford area.
areas.
seven
As
In
the
Lincoln
Division,
extensions
communities in the last two years
indicated
the table
in
below,
earnings
per
share over the
pastNdecade have increased 145%, but in the past five years only
39%.
Dividends have increased from 41 cents paid in 1953 to the
present $1
rate
(increased from 88 cents on Jan. 2 this year).
2-for-l
At the recent
price over-counter around 28, the stock yields 3.6% and sells at
about 21 times earnings. Earnings do not include tax savings re¬
sulting from use of liberalized depreciation.
Earnings and dividend figures have been adjusted for a
split in 1961, 5-for-4 in 1958 and 3-for-2 in 1955.
Revenues
joined
Broadway, New York City,
^the
Exchange,
tric
as
New
York
consultant
utilities,
ha&
it
Common Stock Record
,
Dividends
(Million)
Earnings
$31
$1.35
>
Approx. Range
.88
31
-
18
29
1.25
.'.76
32-20
1960——L_
27
1.18
.72
21-17
1959
26
T.10
.72
19-16
1958__
23
1.04
.64
17-10
1957—
23
.97
.64
13-10
1961—.
——
mem¬
Stock
elec¬
on
been
an¬
v
13-11
Sutton recently
1956_
21
.94
.58
re¬
Vice-President
of
1955__
19
.87
.46
Consolidated Edison Company of
1954—
16
.62
.43
9-
15
.55
.41
8-7
nounced.
tired
New
as
Mr.
a
York, Inc.
J
-
'
J
daily have recently
Rockford, where nearly 3,400 residential and
Year
Tucker, Anthony & R. L. Day, 120
of
at
commercial
the
systems, and aggressive sales efforts will thus continue in the gas
1962
bers
as
is expected to hold steady this year
TEN-YEAR RECORD
Tucker, Anthony
responding.
on
growth
institutional
many
in
project
table below.
reflected in 1963.
Paul P. Wisman has been named
resident
storage
gas
a
With additional gas
heating field during 1963.
assignment.
he has been in charge-
1961
Line
17,500,000 cf a day is being
peak shaving plants have combined daily
cf.
growth in
outlook
and
been
Peter R. duPont
a
on
the
of
was
electronic
brightened.. Despite
and
in
Added gas supplies aggregating 10,000,000 cf
management
Horner
Meanwhile the prospects for oil
products
interest
an
Eastern Pipe
subsidiary of Peoples Gas.
a
for the manufacture of store fixtures in Lincoln.
of
firm.
since
have
has
has announced its intention to build
all
partments
the
was re¬
construction field
a banner year is in prospect in Rockford and Winnebago Counties,
where plans have been made to start construction of three large
motels at an aggregate cost of $4,000,000,
Gates Rubber Company
de¬
operating
com¬
has enjoyed rapid growth, with electric revenues
This rapid
steady
around
&
in
vestment
Brightening Oil Prospects
stocks
also
homes in the service
has
d
served
ties
Pennsy
coal traffic
market
Federal
was
basis,
purchased from Panhandle
Pipeline of America,
indicated in the
1954
in
n
estimated by the
are
(including $4,068,000 for additions and
doubling in the past decade, while gas nearly tripled.
than
The
duPont
.
-
joined Francis
history special
this
reversal
no
sees
is
gas
—
the
hit
to
year.
this month is
year ago.
seven
and
Prominent
stocks, Steel output
Almost
annual loss in its 116 year
tax
to
seems
essentials,
to
an
duPont
Mr.
a
negligible
purchased
has apparently not indi-
company
expenditures for 1963
Two propane
in 1952.
nounced.
I.
a
was
(some 22% of total revenue) compared with only $1.4 million
lion
it has
1960
this
have restricted in¬
many
the
Yet
a
change
per
high heat
Residential gas space heating in 1962 amounted to nearly $7
the
based in Cali¬
Symes.
Ex¬
report
They point to the fact that it can
clear the air of
the
is
prospects,
profit
poor
claim that
hopes of
it¬
nation's
the
proposal,
merger
of
tie-up.
Pennsylvania,
The
in( the Rockford-Freeport
,
more
du¬
Ex-
M.
are
market
the
But,
stimulate
Ohio
and
the
subject 'of
Pennsy
NOn-professionals
in
the
Francis I.
Co., 1 Wall St., New York
according to its Chairman, James
Bullish Factors
locked
by
opposition
Department's
Baltimore
the
Pont &
pic¬
merger
muddled
been
partnership
Chesapeake and Ohio and. Co.,
the
gives
a
it
whole
The
of total output
17%
a
construction of additional generating facilities.
at about $6,753,000
The company
ha? been admitted
to
been
...
Yet the rail earnings outlook is
clouded.
ture
.
stoppage by
a
generating plants—Sabrooke with
to extend service to four communities in the Lincoln Division.
gas
Stock
How
its plans for
company
1962
delay will come from government
Odd-Lotters Position
The
In 1962
capacity of 4,000,000
City, members of the New York
strike could
cus¬
northeastern Illinois, from which some
intervene, it is more likely that a
a
a
neighboring utilities.
Natural
those of the
as
Spring.
Monday. Although
of power.)
and Natural Gas
'
yard service
•
commer¬
space-heating
quired in 1961.-2, but $2 million bank loans were incurred.
of the "Chronicle."
Peter R. duPont
and
revenues,
efficient heat rate of 11,524 btu
aggressive sales program in that area.
is set for next
and
(A small hydro plant also produces
18,400.
obtained.
date to
freight
of electric
domestic
27%;
36% while
gas
Residential and
improvements to the Rockford, Freeport, and Lincoln gas systems)
article
edly dealt to the non-professionals
in
the historic sell-off of last
now
of
Construction
40,000 diesel loco¬
some
and
and
revenues
capability of 69,000 kw and
pany
F. I. duPont Co.
their
in
some manu¬
an
cated
off-shore field of Cali¬
necessarily at
with
for
centers
compared with $5,505,000 in 1962. No permanent financing
author
have
mainly
are
heating account for about 1%.
industrial
from
favor¬
more
steam
generate about 43%
amount
staging a
A joint ven¬
on
parts, and
automotive
tools,
Lincoln
and
.
and
25%
rate
Pauley
of
year.
largest finds
not
They
Freeport
kwh, and Fordham with
less
and
[The views expressed in this
of
advantage
The
smaller
Coast.
cide
(machine
center
while
The company'1 has two steam
be
a
most
Rockford is
143,000 kw capability and
hopes"
with
revenues,1
tomers contribute about 72% of gas revenues.
battle to outlaw featherbedding.
Still the greatest blow to
was
take
substantial fight
market.
trading
to
work
won
the
that
to
manufacturing
cial
middle to
of
producers,
an
of
generated in the Lincoln division.
rural business
is expected to become one
the
do
tax rules and
able
doubt
split,
scheduled
picture. Most of the carriers
poised
are
activities,
little
stock
of
future.
mixed
coverage
.
is
high 90s is
Rails, like the autos, present
investing
on
ture in
fornia
considered by shareholders in the
possible to get daily
and
newspapers
steel
A
enough.
incidentally,
in better
can
intent
more
that it is
There
reward
price
comeback this
high
as
remainder
water
prominent
(it lost $1.4 million last
has
year)
place
seers
tical observers feel the
at-^
of
Some
Central
Rockford is the most im¬
80%
Electricity contributes about 63% of
the
Petroleum
than
more
facturing.'
■
prosperous
not interconnected.
dairying and farming regions, though the former has
60s and 1962 profits of $3.78
of
the
hardware)
year's earnings
another
market
a
One
120 but some of the more prac¬
as
re¬
?
reports
production
in
otherwise
can
to
been
certainly
turnover
cent days.
now
how
Jersey,
its current leve) of
share.
a
gains had outclassed the rest
the
rising
current
much
tion
Possibly
stalemate
new
New
slightly higher p/e ratio of 17.5
a
profit
Chrysler's future potential
towards
autos.
lower
advancing to
volume.
The
possible
of
of
last
are
portant, accounting for
a
and
the state of Illinois with electricity.
serve
divisions, which
largest oil company,
on
of three "Central
one
■
international oil producer, carries
predic¬
by
General Motors and Chrysler in
a
present; but the
catalyst.
a
hurt
.
Edison,
is
Illinois Power and Common¬
separate sections of the state—the Rockford, Lincoln and Albion
about
price-learnings ratio of
a
Texaco,
have
upper
for
due
All the elements of
are
of
this field.
Motors
of
Gas Company
utilities which, along with
Illinois E. & G., with annual revenues of $31 million services three
of $3.88 a share.
margins this year.
is
market
sentiment
in
American
Motors
wealth
a
earnings of
yield
a
Oil
nation's
on
in the boardrooms.
Yet
General
the
of
one
1962
■
16.5, based
remain the favorites in
the
on
and
Central Illinois Electric & Gas Company
Central Illinois Electric &
year.
,
mid-60s
Chrysler
Under
conditions, '690
today's
670
weeks.
,
sells at
Prosperity
tance from its established pattern
J
Standard
Divergent Motor and Rail
t<j; stray- any sizable dis^
$4.98
Illinois"
times
ELY
OWEN
BY
California
1962.
carries
3.3%.
Meanwhile, the overall; market
refuses
its
share. Selling in the mid-
a
it
50s,
assembled.
cars were
times
Standard,
11.9
$4.53
seems
for the 1955 month
save
of
SECURITIES
18V2
cheapest of the lot, commands
mere
gain
16%
a
13
at
Socony Mobil
purchased at 15 times its
Indiana
post the highest total
when 753,000
,
for
period, and
be
can
this
production
at
$4.38 profit of last
spring rally still
Auto
too.
PUBLIC UTILITY
be
Standard, selling in the mid 60s,
fairly sound base in other
a
areas
available
earnings
have orders
pourers
The traditional
observation of another scribe from
an
the
exceeding their current capacity.
Street
best
answered
in
advance
bud, the fact remains that virtu¬
This question asked by a
writer
strong
a
now
can
earnings.
WALLACE STREETE
portant intermediate top?
40s,
bought at less than 16 times 1962
times profits while
Has
25
(1393)
of less than 13-to-l.
The Market... And You
wxwwwtti8fflmmt$timmmmmix!fim*m
1953—
.—
.
11-9
7
v
26
(1394)
The Commercial and Financial Chronicle
the B. C. Morton Organization fi¬
nancial service center in Hacken-
MUTUAL FUNDS
of
Feb.
for
terest is
erham &
the
investor
means.
man
of
moderate
Indeed, the typical little
little
or
knows
woman
cious little about bonds.
for
—A U. S.
of
incorporated mutual fund pro¬
viding. diversified, managed investment in
Canada. Sold only through registered in¬
vestment dealers. Ask your investment
dealer for free prospectus, or mail this ad to
CALVIN
WALL
example,
bonds
evoke
grades
and
investors.
to
interest,
but
The
may
if
any
is
E
that,
aside
Government,
public
simply
bonds.
People will take
(or
CF
to
the
stays
the
proceeds
from
stock
market,
in the bank.
It
choice
of
be
from
profit
a
loss) in stocks and, deciding
a
keep
that
this
will
for their funds is
quite
than stock
the
their
put
well
may
refuge
a
wise one, but
a
frequently
the
action
is
manager of the
When
S'till, he might have added—but
didn't—the
Investing
WELLINGTON
but
4^
FOND
Balanced
a
investor, is
the
combination
affluence
Fund
seeking conservation of
capital, reasonable cur¬
rent income, and profit
possibilities.
and
White
considerable
ple
who
their
it has about
as
the
tax
for prospectus
or
write to
i
One
of
stone Co.
doing
the
have
years
present
It
for
the
great
educative
working in this field
of
Thus, the Key¬
Boston right
now
is
sizable job of telling in¬
vestment-minded folks why they
buy
into
bond
Keystone
course,
its
is
down-to-earth
funds.
their
at
for
its
raised
of
doubt
about
stock
as
folks
to
acquire
market
stake
a
through
mutual
the
in
funds.
Rare, indeed, is the investor who
can
can
put together
or
even
select
suited to him.
bond
a
the
And
sophisticated
bond
the
suitable
best
the most
even
investor
lacks
portfolio
go on:
rently
They
available
stocks.
in any
from
stances
known
in
to
the
past
default
some
have
been
interest
on
in-
or
A
mutual
income
in
acteristic
the
future), these char¬
features
of
soundly
se¬
lected bond issues provide ample
reasons for the
they
purchase
Bond Fund instead of
and
employ
individ¬
an
i
n
Report
Shares,
Inc.
reports
that
quarter, net assets totaled
Feb.
28,
At
year on
the
end
the
of
Nov. 30, assets
233,749,
$4.36
or
a
fiscal
were
$26,-
Mutual
during
31
it
Fund
the
Hemmer
re¬
quarter
assets
$7.51
totaled
Lionel D. Edie
Co.: inc.'forJ three years and
&
through
stocks selected
seasoned
sets
were
$7.38
a
in
four
Corp.,
or
At
of
the
Nov.
end
30 net
member
to
the
companies:
First
quarter
the
investments
new
Control
National
Data
Bank
in
&
Gas
It
Co.
and
James
Tdlcott.
The
fund
meanwhile
eliminated J. Ray McDermott and
Upjohn and reduced investments
in six
York
New
Master's Degree
a
of
University
❖
The
in
of
State
1951
M.
Schenkman,
An
investment
for
its
of
Manager
a
seeking
possibilities
growth of capital
<•
reasonable
Prospectus
current
upon
income'.
request
cial
Lord, Abbett & Co.
New York
—
Atlanta
—-
Chicago
—
of
has
of
for
the
first
recorded
on
economic
has
1951,
drive
de¬
the
launched,
long
a
and
Twelve years ago,
was
in
desperate
country
struggling determinedly to
with
cope
when
was
traversed
difficult road.
overwhelming influx
an
immigrants—nearly
quarter
a
million in 1949, and approxi¬
a
175,000 each in
The
economy
halt,
a
and
1950
only
system
and
grinding
was
rigidly
a
of
austerity
economic
As
redeemed
of
in 1951,
with
a
this
redemption
first
of
State
of Israel
Israel
American
Bonds
made
when the first Israel Bonds
issued, is being repaid start¬
were
ing May
1,
1963,
two
days
after
the young nation's fifteenth birth¬
day.
The
reverse
flow
dollars
of
will reach
approximately $24,500,during the last eight months
000
of
1963
in
has
alone,
in
principal
and
infusion
the
investment
change
outlook
of the
coincides
The loan which
Bonds.
of
Bond
Israel's
been
years,
of
capital,
economic
phenomenal. In
Israel achieved and
has maintained
the
the
result
a
recent
anniversary
Israel
history,
rate of economic
a
growth comparable to the highest
in the, world. Agricultural
output
is
increasing at the rate of
than
15%
more
industrial
year;,
per-
production is increasing
than
more
12% annually. Exports have risen
from
$70,000,000 in 1951 to $482,-
000,000
in 1962. During this
period,
when
creased from
Israel
has
the
to
is
raise
in¬
1,250,000 to 2,325,000,
managed
it
same
population
not
maintain its standard of
to
the
only
to
living but
point v^ere
it
clearly the highest in the Mid¬
dle
interest to be paid out to Ameri¬
East.
holders of these bonds.
can
bonds
which
are
maturing
Twelve-Year
the
of
Savings
of the Independence Issue,
Bonds
was
in
made
for
floated
in
the
United
Ben-Gurion
of
Israel
special trip to this country
a
this
purpose.
Latin
After
America,
was
1951,
the
extended
Canada
and
Western Europe. Since May, 1951,
the total of Israel-Bonds sold
has
passed the $600,000,000 mark, with
than 85% sold in the United
more
Los Angeles
—
States.
Israel
Bonds
year
were
from
Of Madison Fund
Former
Atomic
sioner,
John
elected
a
Fund,
Energy Commis¬
S.
Graham,
Director
Inc.,
a
of
leading
was
Madison
closed
end
was
also
investment trust.
•
Mr.
Graham,
former Assistant
Treasury,
is
a
who
Secretary of the
graduate
of
the
University of North Carolina and
ings
San Francisco
Graham Director
May, 1951, when Prime
Minister
The
GROUP, INC.
Street, New York 5, N. Y.
Bond
Israel
shareholders
lohg-term
and
company
-State.
-
turn
bank
own
prevented complete
significant milestone in its finan¬
sjt
A Common Stock Investment Fund
•
Israel
Israel
to
be
to
sale of Israel Bonds
•
also
may
his
Since
years.
1951.
premium of 50%.
fifteenth
The
*
v
•
by mail
others.
Affiliated
•
or
re¬
which
velopment during the past twelve
of
Business.
May 1
on
a
States
Address.
Bonds
collapse.
are
Name.
the
School
purchasers
latest
made
Na¬
Associa¬
charge for
no
odometer
imposed
to
80 Pine
Bank
Israel to Start
CFO
City
of
Columbia
Graduate
into
that
straits
the
Savings
Israel
the
the
from
Chi¬
America
redemption
Society of Security Analysts, Mr.
year
Dallas, South Carolina Electric
their
Mail this advertisement.
bond
Hemmer holds
as¬
equal'
$540,893,815,
During
com¬
for
Manhattan
for three years.
A
of
Israel
Chase
share.
company
quality.
DISTRIBUTORS
the
of
&
age
for 3V2 years, with
Growth
$562,000,096,
share.
per
National
Company of
Bondholder
the
close of the first quarter on Feb.
28
York;
Illinois
of the three paying agents.
The
investment
at
.
Chase
Israel Bonds symbolizes the mile¬
as
bought Panhan¬
Investors
The
collection.,
was
Bonds issued
Massachusetts
desig¬
New
in
presented in person
his
Mr.
3,
Trust
Trust
one
The
Orvis
which
mon
to
to
of
investing for
growth possibili¬
ties
Continental
mately
Loomis-Sayles
has
Bonds:
Bank
There will be
share.
per
Israel
of
Savings
ence
demption
January
1 9 6
of
end
$25,943,610, equivalent to $3.95
share.
*•••
State
paying agents for the
redemption of Israel Independ¬
are
Prior
with
on
of
ma¬
nated three
t i-
s
n
services.
an
Business
1966.
The
The
.analyst with Lazard Freres & Co.
American
Bonds
Independence Issue will
John W. Hemmer
fund
and
o
associated
bond."
The Funds
about $24,500,000
or
The Coupon
tion in San Francisco.
Keystone
a
150%,
year.
Manhattan
tutional
management
own¬
than $16,000,000, will be paid •
concentrating
in.
come
in
ual
announced.
registered
The remaining Savings Bonds,
tional
joining
Cal
SECURITIES, INC.
tourist, expenses in Israel,
gifts to philanthropic institutions,
and through payment to the es¬
Department,
with
sional
they
been
be
Independence
being
Sav¬
redeemed
this
sold in denominations
$50 to
$10,000
and
are
re¬
-
indus¬
tries,
to
resources
"Many investors solve these
when
has
cia ted
a s s o
related problems through the ad¬
vice they receive and the profes¬
income-minded to
invest in bonds."
ofGROUP
it
will
Israeli
&
also increased holdings in 14 other
the
in
and Bank
companies.
do
shares
cago;
individual
may
into
Bank
principal payments and which in
instances
sion
the
As Keystone says:
common
Although there is a risk
investment (including in¬
retired
Research
diversification.
the fiscal year on
dividual bonds which in
STOCK FUND
He
Bonds
"Many bonds today provide a
higher rate of return than is cur¬
COMMON
Co., 30 Broad Street, New Ybrk
City,
Savings
conver-
bonds
in
This is where the funds
general partner in Orvis Brothers
the
-of
since
prior to maturity through
the
Redeeming Its
provide "high
have
ture in
&
$52,-
been
John W, Hemmer has been elected
a
the United
totaled
approximately
Coupon Bonds and
worth
Bonds
out at
Admits Hemmer
adding to its holdings of General
Mills, Long Island Lighting and
fixed
1951
which
of
000,000
more
Orvis Bros. Co.
dle Eastern Pipeline, Royal Dutch
Petroleum and United Fruit while
dependable income, then note
same
Co.
that
Keystone
reasons
income."
THE
&
values
drove, and is driving,"many
Stock Fund announces that at the
that bonds also
describes
&
Water
Universal-Cyclops Steel.
by the
They cite such
'
Power
Atlas
Foundries
Shawinigan
Jan.
people.
prospectus
Steel,
ended
own
647,000
this
"Why invest in bonds?", is the
booklet-
and
Good-
Major sales
ports
funds, but its contemporaries
bound to profit also from this
question
ree
Algoma
-
Dominion
Steel
Tabulators
Walker,
Worts, Ltd.
included
Steels,
&
Hiram
will
literature
customers
Of
missionary work.
and
Computers
5,000
that
hoping
bond
are
terrible
understanding
that
been
the first
like
now
and
lower price levels."
or
is
bonds
peo¬
hard
25,000
a
produce
Philadelphia 3, Pa.
among
worked
the
now
should
Wellington Company, Inc.
of
-stirred-
it to work hard for them,
forces
investment dealer
•
bought
during
ers.
stocks,
bite
and would
money
public
it
$1,000 bond
a
Israel Bond sales in
reports
period. In
growing
has
interest
have
is the fund trade.
Ask your
of
Father
go¬
commu¬
never educated the
about bonds
Great
—
small
ing to be. The financial
nity has
I
banking house.
28
being redeemed
tates of deceased
municipal depart¬
major Wall Street in¬
a
Canada
issue
being redeemed for $1,500.
occurred in the 1932-36
obtain
market.
"Little people just aren't geared
for bonds," is the opinion of the
of
is
come-buying opportunity that last
bond
A Name to Remember
have been
higher than stock yields—an in¬
probably
vestment
however, bond
the average
on
dictated by Inexperience with the
ment for
lower rate
a
dividends, but it adds:
"Since late 1957,
yields
general
away
money
ADDRESS.
from
bonds of the United
States
STREET, NEW YORK 5
ordinarily at
fact, in only six out of the past 30
truth
the Series
BULLOCK LTD.
NAME
ratings
You
little
because
pre¬
Mention,
experience.
Established 1894
ONE
bonds
*
the
bond-pur¬
of Aluminium, 50,000 Brit¬ 59% was in
Petroleum, 20,000
Interna¬ 41 % in Savings. Bonds. Some $5,-
ish
tional
that
of
$100
a
in 1951 is
shares
Keystone tells the prospect that
of the relative depend¬
ability of bond income, bond in¬
knows
*
Fund
historically have had scant appeal
marketplace
City outlet.
during the three months that States
ended
Everybody
the
150%
at
Thus,
chased
Scudder
observer
deemable
amount.
this year for $150;
that
longtime
Thursday, April 4, 1963
.
sack, N. J., has been named head
*
Any
.
of its New York
BY JOSEPH C. POTTER
Bonds Are For
.
practiced
cently
law
there.
he has served
business
ton, B. C.
consultant
More
.as
in
a
re¬
private
Washing¬
Volume
197
Number
6252
.
.
The Commercial and Financial Chronicle
.
1
•
<
-
R. LEFKOE
M.
P.
L.
■
Weaver
and
Mrs.
>
1
(1395)
.
27
■
( J JKJNJ
K,
Vvxviiuiv
Ester
secretaries
assistant
Peterson,
"If
'
Pe™ respectively; Supreme Coiirt p/ADTvTTjVD
Justice Arthur Goldberg; George
'
BY
'
SECURITY SALESMAN'S.
COMMENTARY...
:
.■
>
-
_
'
'
.
BY JOHN DVTTON
of
V'
•
*
by
the state
of
all significant
a Democratic Senator, a ReCharles Donahue, Labor DeWant- Snmo
Arrrvunfc?
means
of production) is to prepublican
Congressman,
and
a partment solicitor; Senator Abra•
warn juhic new rtccoums.
.
serve
democracy,
it
must
be union president accuse the ADA ham Ribicoff, Wilbur J. Cohen, often there are many potential other broker in mv city. I called
brought about step by step
of "federal socialism," a "morbid assistant secretary of Health, clients within a few blocks of a his office and he was out
I left
the transition must be piecemeal, fascination" with the accomplish- Education and Welfare; Mrs. Jim salesman's office, yet human na- my name and his secretary tokL
socialism
Organization's Aims:
(i.e., the ownership
labor.
! ^
...
.
There
.
.
inherent ob-
no
seems
stacle to the' gradual' advance
socialism
through
the
in
fUnited
series
a
of
ments
of
G.
Soviet; Russia,
and a
to "compromise with
willingness
States totalitarianism." What specifically
Deals."
of New
States
advanced
...not
was
Chairman Khrushchev
by
members recently
whose
Action,
The 1961 ADA policy
at the
:rec0gnition
three
Cabinet
half-dozen
officers, at least a
Senators,
than
more
the
£
wi^
veto)"'
trade*
the
UN
of
Council
gecurity
a
of
removal
all
S
U
agricultural
services;
credit
many
Charles H. Stoddard, director of
Interior Department's technica* review staff; Archibald Cox,
Solicitor General of the U. S.
William Taylor, special assistant to the director of the Civil
Rights Commission; Thomas K.
China
as
He did.
me.
I
can
do
for
would like to:
supports; . John A. Baker, director holders. In larger cities there are convenient for you?" I told him,'
statement
of Red China and its
to
ture being what it is* we some- me that he would call
Murphy, undersecretary mUnity, of any sizable signifi- call to see you, to make your ac°* Agriculture; Robert G. Lewis, cance, there are at least a lew qqaintance and to meet you." He,
deputy administrator of price localfirms that have pubhc stock- replied, "Why not, what time is
callg for total disarmament under
included: three-White House aides,
liaison
Charles
has the ADA advocated to arouse
No, this plan for the insidious such violent accusations from all
undermining of freedom in - the quarters? ••
United
Congressional
Akin,
officer of HEW; Secretary of times .think we have to travel He asked, "What
Agriculture Orville Freeman; miies to find them. In every com- you?" I replied, "I
highly regarded local firms "I pass your office every after-
and don't overlook them. Now, all replied, "Make it tomorrow afterthese corporations have annual noon, I always have a ciip of
meetings. They also have execu- coffee about that time and yoi^
tive officers and directors who cah join me at my office." I re-
are usually approachable if you plied, "Fine, make mine black."
try to meet them on the proper He laughed.
administrators in/the;;vital.areas communist China long-term asbasis. Somtimes one broker in a That was the beginning of a
of finance, labor, civil rights,
pub-si^np_ f
India's socialist eco
Finletter, U. S. Ambassador to community has the inside track pleasant friendship and some nice
lie works, power,
housing, and nnm«hands-nff"
NATO; Housing and Home Fi- with a director or two, or even business. And I thought all along
foreign policy.
J
*
" rvnlipv
toward«
Cnha
nnnnsit.ion
nance Administrator Robert C. the president; but don't take any- that no one could get near him.
'This statement
of the- ADA's
" rp<;umotion' of
nuclear Weaver and his deputy adminis- thing for granted. Let me tell you Don't
make this mistake — the
plan to destroy America's free f
federal
aid
to
nubliotrator, Jack T. Conway; Sidney H. a story.
worst that can happen is that the
enterprise system was authoredat alT WeU hut
to Woolner, HHFA commissioner of
One of my friends was very man you think may not see you
by Arthur M. Schlesinger, Jr.,
f^hools
h^vei
and community facilities;
Federal much interested in the stock of a may say "No". Then you are no
V
;
Powpy
rnmmi^innpr
Howard local
company. He watched? it worse off than before you asked
founder of thp AlJA and a former
ottne ADA ana
jor^er ^more urban renewal and planmng Howei commissioner fio w a r a
* *
management
to meet him
But often
c,v«!
twenty
-
government
key
.thirty-one
over
and
Congressmen,
five
the
barriers
shipment
with
of
China
Red
surplus
food
to
,
_
.
.
„
.
tt
c
nono
fonndpr
a
organ-
.
AnA'c
of
task
the
.
acting
sDOkesman
active
most
the
as
the
Mr. Schlesinger serves as
Morgan;
,,
'
tbe *£?Angeles
a
-As
When he is not occupied,
ization.
with
of the
chairman
national
r
Federal Trade Commis-
Philip Elman; George
Docking director of the Export-
sioner
„.
,
.
Times
summed up this program; "Han-
TlTmortRank
Ad-^S is the panacea that runs
An
^ polnted
g
§r°w, ne lucea. tne management, to meet mm., But often .lie says
and he recommended the stock to
some f
cllents- He
Yes.
Corporations Buy Securities
^orpoiauons Buy securities
some for his own account. The
president of the company. was
thai
think
vou
very highly regarded, well known, more, No matter yf ypu thmk that
and a director m a large bank, as some ot the local insurance comKennedy.
planning* is not individual, or
well as active in many civic af- Panies, corporations,, or privately
Whafs the ADA? '
•
family or corporate planning but
W fa*s" Although °ne °f thls sales" controlle<» enterprises that operate
:
"
'government planning."
cases w tn te
man's competitors was making a as corporations, have accounts
The
.ADA ijvas^ formed m 1947 8 ^ ctoser Llysi^ some .ttf-the cerned' ,s not ejchaustive.
p£imary mMket
the
^ with certain brokers, or some
by Wilson yy^tt, Who later, be* At-vA,
ene'cific legislative
nro:
i
was on very good terms with the local bank has the inside rail, give
came Adlai Stevenson's campaign
lg. indicate that it isn't even
Just as Dangerous to Our
chie{ executive o£flcer> he finaliy it a try. Make a check-up of all
manager; Leon Henderson, an old
mi
t
it £
"piecemeal"
y
decided to try and make a contact the available "suspects" you can
bjew Dealer, who served as chairto .6cialisi/ For ex- '
The ADA has been accused on on his own
find in. your market area. There
man of President Truman's coun- .V*
advocated- many occastons of being a com" '
After over a vear of standing on may be some corporations that
ml Of economic advisors; Franklin
P v
ministrative Assistant to President
Tdhn TT
John F.
Kpnnpdv
^
-
th™gh a11 ADA literature and
what 1S meant by 'democratic
{h
■
th
.
,
,
...
..
care_
ADA,
.
-
"
v
£
v
t-\
1 nah
j
.
*
,
*
.
,
he
Jr
Roosevelt
D
late
president;
of the
son
2;000,000= federally
nancedidWgllin,
and^the then Hubert
mayor
Senator
g
Minneapolis,
of
H. Humphrey.
i
,
false,
fed.
however
ADA members
»deologx<Ml soulmates
America's
expanding
aid
vseral
thr0l]y h
.
.
d®»
deftni>q
abQve jts would be far less dangerous to
national, inlevel (President Kennedy
freedom of American citizens
dependent
liberal orgamzMmn .asked £or over $4 3 billion this "'hey .were avowed communists,
and by its constitution, the ADA
federal
construction
and
^be sPec'"c form of colleetivproclaims itself, "an organization
afom-electric nower 'sm
known as communism is
for. progressives, dedicated to the
increasing unemplov- -ana'bema '° ab Americans, and
achievement of freedom and eco- Pa
;s'
f
aea
anyone who admitted his alleriomic
security
for
all
people ment De
'
giance to communism would have
its
By
letterhead
"j,-j
00 000 schoolrooms a
•
front organization com-
fi-
^uild. P«ed. of card-carrying commuyear for
Thls charg4cra'As blatanUy
annually,
own
tlon, the ADA is
a
,
y
...
.
everywhere',through
action."
democratic
and
as these are
(Italics uttered almost daily by colleetiv-
Proposals
education
such
~
• •
-•
ment.
mond
As
Senator
Strom
watched
he
menti0ned
that he had become a stockh0ider| and he had a friend whom
ke WOuld like to bring along for
an interview. This friend was the
salesman's largest client. He had
already talked with him about the
promising outlook for this com-
aJ™ Jn®uraace company in my area
J
as been giving its business
° several brokers. In both mstancres th^rc ls friendship and
grow,
He had suggested a sizable
pany.
such as socialism, fascism, and a could obtain a better understand-
mjxed economy-—carry a certain ing of the company and its future,
o£ reSpebt in the United
when he suggested the idea to
the president of the company^nd
Thur- - Times
compiled a partial list of
in
principle
between
told
him
that
his
client
the
might
become
a
helpful
stock-
the interview
promptly
granted.
They
holder,
was
were
sion
made
upon
this
salesman's
by ADAers and provides an in- which would have been denied client regarding both the company
and anything accomplished by the sight into the power they have to to
them had they openly ad- and its president were very favorCommunists is acclaimed by the set top-level policy.
vocated communism.
able A substantial investment was
as
superior to anything
ac-j
complished by the United States
When President Sal
of America."
-
,
Roster of Members
Roster of Members
The
1961
list
includes:
^
^
Ted
To focus all of one's efforts on made A valuable contact was
nddmg our government of card- established.
carrying communists, and neglect
one
And
now
there
are
two
com-
as a member 011 the
m
hoard. It looks pretty hopelqss,
doesn't it? The other day an alert
saiesman made a call on the presicompany and he
showed him three good preferred
sj00^8 •'hat were yielding very
,1°^
{
/
^ ®
ahnf.t
r am not
I am not talkmg^about
kets^r1that^^are'ihkrSISv
Si !!I
w'- ThlnrpflrrpH
fbj,f
+bic
£n
fnr +bp
T
n
\ J u^n
Php_pniintpr
graciously received. The impres-
bidly fascinated by the U. S. S. R.
ADA
Jbat hey "lay^vish to invest for
'he short, or the long term,
Hcres another case. There is
was
fo™er mei^?the various' forms of collectivism, a very important investor who
ADA
accurately pointed out:"All
actions and policies ad-
differenCe
the,m when
Jbeyl?ave s011le additional surplus
the
put into practice. But and arrange a personal interview
0ther varients of collectivism — with the president, so they both
degree
brokir who can
company
he
COuld be
bers) in .1961. Although some of advocates of increasing governvocated by the ADA point to fed- the men named are no longer oc- ment
controls, regulations, and
eral
socialism."
According
to cupymg-the same positions, the list general interference in the lives
Congressman
Steven B. Derou- indicates the extent to which the of individuals and business firms
nian:
"The
ADAers
are
mor- government has been infiltrated bave attained high public offices
of
himself
that
government.^ The Los Angeles states. . Thus, while there is no
of by the govern-
taken Care
troduced
chance to reach a position in investment to his client and he
our g0vernment where his ideas had told him he would like to try
—
are
and ca„ed the president He
no
-ists both in and out of governWe can take
the ADA at its rnent. What makes them frighten-..
word
a colloquial definition of
inS when advocated by the ADA
collectivism is-a political system is the positions of power occupied
Where "all people
everywhere" by ADA members in our federal
added.)
have been overlooked. There may
be some officers of these concerns
in. who would like to have an alert
the salesman finally
the telephone one day
^
icked
mnrl_0+
Lw
^
f fh
f
N Y S
F
k
wi
ui
p
ThP
valnp«
...»
,
The offerings made
a
signifi.
cant impression on the president
0f
the
company.
The
salesman
special counsel to the the men whose political-economic petitors, instead of one, who are sent him reports on these stocks.
Union, one of the original found- President;
Sen.
Paul
Douglas; ideas are no different in their receiving information, orders, and He opened the door because he
ers of the ADA, resigned from the
Frank W. McCulloch, chairman of basic
contempt
for
individual cooperative assistance from this WOVed something—he knew hi<s
B.
Hoffman
late
organization
wrote:
Upholsterers
the
of
&and
tombstones
thought
with
...
they
of
could
totalitarianism.
cumstances
I
must
adi^u." (Italics added.)
National
Labor
Relations rights—is to commit a fatal error, company and its president (and
Americans must come to realize some directors). This business was
Board; Harrison L. Wofford* spe-
President; that there can be no common
President's meeting ground between capitalspecial assistant in the State De- ism and collectivism, just as there
those
who partment;
G. Mennen
(Soapy) is no room for compromise becompromise Williams and,Phillip H. Coombs, tween freedom and slavery. To
In the cir- assistant
secretaries
of state; believe — and act — otherwise is
bid ?. ADA Jonathan B. Bingham, the U. S. nothing short of committing na-
exceptions is no opposition
The road of world
history' is strewn with v^recks
at all today.
Sorensen,
he the
"Opposition to Communism
with
f
1950,
in
v
cial
assistant
Chester
to
Bowles,
the
the
representative on the United Na,- tional suicide.
.
there all the time. It
was
blocks away from this security
salesman's office. Don*t take anything for granted in this business,
Once I thought that
large investor would
me
an
a
certain
never
grant
interview because he
supposed to be
—
,
^
Preferreds. Two months later he
only two Sot his first order from this in-
was
very close to an-
surance
good
brokers
.
company,
one
n0w
doine
and it was a
there
business
are
three
with
Aii
k
this
"
1Psurance P°mPany- All because
someone tried, and he knew his
business.
-
28
■The Commercial and Financial Chronicle
(1396)
the
BANK AND INSURANCE
paid.
This Week
—
split 2-for-l
was
to
100,000
shares
on
The
UNITED
The
United
York
States Life
the
is
oldest
Insurance
life
stock
having commenced operations in
$26
at
stock
common
of
per
a
paid in 1958 and 20% in 1961.
Life
is currently
alent
trading in the
price of $761/2> in the upper half of
or
a
tinder the
acquired in 1934 by interests
was
International
Underwriters
As We See It
asso¬
Corporation
tors
has been focused
primarily on domestic operations which
trolling interest in the
Casualty Company.
that
now
general public,
the nearly
time, through
U.
S.
Life
began
now
public offering
a
President
Chairman
and
doubled
graphic
these
its
of the
Board.
Over
in
1952
under
the
the
income through
extending the
geo¬
1962
pany
is
15 in
basis
with
exception of
began
company
writing
and since has added
the
a
ordinary
number of
a
ordinary and group fields.
The past
history.
year
Sales
$330 million
foreign
branch
participating
life
new
offices.
policies
in U.
S.
billion
S. Life has
Then
This growth
1962.
is particularly noteworthy
income
to
the
indicate
°
as
were divided as follows: bonds—44%, mortgage loans—
40%, loans to policyholders—10%, and miscellaneous—6%. Dur¬
at
an
were
a
year a
average
yield of 5.90%.
characterized by
shift
gross
total of $16 million in
in
investments
were
be
The year's investment operations
-A/v-
S. Life has paid
.
Selected
'
.
Statistics
1951.
In
some
should
that
the
"Admitted
Life Insurance in Force
,
Assets
Ordinary
'
Group
<
Year
in
May 1956
.'five
m u
1 t i-
$577
will
same
.
total
the
times
Premium
Capital
Income
Total
in¬
more on con¬
goods and services."
And,
.
the
now
$33.8
$12.1
836
1,475
36.3
10.6
692
959
1,651
38.0
multiplier and
is
now
126
759
1,068
1,827
40.1
15.2
changes
in
1962...
134
832
1,983
43.7
17.2
occur
a
1,156
Reported
.
_
"Adjusted
Earnings
Earnings
Paid
in
Book
"Value
"Liquidating
•
Value
relationship
$1.62
$.10
$7.38
$13.50
$52-38
1.91
.13
6.40
15.38
52-39
,
fact
the
to
as
that
some
investment
result
of
changes
that
analysis
increase in
ac¬
assumes
consumption
demand must be reflected in
2.31
■
-
.13
7.72
17.47
44-36
part by increases in the de¬
2.54
.18
9.21
20.08
90-60
mand
t
1.51
2.74
.20
10.40
■•Adjusted for increase in life insurance in force.
21.80
90-45
ac¬
very
we
multiplier that
measure
multiplier"—which
of
firms
for
capital
goods to meet the additional
consumer
The
wants.
multi¬
plier implies that increases in
of
increase
in
would
total
arise
increment
which
to
way
get
started' would
and
money
hire
ployed to stand
corners
things
be to
the
the street
on
and pass out
bills.
Fortunately
Washington took
print
unem¬
10 dollar
no
in
one
him
seri¬
with his
reasoning-^as-
the premises
suming
was
the
ac¬
Ger¬
noted
a
philosopher
man
of
to be sound and
of another
we
learn
nothing from history
except that
learn nothing
we
8 '
services.
The
tor concentrates
of
increased
mand
on
on
accelera¬
de¬
a
—
vertigo!
in
new
The
fact
-
,
these basic
and
new
about
them
concepts.
the
lies
dubious
in
give serious
we
expenditures. The plans of the
Administration
brush
to
seem
definitely
aside
every¬
thing but tax reduction.
Bache Lectures On
the
use
Com. Futures Trade
Three lectures
on
the professional
that is made of them and the
futures
is
vesting
public by the
which
they
are
applied. Everyone, including,
of
nomic
been
classical
theorists,
well
creased
has
sector
of
reverberate
other
parts
omy—that is if
long
any
in¬
seg¬
industry
through¬
of the
and
econ¬
only if
are
Stock
favor¬
being
offered
Exchange
& CO.
eco¬
that
aware
activity in
or
would
out
the
course,
.
approach to trading in commodity
situations to
general conditions
increased output
invest¬
provided
thought to real reduction, in
Of, course, there is nothing
the effects
consumer
a
tion
hardly does much to
relieve the
ment
labor
output
from
in
expenditures
final demand will be reflected
by increases in demands for
was
supposed to show the amount
will
aggregate demand. The
celerator
Price
Range
1.00
1.45
refers
Data
$.93
,1,30
_
Dividends
fervor
during the early
days of the New Deal. Some
recall day who once remarked that
we
supposed to
12.7
.1961
Share
en¬
Perhaps, though,
accelerator given
The accelerator
639
117
Per
lar
these fault
being
should be excused if
ment
112
•
we
Maynard
continuously
perhaps
which
principle:
$1,289
doc¬
or
Funds
$711
of
sort
same
preached with simi¬
initial ing from increases in income
the
spend
1959__.
1961
nausea.
economists,
advent of
two
of additions sion.
be consumed,
...
1960_.
1960
most
say
them
."
.
other source—individ¬
any
sumer
'
,
an
was
consumption would increase in consumption aris¬ from history!
uals will
-(Millions)—
$105
1959
said
Total
1958__.
1958
the surface to be,
been all but
ment
or
•
cash dividends since
will remember that
very
us
it trine
as
to be
that be in
What is most distressing
output, originally appeared about the current situation is
from the pen of the patron
"The multiplier assumes
that we are really suffering
saint of New Deal economists,
that as a result of increasing
from the want of intelligent
Lord Keynes, as the "invest¬
tax revision—and tax reduc¬
incomes—from tax reduction
made
greater activity in the bond account and
before taxes to 4.45%.
of
presenting
that
change.
emphasis from tax exempt to industrial bonds.
The
on total invested assets rose to 4.77% and the net
yield
yield
U.
new
affairs
seem
powers
this nation at this time. Most
far removed much the
as
almost
multiplier formula would that this
crease
of Dec.
31, 1962
ing the
seems
multiplier Keynes in the 'Thirties have
adds that "if 80%
con¬
of $2.4 million has been accumulated.
S. Life's total invested assets of $127.8 million
his
see
it
so
feelings in the head— quickest
had
we
economic since the
in
The
after
sidering the fact that $2.6 million was transferred from surplus to
policy reserves in 1959 for tax purposes and a deficiency reserve
U.
as
all this
may
seem—and is—-it is in essence
he the principles that
point,
serious effort of
any
They Use It
absurd
that for that guiding the
everyday
appears on
other.
or
the celerator principles. We shall New Deal
formula itself, the Committee certainly not jbin that
proces¬ curate.. It
with the company's rapid exjtepsion.
Capital funds have risen from $4.4 million in 1953 to $17.2 million
of
from
part
g e
conditions
economic
the past decade along
at the end
a r
plied by the coefficient.
considerably
grown
is about
and
twinge
a
better
to us,
in¬
type
will
Total income and earnings were well ahead of
1961, estab¬
lishing new highs for the company.
of U.
some
change in final consumption gaged in such sweeping ab¬ ously, but one is a little put
be the initial change in stractions, the
chief among to it to find much theoretical
record
level.
over
change
conditions.
Life's long
a
The financial strength
1
stimulus
be expected from
may
1956
life insurance in force approached the $2
as
in
he had
reason
is to stimulate
coefficient indicates
policies reached
for
reason
This
this
at
physician. All this,
multiplier deals with
initial
,
insurance
vertigo
need not suppose
As
changes in consumption that Many economists, perhaps
The
in
explain
Doctor
a
they
be
1
If the reader feels
queer
policy innovations in both
new
the most successful
was
of
few
will
...
"The
licensed to do business in 45 states, compared with
the
primary
occur
ciples.
1952, and intends to reach its goal of nationwide represen¬
shortly.
Operations are conducted on a general agency
tation
goods
they
if
ordinary brain to follow it wag at that time suggested
through the so-called multi¬
through its various labyrinths that, assuming all that the
plier and accelerator prin¬
is very likely to give rise to economists were
saying, the
more
area
now
*
economy.
will
past decade
tripled its insurance in force and
premium
economists
tax reduction
program
there
But
of
mysterious figures:
"The
holding less than 5%
covered, expanding its agency force and developing
complete line of life and accident and health policies. The com¬
a
from page
No Need for
key parts of the economic
mi'ttee
outstanding.
expansion
rapid
a
the company has more than
than
Continued
be
to
Here is, how the Joint Com-
management headed by Raymond H. Belknap, who continues
new
as
with Continental Casualty
1.7 million shares
said
are
management machinery.
in 1956 and subsequent stock distributions, the common stock of
U. S. Life has been fairly widely dispersed in the hands of the
of
ratios
or
In June 1952 con¬
purchased by the Continental
company was
Since
the
Thereafter, atten¬
represents over 90% of total premium income.
and
creased demand for
leadership of C. V. Starr. This group's primary interests
development of foreign business until 1947.
tion
it
it,
;
in the international field and they embarked on a program
were
of
American
with
spend
spend
of
Control of U. S. Life
ciated
business money and
a
will
1850.
equiv¬
of
printing money and
distributing it widely. What is
being said is that give a man
in the country,
company
income that
origi¬
—
nates with the modern
$0.10 per share has been paid since
S.
U.
Thursday, April 4, 1963
business
in the City of New
Company
insurance
basis
one-for-ten
.
the hands of individuals
and
dividend
stock
.
its 1962 trading range of $90-$45.
COMPANY
STATES LIFE INSURANCE
100%
a
May, 1961.
Over-the-Counter Market at
THE
a
Stock dividends of 25% were
A semi-annual cash dividend of
Insurance Stocks
and
Subsequently, in June, stockholders received rights to
subscribe
share.
STOCKS
stock
common
was
.
firm
;
the
in¬
New York
•
Bache
of
'
.
,
Recognizing that special knowl¬
edge and techniques
to
take
advantage
speculative
the
opportunities
commodities
great
in
the
markets, the firm is
offering
would
chance
acquire
to
required
are
of
-
be
-
traders
a
sophisticated
a
understanding of futures trading.
The lectures will
damentals
of
the fun¬
cover
commodity trading,
the influence of government sup¬
of able. The names
given these
port programs, analysis and price
latter facts are new as
are
the
forecasting by fundamentals and
change is important, just as
strange conclusions drawn by charts, and a survey of cur¬
the multiplier, because a rise
from them. What is now being rent market Situations.
in
capital
goods.
This
„
demand
for
goods constitutes
additional
omy."
a
income
then be used in
way
investment
throughout
a
source
that
of
suggested has nothing to do
with natural increases in the
can
multiplied activity
the
of
any
industry
or
econ¬ trade, but with the effects of
artificially created income in
The
will
course
be
,
given
.
on
three successive, Wednesday eve¬
nings, beginning April 17, at the
firm's
fice.
770
lectures
Paul
Lexington Avenue of¬
Investors
by
Laven."
may
writing
register
or
for
calling
r
Volume
Number
197
The Commercial and Financial Chronicle
6252
later
NEWS ABOUT
of
appointed
was
new
(1397)
Assistant
Manager
Island office
attained
Jan.
on
officer
Branches
New
•
New
•
Officers,
etc.
was
Coney
merger to their stockholders. Spe¬
an
He
cial
16,
will be scheduled.
Sept.
to
In
Secretary.
Gilbert
W.
elected
of
the Board
to
Chase
the
New
Fitzhugh,
Manhattan
it
York,
Directors
of
Bank,
announced
»was
will
been Krug
has
April 2.
BANK., NEW
in
djan,
Generate
Societe
the
Banques
NEW
COMPANY,
,
YORK
Mar. 31, '63
.&•
,r.
.
Total
Dec. 31, "62
$
5.077.730,443 5,246,135,618
'
•
resources
and-
due
A:.
.v
serve
as
Assistant
•.
from banks997,138,610
U.; S..Govt, se- '
'
/
1,157,190,072
•.
.
holdgS.
curity
Loans
discts.
&
Undivid.
sis-
MANUFACTURERS
'
.■
Total
r*
.
■
Manager
•;
well
TRUST
NEW YORK
Mar.
31, '63
and
U.
S.
6,037,112,971
6,532,402,555
due
Govt,
1,418,754,425 1,758,636,403
Chemical
Paris.
addition
In
as
Societe
Nationale
in
his
; The
Societe
cover
Senegal;
New
86,767,553
York
Trust
elected
its
Advisory
International
he
Generate
Board
and
and Houston
J.
R.
Josephson,
must be submitted to
NEW
COMPANY,
Mar. 31,' 63
Banques
Congo;
Senegal
au
Societe
•
Mac Mender,
ert
R.
and
Alvin
au
Cameroun,
______
and
Dakar,
de
Societe
Generale
de
Cameroun in Douala,
other
three
in
banks
S.
Govt,
Vice-President
&
575,179,685
470,529,124
1,167.011,761
38,615,082
MIDLAND
TRUST
COMPANY,
YORK
NEW
bank's
and
S.
Bank
243,481,644
the
of
in
Mr.
Citizens
previously
was
banks
Loans
Assistant Vice-President of the
Company,
New
New
153,804,107
156,551,113
425,761,494
22,886,258
THE
GRACE
York
NEW
OF
NEW
YORK
Mar. 31,' 63
Trust
Total
BANK
545,790,732
578,000,870
profits
4,077,870
Comptroller of the Currency
688,742,240
775,897,093
Deposits
586,617,353
676,162,145
202,558,307
296,121,259
curity
holdgs.
100,260,693
100,028,601
Undivid.
discts.
Undivid., profits
322,833,132
and
S.
due
Govt,
Cash
se¬
and
from
U.
Uanks_-
$272,030,034
Great
S.
232,786.641
13,096,400
58.306,147.
58,216,792
holdgs.
49,994,912
49,996,697
discts.
125,387,376
127,059,925
profits
5,859,327
William
H.
Bankers
&
se¬
First
Company,
of Arthur Brickner
in
the
the election
Vice-Presi¬
as
Economics
Depart¬
■
Total
Cash
from
U.
1945.
Assistant
joined
He
Bankers
named
was
in
Economist
Associate Economist in
William
Cohen
Vice-President
politan
Cohen
Trust
in
S.
B.
pointed
the
Metro¬
Bankers
elected
was
also
in
18.550,352
19,464,836
23,624,316
Undivid.
958,874
918,325
profits
,
joined
He
1931.
and
The
Banking
of
York
New
Bank
The
gave
Department
Total
FIRST
New
Company,
was
Assistant
BAVK
NATIONAL
26
Tokyo. Trusi
York,
N.
consisting
$1,500,000
Y.
shares
each,
to
ap¬
the
of
value
par
ap¬
the
of
* 15,000
of
$100
Cast)
Office.
named As¬
election
Bcwery
Ycrk,
of
same
Eugene
of
Board
Savings
was
R.
Bank,
ant
Lagos,
Nigeria,
Abidjan,
Coast and Monrovia,
be
home for
the
York,
>!
B.
Mr.
Guyon
ager
rica,
Krug,
Mannino.
Kingery
Assistant
to
Eugene
31, '63 Dec. 31, '62
$
38,394.662
The
2.
serve
General
Lagos,
of
Brooklyn,
September of
Manager
Island
1960
of
the
branch
N.
and
since
Y.,
Assistant
.bank's
Coney
since
office
early
banius
1955, retired from the
an
Dime.
Mr.
Af¬
by
Mr.
1928,
,
Stephenson
the bank
as
soon was
a
was
clerk
with
.
staff
The
April,
promoted to teller,
that he has
approval
Saxon
$3,000,000,
28
March
.
who retired
President of the United
of
Bank
organize
in
Bartlesville,
Mr. Fairbanks was an
National
Bank
a
will
be
$500,000, and
the
under
operated
N. Y. When the latter was
the
with
pany, he was
merged
named
Vice-Presi¬
a
1930
Fairbanks
Mr.
Treasurer
became
United
the
of
its
March
nounced
that
approval
National
Bank
he
has
given
to
in
28
in
i
Initial
Oregon.
Initial capitalization of the new
title
Atoka,
will
be
a
$225,000, and
operated
"First
title
J.
Saxon
The
that
March
has
he
approval
28
given
an¬
pre¬
organize
to
the
under
Bank
National
in
Comptroller of the Currency
Saxon
J.
he
that
nounced
March
has
given
an¬
pre¬
organize a
Margate, Florida.
approval
Bank in
27
to
capitalization of the new
and
will
amount
to
be
$1,200,000,
it will be operated under the
taken
to
County
Bank
Bank
the
The
Comptroller of the Currency
J.
Saxon
announced
of
and
Bank,
Clinton
the
B.
Lucas
William
President
of
Bank.
They
L.
the
.
reported
that
upon
final
approval the bank will be known
as
the
Lucas
on
March 28 an¬
nounced that he has
given prelim¬
inary approval to organize a Na¬
tional
Bank
Initial
in
Dallas,
Texas.
April
County
State
capital
Somers H. White is
He
helped launch
the
Guaranty Bank of Phoenix,
Arizona.
Prior to that, he was
with
Manhattan Bank,v New
Chase
the
business
for
paid-in
with
1
Seattle,
Bank,
opened
President.
.new
Julian P.
•v
Jenner
is Senior
;
'i'
*
.
The Royal Bank
;'
*
■
as
the
Assistant General Man¬
an
headquarters in Mont¬
with
real.
announced
Georges H. Mer-
appointment of
ager
of Canada, Mont¬
has
Canada,
real,
Supervisor,
Formerly
Commercial
his
Develop¬
Industrial
-
Office, Mr: Mercier
executive duties
new
May 1.
,
Proposed New
capitalization of the new
$500,000, and
'
N YSE Location
The
Stock. Exchange
York
New
has made public the
first illustra¬
tions of its proposed new
Broad
lower
A
new
location
St., near Battery
12-page booklet, "A
the
Into
Move
contains
Future,"
artists' sketches
showing how the
240,000-square-foot site might ac- '
commodate
cilities
expanded fa¬
greatly
planned by the Exchange
to meet future needs.
The
of
a
•
December,
in
Exchange,
submitted
letter of intent to the
York
New
arid
Housing
formally
Board,
expressing its desire to purchase
and redevelop the so-called Bat¬
tery
Renewal
Urban
Park
The
Exchange agreed
full
cost
with
no
of
acquiring
subsidies
or
Area.
to pay the
land,
the
tax
conces¬
sions involved.
"White
Bank.
In
operated under the title
National
Rock
Bank
of
the
Keith
Board
of
Funston,
Governors,
President
of
and
the
Exchange, stated that the Battery
Calif, promoted to Assistant
Park site "would make possible
a distinctive new Exchange head-
of America,
Vice-Presidents at the head office
in keeping with our
tradition of owning and controlling our own building." They said
H. Lewis that
the project "holds great
George W. Hickman Jr. in the Ap-
praisal
Keane
"department;
in
the
department,
quarters,
Frank
J.
Corporate Finance
Theodore
in the Cashiers department, James
L.
foreword to the new book¬
San Fran-
The Bank
cisco,
a
let, Henry M. Watts Jr., Chairman
of
Dallas."
Lucas
by
Ewell,, President
Mr.,
State
was
it
simultaneously
been
into
Ohio
of
■
have
the
merge
Toledo,
the
Bank
*
,
West
Redevelopment
it will be
of
*
of $2,700,000.
City
bank will amount to
'
steps
the
gate."
otitic "The Colonial National Bank
Preliminary
under
operated
title "First National Bank of Mar¬
James
Initial capitalization of the new
bank
will
a
Alexandria, Vir¬
North
Washington
on
Initial
on
$1,000,000,
National
"Union
Park.
The.
it
to
Okla¬
capitalization of the new
States
liminary
in National
Comptroller of the Currency
James
amount
be operated under
Portland."
bank will amount to $600,000, and
The
will
pre¬
organize
Atoka."
President.
a
Portland,
an¬
homa.
Savings Bank of Newark, and
1933
Saxon
J.
liminary
it-
an-
pre-
organize
to
Bank
Comptroller of the Currency
James
In
approval
ment, at Head
Com¬
Trust
Guaranty
of
28
given
National
takes up
bank will amount to
Officer
Commerce
of
has
liminary
cier
bank will amount to
Newark
March
on
he
an-
given prelim¬
to
Bank
N. J. died March 30.
State
.
J.
5,115,142
Savings
Saxon
that
nounced
.
ounced
5,509 355
as
J.
James
York.
*
'
James
James
profits-
.
*
*
*
The Comptroller of the Currency
on
:•!
employed
in
to
operated under the
Comptroller of the Currency
78,170,142
Undivided
capacity at the Los Angeles
Vice-President.
The
61,714.850
Alexander.
anniversary
be
Commercial
a
will continue in
Office.
on
neapolis."
50,37i,566
County
35th
Minneapolis,
will- amount
bank
139,102,767
this week following observance of
Man¬
as
for
Nigeria.
Secretary of The Dime Savings
Bank
in
Bank
a
Initial capitalization of the new
holdings
&
is
White,
pre¬
organize
31,028,859
Assist¬
an
given
to
Minnesota.
discounts
security
Loans
his
•
of the United Bank
Ltd.,
F.
Vin¬
and
.
will
the
years
Company, New
Representatives
Kingery,
cent
three
next
for Bankers Trust
Ivory
Liberia, will
S'tephehson,
has
Initial capitalization of the new
of Alexandria."
Charles R.
National
The
liminary
Vice-Presi¬
1948.
he
title "Plaza National Bank."
—.
nounced
New
April
announced
approval
Government
S.
Black
of
Trustees
that
liminary
it
National Bank in
the
to
an¬
Oklahoma.
OF
ginia.
The
28
Los
appointed Assistant
was
*
JERSEY
due from
and
banks
U.
of
value.
Bankers
March
on
235,319,539 251.957,109
par
consisting
$2,700,000
shares
of
Saxon
263,879,594 277;313.909
resources
Deposits
the
of
March
on
of
J.
National
'
in
dent
Post
Boston
dent.
*
27.000
sistant Controller in 1946, Auditor
1947
19,464,721
discts.
Assistant Treasurer in
Jennings
Trust in
5,888,274
se¬
holdgs.
&
that
Ackley, 111. has been
an
an
1952.
announced
Bankers Trust's Fifth Ave.
Mr.
the
near
proval tc increase its stock from
Division.
Vice-President
Moore
John
branch at the junction
Road.
the
11,408,953
Comptroller of the Currency
inary
Road
Mr.
bank
April 4.
will
Brook' Road and Old Tav¬
of Race
48,577,854
banks
Govt,
State
1959.
elected
•
joined
1944 arid
Assistant
Mr.
was
in
Banking
Mr.
National
Conn,
Haven,
$53,068,346
48,307,027
due
an
and.
1955
$53,182,094
;
and
The
and it will
Haven
New
New
States
YORK
Dec. 28, '62
resources-
Deposits
Loans
Brickner
in
COMPANY,
Mar. 31, '63
curity
ment.
in
NEW
of
New
TRUST
after
or
.....
Bank,
He
and it will
Barrington,
Benjamin Fairbanks,
12,827,181
Chairman
Moore,
Trust
York, has announced
an
National
April 8.
5,424,059
Govt,
on
nounced
County, Pitts-
Great
of
fective
the
in
Mutual, Utah, Mr.
Loan Officer and
ef¬
Bank,"
of
ap¬
Barrington, Mass, effective
after
or
The
due
UNDERWRITERS
Mr.
Berkshire
Bank
in 1960
Trust
Agricultural
National
merge
field, Mass., and the National Mahaiwe
to
with the title "The Citizens
merge
Baughman
James
1
application to
the
of
April
on
YORK
$269,725,689
banks__
Loans
Loans. &
dent
Saxon
$
315,873,382
,
curity
J.
Bank
Ohio,
Bank,i Botkins,
7,562.794
_
Mar.
Dec. 31,'62
Deposits
Total resources-
U.
County
OF
252,688,107
resources-
Sidney, Sidney,
Ohio, and the $1.8 million Shelby
discts..
THE
Mar. 31,.'63
Dec. 31 '62
of
1,043,906,948
se¬
First
York.
NATIONAL
Bank
the
of
Baughman
1,160,976,922
PASSAIC, NEW
*
application
Citizens
1,096,137,782
224,389,393
22,190,776
BANK
from
National
112,519,491
430.581,264
profits
the
$
•
69,457,590
Undivid.
on
Currency James J. Saxon
$13,000,000
Y.
Dec. 31'62
204,010,787
&
the
the
28, 1963 the Comptroller
approved
LONG
OF
N.
holdgs.
curity
ern
Bank
Jan.
up
'
native
that
On
will head
Department
Cashier in 1962.
sur¬
206,000 and deposits of $11,902,000.
due
Govt,
S.
capital,
Los
and will serve as Operations Of-
977,627,574
and
from
U.
date had
same
Johnson
ficer.
as
plus and undivided profits of $1,-
se¬
*
Cash
BANK
MINNEOLA,
Mar. 31,'63
open a new
f
Chemical
discts.
Undivid.
of the
in
Venturelli entered banking in 1955
Vice-President
NATIONAL
Total resources-
.v
A
of
The State Bank of Toledo
000.
Dantes, Cashier.
Deposits
Cash
profits
Southern
new
Angeles.
title "National City Bank of Min¬
California, Los
Weisenthal
i
276,273,113
holdgs.
&
R.
Mfl
$1,504,000 and deposits of $20,876,-
President;
-
undivided
and
the
International
of
as
.capital,
had
18,
Headquarters
Angeles.
pending
County Bank,
March
surplus
are:
recently
Calif.
923,472,695 &•
801,040,149'
the
to
until
was
Vice-President
a
as
_
Monte
Angeles,
due
Govt,
curity
Loans
f
784,701,378
1
from.banks
U.
897,677,552
resources-
business
Metropolitan division.
Mr.
De.c. 31 '62
$
Cash
assigned
National
Mar. 31,' 63
Deposits
Vice-
Midland
of New York and
be
1,268,182,697
36,061,710
will
both
'•
Total
Assistant
an
of The Marine
Trust Company
se¬
profits
MARINE
Joseph
and
622,439,779
420,935,715
_
discts.
Uiidivid.
Wiesenthal
President
holdgs.
curity
Loans
Vice
Swiskay,
proved
2,656,864,886
2,354,058,849
bank
revealed
been
White, Assistant Vice-
at
California
its latest statement at the close of
Vice-President; Rob¬
ISLAND,
The
Joseph L. Monte has been elected
due
banks
from
U.
2,467,157,411
2,160,064,648
resources-
Deposits
of
'
the
not
Johnson, Jr., Angelo Venturelli
Presidents
of the proposed merger
The Lucas
which Bankers International Cor¬
a
Total
capital
govern¬
completion of preliminaries.
of
Congo in, Brazzaville,
au
and
Banques
in
Generale
YORK
Dec. 31 '62
have
Y.,
*
other
and
agencies for approval.
Terms
Walsh, President; Herman
James
TRUST
ment
Vic6-President; Leon¬
du
poration has equity interests.
Cash
of
'
'
A.
Peter R. Dorsey, Chairman of the
also
Business.
Weed to
M.
N.
.
officers
'
Department,
staff
will
to
Abidjan,
Banques
90,704,299
Bank
on
IRVING
The
1.
O'Leary.
#
■'
Francisco, Calif, appointed Irving
$500,000, and its sur¬
plus $500,000.
FRANKLIN
duties
975,087,515
959,529,012
Company, New York, has
Board
of
Banque
is
*
ration, the State of Ohio Banking
le Commerce et Industrie in
2,609,815,370 2,769,708,362
profits
Herbert
and
bank
$
discts.
&
Undivid.
offices
the
in
office,
April
on
ard
with
served
Paris
Flushing,
Bank,
se¬
holdgs.
curity
Loans
inter¬
equity
has
Trust's
as
pour
$
banks—
from
International
holds
Krug
Generate
.
resources-
wholly-owned
Bankers
Dec. 31,'62
Deposits-'--— 5,180,361,152 5,674,454,983
Cash
Mr.
ness
the
ests in each of the above banks.
Bankers
•
National
Scott
Federal Deposit Insurance Corpo¬
certificate of
a
is
proposed
of
yvhich officially opened for busi¬
Company, 'New
its
through
Corporation,
47,006,939
:•••
-X;
HANOVER
COMPANY,
-
-
'636,986,862
.50,841,654
Jjs
.
York,
2,473,547,392 2,562,959,142
profits
■
...
616,596,407
1
Trust
Bankers
subsidiary
..
that
us
said
1,
of the Currency
Comptroller
has advised
Monrovia, Liberia.
.
April
branch
by
department
that
Bank
Reserve
on
Supervision
■
Manager of the Santa Rosa
The Bank of California, N. A. San
authority to commence business
Mannino has been issued to the
Flushing
Mr.
Coast.
velopment Bank, Ltd. (Tradevco),
f$
_^_A- ;4;292,327/770 *4,56^502,942
Deposits.
Cash
•-••••
TRUST
the
de
of the Liberian Trading and De¬
YORK
-
York
the
as
the
Cote d'lvoire in Abi¬
en
Ivory
will
A.Y-V
CHEMICAL
Trust
Bankers
represent
Federal
New
ratification
stockholders
development of¬
Assistant Vice-President in the
from
to
addition
the
business
Moving to the head office
Loan
meetings of the stockholders
merger
The
district
the
Assistant
an
at
fice.
appointed
he
as
banks
meetings voted to recommend the
on
when
both
of
named
17, 1955.
rank
serve
Revised Capitalizations
•
Directors
was
of
1960,
Consolidations
Supervisor
a
accounts, and
29
Laherty Jr. at the
San Mateo
promise,
both
and for the
for
City."
the Exchange
mym ^
30
The Commercial and Financial Chronicle
(1398)
_
_
ily
I
AYIQlimPT*
lilt?
-I
-y
^
\A/ hT7 f ho I
VV
XIIUUDUIJ
j;ost
other
economic
of
areas
Favors Non-Durable Consumers
\
of those
activities which will benefit most
the discovery
to
both
this phenomenon
from
.
Consumption Oriented Industries
and
iargest
such
sis
appliances; the purchase of nondurable
of services such
purchase
hnnUinv
banking,
etc.
insurance,
mstori-
from
goods have accounted for
40%
50%
to
Personal
of
F
sTant
the
of
vagaries
.'
co^ usi massive
n,
First,
business
£
nohulatfon
♦tan*
nf
verv
favnrahta
growth
and
h
and
and
broadened
markets
current
c"ir.em
.
have led their competitors
•
pQpulation
bv
\uy
of
part.time
;
has
far
.
been
:
Avon
PrecLuaea me mention of a very
Products
„
large number of other meritorious
;
,
J
comPan^es-
house-
Its
consumers.
earnings
:
T
growth
The
be
rpfnir
fies
it
as
of
one
the
exceptional
the past five years,
hevser Busch has overtaken its
n
y
.wla""fTr^
r"
-
k
emphasized,
should
consequently
investor
obtain
substantial
in such industries
ing
drugs
ages
representation
Second
food process-
as
detergents
and
soan
(both
the
return
N
Procter & Gamble and Scott Pa-
invested
on
it the
lowest
n
l
a
n
cost .field
V,.,.
Tt
hp
nntpH
hprBthai
hIt should be noted here that all
inctaiiafinnc
+
t
P
.
excellent
8
three of these retailing companies
^"rea wAe^rgtning demand^ %£ ^ssfully agisted to the
persona c.are a
competition
from
discounting
taeTeorecta! which have met W"h outstanding aultl"g ,?r°a?
ml 13 !°" of na" and have apparently thrived on
capital of the industry leaders is
bever-
ethiral
plant .renders
producer of brewery products.
-
.
compiled
ph-inc
middle income classes. A package
of these two fine companies,will
give the investor adequate representation in the department store
n
substantially greater number of companies could well emulate.
items produced.
a
have
two
are
ctnra
type market, and Federated to the
constan.t,y competition and, through internal
.
Hpnnrtmpnt
which
area
heavily
"
erated Department Stores
over
should
'
prodUct development has
hvnnthesisTs
rile sLndard tag dollar 'dnce^ in^ high volume
t gr0wth exclusively' has -become
ofTvtac
mostVmZtata
mfss nroducttan taduftiJs the ^ utlllzatl°" of invested capital, the dominant factor in the domesor1nis^hli^eS ^ Income »st of advertising is spread over whlch V.u establlsh.ed a„„patt®™ «c brewing industry. Its modern
of
Disposable Personal
Income cost of adtert stagTs^ spread
other, popular
"growth"
this
~
...
Associated Dry Goods and Fed-
Their, intensive program has been extraordinary and quali-
new
a
able An*}en,C°l!^mpiion a/ea°f
of
,
.
raUuttonta
advertis-
theta
arrived at by
wives.
significantly
a
merchandising
products.
the with its uniquely successful door-
in
was
Projection of the earnings history
0£
dosages of adver-
on
9r°mth rate
ethical
exploitation of convenience foods, to-door selling concept.' This comcatering to a rising standard of pany produces a superior product
living and a large and expanding and merchandises it directly to
.+f.
receive
greater return
extensive
In the cosmetic area, the leader
ex-
,
They
.
,
^TneT^lTnd^tTy'r^r.^ habite1"creasl"g competition,
leaders
are
have
and the
ment
two leaders which
are
to
basic
mm
tastes>
,
,
a
have always anticipated consumer new
it,.11Tr,
^UedToth^
rate.
ard Brands
impel him to this
economic facts
of
area
consumption is relatively immune
the
P'
.
Disposable
This
Income.
t
m
com-
In the food
rapid rate.
consumer
io
quality
General Foods and Stand-
group,
oi consume!
the investor Panaea
,f
cally, consumer purchases of nondurable
f
area
manufacture
goods
°
both
? w
Tke accompanying table lists
pertain operating characteristics of
* ^npus companies mentioned
in
discussion. The historic
of
above-average
are
m
°f ths Past five to ten years. It
represents the best available judgdrugs can be purchased off the ment as to the potential earnings
shelves of drug stores without pre- Performance and is, of course,
scription. Primary emphasis : in subject to the fallibilities inherent
this area is on a superior market- «» all
estimates. It must be
*ng organization and, both of these strongly emphasized that this table
companies historically outperform *s'J3® no means an all inclusive list
their competition in the develop- of investment opportunities avail-
the
discover
of
^wSTavfdemonstrated
.
wnicnever
as
Histori-
pfp
in«nnnpp
groups
both
.
consumer
historical ability to grow at a con-
Recommends lndustry Leaders
such as food; and
goods
will
number
in
occurs
bert
It is here where
portfolio.
the
of
age
nondurable
investor
+he
the purchase of
gcods
to
,
three current auto population, resulting
durable in a substantially increased scrapautomobiles and page rate of old autos.
Consumption
areas
the
increasing
the
Thursday, April 4, 1963
+
drug representation, but their priwhich could iustifiably mary reliance has been on pronucleus of a well rounded prietary drug items.
Proprietary
the
plateau of auto consumption. This
is based on the explosion in demand to be caused by the matura^ Qf ^
^ «war babies»
cur-
rently ana in the future.
ana
the
is
auto industry, with main reliance
being placed on a new high
He then must
ment opportunities.
proceed
currently
area
.
Bristol-Myers and Warner Lam-
Goods Industry
^
ten$sting
.
of ethical drugs.
users
V V^-L' C/vl
population,
the
which
activity.
from page 3
in
old
QA7YYK®Pkfl
.
.
for," probably deserves more em- accrue from the rising proportion
phasis in equiiy investments than of the very young and. relatively
,
Tl U 11 ftlY*V
04-^^1-r/^
Tl
LOC/lvO lOXlW Ll.LvX•" Jlj^.C/ JL
Continued
'IN
HWWWPi»»IWWVVr"
J<1 Wjr", ,M
hictrtrinaliv
coft
and
"I"
and
thp
,,
of capital and the deprecia
^
^nnai carPfi'rm«
sonal
firms.
<?inrp
snnprinr
canital
of
.
...
„
tional distribution of all its prod-
year after year, in spite
success
th
conllict
are "u" altlocated
■
.
of recessions, political dislocations, uct lines. Since the attractiveness
interantional
tensions,
these of this stock is somewhat limited
T1\e G'eat A^tic & Pacific
The
service
area
historically produced.
companies have steadily increased by the gne.prp^ct, ngture of the
ai'
accounts for from 30. to 40%
of
Third, only the leading compa- both their sales," profit margins,, company's, output, purchases 1? tnetoo.a-. retailing inaubtry. AlD^isposable Personal Income. In n|es possess the highly efficient and earnings. Procter &. Gamble should be made on fin exirqmely
hampeied somewhat m rerecent years it has been the fastmarketing organizations and ade- especially has benefited from the selective basis. V
cent years by an overly conservaest growing segment of consumpquate financial resources which increasing national acceptance of
Among the service oriented comcare
.
over
greater
a
number
of
.
items
In
and
l Qfii
the c.ecade
between
nnrphasp
'
Vbl
1951
ahr.nt
about
Income.
has
nf
ot
38%
sort/inpa
ol
to
the
?p
4
j
product
development
growth
also
the
substantial
and
of future growth
Areas
Areas
open
nnen
to investor
to investor
include
life
insurance
consistent"
consistent.
interest
rein-
L-
final
•
.
analysis,
In
d
which,
in
and
the
level
of
the
essence
existing
operations
is
cially
in
great
leisure
must
care
lecting
vehicle
the
time
activities,
taken
be
in
base
form
the
+
he
consumer
fluctuates
has
rather
demonstrated
growth.
The
agile
very
durable
the
business
commit his
cycle
funds.
these
companies
a
good
consumer
consumer S°ods
.
orientation
is
competition
developing and promoting the
products
essential
f
to
.
fu0
u
may
price
vreatlv
ur e
cur-
rently characterizing the leading
investment opportunities. The old
to
The really in-
axiom,
"you
get
what
you
pay
(
levels
a
line
the
in
rounded
drug
ing
emphasis
enhanced
expend
health
ability of
substantial
illness
bat
on
their
.
;
Connecticut General Life Ins.
Bankers
Chase
Trust
!
Bank..._"I"
Anheuser Busch
Avon
Recent
consumers
sums
Future
to
Standard
Procter &
Chas.
benefits
^""1
will
Bristol-Myers
Sears Roebuck
Telegraph
I.
P.2
3 or
190
1
Stores"""
5
""
7
Howard Johnson
-
—
■
—
—
—
—
__
General Motors.
3
77
—
aV,
.
*Eased
uo-
on
trend
or-one
°f ,ast
stock
5
to
10
years
spat proposal
as
will
5 44
'
on
a
considered
bias
to
:
9^
3 go
ing Q^e consistently, with stock
c
Sears Roebuck is the dominant company in the retailing
rr
An
'
1a
qg
3 11
rs
'
tEstimated
shareholders
on
1*707:
7
■
April
16.
9?
acna-
resulting
consumer
"im-*
policy
a
of
company has a profitable insur- ables these companies to accrue
?nce
subsidiary, and is rapidly a greater amount of premiums for
,,
S
V
on
20
i?
14
investment of these vast sums add
substantial investment income to
services." their underwriting profits.
a■
me'nt store of consumer
"depart-
There is little doubt that the
mvcv
id
2.50
to eventually become
NYSE
I o
oro
Personal service areas. Its goal is
iNYSE
?JYSE
~~~
*
branching into' travel and other longer periods, and through the
Pany's
com-
Aetna
NVRTi1
.
,v
NYoE
'
vast financial
excellent
and
o
'
Its nationwide store system
should continue to improve in the
future as a result of the vast sums
quaiity products at a reasonable being spent on medical research.
price is exceptionally good. The This improving mortality rate en-
II
!!
9 on
-
;
±Adi,.«fpH
field.
,Tv'^
'
insurance companies compilin£ outstanding records. The life
insurance industry has been in a
unique position to benefit from
the greatly increased life expectancy of the population, which
JJYSE
tl
J yd
Service Firms
The financial service area of
consumer activity has been grow-
h i
lios.
tl
fn
'
Financial
.
num-
small
a
w
from
1 on
res-
taurants, It is currently expanding aggressively in the highway
h truly
merit inclusion in equity portfo-
is characterized by
ber of companies
Its
on
record of
through its
nns-
tional market.
n
years
to ,omy
towards
21
1
by
structural
oc
209
graph,
a
the
on
annparq
non
"j
™
I'll
r-i
plotted
be
incomes
thiq indimtrv
and its extensive mail order
tivities effectively cover the
or
of
characterized by increasing
leisure time and expanding popuretail lation mobility.
is
0'0
4 83
,
consumers
or?
7'0A
/
18
jTChrysler
t225
{9I2
r
of
1
A
g
•
.
age"
'
several
extensive network of roadside
H
.
79
no
of
outstanding
an
growth in recent
growth. Here again, the industry
otp
'
A
Piled
management
0'nn
I'll
'
x
tendency
sess'
.'Cn
7Q
oualitv
^
level, tins industry appears to pos
tbQ
'
of
lPVpl
i«
174
5 71
^
Federated "Department
o«n
9V,
'
5
l.
Associated Dry Goods
&
103
? 7n
5
American Telephone &
ond
on
15
-.."IZI"
..
Vt
11
Where
Traded
9fi
190
o
Warner Lambert.
nqn
9 ^
5
Merck
A.
12 70
Howard Johnson is a company
which, though certainly not of the
improving
income
Retailing is the leading industry motel field, and should effectively
in the consumer service area. Since participate in a projected econ-
creasing
Price Times
j«i«2E/p/s
149
9'qn
9'7k
g
Pfizer
0 q»
10
Scott Paper
31 n
7
Gamble
cti
•
o'^
m
Brands
are
Direct
as
The Dominant R8^ailers
to
com-
o'9fi
3 47
sho»ld
1 reward the patient inrealized"
capacities
tele
of
comuanv
oi: uns pnme company
Techno-
Vv7
on
340
0f the stock of this prime
increas-
activities in the future.
the
on
^
i8
General Foods
Dividend
ciaq
.
f
spend a large portion of their jn-
!^
344
«
HH
Indicated
Price
+553
9
'
Products
+5 77
9
Company..
Manhattan
5
apd
consumer
aggressiveness
,
lilfl"- if?° ^ Earnings per Share
Rate (5-10 yrs.)
wc,2
wdi
Aetna Life Insurance Co.5%
f«fi7
nn
an
indicates*a continuation of these
-
!fc„.
Dialing
of
the
and
consumer
communications services. A.T.&T. noned, deserves consiaeiauon as
has led in these innovations in a somewhat more speculative comthe past and the demonstrated fitment. The company has corn-
product
and
area,
DPnnrcmTm.
"
KLrKESENTATIVE CONSUMER INDUSTRY STOCKS
.
ranidlv
communication.'
Distance
+XI7r,
well
possess
S,eepmg
resources,
and
coverage
mdrK^ coveiaSe' ana consumer
nlaced
Perhaps the two leading ethical levels ol consumer income and
^rUgS Producer3 3re Merck and education should greatly broaden
Chas. Pfizer. These companies the lucrative market for These
•
Company—
p
y
the
logical.development such
a
multiples
from
g! consum^r^^ utiUzation
evaluation
earnings
he
from industrial sales, will benefit
a
in
new phontc
t
nronerlv
V
has the financial
market
Properly be placed acceptance necessary to turn in
excentional
record <nven- the
oL
!\7
H
although generating vast revenues
'^ e 1"centlye ^an aggies-,
3Itn0L!oP generating vast, levenues slve management. The purchase
ef-
them
give
over
should
giant
em-
the stock of American Telephone ' &
Telearanh
Co
which
increas-
he
which
in
^
investor
realistic
chcose the wrong point of time in
the
phasis
total
must
since
The
investment
primary
upon
educational
population.
healthy lead
a
necessarily of
and
least
pames,
long term nature, truly formidable research places
should impel them
squarely in the forefront of
him to disregard, to a certain exnew product developments
They
be
tent, some of the relatively high have benefited from the
erratically
investor
here,
sector
Cleansing
ficient marketing organizations of
°f adv8nced technol°gy growth.
start
from
small
Since
,
in
can
rnXst^y
inausiry.
'
rare
and asoire to future market
domlnance
se-
investment
proper
improved
the
.eservice orierued com
cleansing
cupation witn personal cleanliness
.
teSment'tnd''cLmuntaat'lons" ^ f®r.fut«re '"dustfy leadertertamment, and communications, ship. It
the
company
of
other
8.u
? essence, ine ncient marketing organizations ot
inherent m
scale
nrcomnataes in taf/nraf Cc«nen which
companies taS this area, espe- ^
and
aetergents ana otnei
basis
the
are
efficiencies
iarge
detergents
sums neces- agents resulting from the preocresearch and elation with oprsonal cleanliness
to support the
sary
Disposable Pnr«nnai
Personal
both
been
the
to
.
nisnn^ahip
Here
prerequisites-
are
leliu
"
services vestment of the huge
of
Purcbase
from approximately 31%
grew
.
f^nP"rotailta« tadf-tL
,
tion.
„
01.
fine
consumer
marketing
resources,
reputation,
-
Life
■
a n
d
Connecticut
General Life are two of the largest
publicly owned companies in
organization
this industry and merit particular
will enable it to achieve this goal,
consideration for inclusion in in-
Volume
197
vestor
portfolios,
piled
an
growth
the
They have
outstanding
and
position
Number
in
are
to
population
with
per
able
capita DisposThe
im-
proving educational standards,
pecially
the-large
college
enhanced
of
life
to
of
indicates
also
national
insurance.
combine
es-
projection
graduates,
an
acceptance
These
the
make
factors
long-term
prospects of life insurance corppavery
ri
_
not
jv;
exclusively a consumer servshould be included in this dis-
ice,
riissibn
industry
* This
*
-■
,
has
enncimer
market
lean
currently
is. tne
largest
extender
;
raising bond will be auctioned off stimulation
i
,
15, 1989. This large size comchange .members also, the appli- petitive
(bidding)
new
money
•
^
cants mustin take separate tests,
different cities.
•Dar_grat)hs sVnomize
•
.
m
The
activity: of this
economic
na«0n undreamed of at the pres-
lead the economic
their activities in the growing area
investment
investment
nersonal
personal
services
services,
Personal
i^eisonai
Trust
trust,
in
Fstate
estate
PlanPlan-
Trust
areas,
.
pacatering
by
system
new
candi-
e
y
,
an
dates who seek to register only
with the NASD will take the
era!
and
covering
NASD
sections
tb
about
come
-
without
<
would be
develrmmpnt
romp
artificial
most wel-
a
tb
It is indicated
a.m.
wib
the
b
mean
have
four
same
that
shakpn
the
dnrp
it
economy
^rmiid
nff
its
.would
lethar^ie
enn
wieie.wiii oe tne same ioui nave snaken oit its letnaigic concomprising
about the dition and the unemployment sitsame members as there were m uation which has been such a
bidders
genthe
of
t
"
Tuesday
next
tern of interest rates whicn would
treasury next^iuesday, come development since it Would
April 9, at 11
Association^
the
Treasury
oy me
.
the
^t
through
expanded
providing experienced counsel
Under
Growth
a
frai aecaaes win witness a giowtn
consumer
credit^Banks h^rc^lso
Uli
Gov&tao^ bonds-due May 15, both short-and long-term obliga1994 but callable on or after May tions.i This kind of a higher pat-
i
eral decades will witness
it
ATI
IVCjJUI LCI
f.nd.+ ^e ffur? Possibilities " ate wties across the
F°3ecte% Jf1^ ? °
Y°rk: f c
level of the econ- change qr
f11 Stock Jlx-
re-
that
cn
V/UI
,
i
.I.
in
OllT* T?P"nriT*f"OT*
•
,
•
-i
the
tne
ments.
;
! apoye paragraphs synopsize scmetimes
the hypothesis that the next sev-f
cent years aggresively entered the
or
of
du-
The investor who is willing and
The new system will enable apable to speculate on the potential plicants seeking registration with
accomplishments of a new, dya a
mem e s
JOHN T CHIPPENDALE
JR
namic management, should exam- NASD and one or both of the exOX JUttJM 1. ^ipPEJ\IUALE; Jti.
™ tbe Possibilities inherent in changes to be examined at a sin^
company is m^e «le setting in a C^ven^t^oca- —
throes of a classic turnaround in tion. Under present procedures, >pbe capdaj market is an in be- tern there will be an enlarging
operations, and is truly a app ican s or regis ra ion w1
tween period or marking time be- demand for money and credit and
comeback situation Its earnings NASD fcrms take separate tests cause it is waiting for the im_ this should result in naturally
should set a historic high in 1963, a
es cen ers a univer pending offer of $300 million of ;higher levels of interest rates for
bright indeed.
.°n?u m.-/"':''
growth m the
Commercial Banking, although omy.
~
nies
of the
growth
31'
(1399)
is based on candidates passing
tests and satisfying other require-
able the investor to participate in
_
much
a
Income.
Personal
The Commercial and Financial Chronicle
.
the projected
from
increasing
an
coupled
of
.
.
excellent. rable goods sector.
further
of
higher level of
/
com-
record
an
benefit
projection
6252
^e very successful January of; problem would most likely be
th!|
bonds'at ' ^ *° 3 S°lutl°n'
rules and questions common to all
on
rado- Those companies
areas of the securities business ^au million ot 3U year bonds at
addition
rpvivn,
nf
«,tisfartinh
nf
bi«
n^ric
and lasting twn hours
Those also an interest cost of 4.008210%.
It
ln addition, a revival ot our
to tbf sahstaction of his needs and lasting two nours. i ose also
eXDected that comoetition will economy would not be a deterrent
Wll] benefit most from this pro- seeking to register with either the Js expected inat competition will
haianpp nf navmpntc nrnh
p.rnwfh
Primp
nf
Npw York
American Fxchanee be
just as keen and close this 10 our Paiance ot payments problected growth. Prime investment New ork or America Excnange
lem since better business in this
emphasis should be placed nv the wi 1 take an ^appropriate addi-v
,Pt ;c h^ing
country should also have a favora
nnr
or
Pension
and
mng,
They" have long been characterized
by
a fairly regular trend of earnings, with a stable, if unspectacu-
goods field. It is here ti^l section dealing with tradthat the greatest number of sea- ing on the exchanges and thei
lar, record of growth. The investor
soned,-p ro ven companies
available for purchase. The
should
limit
banks
his
interest
where
they have been able
sufficiently large size
areas
to
them to
enable
phisticated
obtain
operate
the
in
so-
and
markets
money
worldwide
reputation
indispensable to banking
growth._
area*
Only the large urban banks have
the
to
financial
resources
initiate the
tion
which
programs
much
for
future
„
,
have
ep
nJc°
They
international
tm
nav
increasing flow
from
of world trade.
extensive
They both
branch
systems
and
ing connections which
essary' to
participate
expansion.
They
are
ve^ior ms .paracipation
J^ par„f°nT°h'
/
„
in
domestic
leaders
are
automation, which should
both
in
averaging about 50% of
are
total 'costs.
should
The
well
be
patient
investor
rewarded
for
his
interest in these top level fipancial service companies.
•'sector
is
the:
remaining
expenditure
consumer
amined.
*
durable
consumer
For purposes
cussion,
the
°pe"ed
to
range
•
of
area
to
be
ex-
of this dis-
A4 py»p,p
i.i
<he: investor will be
This
c
General
edged
Motors,
industry
the
acknowl-
leader,
has
an
Fxchangp
.
organizations
in
Exchange and
Stock
can
nounced
the
York
Ameri-
Exchange .have
plans
eombine
to
for
in
63
an-
their
administering
centrally
NASD test centers
examlocated
throughout the
United States.
leading developer of testing
for
business,
'
York
New
present
given
Psychological
at
testing
:
Y and convenience
The NASD instituted
joint
new
1962.
has
American * Exchange,
The
which
administered
•
recently
tests,
ft
t
•
companies.
It
announced
money
many
balance of payment problem,
own
adop-
ir
.
Rates Envisaged
Even
a
though it will always be
debatable point, namely whether
not high
or
retard
or
or
low interest rates
stimulate the
economy,
there is no .question but what a
sizable segment .of the Congress,
well as
as
an
passing
an uncanny
"
.
cast
organization,
important part of
.
ability to fore-
testing
styles, is superlative.
ment
in
this
company
pace
An
invest-
would
and
en-
.
Y'-:
Despite
prices
by
3.7%
a
in
Moody's
Average,
dqstry
125
stock
that low interest rates are at least
Up
July 1.
'
,
not harmful
level, of
same
difficulty
for
as
to
However, it
a
business revival,
seems
as
^
nt
though it
teken
for
foreseeable future
•
short-
in
stock
measured
Industrial
Stock
of the 53, major in-
15
leaders
on
drop
February,'as
been pretty well sold on the idea
groups
on
the
the
were
to
.managed
month.
The
Biscuit Makers,
5.7%, and the Farm Machinery
and
Railroad
Eamoment
erouDs
both
agains?
5.2%
monthly improvement. Mo-
tion Picture
the
trend:
witti^a
issues led the list of
February losers with
6.1%
a
dip
term interest rates are not going
in average per-share prices, fol-
lowed by Goal Mining shares, off
5.1%, and Aluminum and Metal
.
:
for adminlstra-
is a free world reduction in these
of qualification tests required rates.
members
ngw
and
program
1, the
will
go
three
or-
members
of
the New
change—that is, all
aiijed
York
The reason for this is that Fabricating
there is
no
inclination
on our
part
showed
a
which
issues,
larger
than
both
average
Ex-
general
new
.
If the monetary authorities and
..--v
Stock Exchange sections.
^
ivr a ot*
u-
•
u
the Treasury through their credit
-
changes.
require
All
.
three
•
firm, employees
the
public's
who
orders.
ex-
organizations
•
..
registrat,on
of
g
p
wer*I
y
Wn on y
member
with Westheimer & Co., 31 East .done."
Gay .Street; Mr. Montag was for- /
•
■
.
merlv
local
Mer4a
will handle
thereto
Registration
&
Co.
&
was
manager
Co.t
with
for
Lc,,
John
Wm
and
B.
J
prior
Joyce
_
Enlarged Credit Demands Could
Alter Picture
There is
no
,
.
'
c
®
Lt rt
«
belonging to either of these
.
consumer
.
K6£ClSt6r6Cl StOCK PriC6
^
*
Q-gjflg if} FcbrUETY
go
tern
P
I
to aggravate our unfavorable bal- 4.5% decline.
ance of payments by having sizganizations said in a joint an- partners and voting stockholders able amounts of money leave here
Although February stock pi ice
ncuncement.
It
will
institute a of
member organizaions.
These because more favorable rates of changes weie relatively nanow,
single basic securities industry tests are now given at The Psy- return can be obtained in other a year-to-year comparison showed
test, with special NASD, New chologieal Corporation centers.
free world money centers.
h
changing
^
the population, as a whole, have make gains
for
into effect July
is-
encom-
fPQJ
XO 01 OO lllCiUStry VjTOUpS
__
#
iv
MOIltaff Joins
and debt management policies are
The .NASD, which is the self&
able to
keep
short-term rates
any other industrial company in
reguJiatory arm of the over-the.i
.
from going down and long-term
the world; its management and counter market, includes some 600 Westheimer
rates from going up they will be
executive 'organization have been
'^fw
°rk and American Ex- .doing a very successful job and.
paid the supreme compliment of change firms in its membership, COLUMBUS, Ohio — George
one which not a few money marimitation by. its competition; its as- well as some 4,150 firms not Montag
has become associated ket followers still say cannot be
marketing
free
sizable
type of borrowing aggravates our
mar-
probably financially stronger than
•
other
no
center
money
.sraey
NASD's. 63 testing centers to decline very much unless there
Ttee
can
other
its
a similar examination to
into effect with the new sys-
^ e °f. to revise ^
te examinaUon W*-tion
terns
sliaruly higher
is
there
tion of
York S'cock Exchange and Ameri-
to
Jan. " l,
Th° de" present examinatlons-
.J'.
means
enough to supply this kind of
credit to foreign borrowers.
This
No Radical Change in Interest
sim-
a
will be used in the
program—on
of
'
different,,
.
for member
^ »".d
the opinion
been ket specialists.
Corpora-
in
centers
Ex-
has
test
.
mentioned previously with
ence
,
Stock
change's
•
_
very'
a
world
in the form of our unfavorable
balance of- payments which we
will not only face this year but
pro-
government
,
;
"
•
Candidates will .be graded on
The .new arrangement is de- their, answers, to all questions.
signed to provide more uniform- Passing scores will be set at the
"
ment would be geared much more because
composing obiec-
^ multpile_choiee type exam_ toward the domestic business patinations to replace older systems, tern and its stimulation if it were
The Psychological Corporation is .not for that conditioning factor
centers which
New
Uiat only
large
very
capital market
our
-have
ilar test—given at the NASD test
the
of
to revive the economy through long-term interest rate would diswith The Psychological "edit policies and debt manage- courage this kind of borrowing
three
rities
Dealers,,
size
mestic economic. situation. There
is no question but what measures
The National Association of Secu-
Stock
?l°W dTowl\^. the foreseeable fu-
laken to improve tne do- ture. In addition, the
be
parts of the country sin.ee Jan.. 1,
abundance of those characteristics
refer-
will
.
.
.
test newly devel-
a
'
•
1961.
The
particular, discussion.
a
Ex-
y
ti°n
"n
•
'
LneWhf„Vfupon the improving
rre«ed COnSump;
tion
based
■!
is
V
also for the foreseeable future in
X 01* Xv6^. XvGpS.
probably^ arrived at
.
New
section
firm
*
Foreign Borrowing in U. S.
s'
Continues Heavy
m^uence which the interThe
long-term
interest
rate
na^oaa^ balance of payments is level is still low enough so that fif*erc^s^nS on. our money and cap- nancing by foreign concerns goes
mar^e^s is so pronounced that 0n in sizable amounts with no
powers that be are very much indications that there will be a
XO
Pl'nPPrlllT'P^
TY
the
of
and educational institutions.
m„
TVi.dgC/ L lUbCUUICo
of alternatives
"
ftp
A
^
ex*.
American
tbe
that
hv
The
,
jnati0ns
goods
limited to the auto industry.
industry■ haa
p
procedures
Durables
The
j a q(-p.
registered representatives'
P
f
: A t
rreiers Autos Among r
Consumer
of
oned
a
xijj±J (SL
benefit
substantially since their labor
costs
t.
y
*
^tr?ctive ^ort-term liquid ob-
seek-
Exchange
Exchange
pandiriate's
member
a
nec-
so
Stock
grams
possess
strong nationwide chain of bank-
nassihe
accent
york
the' worked
well situated to
the
willine
b^V
bv
American
used
u vompiomise 10 quaiuy.
op-
are
registration
c,
Corporation
P
=
op-
erations, and
in^
n.
be
candidates
a
;change only,
.
thA^lhW^^prrv.
able influence on the economies of
other free world nations. In this
our larger imports would be
nf
money market well supplied with
hour.
-'hh"'
Z LZl
All
in
also
two
benefit
conmost
j_wr.
in
v:Alf
mana^mit
^
constitutions and ru es
An Ex- through
t mwagem^t of
change section will last about an the Treasury which is to keep the
i„(l.rest io th.. l.vviim.
and
New York City.
in
extensive
so
"i," iiust
.
are
large "money market" banks
erating
.
,
his phriib^
all
romnanies
.Bantc
Company
the
investor^
automa-
promise
Manhattan
Bankers Trust
Tn
earnings.
A'.
„„
Chase
necessary
extensive
is
area
growing, but here the inveslPr nceds large doses of judgskill in his choice. If the
^1S^:S ^ the business cycle are able
to be borne, the auto industry ofthe.best investment opportuin.the-Consumer durable goods
these
to grow to a
service
sumer
urban
only^n
since it is
centers,
to
here
In 'iar^e
oneratine
are
end of February, 1. ,b
arette shares were off a fu
3. %
on the year. Motion picture ^ues
showed a 29.5/o loss, and Maj
^
Steel Producers a 26,8% decline.
p.n!y
11
.
&t°ck groups,sold
at
higher prices at February monthend than they did a
e c ose o
the
1962
month,
and
gains weie
relatively small, including Autoquestion but with mobiles, up 8.6%, and Biscuit
r
improvement in the business pat-
Makers, up 8.4%.
^letwwWMfa^^
32
The Commercial and Financial Chronicle
(1400)
.
.
.
Thursday, April 4, 1963
* INDICATES
Now
Securities
in
bank
loans and working
capital.
St., Hingham, Mass. Underwriter—
Emanuel, Deetje &n Co., New York.
Offering—Immi¬
Office—349
NOTE
Registration statements filed with
—
the SEC since
carried separately at the end
now
are
March 25,
of this section "Securities Now in Registra¬
tion." Dates shown in
the
company's
flect the
name,
due
and in the index, re¬
expectations of the underwriter but
Also shown under the
are
effective
week
licly.
this
were
'
(4/15-19)
growth
tion
Mortgage Co., Inc.
(4/22-26)
Allied Mortgage
Automatic
a warrant to purchase two shares) arid one com¬
share. Price—By amendment. Business—Mortgage
(with
mon
Tenn. Underwriter—To be named.
Properties, Inc.
1962 filed $5,000,000
"
April 24,
of
conv,
fice—217
subord. deben¬
N.
Willow
Ave..
Price—At par. Business—Company and
subsidiaries conduct a general real estate business with
Allyn & Co., Chicago.
emphasis
March
turesdue 1977.
on
land
development
in
Fla., Md., N. Y.,
of
debt.
To
be
and Ky.
Office—230
named.
Park
home
and
Bonanza
construction
.
Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
Construction, exploration and general corporate ex¬
Office—80 Richmond St., W., Toronto.
writer-r-E. A. Manning, Ltd., Toronto.
•
insurance
gage
Proceeds
company.
Bush
March
Business—A mort¬
Pacific
Price—Net asset value.
common.
Business—An
open-end management
izing
health,
in
life,
Proceeds—For
Honolulu.
casualty
and
company
accident
special¬
insurance.
investment,.. Office—1523 Kalakaua Ave.,
Underwriter—American
bentures due
*
Nov. 26, 1962
for
^
one
per
1972
•
29,400 common to be offered in
debenture and 100 shares.
Price—
unit.
Business—Manufacture of amplifiers and
for musical instruments. Proceeds
accessory equipment
— For
inventory,
equipment,
products.
Office—1570 W.
com¬
asset
derwriter—John R.
Boland
fering—Indefinite.
debt
repayment
and
new
Rhoades &
'
.
•
Antenna Systems, Inc.
Sept. 28, 1962, filed 100,000 common. Price—$5.50. Busi¬
ness
Design, manufacture and installation of large
antennas
and
antenna
components. Proceeds
erect
•
100
15,
1963
("Reg. A")
shares
common
and
800 units, each consisting of
purchase warrants.
10-stock
Price—$250 per unit. Business—Merchandising of cou¬
by vending machines in supermarkets. Proceeds—
pons
For
equipment, debt repayment and other corporate pur¬
Office—682 Main St., Stamford, Conn. Underwriter
—Reese, Scheftel & Co., Inc., New York.
over-the-counter securities
poses.
specializing in
Castle
Dec.
Price—At
issues
BOUGHT
for
SOLD
:
Business—Company
plans
to
offer management and consultant services to motels and
furnish them with equipment.
Proceeds—For general
corporate
pano
QUOTED
Banks, Brokers, Institutions
-
($1,000).
par
debentures due 1969.
Office—1068 S. Ocean Blvd., PomUnderwriter—None.
purposes.
Beach, Fla.
-
Cedar
Lake
Public
Service
Corp.
y^^SIEGEL
ESTABLISHED
r
'na
1942
Members of New York
Security Dealers Association
39
furnish
plans
water
and
to
qualify
as
a
public
utility
and
disposal
services in and
around Cedar Lake, Inc. Proceeds—To construct a sew¬
age disposal system.
Address—R.R. N. 3, Box 28, Cedar
Lake,
Ind.
sewage
Underwriter-—None.
Dlgby 4-2370
TWX: 212-571-0320
Direct Wires
March
in
■
Insurance
"
Philadelphia
6,
writing life
Proceeds—For
811
S.
W.
S. Jones
insurance
additional
Price—By
is engaged
in
Oregon and Washington.
capital and surplus.
Office—
Sixth, Portland, Oregon.
Co., Portland.
•
1977
(with warrants), and 99.000 common.
debentures, at par; for stock, by/amendment
(max. $9). Business—Renting of cars, trucks and equip¬
ment.
Proceeds—For- debt repayment, and acquisition
and other corporate purposes.
Office—1012 Baltimore
Ave., Kansas Cii^ Mo. Underwriter—Blair & Co., N. Y.
Offering—Indefinite.
Consolidated
March 26,
Natural
Underwriter—June
V
Gas
Co.
(4/23)
1963 filed $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.
Proceeds—For loan repayment,
and construction. Of¬
fice—30
Rockefeller
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.
Information
Bankers
Meeting—April 18
(10:30
a.m.
EST)
at the
Club, 120 Broadway, New York.
&
Gas,
Inc.
Feb. 28, 1963, filed $2,482,500 of 6%
tures due 1975 (with warrants) to
sinking fund deben¬
be offered for sub¬
scription by common stockholders on the ba&is of $500
of debentures for each 500 shares held
of record March
31. Price—At par. 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.
Ccnsolidated
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 St., Dover, Del. Underwriter—Dana
Co., Inc., N. Y.
be
Co.
1963 filed 260,000 capital shares.
amendment (max. $3).
Business—Company
to
R.J. HENDERSON & CO., INC., Los
Angeles
WOODCOCK, MOYER. FRICKE & FRENCH, INC.,
Life
due
Securities
Broadway, New York 6, N. Y. '
Centennial
Leasing Corp. of America
$1,000,000 of 6Vfe% subord. deben¬
Price—For
March 20,1962 filed 9,964 common. Price—$100. Business
—Company
Inc.
1962 filed
Consolidated Oil
Hospitality Services, Inc.
14, 1962 filed $500,000 of 8%
•;
26, 1963, filed
Consolidated
tures
.
Cash-O-Matic Coupon. Corp.
Feb.
....
•
Office—309 Ainsley
Underwriter—Willis E. Burnside &
.
Inc.
1963 filed 2,000,000 capital shares. Price—Net
value plus 8.5%. Business—A new mutual fund
April 27,
For debt repayment and expansion.
Co., Inc., New York.'
share
1,343,117 common being offered for
subscription by stockholders on the basis of one' new
share for each 12 common held of. record March 15, with
rights to expire April 5. Price—$80. Proceeds—To re¬
pay bank loans, and for construction. Office — 4 Irving
Place, New York. Underwriters-—Morgan Stanley & Co.,
and First Boston Corp., New York. '
Co., and White,. Weld & Co., Inc., New York.
Bldg., Miami, Fla.
one
7,
Consolidated Edison Co. of New York,
golf course, swimming pool and cabana club,
Cape Canaveral, Fla., and develop real estate,
homes, apartment houses, motels; etc. Proceeds—
—.
microwave
to be offered
investment. Office—9465 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Kennedy, Cabot &
Co. (same address). Offering—Expected in May.
*
and
near
of Missouri
common
Proceeds—For
Canaveral Hills Enterprises, Inc.
(4-15)
May 10, 1962 filed 100,000 common. Price—$5.' Business
—Company was formed to own and operate a country
club
'* V-
specializing in securities of foreign and American com¬
panies operating in the European1 Common Market.
—
Blancke, Linden, N. J. Un¬
& Co., Inc., New York. Of¬
("Reg. A") 46,000
Common Market Fund,
March
(max. $42). Business—Production of carbon black,
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¬
dustries.
Proceeds—For
selling stockholders. Office—
125 High St., Boston. Underwriters
Carl M. Loeb,
and
$1,000
'
Co.
Blvd., St. Louis. Underwriter—Edward D. Jones
St. Louis. Offering—Indefinite.
& Co.,
natural
subord, de¬
/_- /
Insurance
Lindell
sold
to be
Life
Business—Sale of health, accident, life and hospital in¬
surance.
Proceeds—For working capital.
Office—3570
<v';/>
1973, to be sold by the
common
'
for each 3.36 common shares held. Price—At-the-market.
ment
conv.
New York
subscription by stockholders on the basis of
Feb.
Pacific Management
Ampeg Co., Inc.
29, 1962 ("Reg. A") $294,000 7%
Oct.
$1,020
due
>
Commercial
Cabot Corp. (4/22-26)
March 11, 1963 filed 295,140 common. Price—By amend¬
Corp. (same address).
of
1962
—None.
.
by stockholders.
o£ 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.
Fund, Inc.
Insurance Co.
ness—General
Costa Mesa, Calif. Under¬
Anaheim,' Calif. Offering—
i - \
'
(4/22-26).*-
debentures
Life
filed 200,000 common. Price—$1. Busi¬
mining.
Proceeds—For exploration and
operating expenses. Office—Creede, Colo. Underwriter
Sept.. 20,
The offering will be made in units
American
of
Hog, Inc.
and 200,000
pany;
Underwriter
■
July 9, 1962 filed 94,500
units
Fox
co¬
repayment,
Colorado Imperial Mining Co.
19, 1963 filed $1,000,000 of 6Vz% convertible sub¬
ordinated
Por investments.
—
Office—300 St. Salisbury St., Raleigh, N. C.
—None.
Way,
& .Co.,
Expected in late April.
10, 1963 filed 31,070 common to be offered for
subscription by stockholders on the basis of one share
Price—$18.
Industrial
debt
—Alex. Brown & Sons, Baltimore.
Brewmaster California
Office—134
-
for each five shares held.
Gold, Inc.
writer—Miller,
American Mortgage Insurance Co.
Jan.
C
Corp.
Feb.
11, 1963 ("Reg. A") 30,000 common. Price—$10.
Business—Wholesaling of draft beer for home use in a
dispenser called the "Portatainer". Proceeds—For debt
repayment, equipment, expansion and working capital.
Under-
Proceeds—For
1963 filed 40,000 capital shares to be offered
for subscription by stockholders on the basis of two
new shares for each three held.
Price—By amendment
(max. $26). Business—Writing of life, accident, health
and disability insurance, and annuities. Proceeds—For
expansion. Office—444 Madison Ave., N. Y, Underwriter
Offering—Indefinite.
purposes. Office—E. 15 Walton Ave.,
writer—Duval Securities, Spokane.
Amerel
penses.
Citadel
placer claims in Alaska. Proceeds—For general corporate
Spokane. Under¬
Underwriters—
(
Underwriter—A.
women's, misses' and junior sportswear,
and dresses.
March 26,
4, 1963 ("Reg. A") 750,000 common. Price—20
Business—Exploration and development of gold
cents.
Proceeds—For repayment
Ave., N. Y.
Tampa
of
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla.
Underwriter—Clayton Securities
Corp., Boston, Mass. Offering—Indefinite.
Merchandising, Inc.
amendment (max. $8). Business—Company
operates, owns, services and leases coin-operated auto¬
matic vending machines.
Proceeds—For debt repay¬
ment, inventories, equipment and working capital. Of¬
All-State
A
1961
29,
ordinates,
Price—By
—
—
Industries, Inc.
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¬
Nov.
facture
May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and 100,000 by stockholders.
banking, real estate development, and sale of insurance.
For debt repayment, land development, and
working capital. Office — 3756 Lamar Ave., Memphis,
Proceeds
development, produc¬
vaporizing unit for dis¬
Chestnut Hill
(4/11)
March 22, 1963 filed $30,000,000 of s. f. bonds due 1983.
Price—By amendment. Proceeds — To finance various
public works projects in Australia. Underwriter—Mor¬
gan Stanley & Co., New York.
& Development Co.r Inc.
Jan. 28, 1963, filed $2,000,000 of 6 % subordinated sink¬
ing fund debentures due 1973 (with warrants) and 100,000 common, to be offered in units of one $20 debenture
and
electronic
an
napolis, M*d. Underwriter—None.
-I
(Commonwealth of)
pollutants;
of
common. Price — Net asset
closed-end investment company.
Proceeds—For investment. Office — 156 South
St., An¬
New York.
Australia
air
sale
value/ Business
repayment, and
working capital. Office—1120 Connecticut Ave., N. W.,
Washington," D. C. Underwriter—Shields & Co,, Inc.,
-.H::
and
and
March 5,
real estate. Proceeds—For loan
on
Corp.
Chesapeake Fund, Inc.
1963 filed 100,000
Price—By amendment (max. $10). Business—Originat¬
ing, marketing and servicing of first mortgages and
loans
Electronics
ISSUE
pensing such chemicals.: Proceeds^
equipment, sales promotion and working capital. Office
—221 N. La Salle St., Chicago.
Underwriter—Price In¬
vesting Co., New York.
"</":■
"
21, 1962 filed 135,205 common, of which 100,000
to be offered by company and 35,205 by stockholders.
are
offered pub¬
.
,
1963 filed $45,000,000 of first mortgage bonds
Price—By amendment. Proceeds—For con¬
1983.
Associated
caption "Effective
and
•
REVISED
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.
Price—$12 per unit. Business—Production and
sale of chemicals designed to control odors, bacterial
Dec.
those issues which became
Registrations"
v
ITEMS
Dec. 28,
struction, loan repayment and investment in subsidi¬
aries. Office—Slattery Bldg.,
Shreveport, La. Under¬
writer—Eastman Dillon, Union Securities & Co., N. Y.
parenthesis alongside
not, in general, firm offering dates.
are
"
Arkansas Louisiana Gas Co.
PREVIOUS
Chemair
Lincoln
nent.
the last issue of the "Chron¬
icle"
of
SINCE
•
reduction
—For
ADDITIONS
:
•
Consultant's
Note—This registration will
withdrawn.
„
Mutual
Investments,
Inc.
(4/15-19)
Dec. 21,
1962 filed 500,000 common. Price—$10. (For an
the fund will also offer its shares in ex¬
initial period
change
for
acceptable securities on the basis of one
market value of securities). Business
share for each $10
4
<wmk
»
Volume
—A
.
.
The Commercial and Financial Chronicle
.
Office
mutual fund. Proceeds—For investment.
new
S.
—211
Number 6252
197
Broad
Underwriter—Gerst-
Philadelphia.
ley, Sunstein & Co., Philadelphia.
St.,
Contact Lens
Guild, Inc.
advertising and working capital.
Rochester, N. Y. Underwriter—
DeGolger Co., Inc., Rochester, N. Y. Offeringinventory,
Office—360 Main St. E.,
John J.
Indefinite.
7-'7 7/
Copenhagen Telephone Co., Inc. (4/9)
March 20, 1963 filed $15,000,000
sinking fund dollar
debentures due 1978. Price—By amendment. Proceeds—
For construction. Address—Copenhagen, Denmark. Un¬
derwriters—Smith, Barney & Co., Inc.; Kuhn, Loeb &
Co., Inc.; Harriman Ripley & Co., Inc.; Lazard Freres &
Co., New York.
Cotton States Life Insurance Co.
Office—901-22 Ave., Tuscaloosa, Ala.
Underwriter—First Alabama. Securities, Inc., Montgom¬
capital.
Ala.
ery,
.
Crowell-Collier Publishing Co.
debentures
convertible subordinated
1983, to be offered for subscription by
due
stockholders
common
on
the basis of $100 of debentures
held of
shares
each 60
April 15, with rights
record
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.
to expire April 30.
Danac Real Estate Investment Corp.
Feb.
1, 1963 filed 300,000 common. Price—$10. Business
estate
development and ownership. Company
—Real
plans to deal primarily in commercial, light industrial
—
Deuterium Corp.
Sept. 28, 1962 filed 120,000 common with attached war¬
rants to purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben¬
units
in
tures
share and one warrant) on the
basis of 3 units for each 5% prior preferred share held,
2 units for each 5%
preferred A stock held and 40
(of
one
units for each
$1,200 face amount of non-interest bear¬
ing subordinated debentures held. At the same time, the
will offer the securities to the public. Price—
subscribers, $20; to public, $22.25. Business—Com¬
pany plans to erect a small size production and experi¬
To
mental plant for
the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a gen¬
eral research laboratory. Proceeds—For working
capital,
construction, equipment and other corporate purposes.
Office—360 Lexington Ave., N. Y. Underwriter—None.
.
Diamond Mills
Corp.
Jan. 23, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
Price—By amendment. Business—Manufacture of
women's nylon hosiery. Proceeds—For debt repayment
and working capital. Office—417 Fifth Ave., N. Y. Un¬
ers.
.
derwriter—Drexel
&
Co.,
Philadelphia.
Offering—In¬
Corp.
Corp.__
(Emanuel,
Courts
by
Co.)
&
shares
146,228
:_Capital Stock
r v
Sachs
Co.
&
Go. of Tennessess_.Com.
Securities
Equitable
and
500,000 shares
Corp.
Lunar
(Northwest
Mil
National
)
Inc.
$235,750
&
(Bids
12
'
$6,000,000
EST)
noon
& Co.,
.
Barney & Co., Inc.; Kuhn, Loeb & Co., Inc.;
Ripley & Co., Inc.; Lazard Freres & Co.)
(Smith,
repayment, and working capital.
St., Ocala, Fla. Underwriter—Courts
Ga. Note — This registration will be
Atlanta;
withdrawn.
•
■
Doman
Helicopters, Inc.
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held.
Price—By amendment (max.
$1.25).
Business—Research, development and construc¬
experimental helicopters. Proceeds — To obtain
certification of models, train service personnel, repay
tion of
debt,
etc.^ Address—Municipal Airport, Danbury, Conn.
Underwriter—None.
order
Note—The
SEC
has
issued
a
stop
suspending this registration statement.
Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000 common, of which 50,000 are
to be offered by the company and
100,000 by stock¬
holders.
Price—By amendment (max. $12). BusinessDesign 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.
Duro-Test Corp.
6, 1962 filed 150,000 common. Price—By amendment
(max. $9). Business — Manufacture of various types of
lights for industrial and commercial use. Proceeds—For
the selling stockholder. Office — 2321 Hudson Blvd.,
/
Continued
/
on page
Orr
—Common
$900,000
Co.)
(Monday)
6
<
W.
United
Camera
to
(Oppenheimer &
Sternco
Industries,
Co.)
&
7
$4,500,000
Exchange,
.Bonds
Common
Inc..:
$300,000;
Inc.)
Units
Common
—^
Davis
&
Class' A
shares
......Debentures
Co.)
$400,000
,
.
Equip. Trust Ctfs.
$4,500,000
(Bids 12 noon CDST)
(Bids
a.m.
.Bonds
$25,000,000
EDST)
(Thursday)
May 9
Alabama
11
Co
Power
Bonds
*
(Bids to be received) $16,000,000
$503,250
Inc.—.
G.
Ben. Int.
$11,000,000
General Telephone Co. of California—
.
& Plastic Corp. Ltd...
(M.
'.v
Chicago Burlington & Quincy RR.
$60,000,000
Stephen,
(Brager & Co.)
Vend-Mart
k
(Wednesday)
May 8
c
130,000 shares
Co.—
received)
&
n
..Common
25,000
Inc...
(Oppenheimer
..Equip. Trust Ctfs.
Edison
be
shares •>:
$1,050,000
Southeastern Mortgage Investors Tr
(Fleetwood Securities Corp.
of America)
Sternco Industries, Inc
Inc.)
Co.,
200.000
(J. Herbert) Enterprises, Inc
v 7
&
Weeks)
&
Common
Corp
4
...Common
Baird
and Lester, Ryons & Co.)
Lambert
Saran
Harriman
Parts
(First Alabama Securities, Inc.)
Common
Co.,
Preferred
Alabama Power Co
(Bids
to
be
$5,000,000
received)
$240,000
Inc.)
•.
(Bids
National
12
$4,500,000
CST)
noon
Fidelity Life Insurance Co.—-Common
(E.
Hutton. &
F.
(Wednesday)
10
General
Estate
Real
—....Common
Highland Development Corp
Australia
Max.
Bonds
(Commonwealth of)
(Morgan Stanley
Victor
of
Union
240,000
Securities
shares
Bonds
$49,000,000
(Bids to be received)
Corp.)
(Monday)
May 20
Maradel
Debentures
Comptometer Corp,.
$30,000,000
& Co.)
(Wednesday)
15
Preferred
Dillon,1
(Eastman
May
Chicago Union Station Co..
'
Tri-Continental Corp.
•
(Bids 11 a.m. EDST) $30,000,000
(Glore, Forgan & Co.) $15,000,000
Inc
Products,
Victor Comptometer Corp...
....Common
(Glore, Forgan &; Co.) 250,000 shares
(Thursday)
April 11
Weld & Co.)
'
>
_
$300,000
Co.)
&
.Preferred
and White,
shares
200,000
...Shares
Fund——
v_Bonds
Virginia Electric & Power Co
$35,000,000
Co...
(Stone & Webster Securities Corp.
(Baker, Simonds & Co., Inc. and Alex. Brown & Sons) $1,320,000
(Hyder
EST)
a.m.
Gas Transmission
Tennessee
April
Debentures
Natural Gas Co
11:30
(Tuesday)
May 14
(Tuesday)
(Bids
72,455 shares
Inc.)
Co.,
April 23
Consolidated
Common
—
(Hornblower & Weeks)
150,000 shares
(Tuesday)
May 21
Central
Illinois
Service
Public
Co.——Bonds
(Bids to be received) $10,000,000
(Monday)
April 15
April 24 J Wednesday)
(Eastman
Hills
Canaveral
(Willis
Enterprises,
Burnside
E.
Mutual
Consultant's
(Gerstley,
&
Co.)
&
Securities
Union
Dillon,
Bonds
Co.____—
Louisiana Gas
Arkansas
Investments,
Sunstein
&
$500,000
Inc.)
Securities,
Alabama
Common
Inc
Capital Stock
Cotton States Life Insurance Co
(First
(Bids
Inc.)
30,000
M.
Power
Loeb,
&
(Bids
April 16
Rhoades & Co.)
Light Co._
11:30
a.m.
EST)
Bonds
(Bids
11
Bell
(Bids
Debens.
Telephone Co
Forgan
V
.
,
&
Grant-Brownell
120,000 shares
v
Co.
and
Mitsui
&,Co.)
V
'
Barney
(Wednesday)
April 17
"
•,
Sugar
v
(Bids 11 a.m.
v
.»
Bush
:
(Shields & Co., Inc.)
Hog, Inc.-L
—.v.
.-
7
"
.
Mortgage Co., Inc——
;
(Courts
—
&
Co.)
..Common
Inc. and Nomura
125,000
shares
Securities
—Debentures
$2,800,000
...J.
154,914 shares
&
Co.,
(Bids to be received)
Inc. and Nomura
$10,000,000
Securities
(Monday)
Co.
Indiana
....Debentures
Securities
&
Co.)
(Offering
to
(Bids
May 1
Portland
Blair
Common
&
Co.,
Inc.)
General
(Blyth &
&
Co.,
Electric
go.,
Inc.)
—..Common
1,100,000 shares
Co
725,302
Debentures
Co., Inc
EDST)
$20,000,000
(Tuesday)
Public'Service Electric & Gas Co
(Bids 11 a.m. EDST) $40,000>000
Bonds
,
/
August 6 (Tuesday)
Indiana & Michigan
November
Inc.)
a.m.
—Bonds
Electric Co.—
(Bids to be received) $45,000,000
(Wednesday)
Exchange Fund of Boston, Inc..
Sanders
18
11
$10,000,000
•
stockholders—underwritten by
108,700 shares
(Tuesday)
Bell Telephone
Ltd.)
0
Corp
Union
Debentures
$25,000,000
Ltd.)
.Debentures
Co.,
(Thursday)
June 11
Ltd
Dillon,
(Vance,
135,205 shares
Power Co...
Common
to stockholders—bids 11:30 a.m. EDST)
ADS
Liberty Fabrics of New York, Inc
Bonds
CST) $30,000,000 '
(Monday)
April 22
Associated
-
'
Service Co.—
'
\
1.
Co.,
$6,000,000
EDST)
Columbia Gas System, Inc
Ltd
&
a.m.
$2,625,000
June
April 29
Holly
/
CST)
(Friday)
& Co.,
Barney
(Smith,
11
(Offering
June 6
(Eastman
Northern Indiana Public
noon
$50,000,000
Reynolds & Reynolds Co.—-_—Class A Common
(Glore,
12
Bonds
Co...
Power
Equip. Trust Ctfs.
Mitsui & Co.,
EST)
a.m..
Interstate
Chicago, Rock Island & Pacific
(Smith,
$15,000,000
(Wednesday)
May 22
Interstate
(Thursday)
April 26
$5,500,000
(Tuesday)
Pacific Northwest
$48,000,000
Railroad
shares
—
Bonds
EST)
a.m.
(Bids
April 25
Crowell-Collier Publishing Co
Debentures
(Offering to stockholders—underwritten by Carl
Utah
11
$6,600,000
(Bids 12 noon EDST)
$100,000
Tampa Electric Co._
/;
$5,000,000
Co.)
Co.)
&
Equip. Trust Ctfs.
Great Northern Ry.—
Systems, Inc..—Cbihmoii
(Keon
...Common
Inc
Co.,
Service
Lord: Jim's
$45,000,000
7
.
"
(Thursday)
.Bonds
Georgia Power Co
(Bids
^.....Common
shares
34
(Thursday)
shares
EST)
noon
California
—.Debentures
'7V7'-.-::U'V
$15,000,000 '
*7.77'; 7 -v'.-'77".
Missouri Pacific RR.
—Equip. Trust Ctfs.
Co.,
.Common
(Bids
United
Copenhagen Telephone Co., Inc
Robert
and
12
Inc.
(Ingram,
i
&
$225,000 w''v
$376,000
Co.
(Reynolds
Southern
(Tuesday)
April 9
loan
(Hornblower
&• Go.)-*
:
Weeks
(Bids
Bonds
.
granite, lime rock, and agricultural limestone.
Office—11 N. Main
May
Common
200,000
Roberts
Common
Michigan Power Co
.
of crushed
Proceeds—For
General Automotive
Stock
Common
Pizzini
Norfolk & Western Ry
Light & Telephone Co., Inc.
Lime & Stone Co.
200,000 shares
W«
B.
Corp
...Common
$955,293
Dixie
(Peter Morgan &
(Ingram, Lambert & Stephen, Inc.) $718,750
(Hornblower
(Offering to stockholders underwritten by Dean
Witter & Co.) 115,339 shares
Wisconsin
and
Mortgage Guaranty Insurance Co.T_
—
Securities,
Co.
Films, Inc. '__r
Quick-N-Clean Corp. of Minnesota, Inc.__Common
Western
&
(Herbert Young & Co.,. Inc.)
.
(Troster, Singer & Co.)
•
Sept. 27, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $6.75).
Business—Mining and processing
Co.)
&
Capital
(Nemrava & Co.)
Plohn
Corp.)
Management &
Manchester: Insurance
Investment
/
,
(Kidder, Peabody & Co. and McDonnell & Co., Inc.) 800,000 shs.
(Goldman,
space, advertising,
Office—42 Broadway, N. Y. Un¬
Natural Gas & Oil Producing Co..
Smith
and Zuckerman,
Trading Co...
(Charles
Life & Casualty Insurance
equipment, leasing of working
working capital.
Common
Laboratory Procedures Inc
Financial Federation, Inc..
Price—$3.
common.
a
$1,908,000
Investors
a
(Monday)
April 8
Deetjen & Co.
Co.———...Common
stockholders—underwrtten
67,000
lightweight structural board
insulating material (wallboard). Proceeds—
May 2
Loeb, Rhoades & Co., and White,
Co., Inc.) 295,140 shares
Great Eastern Insurance Co
Inter-Mountain Telephone
A")
derwriter—A. J. Gabriel Co., Inc., New York.
Common
...
M.
("Reg.
Dec
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.
'
(Carl
(Friday)
to
1963
sheet
and
.
Diversified Collateral
June"
Weld &
(Offering
and
definitely postponed.
Cabot
NEW ISSUE CALENDAR
April 5
16,
Business—Manufacture of
(4/15)
March 11, 1963 filed $5,500,000
for
1963 filed 100,000 common. Price—$12.50. Busi¬
ness
Company plans to write automobile insurance.
Proceeds—For general corporate purposes. Office—146
Old Country Rd., Mineola, N. Y. Underwriter—None.
33
Diversified Resources, Inc.
Jan.
For
Insurance Co.
Defenders
Jan. 30,
company
(4/15)7,.,
30,000 capital shares. Price—By
amendment. Business—Writing of life, health and ac¬
cident insurance in Alabama and Georgia. Proceeds—For
Feb. 11, 1963 ("Reg. A")
working
and apartment properties. Proceeds—For debt repay¬
ment/and other corporate purposes. Office—171Q Chap¬
man Ave., Rockville, Md. Underwriter — Ferris &
Co.,
Washington, D. C.
'
,
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¬
Sept.
search,
(1401)
to be received)
...Preferred
Georgia Power Co
(Bids
to
$30,000,000
bo received)
$7,000,000
34
The Commercial and Financial Chronicle
(1402)
Bergen, N. J. Underwriter—Auchincloss, Parker
Redpath, New York. Offering — Temporarily post¬
poned.
i
.:
North
&
.
,
.
Systems Corp.
150,000 common. Price—$1. Busi¬
ness—Manufacture of electro-mechanical vehicles and
electronic devices for medical and marine purposes.
Proceeds—For working capital, equipment and debt re¬
1962 filed
Underwriter—None.
& Co., Inc.
*
General Life
•
Insurance
Detroit.
ment,
Equity Funding Corp. of America
240,000 common. Price—By amende
Business—A holding company for
Cedar
Cohu
firms
selling life insurance and mutual funds. Proceeds
new
sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
March
—For
will
1963
sold
holders.
Manufacture
waukee.
filed
for
of
miniature
items. Proceeds—For
Fedco Corp.
Gold
(max. $15).
Business—Design and
manufacture of tools, dies, molds, beryllium castings and
the distribution of plastic, metal and glass products for
amendment
March
recession offer to stockhold¬
payable. Office—3600 W.
Underwriter—None.
Nov.
&
•
30, 1961 filed 800,000 common. Price—By amend¬
Business—Exploration and testing of mining prop¬
erties.
Proceeds—For general
corporate
Richmond St., Toronto.
—62
Associates, Ltd., Toronto.
Finaticial
purposes.
;
Federation, Inc.
Office
(4/8-12)
11, 1963 filed 80,000 capital shares. Price — By
(max. $60)., Business—A holding company
for 11 California savings and loan associations and an
insurance agency. Company also assists in the purchase
Great
amendment
sales
under
of
the
estate
real
deeds
of
loans
and
serves
as
a
—To be named.
trust.
15,
1962 filed 2,750,000 shares
Price—By amendment (max.
terest.
of
beneficial
Florida Jai
28,
1£62
in¬
300,000
common.
Greater Miami
Pompano Beach, Fla. Offering—Imminent.
Floseal Corp.
v-'V'
•-V-'f '.-V /
<
y
■
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
debt
100
repayment and other corporate purposes. Office—
W. 10th St., Wilmington, Del. Underwriter—None.
Forst (Alex) & Sons, Inc.
March 23, 1962 filed 125,000 common.
Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell &
Co., New York. Offering—Indefinite.
•
Freoplex, Inc.
.
- ,
Jan. 2, 1963 ("Reg. A") $200,000 of 7% convertible sub¬
ordinated debentures due March
1, 1975. Price—At par.
Business—Operation of retail
meat
supermarkets.
Pro¬
ceeds—For debt repayment and
—Route 18, Tices
working capital. Address
Lane, East Brunswick, N. J. Under¬
writer— Alessandrini &
Co.,- Inc., New York. Offering—
Imminent.
1
-
Business
Proceeds—For
Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor
Offering—Temporarily postponed.
'•
Industrial
&
'
Co., N. Y.
,
television
pay
Packers, Inc.
non-cumulative
-
Feb.
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
be
—
(4/22-26)
health insurance. Proceeds—For general
corporate
Hunsaker
(S. V.) & Sons
30, 1962 filed $1,300,000 of convertible subordi¬
March
nated
debentures due
1977 and 200,000 common shares.
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
which fcompany has acquired in Southern Calif. Proceeds
Price
—
—For
debt repayment
Office—15855 Edna PI.,
To be
named.
and
other
corporate
Offering—Indefinite.
;
.
;
.
.
Corp.
Oct. 23, 1962 filed 100,000 common.
Price—$5. Business
—Research, engineering, manufacturing and marketing
•
in the field of electronic information
handling and auto¬
systems. Proceeds—For " new products, inven¬
tory, new plant and working capital. Office—1401 S. Post
mation
Rd., Houston. Underwriter—None.
Intelectron Corp.
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
and working capital. Office—35 Engel St., Hicksville,
N. Y. Underwriter—J. R. Williston & Beane, New York.
Offering—Indefinite.
;
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,
a
plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—To be namedi
new
Development Corp.
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. Proceeds
—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
^
Dec. 10, 1962 filed 100,000
common.
Price—$3. Business
—Company plans to
engage in the research and develop¬
ment of devices for the hard of hearing and
equipment
applicable to certain specialized and affiliated
communication.
poses.
Proceeds—For
general
areas
corporate
of
pur¬
Office—171 E. 77th St., New York. Underwriter—
None.
*
Inter-Mountain Telephone Co.
March 21,
Sand Co.
purposes.
Irwindale, Calif. Underwriter—
Infotronics
Oak
common, of
pur¬
Office—216 E. Monroe St., Springfield, 111. Under¬
writer—Horace Mann Investors Inc., (same address).
poses.
Park, Inc.
processing and sale of rock and sand. Proceeds—For
system.
Santa
preferred stock, and 5,000 common, to be offered for sale
in units of one common and one preferred share. Price
—$150 per unit. Business—Company plans to construct
and operate a beef and pork packing
plant. Proceeds—
Greenman
Rock &
a
Horace Mann Life Insurance Co.
Building, Lincoln, Neb. Underwriter—None.
Hallandale
of
Broadway,
construction, equipment, and working capital. Ad¬
dress^—Beatrice, Nebr. Underwriter—None.
Corp.
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¬
eral corporate purposes. Office—1107 Federal Securities
Bros., Inc.
April 25, 1962 filed 150,000
and
For
Feb.
March
Price—$3.
v
Greater Nebraska
.
Heartland
—-A small business investment
company.
Homestead
•
,
Garden State Small Business Investment Co.
Oct. 27, 1961 filed 330,000 common.-
investment.
Co.
installation
19th
—
March 13, 1963 filed 5,000 shares of 6%
25, 1963, filed 136,094 common to be offered for
subscription by stockholders on the basis of one share
for each 4Y2 shares held. Price—$5.50. Business—Acqui¬
sition and development of real estate. Proceeds — For
general corporate purposes. Office—811 duPont Plaza
Center, Miami, Fla. Underwriter—None.
—
Corp.,
Insurance
;-v.-■:
Monica, Calif.
Underwriter—Bernard M. Kahn & Co., Inc., New York.
Offering—Expected in mid-April.
Feb.
Price—$5. Busi¬
Fla. Underwriter—Consolidated Securities
Great
\
Dillon, Union Securities &
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.
Note—This firm formerly was known
/
Business—Produc¬
related
Home Entertainment Co. of America
Address
Investment Trust
Price—At par.
and
Colo. Underwriter—Eastman
,-
.
1983.
sugar
Co., New York.
Office—116 John St., New York. Underwriters
—Emanuel, Deetjen & Co., and Zuckerman, Smith &
Co., New York.
ness
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office—Fern
Park,
"
Estate
Continental Real Estate Investment Trust.
Eastern
due
beet
of
products, and sale of
livestock, beet seed, and fertilizer. Proceeds—For a new
plant. Address—Holly Sugar Bldg., Colorado Springs,
purposes.
Alai, Inc.
filed
tion
Inc.
•
$10). Business—
plans to invest primarily in equity
type securities of Israeli companies. Proceeds—For in¬
vestment.
Office—141 Milk St., Boston.
Underwriter—
Paine, Webber, Jackson & Curtis, Boston. Offering—Ex¬
pected in May.
•
debentures
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
A mutual fund which
June
Holly Sugar Corp. (4/29)
1963 filed $10,000,000 convertible subordinated
March 7,
motors, and related
as
Office—615
First American Israel Mutual Fund
Aug.
of which 50,000
77,500 for stock¬
$11). Business—
1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 S't. Paul PI., Baltimore. Underwriter
Proceeds—For selling stock¬
South Flower St., Los Angeles.
Underwriters—Kidder, Peabody & Co. and McDonnell
& Co., Inc., New York.
holders.
working capital. Address—P. O. Box 430, Phoenixville,
Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Temporarily postponed.
Proceeds—For
Real
$4.
—
Pa.
Aug. 3,
trustee
investment company.
Proceeds—Foe in¬
Office—760 S. Hill St., Los Angeles. Under -
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
Equipment Co. Inc.
'
Continental
offered for
be
Hollingsworth Solderless Terminal Co.
27, 1962 ("Reg. A") 75,000 common. Price
Y.
ing—Indefinite.
March
and
N.
Gotham Educational
i
filed 2,265,138 common to
1961
Feb.
4, 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
corporate purposes. Office — 91 Weyman Ave., New
Rochelle, New York. Underwriter—To be named. Offer¬
y
•
Co.,
16,
Co.
wrter—None.
13,
&
Offering—Imminent.
Street
vestment.
Dec.
Underwriter—G. V. Kirby
.
electric
Office—2176
management
new
Leaf Pharmacal Co.,
—Droulia
Fidelity Mining Investments Ltd.
ment.
a
capital.
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis. Price—$3. Business—A
1962 filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products.. Proceedsb-For, advertis¬
ing, research, debt repayment and working capital.
Office—36 Lawton St., New Rochelle, N. Y. Underwriter
accounts
Pratt Ave., Chicago.
Oct.
plant, equipment, and in¬
ventories. Office—1784 Stanley Ave., Dayton.
Under¬
writer—McDonald & Co., Cleveland.
Oct. 29, 1962 filed 20,000 common, of which 17,500 are to
be offered by company and 2,500 by a shareholder. Price
a
and
(max.
York.
Hill
common,
company,
amendment
working
.
(4/10)
Proceeds—For debt repay¬
127,500
the
Price—By
com¬
Blvd., N. E., Albuquerque. Underwriter—Hyder &
Co., Albuquerque.
•
' \
' -■
Industries, Inc.
20,
be
the
Price—$2.
Mateo
.
expansiorv^research, and inventory. Office—545
Lane, -Teaneck, N. J,
Underwriters—Winslow,
& Stetson and Laird, Bissell & Meeds, N. Y.
Globe
of
ness—Real estate investment in Albuquerque area. Pro¬
ceeds—For general corporate purposes. Office—607' San
.
1962 filed 100,000 common. Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports and
construction.
account
Highland Development Corp. (4/10)
Feb. 23, 1963 ("Reg. A") 60,000 common.
Price—$5. Biisi-
Underwriters—Baker, Simonds & Co., Inc., De¬
Sons, Baltimore.
used in
the
for
•
Global Constructioif Devices, Inc.
oeams
offered
develop¬
Palou, San
Underwriter—Queensway* Securities Corp.,
and
New
June 29,
March 29, 1962 filed
ment
(max. $6.50).
of
/
.
6,000 shares for the underwriter.
Francisco.
troit and Alex. Brown &
•
Proceeds—For
ment
18^ 1963 filed 132,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For acquisition of property, debt repayment
and working capital. Address—2034 First National Bldg.,
promotion, research and development, and working cap¬
ital. Office—727 Land Title Bldg., Philadelphia. Under¬
writer—BHstol Securities Inc., New York. OfferingIndefinite., •
use.
.
Business—Manufacture of dental equipment. Proceeds—
For debt repayment,
advetrising, research and
Corp. of Wisconsin
General Real Estate Fund
be
to
are
and
pany
Feb.
Enzyme Corp. of America
filed 120,000 common. Price—$2. Business
—Company plans to market a new drug known as
"Clinizyne" to be used for treatment of a variety of
tumor related diseases. Proceeds—For equipment, sales
and reduction
shares
<
6,
.
+
ers
.
Manufacturing Co., Inc.
Aug. 7, 1962 ("Reg. A") 75,000 common, of which 69,000
-
—
Feb. 21, 1963,
home
This registration will be with¬
—
.....
Hek
ness—Writing of life and endowment policies. Proceeds
For general corporate purposes. Address —8500 W.
Capital Dr., Milwaukee. Underwriter — Piper, Jaffray
& Hop wood, Minneapolis.
•
Business
machine,
and processing of tray-forming and chip-covering mate¬
rials. Proceeds—For operating expenses, equipment, in¬
ventory and advertising. Office—118 E. 28th St., New
York. Underwriter—L. D. Brown Co., New York.
—Manufacture of the SAFER Butter Chipping
—By
drawn.
1963 filed 311,625 common to be offered for
subscription by stockholders on the basis of one new
share for each four held. Price—By amendment, Busi-.;
March
Corp.
Dispenser
Inc., New York. Note
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.
60,000 common. Price—$5.
analysis, commodity trad¬
ing
account
management,
and
commodity futures
brokerage. Proceeds—For expansion. Office—902 Wells
Bldg., Milwaukee. Underwriter—None.
29, 1963, filea oO,000 common. Price—$2.
St.
'
18,' 1963 ("Reg. A")
Business—Commodity price
Electronic
inventory, expansion, debt repayment and
capital. Office—6400 MacCorkle Ave., S. W.,
Albans, W. Va.
Underwriter—Willard
Securities,
working
Corp.
Design
25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
various*
industries.
Proceeds—For
debt
repayment,
March
Jan.
Proceeds—For
April
'
(Arthur N.)
Economou
General
.
Office—2222 S. Centinela Ave., Los Angeles.
payment.
ment
Proceeds—For inventory. Office—
4124 N. Broadway, St. Louis. Underwriter—Midland Se¬
curities Co., Inc., Kansas City, Mo. Offering—Indefinite.
Dynapower
Sept. 28,
Thursday, April 4, 1963
.
Centers, Inc.
7, 1962 filed 125,000 common. Price—By amend¬
(max. $5). Business—Operation of discount stores.
June
and fittings.
valves
..
.
Heck's Discount
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,
from page 33
Continued
.
1963 filed
subscription
146,228
by stockholders
share for each
will
seven
(4/5)
common
on
the
to
offered for
be
basis
of
one
new
held of record April 5, 1963. Rights
expire May 1. Price—By amendment
Proceeds—For
—Sixth
loan
repayment and
&
Courts &
Crumley Sts.,
Co., Atlanta. •
(max. $20).
expansion. Address
Bristol, Tenn.
•
Underwriter:
.
International Systems
Research Corp.
30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
March
share, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. ■ Business—Design,
development and manufacture of mechanical, electro¬
mechanical
agencies
and
and
electronic
the
equipment for government
Proceeds—For equipment,
working capital. Office—Engineer's
military.
debt repayment and
Volume 197
Number 6252
.
.
The Commercial and Financial Chronicle
.
Hill, Plainview, L. I., N. Y. Underwriter—Leib,
Co., Inc., Clifton, N. J. Off ering—Indefinite.:
Interstate
(1403)
Address—Prince and Mead Streets, Trenton,
Underwriter—Hemphill, Noyes & Co., N. Y.
capital.
Skloot &
N.
J.
—677
Lafayette St., Denver. Underwriter
sociates, Inc., Denver.
Liberty Real Estate Trust
1963 filed 500,000 shares of beneficial interest.
Price—By amendment (max. $10). Business—A real es¬
Equity
filed 1,605,100 shares of beneficial interest
mi-e—(max. $10;. Business—A real estate investment
company. Proceeds—For investment. Office——450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y
Offering—Indefinite.
derwriter—None.
Interstate Power Co.
tate investment trust. Proceeds—For investment.
—432
•
(5/22)
21, 1963 filed 154,194 common to be offered for
subscription by stockholders on the basis of one new
share for each 26 held of record May 22, 1963. Price—
March
Underwriters—(Competitive.)
Interstate Power Co.
—An insurance
Chase Manhattan
(Competitive.)
(11
EDST)
a.m.
Merrill
bidders:
Probable
Lord Jim's
real
—A
struction
investment.
and
—
Proceeds
investment trust.
estate
Office
—
—
For
con¬
Connecticut
3315
Trading Co.
(4/22-26)
17, 1963 filed 200,000 capital shares. Price — Net
asset value (max. $5), plus 8% sales charge. Business—
A mutual fund. Proceeds—For investment. Office—460
Denver Club
Building, Denver. Distributor—Nemrava &
(same address).
Jaap Penraat Associates,
Jan.
Inc.
Co.,
Inc., New York, Offering
—
543
poned.
'
estate
Price—Net
search
investment.
Office
714
—
Underwriter—Centennial
Boston
Management
Bldg.,
&
Re¬
Corp., (same address).
Met
Food
March 30,
Corp.
1962 filed $1,000,000 of convertible subordi¬
nated debentures due Nov.
1, 1977. Price — By amend¬
Business—Distribution of food and related prod¬
ment.
ucts
to
and
supermarkets
the New York
(4/24)
Metropolitan
other
retail
stores
corporate purposes. Office—345 Underhill Blvd., Syosset,
N
Y. Underwriter—Brand. Grumct & Siegel, Inc., N. Y.
Offering—Indefinite.
Midwest Technical Development Corp.
Feb.
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
Office
—
closed-end
management investment
For general corporate purposes.
2615 First National Bank Bldg., Minneapolis.
—
company/Proceeds
—
Underwriter—None:
Midwestern
Indemnity Co.
Dec. 26, 1962 filed 25,495 common
scription by stockholders
on
being offered for sub¬
the basis of one share for
each three held
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¬
New York. Underwriter — Ingram,
Stephen, Inc., 50 Broad St., New York.
writers—W. D. Gradison & Co., Cincinnati, and Greene
£c
7;/»
Ladd, Dayton.
;
Mil National Corp. (4/22-26)
Jan. 28, 1963 refiled 94,000 common. Price—$4. Business
—Distribution of commercial dry cleaning and laundry
equipment.
Ave., Wayne, Pa. Underwriter—Drexel
Philadelphia. Offering—Indefinite.
&
Kentucky Central Life Insurance Co.
March 20,
facture,
women;
East
•
Mitsui & Co., Ltd.
Feb.
sale and
also women's slacks and shorts. Proceeds—For
20,
fund
class A common. PriceBusiness—Design,: manu¬
distribution of shirts for men ,and
debentures
general
Tremont
Underwriter—Herbert
1963 filed 102,060
amendment (max. $20).
By
Proceeds—For
Office—1101
Co.,
Mack Shirt Corp.
Office:—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y. Note—
This registration will be withdrawn.
N. Y.
corporate
purposes.
Ave.,
Young
&
Bronx, New
Co., Inc., New
York.
York.
(4/26)
1963, filed
$10,000,000 of convertible sinking
1978, and 125,000 American Der
positary Shares. Price—By amendment (max. for shares
$20). Business^—A general trading company dealing in a
variety of industrial, agricultural and consumer goods
due
21, 1963 filed 500,000 class A common. Price—By
amendment (max. $25). Business—Writing of life, ac¬
selling stockholders. Office—412 E. Sixth St., Cincinnati.
Underwriter—W. E. Hutton & Co., N. Y.
and commodities. Proceeds—For
cident,^ and health insurance. Proceeds^-For investment.
Address—Anchorage, Ky. Underwriter—Stifel, Nicolaus
Management Investment Corp.
Aug. 29, 1962 filed 2,000 common-(with attached war¬
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
counseling services on a fee basis.
Proceeds—For repaymerit of loans, and general corporate purposes. Office
poses.
—130
general corporate purposes. Office—82 Baker St.,
lanta. Underwriter—Overseas Investment Service,
March
&
Co., Inc., St. Louis.
Key Training Service, Inc.
March '26, 1963 filed 47,500 common, of which 40,000
are to be offered by company and 7,500 by a stockholder.
Price—$6.50. Business — Publishing of home study
courses through franchised dealers. Proceeds—For work¬
,
.
ing capital.
Office—407 Lincoln Rd., Miami Beach. -Un¬
derwriters—Seymour Blauner Co. and Sheldon Securi¬
ties Corp.,
Kraft
New York.
(John)
••
Sesame Corp.
deben¬
tures, due 1972, and 150,000 common to be offered in
units consisting of a $300 debenture and 200 shares
Price—$900 per unit. Business—Processing and distri¬
bution of sesame seed. Proceeds*—For accounts receiv¬
able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. UnderwritersJohn A. Dawson & Co., and Leason & Co., Inc., Chicago
Kwik-Kold, Inc.
March
29,
1962
("Reg. A")
•.
\.J.
.
100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price —$3. Business — Manufacture of certain
cooling packages. Proceeds—For debt repay¬
working capital. Off ice—Jennings Bldg., P. O
Box 638, Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa Barbara, Calif. Note—This letter will bo
withdrawn.
.?■V\7.V
■y'/
S-V7:
patented
ment and
Laboratory Procedures Inc.
(4/22-26)
26, 1963, filed 225,000 common. Price—$1. Business
—Operation of six medical testing laboratories. Proceeds
—For general corporate purposes. Office—3701 Stocker
Feb.
St., Los Angeles. Underwriters — Charles
and B. W. Pizzini & Co., New York.
Las
Plohn & Co.,
7, 1963 filed 500,000 shares of beneficial interest.
Price—$10. Business—A feal estate investment trust.
Proceeds—-For investment.' Office—4933 Paradise Rd.,
Lenox, Inc.
Underwriter—Securities Co. of Nevada,
25,
shares
are
None..•
Atlanta.
■
Manchester
-
,
Underwriter—
•
Insurance
Management &
(4/8-12)
Nov. 28, 1962 filed 272,941 common. 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¬
payment and other corporate purposes.
Office—9929
Manchester Rd., St. Louis. Underwriter—Troster, Singer
& Co., N. Y,
b
Manhattan Drug Co., Inc.
March 29, 1962 filed 72,000 common; of which 58,000 are
to be offered by company and 14,000 by stockholders.
Price—$3.50.
Business—Manufacture,
packaging
and
gaie of various proprietary drug products.
Proceeds—
For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.
Underwriter—Dana Securities Co., Inc., N. Y. Note—This
registration will be withdrawn.
1963 filed 172,500 common, of which 2.5,700
to be offered by company and 146,800 by
Price—By amendment (max. $18). Business^^Marfufacture and marketing of plastic and china
difinerware and gift- ware.
Proceeds — For working
general corporate pur¬
Address—Tokyo, Japan. Underwriters — Smith,
Barney & Co., Inc., and Nomura Securities Co., Ltd.,
New York.
Mobile Home Parks Development Corp.
Jan. 28, 1963 filed
1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile home parks and
residential
and
commercial
real
estate.
Proceeds—For
At¬
Se¬
ville, Spain.
Modern Pioneers' Life insurance Co.
March 7, 1963
("Reg. A") 31,661 common to be offered
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.,
for
Phoenix.
Underwriter—Associated
General
Agents
of
North America, Inc.
•
Mortgage
Guaranty
Insurance
Corp.
(4/22-26)
March 11, 1963, 200,000 common. Price—By amendment
(max. $27). Business—Company is engaged in the in¬
suring of lenders from loss on residential loans. Pro¬
investment; Office—600 Marine Plaza, Mil¬
ceeds—For
waukee.
and
Underwriters—Hornblower
Robert W.
Baird
&
& Weeks, Chicago,
Co., Inc., Milwaukee.
Municipal Investment Trust Fund, Series B
April 28,1961 filed $15,000,000 <15,000 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
Investment. Sponsor—Ira Haupt & Co., Ill Broadway,
—
Marshall Press,
Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing, a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,
N. Y. Underwriter—To be named.
Offering—Indefinitely
postponed.
'■>' !
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¬
and investment in other insurance concerns. Ad¬
Medical Arts Bldg., Oklahoma City. Under¬
(same address). Offer¬
ing—Expected in May.
penses,
New York. Offering—Indefinite.
Music Royalty Corp.
July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, musicians,
etc. and plans to engage in the music publishing busi¬
ness.
Proceeds—For debt repayment/public relations,
acquisition of musical properties, and working capital.
Office—545 Fifth Ave., N. Y. Underwriter—Associated
Securities Co., 545 Fifth Ave., N. Y.
dress^—714
/
stockholders.
'
Corp.
writer—Lincoln Securities Corp.
L
March
Bldg.,
Medic Corp.
Feb.
Vegas, Nev.
Las Vegas,
Federal
Feb.
Vegas Properties Trust
Las
Fultori
Investment
May 24, 1962 filed $225,000 of 6% conv. subord.
••
in
area. Proceeds—For general
finance future credit sales of homes. Office—315 E. Lan¬
investment.
repayment and working capital.
Inc.
caster
(max. $101 per unit).
Proceeds—For debt
Price—By amendment
Service Systems,
shares.
19, 1963 filed 100,000 common. Price—By amend¬
ment (maximum $14). Business—Production, sale, erec¬
tion and financing of manufactured homes. Proceeds—To
Kavanau Corp.
Business—Real
Stewart
Underwriter—J. R. Wil-
Inc.
filed 500,000 capital
1963
Proceeds—For
Feb.
March 29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
warrant.
4,
Denver.
Madway Main Line Homes Inc.
■
Office—750
purposes.
Meridian Fund,
March
Madison Ave.,
Lambert &
Indefinitely post¬
corporate
asset value plus 5%. Business—A new mutual fund to be
offered initially to members of the medical profession.
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—
—Industrial designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central park w
N v Uwderwritpr-^Hs
&
Price—$10. Business
whose subsidiaries in¬
Lunar Films,
1962 filed 100,000 common. Price—$3. Businest
30,
company
general
liston & Beane, N. Y. Offering—Indefinite.
Dec.
Jan.
Co.
For
Loyalty Financing Corp.
19, 1962 ("Reg. A") 24,000 shares of 6Vi% cumu¬
lative convertible preferred and 60,000 common to be
offered in units consisting of 20 preferred and 50 com¬
mon shares. Price—$250 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.
Ave., N. W., Washington, D. C. Underwriter—None.
Investors
holding
Enterprises, Inc.
Ave., Garden City, L. I., N. Y.
>
14, 1963 ("Reg. A") 100,000 common. Price — $1.
Business—Operation of drive-in restaurants. Proceeds—
For leases,
equipment and working capital. Office—
1601 Mandeville Canyon Rd., Los Angeles. Underwriter
—Keon & Co., Los Angeles.
$10. Business
Office
Equity
(max. $5.50). Business—Sale of
phonograph records to, and the providing of merchan¬
dising services to retail record department. Proceeds—■
Jan.
Trust
May 31, 1962 filed 200,000 shares. Price
corporate
purposes.
Underwriter — Financial
Price—By amendment
For
—
.
at One Chase Manhattan Phaza (23rd
Information Meeting—May 13 (3 p.m.
Realty
Proceeds
Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd. Offering—Indefinite.
EDST) at One Chase Manhattan Plaza (28th floor), N. Y.
Investors
Merco
•
Pierce, Fenner & Smith Inc.-Kidder, Peabody
& Co.
(jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; White, Weld & Co. Bids—May 22
general
Nov. 5, 1962 filed 104,000 common, of which
33,000 are
to be offered by company and 71,000
by stockholders.
Shearson, Hammill & Co., N. ,Y. Offering—Indefinite.
•
Lynch,
floor), New York.
Tennessee
the lives of all types of animals. Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
sure
21, 1963 filed $6,000,000 of first mortgage bonds
due 1993. Proceeds—For loan repayment and construc¬
tion. Office—1000 Main St., Dubuque, Iowa.
Under¬
—•
of
and
Livestock Financial Corp.
Feb. 23, 1962 filed 130,000 common.
March
writers
Co.
—
new
(5/22):
Insurance
selling stockholders.
Casualty Tower, Nashville, Tenn. Un¬
derwriters
Goldman, Sachs & Co., New York and
Equitable Securities Corp., Nashville.
f
Office--Life
For
—
City, Calif.
Corp., Los Angeles.
Casualty
health insurance.
Probable bidders:
One
■—Studio
March 15, 1963 filed 500,000 common. Price—By amend¬
ment (max. $36). Business—Writing of life, accident and
Kidder, Peabody & Co.; Merrill Lynch, Pierce, Fenner
& Smith Inc.; Ladenburg, Thalmann & Co.; White, Weld
& Co. 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
Plaza (28th Floor), New York.
&
Proceeds
(4/8-12)
/:
By amendment (max. $24). Proceeds—For loan repay¬
ment and construction. Office—1000 Main St., Dubuque,
IoWa.
Life
—
Office
Exchange Bldg., Oklahoma City. Un¬
Commerce
Medical As¬
Medical Video Corp.
Nov. 13, 1961 filed 250,000 common. Price — $1. Busi¬
ness
Manufacture of medical electronic equipment.
Feb. 25,
March 30,1962
—
35
j
Medical
Industries
Fund, Inc.
Oct.
23, 1961 filed 25,000
—A
closed
end
common.
investment
Aviation Corp.
shares tp be offered
the basis of one new
share for each five held of record April 11, 1963. Price—
Price—$10. Business
which plans to
become open - end.
Proceeds :— For investment in the
medical industry and capital growth situations. Office
-
National
March 14, 1963 filed 253,478 capital
for subscription by stockholders on
company
By amendment. Business—A closed-end investment com¬
pany
specializing in aviation and aerospace stocks. ProContinued
on
page
36
u.1
„
36
Continued
The Commercial and Financial Chronicle
(1404)
35
from page
.
Nuveen Tax-Exempt Bond
-
Oct.
ceeds
Office
For investment.
—
National
Dec.
7
Lite
Central
125,1)00
filed
fractional interests in the Fund.
111 Broadway, New
—
York. Underwriter—None.
Price
By amendment
—
to
(max. $15). Business—Writing of health and accident in¬
Proceeds—For general corporate purposes. Ad¬
dress—2632 McGee St., Kansas
To
named
be
Orr
Manufacturing
Fence
Inc.
Co.,
I
welded
reinforcing
concrete
Price—$8.75. Busi¬
chain link fence
gates and related *
fabric,
.
year
11, 1962 filed 4,750,000 common. Price—$1. Busi¬
ness—Company plans to engage in cemetery develop¬
ment and to establish and operate a life and disability
insurance concern. Proceeds—For general corporate pur¬
poses. Office—13 S. Broadway, Red Lodge, Mont.
Un¬
derwriter—Security Brokerage Co., Billings, Mont.
for home
Office—3615
sites.
Proceeds—For
Olive
St., St. Louis. Under¬
Co., St. Louis. Offering—Expected
'
May
Reynolds
&
Reynolds Co.
(4/16)
ness
and
accounting forms and systems, and allied prod¬
ucts.
Proceeds—for selling stockholders. Office
Germantown St.,' Dayton, Ohio. Underwriters
Forgan & Col, New York, and Grant-Brownell
(4/16)
1963 filed $50,000,000 of debentures due April
1, <>2003. Proceeds—To reduce outstanding debt, due Pa¬
cific Telephone & Telegraph Co., in connection with
the 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.f Halsey, Stuart & Co.
Inc. Bids—April 16 (11 a.m. EST) in Room 2315, 195
Broadway, New York.
; 1
Oct.
luxury hotel and resort facilities,
a
of land
acres
March 18, 1963 filed 120,000 class A common.
Price—By
amendment (max. $28). Business—Manufacture of busi¬
March 22,
National Memorial Estates
—
writer—R. L. Warren
•
three-
and
purchase 1,250 class A shares to be
consisting of four shares and one war¬
$32 per unit. Business — Company will
operate
construction.
Underwriter—None.
Pacific Northwest Bell Telephone Co.
and
and sell 80
in
common
to
in units
Price
erect
Inc.
Address—Creede, Colo.
warrants
rant.
28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal.
27,
offered
Feb.
products. Proceeds—For construction of a plant in Ire¬
land, and working capital. Office—4301 46th St., Bladensburg, Md. Underwriter—Netherlands Securities Co.
Inc., New York. Offering—Indefinite.
Office—130 N. Virginia
Underwriter—None.
Corp. of Missouri
1962 filed 125,000 class A
Nov.
1,
Outlet Mining Co.,
Price—$10. Business
"puts" and "calls."
selling
Resort
(5/6-10)
-
Nov. 29, 1962 filed 100,000 common.
ness
—
Manufacture of galvanized
in
engaged
St., Reno, Nev.
—
be withdrawn.
registration will
Enterprises, Inc.
is
Proceeds—For working capital.
ness—The company and
pansion and working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
National
(J. Herbert)
—
—Company
:
.
St., Los Angeles. Underwriter
Costello,
Co., Beverly Hills, Calif.. Offering — Im-
&
Nov. 19, 1962 filed 952,000 common.
Federal Income taxes. Proceeds—
Office—Chicago, 111.
Sponsor—John
Co., 135 So. La Salle St., Chicago.
Thursday, April 4, 1963
.
Remitco, Inc.
the U. S.,
believed
1962 filed 200,000 common. Price—$5.25. Busi¬
its subsidiaries manufacture and*
distribute cartridge type tape player recorders and pro¬
grams therefor; sell at retail nationally kruown audio
visual equipment; and manufacture men's and boy's dress
trousers. Proceeds
For additional inventory, equip¬
ment, research, and working capital. Address—P. O.
Box 27, Opelika, Ala. Underwriter—First Alabama Se¬
curities, Inc., Montgomery.
*
May
Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated stores.
Proceeds—For debt repayment, store ex¬
National
This
investment.
Nuveen &
City, Mo. Underwriter—
obli¬
be exempted from
For
surance.
.
minent.
Price—By amendment.
gations of states, counties, and municipalities of
and political subdivisions thereof
which are
Insurance Co.
7th
Russotto
representing
units
Business—The Fund will invest in interest-bearing
j
common.
of
W.
411
Fund, Series 4
$15,000,000
filed
1961
17,
.
Dayton.
<
—
800
Glore,
& Co.,
,
Richard Gray & Co., Inc.
June 21, 1962 ("Reg. A") 60,000
common.
Price—$5.
A securities broker-dealer.
Proceeds
For
working capital and other corporate purposes. Office—
237 W. 51st St., N. Y. Underwriter—Richard
Gray Co.,
New York. Offering—Indefinite.
Business
—
—
.
National Mortgage
'
■
Corp., Inc.
Beryllium Corp.
28, 1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
28, 1962 refiled $8,000,000 face amount
Proceeds
—70
To
mobile
•
—2521
,
to
holder.
by
the
company
Price—50c.
and
75,000
by
Business—Exploration,
—Tu
Service
Co.
and
adviser and
stockholders. Office—60
Underwriter—To be named.
.
*
contracts using radioactive
tracers; precision radioactivity 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.
'
.
.
Seaboard Land Co.
July 25, 1962 filed 200,000 class A common. Price—By
amendment (max. $2.50).
Business—Ownership and development of real estate. Proceeds—For working capital.
.
•
Congress
St.,
Feb.
Industries, Inc.
23, 1962 ("Reg. A") 75,000 common. Price — $2.
Business—Sale of travel and entertainment. Proceeds—
.
•For
capital
investment, and working capital. Office—
28,
Spring,
Seaboard
Md.
Securities
ate,
B
on
Under¬
Corp.,
filed
Corp.
500,000
for
common, of which 405,000
subscription by holders of the A,
Life Insurance
Co., an affili¬
the basis of 4 company shares for each class A or
share and
two-thirds share for each class C share of
held. Remaining 94,822 and
any unsub¬
scribed shares will be offered
publicly. Price—To
Selective
Life
public,
$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¬
—
nix.
Underwriter—None.
Shaker
Properties
filed 215,000 shares of beneficial interest.
Price—$15. Business — A real estate investment trust.
Oct.
19,
1962
Proceeds—For
investment
—1956 Union Commerce
writer—McDonald
&
inite.
Co.,
*
Signalite
and working capital. Office
Bldg., Cleveland. Ohio. Under¬
Cleveland.
Offering—Indef¬
'
Inc.
Jan.
'
29, 1962 filed 126,000 common. Price—$4.50. Business—Manufacture, sale and development of glow lamps
for use as indicators and circuit, components. Proceeds—
For debt repayment, equipment and
working capital.
Office—1933 Heck Ave., Neptune, N. J. Underwriter—
Milton
D.
'
/
Financial
1962
Silver
_;
be offered
to
Ave.,
American
B and C stock of Selective
Boston.
Nov.
Thayer
North
Selective
.
Recreation
&
—
(same address).
work¬
.
Note—This registration will be
\
writer
are
Quick-N-Clean Corp. of Minnesota, Inc. (4/8-12)
1, 1962 ("Reg. A") 205,000 common. Price—$1.15
Business—Company plans to open a chain of coin operated dry cleaning stores.
Proceeds—Advertising, expan¬
sion and working capital. Office—712 Fir
St., Brainerd,
Minn. Underwriter—Northwest
Securities, Inc., Detroit
Lakes, Minn,
•
Oct
on
withdrawn.
—Indefinite.
•
Nuclear
cloth.
Proceeds—For bond retirement and plant
Address—Alexander City, Ala. Underwriter
& Weeks, N. Y.
Note — This company
formerly was called Russell Manufacturing Co. Offering
distributor of mutual funds. Proceeds—For
selling
registration will be
—Hornblower
Office—912
repayment and
Note—This
expansion.
Putnam Management Co., Inc.
Aug. 22, 1962 filed 150,000 common (non-voting). Price
—By amendment (max. $14). Business—An investment
Science & Engineering
Corp.
March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Research and
development
Pittsburgh. Underwriter—Johnston. Lemon
dentists. Proceeds—For debt
Co., N. Y.
cotton
Office—418 Mar¬
ing capital. Address—100 W. Tenth St., Wilmington, Del.
Underwriter—None.
cago.
Co., Washington, D. C.
oil wells.
For equipment and working
capital. ;
Ave., N. Y. Underwriter — Federman,
—
7th
&
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
Jan. 8, 1963 filed 40,000 common.
Price—$5. Business
—Company specializes in financial consulting, and serv¬
icing patients' accounts of member hospitals, physicians
(4/17)
Brothers-Bear, Stearns & Co. (jointly); Equi¬
Pox 10901,
for and operate
Proceeds
withdrawn.
Professional Men's Association, Inc.
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¬
-
film.
Office—245
Stonehill
Underwriter—To be named.
table Securities
\
—
working capital. Office^—18 Lancaster Rd., Union, N. J
Office—4680 Wilshire Blvd., Los
—
New World Distributing Co.
Hammond, Ind. Underwriter—(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; White,
Weld & Co.; Eastman Dillon, Union Securities & Co.-
4
Royal tone Photo Corp.
Nov. 29, 1961 filed 300,000
common, of which 100,000
are to be offered by the
company and 200,000 by stock¬
holders.
Price —By amendment.
Business
Develops
and
prints color, and black and white photographic
$4.
mortgages, and
Hohman Ave.,
.■
—.
March 30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of
March 5, 1963 filed $30,000,000 of first
mortgage bonds
due 1993. Proceeds—For working capital. Office—5265
Lehman
Pricfe
common.
Prescott-Lancaster Corp.
Fund, Inc.
Public
drill
Offering—Expected about! mid-May.
'V.75,000
-
21, 1963, filed 250*000 common. Price—Net asset
value plus 8^%. Business—A new mutual fund. Pro¬
Indiana
Proceeds—For debt repayment. Office—112 W. 34th
St.,
New York. Underwriter—Reuben Rose
Co., Inc., New
York.
St., Shreveport, La. Underwriter—None.
Power Cam Corp.
Jan. 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.,
Feb.
Northern
S.
Alex.
ket
Industry Capital Corp.
Feb. 25, 1963, filed 30,500 common. Price—$10. Business
—A small business investment company. Proceeds—For
investment, and working capital. Office—1228 Wantagh
Ave., Wantagh, New York.'Underwriter—None.
•
-—
Powell Petroleum, Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5. Proceedi
stock¬
develop¬
a
New
Angeles.
Underwriter
(same address).
-
investment trust. Proceeds—For investment. Office—880
Bonifant St., Silver Spring, Md. Underwriter—None.
mining. Proceeds—General corporate purposes
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
ceeds—For investment.
•
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
ment and
New World
firms in the U.
Underwriter
used in the installation of wallrto-wall
Rona Lee Corp.
Sept. 26, 1962 filed $250,000 of 6 % % debentures and
50,000 common. Price—For debentures, by
amendment;
for stock, $4.
Business—Design, manufacture, and dis¬
tribution of girls' blouses;
sportswear, and coordinates.
Business-—Production of TV documentary-films, and the
Campbell Island Mines Ltd.
offered
to
!
filed
1963
—
selling stockholders. Office
St., Baltimore.
v
(4/22-26)
working capital; Office—600 North
Baldwin Park Blvd., City of
Industry, Calif. Under¬
writers—Reynolds & Co., Inc., New 'York, and Lester,
Ryons & Co., Los Angeles.
processing of colored kodachrome film. Proceeds—For
equipment, and working capital. Office — 56 Bennett
Bldg., Wilkes-Barre, Pa. Underwriter—G. K. Shields &
Co., New York.
13, 1961 filed 475,000 common, of which 400,000 are
be
Proceeds—For
Pictronics, Inc.
27, 1963 ("Reg. A")
;
Oct.
management service
Charles
Feb.
Natural Gas & Oil
New
N.
Co.
loan repayment and
Brown & Sons, Baltimore.
Producing Co. (5/2)
Sept. 7, 1962 filed 180,000 class A common.
Price—$5.
Business—Production of natural gas and oil.
Proceeds
—For drilling expenses, working capital and other cor¬
porate purposes. Office—Tekoil Bldg., Oklahoma City.
Underwriter—Peter Morgan & Co., N. Y.
v; '/■
**
fleet
registration statement.
ture of products
Peterson, Howell & Heather, Inc.
26,. 1963 filed 33,383 class A common. Price—By
amendment (max. $35).
Business—Furnishing of Auto¬
Uni-Pac, Inc.
July 31, 1962 filed 85,000 common. Price—By amend¬
ment
(max. $4). Business—Company plans to sell or
lease coin operated vending machines.
Proceeds—For
debt repayment, equipment and working capital. Office
—15 Peachtree St., Atlanta. Underwriter—None. Note—
This registration will be withdrawn.
Office—220
carpeting, specialized industrial adhesives, metal folding
doors, and weatherproofing products. Proceeds
For
March
and- Canada.
National
St., Freeport, L. I., N. Y. V Underwriter—
named.
•
Business—Production of
Proceeds—For production and distri¬
bution
expenses
and
working
capital.
Office—1270
Ave. of the Americas, N. Y. Underwriter—None.
pictures.
Price—$7. Business
purposes.
130,000 common, of which 70,000
will be offered by
company, and 60,000 by stockholders.
Price—By amendment (max. $11) Business—Manufac¬
Underwriter—Arnold Malkan & Co., Inc., N. Y. Note—
This registration will be withdrawn.
subord. deben¬
this
Roberts
March 21,
Parkway Laboratories, Inc.
6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals.
Proceeds
—For an acquisition, research and other corporate
pur¬
poses.
Office — 2301 Pennsylvania Ave., Philadelphia.
Price—At par.
tures due 1972.
motion
Main
•
Dec.
Underwriter—None.
conv.
of
12,
N.
be
general corporate
St., N. W., Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md. Offering—Indefinite.
Note—
The SEC has challenged
the accuracy and adequacy
Realty & Development Corp.
1962 filed 400,000 class A stock. Price—$10.
Business—A real estate holding and development com¬
pany. Proceeds—For general corporate purposes. Office
Insurance Co., Inc.
Nov. 28, 1962 filed 590,075 common to be offered for
subscription by common stockholders of record Oct. 15,
on a share-for-share basis. Price—By amendment (max.
$2). Business—Writing of participating and non-participating ordinary life insurance. Proceeds — To expand
operations. Office—6225 University Ave., Madison, Wis.
common.
K
PanAm
March
and
repayment
debt
writer—To be named.
National Security Life
National Telepix, Inc.
July 30, 1962 filed $150,000 of 6y2%
For
—
1961 filed 142,858
—A real estate investment
company. Proceeds—For debt
repayment, equipment, and other
corporate purposes/ Office—39 Broadway, N. Y. Under¬
company.
Kansas.
„
Dec. 21,
Feb.
Proceeds—For general corporate pur¬
poses. Office—113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).
Note—This offering will be made only in the State oi
loan
Richmond Corp.
Pan American
certificates
(series 20) and 300,000 common shares. Price—For cer¬
tificates, $762; for stock, $1.15.
Business—A mortgage
Dec.
Blauner
&
Co.,
N.
Y.
Offering—Postponed.
■
Volume
•
197
Number 6252
.
.
.
The Commercial and Financial Chronicle
Southeastern Mortgage Investors Trust
;'V\
(5/6-10)
Indianapolis.
Muncie, Ind.
.
Feb. 15, 1963 filed
1,100,(500 shares
of beneficial interest.
St.,
Securities Corp.
America, N. Y.
Sterling Copper Corp.
Aug. 2, 1962 filed 850,000 common. Price—$1. Business
—Company plans to operate a non-ferrous rod and tube
mill.
—-
K. J. Brown &
Co., Inc.,
teiepnone
properties
in
phone properties in Iowa
utors of allied
Chicago.
Underwriter—None.
United Camera Exchange, Inc.
/
:
Stone Mountain Scenic
Railroad, Inc.
Jan. 22j 1963 filed-105,000 common to be offered for sub-
'
17, 1963 ("Reg. A") 245,000 common.
Price — $1.
erect a mill to .produce cer¬
types of iron by the new "Taylor Process." Proceeds
—For plant construction
and
general corporate pur¬
tain
poses. Address—Suite 412-413
Hynds Bldg., Cheyenne,
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
;
Business
—(Competitive) Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Stone
Wiener Shoes
$5.05
foams.
writer
March
Price—$100. Business
due
plans to organize a life in¬
Proceeds—For investment in U. S.
sand
Inc., (same address).
// Ten-Tex, Inc.
•
subscription by stockholders of Ten-Tex Corp., parent,
of record Feb.
1, 1963 on the basis of one unit for each
lease
of
shares held.
capital.
Price—$100.
—
Office—3814
For debt repayment and
Ave., Chatsworth,
Underwriter—Irving J. Rice & Co., Inc., St. Paul.
fering—Indefinite.
Texas
'
Lincoln, Neb.
electronic
named.
like amount
;<>,
writer—To be named.
of 5%%
•
due
refunding of 5%% bonds due
1989, loan repayment and construction. Office—231 West
Michigan St., Milwaukee. Underwriters — (Competitive)
Probable bidders: Halsey, Stuart & Co.. Inc.; Merrill
Lyhch, Pierce,. Fenner & Smith Inc.-Salomon Brothers
-& Hutzler
&
1306,
April 5 (11
Chicago.
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¬
ment. Business—A closed-end investment
company. Pro¬
ceeds — To help finance the
redemption of unexchanged
St.,
Chicago.
•
-
..
Wolf Corp.
to
Tyson's Foods, Inc.
Dec. 26, 1962 filed 100,000 common.
Price—By amend¬
ment (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 &
—^
Co., Inc., Dallas.
Feb.
21,
1963,
filed
50,000 common, of which 31,176
by company , and 18.824 by a
selling stockholder. Price—$7.50. Business — Writing of
shares
are
to
be
offered
health insurance. Proceeds—To increase
capital and sur¬
plus and for expansion.. Office — 1939 N. Meridian St.,
offered
-
A
for
the
on
Real
estate.
shares
convertible sub¬
(with attached warrants)
$4,500,000 of 6.5%
subscription by stockholders of class
of $500 debentures for each 100
basis
held.
Price—$500
per unit.
Business—
repayment and realty
acquisitions. Office—10 East 40th St., N. Y. Underwriter
t-S. E. Securities, Inc.; 10 East 40th Street, New York.
Note—This registration will be withdrawn.
Proceeds—For
debt
Issues Filed With SEC
This Week
N. Rock¬
Nov^?28,-i062 filed .<$250,000 of - 7.% . conv.j- subord. .de-w
bentures -due 1973. Price 95 % : of principal amount
^ Business—Sale of franchises for on-location cleaning ol
carpets furniture, floors, etc., and the manufacture and ;;
-
>
sale of cleaning equipment and materials. Proceeds—Foi
debt repayment and other corporate purposes.
Office—
2117 N. Wayne, Chicago. Underwriter—None.
Waterman
purchase of vessels, and working cap¬
ital.
Office—71 Saint Joseph St., Mobile, Ala.
Under¬
writer—Shields & Co., Inc., N. Y. Note—This registra¬
Futures,
for two
repayment,
writer—None.
Proceeds—For investment.
Of¬
Underwriter—None
Western
Light & Telephone Co., Inc. (4/8)
March 12, 1963 filed 115,339 common to be offered for
subscription by stockholders on the basis of one new
share for each 10 shares held of record April 5, with
rights to expire April 23. Price—By amendment (max.
—
^
1963 'filed; 154,000 common, of which' 125,000
offered by company and 29,000 by certain
be
insurance subsidiaries. Proceeds—For
investment, and advances to sub¬
sidiaries. Office—112 California Ave., Reno, Nev. Under¬
Inc.
^Western Empire Real Estate Investments
Sept. 26,- 1962 filed 600,000 shares of beneficial interest
Price—$4. Business—Company plans to quality as a reiJ
Business'
to
stockholders. Price—By amendment (max. $7).. Business
—Writing of ordinary life insurance. Proceeds—For- in¬
vestment. Address—807 American Bank & Trust Bldg.,
Lansing, Mich. Underwriter—First of Michigan Corp.,
loan
("Reg. A") 120,000 capital shares. Price—
$2.50. Business -— Acquisition and development of land.
Proceeds—For general corporate purposes. Office—2727
N. Central Ave., Phoenix. Underwriter —- William W.
Bones Securities Co., Phoenix.
$35).
are
company
11, 1963
estate^ investment trust.
March 29,
if Atlas Management Co.
March 28, 1963 filed $1,500,000 of 6% conv. subord. de¬
bentures due 1978. Price—At par. Business—A holding
Proceeds—For the
Western
tW-Americah Annuity Llf■ Insurance Co.
Detroit.
Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business—The carrying of liner-type
cargoes
fice—1755 Gilpin St., Denver, Colo.
Underwriters National Assurance Co.
stock
1962 filed
class
-
Feb.
after April 23.
be
A
tion will be withdrawn.
or
26,
,
New York. Note—Underwriter has
agreed to purchase up
to 240,000 unexchanged $2.50 preferred shares and will
on
EST) at Bankers Trust Co., 16 Wall St.,
Underwriter—Glore., Forgan & Co.,
•:
J,,-*-.-';-r
$2.70 preferred shares. Office—65 Broadway, New York.
Underwriter—Eastman Dillon, Union Securities & Co.,
offer them to the public
/
Wade, Wenger ServiceMaster Co
.
Tri-Continental Corp. v..:
a.m.
New York.
(4/22-26)
tal and other corporate purposes. Office—3900
Transarizoha Resources, Inc.
May 28, 1962 filed>50O*0OO; -Capital• shares.*
Price-^$i;50.
Business—Exploration,- -developmentnafhd production of
March 1, 1963 filed 810,740 shares of
$2.50 preferred (par
$50) being offered in exchange for a like number of out¬
(jointly); Kidder, Peabody & Co.-White, Weld
(jointly). Bids—April 8 (12 noon EST) in Room
48 Wall St., New York. Information Meeting—
Co.
ordinated debentures due 1977
well
.
Power Co. (4/8)
13, 1963 filed $6,000,000 of first mortgage bonds
1993. Proceeds—For
Jan.
—Temporarily postponed.
•
Wisconsin Michigan
March
^?¥ictor€emptometer€orp. (4/23)
v,
V:
March 25,-1963 Jiled $15,000jOOO' of "sr p debentures dieter
1988; also 250^000 common to be offered by stockholders, *
Price—By amendment (max. $12 for stock). Business—
Manufacture of adding, machines, printing calculators
and other office machines; also business forms and golf
products. Proceeds—For debt repayment,, working capi¬
Top Dollar Stores, Inc. *
May *1, 1962 filed 200,000 common, of which 190,000 ;are
to be offered
by company and 100,000 by stockholders
Price—$5. Business—Operation of a chain of self-serv¬
ice retail stores
selling clothing, housewares, etc; Pro¬
ceeds—For expansion,
equipment and working capital
Office—2220 Florida Ave., Jasper, Ala.
Underwriter—
Philips, Appel & Walden, 115 Broadway, N. Y. Offering
Shore copper deposit near Casa
Grande,' Ariz.
Proceeds—For equipment; exploration and working capital. Office—201 E. 4th St.- Casa
Grande, Ariz. Underwriter—None.
'
>
:
debt repayment and other corporate pur¬
Office—1005 First Ave., Asbury Park, N. J. Under¬
poses.
22, 1963 filed 60,000 common. Price—$4. Business
—Operation of coin-operated automatic ice cube vending
machines and clothes washing and drying machines.
Proceeds — For debt repayment, equipment, expahsion
and working capital. Office—565 Fifth Ave., New York.
Underwriter—M. G.^ Davis & Co., Inc., New York.
Of¬
the Lake
measuring devices and test equipment. Pro¬
ceeds—For
City.
Vend-Mart Inc.
July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic, film and
packaging products.
Proceeds—For
working capital.
•
Winslow Electronics, Inc.
28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
,
Dec.
Jan.
be
$100 debenture
harness
dress—Sidney, Montana. Underwriter—To be named.
';
Address—Elsa, Texas. Underwriter-^-To
one
per
conduct
Jan. 23, 1963, filed 328,858 common. Price—$1. Business
—A new mutual fund. Proceeds—For investment. Ad¬
Ga.
Of¬
Plastics, Inc.
fering—Indefinite.
Lake
to
Offering—Indefinite.
Valley Investors, Inc.
working
Tennessee
a
Price—$220
.
Business—Sale
machinery for production of tufted textile
products. Proceeds
/
Light Co. (4/15)
1963 filed $15,000,000 first mortgage bonds
1993. Proceeds—To refund
been licensed
unit. Business—Company
racing with parimutual betting. Proceeds — For debt repayment and
working capital. Office—3 Penn Center Plaza, Philadel¬
phia. Underwriter—Stroud & Co., Inc., Philadelphia.
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
& Webster Securities Corp; (jointly); First Boston Corp.Blyth & Co. (jointly); Halsey, Stuart & Co. Inc. Bids —
April 15 (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.
*
-
and
First Nebraska Securities Corp.,
11,
Salt
St.,
Dec. 31, 1962 ("Reg. A") 3,000 units each
consisting of
one 6%% 10-year
debenture, 25 common shares and pur¬
chase warrants for 100 common shares to be offered for
common
—
10 shares.
has
bonds due Oct; 1, 1987. Office—1407 West North Temple
Government Bonds and in new
subsidiary. Office—801
Lafayette Life Bldg., Lafayette, Ind. Underwriter—Amo-
150
and
In**
per
unit.
Business—Manufacture of
urethane
Proceeds—For
equipment,
working
capital
shares to be offered in units of
mon
Utah Power &
company which
company.
March 8, 1963 filed $1,000,000 of 6x/2% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
Offering—Temporarily postponed-
N. Y.
holding
William Penn Racing Association
Fund» Inc.
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas,
tinder*
Tecumseh Investment Co., Inc.
Jan. 21, 1963 filed 48,500 common.
surance
drawn.
Feb. 14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class.
Price—
advertising and working capital. Office—1650 Broad¬
way, N. Y. Underwriter—Creative Ventures Corp.. 733
—-A
TOYSIC
llrothatiA
By amend¬
chain of shoe
—
a
repayment,
Co., New Orleans. Note—This registration will be with¬
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo
Underwriter—Waddell & Reed, Inc., Kansas City, Mo
St., New York.
(11 a.m. EST) same
debt
—
For
—
Proceeds—For
expansion and
working capital. Office — 808 Dakin St., New Orleans.
Underwriter
Howard, Weil, Labouisse. Friedrichs &
Manufacture of light household and office
—
United Variable Annuities
Teaching Systems, Inc.
June 1, 1962 ("Reg. A")
50,000 common. Price—$2. Busi¬
ness—Production and sale of educational audio-visual
teaching aids. Proceeds—For equipment/promotion and
,
Inc.
stores.
general corporate -purposes.
Address—Rehovoth, Israel. Underwriter—Brager & Co.,
New York.
.
Third Ave
be
April 2, 1962 filed 80,000 common. Price
ment (max. $11). Business—Operation of
furniture. Proceeds
sus-'
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
16,500 shares of 8% preferred ordi¬
"B" shares to be offered in units consisting of two
$100 debentures and 10 shares. Price — $305 per unit.
& Webster Securities
Corp.; Goldman, Sachs & Co. Bids
—April 24 (11 a.m. EST) at 90 Broad
April 19
temporarily
(L. F.), Inc.
27, 1961 filed 162,000 common, of which 102,000 are
offered by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores/ Proceeds—Expansion* equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
to
April 11, 1961 filed 2,500,000 shares of stock. Price—$*0
—
order
nary
Los Angeles. Underwriter-^-None.
Information Meeting
an
tures due 1975 and
—
address.
issued
Oct.
United Saran & Plastic Corp. Ltd. (4/22-26)
Feb. 25, 1963, filed $330,000 of 7% convertible deben¬
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
has
Widman
films and other photographic equipment. Cornalso sells radios, tape recorders, dictating and
photocopying machines, and provides a film developing
and printing - service. "Proceeds—FoF hew "stores v ahd :
camera cbncessions.
Office—25 W. 43rd St., N. Y.' Un-'
derwriter—Ingram, Lambert .& Stephen, Inc., 50 Broad
St., New York.
.
cameras,
Sutro
SEC
pending this issue.
pany
Mortgage Investment Trust
Feb. 1, 1963 filed
30,000 shares of beneficial interest.
Price—$100. Business
A real estate investment trust.
Proceeds—For investment. Office—4900 Wilshire
Blvd.,
.
;
Note—The
'
29, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of retail stores selling and trading
stockholders, $5.50; to public,
$6.50. Business—Operation of a scenic railroad. Proceeds
—For construction, debt
repayment and other corporate
purposes. Address—Stone
Mountain, Ga. 'Underwriter—
-
Business—Company plans to
Nov.
scription by stockholders on the basis of one Share for*
each three shares held. Unsubscribed shares
will be sold
to the public. Price—To
None.
(4/22-26)
tele¬
Jan.
equipment in the fields of contamination
tal and other corporate
purposes.
Pinconning, Mich.
and
Western Steel, Inc.
Proceeds—For debt repayment,
J
and other corporate' purposes.
Office—1695 Elizabeth Ave., Rahway, N. J. Underwriter
Proceeds—For plant and equipment,
working capi¬
Office—300 Horn Rd.,
Kansas,
and Missouri.
...
control and ultrasonics.
:
*
equipment, advertising
-
central
37
Proceeds—For
general corporate purposes. Office—2015 Forest
Ave.,
Great Bend, Kan.
Underwriter—Dean Witter & Co.,
^
Laboratories, Inc.
Nov. 29, 1962 filed 67,200 common.
Price—$3.50. Busi¬
ness—Design, engineering and manufacture of special¬
ized products primarily in the field of contamination
control. Company also acts as sales agents and distrib¬
Business—A real estate investment trust.
Proceeds—For investment. Office—500 E. Morehead
of
Underwriter
Ultrasonic
Price—$10.
Charlotte, N. C. Underwriter—Fleetwood
(1405)
Operation of electric, gas, water and
if Berns Air King Corp.
1963 filed 100,000 class A common. Price—By
March 29,
Business—Manufacture of ven¬
kitchen fans, dehumidifiers?<and
related products.
Proceeds—For debt repayment, j and
Waking capital: Office—3050 North Rockwell St.", Chi¬
cago. Underwriters—McCormick & Co., and H. M. Byllesby & Co., Chicago.
" *
;
amendment (max. $7.50).
tilating
-
range
hoods,
-
if Cosmodyne Corp.
April 1, 1963 filed 150,000 common. Price—By amend¬
ment. Business—Design, development and manufacture
,
equipment used for pumping, storing and transport¬
ing super cold liquids. Proceeds—For loan repayment,
and working capital. Office—3232 W. El Segundo Blvd.,
of
'
•
Continued
on
page
38
38
(1406)
Continued from
The Commercial and Financial Chronicle
★ Optech, Inc.
37
page
March
28, 1963 filed 140,000
Hawthorne, Calif. Underwriter—Merrill Lynch, Pierce,
ness—Research
ic Exchange Fund of Boston, Inc. (5/1)
March 27, 1963 filed 1,100,000 common to be offered in
extnange for certain acceptable securities op the basis
of one new share for each
$27.50 market value of de¬
posited securities, less a sales charge of from 4% down
tronics.
development
the "Laser" field, and in related
Fenner & Smith Inc., New York.
to
l*/2%.
term
vestment.
Office—111 Devonshire
St., Boston.
writer—Vance, Sanders & Co., Inc., Boston.
erty, and other corporate
Office
purposes.
7.
West
Campbell Ave., Phoenix. Underwriter—None.
March 28, 1963 filed 200,000 common.
Price—By amend¬
ment (max. $15). Business—Distribution
of automotive
replacement parts. Proceeds—For debt
repayment, and
Rd.,
corporate purposes. Office — 2011 Cedar Springs
Dallas. Underwriter—Hornblower & Weeks, New
York.
subscription
Share
by
common, to be offered for
on
the basis of one new
stockholders
for
each 5.6 shares held.
Price—$13.25. Business
—Distribution of gas, and gas appliances in Greenwich.
Proceeds—For loan repayment. "Office—33
Greenwich
Ave., Greenwich, Conn. Underwriter—F. L. Putnam &
Co..
Inc., Boston.
•
ic Holiday Mobile
Home
—S68 per unit.
mobile
home
Resorts, Inc.
Business—Development and operation of
throughout U. S. Proceeds—For
debt repayment, construction, and other
corporate pur¬
poses. Office — 4344 East Indian School Rd., Phoenix.
Underwriters—Boettcher & Co., Denver, and J. R. Williston & Beane, New York.
health
insurance.
and
other
corporate
on
a
sub¬
rata basis. Price—For
pro
preferred, $50; for common, $37. Business—Furnishing*:
of telephone service in New
Hampshire. Proceeds—For
expansion and equipment. Address—New London, N. H.
Underwriter—None.
-
-
.
,
ic Liberty Fabrics of New York, Inc.
(4/29)
28, 1963 filed 108.700 common to be offered for
subscription by stockholders on a pro rata basis. Price—
Bv amendment (max.
$18.50). Business
Design and
manufacture of woven and knitted laces and
nettings.
Proceeds—For- a new plant, loan
repayment, and work¬
ing capital. Office—105 Madison Ave., New York. Un¬
derwriter—Blair & Co., Inc., New York.
March
—
ic Life Assurance Co. of Pennsylvania
March 28, 1963 filed 100,000 capital shares.
Price—By
amendment (max. $33).
Business—Writing of life, acci¬
dent. and health insurance. Proceeds—For
investment,
and expansion. Office—2204 Walnut
St., Philadelphia.
Underwriters—Auchincloss, Parker & Redpath, Phila¬
delphia, and Arthurs, Lestrange & Co., Pittsburgh.
ic Maradel Products, Inc. (5/20-24)
April 1, 1963 filed 150,000 common. Price—By amend¬
ment.
Business
—
pharmaceuticals
general
corporate
Americas, N.
Y.
Y.
v..
~
ic Missouri
•
Manufacture
related
and
purposes.
sale
and
products.
Office
—
cosmetics,
516
Ave.
Underwriter—Hornblower
&
of
the
Weeks,
-
;
Fidelity Life Insurance Co.
March 27, 1963 filed 300.000 common.
ance
of
Proceeds—For
(max. $8.50).
Price—By amend¬
Business—A legal Reserve life insur-.
Proceeds—For expansion. Office—2401
South Brentwood Blvd., St. Louis.
Underwriter—rA. C.
company.
.
.
Allyn & Co., Chicago.'
fered
of
Our
Busi¬
real
to
April 15, 1963. Price—$100. Business—Furnish¬
ing, of telephone service in northeastern North Carolina.
ic Reliance Life Insurance Co. of Illinois.
150,000 common. Price—By amend¬
ment
(max. $4).
Business—Writing of life insurance.
Proceeds—For sales
promotion, and investment. Office
—15
South
Northwest
Highway, Park
Ridge,
111.
Address—Elizabeth 7 City,
ic Northern States Life Insurance
Corp.
1963 filed 280,000 common to be offered for
subscription by stockholders on the basis of one new
share for each iy2 held.
Price—By amendment (max.
$2.50).
Business—Writing of general life insurance.
Proceeds—For expansion.
Office—1840 North Farwell
Ave., Milwaukee. Underwriter—None.
;
„
Ridge Atom Industries, Inc.
22, 1963 ("Reg. A") 60,000 common.
Business—Operation
conduct research
perform
■.
on
commercial
Price—$5.
near Oak
Ridge to
effects of atomic
radiation, and to
of two facilities
irradiation work.
Proceeds—For
debt repayment,
expansion and working capital. Address
—Oak Ridge, Tenn.
Underwriter—None.
can
we
prepare
item
an
telephone
you
2-9570
REctor
at
us
at 25 Park Place, New York
us
or
7, N. Y.
Prospective Offerings
Un¬
derwriter—None.
Alabama
Louis
Shipbuilding-Federal
Barge,
28, 1963 filed 150,000 common, ot
to be offered by
company and 100,000
are
which
50,000
St.;
Proceeds—For general corporate
Office—611 East Marceau Street, St. Louis.
derwriter—Reinholdt & Gardner, St. Louis.
tures
Industries, Inc.
Probable
pur¬
Un¬
(5/6-10)
subord. deben¬
conv.
due
1977, 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¬
derwriter—Oppenheimer & Co., New York.
ic Superior Benefit Life Insurance Co.
March 27, 1963 filed
600,000 common/ Price—$2.50.
ness—Sale of life insurance. Proceeds—For
Neb.
Office—211
purposes.
Underwriter—Capital
Anderson
Bldg.,
(max.
tribution of
U.
$102).
improvements
would
cor¬
Lincoln,
Oct.
to
ex¬
Central
Price
Feb.
debt
repayment,
equipment,
•
that
this company
plans
in
money
25,
Illinois
1963
it
Public
Service Co.
Merrill
(5/21)
was
Si., Springfield, 111. Underwriters—(Competitive). Prob¬
Kansas City, Mo.
able
bidders: Eastman
Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Blyth & Co.-Kidier, Peabody & Co.-Merrill Lynch, Pierce, Fenner &
Smith Inc. (jointly);
Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
ers-Bear, Stearns & Co. (jointly). Bids—Expected May
Inc.
21># 1963 ("Reg. A") 100,000 capital shares. Price
—$3. Business-—Manufacture of airborne and
shipboard
vibration monitoring devices and
equipment. Proceeds—
For
reported
was
■
reported "that this company plans
to issue $10,000,000 of first
mortgage bonds due May 1,
1993. Proceeds—For construction. Office—607 E. Adams
Business—Operation of department stores. Pro¬
ceeds—For .inventory,
debt repayment and expansion.
Office—819 Broadway, Kansas
City, Mo. Underwriter—
and
it
"
Co.
—
—$5.
ic Wavelabs,
March
1962
new
& Co., New
Foothill Blvd., San Bernardino. Underwriter
Lynch, Pierce, Fenner & Smith Inc., New York.
Distributors, inc.
Midland Securities Co.,
Inc.,
29,
raise
Power
25
handled
was
'
•
Electric
—
named. The
ity is thinking of selling 380,000 common shares, al¬
though a final decision has not been made. Office—2885
^
common.
Office
the third or fourth quarter of
1963. A spokesman for the company stated that the util¬
the
Address—Tennessee Bldg., Houston, Texas.
Underwriters—Stone & Webster Securities
Corp., and
White, Weld & Co., New York.
March 22, 1963 ("Reg.
A") 60,000 class A
required until at least 1964.
////::/■:./'':.
California
dis¬
and
for resale, principally in
Proceeds—For loan repayment, and
be
last public sale of securities in May,
1955,
by Kuhn, Loeb & Co., and Smith, Barney
York.
gas
not
Broadway, New York. Underwriters—To be
pansion.
ic Textile
program to be completed by 1965.
He
approximately two-thirds of the financing for
will be generated internally and the bal¬
secured externally.
Mr. Homer added that this
program
ance
Busi¬
(4/23)
Business—Transportation
natural
S.
Co.
said that
Price—By amend¬
eastern
Steel
26/ 1963, Arthur'B. Homer, Chairman, announced
the company will embark on a $750,000,000 capital
that
Investment Co., Lincoln, Neb.
i: Tennessee Gas Transmission Co.
March 29, 1963 filed
200,000 preferred.
bidders:
Bethlehem
Feb.
the
general
porate
Birmingham,
Ala. Underwriters—(Competitive).
(Bonds): Blyth & Co., Inc.-Kidder,
Peabody & Co. (jointly); Lehman Bros; Eastman Dillon,
Union Securities & Co.-Equitable Securities Corp.-Drexel
6 Co. (jointly); Halsey, S'tuart & 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.
' ;
water carrier systems, a
railroad, a vessel repair
barge construction yard, also dry docks and other
related activities.
-
bonds and $5,000,000 of preferred stock in
May. Proceeds—For construction. Office—600 North 18th
erate
poses.
(5/9)
mortgage
by H. T. Pott,
Price—By amendment (max. $10). Business
—Operation of a shipyard in St. Louis.' Subsidiaries
op¬
Chairman.
and
Co.
Power
March 8, 1963 it was reported that this subsidiary of The t
Southern Co., plans to sell $16,000,000 of 30-year first
inc.
advertising; research
working capital. Office—4343 Twain St. San Diego.
Underwriter—Hugh C. Watson Co., Inc.,. La Jolla, Calif.
21
at 20 No. Wacker
Dr., Chicago.
Chicago Burlington & Quincy RR
(5/8)
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 tentatively
scheduled for Aug. 1, and Oct. 1. Office—547 W. Jackson
Blvd., Chicago.
Underwriters—(Competitive). Probable
bidders:. Salomon Brothers & Hutzler;
Halsey, Stuart &
Co. Inc. Bids—May 8 (12 noon
CDST) at above address.
•
Chicago, Rock Island & Pacific RR.
(4/25)7
27, 1963 the company announced plans to sell
$2,625,000 of equipment trust certificates.- Office—139
Effective Registrations
The
following registration
clared effective this week
by the SEC.
details, where available,
Monday issue
W.
Van
tive.)
statements
were
de¬
at
Offering
will be carried in the
Buren
Probable
St.,
Chicago.
bidders:
Underwriters—(Competi¬
Salomon
Brothers
Halsey, Stuart & Co. Inc. Bids—April 25 (12
7
above
&
Hutzler;
noon
CST)
address.
Chicago Union Station Co.
March 19, 1963 it
of the "Chronicle."
was
(5/15)
reported that this company, owned
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¬
March 26,
March
that
so
planning to register?
would like
Department
March 29, 1963 filed
*
record
★ Oak
News
March
March 22, 1963 ("Reg. A")
3,000 series A preferred to be
offered for subscription
by stockholders on the basis of
one
preferred share for each common share held of
expansion.
Underwriter—None.
know about it
write
■
C.
Corporation
Would
Underwriter—None.
Proceeds—For debt repayment, and other
corpo¬
rate purposes. Ofice—1002 Walnut
St., Kansas City. Un¬
Proceeds—For
UNDERWRITERS!
similar to those you'll find hereunder.
ance.
N.
/77777777'/•
ATTENTION
.
Telegraph Co.
first mortgage bonds due 1993 of¬
yield 4.32%, by Lehman Brothers,",
to
Do you have an issue you're
\
:
/★ Woman's Life insurance Co. off
America, Inc.
ic National Fidelity Life Insurance Co. (4/29-5/3): /March 28, 1963 filed 150,000 common.
Price—$7.50.
March 28, 1963 filed 72,455"
Business—Company writes life-' insurance for ^omen.
common, of which 36,227
Proceeds—For investment, and
shares are to be offered by
expansion. Office—7940
company and 36,228 shares
Wisconsin
by a stockholder.
Ave., Bethesda, Maryland.
Price—By amendment (max. $35).
Underwriter—
None.
'•/. ::/ '■
:■ 'v :
Business—Writing of life, accident, and health insur¬
derwriter—E. F. Hutton & Co.,
Inc., New York.
ic Norfolk & Carolina Telephone &
100.919,
Underwriter—A. C. Allyn & Co.,
sale
J.
at
New York.
property, chiefly un¬
improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties.
Office—195 Nassau
ment
ment
and
Electric Power Co.
$30,000,000 of 4%%
debt repayment,
Address—Executive
purposes.
March 28, 1963 filed $400,000 of 6%
pre¬
Southwestern
Proceeds—For
^-Princeton Research Lands, Inc.,
March 28, 1963 filed 40,000 common.
Price—$25.
ness—Purchase
y
,
Business—Writing of life, accident,
and
j
First
by
•
Alder
W.
-1
Sony Corp.
:/■/■'•.
;//-/
/
300,000 American Depositary Shares offered at $17.25
per share by Smith, Barney & Co., Inc., and The Nomura Securities Co.,
Ltd., New York.
★ Poulsen Insurance Co. of America
March 29, 1963 filed 100,000 common.
Price—By amend¬
ment
(max. $10).
★ Sternco
ic Kearsarge Telephone Co.
18, 1963 ("Reg. A") 2,500 shares of 5V2% of
ferred, class B; also 477 common to be offered for
March
Scripps-Howard Broadcasting Co.
•
common offered
at $19.25 per share
Boston Corp., New York.
375,000
(5/1)
March
resorts
scription by stockholders
S.
Thursday, April 4, 1963
.
4.295%, by First Boston Corp., New York; Putnam &
Co., Hartford; and Chas. W. Scranton & Co., New Haven.
Underwrit¬
St., Portland,
Underwriter—Blyth & Co., Inc., N. Y.
/ /
ic Si'.
•
March 27, 1963 filed $1,250,000 of 6y2% conv. subord. de¬
bentures due 1978, and 75,000 common to be offered in '
units consisting of $50 of debentures and 3 shares. Price
N.
Office—621
St., Princeton, N.
ic Greenwich Gas Co.
March 29, 1963 filed 37,735
elec¬
purposes.
Price—By amend¬
repayment, and other cor¬
loan
Plaza, Park Ridge, 111.
Chicago.
ic General Automotive Parts Corp. (5/6-10)
other
Proceeds—For
porate purposes.
Ore.
700
—
optical
corporate
★ Portland General Electric Co.
April 3, 1963 filed 725,302 common.
ment.
Under¬
ic Ffori Investment Co.
March 27, 1963 filed
400,000 capital shares. Price-^-$1.50.
Business—A real estate
development company. Proceeds
—For debt
repayment, construction/purchase of prop¬
of
areas
general
ers—Stone, Ackerman & Co., Inc., and Heritage Equity
Corp;, New York.
/,/ ,7:77:
'7: v ''
new
mutual fund seeking longcapital and income. Proceeds—For in¬
of
Price—$3. Busi¬
of. materials used in
Office—102 Grand St., Westbury, New York.
Business—A
growth
Proceeds—For
.
Hartford Electric Light Co.
*
/ '
^
$15,000,000 of 41/4% first mortgage bonds due April 1,
1998 olfered at 99.25%" plus accrued interest, to'yield,
common.
and
,
—
Anadite, Inc.
$800,000
due
and
of
5V2%
convertible subordinated debentures
April 1, 1978 and 15,000 capital shares offered at
par
,$17.50 respectively, by Dean Witter &
Co., San
Francisco/
■'
/
•
:v>-7; "
*:
-
'•
Commercial Credit Co.
$50,000,000 of 4%% notes due April 1, 1981 offered
at
par, to yield
4.375%, by First Boston Corp., and Kidder,
Peabody & Co., Inc., New York. / \
/
Continental
275,000
Device
common
Loeb, Rhoades
Corp.
offered
&
at
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Kuhn, Loeb &
Co.; Kidder, Peabody & Co.;
Blyth & Co. Bids—Expected May 15.
Columbia Gas
,
share by Carl
Co., Inc., New York.
per
M.
(6/6)
in June, for possible refunding operations. It has definite
plans to sell $25,000,000 of debentures in October to
raise
$5.50
System, Inc.
March 18, 1963 the company stated that it
has made
tentative plans to sell $25,000,000 of
25-year debentures
money
New York.
ders:
for
construction.
Office—120
Underwriters—(Competitive).
Morgan Stanley & Co.-First Boston
E.
41st
St.,
Probable bid¬
Corp.
(joint-
.
Volume
197
Number
6252
.
The
.
Commercial and Financial Chronicle
V
ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-White,
Weld & Co. (jointly); Halsey, Stuart & Co. Inc.: Blyth
&
Co.-Lehman
Brothers-Salomon
Brothers
&
(Competitive)/ Probable bidders: First Boston Corp.Securities Corp. (jointly); Halsey, Stuart &
Inc.; Paine, Webber, Jackson & Curtis-Stone & Web¬
ster Securities Corp. (jointly);
White, Weld & Co.-Kidder, Peabody & Co. (jointly).
Bids — Expected May 8
—
Bids—Expected June 6.
Communications Satellite Corp.
;
*
20, 1963 it was reported that papers of incorpora¬
Feb.
Middle
(11
Feb.
tion
D.
have
C.
been
filed
Company's
value, will
issued to
this
for
be divided
shares,
into
without
series/Series
two
I
par
will
tion
be
munications
II
will
issued
be
to
FCC-approved *
with the provision
bonds
carriers,
that
no
more
than half the company's total shares can be
held by these carriers, and no individual or
group may
hold, over 10% of the remaining 50%. Price—Maximum
of $100 per share.
Business—Congress has authorized
the company to provide satellites and
ground facilities
for the' international. transmission of
telephone, tele¬
common
television .and
graph,
writers—To
be
other
named.
;
Connecticut Light & Power Co.
D6c. 10, 1962 it was reported that the
company
.
sidering the
1963
issuance
about
of
is
of
den
$7,000,000
Edison
Co.
New
of
York,
Inc.
approximately $690,000,000; through the sale of secu¬
to finance its five year construction program.
In
addition
it
will
be
required to refinance! $27,561,000 of 3M» %;; bonds maturing July 1, 1963, and
$24,331,000 due July 1, 1967. Office—4 Irving Place, New
,
rities,
York. Underwriters—To be named. The last bond issue,
in December, 1962, was won at
competitive bidding by
Halsey, Stuart & Co. Inc.
Other bidders
Stanley & Co., and First Boston Corp.
were
Morgan
y
,
-
Ave., Jackson, Mich.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; White, Weld & Co.-Shields & Co.
(jointly); Harriman Ripley & Co, Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co.
Eastern
Oct.
9,
Freight Ways, Inc.
1962
100,000
the
ICC
authorized
the
company
issue
to
Price—By amendment (min. $5). Busi(iiess—A motor vehicle common carrier operating in nine
common.
'
eastern states from Vermont to
Virginia, Proceeds—For
working capital, debt repayment and advances to
sidiaries.-
4
Gulf States
Office— Moonachie
Florida
Power
March 12,
Ave.,
Carlstadt,
sub¬
N.
J.
for about
basis,
St.,
457,265 additional
Proceeds—For
South,
loan
common
shares
on
a
l-for-20
repayment. Office—101
Fifth
St.
Petersburg, Fla. Underwriters—To be
last rights offering in
May 1959 was under¬
written by Kidder,
Peabody & Co., and Merrill Lynch,
Pierce, Fenner & Smith, Inc., New York
■
named. The
Food
May
Fair
11,
1962
stockholders
issue 756.000 shares of
a
which will
authorized
the company
tc
convertible nreferred stock
to
tion
be
rights
on
Offered
a
new
stockholders through subscrip¬
l-for-10 basis. Price—By amendment
Business—Development and operation of shopping
ters. Proceeds-ZTo retire
cen¬
outstanding 6% preferred stock
purchase up to $6,000,000 convertible debentures o.i
Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named
The last rights offering in December 1957 was under¬
written by Eastman Dillon; Union
Securities & Co.,
Offering—Indefinitely postponed.
•
General Aniline & Film Corp.
April 3, 1963 Attorney General Robert F. Kennedy
nounced that the Justice Department had reached
out-of-court agreement with Interhandel,
that
common
an¬
Indiana
will
be
Bell Telephone
was
Co., Inc.
(6/11)
reported that this A. T. & T. sub¬
General
1942
as
a
Aniline
seized
German
asset.
by the
The
U.
S.
Govern¬
stock
represents
98% of the voting control of the companv. Mr.
Kennedy
said that if General Aniline should be sold for
$200 mil¬
lion, the Government would receive about $140 million
and Interhandel about
$60 million. The settlement
terms,
stockholders, also
recently
approved
by Interhandel
approved by the U. S. District- Court at Wash¬
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
must be
Merrill
Lynch,
&
Pierce,
Hutzler
Fenner
Smith
&
Inc.-Salomon
1963 it was reported that this subsidiary of
Electric. Power Co., Inc., plans to sell $45,000,000 of first mortage bonds due 1993. Office—2101 Spy
"Run Ave., Fort Wayne, Ind. Underwriters—-(Competi¬
tive). Probable bidders: Halsey, Stuart & Co. Inc.; East¬
Dillon, Union Securities & Co.: Harriman Ripley
Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,
Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securi¬
ties; Corp.; Kidder, Peabody & Co.; Eastman Dillon,
Union Securities & Co.; Lehman Brothers; Blyth & Co.
Public
Service Co.
1963
$14,000,000
the
company
of first mortgage
announced
plans
to
bonds in September.
Address—Orpheum-Electric Bldg., Sioux City, Iowa.' Un¬
derwriters—-(Competitive). Probable bidders: Kidder;
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corp.;
White, Weld & Co.; First Boston Corp.
-
Japan
(Government of)
March 20, 1963 it was reported that
$20,000,000 City of Tokyo bonds in the U. S. during
year April 1, 1963 to March 31, 1984. If ap¬
the
fiscal
proved, it
is
expected that
loan bonds would
be
named.
be
offered
$30,000,000 of the external
in May. Underwriters—To
The last sale of external
loan
bonds in Feb¬
ruary 1959, was underwritten by First Boston Corp. The
last issue of Tokyo bonds in March 1927, was handled
by Kuhn, Loeb & Co., and associates.
Jersey Central Power & Light Co.
March
12.
1963
Co.
of
California
(5/8)
subsidiary of Gen¬
Corp., plans to sell $25,000,000 of first mortgage bonds in June.
Office
2020
—
Santa
Monica Blvd.,
Santa Monica, Calif. Underwriters
Public
it
was:
reported
that
this subsidiary
of
Morristown,
&
N.
bidders:
Co.-Salomon
;
Brothers
&
Hutzler-Merrill
Lynch,
Pierce, Fenner" & Smith Inc. (jointly); Kidder Peabody
& Co.; Harriman Ripley & Co.
securities
to
be
issued
will
be
influenced
England Power Co.
Brothers; Merrill Lynch, Pierce, Fenner & Smith, Inc.
New
York State
April 3, 1963 it
was
Electric
&
Gas
Corp.
reported that the company plans to
sell
$20,000,000 of debt securities/to finance its construc¬
and 1965. Office—108 East Green
St., Ithaca, New York. Underwriters — (Competitive).
Probable bidders:
Kidder, Peabody & Co. - Salomon
Brothers & Hutzler (jointly); First Boston Corp.-Glore,
Forgan & Co. (jointly); Halsey, Stuart & Co.; Harriman
Ripley & Co.; Blyth & Co.
tion program for 1964
Nippon Telegraph & Telephone Public Corp.
19, 1962, it was reported that the company plans to
$20,000,000 of bonds in the United States in. the fisT
cai year April
1, 1963 to March 31, 1964. The financing
program is subject to approval by the Japanese Diet.
Business
Nippon Telegraph, wholly-owned by the
Japanese Government, furnishes domestic telephone and
telegraph services, without competition, in Japan. Pro¬
ceeds—For
expansion. Office—Tokyo, Japan. Under¬
writers—Dillon, Read,& Co.; First Boston Corp.. and
Smith, Barney & Co., New York.
/
Dec.
sen
—
Utilities-Corp., plans to sell'$10,000,000
J. Underwritefs—(Competitive); Prob¬
Halsey, Stuart & Co. Inc.; White, Weld &
Co.; First Boston Corp.; .Eastman Dillon, Union Securities
able
of
(Bonds) Halsey, Stuart & Co. Inc.; Lehman BrothersEquitable Securities Corp. (jointly); Kuhn, Loeb & Co.;
Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder,
Peabody & Co.-White, Weld & Co. (jointly); First Bos¬
ton Corp. (Preferred) First Boston Corp.; Dean Witter
& Co.-Smith, Barney & Co.-Wertheim & Co. (jointly);
Equitable Securities Corp.-Kidder, Peabody & Co.-Lee
Higginson Corp.-White, Weld. & Co. (jointly); Lehman
fice—823 Walnut St., Des Moines.
12,
$17,200,000 construction program. The<!amouqt
—
1963
Iowa
;
16, 1963 it was reported that this utility plans to
$10,000,000 of bonds and $10,000,000 of preferred
stock in the fourth quarter. Office—441 Stuart St., Bos¬
ton. Underwriters
(Competitive). Probable bidders:
& Light Co.
it was reported that the company plans
sell $10,000,000 of bonds in late 1963 or early 1964. Of¬
sell
\
sell
Power
of 30-year bonds and $9,000,000 of 25-year debentures in
the fall. Address—-Madison Ave., at Punch Bowl Rd.,
Telephone
New
First Boston. Corp. Bids—Expected Aug. 6 at
American Electric Power Co., 2 Broadway, New York.
'
March
Inc.
Jan.
& Co. Inc.;
General
Feb. 5, 1963 it was reported that this
eral Telephone & Electronics
its
kinds
man
to
Uni-Pac,
Securities
&
Co.-Kidder,
Peabody
&
Co.
(jointly)';
Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fenner
& Smith Inc. The last sale of preferred stock on Aug.
23, 1962 was handled on a negotiated basis by White,
Weld & Co. The last sale of common on June 28, 1956
was made by William R. Staats & Co., Los Angeles, and
Hornblower & Weeks, New York.
12,
16,
Underwriters—(Competitive).
Brothers & Hutzler; Halsey,
by market conditions. Address — Fourth and Stewart
Ave., Las Vegas. Underwriters—To be named. The last
b6nd offering on Oct. 27, 1960 was made through White,
Weld & Co. Other bidders were: Eastman Dillon, Union
(jointly).
(Competitive). Probable bidders: Blyth & Co-First
Boston Corp. (jointly.); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly).,^General
and
American
Iowa
Mo.
Salmon
named.
nance
Bids—Expected June 11
(11 a.m. EDST) at 195 Broadway, New York. Informa¬
tion Meeting—June 6
(2:30 p.m. EDST) at same address.
1
3,
^ Nevada Power Co.
April 3, 1963 the company announced plans to sell both
debt and equity securities later in the year to help fi¬
bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.; First Bosfon Corp.; White, Weld & Co.;
Eastman Dillon, Union Securities & Co.-Kidder, Pea¬
body- & Co. (jointly); Blyth & Co.-Lehman Brothers-
terials. Office—111 W. 50th
St., New York. Underwriters
•
be
Probable
Brothers
Louis
bidders:
Price—$4. Business—The sale or lease of coin operated
vending machines. Proceeds — To redeem outstanding
debentures, and for other corporate purposes. Office—
15 Peachtree St., N. W. Atlanta, Ga. Underwriter—To
Office—1130 Alakea St., Honolulu.
and
of
St.
National
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).
an
Swiss hold¬
early June. This will be the second installment
$9,000,000 issue. Address—Missouri Pacific
total
March 27, 1963 it was reported that the company
plans
to file a registration statement
covering 150,000 common.
However, it is
offered on a rights
shares
a
or
a
Bldg.,
upon.
the Diet is consider¬
ing the Government's budget for fiscal 1964, which in¬
cludes plans to sell $60,000,000 of external loan bonds
in
May
of
.
March 4, 1963 it
Hutzler; Halsey, Stuart & Co. Inc.
CST) in St. Louis.
noon
Stuart & Co. Inc.
not been decided
the
,
March 13, 1963 it was reported that this road
plans the
sale of $4,500,000 of equipment trust certificates in late
25, 1963, the company announced, plans to sell
$9,000,000 of common stock late in the third quar¬
Details have
;
V
Missouri Pacific RR
:^/
ing company, designed to settle the 20-year old dispute
over control of the
540,894 class A and 2,050.000 class B
ment
Salomon Brothers &
Bids—April 9 (12
Underwriter—Kidder, Peabody & Co., New York.
and
New York.
bidders:> Stone
Probable
ter.
(4/9)
13, 1963 it was reported that this road plans the
$4,500,000 of equipment trust certificates in
April./ Address—Missouri Pacific Bldg., St. Louis 3,
Mo.
Underwriters—(Competitive).
Probable bidders:
Hawaiian Telephone Co.
March
Inc.; First Boston Corp.; Blyth & Co.
sale of about
—
about
Co.
Feb.
third quarter. Office—900 Richards
St., Honolulu.
Un¬
derwriters
Dillon, Read & Co. Inc., New York and
Dean Witter & Co., San Francisco.'
Jan.
Properties, Inc.
&
Missouri Pacific RR
>
March 5, 1963 it was reported that this
company plans
to sell about $14,000,000 of first mortgage bonds in the
March
Corp.
the company announced plans to Offer
sometime in 1963, the right to subscribe
early in 1964. Proceeds—For construction. Of¬
pending with the FPC. Office—500 Griswold St., Detroit.
Corp.; Lehman Brothers-Equitable
(jointly); Glore, Forgan & Co.-W. C.
Langley & Co. (Jointly); Lee Higginson Corp. '/
T
subsidiary of
$25-$30,000,000
Underwriters—(Competitive). Probable bidders: Halsey,
Ave., Beaumont, Tex.
Co., Ltd.-
this
issue
quarter, to refund a like amount of outstanding QL/4%
pipe line bonds due June 15, 1977. Action is coqtingent upon successful completion of its rate case now
& Webster Securities
Hawaiian Electric
that
may
16, 1963 it was reported that this company plans to
$10,000,000 of bonds in the fourth quarter. Office—.
Stuart St., Boston. Underwriters — (Competitive).
Stuart
Underwriters—(Competitive). Probable
Inc.,
first
Utilities Co.
1963.,Office—285 Liberty
Utilities,
v
Michigan Wisconsin Pipe Line Co.
March 12, 1963 the company stated that it is consideririg
the issuance of about $25,000,000 of bonds in the third
.
Indiana & Michigan Electric Co.'.(.8/6)
1963
-stockholders,
of
Light Co*'.
reported
Halsey, Stuart & Co. Inc.; First Bos¬
ton, Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Eastman Dillon, Union Securities &
Co.; Kidder, Pea¬
body & Co.; Blyth & Co.-White, Weld & Co. (jointly).
,
,
.
&
was
Probable bidders:
Jan. 29, 1963 the company announced plans to sell
100,000 shares of preferred stock (par $100) in the second
Underwriter—Allen & Co.. New York,
■
441
(5/2t)
• ^
"
March 2, 1963 it was reported that the company plans
to sell $6,600,000 of equipment trust certificates. Off ice
—39 Broadway, New York, Underwriters—
(Competi- '
tive.) Probable bidders: Salomon Brothers & Hutzler;
Halsey, Stuart & Co. Inc. Bids—Expected May 21 (12
noon
EDST) at above address.
basis to stockholders.
Jan. 16, 1963 it was reported that the
company plans to
sell $40,000,000 of bonds Jn the second half of
1963, or
in 1964. Office—212 West Michigan
.
sell
■
Great,Northern'Ry.
it
Massachusetts Electric Co.
Jan.
(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.
' '. j •
/
expected
Power Co.
;; Consumers
i
Bldg.,
Securities Corp.
(jointly).
Feb. 26, 1963 the company stated that upon completion
of its current rights offering,
it will have to raise
1
preferred
—
Peabody & Co.-Shields & Co. /(jointly); Halsey,
Stuart & Co. Inc.; First Boston Corp.; Harriman Ripley
& Co.; Morgan Stanley & Co.; Lehman Brothers.
half
,
Consolidated
•
./
subsidiary of The
of first mortgage
stock in November.
der,
W. Scranton & Co.-Estabrook & Co.
'
of
Underwriters
St., Berlin, Conn. Underwriters—To be named. The
public offering of bonds on Jan. 20, 1960 was
handled by Morgan Stanley & Co.-Putnam & Co.-Chas.
last
.
address, -i
same
.
(Competitive).... Probable bid¬
(Bonds): Equitable Securities Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & Co.-Kid-
con¬
bonds in
1964. Proceeds—For construction. Address—Sel-
or
$22,500,000
:
South
39
Delaronde St., New Orleans. Underwriters—
(Competitive.) Probable bidders: Merrill Lynch, Pierce,
Fenner & Smith Inc.- Kidder, Peabody & Co,-Harriman
Ripley & Co., Inc. (jointly); White, Weld & Co.-Blyth
& Co., Inc.- Shields & Co. (jointly); Halsey, Stuart &
Co.
Inc.;
First
Boston
Corp.-Glore, Forgan & Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union; Securities
&
Co.-Equitable
Securities
Corp.
(jointly).
■
-
ders:
J
,
and
Atlanta.
communications/« Under¬
Community Public Service Co.
Jan. 16, 1963 it was reported that this
company plans
to sell $8,000,000 of first mortgage bonds in .June 1963.
Office—408 W* 7th Street, Fort Worth,-TeXvUnderWritets
—(Competitive)./Probable bidders: Halsey, Stuart &
Co. Inc.; Salomon Brothers & Hutzler; Stone & Webster
Securities Corp.
EDST) at
p.m.
(11/7)
Proceeds—For construction. Office—270 Peachtree
com¬
'
fice—142
Jan. 22, 1963 it was reported that this
Southern Co., plans to sell $30,000,000
the
Series
Meeting—May 6 (2
Power
20,"1963
of bonds
at 730 Third Ave., New York. Informa¬
Georgia Power Co.
public, firms that produce space explora¬
equipment and other non-communications con¬
cerns.
EDST)
a.m.
tion
in Washington,
company,
voting
common
Louisiana
Equitable
Co.
Hutzler.
v
(1407)
Norfolk & Western Ry.
(4/22)
-
.
13, 1963 it was reported that this road plans to sell
about $4,500,000 of 1-15 year equipment trust certificates
Feb.
April. Office—8 North Jefferson St., Roanoke, Va.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Salomon Brothers & Hutzler. Bids-
'in
(12 noon EST).
April 22
.
V
„
/
.
Continued
on
page
40
40
(1408)
The Commercial and Financial
Chronicle
Continued from page
39
to
..
sell
$40,000,000
Proceeds
Northern Illinois Gas Co.
:
March
8,
1963
the
company
-
:
:
Eastern Ave., Bellwood, 111.
Underwriters—(CompetiUnderwriters—(Competitive). Probable bidders: Halsey,
Stuart
&
Co., Inc.-Equitable Securities Corp.
Glore, Forgan & Co.
.
t
«
,
.
Office
bonds
due
1993.
80 Park
—
(11
EDST)
a.m.
(jointly);
at above address. Information
term
Feb.
To
-mutual
fund
until
it
received
clarification
of
an
.
SEC
ties in
v
>
by the end of 1964. Office—315 N. 12th Blvd., St. Louis.
Probable bidders: (Pre¬
ferred): First Boston Corp;; Dillon, Read & Co., Inc.;
Lehman Brothers; White, Weld & Co.;
Blyth & Co.;
Underwriters—(Competitive).
terprises, Inc.f Chicago.
,
■
Lehman
Brothers-Riter &• Cb-/
1' J
—215
-
South
*.
ft
Cascade
Inc.
-
/
Union:Light, Heat & Power Co.
18, 1963 it-; was /reported vihatj'
outstanding bonds,• arid for construction. Office — 601,
West Fifth St.,- Los: Angeles. Underwriters —r
(Competi-
:
Feb.
/ Fifstr'
Blyth'
Bdst6p;V^orp.4^p.^
); :
Lynch,-; Pierce.
Co,-Lehman: Brothers-Merrill
& Co, Inc.;
St., Cincinnati/ Underwriters
:
Blyth & Co, Inc.; Glore, Forgan. & Co.rKaK
;
/
•;
\">x
(Competitive).. Probable
tCjo. Inc.(jointly); Merrill ^Lyrich^iercq, Fen/&« Smith Iric.-Kidder,; 'Pe5b6dy 4c' /C^;(jointiy);
—-
First Boston Corp.
ner
.
Equitable Securities Corp.; White, Weld & Co>;
Kidder,
Southern California Edison Co.
Beabody
■:.*v;Pacific Power- & Light Co.,;|': »*;:v;/
%■/*.■•>; f.. vMarch ;25; i 9^$.' the 1 company stated /that - it 'will require
Nov. 28, 1962. it ; was
about $60,000,000- of new rrioney in 1964 arid
reported, that the company plans
again in
,lV; i-v:
;/■•
to issue $30,000,000 of first
mortgage bonds;in*June. I963i /,"'1965Office—-60f. fWest ~ Fifth StLos Angeles. Under¬
VV-VT>"
,^:;r tT*"' ,£ Proceeds—To repay outstanding, loans.
writers -^7-: (Cbmbetitivfe,);'' Probable / bidders:-/ Halsey,
tiffice-/^2Q S, W-*
Sixth Ave.,
Portland, Ore. Underwriters—(Competitive) / /'Stuart-& Co,Tnc.V..First Boston Corp., and Dean Witter
/Probable bidders:^ Lehman
y
j& Co. (jointly),, Blyth. & Co.-Lehman
Brothers-Bear,;Stearns &
Brothers-MerCo.-Salomon
Brothers
&
Hutzler
V
of
.bidderar^
Minn./ Under¬
■
^
Cincinnati Gas & Electric Co.',- plans to sell
$6,000,000 of
bonds in 1963. Office—139. East Fourth
first mortgage
/
writers—(Competitive). Probable bidders::Halsey, Stuart
',r
(Bonds): Halsey, Stuart. &. Go; Inc.; Lehman ;Brothers-Blyth & Co., Inc. /(jointly);:;White,; Weld & Co.Shields & Co. (jointly) ; First Boston
Corp. . T •'
•
bT
:
(jointly).,- i///': /-v;/:o:;
St.; Fergus 'Falls,
(5/22)
^jQj^due^ay;}fb; 49^/ |^weeds'>^'-To: refund
Jan.
t'v-'-V,-!
'
Edison Co.
25, 1963 the company announced plans to sell
$60,000,000 of first and refunding mortgage bonds, series
Otter Tail Power. Co..
;•>•/;:
16, 1963 it was reported: that this;
company plans
to sell $10,000,000 of bonds in the fourth.
quarter/Office
*
California
March
>ir
■;
u*
_
Southern
■
Inc.; First Boston Corp.-Blyth & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder,> Peabody &
Co.-White, Weld & Co.- (jointly);' Equitable Securities
ICorp.-Eastman: Dillon, Union Securities & Co. (jointly);
expansion. Of¬
/Underwriters—White,
Weld & Co., and Stone & Webster Securities
Corp;, N. Y.
Union■ Electric
Co.// -:rr';//:/■/;/v>
Mafch 19, 1963 the company stated that -it plans to issue
$20,000,000 of preferred stock and $40,000,000 of bonds
•
\
third quarter. Proceeds—For
Travis
St., Houston.
the
fice—3100
,
(Competitive) i Probable .bidders; ;Halsey, Stuart '& Co.
Proceeds—For
Underwriters—•
.
new
>
Office—15 South Fifth St.,
Minneapolis. Underwriters—
of -1963.
Gas Pipe Line Co..
•
•
20,- 1963. it was reported that the company is con¬
sidering the issuance of $30-$40,000,000 of debt securi¬
•
:
spring
Jan.
Feb.
.
.
,
On
Transcontinental
■
an¬
named.
.
-
named.
of New York; Chemical Bank New York Trust
Co.; C.
J. Devine & Co.; and the First National Bank of
Chicago.
ruling which "has been construed by some to mean that
The last sale of debentures on Nov.
;16, i'-t;registered ;• investment' companies could not purchase
1960 was handled on a negotiated basis
Sears' stock or. would be required to divest themselves
by Blyth &■ Co.,
Inc., N. Y.
I '■
■
:k
of it, if Sears' itself owned a mutual fund."
Earlier, All^ J
Northern States Power Co. (Minn.)
state said that the; fund would be in operation late* in
1963 on a "very small
Jan, 11, 1963, it was reported that this
scale,'? and would be started on
company plans
a
to sell $25,000,000 of first
state-by-state basis as approval was granted. Office—
mortgage bonds due 1993 in
the last half of the year. Proceeds — For
925 So. HomanAve., Chicago. Distributor—Allstate Enconstruction.
be
be
in. the
Office—Knoxville, Tenn.
24, 1962 the Authority sold at
competitive bidding $45,000,000 of 42/2% bonds due Feb.
1, 1987. The issue was won by a group jointly managed
by Chase Manhattan Bank; Morgan Guaranty Trust Co.
St., Omaha, Neb. Underwriter—
To
■
securities
construction.
Plaza,
nounced
Thursday, April 4, 1963
3, 1962, A. J. Wagner, Chairman, stated that the
Authority plans to issue $50,000,000 of short- or long-
Meeting
Sears, Roebuck & Co.
19, 1963, Allstate Enterprises, Inc., subsidiary,
that it had delayed its plans to form a
:?-\vV//'*;;/
.
Oct.
.
Northern Natural Gas Co.
Jan. 16, 1963 it was reported that this
company plans to
sell $30,000,000 of debt securities sometime in 1963 or
1964. Office—2223 Dodge
.
Tennessee Valley Authority
Place,
—June 13 (2 p.m. EDST) at One Chase Manhattan
New, York.
% ;•; ;; ..//, //•..; •; :
; V V/,
w/
/
mortgage
Newark, N. J. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.;
White, Weld & Co.-Blyth & Co.-Goldman, Sachs &r Co.Harriman Ripley & Co.
(jointly); Lehman BrothersMerrill Lynch, Pierce, Fenner & Smith Inc.-Salomon
Brothers & Hutzler (jointly). Bids — Expected June 18
reported that it plans to
raise
$90,000,000 from outside sources to finance its
$200,000,000 five-year construction program. Of this
-amount,
$20 - $25,000,000
will probably be obtained
through the sale of bonds later this year. Office—615
■
first
of
For construction.
—
.
,
-
•(jointly);
Stuart & Co. Inc.; Blyth &
'>"/
HutzlerV (jointly): ;'" u"
of
maturing
Sts., Allentown, Pa.
last
sale
of
bonds
Jan. 2, 1963 it
Office—9th -and
Underwriters—To be
Philadelphia Electric
fourth
quarter.
Terminal Annex,
Los
/ •./
54,
bidders:
/
/
Box
;-
.1
;
Aua
real
has
it
will
anticipates Canadian capital outlays will
top $9.1
is
on
been
included
of
a
in
surge
Despite
persistent
business
uncertainty
outlook
during
in
the
is
to
be
as
new
Since
the
well below that
for
this
Montreal
year,
said
in
the
its
Bank
recently
issued Business
Review for March.
The
trend
ing
bank
of
the
extent
pointed
business
year
to
will
which
out
that
the
conditions dur¬
influence
the
the
official esti¬
Manufacturers,
first
of
too,
the
On the other
of the year.
indicated
year
a
finally achieved."
hand, federal
departments spent $100,less
$700,000,000,
terity"
than
as
a
the
result
measures
The
bank
not
of
of
the
in
that
tually achieved.
about
pro¬
the
same
expenditures
magnitude-
as
taken
of
likely
to
•
into
the
capital
account
"aus¬
some
outlays
March 6,
there
has
1967
Union
factors
at
the
are
bearing
on
the
Bank
"In
: /.<
-
;
1963 the company - announced, that it had
a
total of
years
notes
serially, one-third at the end of eacji of the
1964, 1965 and 1966. It plans to refinance the serial
by issuance of long-term debt securities,; but has
not determined the terms
or timing of the action. Office
St., New York. Underwriters—Kuhn, Loeb
& Co., Inc., and
Lehmart Brothers, New York. >
—60 Hudson
Wisconsin
March
19,
Public
1963
it
Service Corp.
reported that this company
plans to sell $15,000,000 of bonds later this year. Office
was
-r*lu29. North; Marshall
St.; Milwaukee. Underwriters—-»
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; East¬
man
Dillon, Union Securities & Co.-Salomon Brothers
& Hutzler
(jointly); First Boston Corp.; White, Weld &
Co.; Kidder, Peabody & Co.
■
V'v-
born
of
Montreal
next
few
just
after
the
much
a
continued.
those
years,
war
marrying and setting
crease
many
latter
in
result,
consumer
items
is
can
be
up
house¬
marked
in¬
demand
for
indicated
well
in
be
none
expenditure for the
World' Exhibition in Mont¬
as
for, the
man¬
expected to
advance
mixed.
held above
for
weather
Surveys show
and
and transit
newspaper
1
strikes.
increase in the number of families
an
planning to make major purchases in the
ahead.
a
despite
months
•
"On the
other hand, business
spending on new
plant and equipment—basic to economic growthhas been
flattening out. Moreover, businessmen do
not
will
part of the 1960's, and
ufacturers
range
a
situation is best described
surge
coming into the labor market, will
a
"The present
cold
ar¬
con¬
appear to be planning much of a rise in out¬
lays from current levels during the year ahead.
Hence, many observers have found it surprising
that the
the
struction of the capital
equipment
required to satisfy such increased
demands," the bank concluded.
ar¬
$100,000,000 by sale of notes
Seasonally adjusted retail sales have
sub¬
no
that
us
the
ac¬
-.
item/
East¬
Telegraph Co.'
$240-billion-a-year rate since November,
been
brings
passes
holds. As
program
"To mention
just one
of the direct
bidders:
maturing
principal and most immediate stimulus
Administration's
"consumers.
These
tax
program
proposals
offer
is
directed
little
of
at
stimulus
for several
years to come to the
larger corporations
reponsible for, the bulk of business capital invest¬
ment."—First
National
1961
($1,211,000,000)" the bank
said.
"In fact,
however, an in¬
crease
of over
$111,000,000 was
Probable
Consumer expenditures have continued to advance.
way."
plant and
equipment will become necessary,"
be
the
survey
official
have
of
crisis.
added
time
planned
following
mid-year exchange
or passed.
for instance, the pri¬
industries planned a
capital
under
pre¬
exhibition
closer to the point where
of new investment in
gov¬
000,000
"Last year,
gram
at
program
ernment
mates will be achieved
mary
plans that
expansion
course
$9,100,000,000 officially estimated
of
well
the
year
recorded
first three months of
1963, capital
outlays in Canada may exceed the
recently
be
hoped that
on
stantial upturns in
capital outlays
since the
mid-1950's, "each
evolved in the
1
the
Expected
plant and equipment spending.
the
in
Capital Investment Surge
Moreover, the Bank opti¬
the threshold
'*
same
company plans to
forecast," the bank observed, ad¬
ding, "and yet towards the end of
1963
mistically forecasts Canada
" *
reported that this
Stuart & Co. Inc.
ranged to borrow
—
liminary work
year.
was
at
*
rwriters—(Competitive):
Western
Canal
Canada's Investing Seen
for this
1962 it
■
Dillon, Union Securities & Co.; Equitable Securitie*
; Kidder, Peabody & Co.; First Boston
Corp.; Hal-
se>w
,»
officially estimated
1,
Coi|
s
billion
'
-
man
/•/'■/.w.-///-
;
common stock.
Bank of Montreal
'
Una
St., Richmond, Va., and 70 Pine St., New
York. Underwriters
(Competitive). Probable bidders:
permanent
EDST)
a.m.
-
acquire stock of Central of Georgia
Ry.; retire first
■mortgage 3%% bonds of Atlanta & Charlotte Air Line
RR.; reimburse the. treasury for capital
expenditures arid
provide for additional capital expenditures. Offices—-14th.
time to time*
(11
;
$12,000,000 of 25-year bonds, in the second quarter
of 1963.
Office—1100 H.: St., N. W.,
Washington, D. C.
Jan.- .15, 1963 stockholders authorized the
company to
issue $50,000,000 of
general mortgage bonds. Proceeds—
and
10
.
sel
To
•
Meeting—May
Washington Gas Light Co.
w
through the sale of bonds /•/First
Boston-Corp.; -Eastman/'Dillon,-.' Union Securities
Office—1000 Chestnut S.., Philadel¬
& Co.-Salomon Brothers
,& Hutzler (jointly); Halsey,
phia. Underwriters—To be named. The
last sale of bonds
; Stuart & Co. Inc.;
on
Oct. 15,l 1959 was
Kidder, Peabody & Co.-White, Weld
-handled by Morgar, Stanley &
& Co. (jointly).
'• •'";/■■• ••:
Co., and, Drexel & Co.
Other bidders were:
Halsey, ; •
Stuart & Co. Inc.; First Boston
Southern Union Gas Co.
Corp.; While, Weld &
March 27, 1963 it was
}Co.
The last sale of common
reported that this utility plans
was a rights
offering on ./ to sell
June 2, 1959, underwritten
$5,000,000 of preferred stock and $5,000,000 of
by Drexel & Co.,' and Morgan
debentures in the first half of 1963 to
Stanley & Co.* ;
help finance its
$11,750,000 construction, program. Office—1507 Pacific
_»t Public
Service Electric & Gas Co. (6/18)
^
Ave., Dallas. Underwriters—Snow,
March 4, 1963 it was
Sweeny & Co., Inc.,
reported that this company plans
New York, and A. C.
Allyn & Co., Chicago.
.and
Securities Corp.;
Wiate,^ Weld &'Co.| Eastman Dillon, ^nion'Securities &
Cc
Salomon Brothers & Hutzler.
Bids—May 14 (11 a.m.
EDST) at One Chase Manhattan Plaza, New York. In¬
formation
Calif. UnderWhite, Weld
.
coxistruction. Address—7th and Franklin
Sts., Richmond.
Underwriters—(Competitive).'Probable bidders: Halsey,
Stuart & Co. Inc.; Stone & Webster
aduress.
Co.; Blyth & Co. Inc.; Merrill Lynch,
Pierce, Fenner
& Smith Inc.; Halsey, Stuart & Co. Inc.; First Boston
Corp.
\ '
'
-Southern Railway Co.
Co.
Angeles
O.
Virginia Electric & Pbwer Cbv.
/ //;
Jari. 16,. 1965
fl^TCbmpahy -announced* pfqnsv to/sei| $30,OOh.OOO of Hrst m6rtgage/b6*rids
*due.l.993t Proceeds—For
.
j
Address-^-P.
&
;/
March 5, 1963 the
company reported that .it plans to
spend $478,000,000 for construction
during the five-year
•period 1963-67. It added that about
half the money re¬
quired will be generated
internally, and the balance
obtained by bank loans to be
converted into
'financing, from
the
writers—(Competitive) Probable
bidding
(jointly)."
in
2736,
.
The
Nov. 29, 1961 was won at com¬
by White, Weld &'CoMt and
Kidder,
Peabody & Co.
Other bidders were
Halsey, Stuart &
Co. Inc.; First Boston
Corp.-Drexel & Co.
petitive
bonds
:
on
,
,,
was
r
Hamilton
named.
.
reported that this subsidiary of Paci¬
Lighting Corp., plans to sell $27,000,000 of first mort¬
fic
gage
$8,-
bonds.
| Southern Counties Gas Co. of Calif.
;
'
.
Pennsylvania Power & Light Co.
March 18, 1963 the
company stated that it expects to sell
$75,000,000 of bonds in the period 1963
through 1967.
Proceeds —- For construction and the
retirement of
000,000
-
I^xrchy Pierc^F^hiier' Sz.
Halsey
Co.-White, Weld & Go. (joint- /
Dillon,/Union Securities & Co.-Kidder/
Ty),\ Eastman
'Peabody & Co. (jointly)... //
;
There
are
a
City Bank of New York.
number of
surprising things about
the President's tax
proposals. This certainly is one
of them.
*
Volume
The Commercial
6252
Number
197
and Financial Chronicle
The
Indications of Current
Business
week
Index
Week
month available.
month ended
on
Month
ERS
128.1
War. 30
—
Total
129.7
114.3
125.1
v-
7,461,160
7.437,060
7,448,960
Jar. 22
(bbls.)
average
8,596,000
8,673,000
8,990,000
8,201,0G(
War.
—War.
™.
-War.
Residual fuel oil output (bbls.)
War.
Stocks at refineries, bulk terminals, in transit, in pipe lines
output (bbls.) —:•—.—
output (bbls.)
Distillate fuel
oil output
(bbls.)
Finished gasoline (bbls.)
''Kerosene (bbls.) at-,
oil (bbls. )
Residual'fuel
(bbls.)
oils
Unfinished«
ASSOCIATION
15,857.000
16,884,000
5,988,000
6,280,000
6,549,000
Revenue
211,865,000
213,936,000
205,949,000
206,631.00C
20,973,000
23,281,000
Electric
81,526,000
93,455,000
43,245:000
45,193,000
81,244,000
81,461,000
80.396.001
Mar. 22
——_——:——
Month of
.517,213
489,218
carriers
555,872
506,074
482,309
524,853
7,970,000
378,000
*7,300,000
7,970,000
coal"and
332,000
331,00(
,
CIVIL
Pennsylvania
anthracite
PLANNING
ADVANCE
CONSTRUCTION
NEWS-hECORD—NEW
(tons)——,
380,000
86,089
70,980
43,100
35,277
*
.
5,146
5,365,450
17,348
13,925
$2,674,700
$126,548
6,043,329 W
BRADSTREET.
ADVANCE
18,343
,x.
j.
$2,079,100
57,148
1,151,900
1,522,800
—__
municipal—
and
1,045,100
69,400
:
1,391.600
advance
Private
\
:
.
$522,500
312,800
1,034,000
'
265,600
176,800
'.157,700
Municipal™---
and
State
Federal
,
AVERAGE==100i__—-_
SYSTEM—1957-59
INSTITUTE:
ELECTRIC
EDISON
Electric
(in
output
BRADSTREET,
16,600
6,200
■'."■
106
103
89
As
101
16,425,000
16,860,000
17,505,000
15,552,00(
"
—Mar. 30
DUN
&
of
METAL
steel
PRICES
Electrolytic
(E.
.Mar. 28
311
295
329
-
330
(New York)
(St. Louis) ■at——.
(delivered at)_—
(East
Aluminum
$27.83
$63.33
$27.50
tin
30.600c
—;
28.425c
28.475.
10.500c
10.300c
10.300c
10.300c
12.000c
12.000c
12.000c
12.500L
.Mar. 29
————
10.500c
.Mar. 29
—
at---———
11.500c
11.500c
11.500c
12.000
.
10.500c
9.500-
22.500C
22.500c
22.500c
109.250c
108.625c
90.09
89.94
90.15
Industrials.
MOODY'S
2
89.31
89.37
89.37
U.
S.
2
2
93.08
93.23
93.23
91.19-
91.34:
'.91.05
2
89.51
89.51
89.51
Group
2
83.91
83.79
Month
•
83.91
METAL
86.91
86.91
86.78
23,840
*$57,400
$55 ^0
*33.360
90.63
90.63
87.59
2
90.48
90.63
90.48
88.95
Apr.
.
dollars):
—'
—
—,
OF
(BUREAU
production of recoverable metals in the
States—
(in
117,073
3.75
3.77
3.74
3.77
4.46
4.'4 6
4.46
4.6x
Zinc"
4.20
4.19
4.19
4.38
4.33
4.32
4.34
4.O.
4.45
2
4.45
4.45
AS of
4.87
4.65
4.38
4.37
4.37
4.5f
2
4.38
4.37
INDEX--™.
5.0L
(DEPARTMENT
of
4.38
,
personal
370.3
2
369.8
367.0
369.6
—Mar. 23
346,157
348,758
353,874
350,4GC
Service
373,587
359,67-7
358.554
354,44
$32,800,000
.-——Mar. 23
1
--Mar. 23
.97
96
458,343
483,509
440,778
112.56
*112,81
113.16
$452.4
$450.8
income
Government
98
-
37,780
$35,300,000
'
COMMERCE)— Month
303.3
f.—
—
industries
*93,8
.
X
n.2
92,0;.
7 )'.'•}
77.6
45.tr:
*47.8
48.1
™__
290.2":
*117.6
78.2
r_—:__—
$431.9 '•
301.5
118.2
94.6
total
industries.
industries
( tons)__-_———;———Mar. 23
—
DEPT.
STATES
UNITED
THE
OF
Commodity producing
Manufacturing
only
Distributing
—w
IN
14,179
42,648
February (in billions):
Total
4.49
ASSOCIATION:
(tons )™^_i,-_-^-_---™
102,965
22,487
14,590
42,200
—__
Wages, and salary receipts;
Apr.
—
•
INCOME
PERSONAL
4.8-.
2
•
'
-—
3,190,520
Not Avail.
$34,100,000
tons).—
short
January (OCO's omitted)™
4.61
4.'83
4.64'
(in
IN CIRCULATION—TREASURY
MONEY
"
4.87
4.64
'
2
_—
120.415
*2,982,970
99,475
——,__™
ounces)-
fine
*131,992
2,924,363
(in fine ounces)
Copper (in short tons)
I
—™_ —
Lead
(in short tons)—_^.™_r—_w_--a__
2
*___
32,040
MINES)—
2
Apr
Public Utilities Group——™—-——1-—.—1——___ Apr
Industrials
Group.:
-—-—>—;
Apr
Orders' received
SALES—
2
.
PAPERBOARD
&
of
(millions
January
United
Gold
Silver
—_
Group
COMMODITY
of
OUTPUT
Mine
83.91
90.48
2
NATIONAL
$31,880
*24,710
INVENTORIES
Month of January:
81.90
2
2
AVERAGES:
DAILY
YIELD
8b.3b
2
MOODY'S
*$32,690
24,700
(tonnage)—estimated
90.48
Apr.
—;
—
corporate——
Railroad
288,576
(tonnage)—estimated
closed
88.67
.
i:-:
Apr.
-—-
T~_
Government Bonds.
Average
275,703
234,548
(AMERI¬
CONSTRUC-
February:
86.78
Group——-——-—
BOND
328,187
243,620
STEEL
STEEL
OF
89.06
Apr.
—
2
Apr.
;
Group-
Utilities
285,727
STRUCTURAL
INSTITUTE
Noiidurables
Apr.
..
"
Public
7,260,000
——
Inventories—
AVERAGES
DAILY
corporate
Railroad
9,312,000
*7,231,000
__—.—
MANUFACTURERS'
124.000c
Apr.
,
16,572,000
*9,397,0C0
7,234.000
Shipments
24.000c
109.125c
Apr.
Average
'16,628.000
9,420,000
:______—
goods
goods
TION)—Month of
Contracts
9.300v
.
War. 29
.
—
.
CAN
C
.
..War. 29
at
Bonds
S.'Government
16,654,000
'
^Percentage
Unfilled
of
activity
.
orders
———-
—-
(tons)
at
of period.
end
Other
AVERAGE=100__
Rental
-Mar. 29
—
110.5C
income
55.0
Personal
SPECIALISTS
Transactions of specialists in stbcks in which registered—
OF
EXCEPT ODD-LOT DEALERS AND
Total, purchasesShort
sales
'
8
—-_-_Mar.-
8
500,880
2,429,930
8
1.693.63Q
1,983.420
1,951,370
1,669,6 i
8
•
2,194,510
2,422,900
2,523.600
2,105,15
Mar.
x—
8
.393,740
—_.—-^.-,-t.Mar.
8
34,400
—
—_—_—Mar.
sales
Other
transactions
Other
439,480
2,557.670
572,230
the
off
initiated
.
2,242,15
sales—.
—
IN
8
8
transactions initiated
Other
Total
purchases
Short
345,420
;
'
456,160
31,300
41.400
371,240
421.060"
214 23'
462,540
462,460
231,43.
».——Mar.
8
931,666
S80.333
1,008.583
154,043
Total
91,270
742.095
8
840,757
833,365
Mar.
8
3,496.596
3,661,053
■_
—
sales.-——
Total round-lot transaction's
112,630
728,127
Mar
x
__:
-—
Other..'sales—._xMav,.
sales..
STOCK TRANSACTIONS FOR
LOT
DEALERS
EXCHANGE
Odd-lot
sales
Number
Dollar
—
shares...
other
Short
TOTAL
FOR
Total
$69,167,715
$74,006,676
OF
1,744,262
1,785.943
25,372
16.517
.___—
ON
SALES
1,447.064
8
27,113
8
1,419.951
1,718,890
1,769 426
$66,960,965
$84,599,491
$84,404,756
STOCK
sales—
.1
.
1—
sales—r
WHOLESALE
Mar.
8
525.980
709,930
638,550
PRICES. NEW SERIES
525.980
7097960'
338.550
312,810
383,530
'
509,42'
commodities
^Revised
sold
on
figure.
delivered
other
-
■
■■.
Total
.
872.850
Mar.
8
16,045.380
18.772,420
19,787,640
15,232,43'
Mar.'
8
17,035,580
19.645,270
20,775,210
—..——
\
foods
987,570
684,40'"
in
1,135
STATES
UNITED
MINES—Month
beginning
of
January
of period
29,670
30.680
_____
at
end
of
period
processed
Consumed
in
99.9
99.9
95.6
OF
5,675
6.440
■
7,540
155
160
ICO
5.D15
7,440
3,760
4.750
1,930
1,755
2,690
'
Secondary"—————
95.2
35,433
6,285
—
4,355
EXPORTS
42,97p
V 3C.680
—
transactions
manufacturing;
STATES
6.710
6.685
26.355
.
27,420
—--
—a
scrap
36.265
0
3.180
,__i.
______
.__
Intercompany
•
AND
CENSUS—Month
~
IMPORTS
of -January
100.2
.
100.f"
'96.8
98.1
$1,011,000
$1,902,000
$1,662,000
101. r
1.116,700
l,3bb,500
1.3o7,7 JO
—War. 26
99.1
99.1
100.0
Mar.. 26
88.3
88.6
91.5
__Mar. 26
100.7
100.6
100.7
-
,
;
(C0Q'$ omitted):
-
.
,,
94.r.
100.7
+Number of orders not reported since in eduction of Monthly Investment Plan. JPrime Western Zinc.
St. Louis exceeds one-half cent a pound, (ha) Noc* a'vanaui^.""!' " '■
basis at centers where freight from East
THE
IN
15,916,83:
..Mar. 26.
and
67,332
SEC¬
OF PRIMARY AND
33.860
UNITED
farm
1,546
1,272
—_ —
OF
Stocks
BUREAU
than
353
28,703
66,915
beets—-a
TIN
Stocks
—
All
348
29.896
1,528
Receipts
U. S. DEPT. OF
^
1.539
(in long tons):
501,58f
STOCK
....—x
foods
222
1,227
1,484
—
ONDARY
Group—
commodities."
Processed
Sugar
503,42'
668,550
8
..'War. 26
All
1,416
210
BUREAU
8
Mar.
>.
—
1,172
.
Hay
8
—.Mar.
.".
:—___a_—a-
88
1,160
1—
Peanuts
9,63
LABOR—(1957-59=100 ):
Commodity
87
fall
Soybeans
/
,,
24
109
1,402
and
TRANSACTIONS
(SHARES):
••
-
summer
summer
dry edible
Peas, dry field
l,b69,5?
990,200
Total
spring
Beans,
$85,173,18'
.—
Y.
N.
22
28
106
1,189
1,659,85'
8
.„
THE
15.025
20
—_——
____
TIN—CONSUMPTION
sales
1,785
5,947
'
8
..War.
Mar.
MEMBERS
sales.....
3,087
16 2.96
j
—
spring
Late
1,643 32'
$86,133 25f
—War.
—
ROUND-LOT
AND
round-lot
Other
Early
Early
$59,555,906
Mar.
ACCOUNT
3,181
A.¬
—
Total
dealers—Number of shares
STOCK
.
all
Winter
2,661,42,
3,188 28
1,527,372
—
ROUND-LOT
14,701
Potatoes:
526,86
3,355,775
4,123,448
1,392,110
sales
purchases by
EXCHANGE
767,673
3,096,755
3,658,805
1,233,550
sales...
Other
Round-lot
30.202
14,818
Sorghums,
dealers—
shares—Total
of
8,312
28.746
—
Sweetpotatoes
—Mar.
:
by
_—.__
Late
sales—.:
Number
■
2,732,777.
3,380.687
....—Mar;
Cus omcrs'
sales
562,050
8"
8
8
sales.
Round-lot
647.910
8*
■
2,478
8.920
———
1,785
COMMISSION
Oddrlot purchases by dealers (customers' sales)—■
Number of orders—customers' total sales
Dollar value
3,296,67
.—__x_x___———..Mar./ 8
—
short
1C.450
2,182
Cotton
STOCK
Y.
N.
—_—
—...
Customers'
65,934
11.102
—.—
spring-
Flaxseed' —1—•___
purchases)—t
(customers'
valued
ON
EXCHANGE
SECURITIES
dealers
by
of
"74,15
1
OF ODD-
ODD-LOT ACCOUNT
SPECIALISTS
AND
—Mar.
—_____
—_—_—
414.8
69.759
.—
851,7C,
4,022,413
*434.6
14,032
Other
777,55
1,137,388
10.4
12.6
,
i_x
Durpfm—
33.3
*11.7
12.8
."
ACREAGES
1:
—
wheat—
15.8
*38.7
but less than carload lots boxed.
Louis exceeds 0.5c,
**Port Colburn, U. S.
t+Average of daily mean and bid and ask quotations per lopg ton at
♦Revised figure.
tlDomestic five, tons
§§Delivered Where freight, from East St.
duty
included,
mornir.g session of Lcnuon Metal
or
Exchanger
more
" *r.
•».
i
12.0.-v
36.2
S.
793,89
'
983,345
■
—
U.
—
account1 of members—
for
purchases
Short'tsales^-.--—Cj—___—r.______—_-™—War.
Total
BOARD
THOUSANDS—As of Mavcli
Corn, all
All spring
17,2C
,
1963
FOR
Oats
8
—
—.
8
Total
263.63
the floor—
on
——
.sales.
311,020
350,790
\
PLANTING
REPORTING
CROP
floor—
purchases—
Short
•
nonagricultural incomes———
Total
PROSPECTIVE
'
Total
.
i
insurance.
435.51
...
28.8
11.8
—
31.1
35.3
:
payments
employees contribution; for social
Less
2,171,190
Mar.
—
interest -income——..
16.3
433.5
Transfer
BERS,
ACCOUNT
FOR
TRANSACTIONS
*13.0
31.3
——__
*13.4
16.4
persons-—
Dividends
MEM¬
ROUND-LOT
.
of
•_
*37.6
13.0
professional.
.12.6
37.6
—
'
:
58.5
12.7
—
,
income
labor
Business' and
464,75
DRUG REPORTER PRICE INDEX—
OIL, PAINT AND
1949
9'.
58.8
13.0
Production
t
in manufac-
employees
manufacturing
Durable
30.600t
28.450c
28.375c
.Mar. 29
—
____
PRICES
BOND
30.600c
30.600c
.Mar. 29
Apr.
U.
All
$31.5(
■
_x___
of
number
5,454,000 '•')
average=100 >—
turing industries—
$66.4*.
.Mar. 29
™.
~————:
(primary pig,„ 99.5% )
(New York) at_—
'
MOODY'S
at
Louis)
St.
109.5
(1957-59
Nondurable
™——
,
Lead
'Straits
.
$63.33
$27.50
$63.33
.Mar. 29
at
Lead
Zinc
112.2
of
—___™_—_____
manufacturing
FABRICATED
refinery
Export, refinery at___—L—_
tZinc
111.8
DEPT.
S.
SERIES—Month
(production
indexes
Estimated
6.196
6.196c
6.196c
6.196c
copper—
Domestic
6,846,000
omitted)—
(000's
Nondurable goods
QUOTATIONS):
J.
12,300,COO
*6,852,000
"•5,407,000
BOARD OF NEW YORK—
PAYROLLS—U.
REVISED
LABOR
Payroll
PRICES:
M.
&
*12,259.000
6.874,000
5,4C5,000
52,300
OUTSTANDING—FED¬
28
AND
manufacturing
Durable
.
lb.)
(per
12,279,000
goods.__—_______
RESERVE
February
OF
All
■«".
i—
Mar. 25
Pig iron (per gross ton)——Mar. 25
Scrap steel (per gross ton)
'.
——
Mar. 25
Finished
workers)____
981,700
February:.
INC.
COMPOSITE
AGE
$1,762,000
33,200
1,00.
8,400
All
IRON
$2,091,000
$57,400
104,700
ERAL
EMPLOYMENT
Mar. 23
INDUSTRIAL)
AND
$2,193,000
COMMERCIAL PAPER
105,70.
168,400
-<
'
kwh.)
000
(COMMERCIAL
FAILURES
203.500
141,200
-
•
INDEX—FEDERAL RESERVE
SALES
STORE
->141,100
Mar. 28
—.—Mar. 28
-
_™_-
DEPARTMENT
209,700
131,200
$246.90C
$442,400
260,300
A—Mar. 28
—-——Mar. 28
planning by ownership—
-
$418,000
54,544
14,856
$32,700
Total
i
(000's omitted):
construction—.
construction—
State
:
PLANNING,
construction—™
Public,
.
/
THE
IN
SERIES—ENGINEERING NEWS REC¬
Private
ENGINEERING
—
106,257
363
by
(NEW)
&
ORD—Month of January
Total U. S.
.
iWS
SERIES
129.189
6,080,261
STATES—DUN
ENGINEERING
NEW
——_——_Mar. 23
(tons)————,
Mar. 23
lignite
transport
tons)___u
(in
INCORPORATIONS
INC.—-Month of January..
8,350,00(
•.
56,739
1,559
74,432
',
Intercity general: freight
BUSINESS
RAILROADS:
510,195
232,872
47,209
,
2.840
—
January:
UNITED
534,999
401,014:
289,611
246,054
51,531
washer-dryers
—
37,426,00(
81,132,000
______
424,011
293,263
249,250
41,317
86,855,00(
42,179,000
__
419,370
300.781
AMERICAN TRUCKING ASSOCIATION, INC.—
23,668,OOC
81,054,000
at
unit
6.131.00C
21,441,000
™__™„_r„—
factory
115,749
<U. S. BUREAU OF MINES):
COAL OUTPUT
Bituminous
'
t
War. 22'
-
,
appliance
semi-autorfiatic.
and
Combination
13,774,00.
freight loaded (number of cars)__A__——,_Mar. 23
freight received from connections (no. of cars)—Mar. 23
Revenue
laundry
(domestic)
3:140.001
Mar. 22
a
at__
AMERICAN
OF
29,887.000
3,420,000
Ago
•'
Wringers and others——
28.971.000
3,433,000
15,150,000
—4 Tar. 22
.™™
29.819,000
3,482,000
at™™™™2:~«-™-™™-™™™~-Mar. 22
(bbls.)
oil
fuel
Distillate
at--——
29,935,000
22
22
22
22
Gasoline
Kerosene
:;
ASSOCIATION—Month of February:
Automatic
7,340,11C
42
Year
Month
MANUFACTUR¬
Washers....;
(bbls-. -of
far. 22
gallons each) —
Crude runs to stills—daily
LAUNDRY
home
sales
INSTITUTE:
condensate output—daily average
and
oil
Previous
Month
HOME
of that date:
are as
Latest
AMERICAN
AMERICAN PETROLEUM
Crude
either for the
are
of quotations,
cases
Year
Ago
2,4X7,000
41
production and other figures for the
cover
Dates shown in first column
that date, or, in
weekly production
1957-1959
for
or
Ago
2,130.000
Week
2,330,000
2,387,000
Mar. 30
or
Previous
Latest
INSTITUTE:
ingots and castings (net-tons)
of production based on average
Steel
following statistical tabulations
latest week
Activity
STEEL
AND
IRON
AMERICAN
(1409)
42
(1410)
The Commercial and Financial
Chronicle
A
PHP
JL
RONR
lYli.
gation
to
School
Phelps,
sociates
Fenn
at
Other
(1964-1988)
&
and
Haupt
of
2.86390%. Once again bidding was
very close with the second bid
a
2.86393%
net
members
of
the
winning
Merrill
•
&
Co.,
Co., Milburn
F.
S.
Smithers
Locnran &
Shoemaker &
Co.
interest
cost,
made
y
the Bankers Trust Co. and Halsey,
to
Co.
major
as
account
Co
Shields
& Co
&
Paine
Curtis'
C.
&
Bear
du
Co
Rr
Fenn
Coffin
qh'plhv
fn
Co.
Burr'
&
Will
Co
The'
bonds
to
vield from 1 60% in 1964 to 3.00%
in 1985 and the present balance
is $3 735 000
The 1986 to 1988
turit'ies 'carried
1% coupon and
4 10%
ma-
one-tenth
a
0f
offered at
were
a
activity
was
with
three
issues which
are
mention. The group led
revenu.
of
Cleveland,
bid
for
Ohio.
bonds
net
Upon
construction
Other
cost
members
changed from
-
&
this
week;
week
a
Glore
of
syndicate
portant
issues
offering.
nfh^r
m
?
W
" of
::
^
:
ernment's
the
ready
April
30
1962
Co.,.
for
has
Co.,
Wells
&
Gardner, A. Webster Dougherty
Curtiss,
Ginther
&
House
&
Co., (First
of
Corp., Channer Newman
ties Co.
The
and
J, A.
securities
nricpt;
to
Iowa
Securi-
Overton &
Co.
from
2 15%
t'-f-:
of
rules
in
Newport
.
Harbor
District
California
School
Union
(1964-1983)
Bank
of America
syndicate at
government
investments
The
2.905%
net
made
by
N.
T.
to
&
the
S.
A.
runner-up
bid,
a
Interest
cost, (was
The
United
Capital
about
allowed
it
vU
MacArthur &
ower,
Co.,
Crowell,
Hannaford
White
&
&
Co., Walston
Weedon
Talbot
and
on
:
■
9.5%
to
yield
from
3.00%, the present
$3,135,000.
John N uve en &
Van
&
port
City,
Trust
bonds
at
&
Co.
bidder
Oklahoma
t
is
jointly by
net
and
the
was
for
Leo
sue-
$4,035,000
Oklahoma
Air-
(1967-1985)
interest
cost
of
3.3352%/ The second best bid for
these bonds, a 3.46% net interest
cost,
and
came
from Goodbody & Co.
associates.
a
the
the
2.1%
corres-
both
on
year-to-year and week-to-week
the
basis. However, the week-to-week
findings do follow the pattern of
generally declining tonnage which
for
the
week
ending
has
cars
been
previous
found
at
this
season
in
years.
These findings are based
than
400
entire
first
quarter,
truck
carriers
the
on
to
™odel
basis,
gain
from
How
business
slacked
the
on
orders
as
The
week
from
,
terminal
showed
a
year
23
1961
is
strike
of
at
4,000,000th
000,000th
1962
27
last
1961
stantial portion of it
is
But
9% below those.
were
no
.,
.
mated
;
means
5
Compared with the immediately
not
was
areas registered increase tonnage,
wh,le 24 areas reported decreases.
.
units
trails
truc|;
ventory
C5l^ei &nipmenis m uie feLUIia
^aaazine rep r e
set a
Iron
.
If shipments top 23 million
he the
since
May and June,
highest
the
was
three
in
the
of
a
^ion
tons
figure
months
are
•
hi
,
^
of
post-strike
rugh
Qf
mdis
furnaces _and
Iron
Age
magazine
of this
year
second
could
tons if mills ship
top 23
said
quarter
million
an expected 7.25
million tons
in April and 8 million tons in both May and June.
„
This
is
a
high
figure,
assumes
that the steel labor situation will
remain
unresolved
through
most
m0re
is
year
(1960).
in-
was
85.9
The
and
it
that this figure will be
™4,, ,s' ot steej ^ ^ePlenlsh ceeded in May
"stnke depleted steel stocks.
month.
-The
adding
production
capacity
pea^ iast
^e.^!?d ^fhen the mills shipped 27
shipments for the
busi-
creasing. Output has been running
af nearly 82%
of the last listed
industry
Qne of
the
in orders is
a
or
even
was
sheet is
of
Cold-rolled
Even
can
short
some
no
later this
results of the
jump
significant lengthenGalvanized
20.874
climbing,
delivery.
on
be
In
products
obtained
fact,
plates,
the
on
im-
structural
Pit
a
de-
3.8%
or
be-
week
increase
above
of
the
in
34,666
5 (!%
°
Year's Level
f
f
, •
tH
The amount of electric
by
the
energy
electric
light
and Power industry for the week
ended Saturday, March 30, was
estimated at 16,425,000,000 kwh.,
according,to the Edison Electric
Instuute. Output was 435,000,000
of
17,786
'
Th
;e®s
"y1^1
^
and 8'3,000,000 kwh. above the
output of the comparable
preceding
corresponding
6.9%0
;^a
^"^0°^ ofTfi- ^
^
^
^
v
-
wholesale Commodity Price Index
Edges Highest Since Early
March
corres^11V-irf
1961.
_,unlo
There
were
loaded with
16026
one
or
highway trailers
or
tainers
cars
March
included
over-all
total).
of
crease
above the
and
in
the
1963
in
week
higher
an
in-
these
week
5,010
cars
45.5%
or
first
154,750
of
weeks
cars
17,990
of
for
cars
or
1963
an
in-
and
42,577
cars
or
Quoted
ble
for
lifting
38.0%
above the corresponding
period in
1961. There were 61 class I
U. S.
&
Brad-
cost
were
scrap, and
from Monday
a
largely responsi-
were
the
price
silver,* pig iron,
•
the
appreciably
wholesale
increases
ago
^dex
Monday
since the first week
index
dips,
and
corn
despite
including
rye.-
The
daily wholesale commodity
price index rose slightly to 267 98
13.2%' (1930-32-100)
above the
corresponding period of
1962,
in
e
reported Dun
Inc.
numerous
piggyback loadings
11
level
this
steers, wheat and steel
corresponding week of
or
267.98
March
15.0%
Cumulative
the
0f
street
above the 1961 week.
for
highest
week's
was
cars
con-
rdached
(which
that
This
2,089
revenue
highway
16,
fric
reported
more
(piggyback)
ended
were
crease
are
cars
ponding week in
totaled
of the "slow"
of
above the
but-an
or
out to 8-to-10 weeks,
longer
provement
is
ex-
1962,
cars
York
Las?
Over
in
announced.
increase
The loadings represented
sheets
now
months
Association
Railroads
an
3'.4%
...
Electric Outnut Rises tn
■
crease
1962
ing of delivery times.
six
week.
^.7^
on
the
cars,
cars or
N
distributed
American
,
"
„
■
its
at
revenue freight in
the week ended March
23, totaled
by
.,
w,;
w
'
however,
been
■
534,999
.
.
,
''
And 1961 but Not 1962
auto-
increased
are
tv.
'
This
,
_/yflnd
•
Rail Freight Exceeds Last
Week's
lead in
general business improves,
as
has
level for the
•
t
„
emer-
(concurrent with model year)
sub-
coming in from
building coming
October,
making
in-
top
higher rate of steel consump-
nesg^
it will
quarterly
first
New orders
last
Tiigllest
Comuilation to
made.
were
since
Data
Resume Next Week
only
war-time
a
Lumber
Loading of
by
points
■;
model
(377,137),
admittedly
monopolized
three
over 10%.
Preceding; week, 10 metropolitan
gency production period, and 1960
to
business'is
at
was
May.
364i000
a wide range of industry with in- low the
•
,
ctuarter of this year should
three-year quarterly high,
ge
increased
motive, -
Ce.ZtoLvIHeh
»
*
the
centers
the 4,-
model
year;
dooming truck industry,
first-quarter output of an esti-
new.
a
18.8
the l963 Ierm-Trucking
tonnage gains
10.0%, respectively,
jn yle
inventory
buildup is, uncertain. But
debt,
p„rt|,„di
reflected decreases
totaling
the
localities,
clty
and
made until
was
to
10
r ss
of
the
hedge
a
continue
aimed
at
last
tonnage
registered
made March
can do
for
,nts reflecting decreases
okl,hom>
how-
.
increased
ago
com-
freight
survey
JSt BRVliS, a^
;
continues
much
general
throughout the country.
1M0.
year
terminals of
of
Qregon
1951
as
shipments
,
-
196°- This
Co.
revenue
a
1.70%
Co., Allen & Co.,
Ingen
Oppenheim
cessful
N.
balance
The syndicate headed
J.
.,r
crease.
1961.
■
Co.,
C.
volume in
in
was
decline of truck tonnage
rismS
made m
ending
is
4,50o,000 cars^in^
?
reopen the steel labor
production
^capital
expenditures
^ Dividends
paid in
for April,
to
B.
&
Co.
Reoffered
■r
t
21^ million tons of steel products.
Steel
the
$129,810,042 in 1961.
winning
syndicate include Stone & Youngberg, Hayden, Stone & Co., Ken-
the
23
upturn. Ward's said
an
the
:310,126
S
tax
.
&
,
probably
business for the 34 companies was- more than
30%
of
automotive
only $51,984,571 compared with tonnage earmarked for
inventory.
California
of the
ng_
fro™ .%66'842tln hke "8:
and first-quarter output will bpth
k,
1, this rate of shipments
easily be equalled or sur-
a
„
members
c
mon
For
set
f
c®n*ra^' which the union
er May
did
1962,
in
This, and payments
pace.
Bank, Los Angeles, and associates.
Other
below
tonnage
March
Mardi^pa^^
23,983.
High
net interest cost of
a
2.859%.
been
reduced long-term debt 5%.
for stockpiling.
^
The amount of net profit avail-Automakers continue to
$5,460,003 a.ble
for
reinvestment
in
the the inventory race with
bonds
Behind
ponding week of 1962, the Atneri-
29,219 trucks, compared with
155,684
cars • and
30,737
trucks
public
(Orange County),
awarded
ended
f ^.' ^°.ductl0P •■°Lan1™im/
.
,
of intent to
dollars for
than
Part of the reduction in the
totM came from the 7% credit
at
present balance in account is $7 425 000.
'
Intercity truck
week
Ward's
—March 30 called for 159,712
of the period. If the United Steelworkers of America give notice
22%■
3.00% for various coupons and the
School
1962,.
.
(380,001), after the steel strike taxes. While net profit was down ott-to. a much, earlier
stajf'The
18-4%. the tax bite was down firktquarter of 1982 was the: hign jn january_March of last year,
to
offered
are
vipld
Co.,.
ago
wee^
car ^making .at behind the volume for the preuPwafds f
V10US
W™u
in2 L3% from 0 ,819 in the same appear,
th^the af.erenath ,oi the
as* year< About % 24,000 storms in the earlier week are a
trucks will be counted for the contributing factor to the general
th« p.,t
1961. This held down the could
Christensen, Inc., Newhard, Cook amount of money left for net pagse .
& Co., Robert W. Baird &
Co., Prof«s and als0 the amount that
In 1962, the buildup
Mullaney, Wells & Co., Reinholdt had to be paid for Federal income against a possible s eel
Co.,
corresponding
a
m
&
in
w-Y3Y
{-'
.
liberalization
more
&
at
and trucks produced
cars
month in
schedules
Offering
SKffn
the
page 16
depreciation
Hirsch
will total
year
Truck Tonnage Falters
l^sf year*
un-
ago.'
SnTw
'
on depreciation, the steel industry
Co.,
week
year
Last Week's and Year-Ago Week
first
^
w
interest cost
'
&
year's
one
and
Big Transactions in
headed
t?nlift2f-irraH
ae' aside 26%
&
tne
,°r S115'0°°'°f00 PaSS6fPrRnnn making.wi11 *°fital
1* ™?,n"2? ??cer C°Unty' Y °™
Continued from
Co., Alex.
Weeden
this
The ...industry
v
"pLodXhif
the
Smith
Foraan
Sachs &
Sons,
0f
during
,
the
Hemphill, Noyes & Co., The Ohio
&
quarter
trucks
2,300,000 units, rising 10.7% from
bond
came
include
Co
Co., Goldman
Brown
3.389%
at
>
and
cars
.
Index (23 active issues) averaged
V
58
10.7% Above 1962's
16.0% from 106,896 units
The State of TRADE and INDUSTRY
groun
&
less active
revenue
originating this
this
^ ^ ° corresPond*n£
a
^
maior
Barnev
were
in
;ZncSffik to^TagewTs 0.7%'
;
best
offering
interest
*
winning
revenue issues
systems
traffic
Quarterly Output Rose
^ 2,076,968
,
nancial Chronicle's
.
associates
C°UP°n 31
type,
Krasaw'sst ars.tr sssrsa s
stssstjr.'wa- TOd. ** "M —- rT-ri t r4 ran &
is?
A"»™ »;*■ & S.A, HartM
bond,
Second
carried
railroad
in
Output of 1963 model passenger
:
the
2.926%
during
and
by
(19»-U81|
1988
and fluctuated less during the
past
week than has recently been the
case.
There were no significant
involved $37,225,000 City of Phil-
a"*
assRjrwr
ssyr-swrsK sx
and
in
The
than
4, 1963
weekly survey of 34 metropolitan
adelphia,
Pennsylvania
Capital
with the competitive calendar made last week. This week's
pasareas conducted
by the ATA DeImprovement (1964-1988). bonds, presently totaling some sort of a senger car production is set 15.4%
The SrouP led by the First Na- record, it is interesting to note ahead of 138,423 units made in partment of Research and Transport Economics. The report retional Bank of Chicago submitted that the calendar of negotiated the same period last
year. Truck
the best bid, a 2.9497% net interest type offerings includes no im- production is up 21.8%> from flects tonnage handled at more
Ripley & Co., inc. submitted a
man
for ity
will
v**® Main Transaction
®*nk|
competitive
worthy of brief
$15,189,000.
steels
purpose
stronger
Thursday, April
.
compared with
Auto's
been
p^^
bridge,
Jointly by the First National City
day of moderate
a
has
general
significantly
.
196^'
to
Dollar Bonds Unchanged
out
cost,
vield
'Tuesday
1
Wednesday's only issue of note
reoffered
were
totaling
.
'
1964
Airport.
buildings
demand
3 1/ pre-sale.
Sold
h
'
'
Inc
ready
of bond proceeds.
"
Ciillnm
Falion
&
and
December,
Rogers
capitalized
Fitzpafrick oJt
Co
&
about
offered
are
be
leased to the U. S. A. for 20 years market changes indicated
throughfor
occupancy
by
the
Federal out the long list of dollar quoted
Aviation Agency. Interest will be issues.
The Commercial and Fi-
Jackson &
&
completed
completion the
&
Stearns
Pont
be
occupancy
in ' at
Devine
Webber
wlmarn Bfair
Qiiiiivnn
J.
Co
Francis I
Reynolds
Phelps,
underwriters
are
investor
bonds due 1987
building6 and'a cafeteria
records
is
good with the present balance
Bond proceeds of this issue will
.
iTsue
this
Initial
,0.
aJ /4> a°coun't
P
^"asix&other bidTrangfng in'tn!
rnade^ fo^this'popula? Tenness^
&
&
and
'
.
*°r
and other
yjeid from 1.65% in 1964 to
3.20%
for ^jje bonds
maturing in 1986.
Co
.
with
securities
group
by the account headed jointly by
Associated
The
Lynch,?
.
Co. and
Brown Bros. Harriman & Co.
Pierce, Fenner & Smith lnc., Ira
as-
cost
National Bank and Trust
lV±rXAV±Y-LJ J.
include
group
bonds
interest
net
a
Co.
A/1 ARTCT^HT
±J\J±i J-/
Continued from page 6
.
l, from 267.48
on
a
Monday
week
remained lower than
lar
April
earlier, but
on
the
s'imi-
day last month when it stood
at 268.52.
It also continued to
fall
Volume 197
Number 6252
considerably short of the
+
.
.
The Commercial and Financial Chronicle
.
(1411)
ing Wednesday March 27, boost¬
year-ago
percent
change for
ing total
corre-
sponding 1962 level of 272.53.
current
March
23
tially
Wholesale Food Price Index
Not
Slips Lowest in Ten Months
above
only
volume
substan¬
levels.
did
the
similar
States
year-earlier
from
recover
The wholesale food price index,
retail
"inched"
Pacific
their
recent
rainy
gain
of
to
Retail
records
new
the
showed
8%.
43
a
m
sales
both
in
nzzzz
January and February, and March
doldrums, but nearly all
regions
data
of
in
These items
supplemental to similar notices appearing elsewhere in this issufc
the trend to continue this month.
encouragingly augur well for
are
•
compiled
by
&
Dun
Bradstreet,
Inc., eased 0.9% to $5.74
April
on
the
country
quickening
shared
the
to
tered
March, appliance buying took $n
in
week since June 6,
any
The
1962.
■
decline*
year-to-year
prevailing since early last Decem-
persisted,
ber,
•
index
•
the
down
with
1.9%
the
current
from
$5.85
simijjar day of 1962.
Hams
and
led
eggs
the list of
wholesale
X ping
Other
cost.
price
in
items
were:
oats,
milk,
This
cocoa,
of
array
X declines outweighed considerably the few increases chalked
v
'
for
wheat,
oil,
The
sents
&
uun
total
31
of
of
cost-of-living
a
.
function
is
sale
index.
show
to
trend of food
-
tail trade
Its
the
,
chief
general
prices at the whole¬
sea¬
for
building
sup¬
and
in
statement
the
re¬
week
mates
collected
by Dun & Brad¬
from
by
estimates
Regional
Inc.
comparable
1962
following percent¬
the
West North Central —4 to 0;
England
+1
Central
+2
South
Atlantic,
to
East
+5;
South
to +6;
Mountain
Pacific
and
+4 to -+-8; East North Central +6
to
South
West
+ 12;
Atlantic
Middle
+ 10;
to
+8
Central
+14.
+10
.
the
&
28, after dropping to
prior
increase?
casualties
about the
same
similar
the
comparable
of 350. Some
there
under
286
1939
pre-war
occurred
with
liabilities
$100,000, which climbed to
from
week
the
preceding
they
remained
in
250
although
slightly below the year-ago level
of
'
•
296.
little
Meanwhile,
change
involving
>
against
in
last
the
from
43
but
34
as
con¬
reported
service
among
from
retailers
21.
from
58
to
rose
to
and
51,
enterprises
to
the
On
hand,
other
38
manufacturing failures held rela¬
tively steady, at 47
and
wholesaling
against 44,
as
stood
at
35
as
against 36. While fewer casualties
than
occurred
a
•manufacturing
in
ago
year
retailing,
and
the four-week
March
the
even
All
except
,
1962
of
failures
re¬
1962
for
the
According
to
sales
in
week
New
two
of
nine
the
major geographic regions reported
an
upswing in business casualties
from
the
steepest
Pacific
while
previous
climb
The
week.
appeared
in
the
States, up to 71 from 58,
the
toll
in
the
Middle At¬
lantic States moved to 82 from 71.
North
East
Central
mained about
pared
with
While
the
brought
a
as
re¬
com¬
department
York
four
by
areas
City
23,
Re¬
for
2% above the corresponding vear-
week.
ago
The
York
City
newspapers
March
30
the
York
Post
of
did
strike
newspaper
throes
final
of
April
L
New
is
.
in
now
settlement
affected
doubt
a
only
can
of
retail
speculate
as
to
in
the
absence
of
the
strike. Cleveland's weekly depart¬
store
sales
the
for
ending March 23.
were
mixed;
had heavier tolls, three
the
were
same
up
2%
year-ago
'1% last week
compared to the year-ago week.
York
sales
City's
were
department
2%
up
for each
respective period in the year-toyear
For the year to the latest state¬
week
ment
1963),
(Jan. 1
the
to March 23,
cities fell behind
two
the overall average for the coun¬
try
as a
whole in their sales' per¬
formance
the
over
period last
was
total
4% for the
behind
fell
1%
and
City's rise in sales
but 2%.
was
•
contrast to
the FRB
repay¬
mained e(ven
four weeks
ending March 23, the
Commerce
Department
stores 3%
Consumer Buying Accelerates
a
total
Warm and sunny
seasonal
spring purchases in the week end¬
four
retail
to
sales gain in the
reported
sales, unadjusted for
variations, for the
week
pared
at
$55,225
of
a
per
underwriting group headed
& Co., New York,
to
The
has agreed
unexchanged shares,
maximum
a
new
redeemable
on
will
period
last
rose
year's
NASHVILLE,
of
Co.,
firm
Tenn.—The
Summer,
Bethshares
prior to May 1,
or
involving
preference
dend
bearing
lower
rate
preferred
Robertson
has been
than
the
at
$55
at
&
the
is
SACRAMENTO,
as
the
plus
ard W. Smith is a
end
65
&
Rich¬
—
R. Burns
F.
A.
7%
level.
same
com¬
The
Pa.
Webb, DeHaven & Townsend
Crouter
&
President 'of
Bodine,
Philadelphia Securities Asso¬
ciation,
the
announced
.
of
various
appoint¬
committees
association
.
during
to
the
current year.
ton
Hardy of The First Bos¬
Corporation,
of
Chairman
and
Outing»
Samuel
M.
Biddle
the
Committee
of
Stone
&
Blyth &
Wilde of
of
with
Yarnall,
Vice-Chairman.
as
Other members
named
are:
'John Cannon
Webster
Securities
HEIGHTS, 111.—Straus,
&
McDowell,
15th
and
Park Avenue.
The
office
new
facilities
and
utilize
will
personnel formerly
identified with Mitchell, Hutchins
&
Co.
They
will
specialize
buying
and
unlisted
in
pertaining
services
the
to
selling of listed
and
securities, including
bonds
and
mutual
funds.
Associated
with Straus,
office
resentatives
Shields,
as
Chicago
new
registered
will
be:
Maurice
J.
Blosser
rep¬
F.
Robert
Angland,
P.
Ribando, Frank Scudella
and Patrick J. Cavanaugh.
Avenue.,
,
charge. Mr. Rawak
local
&
was
formerly
for Thayer, Baker
manager
YORK
CITY—Paine, Web¬
Jackson
&
Curtis,
425
Park
partner in charge.
poration
Virginia,
of
1518
John¬
stons Road. William J. Leonard is
OZONE
PARK, N. Y-— Norman,
Wolf & Co., Inc., 107-02 Cross
direct
Jacques
the
D.
Wolf will
operations
the
of
&
Henry
&
Bodine
E.
PALM
DESERT,
Co.,
.Spile
Inc.,
Calif.—Walston
73-851
Highway
Manasse
P.
is
111,
resident
Townsend,
Crouter
Chairman.
as
of
SALEM, Ore.—Blyth & Co., Inc.,
G.
Cleaver,
is
Jr.
Farmington
Co.,
&
Inc.,
968
William
Avenue.
E.
Sylvester, Jr. is local Manager.
Schmidt,
Warren
Roberts
H.
Biddle & Co.
The
sists
of
Inc.
as
Hughes,
and
Yarnall,
A.
&
E.
Chairman;
of
con¬
Lacock
of
W., Clark,
James
Drexel
&
J.
Co.;
Exchange.
Ohio—Joseph
Terminal
merly
Robbins
T.
&
Co.,
for¬
He
Tower.
with
was
H.
associated
become
William
Joseph,
Mellen
&
Miller, Inc. and Lawrence Cook
Co.
;
;
Witt
has
Donald
V ;
1
•
Ohio—John
COLUMBUS,
G.
De
joined the staff of Mc¬
&
Company,
West
50
Broad St., He was previously with
the Ohio Company.'
DENVER,
National
C.
RansfOrd
Colo.
—
now
.
is
associated
Hornblower
&
American
Weeks,
Bank
with
Building.
He
was
Cruttenden/Podesta & Miller.
FAYETTEVlLLE, N. C.—Stephen
I.
is
Schneider
Kistler
with
Powell,
Old
now
Co.,
&
Street,
110
of the New
members
+
.
K
Neb.—Edmund
added
been
has
Bronson
Stock
York
..
LINCOLN,
the
to
Co., Stu¬
staff of Lamson Bros. &
Building.
v
MIAMI, Fla.—H. Hentz & Co. has
opened
commodity depart¬
new
a
in their office
ment
10 North¬
at
First Ave., under
tion
of
A.
the direc¬
Harry Wagner and Dario
Zignago.
-
MILWAUKEE, Wis.—Carl E.
has
Bethke
associated
become
Francis
605 North
du
I.
Pont
Co;,
&
Broadway. He was for¬
merly with
Walston
Inc.
Co.,
&
and Bache & Co.
-i,-
Wis..— Horace
D.
has become affiliated
with
Kidder, Peabody &
Co., Ill
East
Wisconsin
He
for¬
Ward
Avenue.
was
Baird &
Co., Inc. and Walston & Co., Inc. '
merly
with
Robert
has
Morgan
the
W.
Wis.
MILWAUKEE,
—
become
Marshall
Louis J.
connected
Company,
of the Midwest Stock
111
members
East Wisconsin Avenue,
Exchange.
MINNEAPOLIS, Minn.
—
Richard
staff of Irving J. Rice & Company,
Inc.,
Edward
man
C.
P.
Ripley
&
Thomas
Co.
of
and
of
Doremus * &
John ,.T.
Company,
Inc.
Roberts
the
Pioneer
&
Roberts
Parke
Directory
Howard
is
of
Schmidt,
Chairman
Committee
and
of
E.
York, 3rd, of Doremus &
Company, Inc., is Chairman of the
Public
Building.
,
HarriNEW YORK
Relations Committee.
Stratton
is
Stratton
Skelly
Samuel R.
Committee
William
Battles
Jr.
Parke
of
/
Program
Janney,
&
Bodman
Union
C. Balhorn has been added to the
members
are Robert G.
Rowe, Jr.
Paine, Webber, Jacks.on & Cur¬
tis;
Herbert- S.
Bengtson
of
has
with
with
Conn.—Wil¬
HARTFORD,
Jennings
Other
of
Stock
York
MILWAUKEE,
Manager.
WEST
Crouter
Company,
Inc.,
with
branch.
Manager.
by
S.
wiih
Building, members of
CLEVELAND,
Bay
Thoburn
headed
-
Gerald
connected
now
east
Manager.
liam
—
formerly with Saunders,
Ternes
-
NORFOLK, Va.—Investment Cor¬
&
Ohio
Stiver & Co.,
art
v
Walter F.
DeHaven
formerly
Exchange.
Co., Inc.
Bodine
is
was
&
New
was
and
Co., 40 East Court Street. Wil¬
Rhoades & Co., 71 Lafayette Ave.
Committee
the
DOYLESTOWN, Pa.—F. P. Ristine
Townsend, Crouter &
Membership
He
of
.
SUFFERN, N. Y.—Carl M. Loeb,
Goldman, Sachs & Co.
South
formerly with Walston & Co.. Inc.
'
„
Clark, Inc.; Philip P. Gaughan of
The
is
Shelley
DeHaven &
of
217
staff
&
municipal
&
E.
Co.,
Street.
Commerce
He
Harry J. Kirby, Jr. .541 Court Street, N. E. Richard A.
Co., Inc.; Norman T. Olson is resident Manager.
Blaine, Jr.
C.—Jerry
the
&
McDonald
CHICAGO
Janney, Battles & E. W.
and
N.
>
joined
Powers
Maffry is Manager.
Arrangements
Kennedy
Co.
&
was
has
Richard W.
Boulevard.
Rubin
CHARLOTTE,
CLEVELAND,
ber,
William
—
of
Stock
Boston
and
&
Ave. Charles O. Ames is resident
PHILADELPHIA,
10
members
&
-•
Company, 510 North Main Street.
NEW
y
the
to
Co.,
Cook
with Francis I. du Pont & Co.
in
Committees
added
Square,
York
Stephen D.
—
been
,
Exchanges.
Church
NEW BRANCHES
ALTUS, Okla.
liam A. Rawak is resident partner
Phila. Sees. Assn.;
New
Cohen
Principal.
under CLEVELAND, Ohio—Gunn, Carey
of & Roulston, inc., 10517 Carnegie
Broadway, New York.
Mass.
has
Office
Act
type. Its headquarters are at
Laveson
Goodbody
Fred
diversified, management
a
BOSTON,
Post
Calif.—Smith
Heights
Maryland
Company
■
C.
J.
Associates, 2401 15th Street.
& McDowell in their
is
arrears.
•
with
formerly with Goodbody
was
Co.
the
new
share
registered
Investment
1940
a
Gustav Zeller
associated
of .Proctor,
Bethshares & Co.
it
the
in
or
Tri-Continental,
corporation,
of
option of
per
dividends accrued
become
has
staff
changed to
way,
divi¬
a
Otherwise,
stock.
redeemable
issuance
the
stock
refund¬
a
"++•" A "
—
Park¬
598 'James
financial
be
not
1968, in connection with
ing
240,000
preferred.
new
stock
•
of
Fenner &
Josephthal & Co., 19 Congress St.
&
Blosser
shares of the
comparable
The U. S.
year.
Cleveland
New York
In
redeemed
price
III
He
•
•
,
with
connected
+
BOSTON, Mass.
Building.
pre¬
April 30, 1963,
on
be
purchase
up
of
ment
weather gave
strong, long-awaited impetus to
will
Corporation;
change.
slightly smaller tolls, and one re¬
with 1962 levels.
to
four-
were
Jan. 1 to March 23 period whereas
regions
change,
ment
store
old
not deposited or accepted for ex¬
the
decline
toll
close of business
serve'the
been
Myron Bickel Asso¬
preferred stock outstanding at the
have
ment
the
of
ferred stock. All shares of the old
what department store sales might
weeks
corpora¬
the
as
department store sales.
One
deposits
Myron O. Bickel
.
become
Lynch, Pierce,
Smith Incorporated, 29 Page Ave¬
month
a
this writing. Both of these strikes
without
expiration of
offer, the
papers
the
so
of
finally
the
on
exception
which
strike
was
and
publication
with
(par $50).
investment company of the closed-
New
resumed
cumu¬
at its option, refuse to
may,
accept
the
advanced
only
Atlantic
tion
store
year-to-year gain
South
exchange
company
Federal
earlier,
down to 29 from 41. Year-to-year
trends
leading
week
week's
the
failures
at 74
even
76
the
March
ended
After the
1963.
the
has
invest¬
ciates, Inc., Central National Bank
name
exchange offer expires April
22,
3%
period ended
country's
System,
serve
New
with last year.
mained
of
corresponding period in
period but
ahead
service
gain
23, 1963, sales gained +3%
the
over
tractors
pushed
a
1982.
In
below that for
and
on
taken from
as
overall
an
tolls among wholesalers and con¬
levels,
sales
earlier. The older Cleveland, Ohio
143, among construction
contractors
in
ended
this size group last year.
The toll among
reported
major
"
151
country-wide basis
than
at
week
exceed
to
was
more
held
They
45
tinued
Of
store
the Federal Reserve Board's index
casualties
larger
in
losses
$100,000.
there
The
Ray
Merrill
(par
share-for-
lative preferred stock,
ties
Department
stock
on a
Texas—The
of
name
the holders of its
to
Building,
being conducted under the
now
firm
by Eastman Dillon, Union Securi¬
department store centers.
upturn1
failures
among
level
businesses
310.
were
week's,
The
in
in the
preferred
presently outstanding $2.70
An
(adjusted) the week ended March
remained
cumulative
Above
23, compared with the like period
1961
more
than
succumbed
,
6%
3%
to
330
at
but they
week,
below
as
offering 810,740 shares
redemption
last year
returned
level
when the toll stood
when
reported
week,
Bradstreet, Inc. With this
newly created class of $2.50
share.
Last Year's Week
rebounded to 329 in the week
Dun
Rise
Sales
Commercial and industrial fail¬
in
it
a
share basis,
to
announces
of
$50), in exchange,
according to spot esti¬
year,
Nationwide Department Store
295
is
Corp.
Trust
ment business of
is
Tri-Continental
&
nue.
HOUSTON,
Exchange Offer
ranged from 5 to 9% higher than
Business Failures Rebound
ended March
Preferred Stock
Banking
has been changed to Funds, Inc.
gar¬
level.
ures
wha
last
New
It is not
the
ASHEVILLE, N. C.—Clarence N.
Sisco Funds, Inc., Kana¬
of
name
that
ages:
foodstuffs
raw
and meat in general use.
course,
The total dollar volume of
Inc.
price
Of
Tri-Continental
gained
plies.
repre¬
the
children's
apparel
den, cleaning,
varied
Bradstreet,
late
strengthened
call
street,
price index
sum
pound
per
•
the
momentum.
levels
£ wholesale food
interest, in
women's
up
peanuts.
'
-
Easter
and
cottonseed
sugar,
rye,
and
dip-
corn,
barley, bellies, lard,
potatoes and hogs.
in
lower
for
record
upward turn from its general lull,
sonal
foodstuffs which moved
-
on
eight-year
PERSONNEL
CHARLESTON, W. Va.—The firm
Car sales zoomed
pace.
2, reaching the lowest level regis¬
an
NEW FIRMS
&
CITY—A. Benjamin
now
Co.,
partner
in
William
St.
a
15
Mr. Stratton was formerly
dent
Ervin Collwsll
with Van
Investments,
Inc.," Farm
OMAHA, Neb.
has
Presi¬
of the firm.
become
Home
—
affiliated
Credit Building.
44
(1412)
The Commercial and Financial Chronicle
.
.
Thursday, April 4, 1963
.
,
May 16-17, 1963 (Nashville, Tenn.)
WASHINGTON AND YOU
Nashville Association of Securities
Dealers annual spring
party at the
Hillwood Country Club and Belle
behind-the-scenes interpretations
Meade
Country Club, respectively.
■
from the nation's capital
May 17, 1963
(Baltimore, Md.)
Baltimore Security Traders Asso¬
ciation 28th annual spring
outing
-
will
decline.
On
WASHINGTON, D. C.—With the
cost
United States Treasury apparent¬
hand, there
ly faced with big annual deficits
at the
increase for the next several years.
for
the
next
several
Congress
called
be
debt, and
conservative
more
Neither
next
are
apprehensive that the deficit next
Members
Committees
priations
the
outcome
next
interest
week's
to
issue
be
will
marked
of
bond
million
appro¬
Government
with
watching
House
in
$300
in
mature
Members of the Joint Economic
of
Congress
are
pre¬
dicting that the issue will be sub¬
scribed
rather
to
the; successful
them
Joint
majority
for
demand
issued
the
technique
ment
1%
billion
debt, the
ing
in
cut
be
of
the
in
debt
the
auction
part of debt manage¬
"The
maturity
has evoked attention is the growth
debt-treasury
bills and coupon issues due within
"■
•
of
structure
Treasury
debt
for
support
some
influenced
the
Board in
ing
"I
,
have
.
Bulletin. For
new
within
three
years
by more than $12 billion,
this probably contributed tb
grew
and
the general
1962
yield curve relative to the Jan¬
1961 curve.
uary
*
-
:
Short-Term "Financing
Y; Short
-
the Treasury
1962
by $1 billion,
as
growth
in
of
increased
were
with
compared
than
more-
1961."..;
The
Rate Trend
XYY-'YY'-YYYyY-
;■
stepped
treasury
a
billion
$8
the
up
;supply of Treasury bills in
debt
the
effect
of the
.reduced
the
offset
the
of time and
passage
supply of short-term
issues.
^coupon
T
The
v
than
more
auc¬
tion of bills. Why has it done this?
this
work
for
short-term
of
regular rollover
more
a
continued to
it has
way
issues,
has
at the
and
same
time
recerit
pqlicy of minimizing down¬
ward
implemented
pressures
rates,"
according
Reserve
"This
Treasury
on
to
the
Government
its
bill
Federal
Board.
V
policy-part
of
1961-62 period,
economic
of
reduce
S. balance of
for long-term
bank
including the
expansion,
"Of
all
these
the growth in time deposits at
-was
commercial banks.- Higher interest
rates
time
on
large
a
deposits
of
nedy in the administrative budget
next year.
Most
large
these
part
of
otherwise
have
the
levels.
that
might encourage outflows of shortcapital," the Board said in
a
.discussion of changes in the struc¬
tures of the Federal Debt,
Board
likes the auction technique which
the
Treasury introduced in June,
/1960.
The method is credited with
contributing
the
of
'five
•
of
year
*
years
the
It
lion
the
ing
to
and
debt
a
now
year
Federal
in
to
in
period.
is
both
marketable
the
the
after
'
.
costing
some
$10 bil¬
sight to
There
indicate
is
noth¬
that
the
consists
trust
of
pay¬
funds, including
Bar
and
golf
April
1963
26,
(New
Re¬
York
City)
social security, retirement. bene¬ Security Traders Association of
fits, unemployment compensation, New York Annual Dinner in the
and
grants
to
states from
the Grand Ballroom, Waldorf-Astoria
Of
course
priations
most
will
be
of
appro¬
devoted
CHRONICLE'S Special Pictorial
to
the
Section May 9. '•
the
Department of Defehse, space ex¬
ploration and the continuing costs
past
and
-
Veterans
wars.
debt
interest,
benefits
expenditures
[This column is intended
reflect
to
the "behind the scene" interpretation
from the nation's Capital and
may not
own
may or
coincide with the "Chronicle's"
'/r
views.]
sociation
annual
the Oakmont
'Y*
Association
Firms
of
the
John
Hotel.
8-11,
Board
of
of
flows
22-26,
declines
in
the
time the increased
same
contributing to
long-term
and
Y At
rates.
rates
Government
maintained
com¬
time
on
certificates
short-term
the
Meeting
al
May 12-15, 1963
(Chicago, 111.)
Financial Analysts Federation
nual
IN
INVESTMENT
FIELD
convention
House.
at
the
National
Security
rates."
records
of
dollar
our
cents
now
go
of
•
r
-
CHRONICLE'S Special Pictorial
Supplement Oct. 17.
of.
Federal
the
pressure
beginning July 1
are
Association
Convention
at
the
at
the
of
Mutua]
annual
Sheraton
Convention
Beach Hotel.
(N. Y. City)
Association
Mutual
of
Savings Banks 44th Annual Meet¬
ing at the Commodore Hotel.
TRADING MARKETS
Botany Industries
uY
Indian
Y.¬
April 5, 1963 (Toronto, Canada)
Toronto
tion
31st
Bond
Traders
Annual
.
Associa¬
Dinner
at
the
King Edward Sheraton Hotel.
Waste
Our New
Municipal Bond Dealers Group of
Cincinnati; Annual Field; DayReception and Dinner May 16 at
the
Queen
City
Club;
Outing
May 17 at the Losantiville Coun¬
York
King
telephone number is
CAnal 6-4592
LERNER & CO, Inc.
Investment Securities
10 Post Office
try Club.
Mills
Electronics
Official Films
con¬
May 16-17, 1963 (Cincinnati, O.)
Section April 25.
Head
Maxson
Park
*
CHRONICLE'S Special Pictorial
Square, Boston 9, Mass.
Telephone
HUbbard
Teletype
2-1990
617
451-3438
Major Pool
Government
of
to
each
Equipment
Corporation
Fed¬
fixed
in¬
fiscal
Carl Marks
Y
to
the
year
&
CD. Inc.
Bought—Sold-—Quoted
FOREIGN SECURITIES SPECIALISTS
20 BROAD STREET
TEL: HANOVER 2-0050
'
Annual Report available
NEW YORK 5, N. Y.
•
on
"
"
TELETYPE 212-571-1685
request
;
estimated at
by President Ken-
YuylxY;
•
Annual
America
at the Hollywood
on
$133.5 billion. This figure is 24%
greater
than v the: ,$98.8
billion
recommended
-
Association
,T-V;;T ' r
payments
1964
'•
'
Bankers
lii
Disbursements Up 24%
in
(Hollywood Beach,
'
Investment
-
May 13-15,1963 (Washington,D.C.)
and
In Fiscal 1964
Total
Asso¬
Attention Brokers and Dealers
terest charge^.
Federal
Traders
an¬
Palmer
discussing interest rates,
show that six
eral
securities
upward
(Colorado
-
deposit cut into demand for shortterm
1963
Sulphur
Association
Governors
the Greenbrier.
of
long-term
thereby
at
Springs, Colo.)
National
Bankers
Statler Hilton Hotel.
in
as a power
markets,
Association
Meeting
the Del Monte Lodge.
May 16-24, 1964
banking system served
to
Bankers
Governors
Supplement Dec. 19.
(White
Springs, W. Va.)
Board
Beach,
CHRONICLE'S Special Pictorial
1963
Investment
COMING
Investment
Fla.)
Exchange
Meeting
of
the
Governors at
Marshall
May
(Pebble
Calif.)
Dec. 1-6, 1963
Stock
Spring
Board
spring outing at
(Richmond, Va.)
of
July 11.
11-13, 1963
Broadmoor Hotel.
As¬
Country Club.
May 6-7, 1963
expected to require $13.7 billion.
Section
Hotel.
short-
Asso¬
ciation Annual Convention at the
May 3, 1963 (Pittsburgh, Pa.)
Pittsburgh Securities Traders
Association
accretions
for transferring
Bankers
CHRONICLE'S Special Pictorial
Sept.
Hotel.
highway trust fund.
Savings Banks 43rd
from
the
(Des Moines, Iowa)
Investment
Sept.
ference
vehicle
out¬
at
marsh, Pa.
gional Meeting.
April 3-4-5, 1963 (Dallas, Tex.)
deposit
summer
tournament
Whitemarsh Country Club, White-
until
Association
Texas Group Investment Bankers
time
(Philadelphia, Pa.)
June 27, 1963
medium and long-term assets, the
public
in interest to finance
debt.
might
"Because banks tended to invest
their
the .decline
one-to-five-
totals
ments from
invested
growth
debt due
the
shaving
April 17-21, 1963 (Syracuse, N. Y.)
National
While
Reserve
two
the difference between
directly in short-term securities.,
declining
rates
funds
been
from
Federal
skip
American
of
banking system. A
time
The
to
medicare!"
passes
short-term
funds into the
deposits
v
Congress
channeled
of
at
time
and
deposit
volume
sought
term
foolish
was
FRB, "perhaps the most significant
—has
to
he
factors," said the
of
bill
pace
demands
loans, demands for
petitiveness
keep
in
credit, among other things.
payments and to limit gold losses
to
factors
pattern of interest rates in the
funds
broad
a
to
program
the deficit in the U.
him
which grew out of past wars, are
several
were
certificates
in financing
r e a s u r y,
short-term debt, has stressed
"In
the
1962.
However, the efforts to lengthen
,
There
securities held by
term
the public in
.
Swollen Time Deposits Influenced
Meeting
Annual Field Day at
the Wakonda Club.
rise and steepening of
the short end of the January
Association
Annual
ciation 28th
of
Emphasized by
TOLD
Y
pre¬
1961 public holdings
due
debt
of
a
.
(Canada)
Dealers
Philadelphia annual
the
pro¬
the
at
Investment Traders Association of
Iowa
yields," said
Treasury
example," in
1963
June 21, 1963
yields
to
Association
Jasper Park Lodge.
by
publicly
seem
(Chicago, 111.)
r;
the
in
changes
on
sumption that changes
A y',;:. the
says
data
20-23,
Canada
of
struc¬
on
held
be
May 31.
Conference
Investment
the
raised
on
Bankers
June
ture, also said the changes affect¬
•
19-21, 1963
Cocktail
will
Pick-Congress Hotel.
ther
salaries
would
changes
Party, ; A
Dinner
Municipal
it
the previous fiscal year.
over
vide
year.
of
and
Investment
The Federal Reserve in discuss¬
that
advocated
short-term
June
for.
increase
Spring
On the other hand,,
$1
Congressmen
held
management by the Treasury that
a
national
1%
May 22nd by cocktails and
May 30, with Outing
U. S." Government securities.
result of the recent debt
the
a
Repre-;
by
on
System's Board of Governors
of
national debt.
each
each
the
with
policies.
one
billion
Com¬
a
tion
provide,
the general structure
Meantime, the Federal Reserve
that
and
$1
of
Senator
sentative
Janu¬
make
salaries
the
each
the Treasury in
Treasury
would
at
(pre¬
dinner.)
Party
Stinson proposal would re¬
The
duce
bonds
majority
Wash¬
of
day
Club
(Atlanta, Ga.)
Georgia Security Dealers Associa¬
Congressman
salaries of members of Congress.
recent report the
a
mittee
\
that
Omaha
Bankers
field
May 30-31, 1963
W.
increasing and decreasing the
long-term
by
In
ary.
;Y'Y
/
The
K.
ed
pleased
the
offers
<
Republican
Country
a
or,;
year
Rep.
by
annual
ceded
this
pass
State.
1
indication
any
Committee
Economic
was
for
after
syndicate
the public.
to
The
quickly
(Omaha, Neb.)
Investment
the
to
the Northwest introduced
from
for
1994, but callable in 1989.
Committee
will
a
ington
fiscal affairs of
in
and
and
deal
who
Federal
the
Seriate
of
there
unique 5 bill
exceed $12 billion.
may
year
Salaries
proposal
a
Stinson,
of the
some
is
Congress
upon
members
Tie
Debt Changes
the
this spring to raise the ceiling on
the national
Nebraska
Association
by the Treasury.
will
Country Club of Maryland.
May 23, 1963
indications it will
are
Would
than
more
casual interest management of
colossal debt
other
Con¬
years,
is watching with
gress
the
rlILL, THOMPSON & CO.,
70 Wall
INCi
Street, New York 5, N. Y.
Tel. WH 4-4540
"Tele. 212 571-1701
Volume
197
Number
6252
...
A
Supplement to the Commercial and Financial Chronicle
New York
Thursday, April 4, 1963
Security Dealers Association
Samuel
York
Weinberg, S. Weinberg, Grossman & Co., President of New
Security Dealers Association; Bernard Eberwein, Alex. Brown
Sons
(Baltimore); Lester Frenkel, Gersten & Frenkel
George Barrie, Rayette, Inc.; Edwin Posner, Chairman of the Board,
American Stock Exchange;
Robert S. Taplinger, Guest
<£
Herbert
Singer,
Singer,
Bean
&
Bean & Mackie, Inc.; George Price, Price & Davis; Albert
Mackie, Inc.; Robert A. Mackie, Singer, Bean & Mackie, Inc.
Robert N. Kullman, John J. O'Kane, Jr. & Co.; Frank J. Fitzpatrick,
Gregory & Sons; John F. Sammon, John J. O'Kane, Jr.
Wilfred
John
N.
D.
&
Co.
.
Edward
C.
Stryker
Day, Charlei A. Day & Co. (Boston); Col. Oliver J. Troster,
Ohlandt, Jr., New York Hanseatic Corp.; Frank J. Ronan, New
(1)
Singer,
Philip
Carret,
Pioneer
Fund;
Frank Dunne, Dunne & Co.; Gene Statter,
Amott, Amott, Baker & Co., Inc.
Mabon
&
Co.;
Harry
R.
.
Gray, New York Stock Exchange; Elbridge Smith,
Brown; David Morris, David Morris &
Co.
&
Troster,
York
Stern,
Singer
Hanseatic
& Co.;
Corp.
Joseph M. Rinaldi, H. D. Knox & Co., Inc. (Boston); Nat Gordon,
Troster, Singer <ft Co.; Micky Pauley, Troster, Singer & Co.
W. Schramm, Amalgamated Bank of New York; Ray F.
Vanderhoff, Guest; Stewart G.
Stolnecker, Guest; John R. Schermerhorn, Fidelity Union Trust Company (Newark, N. J.)
Carl
(2)
Volume
Thursday, April 4, 1963
197
Number 6252
.
.
.
A
Supplement to the Commercial and Financial Chronicle
37th Annual Dinner
ppfi
Frank
Power;
Wellington
Associates
Robert
"Duke" Hunter, Wellington
(Jersey City, N. J.)
Hunter
Walter
Filkins, Troster, Singer & Co.; George Koros, Dean
&
Co.; Vincent P. Shea,
Glore, Forgan & Co.
Topol, Greene and Company; Bill Radetzky, New York Hanseatic Corporation
Gregory R. Falk, Greene and Company
George Barrie, President of Rayette, Inc., Guest Speaker; Elbridge
Smith, Stryker & Brown, Chairman of the Dinner Committee
Ediwarid^" H'n^kley, Adams
N.
J.);
S.
M. Weissenborn,
Frank
Dunne,
Rose
Edward
(Philadelphia)
Jr.,
&
White, Weld
Co.; Peter R.
&
Hinckley (Newark, N. J.); R. V. Adams, Adams & Hinckley (Newark,
Parker
Adams
&
&
N.
Weissenborn, Inc. (Newark
Htnckley (Newark, N. J.)
J.);
Philip
P.
Arnheiter, "
Co.;
Noon,
R.
Rose
George
Calusen,
Co.
Hoit,
,
Frank Y.
&
Pattinian,
Guest;
Association;
,
,
Schaefer, H. D. Knox & Co., Inc.;
Hayden, Stone & Co., Inc.;
Charles
Hoit,
Joseph
Witter
.
Edward
Harry
C.
Cabbie,
Murray
Anton Spacek, H. D. Knox & Co., Inc.; Frank
Ernest Lienhard, Troster, Singer & Co.
W.
Daines,
Cannon, oldest living President of the original Association
of
New
York
Security
Dealers
N. Enright,
Bills, Jr.,
S.
Bruns Bros. & Denton, Inc.;
Stillman, Abraham & Co.
Executive
Guest;
Secretary,
James
P.
New
York
Rougherty,
"
Security
Guest
Dealers
Volume
197
Number
6252
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, April 4, 1963
(3)
At The Waldorf-Astoria
Bill
Moran,
American
Stock
Greene
Don
Exchange;
Company
Irving
A.
'Hoy" Meyer,
Greene,
and
Magid
&
Wood, Walker & Co.; George A. Searight, D.
Co., Inc.; Jerry O'Connor, Wood, Walker & Co.
Fleming, A. G. Becker & Co., Inc.; Robert Wallace, Troster, Singer & Co.; Jan Brooks, Stryker
& Brown; Justin Colin, Stryker &
Brown; Eugene Schmelzer, Stryker & Brown
John
Schneider, Allen & Company; Ben Kerrigone, Allen
Company; Walter -O'Hara, Jr.,-Allen & Company
&
Philip Tuniman, Merrill Lynch, Pierce, Fenner & Smith Inc.; Sam
Milt, New York Hanseatic Corporation; James Hageney,
Merrill Lynch, Pierce, Fenner & Smith Inc.
Micky
John
H.
(Stevenson,
David
Wittman,
H.
,
Edwin
L.
Beck, Commercial & Financial
Heaney, Michael J. Heaney
Singer, Bean & Mackie, Inc.; Sid
Wm. I. Rosenfeld, Jr. <$ Co.; Sid
Pauley, Troster, Singer & Co.; Ben Gold, Gold, Weissman
&
Frankel;
Arthur
Wiegner, Lehman Brothers
Stanley Kulakowski, Bache & Co.; Walter M. Wall, Merrill
Pierce, Fenner & Smith Inc.; Charles Truchan,
Merrill Lynch, Pierce, Fenner & Smith Inc.
Lynch,
George
G.
Reiss,
Grace
Chronicle;
&
Michael*
J.
Co.
Holtzman, Singer, Bean & Mackie, Inc.;
Ornstil, Singer, Bean & Mackie Inc.
Canadian Securities
King <£ Co.
Inc.;
Jerry
Burchard,
Charles
Allen
J.
White, Allen J. White & Co., Inc. (Providence, R. I.);
Kasten, Allen J. White <£ Co., Inc. (New York);
C. Sylvander, Allen
J.nWhite & Co., Inc. (New York)
Gerald
Earl
(4)
Volume
Thursday, April 4, 1963
197
Number
6252
...
A
Supplement to the Commercial and Financial Chronicle
March 29, 1963
4
R.
Michael
Dunne,
Guest;
,7
Hans
Ben,
New
York
J.
Hanseatic
Mike
Jules
Gambol
......::\777
Corporation;
Grunebaum, New
Dunn,
Guest
7.7
Sidney Jacobs, Sidney Jacobs Co.; A1 Tisch, Fitzgerald A Company
■
:
■:
Aaron Netburn, New York
York Hanseatic Corporation
Golden, Greene and Company; Edwin Jacobs, Greene
Company; Libby Palermo, Greene and Company
and
Hanseatic
J
y: f
'
Tom Callahan, Gersten A Frenkel; Jack Thompson, Wertheim A Co.
1
Dick
Corporation
.
Crooks, Allen A Company; A. A. Geller, Allen A Company; Herbert A. Allen, Allen A Company
Larry Lyons, Allen A Company
Joseph L. Wolf, National Quotation Bureau, Inc.; William
National Quotation Bureau, Inc.
F.
Moss,
L^rry
Wren, Allen A Company; Morton Weiss, Singer, Bean
Mackie, Inc.;
Stuart
Rubinstein, H. Hentz
A
Co.
A
...
^iiH
Howard
C.
Allen,
Albert
Frank-Guenther^ Law, Inc.; Harry
Michaels, Allen A Company
Bob
Mackie, Jr., Singer, Bean A Mackie, Inc.; Charles M. Truchan,
Lynch, Pierce, Fenner A Smith Inc.; Wally Wall,
Merrill Lynch, Pierce, Fenner A Smith Inc.
Merrill
Charles
S.
Offerman, Troster, Singer A Co.; Stanley L. Roggenburg,
Roggenburg A Co.
@FedFRASER