Full text of Commercial and Financial Chronicle : April 5, 1956, Vol. 183, No. 5522

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183

Volume

Number 5522

New York

Price 40

7, N. Y., Thursday, April 5, 1956

Cents

Copy

EDITORIAL

The Investment Banker

See It
We

As
At

the

various labels argue
merits of

this, that

suring the farmer
of

that

time

same

with

politicians

one

And Private Placements

wearing

the other formula for

'■

By DeLONG H. MONAHAN*

another about the
as¬

the

Federal Government continue to pour out statis¬
tics which destroy or render quite absurd the

foundations upon which all of the proposed
programs rest. The orginal "parity" concept had
to do with prices, and posited the notion that
simple justice demanded that a way be found
very

the farmer

market in which the

prices
product would show the same increases
from some "normal" period that other prices
revealed. Thus if the prices of products which
the farmer buys rose, say, 15% in a given inter¬
val of time after the base period, then the gov¬
ernment should see to it that the prices of goods
the farmer sells would rise by the same amount
assure

for his

Life

ing,

insurance

"blue

Investment

academic

interest

policy

loans,

mortgages,

Government Bonds and

and

even

common

stocks on which consecutive cash
paid from 5 to 172 years. Essen¬

We have been
our

delighted with the

semi-annual Over-the-Counter

explained

Right off the bat, we want to give a special salute
to the hundreds of broker-dealers who created and

the

maintained

single

largest

over-the-counter

undertaking in the history of corporate equities
—a trading market in Ford Motor Company com¬
mon.

From the moment the

price of 64 V2

was

estate

created

breadth, trading volume, and velocity has never

though

which

market

over-the-counter

times

recent

there

has

been

halls of the Wharton School it would

were

m.y

than

little

presumptuous

part to discuss life insurance

gories.

practices
in those cate¬
You are here hopefully to

learn

some

new

angles

corporate

bonds and stocks, and I shall try to
those desires, as my abilities

fulfill

his products, but to income which places him on

DeL

Mo„,ha„

fective

permit, with special emphasis
bonds, somewhat in the proportion in which those
two categories are present in life insurance portfolios.

that he enjoyed in some base period. Thus,
we suppose, if the businessman is able by in¬

omy
so

Continued

SECURITIES
porate

DEALERS

Continued

page

NOW IN REGISTRATION

securities

are

afforded

—

complete

day the Securities and Exchange Com¬
registration statement ef¬
and sale c-f the stock was legally permis¬

Underwriters,

dealers

picture of issues

and potential undertakings in our "Securities in Registration'*

now

sive, the unlisted fraternity braced itself for the
avalanche of orders, and for their ordained task

address

by Mr. Monahan before the Institute of Investment
Banking sponsored by the Investment Bankers Association of Amer¬
ica and the Wharton School of Finance and Commerce, University
of Pennsylvania, April 4,
1956.

page

♦An

dustry and good management to raise his income,

the West Coast,

On the

econ¬

it was
trades

mission made the Ford

will

the level relative to Other elements in the

made in Montreal and

carrying Ford common, in the first two hours of
late afternoon trading to a premium of 5 3A points.

company

rule very

carefully defined their terms, but, in
general, the idea seems to be that the farmer is
entitled not merely to some level of prices for
I

good deal of talk about "parity income." Those
who have been advocating this idea have not as
a

equalled or even approached. And
continental in scope. First, "when-issued"

But

an¬

the afternoon of Jan. 17th, there was

here today in the hallowed

are

you

response

Presentation.

nounced

only

real

chip"

Distinction between auction and unlisted market

assets today, broadly speak¬
in real estate mortgages, 4% in

have

bankers

additions to list, coupled with completely
on Over-the-Counter

statistics, highlight tables

tiality of Over-the-Counter Market dramatized by dis¬
tribution and market accorded huge Ford stock issue.

Bonds, 43% in corporate bonds, and
3% in preferred and common stocks.

course,

new

dividends have been

company

invested 34%

are

Many
revised

policy loans, 9% in U. S. Government

that they did rise by that
amount of their own accord. Sundry changes
have been adopted in the means of computing
these "parities," but the basic concept still stands.

—assuming, of

]

Enterprise Economist

Contending insurance companies have taken over much
of the investment private placement function by default,
and that the industry still wants to buy from investment
and brokerage houses, Provident Mutual finance officer
critiques and prods investment houses to: (1) provide
adequate information—particularly cost breakdown—of
the borrowing firm; (2) resume seeking out investments
to merchandise; (3) capitalize on their salesmen's con¬
tacts by offering a contingent fee for placements they
bring in; (4) not refuse $300,000 to $500,000 corporate
loans as too small, and (5) hire men who realize no two
industrial firms are ever alike, and who can appraise
business—not merely money and credit—risks.

country in general, the Department of
| Commerce and other fact finding agencies of the

By IRA U. COBLEIGH

Financial Vice-President,

Provident Mutual Life Insurance Co. of Philadelphia

"fair share" in the prosperity

Woild's Largest Market
Gains New Prestige

establishing in the market place what even the

distinguished underwriting group could only estiContinued

page

investors in cor¬

and

registered with the SEC

State, Municipal

Section, starting on page 68.

171

and

U. S. Government,
State and

Municipal

DIAMOND MATCH

Securities
telephone:

AND

MUNICIPAL

—#

Expanding Firm with

Promising Product Mix

"ATOMIC

Bulletin

J. R. WlLLISTON & CO.
eitabliiheo
MEMBERS
AMD

DEPARTMENT

115

ST.,N.Y.

OTHER

HtW

STOCK

YORK
AND

i•••

STOCK

Beach

—

the first national city bank

tXCMRNCC

COMMODITY

Rye,

of new york

EXCHANGES

Broadway, New York 6, N. Y.
Miami

Bond Dept.

Teletype: NY 1-708

To Dealers,

State, Municipal,

T. L.WATSON &CO.
ESTABLISHED

Exchange

American

Exchange

Stock

Orders Executed On All

Canadian Exchanges At

CANADIAN

District Bonds
broad

street

DIRECT

Pacific

City of Montreal
3

Power &

% % Debentures

Due October

1, 1965

Price

Analysis

yield 3.50%

Our

company

OAUli

BRIDGEPORT

•

PERTH AMBOY

upon

request to

Unlisted Trading Dept,

DEPARTMENT

WIRES TO MONTREAL

Dominion Securities
Geporatioti

AND TORONTO

IRA HAUPT&CO.
Members New
i

new york 4, n. y.

Light Co.

COMMON

Payable in United States dollars

Regular Rates

Teletype NY 1-2270

$250,000

Banks /and Brokers

CANADIAN
Commission

New York Stock

BANK

34 offices from coast to coast

1832

Members

County and

Chase Manhattan

BROADWAY, NEW YORK 5

Markets/Maintained

SECURITIES

THE

Members New York Stock Exchange

120

DEPARTMENT

BOND

REQUEST

HARRIS, UPHAM & C9

N. Y.

Net Active

'MM

ENERGY

ARE NOW AVAILABLE

BANK

first

I ♦ * I

Available

CORN EXCHANGE

30 BROAD

REVIEW"

CHEMICAL

BOND

Bonds and Notes

LATEST

BONDS

Public Housing Agency

COPIES OF OUR

HAnover 2-3700

STATE

Goodbody a Co.

Associate

1 NORTH LA SALLE ST.

NEW YORK

CHICAGO

American

Exchange Place, New York 5, N. Y.

Tel. WHitehall 4-8161

and

other

York

Stock Exchange

Principal

Exchanges

Stock

Exchange

MEMBERS NEW YORK STOCK EXCHANGE

115 BROADWAY

Member

Tele. NY 1-702-3

111

Broadway, N„. Y. 6

WOrth 4-6000
Boston

Teletype NY 1-2708

Telephone:

Enterprise 1820

*■

l-l

The Commerciil and Financial
2

)»,*-!"<t

For Banks,

Thursday, April 5, 1956

FX
"""*

Brokers, Dealers

The

only

Security I Like Best

Get Too Thin

soundest Over-the-Coun-

securities

ter

,..

Yn^fiiv

seeking better spon¬
quality issues, our
large trading department, through
our
nationwide network of pri¬
vate wires, can help you by reach¬
ing banks, brokers and dealers
for

sorship

nor. t

last two years;;

able, only in the

certain

those

fQr

and

;

kinds

of your readers

attention

Established
Associate
American

1920

very

discount dealing ana price cut

ting.

Exchange

Stock

120 Broadway, New

York 5

sold

liquor

the

.1 956,

would

rec-

the

commend

this

PHILADELPHIA
Private

CHICAGO

levels

SAN FRANCISCO

Wires

•

Ion

g-term
capital - gains

An
t i

Since 1917

frjCpONNELL&fO.
Member*

New York

American

Stock Exchange
Btock Exchange

BROADWAY, NEW YORK S

ISO

TEL.

REctor

2-7815

American Furniture

Bassett Furniture Industries

Camp Manufacturing

Patrick C. Cestaro

the

whiskey.

whis¬

States distressed

United

have been bought at bank¬
prices and are being sold

key

ruptcy

will

filed

for

ask

unconstitutional

suit

question

bonded limitation,
which serves no public purpose,1

eight-year

preview
enlightenment of our clien-

port was prepared for the
and

tele.

National

In accordance with the success-

maxirp of "buying in low and
selling when high" we must keep
in mind that in order to practice
profit by this saying we must
in values and not in price

and

opposed

are

outright abolishment, and this
battle
will be carried back to

NY 1-1557

■

Mobile, Ala.
Direct

wires

branch

our

offices

Schenley's attorneys have re¬
*
quested a special Federal statu¬
tory court order to go directly to
the Supreme Court, which is a
j

speedier procedure.
The

STOCKS
after

remaining

For

current

Call

4,365,726 shares of common
outstanding will mean a return
over $26.00
for each share of
to the

company.

example
dollars,

Co., Ltd.

Office Tokyo

Brokers

111

1897

70 Branches

—

Investment

Bankers

Broadway,N.Y.6 COrtlandt 7-56801

John B. Stetson Pfd.

;

Public Service Coordinated

4s, 1990
Pocono Hotels Units

And to

of what this means in
6% on $117 million for
movement.
In
the
case
of
the
one year is over $7 million a year.
typical undervalued security, the work to the advantage of foreign
previous market action has not distillers because no other country A possibility of $1.60 in interest
alone
per
common
share
for
been encouraging, and the issue is has such a bonding law.
currently unpopular to the "techSchenley has opened an all-out ; every year while the suit is being
nical experts." This is because of war.
It is attacking this problem fought is a real hidden picker,
the habit of Wall Street to base jn three ways'
but, as you will admit, a very
'
delightful one.
forecasts of future happenings on
(1) Be£ore the legislature with
a
And to add to all this: Even
projection of past trends. Due th(i Eberharter Bill, which will
to this view
a
company
which be introduced again at this ses- partial success will restore inven¬
has been on the downgrade is ex- sjon o£
Congress. This bill pro¬ tory values and improve profit
jected to of this attitude by the vjdes jn essence that the tax-pay- margins considerable by eliminat¬
get worse
worse,
Retention
ment date o£ liquor jn bond be ing tax "forqeout" distress sales.
general public creates bargain op- extended from
eight to 12 years, Seagrams and Hiram Walker are
portunities such as is presented
fighting
this
vigorously.
They
by Schenley Industries, now sell^
/
A <Jairn® contend Schenley will have a def¬
ing near the $20-a-share level.
upon District Directors of Internal, inite competitive advantage be¬
yjti
tt
c
•
x
•
t.
Revenue for a tax refund of $117,- cause it has been hoarding older
When most U. S industries have
559>426>
wMh
interest
thereo'n whiskies and is preparing to
e£. doubling' their sales and from the daXe 0f Xhe overpayment,
profits, the American distilling The basis of these claims are as start a battle of ages in the whis¬
business has been the orphan of
key trades.

virture of the U. S. bonding law
and that such tax forceout will

write

Established
Home

Buck Hill Falls Co.

syrup

information

Securities

add

years

be stirring due
improved Japanese economy.
to

appear

Yamaichi

with

common

practically

stationary levels for three

What

thus:

squarely
pre¬
probable

question

sented

j a p a n e S e

now

the dessert,
Schenley has strongly contended this $117-million law suit will
before the House Ways and Means carry a 6% return from the date
Committee that the opposition,:. the payments were made to the
Seagrams
and
Hiram
Walker, government to the date of settle¬
have reaped this lush windfall by ment of this controversy. As an

session.

present

the

Congress

ful

Walker

Hiram
Distillers,

is unconstitutional under the Fed¬

Seagrams,

Exchange

Yertl, H. Y.

HAnover 2-07001

the

for

Exchange

New Orleans, La. - Birmingham, Ala.

the

that

and

American

11 Reefer St.. tow

ad¬

court

arises through a

comprehension of the average investor.
For that reason this re-

deal

■

has

(3): Schenley

stock

Stock

Tr+h

Netr

Members

enterprising right here in the United *.States consequences will result from a
variety under Canadian labels at good successful termination of these
legal disputes?
In my opinion
of causes.
Sometimes, as in the prices.
the company stands a very excel¬
present situation, the market fails
This
eight-year
tax forceout
lent chance of winning this very
to respond to a number of im- has spiit the industry.* Schenley.
involved fight.
And, if so, what
portant events in a company's js leading a campaign to abolish
will this mean to the shareholders
affairs, this failure being due to the limit and let the distillers pay
complicated aspects of a
legal the tax when they can sell their of Schenley?
problem
which
is beyond
the whiskey. Others of the big four,
Victory of the $117 million suit

and

Trading Interest In

redistillation

export,

are

destruction

Stei ner, Rouse & Co
^.Member*

what has been hap¬
pening is that millions of gallons

buying

opportunity

RIGHTS &. SCRIP

gallon

attrac-

v e

investor

Specialists in

York

New

the law firm.

Therefore,

Principal Cities

Co.,

eral Constitution.

of $10.50

payment

tax

•

City. (Page 20)

quite a bit of *
General attorneys for Schenley
whiskey was exported before it'
in these cases are Dewey, Ballanhad been eight years in bond to
tine, Bushby, Palmer & Wood, of
avoid payment of the $10.50 Fed¬
New
York.
Former
Governor
eral tax.
(This is known as tax }
Thomas E. Dewey is a partner in
forceout.)
The only alternatives -

investment.

BOSTON

because

Simply

the market

Why?..

try total profit.

and
considering
the 'vagaries

company

Quoted

Co.

Morton, of Peter

McDermott

which

the

po-

purchase of at
current
price

Teletype NY 1-40

WOrth 4-2300

;-'l
judication that the tax
the

sold, drew off 38.9% of the indus¬

Member

U. S., imported liquor, although
amounting to 13.3% of the cases

loss

surround

Corporation

—Paul

interesting security, which in my
opinion, after weighing the profit

Louisiana Securities

Cryan
Co., New York City. (Page 2)

American Mercury Insurance

Schenley Industrieswhiskey which were not selling, ij
ti
:*
th0
there have been distress sales,
I would like to bring to the
't dpalin2 and Drice cut-"

and

New York Hanseatic

of Mclaughlin,

Bought—Sold

out nearly 650 million gallons of
whiskey which have become sale-

tentials which

throughout the country.

offer to sell the securities discussed.)

CESTARO

CHARLES

PATRICK

as an

Alabama &

Selections

Industries —Patrick

Cestaro,
~

they to be regarded,

Npw
New York City

If you are

Schenley

Week's

Participants and

Their

particular security*

intended to be,

(The articles contained in this forum are not
are

sometimes be¬

can

favoring

participate and give their reasons for

inactive.

come

week, a different group of experts
and advisory field from all sections of the .country

in the investment

Try "HANSEATIC"
Even the

This
Forum

A continuous forum in which, each

When Your Markets

Chronicle

(1670)

Cambridge Bldg. 4s, 1963
Pratt Read Co. Common

Samuel K. Phillips & Co.
Members

Phila-Balt.

Stock

Exchange

Pennsylvania Bldg., Philadelphia
Teletype

N.Y. Phone
COrtlandt 7-6814

PH 375

Commonwealth Natural Gas
Lift Insurance Co. of Va.

and

STRADER,TAYLOR & CO.,Inc.

/os

Lynchburg, Va.
LD 39

TWX LY 77

Qn Noy

foU

great

Taxes

bottle

whiskey are
they were in

J,"

the

times what
after repeal.

1933

problems

other

industries,

spirits

all
0f

long-

some

not

shared

$10.50

and when it is

eight

excise

tax

years

old, the

$10.50

per

bond

which
i.

tax.

be sold

not.

Overproduction of whiskey, for

reason,has brought long-term
the

industry.

obliged

stock-in-trade

Distheir

keep

warehouses

for

four-years, and thus cannot sell

their| inventories

other

manufacturers.

production
of

the

made

tion
were

fast

This

War,

over-

because

when

the

fear that they

converted

of industrial

during

whiskey day and

night because of
would

•

about

came

Korean

distillers

The former

alcohol

World

1950 and 1951 the

War

producas

II.

they
In

industry turned

Nov.

they

had

1951,

whiskey

and

produced before Nov.

was

1951,

off

rate

a terrific advan¬
it had the ability to
pay
the
taxes
and
keep
the
whiskey in bond and gain a ter¬
rific lead over the others in the

since

tage

of your newspaper

and

see

und&r

lower

the

rate

the sales

The legal basis of the claim

that

the

direct tax

additional

tax

property and there-

unconstitutional.

fore

creased

Also,

In
amounts

per

gallon)

tax

paid

($10.50

whiskies

eight

forced

were

this,

conclusion,

the

claims

include

claim for refund of $10.50
every

forceout

age

bond.

gallon

and

(a)

to
a

price

getting

which

sold

and

$10.50

tax

after

the

$20,

for

$37.50

market
are

you

current

actually

having

been

(2)

every

share of

tax-paid.

Quotation Services
for 42 Years

com¬

believe

that

National Quotation Bureau
Incorporated

the present

Established 1913

this

election

evaporated

Over-the-Counter

all liabilities of the

Administration

possession

1-25001

The book value is $52.63 per

un-

whiskey

for

long pull are:

claim for refund
paid

fascinating

current

about

n?$nus

reasons
a

share.

(b)

which while in

Schenley

the

about

company
mon.

Schenley has in its possession

for the

For

(1)

assets

paid

Teletype

WHitehall 4-6430

is strongly

considering this such

which

years

out

Broadway, New York 4

Telephone

in¬

the profit

with

this trend

investment
reached

continuing.

Schenley is seeking refund of the
full

along

and

1955,

its

sales

have

stock

premium

effort Schenley

liquors,

age"

PETER BARKEN CO.

and magazines

forth..Pushing

is : putting

this

that,

the advertising sections

into

look

evidence

industry.

"ancient

gallon must be paid, whether the

are

the

gallon.

per

applied

whiskey

tillers

bond

tional $1.50 tax is unconstitutional

is Schenley's claim that the addi-

namely,

SECURITIES

Schenley will

The truth is that

ucts were distilled was $9.00.

their

problems

era^ excise tax was imposed on definitely have

product must be aged four years;

any

COUNTER

Fed.

X95X

whiskey.

have

range

can

,nt°m amountingf rate in effect when these prodthe price of

distillers

Federal

half

bottle

average

The

American

seven

than

Why?

boom.

economic

this

...

THE

OVER

year

will go all out to give some

46 Front Street
CHICAGO

Continued

page

New York 4, N. Y|
BAN

Number 5522

Volume 183

The Commercial and Financial Chronicle

Natural

which

to over-

but

should

which

help you do a
better
job.
take

look at

various

the
ob j e
which

cti

ves

indi¬

tors may

have.

vary widely, out three factors are
always considered: (1) Safety of
Principal, (2) Assured Fixed In¬

(3) Appreciation of Capital.

come,

security combines all
objectives but there are a

No single

three

great many which qualify for

Atomic

carried

what

and

•>

the

What

are

What

de¬

investment

savings bank

cash;

as a

reserve^for estate taxes.

(2) Assured Fixed Income: This
segment of a portfolio will usually
include

longer term bonds yield¬

ing 2%% to 4% depending on
quality; preferred stocks ranging
in yield from 3.6% for a stock like
DuPont Preferred to 5% on lower

preferreds; and convert¬
ible bonds and preferred stocks
offering some degree of price sta¬
bility along with appreciation pos¬
sibilities. Examples of such con¬
quality

A Primer

there

—Cowles

committed

ferred.
of

market
rates

^Prospectus on request

Credit Accelerating Plans

and

Nicholson, Jr

ARTICLE starting
,

the

cover page,

Corpus Christi Refining
Company
Gulf Coast Leaseholds, Inc.

Pacific Uranium

most important,

Credit

Study

Paul

Solution

Consumer

Debt

Welch

Mines Co.*

Problems,
32

Broadening of Stockholder Base Issued By
Dartmouth College's Amos Tuck School

Mining Corp.

Rare Earth

Strategic Materials Corp.

*Circular

As We

Bank

See It

and

(Editorial)

Insurance

Business

than

Man's

Request

in more
securities

over-the-counter

Cover

Stocks

Singer, Bean

Bookshelf

Coming Events in the Investment Field

INC.

40 Exchange PI., N. Y.

HA 2-0270

Einzig: "Steadier Capital Investments Belies Keynes'. Theory" 20

Washington Ahead of the News—Carlisle Bargeron

Mackie,

Dealer-Broker Investment Recommendations

From

350

trading markets

maintain

Regular Features

Teletype NY 1-1825 & 1-4844

Direct Wires to

Indications of Current Business Activity

Philadelphia • Chicago * Los Angelas

Mutual

(2)

estate

taxes, either
or liquid
The tax on a $1 million

securities.

Controls

Says

folio.

for

Teletype: NY 1-4643

Dlgby 4-4970

•

"World's Largest Market Gains
New Prestige," discusses the investment opportunities inherent in
securities available only in the Over-the-Counter Market and in¬
cludes a tabulation showing the names of unlisted banks and
companies which have paid consecutive cash dividends for 10 to
172 years (Table I, page 31) as well as those in the 5 to 10-year
category (Table II, page 60).
on

Broadway, {Jew York 4

GAINSJfEW PRESTIGE"

glance, but you may find
that it is poorly balanced between
industries, contains a certain
amount of dead wood, and may
have no representation in many
stocks which belong in the port¬

NSTA

Funds

Notes

—

News About Banks and Bankers

is $303,000 but is reduced
$126,000 if advantage is taken

estate

Observations—A.

Wilfred

May

Our

Reporter

Governments

provides assured
subject to greater

advisable, therefore, to know the
provisions of your client's will.

Our

Reporter's Report.

interest

Objectives of the
Investor: How much emphasis on
safety at a low rate of return?
What income is required?
How
much risk does a client wish to

fluctuations

conditions

business

and

Future

J.F.ReilIy&Co.,Inc.

at first

This fixed income portion
is

Loan

"WORLD'S LARGEST MARKET

what
composition of the present
securities
portfolio?
And right
here, a word of warning. Do not
superficially evaluate any port¬
folio before first breaking it down
into its proper classifications, in¬
cluding
industry
diversification
within the common stock portion.
Many a list will look all right

but

COPPER

and

Last

Pre¬

Midland

portfolio

income

Preferred,

OLD HICKORY

Andrus

American Life—George A.

;

in the form of insurance

Magnavox 4%%

REFINING
12

—Roger W. Babson

is the

tablished

Marine

CORPUS CHRISTI

Investment Clubs Development: A New Force in

common

1975,

.Automation: What It Means to Investor and Labor

vertibles would be Dow Chemical

and

STRATEGIC
MATERIALS

11 v

Money and Stable Price Index—Walter E. Spahr 17

GI Mortgage

Estimated Total Estate: An
adequate reserve should be: es¬

1982, Scott Paper 3s 1971, W. R.
Grace
31/£s
1975, Union Oil 3s

Boom

Integrity in Business and Higher Labor Skills
—Melvin H. Baker

;

stocks.

are

the

Is Stock Market at Blow-Off Stage?—George C. Astarita____ 13

the liquid

interest?

should

posits at 2Vz% to 3%; short term
bonds yielding 2% to 3%; and in¬
surance
left with a company at
3% to 3V2% interest. This portion
of the portfolio usually serves as
a common stock buying reserve or

Prolong

Economic Warfare's Impact Upon Inter-Nation Trading
—J. Anton de Haas

assets, in¬
cluding life insurance deposits left

tools best fitted for this classifica¬
tion

Help

Can the Distribution System Keep Up With Boom Prophets?
—Robert M. Oliver.

picture and will have a definite
bearing on what additional funds

The

Will

*SHULTON, INC.

'C;

value?

each

Principal:

Plans

cash

order:

Restraint

NEW YORK

Telephone: WHitehall 4-6551

Future

WALL STREET,

—Norris Q. Johnson

private business? A large invest¬
ment here greatly increases the
risk factor in your client's overall

Safety

Credit

College,• Professors.

Energy Development: Present and

Continued

insurance

much life

How

Obsolete Securities Dept.

•

.■

"...

;—Morehead Patterson

including the following:

Present ; Composition

(1)
Assets:

;

—_

for Retired

sold his obsoletes to us!

<
i

Steel Industry's Plight in Meeting Future Capacity
—Charles M. White'-—-.

In formulating a pro¬

sidered,

3
4

Growth.....

objective.
In other words, you
have a variety of tools with which
to do each job. Let's take them in
(1)

Gray Flannel Suit

Annuity in Action
—R. McAllister Lloyd-

factors should be con¬

will

These

(Individual—JohnB. Ramsay, Jr.

Variable

gram many
B. Ramsay, Jr.

John

The Man in the

—-Cover

'•

■■ n.

Ground and Over-the-Counter

-^S, M. Finlayson.—_—

cial status.

inves¬

vidual

Under the

Canadian Economic Prospects .and Electronic

first

Let's

Gas:

-ira--U. Cobleigh——

is always desirable to draw
initially a specific personalized «
program for each of your clients
outlining the basic investment ob¬
jectives. In order to do this in¬
telligently, a close relationship is
essential.
No
good doctor will
prescribe for a new patient with¬
out first taking his medical history and giving him a thorough
physical
examination.
By
the,
same
token, you cannot do the
best
planning job without full
knowledge of your client's finan¬

are

easy

;

AND COMPANY

Cover

.'•&;*.V*\ *'

mental factors

Cobleigh———

Portfolio Management for the

funda¬

few

program

'>X

Investment. Banker and- Private Placements
—DeLong H. M&nah6n» J.

(3)
Appreciation of Capital:
subject is "Portfolio Man¬
agement," as related primarily to Well selected common stocks are
your tools for this portion of the
planning for individuals. I hope
you won't mind my focusing at¬ job.
the

New.Prestige.:.;/v/Z

The

—Ira

ment program.*

outset

Page

wmmmm

individual's investment

tention at

Article? and News

■;

World's Largest Market Gains

designed„ to plan an u
portfolio. Mr. Ramsay describes threes ; objectives individual investor must consider in securities and ^
the requirements of various investors. Strongly recommends planning for inflation with growth .stocks which are classified p.
into two types : - "stable" and -"cyclical/' Suggests factors to ^
consider in selecting growth stocks, including increases in principal and income. Author advises knowing the client's whole
picture before prescribing and agreeing upon a sound invest- ■■■<■
a

llCHTEIOT

B. S.

■;i^:.;v;

Vice-President, T. Rowe Price and Associates, Inc., Baltimore

Investment Counselor charts

INDEX

Portfolio Management
For the Individual
By JOHN B. RAMSAY, JR.*

(1671)

change.

For example,

quality

bond

even

top

Victory

take
of

dropped below 90 in 1953.
■

deduction.

marital

order

achieve

Public

/ The

answers

determine

to these

what

Utility

Railroad

Securities

;

Prospective Security Offerings
and

You—By Wallace Streete——

The Security I Like Best

Continued

page

Washington: and

You

Drapers'

land,

have specialized in

PDrrCDDrn CTflPKC
r ULf L H 11 L U 0 I UU AO

Members New York Stock Exchange

Albany

•

Nashville

\Boston

•

Chicago

"---^Schenectady

TELETYPE N. Y. 1-5

•

Glens Fall*

Gardens,

DANA

Reentered

COMPANY, Publishers

2-9570

WILLIAM

N. Y.

Eng¬

Thursday

news

Offices:

HI.

135

South

Dominion
Other

I
*

and

Salle

St.,

•

W!? V. FRANKEL & CO.

States,

and

INCORPORATED

Members

Union, $60.00 per year; in
Canada,
$63.00
per
year.

BROADWAY, NEW YORK 6
WHitehall 3-3960

Countries, $67.00 per year.
Other

ad¬

(Telephone STate 2-0613):

Gulf-Sulphur

Prospectus Qrt request

Teletype

Worcester
3.

Rates

United

Territories

Possessions.

Pan-American

SEIBERT, President

(general

Mexican

second-class matter Febru¬

Subscription

vertising issue) and every Monday (com¬
plete statistical issue — market quotation
records, corporation news, bank clearings,
state and city news, etc.).
Other

Thursday, April 5, 1956

Chicago

25, 1942, at the post office at New
York, N. Y., under the Act of March 8,1879.

9576

SEIBERT, Editor & Publisher
DANA

Preferred

ary

Subscriptions
HERBERT D.

Every

London,

Edwards & Smith.

c/o

CHRONICLE

Park Place, New York 7,

BRlDAD ST., NEW YORK 4, N. Y.

TELEPHONE HAnotfer 2-4300

Common &

Reg. U. S. Patent Office
WILLIAM

REctor

Parker Petroleum Co.*

COMMERCIAL and

FINANCIAL

Spencer Trask & Co.

Corp.*

Twice Weekly

Published

The

For many years we

Southland Racing

sity of Pennsylvania, April 2, 1956.

Sulphur

The State of Trade and Industry

questions

Pan American

The Market.

percentage

Federal Uranium Corp.

Securities Salesman's Corner

growth

Revlon*

Securities

Securities Now in Registration.-

-V:;*

principal?

will

Specific

(3)

2y2s 1972 sold at 106 in 1946 and

♦An address by Mr. Ramsay before the
Institute of Investment Banking, Univer¬

the

Bank

and

$40.00 per

the

rate

— Monthly,
(Foreign postage extra.)

Quotation Record

year.

Note—On

NY 1-4040 & 4041

Publications

account

of the

fluctuations In

exchange, remittances for for¬

eign subscriptions and advertisements must
be mads in New York funds.

Direct Wires to

PHILADELPHIA

DENVER

SALT LAKE CITY

The Commercial and

•

Financial Chronicle

(167J)

Natural Gas—Under the Ground

negotiated rates; w h i 1 e
strictly intraastate deliveries can,
of course, be made without any
reference
to Federal regulatory

And Ovei-the-Counter
COBLEIGH

IRA

regulation is both
illogical
and
undesirable;
and
remedial legislation is both needed
of the Natural Gas Bill.
and expectable, there are a num¬
ber
of
interesting
gas
equities
market to¬ ter Canadian gas will be brought around, where known reserves
While the to the U. S. border by Westcoast and current earning power exist

Everyone calls our
day

selective one.

aluminums

and

Transmission Co. Ltd. whose units,

Servel

and

languish

implements

farm

consisting of a $100 debenture
carrying three shares'of common,
are scheduled shortly to be pub¬

roar,

Stude-

and

baker

Pack-

mar¬

But

industrial

although
ad¬

are

one\

from

institu-

tional
U.

Ira

Cobleigh

has
even

enthusiastic

about

natural

romantic

to
the

It's

most

our

coal, petroleum, cord wood
or any other functional fuel.
But
here's
a
case
where
a
$2,500

three

supply.

gas

out

states

cook

by using what comes naturally—
Oregon,
Washington
and
are

ment and

now
use

FPC

how

handle

drocarbon, by virtue of forthcom¬

this

ing Pacific Northwest Pipe

made

joint

deliveries

from

gas

San Juan Basin in the

Saskatchewan

Line

can

(for 1955—166,136,000 CFD).
major oper¬
ations are in Southern Louisiana,

undeveloped, controlled acreage
(leases, fee lands and options) in
eight states totaled 424,767; and
in Saskatchewan, 448,967.
Thir¬

Just

dollars
and

that

exploration

tinue this year.
The

pessimism has been overdone.

The

spent

was

development in 1955 and out¬

lays at this high level to create
new reserves is expected to con¬

appear

British

million

three-fourths

and

teen

has never been
Even within the ex¬

(The lat¬

FPC, while dampening some¬

and

gas with an
daily sales over

1954

price regulation task of

however, it would

lance,

natural

from

increase in

While the company's

magnitude,
clear.

big bulge in earnings is de¬

82%

isting framework of price surveil¬

the

South, and

Columbia in the North.

the

effectively

ever

On its 1,-

exploration expenditure debits)
was $7.14.
While Union is a pro¬
ducer
of
both
oil
(3V2 million
barrels in 1955) and natural gas,

session

4,000 producers of natural gas.

line for enjoy¬

of this volatile hy¬

against 84c for 1954. Actual cash
income
(gross, minus operating
expenses
but before capital and

rived

biggest
Oil

Union

Gas

company

Trans¬

roughly twooutput.
The
Under the

problem here is price.

We take
■'

Mr.

-rJ

31,

Dec.

1956, however, and on an unreg¬
ulated
basis, renewal at a 15c
or 16c level would'have appeared

pleasure in announcing that

-V-';V

•'

contract

This

reasonable and
FPC

the

J. Howard Carlson

promising

ation

ton

for

conditions

are

850,000 shares)
pany

was

iri\ 1950.

The

states

originally referred to

were

formed

Utah, Colorado and New Mexico
but properties in Mississippi and
Texas

are

main

development is

tural

gas

New

Wasatch

Mexico,

Utah

Columbia.

biggest play is at

The

River

750,000

tience may be

picture is unfolding.

We didn't have space to touch
all the representative un¬
issues in this industry, but

listed

and

did

being delivered under long term

Gas

Natural Gas

ing.

Paso

the

For

fiscal

ended May

year

five

States

thousand

hundred

million

oil

barrels

reserve

Southwest Gas

and

All

Produc¬

are

legislative disappointment.
gas bill, however, may

due to

The

not be vetoed.

Baxter, Williams Takes
Over

Three

rough calculation, valuing

might wish to

you

selling considerably
below their 1952-56 highs, mostly

outstanding.

are

common

equities here carry

inspect Aztec Oil and Gas; Colo¬
rado Oil and Gas; Commonwealth

Gas Co.

31, 1955, the company recorded a
gross income of $4,644,008 and a
net loss of $20,892. While this re¬
sult does not look particularly at¬
tractive, the actual cash flow was
above $2 million.
Six million,

Your zeal

Should

merit.

further,

you

items of demon¬

present

strable

pa¬

some

required while the

upon

gas

Southern Union

but

values,

potential

for selection of

contracts

company

net

-is ''.being
sold
mostly intra-state to Utah
Natural Gas Company at 15c per
MCF while the San Juan output

and

the

where

permit
acres.
Western Natural has a bright fu¬
ture and substantial present and

na¬

in1-central

Plateau

The

Utah.

now

in the San Juan Basin

Northwest

the

of activity: Southern Louisi¬
the offshore Louisiana Tidelands, and the Peace River Dis¬
trict
in Alberta and
British
ana,

The

included.

now

Western Natural has three mam

has

States Natural Gas Com¬

Three

into a

areas

Peace

converted

total of 862,000 of common.

sells at 63.

now

could

Hugocapitalization

expansion.

(sole

common

for explor¬

acreage

whenever

White-Phillips

Baxter, Williams & Co., Union
Commerce
Building,
Cleveland,

18
at

barrel and 1,180,000 MMCF

Stock

could, of course, be blown up by

the

members

Ohio,

5c, adding $10.7 million in other
assets, and deducting $17 million
in debt, you can arrive at a share
valuation
of $11.
This figure

Midwest
that

cago.

per

located

among

Gas

Natural

White-Phillips Company,
Davenport will be main¬
the original name
with
Blair
A.
Phillips,
Sr. as
Chairman of the board; WarrenD.

values based

Vice-President; Richard E. Phil¬
lips, Secretary and Roy T. Crowe,
Treasurer. The Davenport office

rels in oil reserves, and

1.6 trillion
CF of gas which indicate an equity
of above $19 a share;
The out¬
standing common 3,660,000 shares,

however,
able

due

the

First

National

Now With Carroll & Co.
(Special to The Financial Chronicle)

DENVER, Colo.

conver¬

sion features of two issues of pre¬

Cain

ferred stdck.

Carroll &

Together these senior

the

located

Building.

is subject to consider¬

dilution

under

Williams, President; Carl N. Stutz,

10.8 million bar¬

tained

common

Dearborn

The

Inc.

interesting value

the lower priced issues.

South

Street.

pected to construct an eight mile
pipe line from Clear Creek to this
Joe's Valley section.
Natural

Company, Inc. will be manager of
the Chicago office, which will be

(Three States has 30,000 net acres
Utah Natural Gas is ex¬

States

Iowa and Chi¬

Phillips, Jr., formerly
the White-Phillips

Blair A.
President

here).

Three

announce

of Davenport,

Inc.

placing higher price tags on the
and including important
recent discoveries on the 76,500
acre
Joe's Valley Unit in Utah

around 1V\ is an

Exchange,

have acquired the business
of The White-Phillips Company,
they

reserves,

of trading (unlisted) around $10 has

customer

gas
Texas

present contract, the price is about
9c.

and

Western

mission which takes

thirds

indicated dividend rate of

$2.40.
Here's a situation where
you have good earnings, reserves
and dividends regardless of any
gas legislation; and plenty qf cash

to start

company

share of $2.10 for 1955 v (39c
a non-recurring realization),

per

Fulbright Bill was)
to release
from
regulatory control by the
Federal Power Commission, some

and

Idaho

another

interesting

ing, Union was able to show a net

sense

Congress and another legisla¬
tive bill designed (as the Harris-

Forty-

the

await

now

common

the Pacific Northwest

natural

must

—

lack

a
billion dollar
Application of sound

and

are

from

posed

answer,

question.
economics

values

805,652 common shares outstand¬

price has been

with

over-the-counter,

poration of Louisiana.

Had the Harris-Ful-

straightaway operation of supply
and demand forces, as is the case

say

cooked, we'd
few natural gas

it's

off with is Union Oil and Gas Cor¬

bright Bill been passed, gas prices
would have been determined by

generation;
it supplies, right now, one-fourth
of the total energy needs of our
great
nation, and is delivered
through main and feeder pipeline
mileage totaling over 425,000 miles
(almost twice
total railway
trackage).
Only Vermont and
Maine and

matter

troublesome.

buyer
kind

word

gas.

fuel

m e n

price at the well head has
steadily rising.

This

invest-

depressed

reasonably perceptible.

over

been

unreasonable

demonstrable

whose

and the

householder

traded

shares,

though mar¬

every-

hot

like to mention a

stocks,

eaten

billion cubic feet in 1938,
9,100 billion cf. for 1955,
the demand seems without limit,
to

an.

Thus operating on the
principle that the soup is never

2,296

among

active

our

to ■"

degree.

production has zoomed from

keted

items

depend

now

users

natural gas, and even

mittedly soggy

market-wise

lion homes and thousands of large

there

been

have

seem

specific terms, 24 mil¬

ket motion.

Further, in certain
producing gas equities

instances,

earnestly for
forward

gas

profusion.

licly offered and already look like
collector's item.)

strive

ard

FPC

that

has

favorable

So, while this column contends

of some of the companies delivering this ex¬
panding fuel and their prospects, especially in light of the veto

A spring survey

steels

b 1 y

procedures.

Economist

Enterprise

explora¬

gas

pipelines at reason-

deliveries to
a

for

ardor

the

what

tion, will not thumb down vital

Thursday, April 5, 1956

...

has

negotiable.
With
its regulatory

—

Thomas

Co., Denver Club Bldg.

lowering

has been admitted to

boom, however, any such an ad¬
in price would no doubt be
frowned on.
On the basis, how¬

general partnership in our firm

of excellent management, ag¬
gressive and effective exploration,
and present estimated gas reserves

vance

take

pleasure in announcing that

ever,

the

order

1.6

trillion

MR.

cubic

has

feet, Union Oil and Gas common
at
50,
is a
pretty substantial

Carl M.

Loeb, Rhoades

EUGENE II.

been
a

equity, and a logical beneficiary
of any future legislation eliminat¬

Co.

ing FPC as

rate arbiter.

favorite

Another

April 1, 1956

Hugoton

gas reserves

of above

one

from

firm

general partner

Members

trillion

Associate

field

New

Members

Stock

York

Chicago

Exchange

Stock

American

Board

Exchange

of Trade

It has 50,000 unproven

in Kansas.
acres

this

GEORGE D.B.BONBRIGHT&CB,

Production Company with proven

C. F. in the famous Hugoton

CUNNINGHAM

admitted

and

Kansas

which

reserves

substantial

may

Nebraska

100

POWERS

BUILDING, ROCHESTER, N. Y.

additions

be expected. Hu¬

LAIRD, BISSELL & MEEDS of Wilming¬

goton has handled the distributing

ton, New York and Philadelphia, member

Binghamton

Syracuse

Olean

Batavia

problem nicely by confining sales
to within the state of Kansas, its

the

New

pleased to

York

Stock

announce

Exchange,

formation of

the

conduct

securities
and

investment

general

business

with

banks,

MCF)

per

8V2 years to

and

permits
tion

brokers

but
be

Even

under

Laird, Bissell & Meeds A. G.

serve

Waldmanstrasse

ton

April 4, 1956

LABISMED

Kansas proration
of gas produc¬
withdrawn for sale.

run.

could

We take

pleasure in announcing that

25%

that

restriction,

NATHAN

Hu¬

ABELL

probably

has been elected
of

our

Vice-President

Company

that broader market, Hugo-

would

also

step

its

ex¬

ploration and drilling activity.
•

Cable Address:

City

double its
present production rate, and
would, no doubt, do so if it had
clear sailing in free price negotia¬
tions with interstate pipe lines. To

goton

ZURICH

Kansas

Light Company. Hugoton's contract with this utility has

other financial institutions.

being

Power &

wholly owned subsidiary "in Switzerland
to

April 2, 1956

largest client (paying about 15V2C

As it

is, Hugoton is a tidy earner
carrying through the equivalent of
about

steadily
earned

per
MCF to net, and
building up its cash. It
$3.09 on the common and

L. D. Sherman & Company
April 2,1956

■

with

connected

become

Number 5522

183

Volume

...

The Commercial ami Financial Chronicle

(1673)f 5

tr
Steel

The

Outptit

Carloadings
Retail

State of Trade
and

•

Price

Business Failures

WANTED

J
industrial

Total

the nation

ended

riod

production for

whole in

the pe-

COO,000 in personal loans and a
decline of $109,000,000 in other

Economics

Eisenhower"

that

self-styled

militant

and lumber, output was
slightly reduced.
-'>•
With
respect to employment,
there

week.

power
i
1

was

claims

9% decline in initial

for

unemployment

the

The

ance.

most

noticeable

de-

with

armed

210,300

March

significant. For it

unwittingly
highlighted
the

fi-

job

Bureau

due

ended

the

Middle

the

upturn

temporary

New

England

Atlantic

States

from 6% in 1954 to 7;8% in 1955'

the total of workers drawing State

jobless pav dropped by 43,600 to
1,460,400. The total a year earlier
was 1,655,300.
The decline during

Steel users are finding the steel
market a difficult one to handle.
Automotive companies are revisinS upward earlier estimates of

the week ended March 17

steel requirements this

improved

seasonal

ended

March

due

was

job opportunities in

activities

such

Further,
ducers

con-

A.. centra-seasonal

some
more

are

top steel
optimistic

Vteel production will

sonal

leans

stalment

increase,

buying and

boosted

118

pro-

and

range

million tons this year,

120

in-

The

pared

Reserve

Board

reported,

can

propriated-the

attributed

The board said instalment credit

consumers

ments

New

^Deal

for the individual businessman

investor expectation of practical
results from the economist's forecast is seif-contradictory and unrealizable — because of lack of

monopoly of the information. The
individual
crucial

only

can

time

liquidate
business

turn

he
alone
has
the
knowledge midst extant bullish buyers.
Just as in the stock market area,
r

n2o'i ficn!

having taken

over the New Deal s
stabilizers, from wel are

built-in

Pr^cfn!TSfrfnr!!,^0C1^
to pump-priming

stand-

pansion

b£L- al\ £

due S"owl"

of" attack

kind

how

the

hog

adoption

manifests

Administration's

whole-

interventionist

philosophy
has
confronted
campaigning Democrats of

the

ooutn

p.m. The
subject of his talk will be, "Prob-

Ie™s D£ali"g w"h Labor;
Mr. Caples, who joined

$5,300,000,000 above the ;

year

earlier.

significant

credit

move-

during February, the board

noted,

were increases of $83,000,000 in automobile paper and
$52,-

year.
The

market is on the
loose again with prices this week
scrap

*nT mos^ consuming centers,
^ron Age scrap composite
Pnce rose to $53.67 per ton,
Continued on page 60
.

tions Association of
Chicago,' a
director of Unemployment Benefit

Advisors, National Association; of
Manufacturers,
and
the- United
charities of Chicago; is a former
director of the American Management

Association, Chairman- of
Benefits Committee

the Employee

the

National -^Association

Manufacturers,
Cook
County

American Iron & Steel Institute.

The President of the Organiza-

self-defeating action. "The cata- tion, Mrs. Kenneth A. Kitchen of
strophic drop in prices, the slump, the Illinois Agricultural Association, will preside at the meeting.

W. R. McGill With

WOuld have derived any
from the economists'

advantage
forerasf

the

this

instant

verv

Salomon Bros. Hutzler

correct,

the crisis

Salomon Bros. & Hutzler, 60
Wall Street, New York City,

already

consummated." Thus, the very act
^self 0f predicting may so change
the actions of individuals as to
forestall

the

arrival

the

members of the New York Stock
Exchange,

William

pre-

have

announced

McGill

has

dicted outcome. Widespread faith

associated with the firm in charge

-n

of its municipal research depart-

the forecast

celeratirig the

crash, in

Mr. McGill had been with

ment.

of such

occurrence

crash, actually
Predic^on-

ac-

the Lehman Brothers in the munici-

emasculates

pal department.

Thus the real "plight of business

forecasting," is not that it is

With FIF Management

un-

(Special to The Financial Chronicle)

discrediting their own New Deal,
or
else
admitting their lack of

the economist is unrealizable even Boal has joined the staff of FIF
if the economist were in a position Management Corporation, 444
to give the right

issues.

real

DENVER, Colo.

—

Nicholas N.

Sherman Street.

answer.

REALISM ON THE
PERILS

V/c

PREDICTION
All

who

process
peruse

the

are.

interested

the

subject

article,

Von

Mises, in the current

issue of The National
Dr.

announce

that

MARSH

Mises

Von

LENNART

GOTTFRIED

GRAN

have been admitted

General Partners

the

and

premise that bust must inevitably
boom
which
has
been

MEYERN-HOHENBERG

von

(April

Review.

assumes

artificially created

MARTINO

LUCIAN

"The

Plight of Business Forecasting,"
by the famed economist, Ludwig
4)

pleased to

NORMAN

prediction might well

succinct observation

are

credit

HINCHMAN

RALPH

CUTLER

ex¬

en¬

Limited Partner

tailing businessmen's forecasting,
well as operating difficulties.
Data

pleased to

announce

•„

forecasts

charts
our

firm

and

past and

and the admission of

the

mass

[

the

Walker, Jr.

tician

trend,

really

only

the

ROBERT A. SCHWEKE

RAINER

about
the

SMITH

SNOW

UMLANDT

VOORHEES

WILLARD

statis¬

knows

HUNTER

GEORGE

problems.
the widespread

information

for

change

DINWIDDIE

the

CARELLA

ERNA

not to future

quest for

yearning

refers

curves,

elaborately arranged in

BJORNSTAD

JOHN

basic

of statistical data, no matter how

Mr. Samuel S.

THOMAS

the

The statistician's

rospective.

General Partner in

business

for

neatly
a

that

out

usually statistical, and hence ret¬

Mn. Gordon B. Whelpley
as

Retrospective

points

method

the admission of

have become associated with us

rather obvious fact that the trend
as a

Limited Partner in

our

firm.

has not yet changed
has

umnist

Main Office

our

(as this col¬

repeatedly

remarked

about the "technical" stock market

they

systems,

FOUNDED

Members New York Stock

blowing, not
Since

the

185S

Broadway

April2,1956

the

prevailed

Exchange

New York 5, N. Y.

merely
,

the

future

excuse

the wind

OSBORNE & THURLOW
Members

barometer).
is

the

not

merely

trends

that

what

Exchange

BROADWAY,

•

American Stock Exchange

NEW YORK 6, N. Y.

This

with

New rYork Stock

forecasting

past,

economic

guessing.

weather

way

future

continuation

called

120

act

telling which

vane

Joseph ^(alker^$on$

that

become

are

Chairman of the
Chapter
of' the

scientific, but rather that what the
businessman seeks to attain from

1956

pansion and easy money; thus

with the Hobson's choice of either

are

industries figure to be
scrambling for steel throughout

Inland

steel" Company in 1946^ is past
President of the Industrial Rela-

together

«T"f,oUSw

Association *29 "South

.Bar Association,

SaUe street, at 6:00

where widespread confidence in
Dow Theory is increasingly self- March of Dimes, and Chairman of
defeatinS in promoting anticipa- the Joint Subcommittee on Industory liquidation, the recognized trial Public Relations of the

lock,

learned the Wow Deal lesson, » of
New

pressure

f01116

outstanding totaled nearly $27,800,000,000 at the end of February

The

Ytln ?1SR,
.

strike

pressing as hard
in the similar month last year and; f°r spots on third quarter order
a
decline of $254,000,000 in Feb- books as they are for second quarruary 1954.
ter delivery. Strike or no strike,

level

•+•

•

"accused the President,

hedgingr ,its not the Whole story. Some

February ; increase comwith a rise of $72,000,000

—almost

cago

credit

outstanding) dur- lion ton range,
ing February by $15,000,000, the
Although some market

Federal

from

"The Iron Age" this week has
raised its sights to a 120-122 mil-

per-

consumer

nttfani*anrr»nacru
n/^1 he
organization's Business Council, v!e

TMs

•

for

caST

L attainment of an effective business
\ul forecasting system would cause

nniitinoi

ilmfpc^

year,

struction lumbering and logging, are inclined tQ agree with "Don
according to the Bureau.
VAge's'V New Year estimate "that

on-the-cuff auto

econo-

May
ran

"The Iron Age" annual financial

17,

week

Elec-

Self-Deflating

w/r-

CHICAGO, 111. — William G.
Caples, Vice-President of Inland
Steel Company, will address the
Investment Women of Chicago at
the next dinner meeting on Wed¬
nesday, April 11, 1956, at the Chi-

the country s leading universities,
i
e
tou«h
holding the tab to the
will at once appear. jt will not
current figure of 17-18 cents an r*n KhlS.mar tlmu "Vgnpmg wait for the distant day for which
that the Eisenhower-ites have apftour pacRage.
the economists have predicted it.

analysis covering 93% of the inand to layoffs in the food process- dustry shows steel
earnings up
ing, textile and apparel indus- ?2%
last year compared with
tries.
Some
22
States
reported 1954, a slow year for the industry,
the increase.
First claims a year Sales
and production were up
ago totaled 210,700.
32%. Net income on sales rose
the

his

Wilfred
nf

following the recent snowstorms,

the

Forsaking

wages,

tion campaign,

premium pay and
other demands. They will have a

can

coming Presi-

Dr. Vpii . Mises points out that.

the

said

primarily

separations

and

week

deartn

dential

u..

professional forecasters.
Success

issues

are

Penn-

24.

The
was

the

Action,

most

waS

of the

cause

-i
registered

failures

Deal,

forDem-

ocratic

*
According to the United States
Department of Labor's Bureau of
Employment Security, first claims

the

Ameri-

cans

nancial reports they Iwill mold
into a battering ram to obtain the
best possible contract..
•
.
Industry leaders are privately
conceding the supplemental unfor State unemployment compen- employment
demand, will take
sation benefits edged up by 300 the best defensive position they
were
reported
sylvania and Illinois.

creases

4
prevalent

vital domestic

steel

prosperous

tion, is the essential

The United Steel Workers

insur-

executors
the New

months in recent years, what with
pressure for steel and other problems, states "The Iron Age," national metalworking weekly, this

steel, electric

held

last week under the aegis of those

ECONOMIC ISSUES

—

A publicized discussion of "The

Wednesday of last consumer goods paper outstanding.
week
eased
somewhat, but the
T
level was moderately above that
Steel users and producers are
of a year ago. In such major in- facing one of the toughest three
dustries

•

By A. WILFRED MAY

Index

Auto Production

Industry

•

Trade

Commodity Price Index
Food

Chicago Inv. Women
To Hear Caples

Production

Electric

confusion

the

delay

past,

not

insuffi¬

ciency of the statistical informa-

WHitehall 3-7630

113 W. 30th Street

Plainfield

Representative

New York

New Jersey

Paris

The Commercial and Financial Chronicle
6

(1674)

measured

Canadian Economic Prospects
And Electronic Growth
1

feel, can only be done by
stimulating
education
in
many
forms. Furthermore, it seems to
us that, although we need greater
numbers of engineers, technicians

low

engineering and fundamental
technical
work
being done in
Canada
and
we
feel that this

the electrical industry. Mr. Finlayson predicts Canada
will become more self-reliant in engineering and fundamental
technical work in the next 20-30 years, and suggest instituting

much

production

with

those

Canada
the

end the United

these

compare

United

States

that

Kingdom, and how

relative

costs

cent
years
and whether
it is
likely to be continued in the fu¬

are

likely to
change in the

ture.

future.

that

happens
we

is,

something

view,

our

been

well have

might
had

dicted

not

expansion in the busi¬

The

ness

that

are

Ca¬

business in re¬

electronic

nadian

the

growth

pre¬

Commission such

amount: of

sufficient

indica¬

is every

fundamental work is already be¬

the

about

asked

have

You

spectacular

There

rapidly.

Industry's Growth

Electronic

costs of

ing carried on in this country to
support the view that in the next
20 or 30 years we will be much
more
self-reliant in this respect
than

have

the

been

the

field

which

one

is operat¬

ing and also as between one com¬
pany and another.
While certain
of our costs are high compared to
in

those

the

two

countries

men¬

tioned, many of them are quite
competitive.
We believe that as
Canada
grow

tials

Thursday, April 5, 1956

continues to

develop and

in population cost differen¬

generally will become

favorable

the

Canadian

pro¬

ducer.

reasonable to suppose that

seems

the

growth of the business in the

future

than

will

that

Product

dustry

premises

greater

Gross

would

1980

rate

National

electrical

the

whole.

that

suggest

the

in¬

Upon

these
venture to

the

annual

something like three times its

present

volume

present-day

these

see

it, the development

automation

will

largely

Canada,

contributing

fields.

This process

can

continuance": of

government
contracts,particu¬
larly for development work. •.
The electronic business in Can¬
ada

of those which

one

quently referred to

is fre¬

"second¬

industry," but we hope that
appellation does not become

any

in the
second-rate

way

synonymous,

public

mind, with a
industry.
It would appear to us
that, as the population of Canada
grows, the increase will have to
be employed mainly by our sec¬

ondary and service industries. Be¬
of

cause

the

United States investors

quality

Canadian

can

securities

buy through
which

Our

United States investors

includes:

Our

A Research
tion

Department with up-to-date informa¬
major Canadian companies.

Correspondence Department
by mail.

set

Private

Membership in The Investment

teletype

Canada and

tion of

service

deal

across

New York.

Canada, and

through

our

Dealers' Associa¬

affiliate, member¬

ship in leading Stock Exchanges in Canada.
Inquiries from investors
are

tronic

competitive

Montreal

Calgary

KING

STREET WEST,

Ottawa

Kitchener

Winnipeg

engineering,
and

Quebec

Hamilton

Sherbrooke

generation and that
the
primary
challenge
facing
Canadian industry today is to find
effective ways of—

Universities and
Colleges — finan¬
cially and otherwise:
Assisting

(a)

our

Technical

which

annually.

view,

these

ing

courses

for

looked

makes

In presenting these suggestions,
we

not

are

ficulties

unaware

that

attend

it.

problems

the

dif¬

such

upon

program.

the

possibilities,

Canadians as
industry
in particular — can effectively
meet the challenge.
whole—-and

believe that such
be carried out with

fully

program can

minimum

Canadian

Government

self-supporting
in
the
simultaneously-.
increasing its contribution to the
national economy.

Conclusion

conclusion, we should like
to say that our own
experience in
dealing with these matters has
been

and

encouraging and stimulating
fully supports the view that

the

broad

lined

procedures

tion

are

to the economic prospects of

this country.

Osborne & Thurlow
'H.L

Admit New Partners

There
in

are

which

doubt

Thurlow, 39 Broad¬
way, New York City, members of
the

such

many

New

York

the*

Lucian
Gran

and

New York

have

Ralph

than

seems

are

of the

research

skilled

to deal

future,

and

Hinchman

Cutler

being

essential

personnel.

must find means

Thomas Bjornstad, John R. Carella, Erna M. Hunter, Robert A.
Schweke,
Dinwiddie
Smith,
George M. Snow, Rainer Umlandt

and Willard P. Voorhees have be¬

associated

come

Thurlow in

the

with

Osborne

office.

main

Laird, Bissell & Meeds

\0
i

Opens in Zurich

ways

Laird,

Bissell

Meeds,

Broadway, New York City,

120

mem¬

relief

viate the burden

and stimulate

company sincerely engaged in
the implementation of a plan such
a :

that envisioned above.

been

conduct
ness

operations

princi¬

transactions,

pally in American securities, with
.

financial
shaping its policies in recent brokers, bankers and
along
the
lines
above- institutions. W. L. Ertinger, part¬

itemized.

have

increased

our

Schools,;- we

have

arranged

ner

will

Laird,

President

Bissell
and

Meeds,

the

Swiss

company.

•

predict:

Fuel

injectors will replace car¬

buretors

automotive

engines

within two years.

recommend

for

speculation:

SAATY FUEL

£
UJ

INJECTOR CORP.
MANUFACTURERS OF THE

h
U1

METEOR FUEL INJECTOR

Information
common

£
CO

; i

I
y

Chairman

COMPANY

general brokerage busi¬

in Zurich with its

confined

Canadian Marconi Company has

years

•

taxation

lead

with the challenge

'•$

from all but bers of the New York Stock Ex¬
during periods change, have formed a Swiss sub¬
of first growth and assistance by
sidiary under the name of Laird,
way
of special tax exemptions
Bissell
&
Meeds
AG.,
S.
A.
based upon expenditures for such
Zurich. The new subsidiary will
programs. This would both alle¬
vious

<( y-

partner.

encourage

general partners

encouragement

be
and

question as to
how the electronic companies can

training

Lennart J.
Meyernbeen admitted
von

I-

concept
naturally to the

stimulate

Exchange,
J. Marsh,

Martino,

their firm

limited

Stock

Norman

Gottfried

and

Hohenberg
to

inter¬

could be expressed—the more ob¬

our

should

Osborne &

Vancouver

above-out¬

those

which, if properly
understood and implemented, will
make a most significant contribu¬

vention, -but that it will need
sympathetic
understanding
and
encouragement
by
Government.

written

challenges

rather

technical field and

earn

and the
a
great

have

However, we feel that,
given the requisite understanding
a

rates

However,

uoon

management

development and techniques
peculiar to given industries.

might; be

tooling
must

ma-

Company

our

•

s~.

hence

contribute

making

im¬

are

burdens.

TORONTO, CANADA
London

prob¬

aspects of the industry,
rarely possible to exploit for
more
than one year the results

This

the

that

forward rapidly

move

for certain bursaries and scholar¬

it is

opportunities

Investment Dealers Since 1921

believe

sincerely

Canada will

technical

off

LIMITED

Educational Programs

our elec¬
extremely

what

and

look

will

in ever-increas¬

fV.

you

able, by undertaking
original research and primary de¬

adequate

return

burden

McLeod,Young,Weir & Company

the
capital for ploughing back
into research and forward-looking
activities of all kinds. Because of
the
rapid
development
of
the

invited.

get

—

our- grow¬

which

one

considered

partly

procedures

for -addi¬

lines; also,

our

business

these

ing

many

others.

been

•

peded by discriminatory taxes in

profit

offices

our

has

^about which

difficult

in securities

Courses.

industry

informed

some

one

Handicaps

lems,
to

internal

similar broad educational

support to Universities and Train¬

must

degree
employment of

tional

high
sound
growth

•

complete investment service

which

ing population.

very
investments. Some of these also have attractive

possibilities.

increasing

us many

make

technicians,
graduates

number

greater
Arts

the

business

have

terially

total

our

for

time—and

same

result

individuals with a wellrounded
training; thus, in the
years to come we will need, in

potential,

apparent

electronic

those

Sound Canadian Investments

its

the

velopment work
ing volume, to

addition

expenses

specialists of many kinds, we
will also need, in an increasing
degree,

aside

set

portion

training in management and business
development techniques. At

significant pro¬
their requirements "in

encouraged

that
As

will

portion

ary

dollars.
♦Report
submitted
to
the
Canadian
Royal Commission on Canadian Economic
Prospects by Mr. Finlayson, Montreal.

nation,

that

other countries

electronic business would amount
to

and

have

and

(b) Encouraging
potential
stu"y dents by scholarships and the
;
like;
Government contracts of both,
(c) Above -all, creating a con¬
a
military and a peace-time na¬
genial and effective climate of
ture have done much to stimulate
employment so that we may
the fundamental growth of en¬
retain
these
trained
young
gineering and research work- in
people in Canada; and
this country and this is nowhere (d) Expending increasing energy
more
striking than in the elec¬
and sums of money in train¬
Government Contracts

research

ships and
significant
budgeted

past.

sitting in, say, 1935.
engaged in
The growth is concerned with de¬
business
in
velopments which are not partic¬
e r
the
ularly new and which, in one
United States
form or another, have been the
or
the United
While one must de¬
result
of much work by
many, tronic field.
Kingdom and
people in many places. It is our cry the inherently wasteful na¬
ture of military expenditures,. it
that, although
view that electronics, because of
we
have im¬
does happen that such disburse¬
its very nature, will continue to
portant affil¬
develop rapidly and that the em¬ ments frequently spur on, as by¬
S. M. Finlayson
iations in both
ployment of these techniques will products, significant advances in
those
coun¬
peaceful
requirements.
spread into many processes, prod¬ more
tries, our knowledge of cost fac¬ ucts, services and the like; there¬ Aside from military needs, many
tors in either country is not great.
fore, it is our considered opinion government agencies are showing
However, our information leads that the expansion of the past will an increasing awareness of the
us to the conclusion that there Is
be fully lived up to in the fu¬
value of electronic work in vari¬
uo
simple over-all way of stat¬ ture. At present, the electronic ous forms—and it is our sincere
ing how these costs are related component of the electrical busi¬ belief that, here again, Canadians,
to one another. As we see it, the ness in Canada amounts to some as
such, will be increasing their:
differentials
vary
greatly
with $300,000,000 per annum
and
it own fundamental engineering and
been

yours

Canadian contribution is growing
tion

I have been asked how

our

pace.

derives

capital.

preventing adequate profits and reinvested

acceir

Although Canada
its basic infor¬
mation
from either the
United
States or the United Kingdom, the

erated

Depicts limiting factors as the
extremely competitive conditions

and

taxes

continue at

will

trend

better education program.

discriminatory

business

and, aided by automation and government
faster pace than the econ-

ness

growth of the elec¬
in recent years
has at once stimulated, and been
stimulated by, a marked increase

omy or

rapid

The

busi-

electronic

the

play a

in the ex¬
*

tronic

contracts, is expected to grow at a

to fol¬

It, therefore, seems
that automation will

tion.

ness.

Marconi President believes favorable cost differential with
America and England will develop with Canadian growth. Elec¬
tronic component of Canadian electrical industry is $300 mil¬
annum

the greatly to increase the effective¬

inv

training programs and
the
development of the mental
resources of our population. This,

pansion

President, Canadian Marconi Company

lion per

progress

adaptation of electronic sensitory
and
control
devices to convert
mere mechanization into automa¬

really significant role

By S. M. FINLAYSON*

the

stock available

request.

•

;

Volume

Number 5522

183

The Commercial and Financial Chronicle

•

(1675)

the

Variable Annuity in Action
|?A- DaIivaJ

Insurance

why- CREF

By r. McAllister lloyd*

;•

tired

for

living/' and the teacher^' insurance head also ex-*
plains other regulations and devices used to protect the con¬
tract holders. Plight of the retired, college professor due to
declining purchasing power, which made a fixed dollar annuity

though

constantly

nual

an--standing

ing.; Its

■

free

world.

the

to how a variable

introduction

jet engines -jc

to make the teaching

attractive, estab-

Foundation

Advancement
purpose

was

of
,

In-1952

;

united

States

nuity."

Corpo-

eluding

re-

established

edu-

nonprofit,
surance

special

legal

TIAA

The

company.

to
for

income

pro-

col-

vide

retirement

lege

personnel/ but based

contributory and contractual

funds

essarv
.

...

;

r. McAllister

policy¬

TIAA

provides^ at the time of

retirement

termined
dollars
sound

all

annuity benefit de¬

per

fixed

This

own or
own or

pension planning, not just in
circles.

However,

and fluctuations in the

changes
^

living

in the

past

a?™"68

available com-

;

fo{rina

m._i*

^ ^ ^

...

instances;- there

other

gifts , to colleges

individual's needs.

among;

investment

the

National

Security

type;,.

new

starts

promptly
is

dispute

The

teachers'salaries. in numbers of educational perquite soon sonnel and salary scales, furthered

Continued on page 4J

.1'.-

>>;

•.

of inflation will
in nines ui imidiwu wn*

^ purchase. the necessities and
.• .
.
•/. v_
_

obvious

*•

- -

''.-f:.'"-

:• •>'

J. P. MORGAN & CO.

DIRECTORS

(2) As trustmen, you are advis-.;^

INCORPORATED

trust

which

annuity

variable

the

■■■

YORK

.V/;V'

field

con-

H. P. DAVISON :

Condensed Statement of Condition March 31, 1956

President

hot

also

NEW

HEXRY C. .ALEXANDER
Chairman

is 'a

This

fund.^.

sion

cept is already growing.

people,}

ber

plans

pension

Association of. established

Dealers

with

A num- •%

have

corporate

ASSETS

ARTHUR M. ANDERSON

been
trus*>'

I.C. R. AT KIN

Cash

hand and due

$214,634,381

from banks
'

suance

life

insurance

taken

has

a. tees using

the is-

opposing

vjce in

annuities

variable

another form.

•

(3)'As trustmen and bank officers> yOU are

argument becomes acrimoni-^ community as citizens especially
and in instances emotional,
j Quaiified to advise on financial. /'
Almost every issue of the trades matters.
and
in
the
argument^ .-

Y-Y

periodicals in the life insurance

by
.

After

written

adherent or

opponent;

hy legislators and others. /

asked

reading many of these ar-

Chairman

Morgan & C'ie. Incorporated
CHARLES

and

_____

the

listening

troversy and

variable annuity,

37,h1'nwi-'t";.' ciS£.«f"Spin! is, that i describe this
sored by the Trust Division
ican
Bankers
Association,

of the AmerNew
York

City.

new and

limited

in: its

field

3,664,325

receivable, etc.....

Accrued interest, accounts

Stock

CUES TON

1.800.000

of the Federal Reserve Bank

Co.
Limited, Morgan Sf Cie. Incorporated,
and

Morgan Grenfell

Broad Street

1.560.001

Corporation

3,000,000

Banking house

COLIVER

16,905,014

of credit and acceptances

$863,191,880

The B. F. Goodrich Company
/

R, DEUPREE

RICHARD

LIABILITIES

Chairman

The Procter & Gamble Company

$ 61,862,466

Deposits: U. S. Government

YCHARLES D. DICKEY

672,156,590

All other

Chairman Executive Committee

•

5,812,023

Official checks outstanding
N. D.JAY

$739,831,079

Director

unique type of pension Service as
offered

376,876,486

Liability of customers on letters

con-

what a

14,489,329

purchased.......

Chairman

attempting to answer

'tion of

JOHN L.

.A good deal of what has been
written and said about the varimany of the questions which are
able annuity is . in theoretical
asked of me, I have come to the terms.
It has been suggested, in r?
conclusion that there is a good order to give you a clear explana-

tides

Loans and bills

Investments in

S. CARTER

BERNARD

Historical Background
>

56,018,264

municipal bonds and notes

President

about variable annuities, your ex-

either

PAUL C. CAROT

State Street Investment Corporation

article about; pert opinion will very likely be

business presents an

State and

Other bonds and securities

Corporation,

looked upon in your

ous

annuities

President

174,244,080

United States Government securities

STEPHEN D. BECHTEL
Bechtel

Often

companies.

one

Vice-President

variable annuity de-s.

the

variable

dowa.

in times

muunie

With the continued expansion.

might be- cases where you would

investment

provide this

officially

espe-

L
ciaA^ S1"ce woricx -w ar u, ana
the fact that over a long period
..-ir

income

;

eligible for types of variable; nouncement;.of
annuities now being offered.*;They to aid in raising

insurance industry. Leg-.

hassle.

stand

proposed in various states,: jj,ng corporations on pension matauthorizing life insurance com-, ters and acting as trustee of pen-

and

added" to the list, and the mercially. It promoted the con-. ward trend in the value of the
:.
:
original gift was augmented by eept of the fully.vested pension d
because:
haye focused attenUon on
miiiinn
plan, making possible the migra- v >
...
(1) You advise many individ- an additonal $5 million
the one weakness of providing
:
uals/ion personal financial matters
The announcement of these gifts tion of academic talent from col■
in terms'
retirement income i
and prepare investment1 programs 50
years ago Was as dramatic as lege to college without losing ac- . of fixed dollars. ThP fixed dollar
The five
and Lestate plans.. Jt
jmay be that.f:decent Ford Foundation an- cumulating pension benefits;

and, i in

annuity,

concept threading through

academic

,
.

number

month.

islation

were

' might ask questions about'tfterrfbecame

Lloyd

raging now among the titans, of

panies to

con-

___

90,000

ar-

...

They ^
'l ****
u were

holders and assets of $460 million.

set up a Jund of $10 million, pioneered m writing annuities for
income of which was to be its college groups, issuing what
before

of TIAA

Association

The

insurance

and

means

related products

Natl. Fire Ins. Co. of

HAS

AND

answer

accomplish

2.7

Trust Co.

energy

tant of

time for
broad basis
My philosophy
states
simply:

problems in
of the earth.
We are going to get a great deal
from the atom, but it is foolhardy
to tell ourselves we are going to

3.0

0.80

and

stage,

every

Paints

would have
with the use of
for military pur¬

Agency
do

insur.

casualty,

National Chemical & Mfg.
Natl.

atomic

even

tained the

Various undertakers equipment

health,

First, the

nothing

night.

National Casualty Co
Accident,

Atomic Energy Agency are:

on a

human

that,

lem

Inc.—

Co.__

Casket

key features of the

coun¬

tap the atom's full potential;

and

products

National

between

realize

great

that

*43

(Tacoma)

National By-Products,
Animal

National Bank of Tulsa

National

Some of the

draft statute for the International

effort must be exerted before we
can

Bank

National

By focusing in¬

TIME.

must

2.7

Commerce

world-wide scale
power in4 all

that

people of the
application

PROMISE

EVERY

Bank

National

355

+2.40

New Orleans..,

16.00

achieving results
will get shorter.
in
this
respect

4.5

Commerce

in- Memphis
Bank

fields.

tries and individuals, the
*25

Most impor¬

of economic nuclear

useful

attention

creased

New Orleans

National

2.6

373/4

fl.00

treating water

Natl. Bk. of Comm. (Houston)
National

velopment

year

barriers

the

and

of atomic energy.

National American Bank

world
28

Aluminate Corp

Chemicals for

detection

Energy

man¬

each

potentialities
Science and in¬

level

will

between

stand

3.0

671/2

printed cellophane

National

and

Atomic

deeply convinced that the

ments

coated

gummed,

properties

International

Agency must be the eventual de¬

dustry hand in hand with govern¬

6.2

18%
t

■

2.00

Nashua Corp.
waxed,

nuclear

atom holds limitless

7.6

10%

f 1.15
•

Makes

many

important objective of

forward

for human good.

oil

Cottonseed

number

lands of a
important
isotopes.

The most

will show advances over the pre¬

Advertising

Murray Co. of Texas

Agency.

earth-

unrealizable

move

kind.

Advertising films

reactors.

the

United

the

following

vious year.

Picture

Motion

was

strong

construc¬
tively and practically with steadysteps toward the goal of making
ing

paper

Over-The-Counter

of
atomic

schemes; nor is it the
despair * which
would
all hope of progress be¬
its dangers. We are seek¬

abandon

boxes

and

research

program

peaceful

the

presently

that

not

shaking

*10

Mosinee Paper Mills Co.
Sulphate pulp

3.2

311

10.03

this company's advertisement.

Mills, Inc

Paper

intended

road

The

industries

Morris

its

deviate

not

atom

encouragement

field.

5.2

151/4

0.80

Moore Drop Forging Co._
Drop forgings for several

did

States

progress

Operates WCAO in Baltimore

the

pessimists,

the

from

the

cost

United
establish
Atomic Energy

is
effort

there

International

They will permit the testing for

power

machines

V.-

setting

production

public optimism on how much we
can
expect from the atom and

Calculating and bookkeeping

about

through

of radiation damage.

5.1

1.625

excessive

this

measure

in¬

own

good back¬

States

These reactors will make possible

contributed

have

some

Calculating

their

Finally,

the

initiated

of atomic plenty.

area

develop

knowledge

1.8

321/2

0.60

ourselves

find

rose-tinted

Life

Monarch

forget the

would

production

Oil

able

third method of spreading

The

this program
practical diffi¬
culties involved in putting
the
atom to peaceful work. Some con¬
cluded publicly in 1953 and 1954
that in a very short time—per¬
haps next month or next year—
possibility

ress

3.3

2.70

16 '

Line

Holding company

ters.

individual

responsible

con¬

half -the

Agency

libraries

information

appropri-f

International Atomic Energy

ground knowledge of atomic mat¬

that

enthusiasm

are

itiative

of enthusiasm.

wave

the

was

many

rivers

Missouri-Kansas Pipe

received

has

reactors.

20-odd

cerning the atom. Students every¬

people all over the world

Such

Valley Barge Line

Commercial

where

the

and created

4.9

distributor

gas

have

unclassified

impact of the President's
thoughts stirred the imagination
of

*19

•

Already

Energy.

countries

today.

The

TOOlS

Atomic

speak,

know-how

have atomic

6.3

engine repair

Millers Falls Co.

these
-

God,

act

States

$5 million for this program

contribute

1955

by
Miller

ated

ma¬

for fuel research reactors.

United

The

fissionable

transfer

the

Atomic Energy Development
Present and Future Plans

Approx.

Cash Divs.

These agreements permit

grams.

10'

page

terials

GAINS NEW PRESTIGE

(1715)

The Commercial and Financial Chronicle

information

New York 4, N.

Teletype: N.Y. 1-1822

(1716)

The CommercialFinancial
Chronicle

Continued

from

page

specify

fissionable

Atomic

the Agency.

Fourth,

the

empowered

ably

Agency would be
receive contribu¬

tions of fissionable

from

material

"storing

for

and

terials,

member

contributions
materials

making

shall

the

which

contribute

and

shall

keep

the

also

made

ment

make

with

the

recipient

other
for

No member shall have the

members

states best
qualified to render such services."

anything
Agency

the

wrong,

and

United

the

Nations

provided by
agreement

indicating the state

the

and

things,

by members of the Agen¬
in connection with the project,

finds

nation,
suspend
that
nation from the rights and priv¬
ileges
of
membership
in
the
Agency. In the language of the;
statute, the Agency may also "re¬
port
the
noncompliance to all

nation

be provided either by the Agency
itself

Council and General

services

verify

offending

sure

Agency would be
to enter into an agree¬

the

extent

any arrangements or
between the Agency

United Nations."

Twelfth

run

Security

Assembly of

the

Agency

would

Governors,

including

bers

"which

tant

contributors

five

mem¬

the most impor¬

are

technical

as¬

kept separately by the
Agency or to designate the specif¬
ic project in which its contribu¬

agreement
between the Agency and a recip¬

tions must be utilized."

rials," five selected from "the
principal producers and contribu¬

ient

tors of

Sixth, member
Agency
request
material

from

request

have

project.
Upon receipt of a re¬
quest, the Agency would be em¬
powered
to
send
investigators
into the requesting nation to look
into the proposed enterprise. "For
this

purpose,"

the. statute,

says

"the Agency in consultation with
the state making the request

would

the

standards

design

for

and

operating

To
any

require

the

observance

health

necessary

and

safety

production
ensure

of operating records
accountability for fis¬

To call for and receive progress

reports
oped

including all data devel¬
participating states re¬
from

the

assistance

the

would be elected by
membership. The statute

proposed that the first Board
sist

con¬

Canada, France, U.S.S.R.,
U.K., and the U.S., as "most im¬
contributors"

members,
and Australia,
Belgium, Czecho¬
slovakia,
Portugal,
and
South
as

bers.

"source material"

The

other

six

mem¬

would

elected.

The

Power

Needs

tended

by the Agency.

direct

and

ex¬

requirements of
May I for a moment

world.

amine the needs that the
is to fill.

dealing

per

2000.

There is

with
world-wide
requirements in 1975 and

This

the world
will

great

STRENGTH!

the

We have

developed

effective team of 40

skilled salesmen—a
competent
—and excellent research

trading room
department and a

creative staff

capable of recognizing highly-

saleable issues.

would

country who

know

can

ings—also—we

dealers

participate in

can

around

our

the

underwrit-

help them in the distribu¬

tion of theirs.

Naturally,
can

sell

we want to team up

securities

"stay" sold

markets in their

with firms who

right basis

they

firms who will maintain their
areas

If you are

do in

ours.

interested,
—today.

CpoIdenJDerscli

the

this
2000

year

will

present

mammoth

eight

planning
for

programs

White

the

Government
dom

Co.

Bought • Sold

Quoted

BOwling Green 9-6162

New York 4, N. Y.

issued

the United

its

by the
King¬

for
atomic power., A
key point of the
paper is the
following:
"Our
power.

program

civilization

based

Improved living standards

both in advanced
industrial coun¬
tries like our own and in
the vast

underdeveloped
the

can

only
increased

rate

countries

come about

use

over¬

through

power.

The

increase required is so
great that it will tax the
existing
resources of
energy to the utmost.
Whatever the immediate uncer¬
tainties nuclear
energy
will in
time
be
capable
of
producing

economically.
a

tentially

much

that

exist

the

our

energy

greater

than

The

coming

now.

power

therefore

new

po¬
any

marks

era.

leading industrial

duty, both

other
new

Moreover, it

source

beginning

"As

•

explaining

nuclear

OVER-THE-COUNTER SECURITIES

summarized

are

Paper

provides

INCORPORATED

power

Broadway

times

are

great as at the present
moment.
It is in
recognition of
this tremendous
potential demand
for power all over the
world that
nations are at

seas

the

write —Irwin F. Dersch

And

they

requirements

those
our

greatest
strength
(we
Over-the-Counter Securities
Dealers) is going to
be in mutual assistance or
syndicate operations.

that

power

development of additional power.
The
rationale, and urgency of

realize

thain

1975

moment.

estimated

paper

requirements for

times

ex¬

Agency

tions presented
to
the
Interna¬
tional Technical Conference a
pa¬
energy

Still

the

In Geneva last
August the Sec¬
retary General of the United Na¬

SYNDICATE

and

nation

to ourselves and to

countries, is to establish this

industry of

nuclear energy on

Continued

40%

6.2

*59

2.00

43%

4.6

0.90

6.4

144

1*3.85

100

3.9

1.25

6.6

f0.24

4.8

National State Bk.
(Newark)
National Terminals

2.00

451/4

4.4

Corp

Midwest storage facilities

Co.

Precision cutting tools

National Union Fire Insur.
Diversified insurance

Nazareth Cement Co

fl.70

37%

4.5

Paper

f 1.12

2.7

Casualty

1.80

3.2

2.40

36%

6.6

2.00

45%

4.4

1.00

5.5

a!05

1.70

5.5

3.75

59%

6.3

1.35

4.1

Pennsylvania producer

Nekoosa-Edwards
Pulp and

papers

New Amsterdam

Diversified insurance

Machine

Machine tools

New Hampshire Fire Ins
Diversified insurance

New Haven Board &
Co.
Paper

New

board

Haven

and

Carton
|

folding

boxes

Gas Co._____

Operating public utility in

New Haven Water Co
Operating public utility in

Conn.

New York Fire Insurance
Fire and

allied

lines of insurance

New York Trust Co._
New Yorker
Publishes

New

Newport Electric
Rhode Island

f3.00

4.2

2.55

6.5

2.15

43%

4.9

108

1.50

2.7

1.40

251/4

5.5

Magazine

"The

page

Paymts. to
Dec. 31,
Dec. 31,
1955

Chain, men's furnishings

Tool

1.00

5.0

Yorker"

Corp

utility

Niagara Lower Arch BridgeJoint operator of

Whirlpool

Rapids Bridge

No-Sag Spring Co
Furniture and
*

Details

not

t Adjusted
a

bedding springs

complete

for

stock

tion

1955

nuts

Natl. Shawmut Bk.
(Boston)
National Shirt Shops of Del._

National

Based

2.50

Manufactures files and rasps

Agency has, of course, a
importance on the power

needs

may

Screws, bolts

% Yield

Quota-

National Screw & Mfg. Co.

Nicolson File Co

Future

sulting

materials

which

ers

Africa

sionable materials.

mate¬

specify," and six oth¬

may

portant

To require the maintenance and

fissionable

source

Board

the total

measures.

and

uranium, thorium and such

other

approve

conditions.

accompanied by an explanation of
the purpose
and extent of the

any

state, the Agency

Agency for
"practical use."

would

under

entitled:

the

permitted to
of fissionable

the

either research

Each

nations

would be
allocations

Ninth,

sistance

Extras for

secutive
12 Mos. to
Years Cash
Dec. 31,
Divs. Paid
1955

Board

Appro*.

Including
No. Con-

New Britain

16-member

Thursday, April 5, 1953

Cash Divs.

the
re¬

request the return of any fis¬
sionable materials supplied to the

distributed

were

measurements

own

persistently

would

Agency

among
"recommendations

right to require that its contribu¬
tion

The

covering,

that

agreements with

can

the

required

"on-the-spot

verify

Eleventh, if

Eighth, the

the Agency "shall be utilized as
determined by the Board of Gov¬
ernors.

its

WORLD'S LARGEST MARKET
GAINS NEW PRESTIGE

reported data."

equitably around the world.

Fifth, and importantly, the stat¬
ute provides that the contributions
materials

that its materials

such

materials separate from other sim¬
materials in
the possession
of the member."

fissionable

Agency

personnel, the adequacy of
proposed health and safety

standards.

the

ilar

usefulness

nical

such

proposed

the

project, its
technical feasibility, the adequacy
of the plans and funds and tech¬

ma¬

earmark

approving

be required, among other
things, to take into consideration

cally, and I quote: "Pending estab¬
to receive the contributed

before

project,

would

pro¬

lishment of facilities by the Agen¬
cy

its

proposed

tecting" the materials in its pos¬
session.
The statute says specifi¬

—

Seventh,

member nations, and would be re¬

sponsible

employ suit¬
nationals of any

qualified

Continued from page 47

cipient nations were being lived
up
to.
"The Agency in its in¬
spections shall be entitled to make

member."

processing of

through

inspection"
terms

decide whether to utilize officials
staff

any

Tenth, the Agency would have

authority

eligible for initial membership in

own

spent fuel elements.

Present and Future Plans
its

for chemical

means

Energy Development

disposition

materials produced
and
to
approve

recovered

possible

dividends, splits,

Including predecessors.

longer
etc.

record.

.Volume 183

Number 5522

.The Commercial and financial Chronicle

(1717)

Continued

WORLD'S LARGEST MARKET
Cash Divs.

Atomic

Approx.

Including
No. Con-

Quotation

Dec.

Divs. Paid

Based

31,

1955

40V2

3.6

5.5

recovered

(Brookline,
&

Mass.)

North River

fl.46

Judd

2.00

of hardware

Insurance

Co.

118

North Shore Gas Co
Retail

distributor

1.40

451/2

3.1

natural

3.55

3.8

gas

0.333

2.8

Reinsurance

Northern Engineering Works

*16

0.60

1.70

6.7

Cranes and hoists

Northern Indiana Pub. Serv._
electricity supplier

Northern

Insurance

Diversified

(N. Y.)_

••

3.2

(Chicago)
and

allied

even

and

medicated

States.

than

in
true

the
that

gigantic boom in all fields

of economic endeavor.
Fuel

•;

Consumption

Where

will

get-the

these

fuel to

requirements?

3.1

once
they have been used
they are gone forever. We created
a gigantic press millions of years

0.90

15%

5.7

ago

tainly only

small

fraction

and

which developed these fossil
We

fuels.

scarcely

can

the renewal of this

wait

One of America's

fixes

that

Consecutive

Cash

Dividend

largest petro¬

3.50

9.5

speed reducers, etc.

1.50

19%

7.6

Upper leather for shoes

and

box

Ohio State Life Insur. Co
Life,

accident

14%

3.4

*32

treated

1.60

178

0.9

water;

sive

1.50

24%

wholesales

and

2.40

1.50

3.4

1.65

5.0

can

will be

not

that

possess

which

factories

fissionable

separate

uranium

fuel

should

The rfeason of

The

during

purposes

corivert

track

fuel;

many

atomic

peaceful
energy.

the

needs.

challenge in a most intelli¬
gent way to judge from the report

just been published by
Organization
for
European
Cooperation,

OEEC.

better

This

OEEC

group, to which all Western Euro¬
pean

under

nations
the

received

that

Marshall

Plan

pean

likely

needs are greatest
developed areas of
Therefore, this Euro-

world.

effective approach. But more must

regional basis.

be said and examined before final

Continued

atomic energy could get go¬

page

Dewey, King & Johnson
Investment

Securities

Street, New York 5, N. Y.

Telephone HAnover 2-0800
in Uranium

out last summer that

pointed

"The extent

of economic and industrial

changes

Omaha

National

Bank

■

•

•••!"'

that

2.6

1.25

5.4

13-

Oneida, Ltd.

1.60

0.90

5.6

Silverware

Onondaga Pottery Co
China

tableware

anticinate is indicated

can

by estimates that world

Representatives in

reserves

uranium

potentially available
contain as high as 20 times the
energy of the known reserves of
coal, petroleum, and natural gas

TROY

ALLENTOWN

BOSTON

Philadelphia

Williamsport

Harrisburg

Albany

combined."

Orangeburg

Manufacturing

Co.

We have

•

long distance to

32y4

3.8

before the hopes of the world for

Manufacturing Co.

Manufacturers

brushes

Oshkosh
Complete

and

1.30

22%

5.7

cheap and economic nuclear fuel
can be realized, but in translating
these

industrial

foundry

machinery

B'Gosh
line

matched

20
work

1.75

6.5

clothing

1.30

33%

3.9

not

complete

to possible longer
t Adjusted for stock dividends, splits, etc.
as

record,

Continued

page

are

have

pleased
now

to announce

started

the

our

address with the

same

35th

and the

same

year

firm

name

business

theoretical equation since

presently utilize only a
portion of the energy con¬
tained in a pound of atomic fuel.
But even with this qualification it
is

that

can

small

out

equivalent to the energy of 13 tons
of coal burned to produce steam.
we

Details

one

stands

of uranium fuel is

pound

one

This is

Paper containers and closures

realities

circumstance

above all others: The total energy
in

sets

into

hopes

dramatic

Oswego Falls Corp
*

fl.22

conduit

Osborn

and

"
20

Fibre

that one element in
production of electric¬

apparent

the cost of

SPECIALISTS IN UNLISTED SECURITIES

JOHN J. O'KANE JR. & CO.
ESTABLISHED

1922

ity—a very important element in
certain

areas

the

world

—

practically eliminated. That is the
cost of transportation of fuel.

S. Weinberg & c«.

You

realize

may

that

brokerage serv¬

countries

European

porting
that

Street, New York 5

out

1-2762

—.

within

It is estimated

fact

States

top bids

closely held securities. For
may

respectfully

our

solicit

inactive and

mutual benefit

inquiry.

has

struction of

be
-do

running

have

future.

some

The
way

•

the

United

the

Bank & Insurance Stocks

the

face

Over-the-Counter Securities

per¬

placed
not

Industrial, Municipal, Public Utility and

ex¬

power

this

shortage

under

years

O. K. Shields & Co.

con¬

50 research and

reactors, while Europe has
only 14 in this planning stage.
The basic reason for this delay
in fulfilling the requirements that

power
your

power

foreseeable

secure

Within

must

that

Our numerous contacts and excellent facilities

hydro-electric

enable

will

and

limit.

serious

will

Europe

spective

SECURITIES

the

coal

panded
the

INACTIVE

Brokers and Dealers in

im¬

are

to 30% of their coal to

Western

Phone: WHitehall 3-7830

facing

are

serious power shortages. Germany

fulfill their needs.

Teletype No

42 Broadway, N. Y.

DIgby 4-6320

Western

and the United Kingdom

60 Wall

Association

Europe's need to develop atomic
energy for peaceful uses is more
urgent than ours. Already, many

ice in all Unlisted Securities

for Banks and Dealers

York Security Dealers

Western Europe's Needs

Members N.Y. Security Dealers Ass'n

We render

Members New

Members The

Security Traders Assoc. of N. Y. Inc.

15 William St., New
DIgby 4-9755

•

effort along the lines of the;
OEEC is a most appropriate and

nuclear

Eisenhower

President

energy

the

pean

they believe, Euro¬

64 Wall

bal¬

The

nuclear energy

but

cil of the United Nations.

best built and operated on an

that way,

nuclear

just like the Economic Commis¬
sion of Europe is a regional body

the

international,

of the Economic and Social Coun¬

aid

Switzerland belong, has concluded

are

Possibly,* an inter - European
Atomic Energy Group could be a
regional grouping within the In¬
ternational Atomic Energy Agency

plus

that these expensive factories for

the production of

assets

which has

known

gram

every

industry and spreading the investment risks might be
a
welcome approach for solving
the
Western
European
energy

applications of nuclear
Europe seems to be facing

Economic

anced atomic

this

the

The

dream, but

energy

new

most

where

longer

able

factories

our

bombs.

quite clear that the only waydoing this is by means of an
accounting - system which keeps

were

by individual

just after the

Second World War.

used

make

factories

now

is that these

course

produced

atomic

not

countries

stations.

power

factories

One of the key

material

international

but

from

time.

one

these

problems that this Inter-European
group would have to face is the
problem of making sure that any

the isotopes
only one small
plant for dealing with spent ura¬
are

one

con¬

standards

will have

see

Power

Olympia Brewing Co

operating

urgent necessity.

Hydraulic machinery

Beer

expensive

used

audience

does

5.3

today

of fuel is nuclear fuel.

source

You

(Gr. Rapids)

would
shared'

expen¬

prospect

our

fuel.

source

that, "as

the

living unless

presently

before

scarce,

with

power

*14

Old Kent Bank

the

Century when,

become

deterioration

6.1

untreated

Oilgear Co.

date

rates

Long

fuels

fronted

new

health

and

Ohio Water Service
Retails

0.50

matches

accelerated

projected.
fossil

Ohio Leather Co

study

the world will completely run out
of its supply of fossil fuels if used
at the

Ohio Forge Machine Corp.__

precise

first half of the 21st

Second Table Starting on Page 60

Book

for

by this

source

means.

4.7

Payers From 5 to 10 Years Appear in the

Ohio Match Co

can

from water power. Our re¬
serves
of fossil fuels are limited
come

leum companies has made

Gears,

Cer¬

fl.00

those

this

out

pects

2.7

1.60

point

Europe

at any

that worked for the war-type as¬

2.1

only

risk

would

than

tastic cost factor of atomic power
at the present time. May I merely

(Toledo)

European nations know are
ahead, can be traced to the fan¬

things were not built for defense

for

Ohio Citizens Trust Co.

Not

the

there is at present enough
technical skill in Europe to build

the

creased eight times over the pres¬
ent requirements, the world is in

385

cream

there

but

nium

2.25

shaving

Over-The-Counter

rapidly

t8.00

lines

and

economies coming from bulk pro¬
duction. In any case, it is unlikely

the annual power requirements in
the world by 2000 A.D. will be in¬

5.0

producer

"Noxzema"

World

Noxzema Chemical Co., CI. B
Distributes

and

Northwestern States Portland
Cement Co.

cream

United

meet

Northwestern Natl. Ins. Co._«
automobile

10.96

havoc

Second

Europe

Fossil

the

the requirements for
mounting
everywhere,

mounting

insurance

Northern Trust

Iowa

2.80

*46

Northern Oklahoma Gas Co._
Operatihg public utility

Fire,

4.7

351/2 1

we see

Western

Northeastern Ins. of Hartford

and

War,

power

in Illinois

Gas

from

destruction

Diversified insurance

well.

cost

that
firm foundation and to
develop
it with all speed.
Now that most of the world has
a

Norfolk County Trust Co.

Wide variety

the

1955

North

lations

Present and Futnie Plans

Paymts. to
Dec. 31,
Dec. 31,

1955

ing more quickly than if each
country that wanted a power sta¬

Energy Development

% Yield

Extras for

12 Mos. to

Years Cash

page

tion had to build the other instal¬

GAINS NEW PRESTIGE
/ secutive

from

York 5, N. Y.

Bell System Teletype NY 1-1632

The Commercial and Financial Chronicle

(1718)

Continued

from page 49

from

page

Cotninued

from

Thursday, April 5, 1956

page

-,v «,«n

Plans for Development
Of Atomic

Energy

can be made as
best solution possible.
-

then

where

stand

Atoms-for-Peace

fair to

The

program.

the
It is

Federal
laws

to now prog¬
this field cannot be sig¬

say

ress

nified

that

may serve
which are

outline

today

pessimistic

truth,
of

portant

all,

(b)
found

are

moving

are

ity

justifiable hope of the
world
that as peaceful uses of
atomic energy become universal,
atom's

destructive

will

use

development

of nuclear materials

would, there¬
fore, have significance beyond the
sphere, which is the
perspective in which it is gener¬
ally considered today.
The use of plutonium and other
economic

radioactive
products for
medi¬
cine, industry and so on will be a
growing market. Atomic energy
costs

now

the United States

billion

$1.8

payers

there

little

tax¬

year.

that

prospect

And
the

burden will lessen this year. With

private

industry

in
the
field,
atomic energy will stop being only
an

projects
a

will

same

drain.

enormous

atomic

and thus

the

source

true

world.

Commercial

will

The

taxable

that

use

the people will get out of the
peaceful atom. The future of the

atom

means

growth,

paper

money

limitation
silver

the

June

certificates

they may be issued
to 75% of their face value
against United States Government

which

stead

means

rowed front the people,

is used as
basis for expanding the volume

paper

The

money.

original

Federal Reserve Act provided that
the reserve against these notes
should be 40%

gold as a minimum
remaining security
could be commercial paper, the
theory being that, as business en¬
terprise and the consequent vol¬
that

and

the

ume

commercial

panded

and

themselves

and

thus

expand and
to adjust

needs

into

than

force

government

borrow

busi¬

tendency

debt

ex¬

Federal

tend

countries

government
rather

the

other

paper

contracted,

With

ness.

silver

this

convert
currency

the

central

from

the

certificates

are

use

they

New Visitors
The

American

has opened
The

Exchange

telephone

tificates

Gallery

Stock

new

Exchange

visitors gallery.

has

installed

handsets

ing,

the

trading

which

over

operation

visitors

Non-English
and

English

silver

speaking

students of foreign
languages will
use

the

facilities

same

hear

French, German, Italian, Spanish
and

Yiddish

translations

government

cer¬

debt.

tracts

self-liquidating

con¬

based upon business activ¬

Silver Certificates

(d) Functions of Silver Certifi¬
cates.

These certificates

convenient

substitute

serve

also

serve

banks which
the

Federal

state law

Reserve

state

System

provides.

a new

Exhibit Room

whose

securities

are

convenience
use

virtue
as

the

American

Stock

175

4.3

*27

0.40

lies

their

compared with the

in large amounts of silver coin.

(f) Limitations of Silver Certi¬
ficates. Since most of them

are

Standard

gold.

Act of

By the

1.50

33%

4.5

1.00

5.9

0.80

2.40

1900

and

fO.78

*12

f4.00

32 y2

12.3

1.15

287/s

4.0

do gold certificates.

unsound

for

gold

But

they
principle to the

2.25

50 %

4.5

other

Notes.

Their

convenience

United

virtue
as

lies

are

them, they permit
use

gold.

ex¬

2.7

ceramic

Penn¬

Trust

Co.

(Pittsburgh)

Washington (Seattle)
Precision

Water

fl.32

1.7

2.00

7.7

2.35

32%

7.2

2.00

30%

6.5

2.75

6.1

2.00

2.2

1.00

2.8

28
15

geaj;s

Co.

softeners

Peter Paul Qo
Popular candies

Petroleum E&ploration
Oil

against '

and

gas

Petrolite

Ccjrp.

Chemical compounds

Since their de¬

Pettibone Mpilliken
Railroad

ings and

Pfaudler

actions.

trafck

equipment,

forg-

machinery
,v
?•
(The) Co.^lr^i:^—17
.

2.00

•36%*

^>'5.4/

0.45

14%

3.1

1.95

2.1

Corrosion resistant equipment

Pheoll

(i) Limitations of United States
Notes.

and

Perkins Machine & Gear Co.

their

economy

7.0

Peoples National Bank of

compared with the

of gold

6.2

•

Peoples First National Bank

as -

gold by which they are only
Ipartially secured. Because of the
reserve

colors

public utility
sylvania and New York

♦fractional

distribution

Operating

States

radio

Pennsylvania Gas Co

self-liquidating

Corp

enamel

and

Permutit

Virtues

...

producer

Porcelain,
frits

paper.

(h)

and

Pemco Corp.

tent that they are not fully secured'

by gold

and

Michigan

681,016 United States Notes out¬
standing (an amount which re¬

substitute

waxed

Peerless Cement Corp

sub¬

parchment,

made papers

Hardware

a gold reserve of not less
than $150,000,000 against the $346,-

the

certificates, they
out

case

were

improperly

Congress

1945,

money

against

June
12,
acceptable

deposits

banks.

Treasury

currency

Re-

they are
they should
as

since
cured

they are only partially
by gold, they should be
and

part of such

reserve.

products

Transportation

126 y4

5.00

4.0

Philadelphia
Operating

re¬

Suburban Water *17

1.5

fO-48

3.4

32%

1.00

public

3.2

utility

Phoenix Insur; (Hartford)
Fire and

•

—

3.00

casfcafty insurance

page

Co.

Operates street railway lines

•

Continued

allied

Philadelphia^Suburban

se¬

extent

the

and

Philadelphia National Bank. 112

But

gold certificates should

substituted

Milk

reserve

Federal

long

Philadelphia Dairy Products

the

and

Manufacturing

Screws, bolts,fnuts

silver

President,

6.3

Furniture

Gold. •

serve

denominations of $1, $5, and $10
(with a relatively few outstand-

(Clifton, N. J.)

Peden Iron & Steel Co

made for

„

Peaslee-Gaulbert

sequent amendment provision wasf

Coca-Cola Bottling.

& Trust Co.

In 1879, they were made re>-

deemable

serve

Beverage bottling

Functions of United States?

ruled

Vegetable

tired

traded

Exchange.

7.50

2.0

7.3

extraction

Manufacturing Co.—

Panama

Notes. These notes originated as a
fiat (unsecured) paper money ii

(e) Virtues of Silver Certificates.
chief

fat

aoy*

Passaic-Clifton National Bank

not members

4.8

5.9

for

reserve

are

;

against their de¬

reserve

many nominations
range
from
$1
to
bulky '$1,000, they can be employed in ja
and inconvenient silver coin.
They relatively large variety of trans-

transactions

common

210

insurance

Paterson Parchm't Paper Co.

(g)

the

10.00

3.2
,3.3-

1.00

and

custom

use

United States Notes

the supply of gold and

and

Their

will feature products and
produc¬
tion
techniques of the various

companies

the

English tape.
In addition

business

and

ity expand and contract.

speaking

and

contract

and

highlights of the Exchange's

functions.

gold

Converting government debt into
currency is unsound in principle. A
paper currency should expand and

will be broadcast via
tape record¬

other

t2.G0

0.85

are

convenient

tied

*46

cars

0.75

Fabrics

mains unchanged under the law).
These notes, therefore, serve as a

people, the Federal Reserve notes

railway

Pacolet

posits.

1862.

6.1

Automatic wrapping machines

not good,
enough for the Reserve banks to
use

-11 ¥2

Oil

valid»

0.70
3.00

brewer

Package Machinery

currency

there is

money,

why

4.3

Pacific Natl. Bank of Seattle

by the United States Treas¬
ury and are deemed by Congress
to be good enough for the people
to

3y2

lamps

Pacific Vegetable Oil Corp.__

issued

reason

5.6

0.15

Brewing

Planning mill products

against their deposits. Since

serve

government debt, in¬
funds bor¬

of representing

28%

Minnesota"

speakers, transformers

Diversified

the

1955

Pacific Lumber Co

eral Reserve banks may use as re¬

This provides

Makes

Treasury currency which the Fed¬

securities.

part

1955

and

Pacific Fire Insurance

passed by Con¬
signed by the President,
12, 1945, which excluded

silver

in the fact that

31,

1.60

Pacific Car & Foundry Co

gress, and

of defect, lies

activity to notes tied to gold

American S. E.

Pabst

lies

have been altered in nature from

peace.

Radio,

use¬

certificates

1955 '

Dec.

31,

-Dakotas

and miniature incandescent

notes

prosperity and

Utility;

in the mistaken act

Notes. Their principal limi¬
sense

Dec.

31,

Paymts. to

Oxford Electric Corp

Well-known

Another

and

private

insofar

fulness

Limitations of Federal Re¬

notes would

and the faster will be the

peaceful

serve

Federal- Reserve

tions

Dec.

Based

concerned.

notes.

(c)

variety.

notes,

accommodating their cus¬
with either deposits
or

contract

rapid will be the progress

that

Reserve

small

tion

Otter Tail Power Co.^._.___w

employed for the larger transac¬

fact

is to

12 Mos. to

Divs. Paid

transacted by the use of these
is of
the relatively,;^

ness

state

Reserve

the

The

industry enters into the field, the

Quota¬

Years Cash

$20 to $1,000), most of the busi- "

the

certificates

other parts

revenue.

% Yield

Extras for

secutive

denominations ranging
from $5 to $10,000, are generally

tation,, in the

become less likely.
In this sense the

System

Their chief virtue

tomers

It is the

the

Approx.

Including

provided with flexibil¬

banks

Virtues of Federal Reserve

But most im¬

ahead.

members

not

Reserve

Notes.

of course,

middle of the road.

Cash Divs.

ing in denominations ranging from

for banks

reserve

provide.

optimistic.
lies in the

GAINS NEW PRESTIGE
No. Con-

brief

WORLD'S LARGEST MARKET

Money

And Stable Price Index

to the

judgment
This

A Primer

Details

not?;complete as to possible longer record,
fdjf stock dividends, splits, etc.

t Adjusted

lllllllllllllllllllltltlllllltllllllltllllllllllltllltfflltlltllllf

There is tremendous

Turnpike and Bridge Bonds
Specialists
Ask for our

Bulletins, Markets
on

this vital

Information

subject

corporation

•

HAnover 2-5252

"name status" in the Securities Community.

handling

relations with stockholders

you

Stockholder

corporate

thelsimplicity with which

the investment opinion-makers

would like
our

to see

how

present

across

each client's

be beneficially

lOO

Broadway,

New

Financial

York

^in^aSaru
Stockholder and

Ijj

call for appointment.

witt^nklin

Relations

the country.

your company can

organization, write

IA
AX-iXiMPT BONDS

Street, New York 5

helped by

40 Wall

well directed

erly geared to attract reader attention—and capable of earning

nized—as i3

CO., INC.

and with members of the financial community are well recog-

Successful
RIPP &

for

story to

power

Our methods of
or

business-building

of Stockholder REL.vriONS-^-especially if it is

prop-

program

N. Y. •

Relations

WOrth

4-6056

^—lltltlillllllltttttf Hltf lllll-l til llll HIKlllf t«llllllf44llltlt!ltt«lllllttlltt11f Ifttlf?

Volume

Number 5522

183

The Commercial and Financial Chronicle

Cash Divs.

Including

A Primer

Approx.

Extras for

secutive

12 Mos.to

Years Cash
Divs. Paid

Dec.

Quota-

Based

tion

Dec.

31,

Money

1955

Paymts. to
Dec. 31,

31,

1955

0.60

the gold reserve now held against
them. It is improper for the United

6.5

boxes

Piedmont & Northern Ry

7.00

114

6.1

32
Water

8.00

230

3.5

3.00

5.0

2.50

4.1

Co._

Operating public utility

0.80

17 y4

4.6

Gold

(j)

evidence

Certificates

Functions of Gold Certifi¬
Issued by the Treasury to

cates

" "

Planters Nut & Chocolate

would

case

the

index

searches

for

between

the

connection

volume

currency

Pioneer Trust & Savings Bank

(Chicago)

reduce

the Federal Reserve Banks. These

the Reserve banks

serve

Peanut products

revealing that he is
A scrutiny of the overlooking all the other pertinent

will be higher.

money other than gold certificates
or silver certificates.

Operates electric line in Carolinas

Plainfield-Union

and prices is

1955

States Treasury to issue any paper

Pictorial Paper Package Corp.

that

pfices to less than half the supply
of money and deposits should be
increased by a little more than
10%.
Moreover, anyone who

And Stable Piice Index

Paper

% Yield

No. Con¬

generalization in this

Continued from page 50

WORLD'S LAMEST MARKET
GAMS NEW PRESTIGE

(1719)

as a con¬

as to
the relationship- considerations mentioned above.
accurately, lack of relation¬
Since one may not properly as¬
ship— between the supply of a
sume that there js any close con¬
nation's money and deposits and
nection between all money and
of prices at various times should
credit used at a particular time
dispose of any idea that there is
and prices at that time, it is even
any close connection between the
less defensible to attempt to relate
two. For example on June 30,1920,
when the total volume of money the supply of a particular variety
of money or of credit to prices.
and
of
deposits in commercial
"

Plomb

the
gold
they receive and relinquish to the
United States Treasury. They per¬

Plymouth Cordage Co
of rope,

twines, twisted

2.85

5.9

48y2

harvest
products

paper

Pocahontas Fuel Co., Inc

1.40

banks

June 30, 1936, the total volume of

banks

Mechanics hand tools

Manufacture

000,000, the index of prices was
79,2. Therefore, if there is a close

3.0

Bituminous coal—mining and sale

mum

papers

1.00

Co. (Pa.)_

1.6

The

Manufactures

high voltage elec¬
equipment, hydraulic presses

trical

and

products

and

oil

chief virtue

that

100).

was

167

When,

money and deposits was $57,576,-

relationship

between the

of money and

con¬

Furthermore, there is

$42,902,000,000, the in¬

wholesale prices

supply

deposits and prices

particular

time

the

valid

justification for an attempt to relate the functions performed b^
gold Or silver

or paper money

spective functions of these various
kinds of currency are one thing;
the causal factors involved in price

Continued

correct

page

handling as compared
with the handling of gold.

2.25

5.7

39y2

(1) Limitations of these Certifi¬
cates. The principal limitation in
the performance of their proper
functions lies in the fact that al¬

interests

1.00

7.1

Pratt, Read & Co

1.40

17%

7.9

•Piano and organ keys

Progress Laundry Co

though they

are

Laundry and dry cleaning *

against

reserve

Active Trading Markets Maintained in all

PHILADELPHIA BANK STOCKS

designated in law
the

Reserve

banks' Federal Reserve nolies and

Over-The-Counter

Consecutive

Cash

deposits they cannot be paid out

Dividend

the

Payers From 5 to 10 Years Appear in the
Second Table Starting on Page 60

domestic

holders

such

A- paradoxical

state of affairs is
only cash held as an asset
by the Reserve banks which can
be paid out domestically cannot
be counted as reserve, while the
only money that is lawful for re¬

that the

Providence Washington Ins._

I.00

27%

3.6

Multiple line insurance

Provident

Savings

Bank
Trust Co. (Cincinnati)
1

&
53

Provincial Bank of Canada-_

i 2.50

*37

3.7

70%

1.75

Provident Trust Co. of Phila.

3.6

0.84

not be

2.8

5.1

0.68

14y8

4.8

Public utility

Mexico

Owns

Punta

(N. Mex.)

*14

Corp.

Makes'"Purex"»and

Filters:

oil,

Boston

Animal

0.75

17%

4.3

f2.27

39%

5.8

The common

11%

6.9

II.00

164

6.7

*14

4.00

108

3.7

1.50

operation

feeds, breakfast foods

flashlight

Red Owl

dry

cell

*10

1.20

23%

5.1

Top Brewing, Class A__

•

0.15

3.6

brewer

Details not

t Adjusted

reserve

Quarterly bank comparison

STROUD & COMPANY

in Federal
perform its

INCORPORATED

PHILADELPHIA 9

draw upon it,

and, through it,
the gold which secures those

CREDIT AS

(5)

PITTSBURGH

NEW YORK

SCRANTON

LANCASTER

ALLENTOWN

•

ATLANTIC CITY

CURRENCY.

of credit

use

as cur¬

is in the form of bank de¬

rency

chiefly deposits payable
demand and ordinarily trans¬
ferred by means 'Of checks and

posits,
upon

FISCHER & PORTER COMPANY

drafts.

Functions of Deposit Cur¬
It performs, because of its
great convenience, by far the
greatest proportion of our domes-'
tic
monetary transactions.
The
checks

complete

were

dend of 65 cents was

paid

Feb. 1,

terbank

page

and

ernment
as

1956.

Continued

deposits (debits to de¬
deposit accounts, except in¬

mand

States
are

344

reporting

world

wide

engineering service including the manufacture

of:

Gov¬

1 —Industrial process
2 —Industrial

instruments

glass products

reported

$2,043,548,000,000—over

billion—in
in

United

accounts)

against

drafts drawn

and

demand

to possible longer record,

for Stock dividends, splits,

etc.
split two-for-one effective Nov. 1, 1955.
Actually
$5 was paid in 1955, the yield, however, and the $2.50 cash divi¬
dends shown here are based on the new shares.
An initial divi¬

i Shares

Send for

reserve

rency.

cases

Stores, Inc.-

Cincinnati

Penn Frtiit Company

can¬

(a)

batteries

Midwest retail food chain

Red

Alan Wood Steel Co.

I. T. E. Circuit Breaker Co.

certificates.

Purina

Manufacturer

Warner Co.

Nafareth Cement Co.

"Trend"

Ray-O-Vac Co.

0.80

upon

Quincy Market Cold Storage
Ralston

Strawbridge & Clothier

Corp.

functions and is a reserve
in fact only insofar as foreign cen¬
tral banks and governments wish

and air

gas

is not

Reserve banks fails to

*14

Purolator Products

11.5

company

Pprex Corp.

and

3.00

vot

Alegre Sugar Corp
holding

banks

Hercules Cement

proper

rotogravure printing plants

Cuban

;

electric supplier

Publication

reserve

gold certificate

Public Service Co.
New

Reserve

South Jersey Gas Co.

W. C. Hamilton & Sons

:in any correct sense unless it can
be used when called upon, the

0.925

Transportation Co.

Smith Kline & French Labs.

Hajoca Corporation

paid out domestically.

Since

business

the

serve

Foreign and domestic banking

Public Service Co. of N. H.__

Phila.

Beryllium Corp.

claims;.
-

$2,043

3 —Chlorination

equipment

centers

the United States for the year

4—Data reduction and Automation

systems

1955.

Deposit currency performs the
function

reserves

for

member

banks in the Federal Reserve Sys¬
tem.

WILLIAM T. BOWLER & COMPANY

For

customers

commercial

it provides a handy me¬
dium of exchange and
a
store¬
house of value. Time deposits in
commercial
and
savings
banks

This Company was one

of the first

of automation to combine the
instruments with

concerns

in the fast growing field

manufacture of conventional industrial

Data reduction and Automation systems.

banks,

I. O. O. F.

Building

Bradford, Pa.

provide
in

storehouse of value and
degrees a medium of

various

We believe the shares

(free of Pennsylvania Personal Property

of this rapidly growing local Company are

seeking capital appreciation. A progress report on

the Company is

available upon request.

(b) Virtues of Deposit Currency.
These consist chiefly in its great
convenience and economy in com¬

★

parison

General Securities

Mutual Funds

with

other

types

currency particularly when trans¬
actions
of
substantial
size
are

BOENNING

CO.

ESTABLISHED

19 14

involved.
It

Underwritings
York

Olean

Wellsville

Johnson City

altogether improper and
one to attempt to asso¬
ciate the nation's supply of gold,
or of silver, or of paper money, or
of bank deposits, or all combined,
to prices today in the expectation
of discovering that if the volume

Members

Philadelphia-Baltimore Stock Exchange

futile for

Branches
New

Ellicottville

Lackawanna

and deposit currency in
greater than at some se¬
preceding date prices also

of money
use

lected

Members

American

1529 Walnut

Stock

Exchange

(Associate)

Street, Philadelphia 2,
LO 8-0900

Tax)

attractive to investors

exchange.
Telephone 3464

deposit currency to prices. The re¬

venience of

Potash Co. of America
Potash

against

was

(prices for 1926

(k) Virtues of these Certificates.

Porter (H. K.)

dex

25%.

4.3

0.60

for

their Federal Re¬
notes and deposits, the mini¬
requirement of reserve being

serve

Port Huron Sulphite & Paper
Co.
Lightweight

substitute

venient

form the function of lawful money
for reserve in the Federal Reserve

(The) Tool Co._.

Penna.

(1720)

The Commercial and Financial Chronicle

Continued

from

page

Handicaps

51
(4)

The
the

A Primer

Money

Suffered

Handicaps
People
of

Continued

Suffered
the

page

United

WORLD'S LARGEST MARKET

States

Because
They
Were
Deprived, Beginning in 1933,
of Gold Coin and Freedom of

Ani Stable Price Index

from

GAINS NEW PRESTIGE

RedemptjQpi of Non-Gold Cur¬

Divs.^i

Cash

in Gold:

rency

Thursday, April 5,

Approx.
% Yield

Including
No. Con¬

making

ticular time is

ness

Limitations of the Useful¬
of Deposit Currency. There

is always the question

ceptability of
the payee.

of the

final

Back of it must lie

ment.
of

constitute

such

final

equipment

perform

called

Supply

Relation

cur¬

their

the

further, it is altogether im¬

in¬

to assign

function to

one

of the various varieties of money
or

credit

characteristics of this form of pur¬

not

chasing

power

combined.

ployed

without

em¬

to all combined which

appropriate to it
For

example

all

the

other.

And

considered

prices, there

when

forces

are

both

not

silver,

are

one

condemn

may

paper

money,

gold,

credit

because it does not stabilize
prices;
it is not a function of
any one of

influencing
other fac¬

many

properly

tors. involved in price determina¬

them

tion, which also require recogni¬

bilize prices.

tion.

the functions of each
type of cur¬

index of prices at any par¬

all

combined

sta¬

A correct listing

rency .should make this clear.

metal

(4)

fl-61

Republic Natural Gas

1.00

and

right

the

United

States

Reserve

2.8

28%

3.5

1.00

15%

6.6

0.60

71/8

8.4

Rhode Island Hospital Trust-

f3.60

Richardson

1.00

15%

6.3

t0.675

17y8

3.8

dollars

*21

dl.20

361/4

3.3

that

right

for

2.40

4.6

1.00

13%

7.3

1.50

4.4

1.40

6.7

3.50

6.1

0.775

151/4

5.1

4.7

121/2

8.0

181/2

5.1

Plastic

control

some

Government

provides

since

the evidence

Heavy

Riley

1933

which

Estabrook fJ Co.
'I

15 STATE

Boston
New York

Hartford

banks

Teletype BS-288

morals

Poughkeepsie

Providence

Members New York and Boston Stock

Springfield

contract

and

the

with

Hudson

value

shore

hi.50

33 y4

4.5

0.60

18%

3.2

r." '

35%

5.6

0.50

147/s

3.4

1.15

23i/2

4.9

1.00

i5y4

6.6

11.50

5.2

0.20

5.0

tools

distribution

and

2.00

——„-*■

power

Rose's 5, 10 & 25c Stores,
Operates

con¬

stores

139

Ross

(J.Corp.
air

•

O.)

the

Inc.

South

Engineering

ovens,

dryers

and

systems
"

Ross Gear & Tool Co. Inc.___
Manufacturers

steering

gears

Royalties Management Corp.
Oil

and

gas

royalty interests

Saco-Lowell

Shops

Manufactures

textile

Railway

1.25

217/s

5.7

5.4

14i/2

6.3

machinery

Safety Car Heat. & Light. Co.

1.25

•

lighting and air-con¬

car

ditioning

purse

inferior

Safway Steel Products, Inc._
Manufactures steel

f0.91

grand stands and bleachers

officials

government

who

use

groups

and

try

Details not complete as to possible longer
t Adjusted for stock dividends, splits, etc.

buy

April 26, 1955 each old $5
$10 par shares on the basis

good¬

will abroad.

(13)

1865

par

share
l'/a

record.

was

new

...

converted into

for

new

each

old

share held.

They

freedom

scaffolding,

d On

find

h Stock

their

enterprise

split two-for-one to holders of record Jan.

was

proper

Members New York,
Boston, Midwest and

handicapped by the
interference

1955.

govern¬

ment

25,

foreign

trade

American Stock
Exchanges

irredeemable
(14)

Trading markets

They
of

power

England Bank, Utility and Industrial Stocks
75

(15)

Federal Street, Boston

Telephone: Liberty

2-6200

Teletype: BS

the

dollar

PRIMARY

System

They

are

338

SAN

NEW ENGLAND SECURITIES

1914.

BOSTON

FRANCISCO

borrow

promise
New
•

England

Newport

•

Branches:

Providence

•

Springfield

•

■

Taunton

pay

which

money

n-i'

are

money,

from

-m

into

Open-end Telephone Wire
New

York—CAnal 6-1613

constitutes; final

Continued
.■

'■

.!•) vr, •!>.

page
-

-•'«

Bell

New York

System Teletype—BS 142

Boston—HUbbard 2-5500

Providence, R. I.—Enterprise 2904

seeing Congress

'■

CO., NEW YORK

Milk Street, Boston 9, Massachusetts

dollars

>.1

J.B. MAGUIRE & CO., INC.

They

CORRESPONDENT

KIDDER

payment.

(16)

**»•#*

seeing the Con¬

credit, which may be issued
only under the authority of Con¬
gress

MARKETS

UTILITY and INDUSTRIAL STOCKS

purchasing
driven, in

stitution of the United States vio¬
lated by Congress and the Ad¬
ministration as they convert bills

CHICAGO

PHILADELPHIA

saw

their

system.

currency

NEW YORK

New Bedford

inherent

1951, to the lowest level on record
since the formation of the Federal
Reserve

•

92
*42

plywood doors and lumber

currency to pacify or to pur¬
chase
the
support
of
pressure

Lowell

Plywood Corp

Manufacture

our

New

valves,

Founded in

electric

currency laid on the auction block

Kidder, Peabody & Co.

5.8

171/4

and, on
who

their

1.00

—

west

Meters,

other' people

promises to pay.
(12) They see their public
the

Rockwell Mfg. Co.

respect

hand

supplier

between

0.90
t

quarrying and mfg.

Boston

Roddis

1.00

Rockland Light & Power Co.

issue

and

Rockland-Atlas Natl. Bank of

other

their

f2.95
-

Granite

corresponding

one

all

Button

Manufactures

ethics

the

other,

Co.-

construction

Rock of Ages Corp

other

Treasury and Federal Reserve of¬
ficials

Exchanges

Operating public utility

dictatorship.

law

from

and

burn¬

Rochester Telephone Corp.—

money

obligations.
(11) They find themselves sub¬
jected to a double standard of

LAfayette 3-2400

fuel

Co.

(H. H.)

Rochester

banks.

fulfillment

freed

and

materials

tracts, they find the United States
Treasury
and
Federal
Reserve

STREET, BOSTON '

Boston Telephone

the

Corp

Manufacturers

(10) While they find themselves
required to adhere to the require¬
ments

Co.

Gas

Robertson

characterizes

dealing
their

and

stampings

Operating public utility

(9), They have been reduced to

nations

paper

metal stampings

Roanoke

the status of a people who must
employ only inferior varieties of
currency, the most superior being
taken by the government for its
in

metal

Stoker

Small

themselves sub¬

brand

Communist,

uses

Buttons

forms of government

own

—

Risdon Manufacturing Co

governmentally-man-

the

3.5

products

generators
ing equipment

eoonomv.

Socialist,

textile

Steain

They were deprived of one
of the principal means by which
they
could
protect
themselves

They find

102

Dayton department store

(7)

—

greaseproof

Rike-Kumler

the

the government and the banks.

(8)

—

Rieke Metal Products Corp..

respect
to the people's loss of control over

______

and

line

Wide

use of the peoole's
The spending orgy of our

Federal

Riegel Textile Corp

government's
purse.

Co.

products

Glassine

foreign

over

Eoston

near

Riegel Paper Corp.

(6) They were deprived of the
principal means by which they
keep

Operates Atlanta department store

central banks and governments at
their expense.

could

equipment

Rich's, Inc.

their non-gold
gold, they have seen

preserved

and oil producer

gas

Dog racing,

were

convert

into

"»

Revere Racing Assn

Treasury

ing responsibility to redeem them.
(5) While they were denied the

right

casualty insurance

Oil field

freedom to is^ue prom¬

and

Republic Supply Co. of

gold

banks

3.8

6.7

California

deprived

property

Federal

jected

than 100 YEARS

—

1.7

Natural

standard

our

were

management

7.1

Fire

unit.

They

ag^H

for

fl.57

131/4

against

in NEW ENGLAND

Republic Natl. Bank (Dallas)

consideration

0.60

6.2

only reinsurance

Paints, varnishes and pnamels

issory dollars without being re¬
quired to assume the correspond¬

were

0.50

banks.

granted

proper

instruments.

should not be

and

while

Still

are

the

in,

valuable

who

(C. A.) Co., class B____

Writes

(3) They were deprived of the
right to compel the issuers of
promissory dollars to redeem them

amount of money and credit used

One of these

use.

for

1.50

17%

Crepe paper

Republic Insurance (Dallas)-

governments

Dec. 31,
1955

31,

machines

protect their savings against the
mismanagement of currencies by

money

currency are

supply and velocity

volved

speny today

Reed

hole

Reliance Varnish Co

the

Paymts. to

1955

1.10

(Mass.)

button

Reinsurance Corp. (N. Y.)

known

today.

Level.

two-dimensional

ago.

1955

Corp.

Makes

conse¬

paid today. The
prices of today are not determined
in any important extent by the

the

Money and deposit

years

Dec.

31,

Based

all

among

means

Dec.

Divs. Paid

Reece

and,

currency,

tion

Years Cash

by which provident people could

those

Supply and
Functions of Money and De¬
posit Currency to the Price

Both

currency

small proportion

spent today merely equals all the
money
and credit
received
by

Prices

and

for railway

goods priced today. Therefore, all
the money and deposit currency

not be able to perform.

Monetary

very

upon

task which deposit

rency may

(3)

bought

Probably

type

payment

quently, of the best

earlier—for example,

pay¬

gold or silver,
which by its nature will constitute
money,

spent today may be in par¬

payment for goods produced
and priced a year or several years

12 Mos.to

uni¬

most

value

types

tial

form of credit; it does not nec¬

essarily

Some money or

rency

transactions, perhaps generally
small, for which checks and drafts
are not suitable.
Deposit currency
is

storehouse

varying periods of
deposit cur¬

over

variety

Quota¬

secutive

nation

They were deprived of a
which provides the safest

(2)
money

time.

this

which has the
acceptability.

money

delivered

types

are many

versal

posit currency are spent for goods
and services produced, priced, and

ac¬

check or draft to

There

were

riods of time; and money and de¬

tions.

(c)

The people of
deprived of a

(1)

sample of prices
as they prevail at that time.
But
prices are made over varying pe¬

other considera¬

involve

Extras for

Hartford,

i,i

d v 2

•

s—..

Portland, Maine—Enterprise 2904

Conn.—Enterprise 6800
n

—-——

1956

W5J5

Volume

Number 5522

183

The Commercial and Financial Chronicle

Continued from page 52

WORLD'S LARGEST MARKET

GAINS NEW PRESTIGE
Cash Divs.

A Primer

Approx.

Including
Extras for

Quota-

secutive

12 Mos. to

Years Cash
Oivs. Paid

Dec.

And Stable Price Index

Paymts. to
Dec. 31,
Dec. 31,

31,

1955

St.

Croix

and the Administration

taking the
position that Mr. Justice Bradley

5.1

158

8.00

20
•

fl.25

3.8

Yards Co.-

6.00

St. Paul Fire & Marine Insur.

1.075

55%

15.0

1.50

8.1

18V2

(17) They
ernment

San Francisco Brewing Co.—

7.9

15%

fl.20

2.20

4.5

48%

Sanborn Map Co

and
taught by the

4.50

71%

6.3

1.00

5.6

4.00

5.4

2.00

3.7

f0.85

3.5

able

Fire insurance & real estate maps

Locks

and

Schuster
Three

builders'

Builds

163/4

6.0

fl.25

*14

24%

5.1

knitting machinery

Consecutive

Dividend

Cash

Payers From 5 to 10 Years Appear in the
Second Table Starting on Page 60

applicable

indefensible

economy even

(19) They
a

0.60

*40

money management by man¬

agers free of the restraints which

17%

being subjected

are

redeemable
freedom

has

curtains

table

and

;

covers

Scruggs-Vandervoort-Barney

0.60

ficially low interest rates

4.6

1.85

52%

2.55

112%

has

3.5
2.3

cars

3.3

—involving
ing

ships

Trust

1,95

3.2

Co.

Name

changed
of

tional,

the

1-17-56
Southwest

Association,

1.60

in the

2.6

•;

/,*

•

Texas"

part

ie.

Co. of Saginaw

*33

Security-First National Bank
of Los Angeles

Security Ins. Co. (N. Haven)

f2.08
fl.54

1.60

;

1.25

•:

3.2

57%

2.7

3.0

2.1

Security Trust Co. of
63

f 1.73

Details not complete

the

fact

18th

that

our

"modern"

1.80

money

dollar, in 1951,

power of our

the

reach

lowest

level

since

1914, is not admitted by them to

economy.

currency

that

irredeemable

major contaminating

element in this bloodstream;
in

due

not

eliminated, the economy

cumbs to the

this

ing

the

tinue

virtues

boom

and

suc¬

bloating and under¬

mining forces of this disease.

Buffalo

Mid-State Raceway

Eclipse Corp.

First Securities
First Trust &

Inc.

(Vernon Downs)
Oneida Ltd.

Onondaga Pottery

Corp.

Oswego Falls Corp.

Deposit Co.

Hotel Syracuse

Rochester

Lincoln National Bank & Tr.

Rochester Transit Corp.

LipeRollway

Shepard Niles Crane & Hoist

Merchants National Bank

Syracuse Transit Corp.

Telephone

Private Wire Con¬
nections to New York—

L. Johnson & Co.

Chicago, Milwaukee,
St. Louis,

STATE TOWER BUILDING

SYRACUSE 2, N. Y.

Indianapolis,

Omaha, Lincoln, Denver

Tel. Syracuse 2-1236

Bell Tele. SS 190

If it*s Connecticut
We invite you to use our

46%

3.9

to possible longer record,
lor stock dividends, splits, etc.
- • • 1'
on

kets

that

indefinitely.

—

gazers

general

our

statistical information.

con¬

crystal-

Chas. W. Scranton & Co.

actively peddling

are

variety

The

under

the

Members New York Stock Exchange

guise
209

dangers to

large part, both in

Branch

the nature

widespread

the

fact

that

the

dence thus far is that booms
to

NEW HAVEN, CONN.

CHURCH STREET

people lie,

our

of the boom and in the

—despite

and also

convey¬
can

The

Bridgeport

continuing optimism is warranted
page

complete facilities

and unlisted security mar¬

for both listed

soundness

busy

are

idea

Danbury

New York Phone:

evi¬

Offices in:
V

New London

Waterbury

Teletype: NH 194

REctor 2-9377

come

end, that rising costs finally
prices, that profit
margins disappear, that business
recession and depression set in.
an

overtake asking

HAMLIN &

LUNT

An irredeemable currency, more

than any other type

feeds

the

generate

unsound

of currency,
forces which

economic boom which,

due course, ends in a reaction
and readjustment of varying de¬

BROKERS AND DEALERS

grees of

(LISTED

Our Trading Department

and UNLISTED

does

insofar

On All Rhode Island Securities

are

Telephone: WAshington 4035

WALL STREET, HEW YORK

well

Y»

Direct wire to Pershing & Co., New York

free

deemable

the

LAfayette 3-0610-0611

g. H. walker & co.
Established

they

1900

members

proper re¬

redeemable

operate

new

cur¬

york

american

currencies,

ASSOCIATE MEMBERS AMERICAN STOCK EXCHANGE

with

irre¬

have

been

WESTMINSTER

PROVIDENCE
Telephone
bell

midwest

stock

exchange

exchanges
(assoc.)

ibger&Jhat

our

money rhan-

they /can

accomplish

"this time" what managers of ir¬

redeemable currencies in the past

new
-

york,

ST.

3,'R.

union

Teletype

worse.

The claims of

curren¬

provides. But the economic
consequences of money manage¬
ment, when the managers h^ve

much

•

—

rency

Telephone: BEekman 3-7022

been

MEMBERS NEW YORK STOCK EXCHANGE

Open-end Phones to Boston

cause,

when

even

surrounded by

straints which

Rochester, N. Y. • Norwich, N.

145

The

redeemable.

credit

were

it.

currency

Money man¬
agers have not managed the uses

>
MARINE TRUST BUILDING, BUFFALD

and that arises even when

Retail Distribution

♦

cause

involved,
arises from the misuse of credit;

cies

Complete Trading Facilities

not

Invites Your Inquiries

cannot

currency

prevent a boom and recession; but

SECURITIES

Bell Teletype BU

RHODE ISLAND SECURITIES

severity.

redeemable

and

if this element is

course,

well-grounded
national prosperity. The optimists

3.5

Continued

The

permitted the purchas¬

managers

ing

early

Century, failed.

its

easy

encouragement of the idea that
'

the

growing * and

Security Trust & Savings
Bank of San Diego
t Adjusted

the experiments of John Law

of science.

Rochester

is the bloods

bloodstream is contaminated, so is

their pronouncements of the same

A nation's currency

his predecessors, reaching back to

important parts of this boom are
widely advertised as evidence of

ball

Security National Bank of
Greensboro (N. C.)

importance—is to make our cur¬
rency redeemable at the statutory
rate of $35 per fine ounce.

stream

great expansion

possible in

use

& Tr.

from

artificially-induced
give-away
programs,
production for waste

war,

Second National Bank

which

power during the suc¬
ceeding generation." He failed as

of credit. The bloatings
distortions
which
underlie

and

Na¬

Houston,

business boom aris¬

large

money,

Boston

"Bank

scarcities,
subsidies,
and destruction,

(Houston).

Fed¬

our

3.4

February 1955 through
of Second National Bank
Street

facilitate

eliminate

(20) The people are being sub¬
jected to a dangerous and ex¬
plosive program and mechanism

Formed in

State

them

12%

f0.42

Second Bank-State St. Tr. Co.

enabled

Federal

huge
debt; it
a

2.40

*15

Seatrain Lines

Second Natl. Bk.

things

many

done

eral Government.

Pharmaceuticals

Sears-Community State Bank
(Chicago)

merger

uses

profligate spending by

Diversified insurance

Searle (G. D.) & Co

freight

bank

the

and

monetization

Seaboard Surety Co

Transports

Fed¬

debt

credit; it has given rise to

Department stores; St. Louis,
Kansas City, Denver

;

eral

; Lace

unsoundness

permitted our
maintain arti¬

money managers to

3.4

provides.

currency

over

economic system. One of them
and it is an item of fundamental

Equitable Credit Corp.

our currency

passed

our

stable index of prices
and
sound
cur¬

doc¬

and

This
Scranton Lace

change its purchasing and

even
though a stable
prices reveals nothing
to maladjustments in the eco¬

„

lessons

nomic system.

Over-The-Counter

President Roosevelt stated,
1933, that he planned to
provide the kind of dollar "which
Oct. 22,

are

much

Dayton Malleable Iron

able

again.

is irredeem¬

index

the

of irredeem¬

not

are

rency and .a sound

dept. stores

Scott & Williams, Inc.—

vanced and proved false again and

need

honest

though

(Ed.) & Co

Milwaukee

reveals

hardware

1.00

that

the

trine that

Schlagq Lock Co

redeemable

uses

currency

cur¬

us.

preaching

Georgia operator

Schenectady Trust Co. (N.Y.)

our

(18) They are seeing our Treas¬
ury and Federal Reserve officials

Hardware, locks and tools

Sugar Refining___

Gov¬
people to
our

irredeemable

currency,

Sargent & Co

leading

is superior to

rency

(water)

seeing

are

believe that

beer

San Jose Water Works--.

have failed to accomplish are not
new.
Such claims have been ad¬

will not

1951

There

coir^ of the standard monetary debt-paying

Minnesota operator

Savannah

metal.

St. Paul Union Stockyards—

utility

stated

form of paper money is to be paid
in

2.0

Diversified insurance

Public

Tender Cases, 12 Wal¬

lace, 560 (1871), that the ultimate
destiny of bills of credit in the

Livestock

"Burgermeister"

when

error

the Legal

Maine producers

St. Joseph Stock

was

Paper Co

though it does not exist.

1955

Sagamore Mfg. Co

Money

ure

tion

Based

be proof that they have not de-?
livered, and cannot deliver, what
they promise in respect to the
management of. an, irredeemable
currency. The demonstrated fail¬

•>.

% Yield

No. Con-

Sateens, broadcloths, twills

(1721)

EAST AVENUE

PAWTUCKET,

1-4000
PR

direct

st. louis,
and

private

wires

bridgeport,

wrtlte' plains

hartford,
offices

waterbury

The Commercial and Financial Chronicle

(1722)

Contin

■

from

page

Continued

from

Thursday, April 5, 1.956

page

gains new prestige

Loan Future
tion

SPECIALISTS

construed

ABA

MIDWEST STOCK EXCHANGE

S. 3158

The

formation

the

Divs. Paid

Lehman

philosophy

1954

New

York.

the

mortgages.

Unusual Growth Situations

The
man

Common

Inc.,

England

We maintain

firm

Lime

Co.,

Common

Co., Common

trading markets in the above issues

Reports available

bills

which

and

the

affect

could

and

are

SOUTH

&
LA

CO., Inc.

SALLE STREET

CHICAGO

Teletype CG 364 and 365

lending field
not be warranted

enduring is today's yard¬

stick?

Year

Capital Funds Plus*

Resources

Loan Valuation Reserve

1948

$61.77 Million

$5.48 Million

1950

90.63 Million

6.62 Million

109.39 Million

8.03 Million

124.11

9.07 Million

Million

184.15 Million

10.21

Million

new

faster than

average rate.

Simplex Paper

funds,

which

think

not

well founded premise in the

its

success

light

financing

Further, this
superimpose

would

revitalized

—

charged—FNMA,

wm. h. tegtmeyer & go.
39

SO. LA

other

become

(3)

measure

this

direct

Phone

provisions

super¬

Iowa

livestock

;

Skil Corp.
•

Federal

urged

of these

tions

and

these

new

million.
ance

savings

CG 625

see

bills

This

purchase
is

but

further

ness,

and

with

stock

the

inject

funds

into

$200

continu¬

established trend,

does

charter new
loan associa¬

associations up to

Government
so

wholly
corporation,
as

years'
with

gov¬
em¬

purchase loans of 40

maturity, and to contract
private lenders to initiate

Smith

pletely undo the constructive and
effective

plan

working
ance

which

toward

of direct

the

has

been

discontinu¬

lending of Federal

funds in competition with private

enterprise; and toward the elimi¬
nation

Smith

5.2

I8I/2

6.8

1.55

201/4

7.7

1.00

2.60

5.8

Chemical

1.25

21%

5.7

1.75

501/4

3.5

6.5

(S.

Turbines

soda

valves

French

Labs.

Pharmaceutical manufacturers

Snap-On

5.3

•

fountain &

Morgan)
and

Smith Kline
i

fruits and flavors

cream

Smith

(J. Hungerford) Co.__

Manufacturer

ice

Co.

Tools

■:?

Corp
distribution

and

1.80

273/4

f0.93

221/4

mechanics' hand service tools and

items

Sonoco Products Co.

4.2

Paper and paper specialties
'

South Carolina

National

Bk.

So.

f2.22

(Charleston)

3.1

0.75

137/s

5.4

0.70

151/2

4.5

1.00

141/2

6.9,

2.00

391/2

5.1

1.00

5.3

1.00

4.3

3.00

1.00

228

0.4

1.60

4.6

1.04

211/4

4.9

fO.525

12%

4.2

Co.

2.10

States Tel. Co.

1.12

193/4

5.7

1.00

22%

4.5

1.00

193/4

5.1

1.00

18%

5.5

1.20

2.2

2.00

3.1

103

2.00

41%

4.8

11-33

26%

5.1

1.80

561/2

3.2

1.00

6.7

4.00

5.9

0.70

11%

6.0

5,4

California Water Co.,
electric

and

FNMA

ice

Southern Colorado

interests,

Power

Electricity supplier

Southern

Franklin

Process

Co.
Yarn

So.

___

dyeing

New England Tel.

Communications

Southern

Co.

Oxygen

Compressed

Southern

gases,

Union
gas

Co.

services

etc.

oxygen,

Gas

production

and

dis¬

tribution

Southern

Co.__

Weaving

Southland Life Insurance Co.

taxpayer-

■r

Southwestern

Corp

Drug

Wholesale drugs

Southwestern Elec. Service
Electricity supplier

Southwestern

Life Insur.

th£

insurance

mortgage company, and
savings and loan association hands

company,
—in
ment

other
out

words, taking govern¬
of the home mortgage

business.

314 N. BROADWAY
of

Further, through its stimulation
direct lending to veterans, it
purpose'scnd'kill
on

page

1.1

Operating public utility

Speed Queen Corp._
Manufactures home laundry
equipment

Speer Carbon Co.
and

Carbon

—

graphite products

Spindale Mills, Inc
shirtings

and

dress

goods

Sprague Electric Co._
Electronic components

Springfield F. & M. Ins. Co.
Diversified

insurance

Springfield Gas Light Co
Massachusetts

operating utility

Staley (A. E.)
Processes

Mfg. Co
and

corn

soy

beans

Diversified

insurance

Yarns' and threads

Standard
Screws

Co.

Screw

and

machine

screw

products

Stange (Wm. J.) Co
Food

colorings

and

seasonings

Stanley Home Products, Inc.
*13
(Voting)
Brushes

and

2.20

mops

would defeat the

Continued

200

Non-participating life

Standard-Coosa Thatcher Co.

of its capital stock into

banks,

5.9.

Non-participating life

Standard Accident Insur. Co.

bindings

tapes and

100%

301/2

1.25

fertilizers

supported Federal agency by the
ultimate transfer of ownership of

ownership

105 W. ADAMS STREET

1.60

4.5

Afric.

Chemical

Yarn

This would most certainly com¬

ST. LOUIS 2

2.0

Sales, financing and personal loans

and service loans.

CHICAGO 3

_______

Southwestern

powered

BANKING

0.15

Southwestern Investment Co.

in direct competition

ernment-owned

66 YEARS OF INVESTMENT

fl.03

31/4

market

but

busi¬

(4) FNMA (Fanny Mae) would

SINCE 1890

Federal
our

us.

be reestablished

Stifel, Nicolaus & Co., Inc.

6.2

Corp

tools

Portable

Natural

shall

law.

Teletype

fact,

The Home Loan Bank Board

would

Financial 6-2363

0.20

beer

Sivyer Steel Casting Co

Fabrics,

SALLE STREET

CHICAGO 3, ILLINOIS

Miscellaneous paper products

Water,

government lending agency upon

Write for Circular.

5.0

operating company

years.

66"

Sioux City Stock Yards

FHA-approved mortgagees.
This suggests that private enter¬
prise has not provided adequate

the
sustained housing boom of recent

financing throughout the period

A moderate sized bank growing at

5.2

1.60

Operating public utility

mortgage loans to eligible

borrower, or commrbyto purchase
participate in loafrs made by

*No

381/4

7.0

Sierra Pacific Power

and

1952

211/2

2.00

10.0 V

goods

Brewing

"Brew

Manufacture

Authorization of a. middleincome housing program,by estab¬
lishing a National Mortgage Cor¬
poration with lending authority of
$1 billion ($2 billion after 1957)
to make

1.50

ophthalmic

Seattle

"Ranier"

(2)

Total

;

Castings

by statistics of availability of ap¬
propriate units otherwise—and of
course
it
raises
the
interesting
question of what is low income

the chicago national bank

Malting Co.
'

cost.

enterprise

and how

1.40 /:

6.3

Rochester, N. Y. department store

the fol¬

(1) A low-income housing proof 200,000 public housing
units annually. This would appear
to remove this potential from the
and may or may

line

gram

private

Telephone STate 2-6001

241/2

Optical Co

Sicks'

get

taxpayer

greater

14.3

191/4

hoists

and

cranes

General

public, vet-^

nonveteran,

1.55

Sibley, Lindsay & Curr Co.__

Among the provisions

request

Electric

Shuron

«;

which

2.75

r/' v;.~y

Shepard Niles Crane & Hoist

money for home construction or
purchase, but largely at the ex¬
pense of volume written by pres¬
ent
private
enterprise
sources,
and, we think, at greater qverall
risk

Vulcanizers

proposals of Senator Leh¬

with

6.3 /

'■

Shaler Co., Class B

banking

lowing, paraphrased:

LEASON

6.1

Fishing reels, rods and lines

would definitely increase the

eran

Common

Exploration

Senate

ease

Common

Co., Common

Dynamics Corp. of America, Preferred

Manabi

0.60

Shakespeare Co.

private enterprise. I shall try
myself to those parts

New

31,:

1955

161/2

Beverage

confine

Corp.,

Dec.

"Seven-Up" beverage

ideology em¬
writings is not in

present-day

Mercast

1.00

Seven-Up Bottling Co. of Los
Angeles

in those

tinuance

Lines,

1955

Seven-Up Bottling Co

all respects conducive to the con¬

Air

Dec. 31,
1955

31,

Paynts. to

S. 3159 introduced

and

Senator

braced

Lone Star Steel

Dec.

policy

individual opinions, I
do
that you review carefully

urge

Transocean

tion

Ba-ed

Surveys for oil and gas industries

SWIFT, //£#/:£ <£ co.

Co.,

12 Mos.to

Seismograph Service Corp.__

However,

Oil

Quota¬

Years Cash

Mortgage Liberalization Proposals

your

Husky

% Yield

Extras for

secutive

mortgage terms. That

opinion.

1926

Aoprox.

Including

personal opinion and is not

SINCE

MEMBERS

Cash Divs.

No. Con¬

OVER-THE-COUNTER

Largest market

world's

GIMoitgage

CHICAGO

•Details
♦

ns£ complete

AHlncfod'

fri-r

efor»1r

'fo.possible longer record.

Hiviripnrie

cnllfjB

Number 5522

Volume 183

(1723)

The Commercial and Financial Chronicle

tinue$;from

WORLD'S LARGEST MARKET sySWSfif

they

tinuance
Approx.

secutive

12 Mos.to

Years Cash
Divs. Paid

Dec. 31,
1955

1955

4.00

63%

6.3

*31

1.40

41 y2

3.4

Finance Corp. " 25

0.70

15 y4

4.6

Stanley Works

•

Loans and finance

Southern States

tion

Dec.

mortgagors through functioning of

3.80

flO.50 $270

ing

the

(Richmond)

equipt.

Aircraft

Stifel

and

heating

textiles

Coal and timber

.>■ •-:.-1'

Restaurant

5.6

f0.58

29%

Writing paper

f 1.20

13
-

5.0

have been

review

•

Consecutive

Cash

Dividend

straightfoward

our

best

what is

Second Table Starting on Page 60

discussing is

advice

for them

Terstegge

Wholesale

hardware

Co
,

1.25

15
.

high-priced,

1.60

time from

4.8

Struthers Well Corp.._.__.__

drilling
equipment for oil wells

191/2

1.20

television set to

over

6.2

Life Assurance

Life.

Also

large

320

4.00

recent

"Wall

entitled

1.3

Street

Journal"

Abuses

ing

5.6

has

cropped

FHA

mortgages; it
only limitedly in

financing;

and

not

mortgage

market.

article

rates

The

article

2.50

11.4

ment

stagnation
With

increased

31%

1.50

4.8

gram.
on

^Miscellaneous cotton products

down

clamp

greater
fields

demand

guaranteed

funds

for

investment

other

discounting of mort¬
mortgages, and with higher yields
offerings affords a flexibil¬ obtainable in those other
fields,
ity that is demanded in any form
gage

financial

market,

whether

Continued

page

Underwriters—Brokers

Listed & Unlisted Securities

Straus, Biosser
NEW

YORK

STOCK

DETROIT

STOCK

EXCHANGE

•

McDowell

AMERICAN

•

MIDWEST

STOCK

EXCHANGE

(ASSOCIATE)

SOUTH

NEW YORK

STREET

TELEPHONE

DETROIT

KANSAS

SALLE

3, ILLINOIS
MILWAUKEE

ANdover 3-5700

GRAND

TELETYPE

CITY

MT.

RAPIDS

CLEMENS

650

PRIVATE WIRE SYSTEM COAST TO COAST
Retail

T r ad ing

Affairs

alleged

home loan pro¬

Unlisted

Congress to outlaw or regulate
If
that
won't work,

discounts.

Tappan Stove Co
Gras

ranges

•••

24%

1.95

*21

8.0
•

.v.* •

Taylor-Colquitt Co.

dl.40

erans'

4.8

Railroad ties and pole3
♦Details

to possible

| Value

not

mortgage
homes

insurance

longer record,

The

reserve.

held

left

agency

when veterans are need¬

over

quotation of 1955.

represents last published

Dec.

31 figure

available.

ing

mortgage

help

it is said

happened last year."

;

Continued

Trading Department

money

must

Our extensive
to

should not have direct loan money
each

paid on Feb. 21, 1955., '

,
-

not.complete

t Adjusted for stock dividends, splits, etc.■ d Plus one share of TACO Corp. common for

for vet¬
provided
either through direct appropria¬
tions or use of funds in the VA's
more

page

Those words need

weighing, and

Incorporated

one

the

another and with active

same

and

Public Utility

•

other

cities.

trading houses

invite

your

selling inquiries.

A. G. Becker & Co.
INCORPORATED

Russ

60 Broadway

Chicago 3

New York 4

Other

And

•

orders

listed securities. This

120 So. La Salle St.

Investment Bankers Since 1912

Municipal

well

system connects all our offices, coast to coast,
with

buying

Co
company

private wire system enables

give prompt and efficient service

for all unlisted

can and

Building

San Francisco 4

Cities

Industrial Securities

Underwriter: Concord Fund

CdZ/und
Co.

j4.

Specialists in

/j/ Member
New York Stock

Exchange35"

American Stock

Midwest Stock Exchange

Over the Counter

Exchange (Associate)

44 Wall Street

122 S. LaSaKe St.

CHICAGO

BOSTON

Aurora, 111.

Rockford, 111.

Moline, III.

South Bend, Ind.

Flint, Mich.

Nantucket, Mass.

Spokane, Wash.

Kansas

I Vi tYx.

Minneapolis, Minn.

Decatur, 111.

Milwaukee, Wis.

Concord, N. II.

Securities

30 Federal St.

NEW YORK CITY

Quincy, 111.

Omaha, Neb.
Peoria, 111.

Waterloo, la.

Madison, Wis,

Philadelphia, Pa.

Wausau, Wis.

H. M. Byllesby

City, Mo.

Portland, Me.

and

Company

(Incorporated)

Tulsa, Okla.

Lexington, Ky.

than

The lawmakers called

interest

urged the govern¬

in the GI

abuses

operator

Veterans'

House

Jso

was

insured mortgages, and with a

The

avoided.

government

area,

adjustment

develop

likelihood

particular
of

GI Loans," we

Mortgages."

form

were

factor in conventional mortgages.
It is a device to create or main¬
tain

the

bound

timely topic, "Discount¬

Subcommittee

...

Tampax, Inc.
/

0.90

Syracuse Transit Corp
bus

distribution

lent
some

and/or

states:
-

/ Hosing and tires
Local

4.3

distributor

Swan Rubber Co

1.30

origination

Group Urges Credit Ease,

End
come

Wholesale food

monplace

solution.

Abuses

Discounting
from

Quoting

annuity business

Super Valu Stores, Inc

increasing
com¬
quite

desirable

most

But all mortgages are not of equal
value by reason of the individ^
ual security or the type preva¬

mortgaged

"House

Propane gas distributor

Sun

therefore

and

significance.

CHICAGO

Mortgage

tion

home.

7.3

Refining equipment;

Suburban Propane Gas Corp.

the

unreasonably adding to

are

the

mortgages,

feel

their cost for everything they buy

Stratton,

hinges

VA and FHA

which account for the great bulk
of mortgages written, there is no
chance for flexibility through the

"Discounting of mortgages is
subject of broadening applica¬

MEMBERS

they

rates

interest

fixed

care¬

most considered

to them

but

Payers From 5 to 10 Years Appear in the

practice

particularly

owe

Over-The-Counter

its highly
would all

fully proposed changes in lending
practice, for we owe to the pub¬
lic, our depositors, the continued
safety of their funds entrusted to
us for
safekeeping; and we also

2.0

chain

Strathmore Paper Co

law, but it Is in bills now
before Congress. We as bankers
should

development

and

not

*.'■

35%

2.00

•

the

program

What

5.7

\
■

right down the drain.

Stouffer Corp.

0.40

*11

■'•■'"-i-yv ">

Stonega Coke & Coal Co.___
'

devoted

equipment

(J. L.) & Sons, Inc._

Cotton

effort

Government

Federal

successful practical use

2.6

231/4

0.60

directed

well

the

that

items

Steel Products Engineering.

and

part of many in our business

and

1.9

f0.09

Co.__

3.7

block mak-

associated

and

2.15

*34

Manufactures concrete

Voluntary Home
Credit - Program. That
would mean that a great deal of
time

State Planters Bank & Trust

successful

Mortgage
75

dis¬

January:
-

the

practice

mortgages.

statutory

market, which fact is prob¬
ably too little recognized by the usual medium of a freely sliding,
general public. I draw again upon market-determined interest rate
my
remarks
in
Chicago
in -adjustment which we think would

obtained

results

by the bona fide effort of private
enterprise lenders in meeting the
demands of isolated or minority

;

Stearns Manufacturing

constructive

the

"With

money

31,

business,

State Natl. Bank of El Paso_

Co.

That

Loan Future

Paymts. to

31,

building trades, etc.

State Bank of Albany
Loan

Based

Quota¬
Dec.

State

% Yield

No. Con-

Including
Extras for

counting

Cash Divs.

Hardware for

mortgages.

gain particular significance
they are recognized as in¬
dicating alternatives to discon¬

GAINS NEW PRESTIGE

•.

commodities, goods, securities, or

when

page

CHICAGO

PHILADELPHIA

135 South LaSalle Street

1500 Chestnut Street

Telephone: FI 6-4600

Telephone: Rlttenhonse 6-3717
Teletypes: PH 606 & PH 607

Teletype: CG 273 & CG 2860

(1724)

The Commercial and Financial Chronicle

Continued from page

to be in the home

ness

GI Mortgage
Loan Future

and

mortgage busi¬
importantly in the

very

mortgage business for a long

time to
shall

come

but only because we

stay alert to what policy is

John J. O'Brien to

collusion does not
builder, broker, VA

■

exist

among

price more than that 1%.

endeavor to
absorbing the
4% of the discount

should

bank

"The

determine

bought.

are

safeguard

that

With

the

with

mortgages

the

which

Exchanges,

Co., members

York

New

and

will

Midwest
open

the

Mfr.

Equitable Life

difficulties.

Joins

Now, I come to the subject as¬

signed to me—The
GI Mortgages.

for

Future

good. No question about it.
will be great, and
the volume written will be great.
demand

The

written?

The answer is we are all going

SAN

York

Stock

Charles W.

2.50

1.00

16V2

6.1

*10

+0.59

4.5

hf8.88

345

2.6

1.00

3.1

—

Springfield (Mass.)
of

range

Electric

cotton

2.25

5.0

1.25

201/2

6.1

2.00

271/2

7.3

83/4

3.8

products

welding

machines

+0.33

*12

1.00

1.7

2.75

58 V2

4.7

1.00

183/4

5.3

*10

1.75

8.0

1.40

5.0

0.90

6.0

1.20

24Y4

4.9

3.00

3.2

Torrington Mfg. Co

1.00

4.3

2.00

6.7

f0.85

191/2

4.4

1.20

19%

6.2

California

Jewelry and silverware

Time, Inc.
Publishers

"Fortune"

Men's

suits,

Tinnerman
"Speed

San

coats,

etc.

Products, Inc

Nuts"

Titan Metal Mfg. Co._
Brass

and

bronze

rods

Tobin Packing Co
Meat packer

Tokheim Corp.
pumps

Manufactures

wheels and

machinery,

fan

blower

blades

Towle Mfg. Co

Calif.—

members

and

"Life," "Time,"
"Sports Illustrated"

Timely Clothes, Inc

Sterling silver tableware

Seymour, Jr., is now
Co., 45 Mont¬

Street,

drug store chain

Tiffany & Co

Towmotor
Fork-lift

the

Francisco

Corp.
truck

Townsend

Co.

—

Travelers In9. Co. (Hartford)

Trico Products Corp.

(Special to The Financial Chronicle)

Auto

FRANCISCO, Calif.—
Charles B. Dunn and Stanley E.
Ewig

Ex¬

have

staff of Reynolds &

added

___•

Troxel

Manufacturing Co

0.25

Co., 425 Mont¬

20.00

1.08

28%

3.7

3.50

4.5

0.85

7.1

Rubber

775

2.6

utility

and

specialities

•

Details not complete as to possible
longer record,
t Adjusted for stock dividends, splits, etc.
$8.03 received from dividend in kind.

Manufacturers of Paper Products

Albuquerque, N.M.

Year

Austin, Texas
Billings, Montana

Net Sales

Year

1955

Amorillo, Texas

(s)

3.2

Clutches and gears

Earnings Summary

Chicago, Illinois

h Includes

Sales Offices

Colo. Springs, Colo,

4.2

Bicycle saddles

Warehouses and

Butte, Montana (s)

Trust Co. of Georgia

Tyer Rubber Co

2.50

accessories

the

Street.

Distributors of Paper

0.9

Tucson Gas Elec. Lt. & Pwr.

been

COMPANY

SAN

Twin Disc Clutch Co

+0.78

Life, accident, health

CARPENTER PAPER

Boise, Idaho (s)

Wire products

Reynolds Adds Two

gomery

NEBRASKA

2.9

*15

Thrifty Drug Stores

with Dean Witter &

(Special to The Financial Chronicle)

OMAHA,

yarn

Electric and gas

Distributing Activity

Thomson Electric Welder Co.

Exchanges.

Stock

8.5

11.00

(Houston) *32

cotton

Co. of

With Wilson, Johnson

Francisco

130

*48
■

National

FRANCISCO,

gomery

San

6.2

—--

(Special to The Financial Chronicle)

Street.

the

Third National Bank & Trust

With Dean Witter

Aim, Kane

change.

0.80

Third Natl. Bank in Nashville

Trust Company, ViceDon H. McLucas,

New

4.5

Third National Bank & Trust
Co. (Dayton)
*31

and

Salle

Will they be written by

100

Turbines and reduction gears"

Gasoline

SAN FRANCISCO, Calif.—Ray¬
private enterprise and as soundly
mond A. Krober and Duane C.
as up to the present, or will they
be written increasingly with tax¬ Rupp
have
become
associated
payers' money by direct Federal with Wilson, Johnson & Higgins,
lending
and
on
more
liberal 300 Montgomery Street, members
terms?

Illinois

CHICAGO, 111.—David W. Lar¬
has joined the staff of Aim,
Kane, Rogers & Co., 39 South La

—

4.50

Corp

Malleable

Terry Steam Turbine Co

Company, Secretary-Treasurer.

(Special to The Financial Chronicle)

will they be
Two
sound, and by whom will they be
question is

3.5

Richmond department store

Vice-President of Northern Trust

son

It is

The

and

President

portant and helpful facts on the
the
staff of
mortgage
obligation,
and
tells
how to best protect the property, Inc., Harvey Building.
and what to do in case of finan¬
cial

Toledo Trust Co

Bank

BEACH, Fla. —
Orland has joined
Security Planning,

2.00

Thalhimer Brothers, Inc

Continental

PALM

Maxwell

6.5

castings

Makes

Elect New Officers

(Special to The Financial Chronicle)

WEST

I2y4

Textiles, Inc.

Engwis

CHICAGO, 111. — William ; P.
Wiseman,
Vice-President
and

Security Planning

have

who

veterans

Haute

Iron

a yield warranting its pany's board of directors, it has
its funds into mortgages been announced by Ray D. Mur¬ head of the trust division of Chi¬
and so keeping the builder, the phy, Board Chairman.
Mr. Mal¬
cago Title and Trust Company,
broker, the materials man, and lon was formerly associated with was elected President of the Cor¬
A.
G.
indeed
a
big
segment
of the
Becker, Inc., investment
porate Fiduciaries Association of
economy in business."
bankers, and before that with
Chicago at the annual meeting of
Wall Street firm of Wood,
A new booklet, "Pointers for the
the association, March 28.
Struthers & Co.
the
Veteran
Homeowner,"
is
The other newly elected officers
available from Veterans Admin¬
are Clair Furlong, Vice-President
istration offices. It is intended as
With
of

for

0.80

instruments

Manufacturing Corp.

Corp. Fiduciaries

obtaining

guide

1955

Refrigeration compressors, etc.

Wide

putting

scientific

Thomaston Mills

profit, or the broker openly ab¬
John F. Mallon has been elected
sorbing a share of the spread —
with the facts in the open, there Assistant Treasurer of The Equi¬
can
be no well founded criticism table Life Assurance Society of
States
of the bank's, through discount, the United
by the com¬

purchased homes with the aid of
GI loans. The booklet gives im¬

Terre

South Dakota.

1955

Taylor Instrument Cos
Tecumseh Products

Wellington in the states of
Illinois, Iowa, Michigan, Minne¬
sota, Nebraska, North Dakota, and

J. F. Mallon Officer

1955

1954

$74,608,683

$68,060,359

72,767,514

66,494,222

$ 1,841,169

$ 1,566,137

-0-

3,862

Costs, including Taxes

m; mmmmmmmmmm

mmmmm

||n
1
M

Wisconsin Market Place

Dallas, Texas
Denver, Colorodo
Des
El

Net Income from

Moines, Iowa

Paso, Texas

Fort

Grand Island, Nebr.

for

I;?
£?s

Great Falls, Mont.

Hariingen, Texas
Houston, Texas
Kansas City, Missouri

Lincoln, Nebraska
Los

Operations

Preferred Dividends Paid

Worth, Texas

Net Income from

Operations
Applicable to Common Stock

$ 1,841,169

Per Share

$ 1,562,275

$3.01

Angeles, Calif.

$2.56

1
i?

■

OVER-THE-COUNTER ISSUES

Lubbock, Texas
Minneapolis, Minn.
•

Missoula, Mont.

Ogden, Utah
Oklahoma City, Okla.
Omaha, Nebraska
Phoenix, Arizona (s)
Pocatello, Idaho
Pueblo, Colorado
St. Joseph, Missouri (s)

Common Dividends Paid
Per Share

Common Shares

$ 1,130,402

973,443

$1.85

$1.60

611,030

Outstanding,

December 31

IL©1

St. Paul, Minnesota

San Jose, California (s)

Sioux City, Iowa

Topeka, Kansas

!>:•

|:l

Dallas, Texas

Los

Denver, Colorado

Omaha, Nebraska

Angeles, Calif.

San Antonio, Texas
San

Francisco, Calif.

SECURITIES

225

EAST

MASON

San Antonio, Texas

Envelope Manufacturing Subsidiary Plants

INCORPORATED

INVESTMENT

Salt Lake City, Utah

San Diego, Calif; (s)
San Francisco, Calif.

Paymts. to
Dec. 31,
Dec. 31,

Grey iron alloy castings

sent

—

Dec. 31.

Taylor & Fenn Co.-

resident manager.

tton

Based

In addition to
servicing certain
resident dealers in the Chicago metropoli¬
tan area, Mr. Engwis will
partner and Joseph M. Fitzgerald
repre¬

Philip W. Smith, Jr.

12 Mos. to

Divs. Paid

Texas Natl. Bank
M.

Quota-

Years Cash

% Yield

Extras for

secutive

re¬

mu¬

Approx.

Including

both

tailing of

Cash Divs.

whole¬

tual funds.

page

No. Con-

ex¬

saling and

Thursday, April 5, 1956

GAINS NEW PRESTIGE

branch office at 1 Wall Street with

his

shaving

builder

the

Stock

who

other 2, 3, or

John J. O'Brien &

through

results,

which

banker

unwarrantedl,y high appraisal, in
causing the purchaser, the vet¬
eran,
to absorb,
in the raised

perience

Open N.Y.C. Branch

the

indeed

and/or

appraiser,

record

isfy itself that

jrom

WORLD'S LARGEST MARKET

CHICAGO, 111.—A. J. Wiljuns,
guiding our own mortgage lend¬
Vice-President of the Wellington
ing, and because individually and
Company, distributors of Wel¬
through our state and national or¬
lington
Fund,
Inc.,
announced
ganizations we are keeping in¬ the
appoint¬
It was inevitable that a mecha- formed as to what is going on in
ment of E. M.
nism would be set up to make the
Washington
and
are
taking a
Engwis a s a
fixed low-interest-rate mortgage hand
in
having our position — mid-west
repmore
attractive—one mechanism which must be in protection of
r esentative
the public as a whole and not
today is the discount.
with
head¬
"Just a word of caution on this a segment of it—understood with
quarters
in
score.
It must be realized that if respect to what mortgage legisla¬
Chicago.
a
discount is involved, some one tion must be to be sound.
Mr. Engwis
has to pay it.
By law, the vet¬
comes to Wel¬
erans shall not absorb more than
lington with a
1% of it. The bank should sat-

;■

Continued

Engwis Midwest Rep.
For Wellington Fund

MEMBERS

ST.,

NEW YORK

MILWAUKEE

STOCK EXCHANGE

MIDWEST STOCK

EXCHANGE

Volume 183

Number ;5522

X1725)

Commercial and Financial Chronicle

»; The

WORLD'S LARGEST MARKET

Biyth Group Offers

GAINS NEW PRESTIGE

Caterpillar Tractor

inclusive.

1986

Two Canadian Issues

payable
est in

Cash Divs.

Approx.

secutive

Extras for
12 Mos.to

Years Cash
Divs. Paid

Dec.

Quota-

Based

tion

Dec.

31,

1955

Paymts. to

31,

Dec. 31,

1955

Tyler Refrigeration Corp

1J)

ing syndicate headed by Blyth &
Co., Inc. and including 65 other
underwriters, made a public of¬
fering on April 3 of 500,000 shares,

1955

0.60

5.5

Steel display and storage

equipment

Business

value common stock of
Caterpillar Tractor Co. at $68.75

$10

Uarco, Inc.

1.70

4.4

stationery

per

Union Bank of Commerce

*31
16

(Cleveland)
Union Bank & Trust

Union

(L. A.)

Manufacturing Co

Chucks,

Union

hoists,

and

Metal

3.8

distribution

f 1.52

3.9

1.00

5.6

f2.95

5.6

Pitts¬

class

Louisiana,
oil

Crude

1.30

3.7

2.25

551/4

f0.775

1.4

1.70

52%

1.55

40 y2

3.8

Union Wire Rope Co

1.20

I9y4

6.2

1.20

2oy4

5.9

2.60

5.1

Memphis

wire

carbon

and

wire

misc.

tools,

of $5,000,000

bentures, due Feb. 1, 1976, and as
head

placement of

Feb.

dated

and

due

United Printers & Publ., Inc.

retail

year

Inc._ *10

divided

Municipal and Corporation Securities

divisions:

three

into

bull¬

including

graders,

The
the

15y»

1.20

7.7

The First Cleveland

_•

ice,

Car-icing,

6V2

3.1

located

2.40

37V2

6.4

4.00

107

3.7

fl.83

66%

2.8

*46

fO.95

3.2

Diversified insurance

*48

S. Lumber Co

■'•

0.45

Co...

U. S. Potash
Potash

—

57
20

2.60

83V2

3.0

2.00

35%

5.6

notes

The

Consecutive Cash Dividends

MUTUAL

upon

American Thermos Bottle

★

April 16,

Drackett Co.

Baldwin Piano Co.

<j,iWn Art Company
MacGregor Sports Prod.

,,,

Black Claws on Co.

from the offering,

maturity

Paid 19 to 90 Years

FUNDS

notes

1956.

32 y2

fl.43

ing, the Banks will have outstand¬
ing $862,240,000 consolidated

4.4

footwear

Testing Co.—

States

Research and tests textiles,

112

3.50

notes,

3.1

reduction

STOCKS

Richardson Co.

Cincinnati & Suburban
Bell

S. Shoe Corp.

Whitaker Paper Co.

Telephone Co.

BONDS

First National Bank

of Cincinnati

& Wire Co

United Steel

0.75

Oldest

Geo. Eustis

Co.

Investment
24

1.20

6.7

102

(Del.)

U. S. Truck Lines

Cincinnati's

8.3

metal specialties

and

TRADING MARKETS
'

of $16,000,000

from the current total.

soaps,

oils

Wire

CV 444

Upon completion of the financ¬

U. S. Shoe Corp

United

priced at 100%.

plus current funds of the Banks,
will be used to retire $75,000,000

2.9

fertilizers

Women's

dealers.

chemicals and

used

f 1.70

1956 was made

nation-wide group

Net proceeds

National Bank

(Portland)-

15,

securities

of
are

U. S. Natl. Bank

and

Banks,

7.5

eral interests

of Denver

Market
$59,000,000

yesterday
(April 4) through
Everett Smith, fiscal agent of the

Holding company, land and min¬

United States

Oct.

due

and

•

offering

consolidated, noncallable notes dated April 16, 1956

Diversified insurance

U. S. Fire Insurance Co

Teletype CV 443

Telephone PR 1-1571

J-1956

series

and other paper products

cups

CLEVELAND 14

Federal Home Lean Banks 3.15%

paper

U. S. Fidelity & Guaranty Co.

maintained

are

FHLB Notes
Public

envelopes,

owned

Wholly

Pa.

6th Building

National City E.

De¬

England, Brazil and Australia.

etc.

U. S. Envelope Co._
Manufacturer

0.20

Exchange

has six plants in

States

York,

Corporation

Member Midwest Stock

company

United

and

Storage

Corp.

West Seventh St.

Distributors

Dealers

Underwriters

totaled

draulic controls.

Dividend

Cash

chain

Cold

with Samuel B. Franklin

now

& Company, 215

per

Divi¬

stock.

paid during the

subsidiaries

States

are

John

and

per

motor

Greeting cards

Massachusetts

1957

McCor¬

Security

Calif. —Fred
J. Laffey

ANGELES,

Kimball

1956

from

catur, Joliet and Peoria, 111.; Mil¬
waukee, Wis.; San Leandro, Cal.;

United

LOS

Charlesbourg, Quebec, 4%% serial
debentures,

with

now

(Special to The Financial Chronicle)

Town

$1,558,500

Company,

Two With Samuel Franklin

similar

made

group

and

Building.

Brunswick 37/s% sinking fund de¬

dozers, scrapers, wagons, rippers,
snow
plows, and cable and hy¬

Consecutive

United Public Markets,

mick

Province of New

engines and electric sets; and (3)

Payers From 5 to 10 Years Appear in the
Second Table Starting on Page 60

sue

BEACH, Calif.—Charles

Marland

ing alone, placed privately an is¬

tractors,
including crawler
and
heavy - duty off - highway
wheel types; travacators (tractor
shovels and pipelayers); (2) diesel

operating utility

Over-The-Counter

LONG

(1)

equipment

United Illuminating Co
Connecticut

are

rope

United Drill & Tool
Machine

(Special to The Financial Chronicle)

Halsey, Stuart & Co., Inc., act¬

were

$4.04

Caterpillar Tractor Co. is the
country's
largest
producer
of
earthmoving equipment. Products

3.3

Union Trust Co. of Md

High

With McCormick Co.

were

share. The company has
paid
dividends on its common
stock every year since 1914.

common

the

$1.60

Union Planters National
of

U. S. Dollars.

the

for

company

Dec,

equal

dends

4.3

production

Bank

the

$34,773,000,

natural gas

and

ended

town, Ohio
Gas Corp.

provide

portion of the company's capital

Sales

Union Natl. Bank of Youngs-

and

the

31, 1955,
$523,893,000. ' Net earnings

*31

Oil

are

the next four years.

burgh

Union

sale

stock will be used to

year

the

from

requirements, estimated to be ap¬
proximately
$190,000,000 during

poles

Bank

Natl.

share.

new

Manufacturing
___

Union

47%

castings

Co.
Power

par

Proceeds

1.80

Privately by
Halsey, Siuart & Co.

A nationwide investment bank¬

issues

Both

to principal and inter¬

Placed

Com. Sik. at $68.75

% Yield

Including

No. Con-

16.00

381

4.2

Firm

CH 1-4070

Bldg.

508 Tri-State

Inter-city motor carrier

U. S. Trust Co.

United

(N. Y.)

Utilities, Inc

22y8

1.175

EST. 1862

Member

Cincinnati

Midwest

Stock

Exchanges

5.3

Holding company

Universal Match

f0.96

Co—

0.05

3.3

Matches and candy

Univis

Lens

and

Manufacturer

multifocal
and

lens

distributor

opthalmic

1.1
•

Specialists in

blanks

glass frames

eye

Have You Considered

Upson (The) Co
interior

and

Exterior

fibre

22%

1.50

6.7

wall-

ELECTRONICS

,board

Upson-Walton (The) Co
Wire

rope

0.90

Listed and Unlisted

8.2

as an

s0.90

...

2.6

You

Refining

marketing

diversified

group

25%

1.00

3.9

petroleum

CINCINNATI

DAYTON

HAMILTON

ATHENS

CHARLESTON

the shares of

WHEELING

TELEVISION-ELECTRONICS

'products

Utility Appliance Corp
Air

invest in

can

of electronics securities through

Utah Oil Refining Co

conditioning equipment

Valley Mould & Iron

Corp.—' 20

0.20

43%

Underwriters

3.0

f2.50

5.7

Get the

dealer

Phoenix

booklet-prospectus about the

1.00

3.00

6.8

f2.50

50%

4.9

Commodity Exchange, Inc.
Cincinnati Stcck Exchange
Chicago Board of Trade

TELEVISION SHARES
healing

systems

Veedor-Root,

Inc.

Makes counting

322-326

devices

Viking Pump Co

1 35 S. La Sal'e St.
»

1.30

24^

Details

Adjusted

90c

nente

not

115 Broadway

CINCINNATI

Phone—MAin 1-0560

dividends, splits, etc.
cash paid plus a stock dividend of one share of PermaCement, Co. for each 100 shares held.
for stock

Continued

WALNUT STREET

New York 6, N.Y.

NAME

complete as to possible longer record,

Chicago 3, III.

Exchange

2, OHIO

5.3

Rotary pumps
*

Chicago Mercantile

MANAGEMENT CORP.

•

Exchange
(Assoc.)

American Stock Exch.

mail coupon to

3.0

Distributor*

Members Mew York Stcck

Company from your investment

Valley National Bank of

Vapor Heating Corp

—

FUND, INC.

Ingot moulds and stools

Car

Stocks and Bonds

Municipal Bonds of all Types

contracting

General

Investment Medium?

Utah Construction Co

OHIO, KENTUCKY and WEST VIRGINIA

page

Teletype—CI 585, CI 232

address
city

Direct

Private

Wire to Francis

1. du Pont & Co.

The Commercial and Financial Chronicle

(1726)

The

turn

owns

100%

use

modernism, the three

likewise

Railway

traffic.

Coal

exports

were

est.

sharply increased last year, how¬
ever, under the foreign economic
assistance
program,
and
ship¬
ments
to
coal-hungry
Europe

ing

1947-49

Virginian

level while its coal output is
only 2%. The United States is
the
only
source
open
to
Free
Europe to close such a gap.
up

Pocahontas coal is of the high¬
est

quality, particularly for cok¬
ing
for
metallurgical
purpose.
With shipping rates ranging from
$4 to $18 per ton, depending on
the availability of "bottoms," the

Europeans can not afford to buy
anything but the best grade of
coal,

and

product

this

for

the

most

understood

also

Pocahontas

that

which

mines
are

the

formerly a coal cus¬
Britain, has turned to

United

of the

cause

and it

seas,

States

year

coal

volume

be¬

tight situation over¬
reported a month

was

ago that she had
much

already taken

that

from this country

time
as

this

in all

1955.

Virginian, in

with

common

because

the

represents

It has

able.

the

road

been

that

announced

plans to

appropriate

Sewall's

Point, which is the coal

terminal

the

Virginian

emphasis has been
the export coal business

thus far that it might convey the
that this business is

impression
of

out

basic

proportion

coal

so.

The

the

"frosting

which
uted

the

road's

traffic, but this is not
business

export

has

the

only
but

cake,"

nevertheless

contrib¬

largely to the sharp increase

the

road's

and

revenues

earn¬

It is stated that of the 34 mil¬
lion tons of coal exported in
1955,
all but 2 million tons went out of

addition

Hampton Roads, and

ters, and which it delivers largely

over

half of

this transshipment—some 17 mil¬
lion tons—was shared
by the Nor¬
folk & Western and the

The

Virginian.

Chesapeake & Ohio, the

na¬

tion's largest coal carrier, and the

largest

the

roads, is said

three
to

Pocahontas

have

moved

ings in the past
its

year or

shorter

traffic destined for the
to

the

New

York

more.

haul
steel

Central

coal
cen¬

the

Deepwater Bridge, W. Va. inter¬
change at the western end of the
line

has
coal

of
a

the

very

Virginian,

this

the

Walker

being

Jan.

this

Auto

order

1,600

tives

England

industries

cities

and

Philadelphia.

(S. D.)

Co._____

between

effect

for

the

and

the

Table
in

and

2.00

6.7

1.30

27%

4.7

0.80

12%

6.4

0.40

2.7

Book

reduction

same

time
on

metal

Virginian

the

•••-

■

Foundry. 102

working

machinery

paper

and

glass

electronic

_____

devices-:

■

Pretax
29

top

0.60

3.3

275

5.1

14.00

Disinfecting Co.___

0.85

12%

6.9

e0.70

5.0

1.10

16%

6.6

0.80

5.3

*33

2.40

53%

4.5

1.00

18%

5.4

1.40

31%

,4.5

1.10

31%

3.5

4.40

$142

3.1

1.65

5.0

2.20

39"%

5.5

fl-00

2.3

Mich.

Steel

castings

industrial

West

Foundry..

for

railroad

and

use

Ohio

Gas

Natural gas utility

the

West Penn Power Co
Both

operating
ing company

utility

and

hold¬

West Point Mfg. Co

Profit

Weyerhaeuser Timber Co.___ *24

the

manufacturing

West Virginia Water Service

Margin

"Chronicle"

supermarket chain

Wholesale
of

producer

Sanitation products

West

total

page

Radios

West

37.3%,

the

3.3
V

Cotton goods

Sew¬

tend

average

March

5.0

8.0

Textile

''See

and gas

Wells-Gardner Co.

mile

should

Continued

ratios

2.00

springs

Wellington Mills, Inc.___

eight

245

Roanoke

further

5.6

2.00

and

Texas

locomo¬

terminus

This

Class

49%

7.1

Weingarten (J.), Inc.

from

Transportation Ratio which
only 19.6% in 1955 as against

the

2.75

34%

Radio

road's
was

5.1

Webster-Chicago Corp.

lowest
Class

diesel-electric

Point.

1.15

delivery in the latter
part of this year to complete the

all's

0.09

2.00

Makes

for

eastern

4.1

Watson-Standard Coi';¥&U. *12

the

placed

sector

19%

3.0

storage

Watervliet Paper Co

run

electrified

was

road's

0.80

135

the
pas¬

road

New

outdoor

Waterbury-Farrell

factor,

year

among

dieselization

4.00

Wire

Mullens, W. Va.
early in February this year

0.95

and

Bros.

Crude oil

Roanoke west to
and

1.6

Co.

operation

roads.*

58%

•

Trust

Printing papers & allied products

always

entirety its

being

4.5

Paving contractor

Paints

Sand, gravel and lime products

Virginian Railway has the

distinction

f0.49

parts

Warehouses

from Roanoke to Norfolk.

cost

6.0

Warehouse & Terminals Corp.

the 243 mile

;,VV '

Walker Manufacturing Co. of
Wisconsin

period.

has
inconsiderable

service

senger

1950-54

business

0.60

Washington Oil Co

7.7

■-■■

of revenues in the

and

65%

Washburn Wire Co-

road ended in its

1955

5.00

>•= .V.

Iron

one-commodity road as can be
imagined, bituminous coal having
represented an almost even 80%

Passenger

1955

Co._

Bank

Warren

1955

Virginia

(Salt Lake City)

west¬

Deepwater

Dec.31,

• ■;

(Winston-Salem)

just

solid traffic base in its
gas

Wachovia Bank & Trust

shipments destined ultimate¬

land

Warner Co

Dec. 31,

*40

plastics

Warren

The

much

coal

and

der, and then due east to Sewall's

Hampton Roads.
placed

soft

Point just east of Norfolk.
The
only city of any size in between is
Roanoke, Va.
The Virginian is

about

Dec.31,

Ingot moulds and plugs

Bridge, W.: Va. to Princeton on
Virginia-West Virginia bor¬

been

million to add another coal dump¬
er
to
its
Number
2
dock
at

from

Paymts. to

'Years Cash

Kentucky

Tools

the

maxi¬

mileage haul, is most profit¬

Owns
and

end of the line which extends

southward

the other two Pocahontas
roads, is
looking ahead to further gains in
export coal business, which,

mum

the

tion

Based

Virginian

the

mostly

12Mos.to

Divs. Paid

The

road.

Quota-

Virginia Coal & Iron Co

and the New

the

for

served

located

ern

its

Argentina,

was

tomer

part.

The

'■

company

business

haul

% Yield

Extras for

secutive

pro¬

shipments,
going
by
barge
out
of
Hampton
Roads,
consequently also represent long

war

coke

Approx.

Including
No. Con-

These

112

after a lapse since 1948. Manufac¬
1954—
107
101
104
1953—
109
113
119
turing is booming in Britain and
1952—
127
117
118
West Germany particularly, and
it is to our interest to keep it so.
The corresponding 1955 indices
But the crying need is for coal. for the
Chesapeake & Ohio and the
British steel production, for in¬ Norfolk
& Western were 125 re¬
stance, is up 20% over the pre¬ spectively.

Cash Divs.

Boston

Vulcan Mold

To^al

125

GAINS NEW PRESTIGE

turn, sells gas to Hartford Gas Co.

Class I

District

128

and

page

WORLD'S LARGEST MARKET

Vlchek Tool

average

Pocahontas

Railway
1955—

Gas

Thursday, April 5, 1956

supplies
New
Haven Gas Light and Connecticut
Light & Power, which latter, in

100:

resumed under this program

were

the

owner

Boston Consolidated

by the follow¬
of indices of revenues,

Fuel

from

Philadelphia
supplies
the
Works, and is

Gas

sole

Haven

This is shown

table

based

Continued

ducing
subsidiaries
in
Everett,
Mass., and New Haven, Conn. The
Everett company supplies gas to

soft
coal-originating Pocahontas
While the Virginian is the small¬
roads, of
which the Virginian
Railway is the smallest, "never est of the three Pocahontas car¬
had it so good."
With the steel riers, and consequently did less
industry operating at a record in actual tonnage, either for ex¬
level, this might have been the port or for domestic consumption,
case even without an added source
its proportionate gains were great¬

Associ¬
stock

the

Consolidated

million tons to its Newport News
docks.

Gas

which

Co.

Philadelphia

The Virginian

the

Eastern

owner

Coke

Fuel

Corporation which in;
57% % of Virginian Ry.

common.

By GERALD D. McKEEVER

96.8%

owns

Virginian

Railroad Securities

Gas

Eastern

ates

gas;

retails

water

and

showing

ice

Westchester Fire Ins.

list.

Diversified

(N. Y.)

insurance

Western Assurance Co
Fire,

marine,

aviation,

and

auto

casualty

Western

day...
way!

every

in every

Western
Holding

water

and

Massachusetts Cos._
company

Manufacture

for

operat¬

and

sale

forest

products

remarkably strong growth has marked

the

gas,

ing electric utility

Light & Tel.___.___

Supplies electric,
telephone service

history of Indiana Gas & Water Co.,

Details not complete as to possible longer record,
Adjusted for stock dividends, splits, etc.
Adjusted for 50% stock dividend paid Nov. 1. Company is
paying a 20c quarterly dividend,

t Value

Inc. since its organization in

not

last

represents

published quotation

1955.

Dec.

now

figure

available.

September, 1945.

Operating

the soundest of business

■

•

Indianapolis Bond & Share

to stockholders have increased 84%.

i
■"•••

Indiana Gas & Water
Co., Inc. is serving

approximately 99,000 natural

•

principles, customers have increased 59%,
operating revenues up 256% and dividends

CORPORATION
■

INDIANA

120

;

MARKET ST.

INDIANAPOLIS 4.

INDIANA

Telephone MElrose 2-4321

agricultural-

Teletype IP-298

industrial economy.

happy to send

gas

customers in 59 Indiana
communities,
each with a diversified

We shall be

BUILDING

Member Midwest Stock

Exchange

you a copy

of the annual report so that
you can see

the record for yourself.

TAX

EXEMPT

SECURITIES

'I
I

/ts 'Better,., /ts
INDIANA

GAS

WATER

(|)

COMPANY, INC.

Specializing in

INDIANA
r*

MUNICIPAL

DONDS

Number 5522

183

Volume

{Continued from page

WORLD'S LARGEST MARKET
GAINS NEW PRESTIGE
Cash Divs.

Including

% Yield

No. Con-,

Extras for

secutive

12 Mos.to
Dec.

Divs. Paid

Cables

Quo'a-

operating expense ratio was 55%
-as against the Class I average of
75.7%. This latter admittedly re¬

Based on

ticn

Paymts. to
Dec. 31,

Dec.

31,

1955

31,

flected

1955

1>55

Whitaker

Wyckoff

Social

44%

The

4.7

Manufac¬
1.00

5.5

1.40

.23%

6.0

} 19

1.00

12%

8.2

0.75

15%

4.9

Whitin Machine Works

'..i;

the

.v,

Corp.

Cranes, hoists, foundry equipment

Insulated

wires and

31.5%

the

main¬

for

rate

line with the Class I

Columbia

Securities Company,

Cal.—Rich¬
W.

Charles

affiliated

become

with Daniel D. Weston & Co., 140

Inc.,
of California,
225 South
Beverly
Drive.
Mr.
Lazzarino
was
previously
with
Shelley
Roberts

South

Beverly Drive.

Mr. Cottle

previously with J. Logan &

was

Co.

Now With Walston Co.

ratio

the

King Merritt Adds

Virgin-

1,250,860

pany,

(Special to The Financial Chronicle)

LOS

ANGELES, Calif.

Leigh is

formerly

—

Ned

with Walston & Co.,

now

South

550

Inc., 1151 South Broadway.

As
a
result,
per
earnings
on
the
latter
rapidly in
a
period of

Spring Street.

He was

with J. Logan & Co.

Firm
Markets In

•

business such as
enjoyed in 1955 and which
still seems to be in prospect. Tnis
appears to be the best explana¬
sharply

1.4

289

4.00

have

Cottle

and

stock.

'mount

HILLS,

Barbour

($25 par) preferred stock cre¬

cables

Whitney Natl. Bk. (New Or.)

ard

of 31.4%.

debt

mon

BEVERLY

mates considerable leverage for the
-road's $1,250,860 shares of com¬

•

Whitney Blake Co

road's

machinery

Whiting

(Special to The Financial Chronicle)

Calif.—An¬
thony S. Lazzarino and Martin L.
Mclntyre have joined the staff
HILLS,

(Special to The Financial Chronicle)
tan, while not low, is not exces¬
sive, but total senior capital in¬
LOS ANGELES, Calif.—Daniel
cluding the 1,118,200 shares of L. De Rosario has been added to
creates considerable leverage for the staff of
King Merritt & Com¬

stationery & greeting cards

Textile

2.10

turing Co.
-

but

was

average

Paper products and cordage

White

>1955

5.6

Paper

14y4

reduction

some

tenance,

0.80

,14

terminals

and

BEVERLY

Whitaker Cable Corp

Railroad Securities

Approx.

Years Cash

Daniel Weston Adds Two

Two With Columbia

(Special to The Financial Chronicle)

(1727)

The Commercial and Financial Chronicle

...

rising

was

Wichita Union
Kansas

Stockyards

5.00

6.5

•

operator
.<

Will & Baumer Candle Co.__

17%

1.00

5.7:

Willett

-price of Virginian Railway com¬
0.55

(Consider) H.), Inc.__ *16
&

Co., Inc

Supplies for industrial safety,

4.8

and

25%

fl.24

21
etc.

Dividend

Cash

strength of Virginian com¬
probably reflects confidence

Payers From 5 to 10 Years Appear in the
:•

Manufactures

Wilmington
Winters

(J. B.) Co.__

toilet

articles

(Del.)

Natl.

71
■

Trust Co.

Bank

»*r

8.00

(Dayton)

*31

.189

would

1.28
2.75

3.1

257/s
41

•

Loeb, Rhoades & Co.,

New York

Correspondent

ESTABLISHED

to jus¬
This stock

1920

Johnston, Lemon & Co.

dividend

necessary

basis

and 5.6%

4.9

another

and

common

$3 regular divi¬
December,
but
even so,
the yield now, with the
price around 62, i« only 4.8% as
against 5%% for C. & O. common
placed

was

dend

4.2

25y2

0.80

the

the road's

year

tify the present price.
<

Trust

Wisconsin Power & Light___

this

increase

0.50 A.,7%

•

climb

steeper

that

Williams (The)

Western.

earnings

Second Table Starting on Page 60

our

The extraordin-

mon

Consecutive

Over-The-Counter

Carl M.

three times that of Nor¬

over

folk
ary

welding, -refrigeration,

Direct Private Wire to

which, percentage¬

wise, has been over twice the rate
of price gain for C. & O. common

Williams

this year

mon

7.9

furniture

and cherry

Maple

yy7

SECURITIES

WASHINGTON

tion for the remarkable rise in the

Candles and paraffin

MEMBERS

PHILADELPHIA-BALTIMORE STOCK EXCHANGE

UNDERWRITERS

DISTRIBUTORS

DEALERS

last

Southern

Building, Washington 5, D. C.
Bell Teletype: WA 28, WA 95 & WA 509

Telephone: STerling 3-3130

Alexandria, Va.

Branch Office:

for Norfolk & Western.

Electricity supplier

Wiser Oil Company
;.

Crude

oil

and

natural

gas

6.7
•/'

•"••vV;.

pro-

Bunkers Offer "Old

•

duction

WJR

Goodwill

The

Station

Detroit

(Detroit, Mich.)
broadcaster

Spice" Common Stock

10%

0.45

4.2-

underwriting group headed
Kidder, Peabody & Co. and

by
Woodward

Governor

controls

Speed

for

engines

1.80

and

5.8
'

Worcester

County

Trust

•:

•

Co.
14

Wyatt Metal & Boiler Works

2.50

65y2

3.8

(Mass.)

Sheet

Lee

•.

propellers

2.75

6.9-

steel plate

and

Higginson

Metal stampings,

1.25

6.6
•:'

Licorice

Railroad

and

cars

mines

Kentucky

Zonolite

0.65

19%

3.3

0.35

Illinois

10%

0.60

5.9

company

Securities
Local Industrial & Utility

Stocks

proprietary pharmaceu¬

specialties. Both classes of
are
priced at $17.50 per

The

also is offering
certain of its officers
employees 10,000 shares of
A and 10,000 shares of class

comp'ete

and
class

and
.

for stock

Municipal Bonds and Corporate

company

Trading Markets
Retail Distribution

directly to

0.075

1-7

proof building materials

t Adjusted

siock

9.3

dredger

nrt

also pro¬
line of fine organic chem¬

icals and
tical

Details

The

names.

share.

Zeigler Coal & Coke Co

Fire

7.1

equipment

Gold Fields_„

Consol.

California gold

Owns

paste for tobacco

Youngstown Steel Car Corp.
Yuba

4.50

name

ries marketed under various trade

duces

(J. S.)

trade

the

under

Spice," and women's toilet¬

wholesale

plumbing and heating supplies

Young

toiletries

men's

manufacturer
marketed

"Old
York Corrugating Co.__

yesterday

Corp.

(April 4) offered for public sale
100,000 shares of class A common
stock and 100,000 shares of class
B common stock of Shulton, Inc.,

to possible

dividends, splits,

longer

record

etc.

common

page

LYNCHBURG, VIRGINIA
LD 39

5-2527

TWX LY 77

certain recent
acquisitions and for planned im¬
provements and additions to the
used

Continued

STSADER, TAYLOR & CO., INC.

stocky

proceeds from the sale by
the company of a total of 55,000
shares class A and 55,000 shares
class B common stock are to be
The

for

pay

principal manufacturing plant at
NEW YORK

BALTIMORE

Clifton, New Jersey, with the bal¬

I.VSl lSA.X i: STOCKS

The
A

Government

Municipal.Corporate

•

remaining

and

—

Underwriters

—

are

Brokers

clare

Jon> C. Legs & Company

payable

to
S.

Co., New York

Gregory & Sons, New York
Walter C. Gorey Co., San Francisco

Odess.. Martin

Herzberg,

Beil & Hough, St. Petersburg

Clisby &

Inc.,

July,

per

1956

stock, in¬

common

it's

de¬

cents

now

being

Scott, Horner & Mason, Inc.
Lynchburg, Virginia

1955

the

increased

$24,936,456.

company's

(

from

for

net

$12,336,752

Net income during

Corporate Stocks and
*

Bonds

Co., Los Angeles

Moseley &

Revc-l Miller

French & Crawford, Inc., Atlanta, Ga.

North Carolina

Virginia

During the five years from 1951

through
sales

Philadelphia-Baltimore Stock Exchange

the

cluding

American Stock Exchange (Assoc.)

Wires

West

offered.

1899

Members

Direct

being sold for

proposes

dividend

both classes of

New York Stock Exchange

Virginia

of two selling stock¬

company
a

Established

class

holders.
The

Dealers

stock

common

funds.

55,000

the account

Securities

general

company's

the

proceeds to be added

of the

ance

Louis C. McClure & Co., Tampa, Fla.
Birmingham

and

Tuscaloosa,

Ala.

Sellers, Doe & Bonham, Montgomery, Ala.
Company, Macon, Georgia

the

same

134

$2.05

$2,283,127,

per

dividend
the

period

from $778,-

rose
or

from $.71 to

after

requirements

outstanding

the proposed

offering.

preferred
based
prior

Unlisted Securities

Municipal Bonds

The Commercial and Financial Chronicle v.

(1728)

most

Continued jrom page

equalling the all-time high estab¬
lished during the second week of

$400,000,000
the automotive industry mo¬

last week to¬

vehicle output

tor

151,385 units, "Ward's Auto¬

taled

motive

Reports" stated

Friday

values

book

the

according

noted that Ford and

output moved
upward
while General Motors' assemblies

dipped

because
the

for

down

servance

the

Good

steel

est

net

profit,

trucks

week's

domestic

cars

the

past
In the

output.

preceding week 131,237 cars and
23,690 trucks were built. In the
comparable 1955 period 177,295
cars
and 28,967 trucks were as¬
sembled.

New business received by man¬
in
February declined

ufacturers

contra-seasonally,

the

United

States

Department of Commerce
reported, while sales during the
month edged up slightly.
New orders placed with manu¬
facturers totaled
$27,300,000,000.
was

decline of $200,000,000

from

January, but $3,000,000,000
a year earlier.
The department said the decline

above

occurred

entirely in durable goods
industries, mainly in transporta¬
tion equipment.
New orders for
non-durables
the

January

slightly above

were

seasonally

adjusted

rate.

and

last

$26,500,000,goodsin February.$100,000,-

steel

The

going

net

Monday of the current

steel

said

magazine

metalworking
achievement

the
the

performance of 32 pro¬
ducers representing almost 94%
of the nation's ingot capacity and
on

profits

record

1955

28.

record

volume

sales

Federal

The

American

96.1%

capacity
will

ab¬

profits

the

entire

$14% billion,
and 9%

was

1954

over

capacity

sales

record

for

in¬

year

income

taxes

took

Stock

based

1956,
of

the

1955

the

was

week

1955.

annual

tons

Electric

The

Kentucky Municipal Bonds

amount

distributed

Securities

and

Black,

ended

the

Buell

24,

Edison

Electric

This

week's

201/2

5.1

0.15

6.7

0.20

<8.0

1.25

5.7

0.85

5.3

0.50

14%

1.40

16%

systems

•

3.4

tanks

Die

Burnham

Steel

Bryson

0.20
V

Co.___

6.7

6.2

•

0.20

1.05

5.3

0.50

2.9

0.90

45%

2.0

0.85

12%

6.8

0.50

8.3

2.00

6.3

fixtures

Corp.
radiators, etc.

Manufacturing Co
for commercial refrigeration

Camp Manufacturing Co., Inc.
Paper & board,

lumber, turpentine

Capitol Records, Inc

energy

8.3

Products

Machine

Greenhouses,

Week

1956,

wood

Dies, Jigs and

per¬

Phonograph records

light

Carlisle Corp.
Inner

tires,

tubes,

brake

lining, bicycle

etc.

Cascades

decrease below the week

March

1.05

Corp.

industry for the week
Saturday, March 31, 1956,
estimated
at
10,992,000,000

kwh.,
C. KING

Porgings

power

was

7.6

Co.

Sivalls

Buchanan

ended
DEPARTMENT

conveyor

and

Steel

based

electric

91/4

Pumps, tanks and valves

Bush

electric

the

0.70

Cosmetics

ago

Continued

Easter

5.7

Bell & Gossett Co

1, 1955.

Output

tile

Beauty Counselors, Inc

Parts

Long Distance 238

1.20

Holly,

Shoe repair machinery

capacity of 125,828,310

of Jan.

wire forms

and

Auto-Soler

com¬

The

2.0

Baush Machine Tool Co
,/
Drills and boring mills

95.3%.

are

44%

Spring

Mechanical

parable because capacity is higher

capacity

f0.875

Anchor Steel & Conveyor Co.

was

centage figures for 1955

wool

Sewer pipe, bricks,

weekly production
not

4.6

American Vitrified Products.

ago

26%

Inc.
Springs

with

year

rate

1.20

Mineral

American

2,452,000

American Rock Wool Corp.__,

100.0% and produc¬
tons.

3.2

lacquers, etc.

steel

month

10.0

Paints, varnishes, enamel,

1, 1956.

0.55

American-Marietta Co.

capacity of 128,-

of Jan.

1.00

-v.

Large variety of hospital supplies

99.1%

1956

American Hospital Supply

ago.

Operating public utility

begin¬

and

week

weeks

operating

than

CHARLES

1955

Allied Gas Co

equivalent to

ingot

annual

Decline

TRADING

Dec 31,

Inc.

Steel

week

placed at 2,300,000 tons

Exchange

HECTOR W. BOHNERT

Dec.31,

Courses In executive training

de¬

compared

2,462,000

The

LOUISVILLE 2, KENTUCKY

•

Dec.31,

industry's ingot production

363,090 tons

al-

1st FLOOR KENTUCKY HOME LIFE BLDG.

Teletype LS 186

Paymts. to

Divs. Paid

industry

capacity,. and

for

rate

the

(revised)

The

tons

castings

tons

the

1953, according to the metalwork¬
ing authority.
Federal

tion

Based

Alexander Hamilton Institute

steeimaking

entire

average

for

April

99.6%

rise of

over

the

2,439,000
volume

12 Mas. to

Years Cash

future.

and

% Yie'd
Quota-

secutive

This

its

on
near

Iron

for

ning

tax.
Sales

further

any

App'ox.

Including
Extras for

ating rate of steel companies hav¬

earn¬

and

excess

Cash Divs.

No. Con-

Institute announced that the oper¬

increased prices of steel,

ing
for

reasons

10 YEARS

UVHUUHHHHHWUHHUHUUnUiHUVVWM

predicted that the auto¬
industry is unlikely to

was

ease

1953.

are

week

$53.33 in January.

was

mand for steel in the

ings

the

The

of 93% of capacity, the
industry poured 5% more steel
for ingots and castings than in
the previous record steelmaking
average

Other

for

contrast, "Steel's" price com¬
posite on finished steel holds at
$128.02 a net ton.

INCORPORATED

Local

mobile

ip BANKERS BOND

Bell

ton

setting production of steel, the
publication said. Producing at an

year,

over

record-

the

was

"Steel's" price composite
steelmaking grades of scrap
$3.67 in a week.

earnings

the

em¬

boosted

lion.

Contributing

DIVIDEND PAYERS

the

and

mil¬

$637

only

were

Both

went

gross

the actual

Midwest

OVER-THE-COUNTER

Employment costs

March

high

topped the previous 1950 record
of $766.9 million by 43%. In 1954,
net

tion

•

TABLE II

of
the

industry this week.
prices
on
steelmaking
jumped to a record of

ended

based

was

1955.

costs
1954.

the rate

Member

in by their

employees

grades
$53.50

For

■

44.5%

scrap

Scrap

year.

•'

with 54%

Additional proof that the in¬
dustry's heavy business will con¬
tinue through 1956 came from tne

the billion-dollar mark
first
time, "Steel" re¬

The

35%

the end of February.
This was
$700,000,000 above the end of Jan¬

wwwwwwvwwwwwwwwwvwwwwvwwvwww

19.8%.

rose

week.

dustry

of manufactur¬

ported

than the previous month
$2,500,000,000 above February

amounted to $57,300,000,000 at

maga¬

taken

those

made $1.1
profits last year,

industry

over

the

for

Unfilled orders
ers

the

Consecutive Cash

ployment

99.1% of Capacity This Week

sence

Manufacturers sold
000 of
000

stock¬

from 3.2 to 3.6% of

dollar

sales

number

Scheduled

Operations

Steel

assembly

127.780

counted

23,605

This

end of the month.

billion

"Ward's"

GAINS NEW PRESTIGE

col¬

tax

In contrast, employees in the 32
companies received 34% of the

at the

total of $46,800,000,000

; v

steelmaking capacity

from

received

closing

plants.
and

WORLD'S LARGEST MARKET

companies.

rose

Friday

branch

the three larg¬

companies

nation's

the

the sales dollar

ob¬
Buick-Oldsmo-

seven

bile-Pontiac

Continued jrom page

was

than

Stockholders in

into
The agency

Chrysler

the

better

000,000.

last.

The

zine.

year-earlier level by $3,600,Taking seasonal factors
account,
inventory
values
$500,000,000 during February

the

with

doing

holders,

to
their inventory
during February to

the total to $47,100,000,000
end of the month, topping

bring
at

lector

about

added

cents)

producers,.

taxes

income

higher

earlier.

year

Manufacturers

/■;

January.

(7.78

the

for

producers in "Steel's' study paid
$1,037,250,232 in 1955 for Federal

Industry

$9,800,000,000

and

uary

than

slice out of the steel

dollar

left

The State of Tiade and

big

sales

Thursday, April 5, 1956

Plywood Corp

Plywood

according
Institute.

output

♦Details

not

complete

t Adjusted for

declined

possible longer

stock dividends, splits,

recordl '

etc.

142,000,000 kwh. under that of the
previous week; it increased 1,188,000,000 kwh. or 12.1% above the
comparable 1955 week and 2,529,-

000,000 kwh.

Specialists in Securities

the

week

ATKINSON
AND

Car

Loadings Showed Some
Recovery in the Latest Week

of the

Loadings of

Pacific Northwest

the

week

revenue

ended

increased

UNDERWRITERS

over

1954.

freight for

March

11,263

cars

24,

1956,

•

1.6%

•

DEALERS

•

DISTRIBUTORS

above the

DEALERS

preceding week the As¬

sociation

DISTRIBUTORS

COMPANY

American

Railroads

Active

reports.

Loadings

for

the

week

PACIFIC

ended

March

TRUSTS

•

SECURITIES

CORPORATE

MUNICIPAL
SINCE

STOCKS

834 cars, or
&

BONOS

responding

BONDS

1927

National Bank Building

Portland 4,

8-1318

'«

Oregon
-U

•

over

30 years

15.9%
week

above the

cor¬

Inquiries Invited

1954.

ATKINSON

Assembly Plants N *

ami

COMPANY

ffnve&tmenf SPecuutieb

Automotive output for the latest
ended March 30,bl956g ac¬

week

cording
t.

for

S. Automotive Output Cut By
Observance of Good Friday at

Several
u.

NORTHWEST SECURITIES

cars, an

a\j cjCJ

INVESTMENT
INVESTMENT

24, 1956, totaled 697,248
increase of 62,620 cars, or
9.9%
above
the
corresponding
1955 week, and an increase of
95,-

UNDERWRITERS

408 U. S. National Bank

to' ''Ward's- Automotive

Reports*" registered

taperipg off
V

Continued

PORTLAND

on: page

mmMmm

Building
4,

CApitol 6*2458

OREGON

'■

Volume 183

Number 5522

r«1AJ daDl- A9"•■M ;.Jbvftd^E
>.

J> *■>*•* '*■}

Z*"p

■?

»v.n»'-

!('""; ""-"w..-:

-A-'

'<•

•

12 Mos.to

tion

Dec.31,

Divs. Paid

1955

■•' ''

;

mines

Chatham

royalty

IV2

0.69

0.15

equipment

2.00

271/2

(malleable)

1.30

7.6

"Kentucky Derby"

Foil

0.76

1.40

1.5

ing

Color-Craft Products, Inc
Conn

0.40 v

(G. C.), Ltd

manufacturer of band

0.30

3.7

instruments

■

Connecticut Printers, Inc

1.50

;

Freightways,

Motor

1.35

•

34i/2

28,967

March

f0.95

ceding

4.0

communication

f0.29

22i/2

1.3

0.50

11%

4.4

Cooper Tire & Rubber Co.__
Tires

f0.19

4.3

SA 23 & 53

CA 6-4324

Situations In The Southwest

the pre¬

Dun

Brad-

PRIMARY MARKETS

reports.
While this
higher than that of a

Hardware

lor

plumbing

fixtures,;

kitchen

310

cabinets,

refrigerators,

$5,000

Cribben & Sexton
Manufacturer

0.55

domestic

914

5.9

appliances

curred

g3.60

Cumberland Gas Corp

91/2

3.7

f0.80

0.60

fO.33

6.00

8.2

0.60

13y2

4.4

1.20

2.5

2.0

105.9

Display equipment

Coal

Bardelebon
Bituminous

Dean

3.9

Corp.__

coal

(The)

Veneer, iumber and wood products

Delta Air
Air

increased

Steam

6.6

1.90

34%

5.6

0.50

8.7

airline

year

All

0.05

4y8

1.2

construction busi¬

0.25

Resistor

0.40

10%

3.8

Corp

0.40

16%

2.4

& Signal Corp.

f 1.12

Failures
those

Flour

Ornamental Iron

City

Ornamental

1.25

0.90

3.9

91/4

0.15

Sheller &

drop

the

Dun

Gas

Company

Electric Co.

General Minerals Corp.

the

price
for March 27 to $5.89, from
wholesale

Bradstreet

Company

Southern Union Gas

food

5.6

0.50

6.2

—

0.40

5.7

——-

1.00

5.3

1.15

5.5

lard, sugar, steers and hogs. Lower
in
cost were flour, rye, butter,

0.40

4.6

coffee, cottonseed oil, cocoa, eggs

index

Service Co.

Southwestern Electric

week earlier. This was
9.7% below last year's $6.52, and

$5.93

packer of pecans, wal¬

Gamble Brothers, Inc
Lumber

brought

week

Southwestern

represented a decline of 20.6%
the high level of $7.42 on

almonds

nuts and

Western

Oil & Gas Company

Delhi-Taylor Oil Corp.

1.00

Co.

MONAHANS

Canadian Delhi Petroleum, Ltd.

Week

Storage

Dallas, Texas

•

LUFKIN

Positions in

Central Louisiana

moderate

further

3.5

Chicago cold storage

Funsten (R. E.)

while a
in the

England States.

past
Market Cold

Aztec

tinued Moderate Decline of

Gloves

Fulton

Riverside 5471

Wholesale Food Price Index Con¬

9.7

4yi

Arkansas

occurred

States,

*•

ODESSA

We Maintain Trading

prevailed

Preceding

& Co

•

MIDLAND

except in the

decline

metal work

Fownes Brothers

WORTH

equalled or ex¬
similar 1955

Pacific

the

New

FORT

the

est rise from a year ago

Bank

of Trenton

Mercantile Commerce Building

Middle Atlantic,
and Mountain States. The sharp¬

marked

Natl.

SECURITIES CCMPANY

England,

New

Signaling apparatus

First-Mechanics

in all regions

week

5.3

England

ended.

products

Federal Sign

Canyon Mining Company

Eagle Oil

SOUTHWESTERN

regions
reported

geographic

New

ceeded

2.7

Oil

Crude oil production

Electronic

Natural Gas

wholesale

occurred

failure increases in the week just

production and refining

Equity Oil Co
Erie

Petroleum

National
States

The sharpest increases

major

except

Street cleaning machines

Oil

White
White

service lines.

and

appliances

ago.
1955

from

catering

Elgin Sweeper Co
Empire State

Industries

Western Natural Gas

Uranium

Lone Star Steel

had higher failures than a

groups

(C. A.) Co
heating

151/4

Inc.

and

Restaurant

Dunham

1.00

carrier

Houses,

Three

Corporation
City Chemical Debentures

Texas

Lisbon

121

equalled last year's level,
while all other industry and trade

Trucking

Co., Inc.
Motor common

Texas

Gulf Interstate Gas

nesses

Dobbs

Minerals

Great Plains Development

General

108,

Failures among

Chicago

Texas

Corporation

commercial service to 29 from 13.

Lines, Inc

transport

Denver

Tekoil

manufacturing to 55
from 47, wholesaling to 27 from
16, construction to 31 from 24 and
from

Southern Union Gas

rose

failures

retail

South Shore Oil

& Sons

Gas

General

during the week
in all industry and trade groups;
Failures

Glitsch

General American Oil

ceding week.

and overcoats

Darling (L. A.) Co.„__

CALL

Fritz

•

Uranium

Seismograph Service

Uranium

Frigikar Corporation

Liabilities
in
excess
of $100,000
were
in¬
curred by 22 of the failing con¬
cerns,
unchanged from the pre¬

engines

gas

Curlee Clothing Co
Suits

Engine

Diesel and

Sabre

Federal

small failures with

among

liabilities under $5,000.

Operating public utility

;Cummins

193

A slight increase oc¬

ago.

year

Pubco

Fargo Oil

Sulphur

Pinon Uranium

Delhi-Taylor Oil

involving liabilities of
climbed to 225

182 last week and from

from

gas

American

Pan

Canadian-Delhi Petroleum

1939.

Failures

etc.

Ray McDermott

Pacific Uranium

& Gas

Lodge Oil

Beaver

level of

below the pre-war

Exploration

Advance

Aztec Oil

when 237 occurred, fail¬
off slightly from 267 in
similar week of
1954, and

15%
•

Financial Corp.

Industries, Inc.

Texas

from

the

products

corresponding date two years

Texas National

Petroleum Company

ago.

Genuine Parts Co
Auto

Higher in

parts distributor

week

Goodall Rubber Co
Hose, belting and packings

Gordon

Foods,

Inc

and

Manufacturer

Goulds Pumps, Inc
Pumps and water systems

Auto

insurance

and

Govt. Employees Ins.

distributor

food products

1.00

total

4.5

1.10

eral

1.6

not

t Adjusted
g

York

6.00

250

2.0

the

complete

corn,

Continued

page

States

Natural Gas Company

hams,

MUSCHEH, PIERCE i CO.,

the general trend

Commodity Price Index
Rose to Highest
Level Since Nov. 7, 1952

Midwest Stock Exchange

New York Stock Exchange
American

MERCANTILE

of food

level.

INC.

Member

represents

Stock Exchange

BANK

BLDG.

•

(Associate)

DALLAS 1, TEXAS

Telephone Riverside 9033

Bell Teletype DL 196

Austin, Harlingen, Houston,

Lubbock, San Antonio, Tyler

and DL 197

Wholesale

for stock

wheat,

prices at the wholesale

as to possible longer record,
dividends, splits, etc.* •
Included in the $3.60 paid during 1955 was a $3.00 special divi¬
dend on Oct. 1.
I ►.if
»'
t; I„i '< U*.

Details

Three

wholesale price last

the sumof the price per pound of 31
foodstuffs and meats in gen¬
use and its chief function is
index

to show

for Government

employees only

•

were

lambs.

The

raw

Grace Natl. Bank of New

FOR

Inc.,
was

CORPORATE SECURITIES

MUNICIPAL

were

the

tubes

and

Crampton Manufacturing Co.

I
TEXAS

„

208

SPECIALISTS IN

SAN ANTONIO, TEXAS

year ago

equipment

Alamo National Bldg.

ures

Wire

0
*

263 in the week ended

trom

week,

street,
level

PORTLAND CEMENT

THE FRITO CO.

Increased

Week

Pfds.

LONE STAR BREWING CO.

Midwest Stock Exchange

ago.

year

Failures

week

week the agency

ures rose to

3.9

Coffee, tea and groceries

Cook Electric

LONGHORN
Members

Commercial and industrial fail¬

freight-

Coffee

Com.

COMPANY

In the correspond¬
last year 177,295 cars

6.1

Inc. L„'_

Cook

0.25

HOUSTON NATURAL GAS CORP.

output

truck

and

Latest

'VV-■■■■.••

Warehousing

on page

INDUSTRIES, INC.

loss of 95 vehicles dur¬

week

and

TEXAS

jttt

of cars
151,385

the previous

cars,

Business

Connohio, Inc.

•

total

4.3

Printing and lithographing

Consolidated

127,780 cars,
(revised)
The past

131,287

assembled.
reported
there were 23,605 trucks made in
the United States. This compared
with 23,690 in the previous week

10.0

Continued

ACTIVE TRADING MARKETS IN:

preceding week's out¬

that of

Last

coverings

Top

and 28,967 trucks were

Wall

ing the week.

Co.__

since Nov;

assem¬

decline of 3,592 units

the

showed

4.8

machines

foil

Aluminum

years;

1952, when it stood at 286.44. The

observance

amounted

3,507

Cleveland Trencher Co.
Cochran

below

corresponding -date last year-. , • -^f
7,' V "Ext?n.dlng -the advances of the

than three

put, states "Ward's."
Last week's car output dipped

Churchill Downs, Inc

Trench excavating

with

production

below

7.3

foundry

and

and^\wth 276J6;3 bh^the ^

286:19 V earlier-

highest in more

the ^industry

trucks

units,

^egistered

on. March 23, the

previous week.

week's

3.6

Equipment
5

Railway

the

and

Co.

Friday

estimated

compared

blankets

Chicago Railway

Bradsteet/* IneV

Buick-Oldsmobile-POn-

seven

bled

2.6

Good

Last week

Industry

tic branch assembly plants.

Manufacturing Co.,

Woolen

the

for

basis

Class A

60^

page

in volume due to the closing down

9.2

1.00

from
'*

Ami

rtV->

'•
?;'•',

Paymts. to

Central Coal & Coke Corp.__
Leases

% Yield

Based on

Trust, ctfs.

wells

oil

•:•;.*

•! '.. ?.. Approx.

including

>Hie State of Trade

"®-f''gf

Quota-

>'"V * V A *U; •?' *, >

7 ■'•'

•

.■•■v.,.,
Cedar Point Field
Texas

■

Years Cash

•,-' 't,f';• *f•*-.-1

Extras for

''Secutive
'»

Cash Divs.

No. Con-

,....

...

"•'

-■•-■■

*»s

Continued

AKIIfET
5

•

61.

(1729).

The Commercial and Financial Chronicle

Past

Week

Direct
<

;

The

level

general commodity price
continued to rise last week.

Wires to New York, St.

Louis and other

and Waco

Principal Markets

;

The Commercial and Financial Chronicle

(1730)

Continued from page

the

level

The State of Trade

since October,

wheat

the

pessi¬

areas,

the outcome
bill tended to

farm

new

60,900 bales, from 74,the

800 the week before, and were

supplies of available wheat.

smallest for any

prices again made sub¬
stantial gains with trading fea¬

in March since 1942.

Corn

producer market¬
ings. Oats prices held about steady
with offerings ample for the de¬
Sales of

grain and soybean

the Chicago

Trade showed

Board

the

cessions.

clined

the

some

volume
of

con¬

although

wholesale

coffee

cents

Spot

prices of from 3

liberal

tinued

cocoa

and

mount

advanced

ings

prospect

last

Lard

had

West

comparable

and

Southwest

Northwest

and

Pacific

+3 to +7%.
was

moderate

rise

the

call

and

women's

coats and suits expanded slightly,
the

been

earlier

level

that

Volume

expected.

Hog prices continued upward with

and

was

year

jewelry

somewhat

below

ago.

millinery,

hosiery

apprecia¬

Dec.31,

1555

1955

1.80

year.

Corn

apparel, while pur¬
and

textile

some

lines

Federal

taken from

Board's

Reserve

the like

period of last

in¬

preceding week, March 17, 1956,
decrease of 3%

(revised)

was

3.7

1.26
'

4.3:

Manufac¬
6

14%

4.1

0.25

3.8

0.20

2.7

1.80

1.00

23%

0.80

10V4

1.00

13y4

1.2375

26%

4.6

0.775

15%

4.9

1.00

20%

4.8

0.80

11%

7.0

0.45

working

0.60

metal

Limestone

0.40

25%

and

Co.__:

production

International Correspondence
Schools World, Ltd

Publishing

re-<

technical

International

For the four weeks ended:

reported.

papers

Press

for

Indiana

education

Textbook

Printing,
publishing
schools

March 24, 1956, an increase of 5%
was

3.8

16%

other industries

In the

year.

5
tissue

turing Co.

Presses

country-wide basis
the

sales

stores

Department

fO.Sl

Pulp & Paper Corp.,
and

Hydraulic

level of the previous week.

refining

Kraft

the

3.00

5.6

•,

Class A

home

below

were

in:

gas

Hudson

Summer

Co..

and

6.2

home

study

Interstate Eakeries Corp

For the period Jan.

Baking bread and cakes

Interstate

parts

and

3.4

Engineering

Aircraft

1955.

Corp.

vacuum'

7.8

cleaners

Retail
York

trade

City
the

over

volume

last

New

Interstate Motor Freight

improved,

week

preceding

doubt

some

week,

existed

that

System

but

Common

executives

sales

the

for

with

the

estimated

even.

■

Power Co.
Operating

that

the

weekly

24,

1956,

Ivey (J. B ) & Co

1955,

Department

Jack

ended
7%

General

Leader

Kansas

March

recorded.

was

recorded.

For the

City Structural Steel

rise

16%
60

4.2

3.5

7.3

2.50

fl.10

23%

4.7

1.45

29%

4.9

0.17

7.6

fO.76

plastic trays, etc.

Co.
cement

Kingsburg Cotton Oil Co

above

Cotton

seed, products

•

Kirsch Co

3.6

23%

6.5

Venetian blinds, drapery, hardware

1955.

21%

1.20

Paper plates,

period Jan.

0.75

material

Manufactures

Keystone Portland Cement

1, 1956 to March 24, 1956 the in¬
recorded

1.6

-8

Organization

Keyes Fibre Co.,

change

that of the correspondig period

7.5

Pacific Coast

Kentucky Stone Co.___;

(revised)

/■

Corp

Service station equipment

For the four weeks

ending March 24, 1956,

baking

Kent-Moore

Road

decrease of 7%

Inc

parts for aircraft'

Buildings, bridges and tanks

below

preceding week, March 17,

Heintz,

Kaiser Steel

those of the like period last year.

1956',

chain

store

Jersey Farm Baking Co

Re¬

department

New York City for

period

Precision

decreased

utility

Operating public utility

pulling

the Federal

index,

public

Iowa Public Service Co._____

Board's

store sales

According
serve

week

possibility

7.5

carrier

Iowa Electric Light &

two percentage points short of

motor

sales

last week's volume would fall one

dex

expanded

De;.31,

1955

and

was

moderately in late deal¬
buying spurred by the
that there would be a

De:.31,

sportswear

Although the buying of Spring

Pay-nts to

Spring dresses last week.

for

tion

Hibernia Bank (San Fran.)__.

In the

There

total

larger decrease in pig farrowings
than

utility, electric and

Vermont

for the comparable period of 1955.

prices

year.

Public

would be able to equal the figures

re¬

12 Mos. to

Hubinger Co.

last

week

com¬

secutive

Green Mountain Power Corp/

the

some¬

ended

Bisedoi

gains were reported
in the wholesale buying of Spring

Store

in the period

+9;

Coast

bags, against 329,045 a
ago, and 157,358 bags on the

date

but

levels by the following per¬

Middle

333,376
week

that

centages: New England —5 to —1;
East —4 to 0; South +4 to +8;

con¬

now

1955 week.

trade

1955

ferings, and continued large of¬
fering from producing countries.
stocks

cars

mates varied from the

the United States, a lack of man¬
ufacturer interest in current of¬

Warehouse

new

reported

according to estimates by Dun &
Bradstreet, Inc.
Regional esti¬

lower

stocks

en¬

Wednesday the past week was 2
to
6% higher than a year ago,

their

prices moved

dealers

total dollar volume

The

pound.

cocoa

influenced

announced

promotions

previous week,

parable

the

steadier

cut-back in

the

tail

roasters

was

Noticeable

ported.

mod¬

volume

what below the level of the

week-end.

week-end

additional

similar

that

above

Easter sales

Automobile

moderate

somewhat

was

1955

the buying of women's
Spring and Summer apparel.

coffee prices de¬

Green

Leading
the

against

dollar

total

buying of food

slightly

was

couraged

Some improve¬

moderately

market
at

Quota-

•

1956 to March 24, 1956 a gain
of 3% was registered above that

the week with incentive furnished

protection

Consumer

level.

buying occurred late in

advances and

Period

% Yie'd

Extras for

Years Cish

was

erately exceeded the similar 1955

confined mostly to

immediate needs.

Exceeded

and

spending at retail last week, and

further advances during the week.

Week

Shoppers increased slightly their

Soft wheat bakery flours made

ment

Level

pared with 37,700,000 the previous
and 47,200,000 in the same

were

for

sets

rom

1956, increased 9% above those of

Slightly

App-ox.

Includi-.g
No. Cpn-

dex of the week ended March 24,

Stimulated

Volume

Higher

week

Bookings

with en¬
of March
outstand¬
of 1955-

Easter Promotions Moved

vear.

dining

furnishing

Trade

Cash Divs.

bedroom

chases

1955-crop cotton during
week ended March 16 were

Daily average purchases last week
totalled 42,500,000 bushels as com¬

week last

Loan repay¬

moderate increase.

comparable week

reported at 88,277 bales,
tries at 35,527 bales. As
16, loans were reported
ing on 6,426,600 bales
crop
cotton.
<

continued small

volume

week.

the

by active demand for do¬
mestic and foreign account, and

GAINS NEW PRESTIGE

buying

Divs. Paid

and

suites

ous

The

ments of

tured

futures

the

high and steady the past week and

advances in check.

declined to

continued

mand.

increase

page

upholstered chairs and occasional

over

Trading in the 14 spot markets

reports from Europe,
large decreases in

crop

slight

reported

sustained at the level of the previ¬

Some

Uncertainty

by unfav¬
weather advices hold

and

Winter

from

mistic

retailers

Furniture

from

Thursday, April 5, 1956

WORLD'S LARGEST MARKET

clothing mounted considerably.'

sessions.

buying stimulated

and

children's,^

tables.'

Wheat closed sharply higher un¬

crop

finished
irregular early

Purchases

buying was in¬
agitation for an ex¬
port subsidy and a further taper¬
ing off in the rate of loan repos¬
fluenced

current move.

orable

week.

1955.

prices

following

movements.

prior week, grain prices generally
reached new high ground for the

der

highest

the

reaching

cotton

Spot

strong

And Industry

gilts

Continued

bly. The call for men's apparel
equalled
that
of
the
previous

price of all barrows

average

and

Kroehler

Manufacturing

Co.

1.55

•

Furniture

Kuner-Empson Co.

0.30

7.5

0.40

4.4

(Chicago)

2.00

3.6

Lakeside Laboratories, Inc.__

0.55

18*4

3.0

1.80

29%

0.60

0.40

6.5

0.60

6.3

Food

products

La France

Industries, Inc._-._

Upholstery

La Saxle Natl. Bk/

A NEW NIGH IN TOTAL REVENUE FOR

Pharmaceutical products

Langendorf United

THE 22nd CONSECUTIVE YEAR

West

Coast

baker

Bakeries

Lucky Stores, Inc
Retail

food

chain

6.1

4.0

northern

California

Ludman

For the twenty-second
straight year California Water Service

and

Company has

set

new

of customers served.
the

high in operating

revenue

awning

"Auto-Lok", alumi¬
type

windows,

glass
type win¬

aluminum Venetian

dows and jalousie

and number

doors.

•

Macco Corp.
Oilfield

In 1955 the
company's total income crossed

$12,000,000 mark,

Corp.

Manufactures
num

construction

and

main-

Marmon-Herrington Co.
up

ber of customers served

per cent

from 1954. The total

218,057,

0.40

4.2

kl.05

36%

* 4.2

2.4

Heavy duty trucks

num¬

Maryland
was

tenance

Casualty Co

Diversified

10,123.

insurance

•

Maxson (W. L.) Corp

f0.37

15%

1.40

28%

f 1.17

34%

3.4

Co.___

0.40

1.9

Eagle Oil Co., Ltd.
Ordinary

0.52

3.27'

0.10

2.1

fl.90

39%

4.8

Electro-mechanical and electronics
apparatus

Our business is

providing dependable

growing California communities.

water

service

McCormick

More than 8800 stockholders

Spices
•

and

McNeil Machine & Engineer¬

ing Co.

have

4.9

extracts

share in California's
booming economy.

Vulcanizers

Metals
Metal

Disintegrating
powders

Mexican

CALIFORNIA WATER SERVICE COMPANY

■

374

West Santa Clara Street
San

Jose, California

Property interests

Mission

;

15.9

Dry Corp

Concentrated citrus fruit juices

Mississippi Glass Co
Rolled
*

glass

Details

not

t Adjusted
k A't>>oi'rrh

1955

wire

the

glass,

complete

for stock
$1.05

etc.

possible longer

full

amount

company's quarterly rate is

shown above is

record.

dividends, splits, etc.
the

computed

cash

now

that basis.

dividends

paid

37Vfec and the
—

yield

Number 5522

-Volume 183

j,»

The Commercial and Financial Chronicle

■i

rraMTi

WORLD'S LARGEST MARKETr^-v'i'irr •"'*

fri|

Dartmouth

-1

Study

GAINS NEW PRESTIGE

the report said that all
these,
including
employe#
ownership plans, are valuable methods, it added, "Any pro-*
grams
for
actively
prdmoting
share ownership need to be ac¬
companied by intensive educa¬
tional efforts stressing the long
term advantages of stock owner¬
ship and presenting a balanced
view of the meaning, the reward,
and the risks of shareholding."
of

stock

Stockholder Base

tJiUlftllllUIUCI

vDflMS

"Cash Divs.

•»
*

Approx.

% Yield

Including

No. Con-

Extras for

secutive

12 Mos.to

Years Cash

Dec. 31,
.*1955 :

Divs. Paid

Deploring general jack of stock knowledge and urging inten¬
sive educational efforts, New York business
group and Amos
Tuck School finds broadened stock
ownership handicapped by
Wall Street being too busy to bring in new investors.
Report
shows personal savings flow increased faster into other outlets

Based on,
Paymts. to
Dec. 31,
Dec. 31,
Quotation

1955

Mode O'Day
-

Women's

Moore

children's

and

0.75

Corp.

5.0

apparel

(William S.), Inc

0.25

than into

2.9

Retail chain stores

Morgan

wholesaler

0.40

1.20

7%
24%

4.8

Engineering Co
Furniture

Manufactures

National

American

1.20

0.75

Gas & Oil Corp

3.2

4.7

Equipment

for

oil

and

New England Gas &

fl.00

211/2

4.7

fields

gas

Electric

Association

1.00

16%

5.9

0.50

1.7

Lime Co

1.00

23%

4.2

Norfolk Southern Ry.

1.20

15%

7.7

Fire

Co.___

Northern

Corp.

f 0.72

Refractories

Redwood
and

fir

and

1.15

300

2.0

$0.69

12%

5.4

James P.

$1.98 '

62%

3.2

1.30

27%

4.7

—

0.325

Automatic

3.3

93/4

1.00

7.1

$14

1.00

"Outlets

automatic

5.9

refineries;

soda

and

23% '

4.3

the market value, of all shares list¬

3.8

1.00

143/4

6.8

Pepsi-Cola General Bottlers,
9

$0,475

103/4

4.4

0.925

38%

and

2.4

Silk

Textile

Corp.

1.00

6.7

fabrics

Pickering Lumber Corp
California,

Louisiana

$1.00

7.7

Portis

0.80

1.00

Electric—

Corp

lumber

and

Portland

Steel

Iron

and

Corp.,

Co.,

Cold

1.00

6.3

middle
are

York and Division Offices

and ;

not

for

American

business

wisely investing individ¬
savings.
the

the

report took into
fact

operation

"realistic

...

has

evaluation

short

LET'S LOOK AT THE RECORD

ac¬

M'.I.P.

that

its

indicated
out of

0.20

ers

2.9

time

Our "Annual

0.15

electronic

0.10

4.0

$0.33

3.4

0.20

16%

1.2

were

and

Review of Life, Fire and

Casualty Insur¬

t Earlier Quotation.

formance of 95

not

record.
°

was

desirable

Stock

feel,

able, in part

Dec. 31. 1955 figure not available.

Continued

sure

Exchange mem¬
the report said, that
/ their own plan is not profitable,
while a quarter feel it is profitbers

because it brought

4, in other business.

page

the individual market per¬

issues, for 1955 vs. 1954.

Half

electro

1955" shows

previously."

method.

pro¬

complete as to possible longer
dividends, splits, etc.

Adjusted, for stock

stock

Stocks

seven

survey of Stock Exchange
themselves, the report noted
that only half of the respondents
felt M'.I.P. was proving an effec¬
tive means of broadening share
ownership. A third, of the firms
said it was not, and the remainder

2.3

and

the fact that

10 current M.I.P. subscrib¬

owned

cement paint

development

ance

firms

Co.

not

Private Wires to New

hindered," it also said, "A new
market is not being reached
as

mechanical devices.
Details

Teletype SF 885
*

that

Reeves-Ely Laboratories

Los Angeles

647 South Spring Street
Teletype LA 533

Street

supplying large amounts

While

Bar and bulk candy

♦

count

Storage

Cold

t. c

that

groups

been in

Queen Anne Candy Co

duction

said

income

funds

ual

storage facilities

Research,

Los Angeles Stock Exchange
American Stock Exchange (Associate)

San Francisco

3.4

components

"Bondex"

Midwest Stock Exchange

City

Reardon

DISTRIBUTORS .TRADING FACILITIES

Stock Exchange

300 Montgomery

17%

Electric Co

<•

0.60

house

Co.,

San Francisco

4.5

age Co.
Chicago public refrigerated ware¬

Quaker

•

Members:

promotion
of common

23%

Produce Terminal Cold Stor¬

Electronic

UNDERWRITERS

•

1.05

fields

Pyramid

Company

Corporation

First California Company

Detroit

companies

Corporation

McRae Oil & Gas

6.6

both

Interests

substantial

Owns

Pipe Line Co.

C. G. Glasscock-Tidelands Oil

utility

Cleveland-Cliffs

good market from the standpoint

and

Portsmouth Steel

Company

Corporation

Ex¬

4.4

gloves

General

Electric

mills

Style Industries, Inc._

Hats

Stock

ownership

also

lower

Coast

West

York

holdings

Pope & Talbot, Inc.

little about them.

Texas

and

Ell-

Nevada Southern Gas Co.

by large numbers of per¬
upper income groups and
pointed out that one reason why
this market has not been tapped
is that these persons do not now
own
stocks because
they know

sons

manufacturer

Phoenix

—

stocks

products

gypsum

direct

5.0

temperature controls

Permanente Cement Co
Cement

0.75

Corp.

o n n.

dated with Norman F. Dacey '&

Southwest Gas

example,,

The report endorsed

drinks

Automatic

New

the

For

savings
increased
243%
during the same period. This is
further reflected by the negligible
change in the number of shareholders over that period."

journals

Inc.

dollar
*6

technical

and

BRIDGEPORT,

worth E. Rosen has become asso-

Bank of America.

combined flow of funds into fixed

sulphate

Publishing Co

Joins Norman Dacey
(Special to The Financial Chronicle)

Southern Nevada Power Co.

157%' from the
1937-41 average to 1952 while the

woodpulp

•

stock.

common

chem¬

17th Street.

740

Nevada Natural Gas

long term of years as a
placement of per¬
sonal savings than has investment

1.00

Associates, 114 State Street.

;

medium for the

change increased

bleached

Colo. —Robert
F.
Clayton has been added to the
staff of Harris, Upham
& Co.,

Cascade Natural Gas

have grown more rapid¬

5.4

Penobscot Chemical Fibre Co.,

Perfex

plants

Business

1.00

Voting and Non-Voting—

an-

DENVER,

over a

oil

and

Chairman,

large group
former members
a

FIRM MARKETS
-

savings

1.30

electric

Pennsylvania Engin'g Corp.,.

that

nounced

Club,

Athletic

Greene, entertain-

common

stock

controls

mills;

for

personal

Controls, Inc

Manufactures

committee

ment

California-Pacific Utilities

other than investment in

system components

Leonard

and other, business executives. The

Manufacturer of hydraulic & fluid

Soft

ownership, mutual funds,
of closed end investment
and
other methods by
the investor can own a part

°f capitalist America.

by Project Coordinator
Logan, Assistant Profes-

of Business Administration

Thursday, April 5, 1956,

sell the general

School, the report represents
year of work by 30 Wall Street
executives, investment
counsel¬
lors, officers of commercial banks

time controls

Parker Appliance Co

Penton

year.
Under
stock may
be

report said:

Paragon Electric Co

Mfr.

blocks

can not

supplier

Co._

wSX

the Downtown

anniver-

10th

Tuck

Radio, TV

ical

ber firms

each

acute

M.I.P.

freight; Western States

Pacific Power & Light Co.—

Steel

general pubMc."

5.3

5.8

linens

Pacific Intermountain Exp.

Penn

investments among the

11%

15%

organization's

groups, on the benefits of direct

sor

Electricity

for

0.60

0.90

the

for hringing "new investors" and and cabbage dinner follows,
tbeiAr caP.ltal into the development
of.^me"c.tn buslness', the rep?rt
Harris, Upham Adds
aald' and tbe Pfncipa reason for
(Special to The Financial Chronicle)
tbls.ls and
lac.k of knowledge about
stocks

Five

Present "regular payment the-Exchange would be present.
' t°r increasing stock own- The group s get-together will beership are not meeting the need gin at 4:30 p.m. The corned beef

stock
shares
purchased through regular month- trusts
ly payments of fixed amounts.
which

President

Exchange

Twenty Club, announced that

public, particularly middle income

not the

Stock

and

present

best solu-

Issued

Packard-Bell

large risk

problem that will grow

Plan"

Service

Opelika Manufacturing Corp.

Motor

M.I.P.,

The Stock Exchange is so busy

mining

and

the re"the small

with present customers that mem-

tion to

products

Old Ben Coal Corp

Towels

change, also criticized the Exchange's own "Monthly Invest-

4.4

public Utility

gas

stocks

ment

Lumber

Northwestern Public

Coal

4.1

" ne mvests only ln one lssue'

Education, the Dartmouth
group determined and conducted
their own independent study.
The report released in April to

refractory materials

6.00

Electric

17%

said

If uT invests nnlvTn

Fund

majority

inyestor is assuming

Economic De-

the

and

the

all member firms of the Stock Ex¬

Co.
Redwood

American

in leading companies,"

port

Adult

products

velopment

carrier by rail

brick

the Committee for
5

North American

Rullev Koerner

held

"While
are

Although aided by grants from

Lime manufacturing

Pressed metal

time to

Research Council

New Jersey Natural Gas Co._
Operating public utility

Norris-Thermador

find

can

na*re-"

Business Administration Economic

operating utility companies

Common

significant proportion of the total
volume of business done by the
firms
answering the
question-

Owning investments in several

New England

did not represent a substantial or

bring in the new investor and his
capital.
This paradox is a finding of a
report, "Broadening the Base of
Stock Ownership," by Dartmouth
College's Amos Tuck School of

grade crude oil

National Tank

Anniversary Dinner

that the dollar aggregate of plans

ex-

handful of firms

Pennsylvania

and

gas

42V2

A.S.E. 5 & 20 Club

pansion, but New York Stock Exchange member firms are so busy
serving active customers
in
a
prosperous
period
that
only a

7.3

Toledo

fl.35

Natural

16%

furniture

Bank

business today needs

millions of dollars for future

(Ohio)
National

problem for

Effectiveness of NYSE "Monthly
Investment Plans" questioned.

5.1

Produces mills, cranes, etc.

Morganton

stock which forebodes serious

future business expansion.

Moore-Handley Hardware
Hardware

common

While

Broadening

.'•"•'rvf'/'

(1731)

"".I-Vtev

The report also
said, "It was uniformly reported

Copy available upon request

WALTER C. G0REY CO.
Russ

Building • SAN

FRANCISCO * California
i

Telephone YUkon 6-2332

Teletype SF 573

The Commercial and Financial Chronicle

(1732)

Cash Divs.

Continued

from

page

Approx.
% Yield

Including

No. Con-

Approx.
% Yield

Including
Extras for

Quota-

secutive

12Mos.to

High

River

Welder

1955

Store fixtures,

8.3

Welex

y 1.36

3.50

24%

Myers, Inc.___

6.9

Gordon

Appliance
0.125

Women's

coats

2.5

Fluid

V,:. 8

0.40

Oil

Royal Dutch Petroleum (NY)

56%

1.39

J/.

-:7

Vacuum

cleaner

Foods,

and

Boston

Inc

peanut

18%

1.00

products

5.4

Smith

2.00

8
varnishes

11.1

Fort

Engineering Works

$40

1.50

3.7

Retail

0.40

8.0

Sulphite, kraft and rag

f0.71

23%

Oil Co

0.60

2.7

f0.17

4.00

5.7

f0.91

1.9

5.3

15%

1.1

Manufac¬

royalties

Gas Co.

Sugars, Inc

2.9

1.25

5.0
77>.

Electric Co.

\:.;/7a/v7;"--.'

17%

f0.95

5.5

10%

Public

Service

0.625

11%

Co.

0.80

f 1.36

5.2

1.50

7.9

2.00

50%

4.0

0.65

Paper Mills, Inc._

2.00

100

f
'

0.20

1.50

34V2

4.3

2.25

6.8

characteristic

the

Over-the-

negotiation. If

in price exists

gap

prospect is found, the transaction does not

' ;

"counter"

the

1955.

Electric

Co.

dealer

find

Market

the

thus

opposite. The

has

physical
;

execution

order

for

unlisted

security

Some "counter" dealers sell

directly to invest¬
they may have a
dealer following throughout the country consist¬
ing of retail firms that are always looking for
securities that present good values to sell to their j

complete as to possible longer record,
dividends, splits, etc.
Washington Gas &

negotiation ensues. The mere exist¬
buy or sell order is the incentive for

momentarily—often while the call is progressing.

for stock

Nov.

ence

themselves. In other

ors

and

the Seattle

The dividends show*, were paid

stock.

investor clientele.

cases

3.8

—6

practical matter, though, individuals in
any city of 100,000 or more can frequently pick
up a phone and call a dealer-broker and get an

Midwest

2.00

Southwest Natural Gas Co.—

believed

major characteristic, too, of the "counter"

3.8

Natural gas

Southern
Las

cities), may

limitations.

6.0

steels

effective

Over-the-Counter

Operates Louislawa sugarplantation

Southeastern

are

die. Instead
8
.

the Seattle Gas

after

f 1.55

of the

sellers

and

2.4

Wayne department store

Merger

who

market

(Alan) Steel Co.—

not

individuals

buying or selling interest in the instant
security, or investors who might be induced to
buy.
,
.'i:
The process of constantly seeking out buyers

9.4

0.05

0.75

harbor

Details

(either locally or in other

include

Counter Market.

Cement

t Adjusted

—

Oil

often

producer

gas

Department stores
*

Southdown

1.6

papers

South Texas Development Co.
Class B

"making

Cold finished

3.1

of the country may

parts

f0.78

Younker Bros.

Sorg Paper Co

different

3.8

leaseholds

Wyckoff Steel Co

drug store chain

10%

Integrated steel company

Mining machinery

Sommers Drug Stores Co

dealers

0.40

Wood

know

a market" for a
given unlisted security. Prospects known to the
first dealer, or known to those other dealers he

Wolf & Dessauer Co

Co.
Paints and

of the country

3.9

Operating public utility

Smith-Alsop Paint & Varnish

business

might have a buying interest in a given security.
One, five, ten, fifty or more over-the-counter

contacts

class B——

Wisconsin Hydro

.;.

his

Wiggin Terminals, Inc., v.t.c.

attachments

Shedd-Bartush
Margarine

9.5

all parts

11%

Cement manufacture

2.10

Fixture-

turing Co.

Scott & Fetzer Co.

0.45

Thompson Hold¬

whey

and

inventory positions in the

assume

involved.

Condensing Co

Whitehall

2.5

Affiliated with producers of many
nations

gas

White Eagle

11.4

suits

and

2.9

Thursday, April 5, 1S56

wells

Corp.,

and

Western

appliances

Rothmoor Corp.

Services, Inc

oil

Westbrook
Oil

Heating

2.00

soda fountains

ing Corp.

Corp.

3.0

Lighting systems

Manufacturing motors, fans,

Jet

Welsbach

hoi6ts & cranes, and pumps

Roberts

13%

which other dealers

have

5.6

packager

Leading rice miller and

Robbins &

0.40

Oils, greases and soaps

Services

Rice Mills

1955

Waverly Oil Works Co

production welding machines

Brand

Dec. 31,

1955

0.25

Corp._

Dec. 31,

31,

1955

wish

interest themselves in

Weber Showcase

Resistance

Paymts. to"

Stainless steel

Based on

Paymts. to
Dec. 31,
Dec. 31,

1955

securities

Gas Co.

Washington Steel Corp

tion

Divs. Paid

Dec.

not

Based

Cash Divs.

31,

tion

Divs. Paid

Washington Natural

No. Con-

Dec.

12Mos.to

Years Cash

GAINS NEW PRESTIGE

Years Cash

Quota-

secutive

WORLD'S LARGEST MARKET

Extras for

Difference Between Listed

supplier

Nevada

Power

and

Standard

—

sheetings

ing Co.

Sulphite

bonds

coated

Toch

The

exchange market is often referred to as
an
auction market because a stock exchange
provides a focal point for the concentration of
bids and offerings of potential purchasers and

papers

Chemicals,

Inc.

Varnishes and

0.30

1.2

lacquers

Stern & Stern Textiles Inc.—

0.75

sellers for all securities listed

7.7

Silk, rayon and nylon fabrics

Stuart

f0.99

3.3

39%

2.7

■

Co._

Pharmaceutical

Stubnitz

1.0625

In those

Corp

0.50

13V8

3.8

traded

Suburban Gas Service, Inc.—
*

land

Open-end
•

See

FUND,

mutual

page

0.60

0.86

3.8
2.5

holdings

TELE VISIO N-E L

TRONICS

16%

Tejon Ranch Co
California

0.64

gases

C-

INC.—

investment

11.55

7.4

co.

for this company's advertisement.

Tenn., Ala. & Georgia Ry. Co.

0.75

cases

where less active securities

7.5

Freight carrier

fl.05

31%

3.3

1.40

28%

5.0

on an

jo.39

3.3

0.50

10%

4.7

$0.75

2.9

Operates natural gas pipelines

Thompson (H. I.) Fibre Glass

The Over-the-Counter Market

....

Tobacco Products Export Co.
Foreign

Toro

tobacco

driven

interests

mowers

1.25

35y2

3.5

California redwood

United Piece Dye Works

0.10

4.2

0.70

1.425

13 %

5.2

29%

4.9

Electric public utility

Vanity

gas

Oil

f0.40

13 y4

3.0

1.20

13%

8.7

0.40

8 6

producer

Fair

0.40

4.4

1.50

••

Mills

Lingerie

Velvet
Ice

Freeze, Inc.

cream

Vulcan

Corp.

Wood

heels,

Warner

Machine

bowling

pins,

etc.

Swasey Co

tools,

earth

listed and

some

communicate with

Details

not

Adjusted

X Value

moving

complete

23 y4

6.5

ma¬

tremendous

market for

each

through

on an
An investor need not concern himself with the

intricacies

enumerated

other

private telegraph
their disposal.

instan¬

wires

above, since his dealer-

broker will obtain current market

quotations on
over-the-counter stock or bond, and handle
all details of purchase and sale.
The longer trading day in the Over-the-Counter
Market is often a distinct advantage to the in¬
vestor. On an exchange, securities can only be

any

3:30; in the Midwest between 9:00 and 2:30, and
the West Coast between the hours of 7:00 and

2:30. However, in most instances
ties

in the

unlisted securi¬

be sold any

time between 9:00 and 5:00
Midwest, and on the West Coast it's even

can

longer than that. Dealer-brokers in the Over-theare on the job from 7:00 in
the morning until 5:00 in the afternoon.

Counter Market there

Stock Exchange

Commission Rates

Counter Dealer

When

for you
the cost

exchange-broker executes

order

"net" basis

it is

often than

"as principal" or
termed in the parlance

buys from and sells to
a

!
i

in an exchange-listed stock, he tells you
price as well as the amount of his com¬
on
your confirmation slip. On the other

hand the over-the-counter dealer
not

vs.

Charges

you

of the securities business. This
or

means his profit
price he quotes you and
commission charge shown on his con¬

loss is included in the

there is

dealer-brokers, in
York, for instance, will be doing business
throughout the day with other dealer-brokers in
Boston, New Orleans, Chicago, St. Louis, Denver,

over-the-counter dealer usually
merchant does in other lines of busi¬
ness. In other fields when you buy a set of
dining
room furniture, a fountain pen or what have
you,
the merchant sells it to you at a flat price and
does not add any commission thereto. So with the
"counter" dealer.

Thus many over-the-counter

Angeles, San Francisco, Seattle and other
an integral part of
„their operations dealer-brokers stand ready to
buy and sell substantial quantities of the securi¬
ties they are
"quoting" and maintain inventories
in them. Some firms, of course, choose to act
solely as brokers and not dealers.
cities from coast to coast. As

Because of

to possible

for stock dividends,

represents last

splits,

published

not

can

taneously

chines, textile machinery, etc.
•

making

are

too

Los

Sugar production

Upper Peninsula Power

and

un¬
listed stocks and bonds. Most of

other facilities at

finishing

Utah Southern

are

sold over-thelarge to make a
exchange possible.

are

New

printing and

United States Sugar Corp

Oil

interest themselves in

them

Union Lumber Co

Fabric dyeing,

quite different. Here there

number of dealer firms from coast to coast that

Manufacturing Corp

Power

quick orderly sale

mission
On the Over-the-Counter Market the situation

products

exe¬

sold in New York between the hours of 10:00 and

continuity of any market thus created is
largely dependent upon his financial resources
and his willingness to thus risk his own money.

Natural gas transmission

Texas Eastern Transmission.

Insulation

counter when the blocks

The

Tennessee Gas Transmission.

Co.

over-the-counter dealer to

orders for unlisted securities.

are

exchange, it devolves upon the stock
specialist for each particular stock to create a
market, in the absence of sufficient public orders
to buy or sell, by, in effect though not in strict
parlance, putting in an order for his own account.
In other words, if you wanted to sell 100 shares
of XYZ stock and the specialist had no order from
anyone else to buy that stock, he himself would
be expected to enter a reasonable bid on his own.

Spring seats for autos

Petroleum

auc¬

ity in it.

j products

Greene

it. Genuine

marketing in a security cannot be main¬
tained, however, unless there is sufficient activ¬

Large Philadelphia department
,

tion

Strawbridge & Clothier
store

Many listed securities, too,

Over-the-Counter Trading

Paper Manufactur¬

Standard

sell to

cute customers'

Southern natural gas supplier-

Cloths

exchange firms also deal in over-thesecurities and any that do not must buy

from

and

Newsprint

Spartan Mills

counter

Vegas electricity supplier

Southland

Numerous

available.

longer record,
etc.

quotation of

is
1955.

competition, the spread between the

bid and the asked
Dec

fieure

quite

narrow.

figures

on more

active stocks

In less active stocks the over-the-

counter dealer must find contra-orders if he does

firmation.
acts

just

The

as a

It is true that

exchange commission rates more
are
lower that the profit rates
over-the-counter dealers are obliged to operate
on. An important reason for this is the fact that
often

the

than

not

of the over-the-counter dealer, be¬
frequently necessitating his taking the risk
of an inventory position, include the extensive
searching for matching bids and offers from
potential buyers and sellers.
When a security is taken from the Over-theservices

sides

Number 5522'.'.

IVolume 183

The Commercial and Financial Chronicle

"ounter Market and listed on

sist of mathematical and non-mathematical ele¬

stock exchange,

insights as to the real value of a stock
may be gained by checking such things as its
earnings and dividend records, book value and
liquidating value. But the first three of these are
tied to the past, and subject to the fact that
accounting is an inexact science. And liquidating
value may be largely of academic significance,
if the corporation is going to continue in exist¬
ence. The anticipated future
average annual net
income of a corporation may be capitalized nu¬
merically, but not without reference to many
non-numerical concepts. These include the acu¬
men, initiative, imagination and forcefulness of
the officers and directors of the corporation.
Speculation as to how the present and possible
future products of a corporation will fare on the
markets may be handled numerically only to a

profit trading in it

comparable to the commission charges
lof exchange firms. Though the "counter" dealers'
rates

(profit rates may be somewhat higher, they may
|afford investors "better" prices than the less
(expensive service of exchanges.
Values
For

thing, the basic fact is that the price

one

lof over-the-counter stocks is not swollen by the

premium the public is ordinarily willing to pay
for exchange-listed securities. Then, too, active
listed stocks and the exchange stock ticker sys¬
tem provide a ready vehicle for speculation and
tend to center buying and selling decisions on
short-term price swings in lieu of "real economicvalues. Many apparently buy stocks according to
hoped-for price movement and not for true invest¬
ment
purposes, • their
interest being merely

I "where
The

certain extent.
When

"exchange aucItion-specialist system" I the spread between bid
and ask prices is close or narrow is no indication
that the investor gets good value when he buys
or that the seller obtains a price in keeping with

not do

Intelligent investors are quick to recognize the
fact that prices and values are two totally dif¬
As

pointed out before, the assumption of inven¬
an integral part of the over-thecounter dealers' task.-They must take the initia¬
tive in assuming such positions.
Although they
must be aware of and responsive to the foibles
of their customers, they cannot without unwar¬
ranted hazard buy securities for inventory pur¬

must be

tory positions is

which

eco¬

economic values may appear

somewhat

I elusive, but they are nonetheless real. They con¬

IContinued

from

The so-called "bait advertising"

lis

point. The lack of
adequate servicing for a product,
case

(regardless
uct

may

of how good the prod¬
be, is enough to incense

this

example

of thinking
who know from

men

their

examples

create

efforts

wealth

new

from

will

which

benefit.

And, in this connection, may I And, incidentally, this is how our
free competitive system flourishes.
say that the quality of a product
It may be said that individual
and the quality of the service for
that product emanate from the philosophy is best molded through
the

character

duce

sell

tain

and

who

men

it.

pro¬

Quality in

cer¬

respects is a magical mirror

that reflects the philosophy of the

people who make up the organi¬
"

zation.
.<

>•

■■

■

,-*r- c

••

y-t

/■>

measured

number

When

skilled

hour;
but you cannot buy enthusiasm;
you
cannot buy initiative; you
cannot
buy
devotion of heart,
per

keep in
of

Quality stems from the work of
men. But the word "qual¬

ity"- has been so misused that to¬
day it has little significance with

Certainly, when it is

public.

used to direct attention away

from

defects, it is misleading and dis¬
honest."
,

...

You have

freedom

seen a

whole industry

tive and

society

'new

development

competition.
For example, in

own

busi¬

the

same

price, the market quickly

responded in volume. The success
of

this permeated the whole or¬
ganization, encouraged improve¬
ments in other products and thus
stimulated quality-thinking down

through the entire organization.

are

individual

that

initia¬

moving into
in material

are

pales

that

„

mation,

know

you

auto¬

development

rapid

basis

intelligent

action."

pros¬

people who make
organization. Otherwise,

the

business

that

will

repudiated
by the public and cease to exist.
This emphasizes the
ment

human ele¬

probably the most im¬
portant. Because in this modern
age there must be
a consumer,
the investor and the employee.—
with

and

all human beings, each

are

ideas about
should

ness

the

what

busi¬

be.

Lastly, and in the final analysis,
you cannot divorce economic man
from the social man. I simply can¬
not believe that the people who
man
our
intricate technology in
the

years

inte¬

can

come

and proficient performers
without
some
substantial
creed

grated

beyond their work and their pos¬
sessions.
7 7V

technical problems, the extent of
which will be frustrating to those

deeper.

not

material

the problem goes much

ready for them. Make no mis¬
take about it, this is an age for
new
things, more production for
more people and at lower cost.

could very well
blind us to the exacting demands
of maintaining our civil liberties.
things

The wealth of the Roman citizens
hastened

Profit
In

agement
take
is

considering

must

not

risk. The

Risk

the

be
•

man¬

afraid

of profit

essence

risk.
Our

new,

objective should not be the
instead, in¬

would

from

and progress
stimulates happiness.
It has been said that good man¬
nothing

conduct.

the

em¬

hate

our

now

see

prosperity
become

the

ques¬

years

academic

small business alike
If it

And,
to

leave

in closing,
with you

would

some

our

be thus served.

can

not for the

were

exchanges and Over-the-

Counter Markets, investors of all types would find
it almost impossible to quickly retrieve the capital

they put at the disposal of governments, munici¬
palities or corporations. This is one of the many
reasons
why it is socially important that those
engaged in the investment business thrive. / :

tried

have

major issues

than liberty of

point up the
face. They are all

Finally, if

ment

dedicates

there

itself to

limit

population estimated at 913,000.

This

surmountable.

manage¬
the task,

future

includes

around

area

and

Ohio,
third
largest city in Ohio. A subsidiary
of the company operates a transit
system in Columbus and suburbs.
Columbus,

the

For

pros¬

months

ended

Dec.

31, 1955 the company had electric
and heat operating revenues of
$39,487,000
and net income
of
$6,646,000. w
v.-

great America.

our

Columbus & So. ttltio

(

El. Co. Bonds Offered

Joins Paul Brown Co.
(Special to The Financial Chronicle)

Dillon, Read & Co. Inc. and The
Ohio

Co.

headed

ST. LOUIS, Mo.

investment

Lorch,

banking group which released an
offering for public sale yesterday
(April 4) of a new issue of $12,000,000 of Columbus and Southern
Ohio

Electric

Co.

first

ing,

Midwest

Mr.

mortgage

members

and

Lorch

bonds

They

deemable

under

scaled

prices

are

from

deemable

words of

LOS

at
A.

all

the

102.46

from

the

with

Samuel

Co.

With Richard Harrison
(Special to The Financial Chronicle)

Cal.—William

SACRAMENTO,

of other

sale

Calif.—Byron

has become associ¬
Logan & Co., 210
Seventh
Street.
Mr. Curl

Franklin

dur¬

presently outstanding series
simultaneously redeemed.
Proceeds

Staff

previously

was

fund

101.90%

bonds

York

Exchanges.

recently been en¬

ANGELES,

with

West

ing the 12 months ending Sept. 1,
1970 if

Build¬

New

Curl, Jr.,

ated

in 1985, and are re¬
a whole at the option

company

has

Joins Logan

also re¬

sinking

Stock

was with the local office
Goldman, Sachs & Co.

option of the company at re¬
demption prices scaled from 105.74
in the first year to 100% after

31, 1985.

with

pdst he

the

March

the

r W.
Paul

W a 11 e

(Special to The Financial Chronicle)

redeemable

are

—

now

gaged in another field, but in the

the company of 3.6356%.
The

Jr.

& Co., Paul Brown

Brown

bonds, 3%% series due 1986. The
bonds are priced at 102.738% plus
accrued
interest, to yield 3.60%
to
maturity.
The
issue
was
awarded
at
competitive bidding
on Tuesday at an
interest cost to

are

jHerring has become affiliated
with Richard A. Harrison, 2200
Street.

Sixteenth

of the

bonds will be used to carry on

Joins Walston Staff

the

(Special to The Financial Chronicle)
company's construction program,
including the payment of bank
SAN FRANCISCO, Cal.—Larry
loans which were incurred for ad-" G. Fisher is now associated with
ditions and improvements.
The Walston & Co., Inc., 265 Mont¬

company's construction program
contemplates expenditures for ad¬
ditions and improvements to its
electric

one.

w ^
This Edgar Lee Masters:
"Did it occur to you that per¬
with ethical
sonal liberty is liberty of the
Instead, it is toughness

agement is "tough-minded."
has

hired mercenaries.
R6me fell to the Barbarians.

telligent management of the risk.
progress,

decline

the country to
And

tion

the

pire. They put their leisure and
their luxury before liberty. They
abandoned their duty to defend

avoidance of risk, but
That

obsession with

vital to

are

asset to

mind, rather
the belly?"

of the

I believe that

both exchanges

Savings thereby become
society and not a problem. The beauty
that the capital needs of both big and

1961 to 100%
And yet

contemplate
good reputation.

manage¬

cannot

perity for the
up

the over-the-

remuneration.

ever more

pay

mechanization,
lose sight

great

sure

wherewithal with which to provide jobs for ever
more workers at ever less human effort and at

pects in this

satisfy the investors. In this age

ment

individual dealer you

business must earn
its employees and

course,

profit to

for

atomic energy and jet propelsion
will in
the
near
future impose

•

when we found a process
making
gypsum
wallboard
lighter in weight but with much
greater strength and sold it at

the golden age of Greece
in fact, anything the world
yet known.
V"

ness,
for

future,

the

aspect

and,
has

change: its product standards be¬
cause

the fact

from They
achievements.

considering
mind

That which

devoted

benefitjs

part of the continuing revolution

mind and soul.

the

social

individual

their

movements

and

For, as is well known, you can
buy a man's physical presence in
a certain place; you can even buy
muscular

knowledge of achievement. That
being true, management should
keep its people sold on the eco¬
nomic

the facts and make

on
a

and courageous

the character

is founded in
such

to seize

those facts

refer
how

they and the public will

(the buying public.

one

Through the medium of stocks and
bonds idle capital of individuals, banks, institu¬
tions and the like flows into trade and industry
and makes it possible for business to obtain the

capital

and not toughness of

"Essen¬
tially, it is the attitude and the
qualities and training that enables

Integrity in Business
And Higher Labor Skills

is not necessary

dollars

It is no exaggeration to say that
and the Over-the-Counter Market

For survival he

few years ago,

million

economic life.

heart. To quote William James of
Harvard

large and small stores in
business, so it is with over-the-

doing business with has

in which he is

purpose,

lines

counter firm

determinants of the real value of the

indifferent treatment

to investment values. Just be

His

page

get good

you

for a firm to
thoroughly trust¬
worthy and to have good judgment with respect

taking inventory posi¬
prices cannot consistently be out of
line with real values. Particularly in regard to the
non-numerical elements which go into the mak¬
ing of the real value of a security in which he is
to assume a position, he must, as a general rule,
have knowledge superior to that of the lay trader.
Therefore, an important contribution of overthe-counter dealers who take important inventory
tions.

*
as

counter dealers. It

cognizant of the elements, listed above,

are

securities

nomic values.1
Basic

other

purchases

nomic forces will in due time exhaust his
scene.

com¬

and values from both

inventory positions at prices
values, the eco¬

and drive him from the

unless they take cognizance of basic

Just

out of line with basic economic

ferent things.

own

dealers for the account of their banks and

capital is exhausted.

assumes

over

panies.

So it is with the over-the-counter dealer. If he

habitually

of the country
institution's

own

account do so almost
entirely
the - counter dealers. Investment
officers, of these institutions, too, are continually
buying and selling government, municipal and
corporation bonds and stocks through "counter"

have

consistently

selling their

stock for their

Inventory Positions

the intrinsic value of the stocks he wishes to sell.

poses

after his

buying

through-

regard to basic economic values,
he may at times make money, but sooner or later
he will book losses. And although he may remain
"in the market" for an extended period, he can¬

fact that under the

major insurance companies

when

stocks without

is the price going and when."

mere

individual

Officers and directors of the 14,000 banks and
the

positions results from the fact that their market
pricing must be influenced definitely by intrinsic
corporate value factors. They must stress value
consciousness over quotation consciousness.

ments. Some

>ver-the-counter dealers ordinarily lose interest

|in it, for they cannot make

(1733)

public
service

Street,
and

members of the
San
Francisco

New

York

Stock

Exchanges.

properties of about $26,-

000,000 during 1956 and
000 during 1957.
The

gomery

$28,000,-

operating
utility providing electric
in two areas in Ohio with

company

James B.

Taylor

Taylor, member of the
York Stock Exchange, passed

James B.
New

away on

March 26.

The Commercial and Financial Chronicle

(1734)

Thursday, April 5, 1956

Continued from first page

Bank and Insurance Stocks

By ARTHUR B. WALLACE:

We See

J•

20% from some base period, the fatherly
government
Washington should see to it, if necessary, that the in¬

say,
at

This Week—Insurance Stocks

come

The securities markets, on

balance, have again in 1955 been
the fire-casualty insurance companies. In a year in which

good to

underwriting results, while good, failed to do as well as in some
years, these companies again rang up large gains in in¬
vestments in their portfolios on top of the all-time high totals
they had shown in 1954. These showings include both realized

Stock
Ownership — Dartmouth Eco¬
nomic Research Council—Amos
Tuck School of Business Ad¬

recent

ministration, Dartmouth Col¬

include income from

the

Broadening:

Base

and unrealized

lege, Hanover, N. Y. (paper) $1.
Forecaster

Canadian

bulletin

Weekly
Market

—

Canadian

picture—8 weeks trial subscrip¬
tion, via airmail — $5.00. The
Canadian
Forecaster, Depart¬
ment A, 111 Railway Exchange
Building, Kansas City, Mo.
Economic Survey of Asia and the
Far

1955—United

East

Nations

An anomalous

trend in high
banks

Press,

University

2960

York

Broadway,
New
N. Y.
(paper), $6,

27,

(cloth), $7.50.
Successful

Action:

Executive

excellent gains as well as the companies that

equity-minded.

Specifically, St. Paul Fire and Marine, which has upward of
85% of its assets assigned to fixed income securities (Govern¬
ments, state and municipal bonds, corporate bonds and preferred
stocks) reported a gain in the value of its investments (including
with

Columbia

showed

have long been

any

—

aspect of the data is that despite the downward

grade bond prices in a period when the country's

selling high grades in order to supply funds for the
units that are essentially bond-

were

investors

sity Press, 2960 Broadway, New
York 27, N. Y. (paper), $2.50.

Nations

investments.

voracious loan market, insurance

Publication—Columbia Univer¬

Statistical Yearbook 1955—United

gains in portfolio valuations, and of course do not

realized

some

profits or losses) of $9,279,000 in 1955, compared
$14,069,000 in 1954. It will be argued that the gain included
of the new premium volume for the year; but this totaled

only about one-quarter of the 1955 total gain, and some of it went
balances.

into cash and agents'
But

the

made by companies com¬
mitted to the equities lists. While the improvement in prices of
high grade common stocks was impressive in 1955, results in 1954
were better, with the industrial average doing much better in that
year than in 1955.
/
'
•'
v:":
really

large

gains

results

ecutive

—

Schleh—Prentice-Hall, Inc., 70
Avenue, New York- 11,
N. Y. (cloth), $10.
Fifth

Tin

Its

and

Uses

—

Articles

•

years

$120 millions for Continental Insurance

Company
aend

announced

equal to over $32 a share of the
after adjustment for the 20% stock divi-

even

only recently,

stockholders.

craft and methods of

and as yet not approved by the "
with some 46% of
fixed income media, showed about a port¬
$102 million. There has never been a time

total admitted assets in

pewter wares that can be hard¬
ened by heat-treatment—Quar¬
terly journal of Tin Institute —
Copies on request — Tin Re¬

North America,

pewter foil for basis of handi¬

producing

(equal to $24

share of the split stock); or $160 million in the case of Insurance

outstanding stock

Hartford Fire, another company

folio betterment of

over

in these

companies' affairs when, in
portfolio valuation took place.

Strike

Practice

Vote s—Current

and

Con¬

Proposed

trols— Herbert S. Parnes

—

In¬

Relations

dustrial

Section, De¬
of Economics and

partment

Sociology, Princeton University,
Princeton, N. J. (paper), $3.

bear markets, when they develop, will neutralize
large proportion of these gains; but the philosophy of one of
a
large insurance company still holds:
that in a cycle, each succeeding market high is,
historically, a new
high, and each low a new one. So over an extended period these
companies attain their portfolio growth despite the fact that it

Mortgage

Lending—Com¬

parative

Markets

ence—J.

and

University

Press,
N. J. (cloth), $4.
Voluntary

Experi¬

Morton—Princeton

would be

impossible for them to liquidate their
of equities.

Support

Princeton,

America's

disadvantage.

enormous

holdings

Its Face

|,rv\

study the matter,; the whole idea is.absurd on its face.
point of fact it is a denial of that dynamic, quality of
private business which renders it able to adapt itself to.

changed and changing conditions and thus to serve the
public well. It is interesting, though, to see from official
figures how utterly unrealistic the notion is. Take, first,
the concept as
as

it relates to income. The national

accounts

■

prepared and published by the Department of Com- ;
shows "income

the

over

years?

not.

course

example

The

verv

sug¬

two: In 1929

na¬

originating in manufacturing was $21.9 bil¬
lion, or some 25%. of the total; in 1933 the figure was $7.6
billion or about 19%; by 1941 it had
grown to $33.0 bil¬
lion, or 31% ; and in 1954 (the latest date for which such
a
figure is available) it was $89.9 billion, or 30%. Or

best, with marginals trailing.

again, wholesale and retail trade contributed $13.4 bilb'on
or
15% in 1929; $5.5 billion or 14% in 1933; and $17.3
billion or 17% in 1941. By 1954 the figure was $52.0 bil¬
lion or 17%.. Once more, the railroads of the country

As it makes for better comparability, the per;

tional income

accompanying tabulation gives each company's 1954 and
1955 gain in portfolio valuation, including realized losses or
gains
share figures have been added.

Absurd

Of course, to the observer who has taken the trouble

gestion is absurd. Take

The

in the two years.

deviation is to his

constant

How, for example, could Insurance Company of North America
its nearly a third of a million shares of Standard Oil of
Jersey? An additional point is that most insurance com¬
panies utilize only the better grade equities. It is this group that
back

regularly prepared and
published, for example, by the Department of Commerce.
The concept is,
obviously, a static one so far as the relative
growth or other changes in the various branches of the
economy is concerned. It assumes that there is some period
in the past which is
/'right" in these respects, and that
any deviation from that period or that set of relation¬
ships is wrong or "unfair"—unfair to the farmer if the

Have the shares of each of these industries remained

market

comes

Now let us
notion squares with the statistics of the
various lines of business as now
a

tries to total national income.

New

Urban

feel should be done for the farmer.

originating in" each major industry.
technically defined, but suffice it to say here
that roughly it is the contribution of each of the indus¬

the investment officers of

Union

how such

The term is

Avenue, Columbus 1, Ohio.

to do

see

merce

two-year period, such gains

To be sure,

search Institute, 492 West Sixth

philosophy of farm subsidy is, of
sketchy and is intended as illustrative rather than
all
embracing. It does, nonetheless, set forth clearly and
fairly what it is that the politicians say they are trying

Consider such mark-ups of portfolio valuations for the two

Edward

This account of the

course,

were

in getting ex¬

practical course

of the farmer is

increased by a like amount in the
period of time. This obviously, is a much broader
concept than the earlier one, and has been
put forward
mainly in times of political stress, but, nonetheless, is
still hgard from time to time.
same

^
.

Colleges and Universities:

Sur¬

Received

during

the

nancial
6

East

Aid
45th

17, N. Y.

Education, Inc.,
Street, New York

(paper).

$6.6 billion

Pc Share

Aetna Casualty
Aetna Insurance

1955

19.62

11,583

12.87

10,380

10.38

8,490

8.49

4.22
6.15

3,660

7.85

2,264
8,447
1,068

1,851

___.

8.64

2,357

American Surety
Bankers & Shippers

9.15

17,289

American Insurance

12.34

922

5.66
3.56

its $8.3

billion

9,328

9.33

Continental Casualty r
Continental Insurance^

16,274

8.13

5,375
11,367

1933; $8.5 billion

72,574

14.55

47,546

9 51

Federal

Insurance

12,362

4.58

7,908

2.92

Fidelity & Deposit
Fidelity Phenixj:

4,395

30.99

3,066

7.66

70,877

17.72

46,165

11.54

Fire

Association

7,589

11.16

4,845

7.12

Fireman's Fund

24,696

8.23

12,314

4.10

Firemen's

28,359

14.18

13.328

6.66

8,099

12.46

36,628

12.77

Insurance

Glens Falls Insurance
Great American Insur

4,760

7.32

19,400

6.77

Hanover Fire

4,930

9.86

2,733

5.47

Hartford Fire

49,482

19.79

52,797

21.12

Home

Insurance

59,015

14.75

31,507

7.88

95,205

21.55

Massachusetts Bonding
National Fire*

14.69

2,327

4.65

64,819
1,168

9,594

19.19

National

4,711

9A2

Fire

4,751

7.92

3,142

5.24

Hampshire Fire

4,711

11.78

3,150

7.88

5,551

21.03

3,125

1184

3,194

3.99

Insurance Co. of No. Amer.__

New

Union

Northern Insurance
North River Ins

______

Pacific Fire

Fire

& Marine

13.67

1,406

7.03

20,631

Providence Washington
Paul

8.88#

2,734

Phoenix Insurance

St.

7,108

2.34

20.63

13,112

13.11

2,609

6.52

665

14,069

4.39

9,279

less

8.46

759

3.79

Security Insurance __!

2,422

8.07

369

1.23

9,357

13.37

5,883

8.40

United States Fid. & Gty

16,442

8.03

8,118

3.96

United

10,549

5.27

5,503

2.75

6,786

6.79

2,796

2.80

States

Fire

Westchester Ins.
♦Group

data.

JOn

split

stock.

8.1%

well, relatively

1929: $3.7 billion

or 9 2%
in '
1941; and $16.6 billion or'

speaking, than

of the

some

'£■-i,

others.
.

..'lt

•

;

in evidence. Between 1929 and

from 61.9 to

study price changes,

• ■

■

•

■

similar set of changes is

1933 wholesale orices fell

(1947-49

equal 100); from 1933 to 1941
they rose from 42.8 to 56.8; from 1941 to 1954 they moved
up from 56.3 to 110.3. The changes were, resoectively,
—31%, +33%;, /+94%>. Now turn to individual sets or
groups of prices; Fuel, power and lighting materials de¬
clined 70.2 in|929 to 56.1 in 1933, or 20%. They rose 15%
from 1933 to 1941; they rose another 68% from 1941 to
1954. Rubber and products declined 32% from 1929 to
1933; they

from 52% from 1933 to 1941; from 1941

rose

to 1954

they rose 48%. The course of the orices of metal
and metal products was, from 1929 to 1933, down 24%;
from 1933 to 1941, up 26%, and from 1941 to 1954 up
100%;. It would seem that on the basis of the farm phi¬
losophy of the politicians there ought to be programs to
insure parity to a number of products that do not originate
on
the farms
an
idea which all, we have no doubt,
—

would

recognize

2.90

1,691

___

1.66

Seaboard Surety

Springfield Fire

5.2% in 1929; $1.9
3.6% in 1941; and

5.5% in 1954 is not the only branch of the economy which
fared

5.37
5.68

9.5%

Boston Insurance

2.2% in 1954. Evidently agriculture, with

Per Share

17,662

Agricultural Ins.

billion

(000 omitted)

Fiscal

Year 1954-1955—Council for Fi¬

"originated" $4.6 billion of income,
or 4.8% in 1933; $3.8 billion

GAIN IN INVESTMENT VALUATIONS

of the Sources, Volume and
Purposes of Gifts and Grants

vey

as nonsense.

Change Is Natural
Now

economy such changes as these
motivating forces responsible for the growth of
this industry and the decline of that, and accordingly,
the continued progress of industry as whole in its ability
to meet the wants and needs of the times, however much
are

dynamic

the

they may change. That such factors have been at work
during the past two or three decades is evident enough

•»

^Volume 183

Number 5522

The Commercial and Financial Chronicle

from the statistics.:One convenient

measure

inchca^nii

of such

change is to be found in the number of persons >'
engaged in the various lines of business. • Of course,
mechanization and the like affect

are

of the

some

Had

better

not

begin all
/thinking about agriculture.
1*

■

Continued

from

again with

over

111

our

page

Can the Distribution System
credit; (recently

mortgage

American

and .the

economy

loosened).

American standard of living.

(e) ' High
consumer
inventories, particularly of durables,

kept

But

■

in
■

borrowed

demand

sense:

from the future.

Under

elements of

strength,

-the positive side are:
upsurge in private
investment to be maintained, if

The

(a)

not

accelerated.

(b) The further accumulation
of inventories, with stress on

the

enter 1956.

as we

ratios,

inventory-sales

low

The

(d)

possibility

war-

tax relief.

ranted

in-

The rounds of wage

(e)

which

creases

continue

in¬

the

flationary spiral.

(f) The constant increase in
productivity.
;
Finally, in the words of Mr.
-Sinclair, "the year 1956, as a
whole, will yield the highest eco¬
nomic activity, the largest national output, and the greatest volume
of industrial production this na¬

tion has
-

You

ever

known."

can

the boom side.
^

Distribution's
Can

Productivity

the

wholesaler

expansion that

has taken

will continue to take
the American economy?

place

and

place

Quite frankly, I don't know.
Much

will

depend

upon

his

to
put on wide
lense
glasses and to consider objective¬

^ability

ly, impartially and personally the

changing
As
think

good
it

of distribution.

pattern
as

has

breath-taking

I might
(or
is)
the

and

you

been

of our econ¬
omy has not been matched by the
productivity of our distribution
pace

system.
We
in

example,
will

with

less

cost of distri¬

making it possible
for more
people to have more
things for less money.
Of course, you know that the
New York and New Jersey area
abounds with them; as do most
other places where population is
are

concentrated.

Not

long ago, I went into

of the

14 stores of

firm

one

known

the "Two Guys from

Harrison."
I could have bought almost any¬
thing
our
family
wanted
or
needed, from clothing to toys, to
records, to appliances, to hard¬
ware, to building materials.
To
get it, I had only to wheel out a
cart, as in a grocery market, pick
as

what

I, Wanted

from

com¬

spent

the construction of
nearly 3,000 new super markets.
Equipment and fixtures will add
another $290 to $330 million. This
is 60% more supermarkets than
built last year.

were

ductivity
sources.

ital

expenditures
technology shave

huge

and

cap¬

improved

(smaller.

Automation

thing around the

isn't

corner.

and

some¬

It's here;

and
has been for a long time.
Without it, it would have been a

the

handled;

the

for

reasons

increase

items

num¬

approxi¬

For many of you in
the hardware business this doesn't
like

many

are

items, but

some

bailiwick.

your

the

supermarkets, is de¬
veloping
the
shopping
center.
People have automobiles.
They
need a place to park them. They
are
more
than willing to carry
their own. And, once parked, it's
just like the farmer when he used
to
go to
town in the so-called
good old days. He took the buggy
and
old
Dobbin
to
the
livery
stable
and
then
proceeded
to
handle all of the familv's shop¬
ping needs; even to a few beers
for himself, if he was so inclined.
So,

today

have

centers, and will have

ping centers, and
will

There

New

One

physical impossibility for even 65
•million workers (the largest labor
'force in our history) to have pro¬

duced the millions of cars, appli¬
ances,
television sets, furniture
and
other ' components
of
the

branch

shop¬

and

more.

frills.

more,

fewer

are

than 10,000 dis¬
operating in the

houses

States, according to a re¬

issue

Business

Harvard

Filene's

Branch

the

all

word.

in
It

the
is

usual

department

.wrapping,

sense

combination

discount

bargain basement.

fancy

retail sales.
There would be no

house,

There

store

and on.

and those

be lowered

must

in distribution must

be awake to

the full

implications of our changr
ing world.
First of all, it is not necessary
to view this situation with

alarm.

Perhaps, the first and most im¬
portant mental hurdle to cross is
that of tHe dollar sign and the
percentage point.
The

must be

point

percentage

replaced by the dollar sign in our

thinking
result
s

and

from

that

in the actions

that thinking.

This

applies with equal force
segments of the distribution

to all

chain; the factory, the distributor,
the retailer.
Return Based on Investment

look upon the returns

We must

get in

vestment,

relationship to
rather

than

iri-

our
a

per¬

of the sales dollar.
A
dollar invested in stock
that turns over every other week
centage

are

ac¬

him

display them

how

that

In this distribution revolution,
packaging will assume ever great¬
er
importance; just as it has in

have

the

job of furthering the
advertising- message,
but
they
must be utilitarian, must have a
retail bite, a reason for the con¬
sumer to buy.
Here are just a few
samples of what I

mean:

(1) Sears is now testing a new
package for paint. It contains just
enough for one square foot of wall
area.
The package is a polyethelene celophane envelope. 18 colors

prising
placed

(April 4)

issue of $25,000,Pipe Line Co. 30year 3V2%
sinking fund deben¬
tures.
The debentures, due April
1, 1986, are priced at 100% and
accrued interest to yield 3.50% to

maturity.
The

invest

as we

manufac¬

that scale.

That

scale, just

mass

ture

means

that factories must

more money

packaging,

going one step beyond and elimi¬
nating the card so that the pur¬
chaser

/...

can

the

see

angle.

every

used

product from

(3) Bon Ami,

and

;

product knbwn
is using a
with redi-punched

for

will

from the

and

be made away

store, not inside of it.

Wholesale distributors
to

have

counts, ho delivery.

known

Already it would appear to be a
phenomenal success. It might well
be a turning point in U. S. de¬
partment store-history.
Carson,

phasis

shy

going

from

em¬

away

complete stocks of
that

certainly

will

The old-fashioned

move

the

mer¬

swiftly

consumer.

want-book

or¬

the

pro¬

the

con¬

18-inch

present main pipe lines from Ba¬
ton Rouge, La., to Helena, Ala.
Total

cost

dental

this

line

inci¬

and

equipment is estimated at

approximately
$25,000,000. The
company's present system extends

Louisiana, Mississippi, Ala¬

and into North Carolina and Ten¬

The present expansion program
has been prompted by an increas¬

ing demand for petroleum prod¬
ucts
and

growing out of the industrial
economic, development in the

South..'
Plantation

owned

by Stand¬

ard Oil Co.

has stepped up sales for dozens of

products

year.

company's customers include the
three controlling stockholders and
a number of other leading petro¬

of paper tape that peels off

(4)

The

aerosol

new

tab

easily.

package

you sell.
(5) Vending machines moved
$1.7 billion worth of products last

America's 10 "hottest" products
the
trends
and
drastic

ard Oil Co.

Oil Co. which hold 48.83%,

leum

reveal

The

stock.

common

companies.

The

fund for the de¬
for annual pay¬

sinking

changes in distribution. They are:
package
mixes,
the
"instants,"
frozen
foods,
processed
meats,
automobiles,
recreational
prod¬
ucts, casual clothes, detergents,
children's
products
and
appli¬

bentures provides

ances.

including April 1, 1961 and there¬

The

magic

today -is
ing

not

mean

devices

gins

word

packaging

convenience.

than

this

But

simply labor-sav¬

for

housewife.

the

lated

with

packaging designed to
operational
problems for

retire

calcu¬

1960,

than 97%

are

prior to maturity. They
redeemable at the option of

the

company

the issue

after

103 V2%

and

prices decreasing to the
amount, and are re¬
deemable for the sinking fund at
principal
100%.

convenience be¬

ever,

beginning

ments,

During the five years 1951-1955

of the com¬
increased from $12,—
172,847 to $26,232,478 and gross
You, as a retailer, whether you income before interest, income
like it or not, will inexorably be taxes and income deductions in¬
drawn face to face with facts. You creased from $4,938,522 to $14,should like it. For, significant and 729,845 in the same period.
solve

operating

revenues

have

pany

the wholesaler and the retailer.

important

and

not

over¬

is the fact that retailing
is
not
being supplanted,
it is
merely being changed.

Joins Television Shares

looked,

Just

customers

your

ing changed; by
income
pattern;
mated

$5,000
trend

bracket
toward

be¬

entirely new
with an
esti¬

million

are

families

or better;
population

the

(Special to The Financial Chronicle)

There

will

Joins Wm. R. Staats

the

gage

Hansen

William

but

are

your

life if

you

Whitehall Sees. Adds
Leo Geremartis has been added to thfe staff
of

Whitehall

tion, 80

Mass.

—

Securities

Corpora¬

affiliated with
&

Staats

Ill

Co.,

Joins A. M. Kidder
Chronicle)

Fla. —Law¬
C. Richter is now associated

JACKSONVILLE,
rence

with A. M. Kidder &

Co., 122 West

Forsyth Street.

Joins Hill Richards
(Special to The Financial

ANGELES,

LOS
R.

621

Chronicle)

Calif. —John

associ¬
Co.,
South Spring Street, members
the
Los Angeles
Stock Ex¬
with

become

has

Wheeler

ated

Hill

Richards

change.

Butterfield Adds to Staff
(Special to The Financial

(Special to The Financial Chronicle)

BOSTON,

now

(Special to The Financial

Con¬

you

Street. >. ' '

Sutter

hill isn't going out of busi¬

surprise of

Calif.—Earl

SAN FRANCISCO,
E.

are

still

was

(Special to The Financial Chronicle)

The
people who
are
buying
goods today, and will buy more

the people
who drive automobiles, shop in
supermarkets,
read
advertising
and hear it on television, want
better things but have never had,
and do not particularly want, the
plush store treatment.

Street.

formerly with McDougal & Co.

tration

tomorrow,

Salle

South

135

Corporation,

Management

concen¬

and suburban living and
shopping; by 65 million jobs and
factory take-home pay averaging
$72 a week; by a gradual but in¬
creasing upgrading in the wants
of
the
average
individual.

CHICAGO, 111.—John R. Jamieson is now with -Television Shares

Chronicle)

JACKSON, Mich. — Albert B.
Hammond is now with H. H. But¬
terfield & Co., City

Bank Building.

Federal Street.

Joins Federated Plans

un¬

brands, to place their

chandise
and

are

use

for

327-mile

(New Jersey); Stand¬
(Kentucky) and Shell
27.13%
and
24.04% respectively of the
company's
127,500
outstanding

holes.

the

pipe line for refined petroleum
products which will parallel its

years,

package
They are sealed with

new

in advertising,

pre-store sales
education. Decisions to purchase,
even to the brand to be purchased,

from

struction

nessee."

for the
think
that the only folks who buy and
carry are those who arrive in 10
year old jaloppies.

will
sale

company

ceeds

slide trend in the card packaging
of small hardware items. It is now

ness,

market, yesterday

bama, Georgia and South Carolina

turned only twice a year.

going to have to sell

the

a new

Plantation

tinental and Cadillac trade; mort¬

are

Morgan Stanley & Co.

(2)
The blister, or skintight
plastic housing is already a land¬

produces more profit at 1% than
it
would
at
10%
if
the
stock
We

underwriting group com¬
64 investment firms and

headed by

across

available.

are

Plantation Pipe Line
Debentures Offered

000

Packaging

goods

serv¬

charge

point in go¬

The cost of getting
goods from producer to consumer
ing

show

the public will be impelled to buy.

does

There
count

single

unadorned value.

supermarket,

ices,

store

goods.

shopping

biggest department
America, Filene's of Bos¬
ton, recently opened a suburban
branch in Needham, a Boston sub¬

while it
specialty
$32.90 to sell $100 worth of

then

and

and where to

the department or

costs

super¬

3,000 in 1946.

and

department store
$100 worth of sales

Review; and they account for be¬
tween $8 and $10 billion worth of

market sales have been the

total cost of $11.20,

the

of the

rings

thirds

two

f; poured

unit has become smaller

cent

forth urb*-' But that of itself wouldn't
goods ?1«±. unfteard-of
quantities be news, though it is symptomatic
and unprecedented manufacturings at the trend.
However, this de¬
store
branch
isn't
a
efficiency. The man-hour content partment
per

foot

square

$40

stores in

combination

per

will reach

phenomenal

cases

and

United

going to the supermarket.

One

seem

$76

with

billion

ber

with

store sales

Food

total

customer, sells $700 worth of
merchandise per square foot, com¬
per

for the average

estimated $800
in 1956—

have

doubled, tripled and
quadrupled the pro¬
of our raw materials

home. This firm grosses
$40 million annually.
car
could be gassed up
while I
shopped and if I was
go

over

pared

this year—on

emphasis

some

The

For

With

and the hardware retailer cash
on

production

during the last.
It is already taking place.

thought-provoking fact.

hardware

the

decade

than there has been in

of them
#

the

within

bution

mately 5,000 today compared with

these predic¬
ations or not, as you choose. Most
*of the prophets are decidedly on

distribution has not

expert, versed in re¬
tail selling; the kind of a man
who
can
help a retailer select
goods on the basis of rapid sale-

the grocery store and in the drug
store.
Not only will packages

distribution

added

pace.

million

tion.

legitimate

Our distribution sys¬ hungry,
without
reparking,
I
tem is charged with moving these could have visited a fine restau¬
goods so that more of our people rant and had an excellent meal
can
enjoy more of our products. for a reasonable price. The value
It is not a responsibility to be added
by distribution for
this
taken lightly.
store averages about 19%.
Whether we like it or not, there
Stephen Masters, a New York
will be a greater change in distri¬ discount
operator, averages $40

The pressures of popula¬

(c)

der taker will surely giveaway to
modern - merchandiser; a sales

ability

and

house"

shudders down the back

pletely stocked shelves, ask ques¬
tions, from a few bpt extremely,
intelligent sales people," check Out

Houses

"discount

so-called

out

words

bution and

facturing from 10.6 million to 16.2 million, or from 23%
to 26%; wholesale and retail trade from 7.8 million to
12.0 million, or from 17% to 19%; and transportation
from 3.0 million to 2.8 million, or from 6.5% to 4.5%.

Discount

money

20% of the

9.3%; mining from 1.0 million to .8 million, or
from 2.2% of the total to 1.3%; contract construction from
2.3 million to 3.6 million, or from 5.0% to 5.7%; manu-

are

function

1954: Agri¬

total to

;

Chicago

experiments.

retailer.
But those shudders ought to have
the same effect as a charge of
electricity applied to the proper
place in the seat of the pants, for
not only are discount houses here
to stay, they have every right to
stay. They are performing their

interesting changed that

■i,>.

the

Here

similar

promotion

sends

occurred in the quarter century from
19^9 to
culture from 9.2 million to 5.8 million, or from

Scott

conducting

The

people
engaged in an industry, and mechanization may and often
does proceed more rapidly in some than in other indus¬
tries. Nonetheless, by and
large, the number of people
engaged ini the various ; industries •• affords interesting
evidence of /change in their relative importance in the
1 economy.
I
;
;
j
-

JRirie~and

the number of

(1735)

Joseph L. Seybold
Joseph L. Seybold, Vice-Presi¬
dent of Kalman & Company, Inc.,

(Special to The Financial

Bousquet
Dlnnt.

Minnpannlis

has

nassed

awav.

Chronicle)

WORCESTER, Mass.—Hormidas

is
Tnn

now
91

with
TTlm

Fedrppt

The Commercial and Financial Chronicle

(1736)

Thursday, April 5, 1956

* INDICATES
:

in
Inc., Grand Junction, Colo.

Abundant Uranium,

it Atlantic County Development Corp.
(letter of notification) 150,000 shares of com¬
mon stock (par 10 cents).
Price—$2 per share. Proceeds
—For

Grand Junction, Colo. Underwriter—Ralph M.
Davis & Co., Grand Junction, Colo.

Center,

York.
Atlas

★ Addison-Wesley Publishing Co., Inc.
March 26 (letter of notification) 12,000 shares of class B
common
stock (no par) and 1,200 shares of class A
stock

(no par).

ciated

for

Airfleets

(par 10 cents).
Price—$1 per share. Proceeds—
prospecting and exploring costs and equipment. Of¬
Whitesboro, N. Y. Underwriter—
V. T. Smith Investments, Sherrill, N. Y.
*

•

For

fice—115 Main Street,

RKO

Danger Light Corp.,

production and development of various models of the
Light. Office —1755 Rand Tower, Minneapolis,

Atlas

Minn.

com¬

stock

I., N. Y.

Underwriter—Wagner & Co., New York.

Alpha Beta Food Markets, Inc.
shares of common stock (par $1).
Price—$20 per share. Proceeds—For expansion program.
Office—La Habra, Calif.
Underwriter—Dean Witter &
Calif.

Offering

Expected

—

per

Corp., Memphis, Tenn.

stock (par 50 cents). Price—$1 per share. Proceeds
—For engineering and certification
program and work-'

■

ing capital. Office—Room 928 Bowen Bldg., 821 —15th
St., N. W., Washington, D. C. Underwriter—Greater Con¬

Washington 7, D. C.

American Insurors'

Development Co.
400,000 shares of common stock (par $1).
$2.50 per share. Proceeds — To expand service
—

20,000

shares of

$1.75

—206 North

Virginia St., Reno, Nev. Underwriter—lfid
America Securities, Inc., Salt Lake City, Utah.

Big Ute Uranium Corp., Overton, Nev.
(letter of notification) 3,000,000 shares of com¬
mon stock.
Price—At par (10 cents per share). Proceeds
—For-mining expenses. Underwriter—James E. Reed
Co., Inc., Reno, Nev.• •* /
/•
Oct. 28

Proceeds—To retire short-term bank debt and for work¬

Jan.

convertible subordinated

mining

Office—Salt Lake

expenses.

Underwriter—None.

1' /

March 29 filed (by
amendment) 100,000
of capital stock (par

additional shares
$1). Price—At market. Proceeds—
Office—Boston, Mass.
y
'

For investment.

Bonus Uranium, Inc., Denver, Colo. ;
Oct. 28 (letter of notification) 3,000,000 shares of capital
stock (par one cent). Price—10 cents
per share. Plro.

ceeds—For mining expenses. Office—1154 Bannock St.,.
Denver, Colo. Underwriter — Mid-America Securities,*

Inc., Salt Lake City, Utah.

;;k

★Broad Street Investing Corp., Now York
March
shares
-

30
of

filed

amendment) 1,200,000* additional
capital stock (par $1).- Price
At market.

Proceeds—For

investment.

B-Thrifty, Inc., Miami, Fta.
$25).

Price—$38

tional

per

share.

retail

San Francisco

all

offices

"-V*
'

common

stock (par

open

stores.
Business
Supermarket
Northwest 37th Ave.. Miami. Fla.
writer—None. Statement effective March 7.
—

addi¬

concern.

Under*

Chicago
-

Private Wires

:•

Proceeds—To

Office—5301

Philadelphia

(by

Nov. 23 filed 37,000 shares of class A

—

Cleveland

Canadian
Feb.

Office—479

trucks.

Delhi

Petroleum

Hemp¬

Underwriter

—

Ltd.

filed

698,585 shares of capital stock (par 10
cents) being offered for subscription by stockholders of
record March 5, 1956, at the: rate of one new share for
each five shares held (with an oversubscriptioh priv¬
ilege; rights to expire Apirl 6.
Price—$5 per share
(U. S. dollars)/ Proceeds r-^ For advances to Cana¬
dian Delhi Oil Ltd., a wholly-owned subsidiary, who will
the funds to repay bank loans of $1,350,000, and for
general corporate purposes. Underwriters—Lehman Bro¬
thers and Allen & Co., both of New York
y/ r
%'
use

★

Ceco Steel

Products Corp.f (4/10-il ). :-<>•• "
210,000 shares of capital stock (par $10),
of which 26,679 shares are to be sold for acfcount of the
company and 183,321 sharesifor account of certain sell¬
ing stockholders. Prlee—Expected around $22 per share.
March 20 filed

Proceeds—For

working capital.

Underwriter

—

Horn-

blower & Weeks, New York.

★ Central Illinois Electric & Gas Co.
April 2 filed 40,000 shares of
be

offered

for

subscription

stock (par $10) to

common

eligible

employees

Company.
★

Central

Illinois

Light Co.

•

March 15 filed 100,000 shares of common stock (no
par)
being offered for subscription by common stockholders
of record April 3 at the rate of one new share for each
10 shares held; rights to expire at 3:30 p.m.
(CST) on
5

19.

Employees of company may subscribe up to
(CST) on April 16 for unsubscribed shares, if
Price—$51.50 per share. Proceeds—For construc¬

p.m.

any.

tion

Underwriter

program.

New

March 28

Securities

Public

Service

(letter of notification)

employees.
000.

Corp.,
'

Vermont

ber of shares of

pay

Union

—

York.

★ Central

common

stock

Corp.

undetermined

num¬

(par $6) to be offered to

Price—Not to exceed

Office—121

West

an
aggregate of $50,Rutland,' Vt. Proceeds—To

St.,

for stock purchased in market.

Chance

(A. B.)

Underwriter—None.

Co., Centralia, Mo,

March 16 filed 85,968 shares of common stock

(par $5),
50,000 shares are to be offered to the public and
the remaining 35,968 shares are to be offered in
exchange

of which

Porcelain

four

Products, Inc.
Chance

stock

common
for each

stock

rate

Porcelain

(exchange offer to remain open up to and including
May 9, 1956). Price — To be supplied by amendment.
Proceeds

To retire obligations incurred in acquiring
9,132 shares of Porcelain stock; and for working capital
and general corporate purposes. Underwriter — Stifel,
Nicolaus & Co., Inc., St. Louis, Mo. Offering—Expected
today (April 5).
—

Coastal Chemical Corp., Yazoo, Miss.
March 22 filed 399,986 shares of class A common stock.
Price—At par ($25 per share). Proceeds—Together with
bank loans, to be used to construct
tilizer plant. Underwriter—None.,

and operate

fer¬

Colohoma Uranium, Inc.
Nov. 9 filed 2,500,000 shares of common stock

(par ona
per share. Proceeds—For explora¬
development expenses and for general corpo¬

cent). Price—40 cents
tion

and

purposes.

Office—Montrose,

Colo:^Underwriters-

General Investing Corp., New York: and Shaiman &

Co,

★ Burton Picture Productions, Inc.
March 26
mon

(letter of notification)

187,738 shares of com¬
Price—$1 per share. Proceeds
production of two full length pictures. Office—

stock (par 10 cents).

—For

Offering—Date indefinite.

bank loans and for new
determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co. Bids—To be received by

construction.

company

•

and

Elmont, L. I., N. Y.
Philip Gordon & Co., Inc., New York.

F, due 1981. Proceeds—To

...

it Bond Investment Trust of America

Proceeds—To be used to modernize a store and for
gen-'
era! corporate purposes.'
Underwriter—W. R, Olson Co.,

Pittsburgh

automobiles

Turnpike,

Columbia Gas System, Inc. (4/10)
1 /
1
~
March 14 filed $40,000,000 of 25-year debentures, series

★ Blue Ridge Mutual Fund, Inc.
March 29 filed (by amendment)
400,000 additional shares
of common stock
(par $1). Price—At market. Proceeds
—For investment. Office—New
York, N. Y.

sinking
debentures, due Feb. 1, 1966. Price—At par (in
of $1,000 each),
plus accrued interest.

Boston

leases

stead

Denver, Colo.

City, Utah.

denominations

New York

Underwriter—

contracted and for

Associated Drugs, Inc.,
Bemidjf, Minn.
28 (letter of
notification) $150,000 of 6%

Mines, Inc.
$900,000 of 8%

Price—100% of principal amount.
Proceeds-^-To make additional cash payment on purchase

writer—None, sales to be directly by the company or by
■alesman of the insurance firm. '■ "

•

filed

1, N.

debentures due 1976.

Ariz.

Sept. 16 filed 78,006,081 shares of common stock to be
offered for subscription
by holders of life insurahce
policies issued by Public Life Insurance Co. Price—20
cents per share. Proceeds—For
working capital. Under¬

•

York

•'

rate

Blue Lizard

Office—Oklahoma City,' Okla. Underwriter
—Glore, Forgan & Co., Chicago and New /York.

properties.

Underwriter—Lamey & Co., Boulder, Colo.

(par one cent). Price — Three cents per share.
Proceeds—For exploration and development costs. Office

ing capital.

Fergus Falls, Minn.

for exploratory work on mining
Office—1424 Pearl Street, Boulder,

stock

fund

used

Oct. 19 (letter of notification) 9,000,000 shares of common

it Anderson-Prichard Oil Corp. (4/24)
April 4 filed 200,000 shares of cumulative preferred
stock (par $50). Price—To be
supplied by amendment.

Feb.

New

ISSUE

★ C. L. C. Auto Metal, Inc.
16 (letter of notification) 3CG,000 shares of com¬
stock (par 10 cents). Price—$1 per share. Proceeds
—For purchase of additional vehicles.
Business—Rents

for

(letter of notification) 9,300,000 shares of com¬
stock (par one cent). Price—Three cents
per share.

Big Ridge Uranium Corp., Reno, Nev.

con¬

E. Wood & Co., St. Paul,
Minn., and J. M. Dain
Co., Inc., Minneapolis, Minn.
*

Phoenix,

(with an oversubscription privilege); rights to
expire on April 20. Price—$11 per share. Proceeds—
For investment. Business—A
registered investment com¬
pany. Underwriter—None.

Colo.

cumulative

REVISED

March

held

mineral

Harold

Co.,

Co., Birdsboro, Pa. (4/6)
Dec. 30 filed 92,636 snares of capital stock
(par $1) to
be offered for subscription by stockholders of record
April 5 oil the basis of one new share for each two shares

mon

(par $10) to be offered for sub¬

Finance

S. F.

Proceeds—To

—

scription by common stockholders on the basis of two
preferred shares for each 11. common shares held. Price
—$40 per share. Proceeds—To enable company to write
a larger volume of insurance
premiums. Underwriters—

Public

ITEMS

mon

April

Feb. 23

Casualty Co., St. Paul, Minn.

vertible preferred stock

Arizona

For investment. Office—Engle—
Lee Higginson Corp., New

Big Horn Mountain Gold & Uranium Co.

10 filed

business.
.Office
Birmingham, Ala.
Underwriter
Odess, Martin & Herzberg, Inc., Birmingham, Ala.

—

Underwriter

mon

filed

Proceeds

Underwriter—None.

★

share).

principal amount.' Proceeds—To develop a new area in
^western
Pennsylvania.
Office —1431
Ferry Avenue,
Camden, N. J.

★ American Hoppi-Copters, Inc., Washington, D. C.,
March 23 (letter of notification) 300,000 shares of com¬

March

Las Vegas, Nev.

Underwriter—None.

Anchor

-V

★ Automatic Cafeterias, Inc.
April 2 (letter of notification) $50,000 of five year 8%
debenture bonds/series A, due Jan. 1, 1961.
Price—At

Price — $10 per share. Proceeds — Together with
other funds, to purchase
1,000,000 shares of common
stock (par $1) of American Frontier Life Insurance Co.

—

•&;

Investment Go.,

wood, N. J.

today.

$1).

Price

"-'if

Feb.

Feb. 15 filed 175,000 shares of class A common stock (par

Feb.

York.

American Frontier

tinental Co.,

common;

Atomic Chemical & Electronic
Shares, Inc.
17 filed 400,000 shares of
capital stock (par $1).
Price—To be supplied by amendment
(expected at $10

★

March 12 filed 100,000

Co., San Francisco,
(April 5).

Corp.

exchange for preferred stock. Proceeds—For payment of
bank loans, and for capital and
surplus. Underwriters—
Rex Laub and Max Laub, of
Tremonton, Utah, and M. D.
Close Mortgage & Loan Co. and Jack
Hemingway Invest¬
ment Co., of Las Vegas, Nev.

(par $1). Price—$2 per share. Proceeds—For
working capital. Office — 62 Third Avenue, Mineola,
L.

Diego

Jan. 9 filed 20,800 shares of class B common
voting stock,
of which 12,000 shares are to be offered for
public sale
at $50 per share and 8,800 shares are to be offered in

Inc., f Minneapolis,

150,000 shares of

San

common;

preferred stock.

Atkins

mon

Corp.,

cumulative preferred stock (par $20)
which will become issuable upon and to the extent that
shares of common stock are convertible into shares of

(letter of notification) 10,000 shares of common
stock (par $1). Price — $11 per share. Proceeds—For

it Allstate Properties, Inc.
March 29 (letter of notification)

RKO Pictures

000 shares of 5%

Feb. 17

Underwriter—Craig-Hallum,

Co.,

one share for each share of Albu¬
four shares.for each 5.25 shares of
2.4 shares for each share of San Diego
common; 13 shares for each sharg plWasatch cumulative
preferred;'arid 1.3 shares for each share of/Wasatch
common.
The registration statement also covers
1,250,querque

A stock

Minn.

Oil

Avenue,

None.

and

Wasatch Corp. on the following basis: Four shares
one of Atlas common;- 2.4 shares for
one share of

and

it Adirondack Uranium & Mineral Corp.
March 19 (letter of notification) 300,000 shares of class

Aircraft

Corp.

Feb. 28 filed 9.890,095 shares of common stock (par $1)
to be issued pursuant to an agreement of merger with
this corporation of Airfleets, Inc., Albuquerque Asso¬

Price—$17.50 per share. Pro¬
ceeds—For working capital and advances in connection
with the company's new headquarters.
Office — Cam¬
bridge 42, Mass. Underwriter—None.
.
,
common

purchase of property, etc. Office — Brigantine,
Underwriter—Pearson, Murphy & Co., Inc., New

Fifth

246

ADDITIONS

SINCE

•

March 30

(letter of notification) 3,000,000 shares of com¬
mon
stock (par one cent).
Price—10 cents per share.
Proceeds—For mining expenses.
Office—319 Uranium
Feb. 23

•

120 East 41st St., New York

(EST),

noon

repay

Underwriter—To

April 10..

17, N. Y.,

>v,

★ Columbia General Investment Corp.

„

March 29 filed 100,000 shares of eommon stock (par $1)
to be offered for subscription by stockholders only. Price
—A

maximum

additional

General

Proceeds—To make
including; stock, of Columbia
Insurance Co. Office — Houston, Tex.
$4.50 per share.

investments,

Life

Underwriter—None.

★ Commonwealth, Inc^ Portland,
>
^
^
March 23 (letter of notification)-5,912-shares of 6% cu¬
mulative preferred stock 4xr be offered to shareholders
for a period of 30 days and then to others.-Price—At par
($50 per share). Proceeds—.For working capital.. Office

—Equitable Bldg., 421 S. W. 6th Ave., Portland 4, Ore,
Underwriter—None. "
w;'
^
*
★ Commonwealth Life Insurance Co., Tulsa, Okla. t
stock: Price—To
supplied by amendment. Proceeds—For working cap¬
ital, etc. Underwriter—To be named.
;

March 28 filed 70,000 shares of common
be

Consolidated Cement Corp.

(4/18)

March 28 filed 150,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—To re¬
duce

bank

loans

writers—Merrill
York.

and

for

expansion

program.

Under¬

Lynch, Pierce, Fenner & Beane, New

fWS"

Number 5522

183

Volume

(1737)

The Commercial and Financial Chronicle

March

$10)

March 9 filed 115,276 shares of common stock (par

filed

40,000 shares of class A common stock

(par $5) and 80,000 shares of class B common stock (par
cents). Price—Of class A stock, $12.50 per share, and

of The

Mengel Co. at the rate of one Container share for each

Cuba

The

shares.

Mengel

two

exchange for

offered

offer is

Container's holdings

when

stock

common

stock has

Mengel

—For

March 30 filed 300,000 shares of capital stock (par $1).
Price—At net asset value plus a premium of 5%

American

—Continental

V/l:

City, N

Crater Lake Mining & Milling Co., inc.
March 8 (letter of notification) 575,000 shares

Jersey

stock.

common

Price—50 cents per share.-Proceeds—For

Office

expenses.

1902

—

San' Rafael,

East

mining

pay

•

Colorado

Dixie Aluminum

;! stock

ISSUE

Paso

Common

(Offering

•

Securities

Corp.)

;

(S.

Fuller

Co.)

Wells Fargo Bank—_

;

$30,000,000

;

April

(Wednesday)

$299,000

463,641

■" *.. ;

■

^ Vr.''

Common 7

„—

iCommon

(Offering to stockholders—no underwriting)

;

'•-

(Offering to stockholders—to be underwritten by Dean
Blyth & Co., Inc.; and The First Boston
V
.?
Corp.) 100,000 shares

••

General

Witter & Co.;

-«

Bonds

April 26 (Thursday)
.

American

(Offering

Transportation

stockholders—to .be

Mason,

:.;•

Lynchburg,

Inc.,

Va.

;

Oil

filed

if Dodge & Cox Fund, San Francisco, Calif.
^ April 2 filed (by amendment) 21,068 additional shares '
of beneficial interest in the Fund (par $1).
Price—At

Corp.—Debens.

by i

underwritten

Proceeds—To

Corp., Carrollton, Tex.
500,000 shares of common stock (par 10
cents). Price — $1 per share. Proceeds — For working
capital, to be devoted mainly to acquiring, exploring,
developing and operating oil and gas properties; and to
pay off $13,590.80 liabilities.
Underwriter — James C.
McKeever & Associates, Oklahoma City, Okla.

Feb.

Wisconsin Electric Power Co._

Common

Power Co.

(Bids to be invited)

(Monday)

April 9

Sierra Prefabricators, Inc
*

;

Doctors

$10,000,000

56,025

V
r

be Stone

stockholders—Dealer-Manager to

writer—Scott, Horner &
public offer planned.

-—Preferred

& Co.)

Forgan

Wisconsin Electric

Common

Co..

Webster

(Glore,

share.

per

(Tuesday)

Anderson-Prichard Oil Corp

$1,018,996

Price—$3.50

$1).

(par

Corp., Rome, Georgia ; :*
notification) 2,890 shares of common

Julius B. Dodds, Sr. of Rome Bank & Trust Co., Rome,
Ga.
Office—102 North Hanks St., Rome, Ga.
Under-

April 24

stockholders—no underwriting)

Electric

CALENDAR

(Friday)

(Offering

(letter of notification) 46,000 shares of common (par $1). Price—$6.50 per share. Proceeds—To ;
bank Loans and debts; and for working capital. 1
Office—40 National Transit Bldg., Oil City, Pa. Under- writer—Grover O'Neill & Co., New York.
■

March 23 (letter of

April 6

Romenpower

stock

/v'j: ~/•'

MEW

and

P'ricp—To be supplied

—

Nov. 28

of the

Co., Inc.,

Management

Proceeds

Dennis Run Corp., Oil City, Pa.
;

Co., Denver, Colo.

Underwriter

Proceeds—For investment.

offering price.

Underwriter—Keim &

175, Phoenix, Ariz.

Courts

Veterans,

1983.

Electra
Underwriter—Allen & Co., New York.

amendment.

if Dasco Mines Corp., Yuma, Ariz.
notification) 50,000 shares of capital
stock. Price—At par ($1 per share). Proceeds—For construction of a flotation mill. Office—67 W. Second St.,
Yuma, Ariz. Underwriter—None.

incident to mining operations. Address

expenses

Skyline Securities, Inc., )

—

due

bonds

March 28 (letter of

1,200,000 shares of com-

Price—At par (25 cents per share). Proceeds

O. Box

—P.

Works

Construction Co.

(letter of notification)

stock.

mon

£ Continental American Fund, Inc.,
Jersey City, N. J.

(Republic of)
$2,000,000

filed

Public

Copper Corp., Phoenix, Ariz.
Jam-27

stock, 50 cents per share. Proceeds—To in¬
capital and surplus. Office—Alexandria, La. Un¬

derwriter—None.

been

increased to at least 90% of the Mengel stock outstand¬

ing.

Nov.

class B

crease

become effective

Underwriter

Springs, Colo.
Denver, Colo.

if Continental Equity Securities Corp.

of America

Container Corp.

Proceeds—For investment.

market.

'^Kuhn, Loeb & Co.) $25,000,000

Wilson

Securities

Holland

(J,

Industries, Inc.-Common

(Russell)

',r

inc.)

Inc.

Co.,

$300,000

(Tuesday) 'V

April 10

v;.;:

f—Preferred

Motors

invited)

Simca

a.m.

EST)

$2,000,000

Co.)

1,278,833

borrowings

Duke

Power

and

Bonds
to

be invited)

(Van

to be

(Union

Securities

Texize

Chemicals,
be

(To

shades

(Bids

»:;

•

offered

Oswego

Co.

Northern Illinois

Hornblower

Weeks)

$5,001,100

Southern California

(Bids 8

PST)

a m.

Bonds

(Merrill Lynch,

(Bids

Commonwealth

Common

Fehner &

Pierce,

Beane)

(Drexel

New

(Smith,
'

Barney

& Co.)

•>

Brothers

(Lehman

and

noon

Consolidated

(Wednesday)

Natural Gas Co
to

invited)

September 11

$15,200,000

Bradford & Co.)

$16,500,000

(Bids

(Offering
Webber,

(Bids

stockholders—to be underwritten by Paine,
Stone & Webster Securities

to be invited)

if Ferris

Bonds
$20,000,000

October 1

$53,000,000

(Monday)

Bonds

Tampa Electric Co

April 23
Edo

(Paine,

Class A
Webber,

Jackson

Curtis)

Co.

and

First

October 2

160,000 shares

Olympic Radio & Television, Inc.
(Bache

(Bids to be invited) $10,000,000

(Monday)

Corp.

California Co.)

—Debentures
$1,400,000

March 27

Jackson & Curtis;

♦

■

.»

' <'

(Bids to be invited)
••

•

the

Price—

Records, Inc.
(letter of notification) 500,000 shares of class
stock (par 10 cents) to be offered as a bonu3

basis

one

share for each

from company at 55 cents each.
New York.
Underwriter—None.

First

Debentures
$30,000,000

common

stock.

Proceeds—For investment.

Lewis

five records

bought

Office—1650 Broadway,

Corp.

March 1

(Tuesday)

Columbia Gas System, Inc.—
f-

if Equity Fund, Inc., Seattle, Wash.
March 28 filed 300,000 shares of common

(Tuesday)

Virginia Electric & Power Co

Debentures

Corp.; and Mitchum, Jones & Templeton)

—Bonds
$15,000,000

—

Proceeds—For investment.

market.

At market.

(Friday)

Corp

Underwriter—None.

if Elfun Trusts, New York
March 28 filed 200,000 trustees certificates. Price

September 25
Telephone

Calif.

(Tuesday)

to be invited)

(letter of notification) 30,000 shares of common
(par $1) to be offered as follows: 17,500 shares to
share and 12,500 shares to-.the
public at $9 per share. Proceeds—For construction of a
new
building, repayment of loan and general corporate
purposes.
Office — 180 So. Alvarado St., Los Angeles,

Debentures

$30,000,000

& Light Co

Carolina Power

Bonds

EST)

April 20
General

—Bonds

$20,000,000

invited)

July 25

Class A Common
C.

—

employees at $7.65 per

(Thursday)

Portland Gas & Coke Co
(Bids

to be

(Bids

80,000 shares
''.'

Proceeds

stock

(Wednesday)

Florida Power Corp

(Bids

April 19

(4/6)

if Electronic Engineering Co. of California

$50,000,000

■

Nationwide Corp.

Bonds

invited)* $35,000,000

July 11

Common

■

(Tuesday)

Edison

Co.

March 19

Common

England Electric System
Mfg.

$9,750,000

(Offering to stockholders—Bids 11 a.m. EST) 834,976

Orangeburg

(Bids

Common
150,000

Co.)

invited)

150,000 "shares

Hanover Shoe, Inc.—

five

April 25. Price—To be supplied by
Together with approximately
$2,000,000 which the company expects to obtain in May,
1956, from sale of 20,000 shares of a new series of pre¬
ferred stock, for construction program. Dealer-Manager
—Stone & Webster Securities Corp., New York.
..,*
rights to expire

(Friday)

$40,000,000

Corp

Cement

__Equip. Trust Ctfs.

June

Consolidated

each

Square, Jersey City 6, N. J. Under¬
1

Electric

Paso

amendment.

(Wednesday)

April 18

for

of record April 4, 1956, at the rate of one new share for
each 15 shares held (with an oversubscription privilege);

$40,COO,000

Erie RR.

Edison Co

California

Southern

March 15 filed 56,025 shares of common stock (no par)
to be offered for subscription by common stockholders

Bonds

Gas Co

June

(Granberjr,-Marache & Co.) 200,000 shares
<

one

general corporate purposes. Underwriter — Paine,
Webber, Jackson & Curtis, Boston and New York.

(Wednesdpy)

(Bids to be invited)

Common

Bantam

27; rights to expire on April 27.
share. Proceeds—For working capital.

for

Bonds
$15,000,000

invited)

May 23

underwritten

Pulaski Veneer & Furniture Corp
—Common
(Scott, Horner & Mason, Inc. and Galleher & Co., Inc.) $977,500
Schield

Debentures

to * stockholders—to

basis

finance expanded production, to reduce indebtedness and

(

Gas

(Bids

375,000

Inc.)

Corp..

Falls

(Offering

Byllesby

the

if Edo Corp., College Point, L. I., N. Y. (4/23-27)
April 2 filed 160,000 shares of class A stock (par $1).
Price
To be supplied by amendment. Proceeds — To

-'—Preferred
$9,000,000

(Wednesday)

May 16

Class A Common

Helene Curtis Industries, Inc

$25,000,00(J)

be invited)

of Feb.

writer—None.

Bonds

be invited)

Office—Charlotte,

—

Dallas

$3,375,000

Securities

(H.

(Bids

Common
by

stockholders—to be underwritten
Co. and First Southwest Co.)

Pennsylvania Electric Co

(Tuesday)

Bank

Worth National

(Offering
Union

on
as

Office—26 Journal

Pennsylvania Electric Co.—
(Bids

(no par)

stockholders

shares held

$742,800

common

Underwriter—None.

stockholders

Bonds

$30,000,000

(Tuesday)

May 15

May 3, 1956 at the rate of one new share for
(with an oversubscription privilege);
on May 21, 1956.
Price—$25 per share.

Price—$3.60 per

Edgar M. Norris and Alester G, Furnam Co.)

Fort

for subscription

Eagle Fire Insurance Co.
Feb. 1 (letter of notification) 72,565 shares of common
stock
(par $1.25) being offered for "subscription by

(Wednesday)

May 9

Niagara Mohawk Power Corp

Debentures

April 17

N. C.
,

$20,000,000

be invited)

may

(Bids to be invited)

stockholders—underwritten

Under¬

(5/7)

Proceeds—For construction program.

Preferred

Niagara Mohawk Power Corp

(Monday)

Inc

first

offered

180,000

Corp.)

April 16

—-Common
447,979

(Offering to stockholders—no underwriting)

Airlines, Inc.-———Common

Seaboard & Western

expenditures.

by competitive bidding. Prob¬

rights to expire

$5,348,880

Co.)

construction

each 25 shares held

(Tuesday)

National Fuel Gas Co

Ctfs.

Common

Noel

Alstyne,

<■

March 30 filed 367,478 shares of common stock

Common

$2,880,000

Montrose Chemical Co.

and for

if Duke Power Co.

$30,000,000

Duke Power Co

May 8
Trust

Columbia

Corp.; Morgan Stanley & Co.; Stone & Webster Securi¬
Corp. Bids—Tentatively expected to be received on
May 7.

(Monday)

(Bids

(Thursday)
Equip.

—

ties

Chicago, Rock Island & Pacific RR.„
CST)

com¬

able bidders; Halsey, Stuart & Co. Inc.; The First Boston

of record

noon

(5/7)

writer—To be determined

Common
stockholders—no
underwriting)
1,455,713 French shares

(Offering to stockholders—no underwriter) 367,478 shares

(Bids

March 30 filed $30,000,000 first and refunding mortgage
bonds due 1986. Proceeds—For payment of short-term

Common
&

May 7

April 12

■

stock

if Duke Power Co.

Preferred

—

Debs. & Com.

(Eastman, Dillon & Co.) $20,500,000 debetnures
615,000 shares of stock

Colo. Underwriter
Securities Co., Denver 2, Colo^{:'v7:' v

(Wednesday)

April 11

Westcoast Transmission Co., Ltd

lege Ave., Fort Collins,

Bonds

—

$16,000,000

Corp.

Debentures
$2,000,000

Co.)

Stanley

(Offering

Inc

Peabody

(Kidder,

•

(Morgan

$10,000,000

CST)

a.m.

Norman Industries,

Van

General
t

Bonds

(Bids

(Tuesday)

El Paso Electric Co

$12,000,000

'«

(par one cent). Price — 10 cents per share.
Proceeds—For mining expenses. "Office—155 North Col¬
mon

(Bids

Kentucky Utilities Co.
--

May 1

(Bids

and The First Boston Corp.)

March 26

and W. C. Langley

& co.) $12,000,000

Oregon Power Co.:

$40,000,000

City Power & Light Co

(Blyth & Co., Inc.

>>-?• '•

California

Debentures

EST))

(Bids noon

'fy. vi;

;

Columbia Gas System, Inc
Kansas

c;• :

210,000 shares

Weeks)

*•

Corp., Fort Collins, Colo.' •'•';
"
(letter of notification) 2,997,860 shares of

if. Douglas

Common

Ceco Steel Products Corp
(Hornblower &

(Blyth & Co.,"Inc.; The First Boston Corp.;

Preferred

Long Island, Lighting Co.——

Securities,

and Daggett

•

(letter of notification) 60,000 shares of 7% pre¬
ferred stock. Price—At par ($5 per share). Proceeds—
•

Continued

on page

The Commercial aiid Financial Chronicle

(1738)

Continued

from

Helio Aircraft Corp.,

page

•

gfc,

For

—

capital

working

Business

.try-

general

and

brokerage

General

•

corporate

purposes.

Office

business.

Indus-

Insurance Co.

Life

Sun

165

—

shares of common stock (par $1).
Proceeds—To expand company's
Office—Fort Lauderdale, Fla.
Underwriter

March 16 filed 32,000

Price—$10
business.

Offering will be made through James C. /Qean,
v
' :
"

None.

President of company.
Florida

•

77^50

March 15 filed
the

rate

one

r on April 18.

shares of common stock (par *10*

for subscription

being offered
at

Teien roneCorp

for

by common stocKholciers
each

four

held

-v

short-term bank loans incurred

pay

Office

etc,

York,

Underwriter ^ Bay Securities
Corp., New
W*
•
'/•'/••
•
•
■

Kansas

March
stock

City Power & Light Co. (4/10) /
120,000 shares Of cumulative preferred C
(par $100). Price—To be supplied by amendment. f
21

filed

Proceeds—To retire short term bank loans. Underwriters :

tT*?

West 57tn Street,• /New-.IC

353

St.,-Cortez,

Colo.

New York...

Price—At 100% of principal amount/ P*o- ~

Cfeds/J?geth,e/. wth.

—Blyth & Co., Inc. and The First Boston
Corp., both of *

None.

Underwriter

to finance construc¬

(par $1). / tion, and to defray part:of the cost* of future construe-|
price—To be supplied by amendment. Proceeds—For lm-vT tiori." Underwriter—Blyth &
Co./Inc., New York;'
provements, research, development and'working capital. •
/ Jurassic Minerals, Inc., Cortez, Colo.
;' -V
Office—Metropolitan Airport, Canton (Norwood-P. O.), .> Aug. 26 (letter of
notification) 2,855,000 shares of non- 1
Viass.
Underwriter—To be supplied by amendment.
v assessable common stock
(par one cent). Price—10 cents *
★ Henry Hudson Hotel Corp.
per share.
Proceeds—For expenses incident to
mining March 21 (letter of notification) $250,000 of 5% con¬
activities. Office —"326 West Montezuma

vertible debentures due April 1, 1961 to be offered for
subscription at rate of one $50 unit to each common
or/and preferred stockholder of record March 18* 1956,
t regardless of the number of shares held; rights to expire

share.

per

Canton, Mass. //'//

t Dec. 29 filed 150,000 shares of common stock

Broadway, New York, N. Y. Underwriter—Basic
tries Corp., 31 State St., Boston, Mass.
Florida

...

Thursday, April 5,1956V

...

New

York.

;

•:

April 3; rights to expire on April 23. Of any unsub¬
scribed stock, up to 3,600 shares are to be offered for
subscription by employees of company. Price—$16 per
share. Proceeds — For construction program.
Under¬

it Hill & Hill 1956 Oil Exploration Capital Fund
Kassei Base
Metals, Inc.
//
/ V . '
;:
March 13 filed $450,000 of < participations in this Fund I Feb. 6 (letter of
notification) 120,000 shares of capital
to be offered for public sale in minimum units of
stock (par 10 cents), of which
$15,000. »■.
20,000 shares are

writers

atory well costs and expenses.

Proceeds—For payment of various property and
explore

Kidder, Peabody & Co. and Merrill Lynch,

—

Pitt

Fort

Packaging International,

Houston

arrd

Pierce, Fenner, &Beane, both of New York.

Hill

engaged

sold

by Burt Hamilton Co. and 100,000 shares by Kassei)
Price—$2.25 per share.
Proceeds—For min¬
ing expenses.. Office—1019 Adolphus Tower
B.dg;, Dal¬
las, Texas.
Underwriter—First Western Corp.,
Denver,
Colorado.
/;* \ ■ \
\ /!•"

Business—George P. Hill

company.,

exploration for and
production of oil and gas as a joint,venture. Office—
Fort Worth, Tex.
Underwriters — William* D. McCabe
and E. S. Emerson, South Texas Bldg., San Antonio, Tex.

inc.

June 30 filed 300,000

are

shares of common stock (par 10# >.
of which 250,000 shares of for account of company an*
Hometrust Corp., Inc., Montgomery, Ala.
60,080 shares of five selling stockholders. Price—$3 pei
Jail 5 filed 125,000 shares of common stock (par $1).
share. Proceeds—For working capital; for exploitatloi
of "Totosave" system; and for marketing of "Tropic*
Price—$5 per share. Proceeds — To expand operations
Ray" infra-red space heater. Office — Pittsburgh, Pa f of subsidiary and increase investment therein. UnderUnderwriter—Barrett Herrick & Co., Inc., New York
' writer—None.

Gas Hills
4

mon

stock

(par five cents).' Price

Proceeds—For

incident

expenses

—

25 cents per share

Gordon

•

Uranium

General

Corp.

—

rities

Corp.; - Kidder, Peabody & Co. and White, Weld
(jointly); Union Securities Corp. and Merrill
Lynch, Pierce, Fenner & Beane'(jointly);
Baxter, Wil¬
liams & Co.; Kuhn, Loeb & Co. Bids—To
be received up
to 10 a.m. (CST) on April 10.*
&

Underwriter—Brown, Barton & Engel, Newark,

Lawyers Mortgage & Title Co.
11 (letter of
notification) 60,412 shares of common
stock (par 65 cents) to be offered
first to stockholders.

rtydro-Loc, Inc., Seattle, Wash.
25 (letter of notification)
1,674 shares of capital
Price—At par ($100 per share). Proceeds—For
working capital, etc'. Office—603 Central Bldg., Seattle
4, Wash. Underwriter—Pacific Brokerage Co. of Seattle,

Maxwell
Welti

—

Fenner

Corp.

Feb. 24

(formerly Fenner-Streitmdn

Co.), New York.

portion,

to 7,500 shares are to be offered to em¬
Price—$8 per share. Proceeds >— For general
purposes.
Office—2711 Church Ave.; Cleve¬
land, Ohio. Underwriter—None.
-,

corporate

itock (par $1).
Price — $2 per share.
Proceeds
For
equipment, machinery, ihventory, etc. Office—12909 So.
Cerise Ave., Hawthorne, Calif. Underwriter—Samuel B.
Franklin & Co., Los Angeles, Calif.

Statement effective March 11.

it Gibbs & Hill, Inc. (4/16)
March 27 (letter of notification) 5,000 shares of com»mon
stock
(par $5) to be offered for subscription by
selected officers, employees and stockholders.
Price —
$30.02 per share. Proceeds—For repurchase or redemp¬
tion of 6% cumulative preferred stock.
Office—Penn¬
sylvania Station, New York 1, N. Y. Underwriter—None.
'Glen

Good

development and working capital.
Insulated
Nov.

Louis R.

Co.,

Hard

purchase

machinery

equipment

and

and to

and'

the

(with

241,693 shares

common

rate

are

(par $10)
being offered for subscrip¬
of record March 1,
1956,

stockholders

one

new

share for each five

bank

writer—None.

loans

and

construction

program.

Office1—*

Houston, Tex.

Underwriter—Kamen

com¬

•

Helene Curtis
16

(par $1).

Industries, Inc.

filed 375,000

Price—Expected at $10

—To

certain selling stockholders.
Byllesby & Co., Inc., Chicago, 111.

New York.

(4/17)

shares of class A
per

common

share.

stock

Proceeds

Underwriter—H.

M.
"

it Jamaica Water Supply Co.
April 3 filed $3,000,000 of first mortgage
bonds, series F,
due 1981, and 28,000 shares of
common stock
(no par).
Price—To be supplied by
amendment. Proceeds—To re¬

Co., Inc., Douglas, Wyo.

Underwriter—Colorado Investment

Mayfair Markets, Los Angeles, Calif.

stock (par $1) to be offered in units of
one share of
preferred and one ^hare of common stock.
mon

per

unit.

Baridirii

Price—$60
Proceeds—For working capital.. Office—4383
Blvd., Los Angeles, Calif.
Underwriter—None.

Medicine Bow Uranium Co., Inc.
March 14 (letter of
notification) 2,500,000 shares of cap¬
ital, stock. - Price—At par
"(five cents per * share).
Pro¬
ceeds—For mining expenses.
Office—345 South State
Salt Lake City, Utah.
Salt Lake

Co.. New York.

—

March

Uranium

March 8 (letter of
notification) 5,000 shares of $3 cumu¬
lative preferred stock (par
$50) and 5,000 shares of com¬

Under¬

Israel-Rassco Investment Co*, Ltd. '«*
Sept. 28 filed 9,000 ordinary shares. Price—At
par (10C
Israel pounds
each, or about $55 in U. S. funds), payabl#
in State of Israel
Independence Issue Bonds only. Offle«
—Tel Aviv, Israel.
Underwriter
Rassco Israel Corp.

Under¬

St., Douglas, Wyo.
Co., Denver, Colo/

"ISras"

Statement effective March 20.

Oil

(letter of notification) 300,009 shares of common
stock (par 10 cents).
Price—50 cents per share.
Pro¬
ceeds—For mining expenses.
Office—308 East Center

—

held

Manville
Feb. 21

International Plastic Industries
Corp.
Oct. 12 (letter of
notification) 150,000 shares of common
stock (par 10
cents). Price—$2 per share.: Proceeds—
For advances to Arliss
Co., Inc. for purchase of equip¬
ment, etc. Office
369-375 DeKalb Ave., Brooklyn 5

oversubscription privilege); rights to expire
on April 9.
The other 25,000 shares are being offered to
employees. Price—$14 per share. Proceeds—For pay¬
ment

Metals, Inc.
(letter of notification) 1,000,000 shares of

writer—Gearhart & Otis, Inc., New York.

capital. -Office — 377 McKee Place, Pitts¬
Underwriter—Graham & Co., Pittsburgh, Pa.

Hawaiian Telephone Co.,
Honolulu, Hawaii
Feb. 27 filed 266,693 shares of common stock

St., Newark, N. J. Underwriter—Paul C. Ferguson &
Co.,
city.

Basic

discharge note.

Manufacturers Cutter Corp.
(letter of notification) 300,000 shares of class A.
common stock. Price—At
par ($1 per share); Proceeds—
To repay loans, and for new
equipment and working
capital. Business—Cutting tools.. Office—275 Jefferson
same

St., Trenton 8, N. J. Underwriter—
Dreyling & Co., Jamesburg, N. J.

International Metals Corp.
4 filed
400,000 shares of common stock (par 10
cents). Price—$1 per share. Proceeds—To finance ex¬
ploration and development of
mining properties of Recursos
Mineros Mexicanos, S.
A., Mexican subsidiary,

•

Temple St., Salt Lake City, Utah. Underwriter—Melvin
G. Flegal & Co., Salt Lake
City, Utah.

for working

tion

For

Oct.

Proceeds—To

of which

—

stock (par 10 cents). Price — 25 cents
per share.
Proceeds—For mining expenses. Office—155 West South

Rock Mining Co.,
Pittsburgh, Pa.
(letter of notification) 1,000,000 shares of com-»
(par one cent). Price—Five cents per share.1

burgh, Pa.

common

mon

stock

$2,184,300 of 6%'collaterial trust bonds
being offered in exchange for presently out¬

Oct. 18

Devices

Phila¬

filed

1965

Proceeds—To retire old bonds.

—

Willow

International
Jan. 27

(4/18)

North

Sugar Co.

standing 4% bonds maturing Feb. 1, 1957 on a par-forbasis.
Unexchanged bonds may be sold by com¬
pany
at approximately the, principal amount thereof
plus interest.
The
offer
will
expire on April
27.

Proceeds—For general corporate
Alexander Watt & Co.. Inc.,

Atomic

Co.

par

Busi¬
ness—Manufacture of Educational Atomic Kits/ Office—

delphia, Pa.

mon

share).

(par $2). Price — $5 per share. Proceeds
working capital and general corporate purposes.

March 23 filed 150,000 shares of common stock
(par $1).
Price—To be supplied by amendment. Proceeds—To sell¬

Feb. 20

per

Underwriter

stock

working capital. Address—P. O. Box 2231,
Baton Rouge, La. Underwriter—None.

Underwriter—Drexel

due

Corp.
(letter of notification) 59,900 shares of

Feb. 21

ceeds—For

stockholders.

($5

International

(letter of notification) 24,000 shares of capital
■tock (par $5) to be offered first to
stockholders; then
policyholders and the public. Price—$10 per share. Pro¬

ing

March

Office—Moab, Utah.

Circuits, Inc., Belleville, N. J.*

New York.

Oil

Manati

convertible preferred
(cumulative if and to the extent earned). Price—

At par

Canyon Uranium &

(letter of notification) 3,000,000 shares of non¬
(par One cent)/ Price—10 cents
share.
Proceeds—For expenses incident to
mining

r— Simms Bldg.; Albuquerque, N.
M
Underwriter—Mid-America Securities Inc. of Utah, Salt
City, Utah.
*
/

10 filed 100,000 shares of 6%

purposes.

Dec. 30

corporate

Lake

Underwriter—I. J. Schenin Co., New York.

Guaranty Income Life Insurance Co.

properties,

operations./Office

Minerals Development Corp.
(letter of notification) 1,000,000 shares of com¬
stock. Price—Five cents per share.
Proceeds—For

stock

Shoe, Inc., Hanover, Pa.

Telephone Co., Inc., not now owned. Office*—
Street, Dryden, N. Y. Underwriter—None.

South

mon

Co., Provo, Utah.

Hanover

Oct.

Industrial

filed

oer

Lost

March 7

Luck Glove

general

assessable capital stock

6-8

Buena Vista, Colo.

for

and

Underwriter—George F. Breen, New York.

Sanborn

Co., Carbondale, III.
$550,000 of 6% 10-year convertible sub¬
ordinated debentures due April 1, 1966.
Price—100%
of principal amount. Proceeds—To repurchase stock of
company held by C. T. Houghten. Underwriter—Edward
D. Jones & Co., St. Louis, Mo.
Jan.

equipment

common stock of Allegany
Telephone Co.,
Inc./ the 590 shares of common stock of Dryden Tele¬
phone Corp: and the 80 shares of common stock of

Dec. 27 (letter of notification) 3,000,000 shares of capital
itock (par five cents). Price—10 cents per share.
Pro¬
ceeds — For mining expenses. Underwriter — Bel-Air
Securities

improvements,
purposes.

2,400 shares of

Water Co., Reading, Pa.
(letter of notification) $200,000 of 4J/2% first
mortgage bonds, series A. Price—At par. Proceeds—To
acquire assets of a water company. Office—536 North
25th St., Pennside, Reading, Pa.
Underwriter—Blair &
Co., Inc., Philadelphia 2, Pa.

Uranium Corp.,

—For exploration and evaluation of leasehold

★ Independent Telephone Corp.
16 (letter of
notification) 10,605 shares of com¬
mon stock
(par $1) to be offered in exchange for the

Alsace

Dawn

* Lewisohn Copper Corp., Tucson, Ariz.
100,000 shares of common stock (par .10
cents). Price—To be supplied by amendment. Proceeds
March 30 filed

March

March 13

Golden

ployees.

Ideal-Aerosmith, Inc., Hawthorne, Calif.
16 (letter of
notification) 150,000 shares of capital

Dec.

—

is President.

Underwriter—None.

Engineering Co., Cleveland, Ohio
(letter of notification) 37,500 shares of common'
stock (par $1) to be offered for
subscription by common
stockholders of record March 1,1956 on the basis of
one
new share for each 4 *4 shares held; Of
the unsubscribed

stock

derwriter

Rudolph'"J.

and

Lester

Corp.
(letter of notification) 120,000 shares of com¬
(par 10 cents)/ Price—$1.50 per share. -Pro¬
ceeds—For exploration and development expenses. Un¬

(N. J.), New York

(Vice-President)

115

Idaho-Alta Metals

400,000 shares of common stock (par 10
cents). Price—$1 per share. Proceeds—For plant facil¬
ities, survey of property and underground development.
Underwriter—None. Maurice Schack, Middletown, N. Y.v

Powell

Broadway, New York, N. Y.

March

filed

(a director)

will purchase up to a total of 10,000
shares each of any unsubscribed shares.
Price—$1.50 per
share.
Proceeds —r For working capital.
Office —

Wash.

mon

Co.

Jan.

itock.

writers—Paine, Webber, Jackson & Curtis and Stone &
Securities Corp., both of New York; and Mitchum, Jones & Templeton, Los Angeles, Calif.

G, due April 1, 1'986. Proceeds
For construction pro¬
Underwriter—To be determined by
competitive
bidding. Probable bidders: Halsey, Stuart & Cor
Inc.;
Blyth & Co., Inc.; Lee Higginson Corp.; Equitable Secu¬

Oct.

Webster

Jan.

N. J,

Telephone Corp. (4/20)
March 29 filed $53,000,000 of convertible debentures due
May 1, 1971 to be offered for subscription by common
stockholders of record April 18, 1956, on the basis of
$100 of debentures for each 23 shares of common stock
held; rights to expire on May 7, 1956. Price—100% of
principal amount. Proceeds—To purchase securities of
subsidiaries and for general corporate purposes. Under¬
* General

(4/10)

$10,000,000" of first mortgage bonds, series 'i

gram.

March

to mining operations

Office—Kemmerer, Wyo. Underwriter—Philip
& Co., Inc., New York 6, N. Y.

Kentucky Utilities Co.
March 12 filed

Honey Dew Food Markets, Inc.
12 (letter of notification)
200,000 shares of com¬
mon stock "(par 10 cents).
Price—$1.50 per share. Pro¬
ceeds—To open or acquire additional super markets and
for working capital. Office—811
Grange Road, Teaneck,

Mining and' Oil, lnc._
;
(letter of notification) 1,200,000 shares of com-

Jan.

being*

Underwriter—Davis-Boyack Co'

City, Utah.

★ Mesa Oil & Gas Ventures, Inc.March 29 (letter of
notification) 900,000 shares of com¬
mon stock
(par one cent).- Price —15 cents per
share.
Proceeds—For expenses incident to oil and
gas

proper¬

ties. Office—421 Glenwood
Ave., Grand Junction, Colo.
Underwriter—Columbia Securities Co.,
Denver, Colo.

Midland General
Hospital, Inc., Bronx, N. Y.
12 filed 24,120 shares of
common
stock (no par)
and 30,000 shares of $6
dividend preferred stock
-

Jan.

par).
more

The company does not
stock than is required to

(no

intend

presently

sell

raise, at most, $2,700,000.

Price

Number 5522

183

Volume

Underwriterr—None.

— For construction,
Underwriter—None. ' •

$100 per share.1 Proceeds

—

wonting capital, reserve, etc.

is President.

C, Ltd., Madison, N. J.¬
participations in capital as lim- •
partnership interests in the venture to be sold in
minimum units of $25,000.
Proceeds—For expenses in- ;
cidentai to oil exploration program.
Underwriter—Min¬
eral Projects Co., Ltd., on "best efforts basis."

ited

*-.V

Minn.

Minneapolis,

Boston
•

Corp.; White, Weld & Co.; Lehman Brothers and
Bl'yth & Co., Inc. (jointly). Bids—Tentatively expected
to be received up to noon

stock

^Pulaski Veneer & Furniture Corp. (4/17)
March 28 filed 170,000 shares of common stock (par $5).

10 cents).
Price—15 cents per share.mining expenses. Office—W. 408 Indiana
Avenue, Spokane, Wash.
Underwriter—Pennaluna &
Co., Spokane,; Wash.
/
v

mon

(par

Price—$5.75 per share. Proceeds — To repay bank loans
and for machinery and equipment and working capital.
Office
Pulaski, Va. Underwriters — Scott, Horner
Mason, Inc., Lynchburg, Va., and Galleher & Co., Inc.,

Proceeds—For

—

Richmond, Va.

Oak Mineral

& Oil Corp., Farmington, N. M.
•
(letter of notification) 2,000,000 shares of common
stock (par five cents). Price—15 cents per share. Pro¬
ceeds—For exploration and development and other gen-'J

•;

(4/12-19)•■'•

eral corporate purposes. Underwriter—Philip Gordon &
shares of common stock (par $1). p
Co., New York. V: .:/'■/•
■[*;:
•
v
Price—$9 per share. Proceeds—To selling stockholders.
★ Old National Insurance Co., Houston, Tex.
Underwriter^— Van Alstyne, Noel & Co., New York.
March 29 filed 48,108 shares of capital stock (no par) to
Mormon Trail Mining Corp., Salt Lake City, Utah ^
be offered for subscription by stockholders on the basis
Feb. 9 (letter of notification) 3,000,000 shares of capital of one new share for each nine shares held (with am
stock (par one cent). Price—10 cents per share.
Pro¬
oversubscription privilege). Price — To be supplied by,
ceeds—For mining expenses. Office—223 Phillips Petrol¬
amendment. Proceeds
To purchase life insurance in
eum Bidg., Salt Lake City, Utah.
Underwriter—Frontier • force and assets from
other life insurance companies.
Investment, Inc., Las Vegas, Nev.
Subscription Agent — Old Southern Trust Co., Houston,
Mountain Top Mining & Milling Co., Denver, Colo.
Tex. Underwriter—None.
-

March 15 filed 594,320

S. 5th

St., Las Vegas, Nev. Underwriter
Newark, N. J.'
■

■

.£

__1

—

of notification) 6,000,000 shares of com¬
(par one cent).
Price—Five cents per share.
Proceeds—For mining expenses. Office—406 C. A. John¬

March 20 (letter

stock

mon

Bldg., Denver, Colo.

son

rities Co., Denver

Underwriter—Columbia Secu¬

2, Colo.

+ Mutual Investors Corp. of New York
March 21 (letter of notification) 295,000 shares of com¬
mon stock (par 10 cents).
Price—$1 per share. Proceeds
—For

working capital. Business—To purchase and resell

Office—o5j Futn Ave., New
Underwriter—Stuart Securities Corp., New

mortgages and properties^

York, N. Y.
York.

Securities Corp.,
R.

(4/23-27)
March 28 filed $1,400,000 of convertible subordinated
debentures due 1966. Price—To be supplied by amend¬
ment. Proceeds—To retire a $750,000 note and for work¬
ing capital.
Office—Long Island City, N. Y. Under¬
writers—Bache & Co., New York; and First California
Co., San Franicsco, Calif.

(4/18)

March 28 filed 80,000 shares of common stock (par $5),
of which 61,740 shares are for the company's account and

selling stockholder. Price—To be

sup¬

plied by amendment.
National

•

Fuel

Proceeds—For expansion program.
Underwriter—Smith, Barney & Co., New York.

(5/C)

Gas Co.

shares of common stock (par $10)
subscription by common stockholders

March 28 filed 447,979
to

be offered for

1956, on the basis of one new share for
each 10 shares held (with an oversubscription privilege);

of record May 8,

rights to expire on

May 25. Price—To be supplied by

amendment. Proceeds—To be used to purchase common

stock, or for loans to the operating subsidiaries;
other .corporate purposes. Underwriter—None.

and for

it National Investors Corp., New York
March
30 filed
(by amendment) 1,500,000 additional
shares
of capital stock
(par $1). Price—At market.
Proceeds—For investment.
\
//.."

•

Oswego Falls Corp., Fulton, N. Y.

(4/17)

March 27 filed

$5,001,100 of subordinate debentures due
April 1, 1976 convertible to and including April 1, 1966,
to be offered for subscription by common stockholders
of record about April 16, 1956 on the basis of $100 of
for

debentures

each

13 shares of common stock held;
April 30. Price—To be supplied by
Proceeds—For
expansion and equipment

rights to expire
amendment.
and

$1,700,000 to redeem outstanding

preferred

stock.

Underwriter

—

4!/2%

Hornblower

cumulative
& Weeks,

New York.

Uranium & Oil Corp.
(letter of notification) 3,000,000 shares of com7 mon stock (par five cents). Price—10 cents per share.
Dec. 27 (letter of notification) 300,000 shares of common '
Proceeds
For mining expenses. Office — Newhouse
stock (par one cent). Price—$1 per share. Proceeds—
Bldg., Salt Lake City, Utah. Underwriter — Western
For mining expenses. Office — 556 Denver Club Bldg.,
States Investment Co., Tulsa, Okla.
'
Denver, Colo. Underwriter — Investment Service Co.,
• Peabody Coal Co.,
Chicago, III.
same city.
.
.7/
Feb. 27 filed 210,823
shares of common stock being
National Metallizing Corp.
offered for subscription by stockholders of record Jan.
March 5 (letter of notification) 24,000 shares of Class A
30, 1956 on the basis of nine additional shares of common
stock (par $1) and 40,000 shares of Class B stock (par
stock for each 100 common shares held and nine new
$1) to be offered for subscription by Class A and Class
shares of common stock for each 40 shares of preferred
B stockholders of record Feb. 1, 1956 on a l-for-4 basis.
stock held. This offer will not be made to holders of the
'Price—$2 per share. Proceeds—For vacuum metallizing,
6,492,164 shares of common stock issued for the acquisi¬
conditioning, slitting and inspection machinery. Office—
tion of the Sinclair properties under an offer of June
1145-19th St., N. W., Washington, D. C. Underwriter—
28, 1955. The warrants will expire on Dec. 31, 1957.

National

Denver, Colo.

Corp.,

Lithium

Paria

Oct. 17

—

None.

Price—At

National Old Line Insurance Co.
15

Nov.

filed

50,000

shares of

class A common stock

and 50,000 shares of class B common stock
(par $2). Price—To be supplied by amendment. Pro¬
ceeds — To selling stockholders. Office — Little Hock,
Ark.
Underwriter—Equitable Securities Corp.. Nneh-

(par

$2)

ville, Tenn., and New York, N. Y.

Offering—Indefinitely

* Nationwide Corp., Columbus, Ohio (4/19)
29 filed 800,000 shares of class A common stock

March

(par $5). Price—To be supplied by amendment (expect¬
share). Proceeds—For investments.

ed at around $19 per
;
'

the

field of insurance.

thers, New York, and J.
..

companies, engaged
Underwriters—Lehman Bro¬

Business—To hold interests in other
in

C. Bradford & Co., Nashville,

Tenn.

England Electric System (4/18)
March 19 filed 834,976 shares of common stock (par $1
to be offered for subscription by common stockholders
of record on or about April 18, 1956, on the basis of one
new share for each 12 shares held.
Proceeds—To further
construction plans of subsidiaries, either through loans
to the subsidiaries or purchases of additional shares of
New

their

capital stock; any balance to

be used for general

corporate purposes of company. Underwriter — To be
determined bv competitive .bidding. Probable bidders:
Blyth & Co., Inc., Lehman

Bros., and Bear, Stearns &

(jointly); Carl M. Loeb, Rhoades & Co., Ladenburg,
Thalmann & Co., and Wertheim & Co. (jointly); Merrill
Co.

Lynch, Pierce, Fenner & Beane, Kidder, Peabody & Co.
and White, Weld & Co,
(jointly). Bids—Expected to
be received up to 11 a.m. (EST) on April 18 at 441
Stuart St.,

Boston 16, Mass.

* New York Capital Fund
ket. Proceeds—For

Nicholson
Jan.

filed

Price—$25

pf Canada, Ltd.

Price—At mar¬
investment. Office—Toronto, Canada.

100,000 common shares.

March 29 filed

capital and

($5

per

None. Statement effective March 27.

^ Petroleum Equipment Service & Maintenance Co.
March 23 (letter of notification) 35,000 shares of class B
common
stock (par 50 cents).
Price—$3.25 per share.
inventory, equipment and working cap¬
Office—Allentown, Pa. Underwriter — Osborne &

Proceeds—For
ital.

Thurlow, New York, N. Y., for 20,000 shares.

postponed.
>

share). Proceeds—For working
general corporate purposes. Underwriter—

par

(W. H.)

& Co., Wilkes-Barre, Pa.

20,000 shares

per

(par $5).
For working capital.

of common stock

share/ Proceeds

—

Pinellas
Feb.

Industries, Inc., St. Petersburg, Fla.

(letter of notification) 8,000 shares of class A
stock (par $1). Price—At the market (maxi¬
$6). Proceeds—For working capital. Office—34th

common
mum

St. & 22nd

<—

•

First Jersey
</■. % ■'

Minerals, Inc., Reno, Nev.

Ave., North, St. Petersburg, Fla. Underwriter
Libaire, Stout & Co., New York.

/ 1 A

VM A VI

Price—At par

M AM

TIm

(10 cents per share).
Proceeds—
Office—*573 Mill St., Reno,. Nev.
Underwriter—Utility Investments, Inc., Reno, Nev.
;

expenses.'

For mining

18,260 shares for

/VA

stock.

• Olympic Radio & Television, Inc.

Orangeburg Mfg. Co., Orangeburg, N. Y.

and

Feb. 14 Dm*
(letter of4" notification) 500,000 shares of common
A

• J 1

Quo Vadis Mines, Inc., Las Vegas, Nev.
March 8 (letter of notification) 300,000 shares of com¬
mon stock (par 10 cents).
Price—$1 per share. Proceeds
—For mining expenses. Office—Viener-Jones Bldg., 230

Nov. 8

•

(EST) on April 19.

★ Prudential Federal Uranium Corp.
March 21 (letter of notification) 6,000,000 shares of com¬
mon stock (par two cents).
Price—Five cents per share.
Proceeds—For mining expenses.
Underwriter—Skyline
Securities, Inc., Denver 2, Colo.
1 ■

Uranium, Inc., Spokane, Wash.
(letter of notification) 1,500,000 shares of com¬

March 15

capital;'r Office—944 Halsey Street, Brooklyn 33, N. A;*

;v//-

Inc.,

Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; The First

Star

North

^ Mohawk Business Machines Corp. .
lviarcn h0 (letter of notification) 167,000 shares of com-,
mon stock
(par 10 cents).' Price—75 cents per snare.Proceeds—To pay accounts payable and for wording

Montrose Chemical Co.

$1).
purchase of a new plant in Arkansas. Office—2720 Lyndale Ave., South, Minneapolis, Minn.
Underwriters—
Paine, Webber, Jackson & Curtis and Piper, Jaffray & '
Hopwood, both of Minneapolis, Minn., and Kalman &
Co., Inc., St. Paul, Minn.
".

Feb. 7 filed $4,000,000 of

•

Kingston, Pa.

28,900 shares of capital
Price—$8.75 per share. Proceeds—For

stock ;(par

Mineral Projects-Venture

Underwriter—None.

March 26 (letter of notification)

Underwriter—None.

Md.

timore 18,

A. E. Nicholson Jr. of

Dispensers,

★ Norris

^ Miller Chemical & Fertilizer Corp.
(letter of notification) 500 shares of 5% pre-,,
ferred stock.
Price—At par ($100 per share). Proceeds
—For working capital. : Office—2226 N. Howard St., Bal¬
March 30

(1739)

The Commercial and Financial Chronicle

Rapp
March
ferred
ment.

(Fred P.), Inc., St. Louis, Mo.
150,000 shares of 5%% cumulative pre¬
stock (par $10). Price—To be supplied by amend¬
Proceeds—To repay bank loans incurred by com¬
filed

to redeem and cancel all of the issued and out¬
standing shares of 4% and 7% preferred stock; and for
expansion program. Underwriter—Edward D. Jones &

pany

Co., St. Louis, Mo.
Redlands

Oil

Co., Ltd.
$1,000,000 of partnership interests to be
offered in minimum amounts of $25,000.
Proceeds—To
acquire leases for drilling for oil and gas and for devel¬
opment costs. Underwriter — Name to be supplied by

Jan.

filed

amendment.

Regan Bros. Co., Minneapolis, Minn.
Feb. 17 filed $500,000 of 6% sinking fund first mortgage
bonds due 1976.
Price—100% of principal amount. Pro¬
ceeds—To

purchase 36,128 shares of capital stock at a
price of $10 per share from stockholders retiring from
the company, and for working capital.
Business—Manu¬
factures and sells at wholesale bread products.
Under¬
writer—M. H. Bishop & Co., Minneapolis, Minn.
Reis

(Robert)

& Co.

April 2 (letter of notification) 1,000 shares of $1.25
prior preference stock (par $10) and 30,000 shares of
common stock (par $1).
Price—About $9% per share for
preferred and about $1.12% per share for common stock.
Proceeds—To a selling stockholder. Underwriter—None.
Sales to be made

through Lehman Brothers, New York.

Reno

Hacienda, Inc., Inglewood, Calif.
Dec. 19 filed 4,000,000 shares of common stock. Price—
At par ($1 per share). Proceeds—To purchase real prop¬
erty, for construction of buildings and other facilitief
and for general corporate purposes. Underwriter—Wil¬
son & Bayley Investment Co.
Reynolds Mining & Development Corp.
22 filed 1,500,000 shares of common stock (par
one
cent).
Price—50 cents per share.
Proceeds—For

Nov.

working capital and mining expenses. Office
Utah.

Underwriter

—

The Matthew

—
Moab,
Corp., Washington,

D. C.

★ Rittenhouse Fund, Philadelphia, Pa.
March 30 filed

(by amendment) $826,800 additional par¬
ticipating units in the Fund.

★ Rochdale Cooperative, Inc., Washington, D. C.
March 28 (letter of notification) 10,000 shares of class C
common stock and 10,000 shares of preferred stock. Price

—At par

($10

per

share).

Proceeds

—

For payment on

mortgage, equipment and on bank loan and for working
capital. Office—26th and Virginia Ave., N. W., Wash¬

Underwriter—None.

ington, D. C.

★ Roger & Wray's Auto Stores; Inc.
March 30 (letter of notification) 400 shares of common
stock (no par) and 1,000 shares of preferred stock (par
$50). Price—Of common, $20 per share; and of preferred,
$50 per share.
Office—3843 West 25th St., Cleveland,
Underwriter—None.

Ohio.

—Eisele & King,

Rowland

Products, Inc., Kensington, Conn.
11,912 shares of common
$12.50) being offered for subscription by

^ Pioneer Telephone Co., Waconia, Minn.
March 27
(letter of notification) 3,000 shares of 5%
cumulative preferred stock, series E. Price—At par ($100

March 5 (letter of notification)

share). Proceeds—For additions and improvements.
Office—Waconia, Minn. Underwriters—M. H. Bishop &

per

and Johnson-McKendrick & Co., both
apolis, Minn.
Co.,

of Minne¬

Pipelife Corp., Tulsa, Okla.
115,000 shares of common stock (par $1).
Price—$4 per share. Proceeds—To pay current accounts
and notes payable; for research and development; and
Nov. 29 filed

general

corporate

Underwriter

purposes.

American Securities Co.,

—

North

stock

(par

stockholders of record March

stock

each

the basis of

one

new

three

held; rights to
expire on April 12. Price—$25 per share. Proceeds—
For construction and equipment of a new building and
for working capital.
Office—Fairview Place, Kensing¬

Underwriter—None.

Conn.

ton,

^ Russell Gulch Uranium Co., Inc.
March 22 (letter of notification) 150,000 shares of com¬
mon
stock.
Price—At par ($1 per share).
Proceeds—
For mining expenses.
Address—P. O. Box 365, Central

Underwriter—None.

City, Colo.

Tulsa, Okla.

for

+ Pitney-Bowes,

Inc., Stamford, Conn.

March 30 filed 48,299 shares of common stock
to

offered

St.

employees

under

the

(par $2)

company's

Em¬

ployees' Stock Purchase Plan, which has been in effect
since December 1929.
Business—Manufactures postage

Feb.

Portland Gas & Coke Co.

bonds
due

filed $16,500,000

(4/19)

due

filed

1976

1974" at

of first mortgage bonds due

103.08%

103.00%;

and

for

$3,150,000 3%%

construction

declared

540,000 shares of

common

stock (par $5)

bonds

program.

effective

lesser

amount.

bu+

and may
not less

of said

shares, are so deposited. This offer
will expire on April 16. Dealer-Managers—White, Weld
& Co., New York, and A. G. Becker & Co., Inc.
than

Proceeds—To retire outstanding $10,000,000 3Vs%

1976.

being offered in exchange for outstanding common stock
of Rhinelander Paper Co. on a share-for-share basis.
The offer will be declared effective if 90% of Rhinelander common stock is deposited for exchange;

meters.

March 23

Regis Paper Co.

80%

Continued

page

(1740)

The Commercial and Financial Chronicle

Continued

•

Stubnitz

Greene

Corp., Adrian, Mich.
$1,000,000 of 5y2% sinking fund sub¬
ordinated debentures due 1966 (with warrants to pur¬
Sayre & Fisher Brick Co.
Sept. 30 filed 325,000 shares of capital stock (par $l).v> chase 60,000 shares of common stock) and 100,000 shares
of 60-cent cumulative preferred stock
Price—To be supplied by amendment. Proceeds — For
(par $5) to be
offered for subscription by common stockholders in units
prepayment of outstanding 5l/z% sinking fund bonds due
of $250 of debentures (with warrants attached to
1970; balance for general corporate purposes, including
pur¬
chase 15 shares of common stock at $8 per share) and
additions and improvements and working capital. Under-,
25 shares of preferred stock for each 100 shares of com¬
writer
Barrett Herrick & Co., Inc., New York City.
mon stock presently held.
Schield Bantam Co., Waverly, Iowa
(4/17)
Pjtfce—$418.75 per unit. Pro¬

from

page

March

ceeds—For

expansion and working capital. Office—404
Logan Street, Adrian, Mich.
Underwriter—Golkin &
Co., New York. Offering—Expected momentarily.

March 26 filed 219,000 shares of common stock (par $5),
of which 200,000 shares are to be offered publicly and

19,000 shares to certain employees of company. Pricepublic, to be supplied by amendment; and to em¬
ployees, $5 per share. Proceeds.— To six selling stock¬
holders. Business—Produces power cranes and excava¬
tors, including various types of mountings. Underwriter
—Granbery, Marache & Co., New York.
To

Suburban Land

Developers, Inc., Spokane, Wash.
Feb. 2 (letter of notification) 920 shares of 6% cumula¬
tive non-voting preferred stock ($100 per share) and
2,160 shares of

it Scholz Homes, Inc., Toledo, Ohio
March 28 filed 160,000 shares of common stock (par $1).
pnCe
To be supplied by amendment. Proceeds — For
capital expenditures and for other corporate purposes.
Underwriter—Straus, Blosser & McDowell, Chicago, 111.

writer—W. T. Anderson &

—

Schwartz Carbonic

Co., El Paso, Texas

stock

per share. Proceeds
incident to mining operations. Office—
Rapid City, S. D. Underwriter—Morrii
address.

—For expenses

Harney Hotel,
Brickley. same

be offered for subscription

new

share for each

by stockholders

share held.

common

Price—$7.50

per share. Proceeds—For expenses incident
manufacturing and sales of carbon dioxide. Office—
1600 East Eleventh St., El Paso, Tex. Underwriter—None,

Seaboard & Western

March 23 filed
of

stock

common

amendment.
and

Airlines, Inc.

$1).

(4/12)

Price—To

be supplied by
purchase of aircraft
for working capital.

spares

Underwriter—Union

and

Securities

Target Uranium Corp., Spokane, Wash.
(letter of notification) 1,000,000 shares of

March 1

Corp., New York.

stock (par five cents).
Price—20 cents per share.
Proceeds—For mining expenses. Office
422 Paulsen
—

Blag., Spokane, Wash. Underwriters—Percy Dale Lanphere and Kenneth Miller Howser, both of

Okla.

Taylor

writer—S. D. Fuller & Co., New York.

are

Petroleum

Corp., Norman, Okla.
200,000 shares of common stock (par $1).
Price—To be supplied by amendment.
Proceeds—For
working capital, drilling and completion of additional
wells, possible acquisition of interests in additional oil
and gas leases and exploration for oil
and gas. Under¬
writer—Hayden, Stone & Co., New York.
Feb.

Prefabricators, Inc. (Calif.)
(4/9)
March 12 (letter of notification) 149,500 shares of cap¬
ital stock (par $1). Price—$2 per share. Proceeds—For
working capital and general corporate purposes. Under¬

These securities

Spokane,

Wash.

Sierra

it Simca, Paris, France (5/1)
March 29 filed (1) such number of American
as may
be issued (on a basis of two American
for each underlying capital share) in respect of
713 capital shares of Simca and (2) the
1,455,713

com¬

mon

Shangrila Uranium Corp.
Dec. 30 (letter of notification) 300,000 shares of com¬
mon
stock.
Price—At par ($1 per share).
Proceeds—
For mining expenses. Underwriter—Western States In¬
vestment Co., Tulsa,

filed

Tele-Broadcasters, Inc., New York

shares
shares

Jan. 11

1,455,-

stock

(letter of notification) 200,000 shares of common
(par five cents). Price—$1.50 per share. Proceeds

—For conversion of station "WARE" to
full-time broad¬
casting; to buy a fourth radio station; and for general

capital

being offered to the holders

of presently outstanding capital shares,
including holders
of American shares representing capital

corporate purposes. Underwriter—Joseph
48 Hudson Ave.,
Waldwick, N. J.

rate

Texas Eastern Transmission
Corp.
Nov. 30 filed 200,000 shares of
cumulative preferred
stock (par $100). Price—To be
supplied by amendment.

shares, at the

additional

one

(or

American

capital share
additional American

one

share)

for

each

flihare

capital

for

each

held

on April 30, 1956, together with
subscription privileges. The subscrip¬
tion price will be 5,500 francs
(approximately $15.71)
per capital share and approximately $7.86 per Ameri¬

certain

additional

share.

can

Subscription rights of holders of capital
expire at the close of business in Paris on

will

June

6, 1956, whereas warrants evidencing subscription
rights of holders of American shares will expire on May
31, 1956. The subscription is to be handled
of

b,y

French

subscription

agents.

Proceeds—To

group
finance

program of expansion and improvement.
Business—•
Simca is engaged in the production and sale of
passenger

automobiles,
France.
Farmers

trucks,

tractors and other products in
Depositary—For American shares: City Bank
Trust

Co., New York.

Skiatron

Electronics & Television
Corp.
filed 470,000 shares of common stock
(par 10
cents). Price — At the market. Proceeds
To selling
stockholders. Underwriter—None.
March

—

Southern California

Edison Co. (4/17)
19 filed
$40,000,000 of first and refunding mort¬
bonds, series G, due 1981. Proceeds—To retire bank

March
gage

loans and for construction
program.

Underwriter—To be
by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.; The First
Boston Corp. and Dean Witter &
Co.
(jointly); Kuhn,
Loeb & Co.
Bids—Expected to be received up to 8 a.m.
(PST) on April 17.

determined

★ Southwest Arkansas Telephone
Cooperative, Inc.
March 23 (letter of
notification) 150,000 shares of

ital stock.

expansion.

Price—At par ($1 per
share).
Office
—

None.

Texarkana, Ark.

cap¬

Proceeds—For
Underwriter—

Southwestern Oklahoma Oil
Co., Inc.
Feb. 27 (letter of
notification) 15,001 shares of
stock (par 10
cents) to be offered for
stockholders.

common

subscription by
Price—$10 per share. Proceeds—For ex¬
development of oil and gas properties

penses incident to

Office—801

Washington Bldg., Washington, D. C. Under¬

writer—None.

Temporarily postponed.
*

Texize

(letter of notification) 300,000 shares
of common
Price—$1 per share. Proceeds—For
mining ex¬
penses. Underwriter—Cavalier
Securities Co., Washing¬
ton, D. C.
'6

(4/16)

March

19 filed $742,800 of 5% subordinated
convertible
debentures due April 1, 1971, to be offered for
subscrip¬
tion by common stockholders of record
about April 16 on
the basis of $100 of debentures for each
seven shares of
stock

common

held;

rights to expire about April 30.
$100 debenture, plus accrued interest,
to stockholders; and at
par to public. Proceeds
For
capital expenditures and working capital. Underwriters
—Edgar M. Norris and Alester G. Furman
Co., both of
Greenville, S. C., and seven other firms.

Price—$98.50

per

—

which

are

offered

company's investment plan
to eligible
employees of the

company and its subsidiary.

Strategic Metals, Inc., Tungstonia, Nevada
Jan. 4 (letter of
notification) 1,200,000 shares of
mon

stock.

Price—25

cents

per

share.

incident to mining operations.
R. Reynolds & Co., Salt Lake
City, Utah.
expenses

com¬

Proceeds—For
Underwriter

ceeds
-

—

com

indebtedness, and
Business—Vending

pay

working capital.

Pro

for

expansion an
machines. Office

60 Park Place,
Newark, N. J. Underwriter
Securities, Inc., New York, N. Y.
\

—

Midlan

Tunacraft, Inc., Kansas City, Mo.
Jan. 17 (letter of
notification) $250,000 of 6%
registered subordinated sinking fund

12-ye-

debenture

due

Jan.

1968.

outstanding

Price—At par.

secured

obligations.

note

Proceeds—To reduc

Underwriter—McDon

aid, Evans & Co., Kansas City, Mo.
Underwriters Factors Corp.
Dec.

(letter of notification) 29,500 shares of
6%%
participating convertible preferred stock
(par $10) an
2,950 shares of common stock (par one
to

cent)

offered

in units of 10 shares of
preferred stock and
share of common stock. Price —
$100.01 per uni
Proceeds — To increase
working capital. Office — 51
one

Vesey St., New York, N. Y.
and

American

N. Y.

Securities

■>"

■

Underwriter—New York
Co., 90 Wall St., New York,

•

Union of Texas Oil
Jan. 19 (letter of

Co., Houston, Texas
notification) 240,000 shares of

common

stock (par 10 cents).
Price—$1.25 per share. Proceeds—
For expenses incident to oil
production. Office
San
Jacinto Building,
Houston, Tex. Underwriter—Mickle &
—

Co., Houston, Texas.
U. S. Automatic

Machinery & Chemical Corp.
(letter of notification) 300,000 shares of class
A
stock (par 10
cents). Price—$1 per share. Pro¬
ceeds
For general corporate
purposes.
Office—8621
Montgomery Ave., Philadelphia, Pa. Underwriter—Columbia Securities
Corp., 135 Broadway, New York.
I
Nov. 4

common

•

United

States

Envelope Co.

March 16 filed 123,046 shares of
common stock
(par $10)
being offered for subscription by common
stockholders
of record April
4, 1956, at the rate of one new share for
each four shares
held; rights to expire on April 17. Price
—$20.25 per share. Proceeds—To
repay bank loans; for
purchase of new equipment and
working capital. DealerManager—Hayden, Stone & Co., New York.

★ U. S. Fiberglass Industrial
Plastics, Inc.
19 (letter of
notification) 150.000 shares of con¬
preferred stock (par $1) arid
30,000 shares of

March

vertible

stock

common

(par 10 cents) to be offered in units of
five shares of preferred stock and
one share of common
stock first to stockholders of record
March
1, 1956. Price
stockholders, $9 per unit; and to public, $10 per
Proceeds—For capital improvements and
general
corporate purposes. Office—Norwood, N. J.
Underwriter

—To

unit.

—General Investing Corp., New York.

Urania, Inc., Las Vegas, Nev.
20 (letter of
notification) 50,000 shares of capital
Price—At par ($1 per
share). Proceeds—For ex¬
penses incident to mining operations. Office—1802
South
Main St., Las Vegas, Nev.
Underwriter—Fenner-Streitman & Co., New York
City.
Jan.

stock.

Uranium Exploration
Co., Salt Lake City,
(letter of notification) 77,875 shares of

Tex-Star Oil & Gas
Corp., Dallas, Texas
(letter of notification) 99,990 shares of

Jan. 20

stock

(par 25 cents).
For mining expenses.
Salt

Lake

Price—$1

share.

per

Office—538

City, Utah.

East

Underwriter

—

21st

Utah
common

Proceeds—
South St.,
Invest¬

Pioneer

ments, Salt Lake City, Utah.

it Uranium Exploration,

Inc., Minot, N. Dak.
(letter of notification 400,000 shares of

March 21
stock.

mon

mining

Price—10

cents

per

share.

j
com¬

Proceeds—For

common

stock

(par $1). Price — $3 per share. Proceeds—For
working capital and general corporate purposes. Office
—Meadows Building, Dallas, Texas.
Underwriter
Thomas F. Neblett, Los
Angeles, Calif.

—

it Thermactor Corp.

it Uranium & Strategic Minerals, Inc., Salida, Colo.
18 (letter of
notification) 800,000 shares of com- 1
stock (par 10 cents).
Price—25 cents per share. I

March

Proceeds—For mining expenses.
Address—P.
743, Salida, Colo. Underwriter—None.
Utah

Gas

Service

Box

Co., Salt Lake City, Utah

March 12 (letter of
notification) $300,000 of 5*4% deben- i
tures in denominations of
$1,000 each). Price—At 100%
plus accrued interest. Proceeds
Together with other !
funds, to finance the construction of natural gas systems
and transmission lines. Office—1007
Walker Bank Bldg.,
Salt Lake City, Utah. Underwriter—The
First Trust Co. i
—

March 20

(letter of notification) $68,550 of five year 5%
convertible notes due April
15, 1961, to be offered for
subscription by stockholders. Price—At par (in units
of $50 each).
Proceeds—For inventories and
working
capital. Office—Suite 2,400, 14 Wall
Street, New York
5, N. Y. Underwriter—None.

Lincoln, Lincoln, Neb.

Utco

Uranium

Corp., Denver, Colo.
(letter of notification) 200,000 shares of com¬
stock, which are covered by an option held
by the
underwriter. Price—10 cents per share.
Proceeds—For
mining expenses. Office—310 First National Bank
Bldg.,
Denver, Colo. Underwriter
Amos C. Sudler & Co*
same city.
Jan.

mon

• Togor Publications, Inc., New York
(letter of notification) 299,700 shares of com¬
mon stock
(par 10 cents). Price—$1 per share. Proceeds
—For working capital and
general corporate purposes.
March 16

Office—381 Fourth
Ave., New York, N. Y. Underwriter
—Federal Investment
Co., Washington, D. C.
•

Tomrock Copper Mines

Feb. 9 filed 200,000
shares of
be offered
publicly to

Ltd., Toronto, Canada
common

residents

Price

—

cents per share.

development
Sanford

St.,

March 27.

costs.

stock

the

(par $1) to

United

States.

Proceeds
For exploration
Underwriter—Harold W. Lara.

Rochester,

—

Statement

effective

TranSouth Life Insurance
Co., Columbians. C.
Feb. 21 filed 941,250 shares
of class A
non-voting com¬
mon stock
(par $1) and 10,270 shares of class B
voting
common stock (par
$1) of which 100,000 class A and all
of the

class B shares

are

be reserved

exercise

options to be granted to
employees and directors of the
company.
Class A shares are to be offered in
units of
four shares
each, and at $8 per unit, under a condition
that each purchaser
donate one share out of
every four

shares purchased to TranSouth
Educational Foundation,
Inc. Proceeds—To
finance its business as a life insurance
company.

Underwriter—None.

Treasurer; and G.

J. R. Hoile is President-

Kennedy is Secretary.

Underwriter—None.

expenses.

mon

took.

it Standard Oil Co. (Ohio)
April 3 filed interests in the

Feb. 13

Chemicals, Inc., Greenville, S. C.

and

Nov. 9

MandeU Co.,

Proceeds—Toward redemption of presently
outstanding
190,000 shares of 5.50% first preferred stock. Under¬
writer—Dillon, Read & Co., Inc., New York. Offering—

241

Spurr Mining Corp.

March 23
mon

—

Proceeds—To complete

complement

shares.

Superior Uranium Co., Denver, Colo.
(letter of notification) 29,600,000 shares of com¬
mon stock.
Price—At par (one cent
per share).
Pro¬
ceeds—For mining operations.
Office—608 California.
Bldg., Denver, Colo. Underwriter—Securities, Inc., P. O..
Box 127, Arvada, Colo.
Nov. 9

estimated maximum of 180,000 shares

(par

Co., Inc., Spokane, Wash.

Summit Springs Uranium Corp., Rapid
City, S. D,
Oct. 3 (letter of notification) 1,200,000 shares of
common
stock (par 10 cents). Price—25 cents

Feb. 27 (letter of notification) 30,700 shares of common
basis of 0.6158

stock

(par $10). Price—Of pre¬
ferred, $100 per share; and of common, $15 per share.
Proceeds—For improvements and working capital. Of-,
fice—909 West Sprague Ave.,
Spokane, Wash. Under¬
common

Thursday, April 5, 195

it Transportation Vendors, Inc.
(letter of notification) 299,750 shares of
stock (par five cents).
Price—$1 per share.

filed

—

it Value Line Fund, Inc.
March 29 filed (by
amendment) 600,000 additional shares
of capital stock (par
$1). Price—At market, Proceeds—

For investment.

Office—New

York, N. Y.

it Value Line Income Fund, Inc.
March 29 filed
(by amendment) 7,500,000 additional
shares of capital stock (par $1). Price—At
market. Pro¬
ceeds—For investment. Office—New

Vance
Jan.

York, N. Y.

Industries, Inc., Evanstom III.

(letter of notification) 7,000 snares of common
one cent).
Price—$7 per share. Proceeds—
To selling stockholders.
Office
2108 Jackson
Ave.,
Evanston, 111. Underwriter—Arthur M. Krensky &
Co.,
Inc., Chicago, 111.
stock

(car

—

Van

March

Norman
16

filed

Industries, gnc. (4/10)
$2,000,000 of convertible subordinated

debentures due 1976.
ment.

Price—To be supplied by amend¬

Proceeds—Together with $3,000,000 to be received
sale of a
%
154year sinking fund
note, to be used to pay off present outstanding
$1,470,000
note and $2,350,000 of bank
loans; and for working capfrom

private

,Nqrpber 5522

183

Volume

...»

Ital and other corporate purposes.

^ Vendo Co., Kansas City, Mo.
March 23 (letter of notification) 22,935 shares of com¬
mon stock
(par $2.50) to be offered to certain salaried

Price
-$12 per share. Proceeds—For business expansion, de¬
velopment of new equipment for automatic vending of
new products.
Office—7400 East 12th St., Kansas City 3,
and hourly paid employees on a stock option plan.

Underwriter—None.

Mo.

Wagon Box Uranium Corp., Provo, Utah
Nov. 21 filed 2,000,000 snares of common stock

shares will be offered to employees.

★ California Oregon Power Co.

plied by amendment. Proceeds

Underwriter—Kidder,

Peabody & Co., New York.

March 30 it

Price—To be sup¬
For construction pro¬

—

Underwriter—None.

gram.

Woodstock Uranium

Corp., Carson City,

Nev.

(letter of notification) 3,000,000 shares of com¬
stock. Price—At par (10 cents per share). Proceeds

Nov. 21
mon

for such working interests and

cents

Proceeds—To

share.

per

capital and other corporate purposes.
Investment Co.. Provo. Utah and

Underwriter—H.

Wall Street Investing Corp.,

to be valued

properties. Price—Shares

arbitrary price of $4 per share. Pro¬

at an

Underwriter—None.

ceeds—To acquire properties.

Honolulu, Hawaii. Statement withdrawn March 2.
New York

Prospective Offerings

Proceeds—

$1). Price—At market.

For investment.

Ward Industries

Air-Vue Products Corp.,

Corp.

(letter of notification) 12,000 shares of $1.25
cumulative preferred stock, series A (par $25) and 1,500
shares of common stock (par $1) being offered in ex¬

March

change for 5% cumulative preferred stock (par $100) of
The Prosperity Co. on the basis of four Ward preferred
shares, one-half share of Ward common stock and $1.05
in cash for each Prosperity preferred share. This offer,
which is limited to acceptance by 3,000 Prosperity pre¬

alternative to the right to receive in¬

ferred shares, is

stead $100 per Prosperity preferred share.
West Jersey Title & Guaranty

Miami, Fia.
early registration is expected
stock. Price—Around $4.25
per share. Proceeds — For expansion program. Under¬
writer—Arthur M. Krensky & Co., Inc., Chicago, 111.

Feb.

reported

was

of 150,000 shares of common

American

Jan. 23 it

Shopping

Centers,

Inc.

announced company will soon

was

offer pub¬

licly some new securities in the approximate amount of
$6,000,000. Proceeds—To acquire shopping centers. Of¬
fice—Minneapolis, Minn. Underwriter—Carl M. Loeb,
Rhoades

Co.

Carolina

Co., New

York.

•

stock

tures

(letter of notification) 10,000 shares of common
(par $10) of which 8,000 shares are first to be
a period of 30 days in exchange for outstand¬

ing preferred stock on a 2-for-l basis; any shares re¬
maining will be offered to common stockholders. Price—

$25 per share. - Office—Third and Market Sts., Camden,
N. J. Underwriter—None.
Westcoast Transmission Co.,

Ltd. (4/11)
Jan. 26 filed $20,500,000 (U.S.) 32-year subordinate de¬
bentures, due Feb. 1, 1988, and 615,000 shares of capital
stock (no par) to be offered in units of $100 of deben¬
Price—To be supplied

by amendment. Proceeds—Together with funds to be re¬
ceived from insurance companies and banks and from
6ale of an additional 3,271,000 shares of stock to Westcoast Investment Co., to be used to construct a

pipe-line

Underwriter—

system. Office—Calgary, Alta., Canada.
Eastman, Dillon & Co., New York.

• Western Empire Petroleum Co., Ogden, Utah
23
(letter of notification) 1,000,000 shares of
common stock (par 10 cents).
Price—IV2 cents per share.
Proceeds—To reduce obligations and purchase royalty
interests.
Office—812 David Eccles Bldg., Ogden, Utah.

telephone service. Underwriter — To be determined by
competitive bidding. Probable bidders: The First Bos¬
ton Corp. and Halsey, Stuart & Co. Inc. (jointly); Mor¬
gan Stanley & Co. Bids—Expected to be received some¬

spend dur¬
estimated $94,000,000 for
new construction.
Of this amount, $41,000,000 is expected
to come from within the company, and the balance from
outside sources.
No new equity financing is planned
for 1956. About $16,000,000 is expected to be spent this
year.
Bond financing is expected to be done privately
through Blyth & Co., Inc. and The First Boston Corp.
March 23 it

Underwriter—None.
San Francisco, Calif.

(letter of notification) 15,171 shares of com¬
mon stock (par $1).
Price—$5.50 per share."Proceeds—
To West Coast Telephone Co., the selling stockholder.
Underwriter—Central Republic Co., Inc., Chicago, 111.

March

(letter of notification) 15,000,000 shares of capi¬
Price—At par (one cent per share). Proceeds
-r-For mining expenses.
Office—547 East 21st South St.,
Salt Lake City, Utah.
Underwriter—Empire Securities
Corp., Salt Lake City, Utah.
tal stock.

Williamson Co.,
20

common

class B

$6.84

Cincinnati, Ohio

(letter of notification) 20,666 shares of class B
stock (par $1) to be offered for subscription by

common

stockholders

on a

l-for-7 basis.

Price—

Proceeds—For working capital. Office
Maison Road, Cincinnati, Ohio.
Underwriter—

per

—3500

bonds

None.

Wilmington Country Club,

Inc., Wilmington, Del.

April 2 filed $1 500,000 of non-interest

1991, to be offered

to the

bearing deben¬
members of the

Price—At par ($1,000 per debentures). Proceeds
—For construction of a golf house ana other improve¬
ments. Underwriter—None.
Club.

•

Wilson

(Russell)

Ino^stries, Inc.

par-for-par basis.

Electric Co.

bidding.
&

of notification) 3,000,000 shares of com¬
mon stock.
Price—At par (10 cents per share). Proceeds
—To repay bank loans, for drilling well and working
capital. Office—Winnsboro, Texas. Underwriters—J. J.
Holland Securities Co., Inc., New York, N. Y., and Dag¬

issue some
Proceeds—To reduce bank

reported company plans to

was

Underwriter—To

loans.

determined

by competitive

Probable bidders: W. C. Langley & Co.; EstaCo. and Stone & Webster Securities Corp.

(jointly); Salomon Bros. & Hutzler; Kidder,
Co.; Harriman Ripley & Co. Inc.
;

Bon Ami Co., New York
V
9 it was announced company plans
.

March

A and common

common

Peabody &

to offer to
B stockholders the right to sub¬

shares of common A stock (now held in

ing this proposal and also on changing the par value of
the shares from no par for both issues to $2 per share
for the common A stock and $1 for the common B stock.
Underwriter—Dominick & Dominick and Smith, Barney

(formerly Charles D. Barney & Co.) handled sec¬

& Co.

ondary offering of common B

with

reported company plans to offer

was

Columbia Gas
Feb.

for

18,400

additional shares of capital stock

(par

Forgan & Co.; The First Boston Corp.; Union Securities
Corp. and Harriman Ripley & Co. Inc. (jointly). Bids—
Expected to be received on April 24.

California

Electric

sell

some

was

reported company plans to issue and

Proceeds
Prob¬
Halsey, Stuart &

additional securities in June or July.

for new construction.

for bonds may include:

Inc.; Shields & Co.; Merrill Lynch, Pierce, Fenner
& Beane and Kidder, Peabody & Co. (jointly); Blyth &

Co.

The First Boston Corp. and Salomon Bros. &
Hutzler (jointly); Lehman Brothers; White, Weld & Co.
Previous common stock financing was underwritten by
Blyth & Co., Inc. and The First Boston
•

California

Oregon

Power Co.

Corp.

Peabody & Co.

May

15.

share
priv¬
Unsubscribed

reported company plans early registra¬

was

of junior subordinated deben-;
Kidder, Peabody & Co. and The

tion of about $25,000,000

Underwriter

tures.

First Boston

—

Jan.

24 it

" :

Corp., both of New York.
Edison

Commonwealth

Co.

(6/5)

announced that company

was

may

issue be¬

Proceeds—For
Underwriter—To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Glore, Forgan & Co. and Blyth & Co., Inc.
(jointly); The First Boston Corp.
$35,000,000 to $50,000,000 of bonds.

ic Connecticut National Bank, Bridgeport, Conn.
April 4 the Bank offered to its stockholders of record
April 3, 1956, the right, to subscribe on or before April
20 for 209,000 additional shares of common stock. Price
—$15 per share. Proceeds—For working capital. Under¬
writers—Smith, Ramsey & Co., Inc.; Hincks Bros. & Co.
Inc.; Chas. W. Scranton & Co.; A. M. Kidder
H. Walker & Co.; and T. L. Watson & Co.
Connecticut
March 1 it

& Co.; G.

Co.

Power

reported company plans to issue and

was

sell

$5,200,000 of new preferred stock and offer to common
stockholders 71,132 additional shares of common stock
on a l-rfor-10 basis.
Proceeds — To reduce bank loans.
Underwriters—Putnam & Co.;

Chas. W. Scranton & Co.

Offering—Expected in June.
Natural Gas

Consolidated
15 it

March

(7/25)

$30,000,000 of debentures due 1981. Underwriter—
determined by competitive bidding.
Probable

sell

Co.
&

Co.

announced company plans to issue and

was

Halsey, Stuart & Co. Inc.; Morgan Stanley &
First Boston Corp (jointly); White, Weld

The

and

Paine, Webber, Jackson &

and

Co.

Curtis (jointly).

Bids—Expected to be received on July 25.
Consolidated Water Co.

O'Neill, President, announced that the
sometime between now and the summer of
1956, will probably do some additional financing. Pro¬
ceeds—For expansion.
Underwriters—The Milwaukee
Jan. 16, Frank A.
company

Co.; Harley Haydon & Co., Inc.; and Indianapolis
& Share Corp. underwrote class A common stock

Bond
offer¬

ing made last August.
Co., Chicago, III.

March 18 stated in part: "To

present proposed capital expenditures,
that some additional financing may be neces¬
sary." Underwriters—Morgan Stanley & Co. and Clark,
Dodge & Co.

meet the cost

it appears

Feb. 27 it

was

reported stockholders will vote

March

30,

the

California

(jointly).

Public

March 6

proposal to increase the authorized com¬
mon stock from 250,000 shares to 750,000 shares, the ad¬
ditional shares probably to be issued in connection with

approving

Underwriter—May be Hornblower St

financing.

Weeks, New York.
Delaware

first

Power

common

some

common

tion program.

& Light Co.

the company expects to
financing, probably

stock

stockholders. Proceeds—For construc¬

Underwriter—To be determined by com¬

petitive bidding. Probable bidders: W. C. Langley &
Co. and Union Securities Corp. (jointly); Kidder, Pea¬
body & Co. and Merrill

Lynch, Pierce, Fenner & Beane

(jointly); Carl M. Loeb, Rhoades & Co.;
Inc. and The First Boston Corp. (jointly);
&

Co.

and

Shields &

Co.

Blyth & Co.
White, Weld

(jointly); Lehman Brothers.

Offering—Expected in June or July.
Detroit

Edison

Co.

Feb.

(5/1)

ilege);

$10)

subscription by common stockholders

March 12 it

undertake

Power Co.

of record about April 25 on the basis of one new
for each 10 shares held (with an oversubscription

(4/25)

March 30 filed 463,641 shares of common stock (par

about

Corp.

Sept. 28 it was announced that

Utility Commission
authorized
company
to issue and sell $16,000,000 of
first mortgage bonds.
Underwriter—To be determined
by
competitive bidding.
Probable bidders: Halsey,
Stuart & Co. Inc.; Blyth & Co., Inc. and The First Bos¬
ton Corp.
(jointly); Lehman Brothers; White, Weld &
Co.; Merrill Lynch, Pierce, Fenner & Beane and Kidder,

expire

Oct. 2.

Credit

Commercial

Wilmington, Del.

Co. Inc.;

Inc.; Kuhn, Loeb & Co. and American Securities
Corp. (jointly); Lehman Brothers and Salomon Bros. &
Hutzler
(jointly); Merrill Lynch, Pierce, Fenner &
Beane and Equitable Securities Corp. (jointly); Glore,

issue and sell

$30,000,000 of debentures. Underwriter — To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; Morgan Stanley & Co. Bids—Expect¬

future

Co.

rights

(10/2)

System, Inc.

announced company may

was

the basis of one new share for each five shares
held. Price—$30 per share. Proceeds—To increase cap¬
ital and surplus. Underwriter—Laird, Bissell & Meeds,

$5)

able bidders

program.

for

Cribben & Sexton Co.

• Bryn Mawr Trust Co., Bryn Mawr, Pa.
March 27, the Bank offered to its stockholders of record
March 23 the right to subscribe on or before April 26,

Proceeds—To repay bank loans and for con¬
Underwriter—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &

.15, 1986.

offered

Corp.,

system to cost $68,251,000. Underwriters—May be Leh¬
man Brothers and Allen & Co., both of New York.

Corp.

March

announced

was

Crane

$18,000,000 of preferred stock.
Proceeds—For construction
program.
Underwriter—If by competitive bidding, bid¬
ders may include Lehman Brothers; The First Boston
March

—To retire bank loans and

Houston, Texas
application has been filed ;
the FPC for construction of a 565.7 mile pipeline
Transmission

Coastal

Feb. 29 it

F. F. Elliott, President, on

it Wisconsin Electric Power Co. (4/24)
jMarch 30 filed $30,000,000 first mortgage bonds due April

^Wisconsin Electric Power Co.

11.

Rock Island & Pacific RR. (4/12)
Bids will be received up to noon (CST) on April 12 for the purchase from the company of $2,880,000 equipment
trust certificates, series Q, due semi-annually from Nov. 1
1, 1956 to May 1, 1968, inclusive. Probable bidders: Hal¬
sey, Stuart & Co. Inc.; Salomon Bros. & Hutzler.

stock in 1926.

Edison Co.

Boston

gett Securities, Inc., Newark, N. J.

struction

Halsey, Stuart &

Bids—Scheduled for Sept.

bidders:

.y;..' ?'

treasury) on basis of one share of common A stock for
each 29 shares of common A and/or common B stock
held. The stockholders on March 21 will vote on approv¬

1956

(4/9-13)

March 13 (letter

issue up to $54,-

ICC authorized company to

preferred stock during 1956.

share.

tures, due

years

710,000 of convertible 4V2% debentures, series A, due
Feb. 1, 2010, which it proposes to offer in exchange to
holders
of
its outstanding
convertible 4V2% income

scribe for 10,000

Uranium Corp.

Feb. 13

Feb.

announced company plans to

five

Baltimore & Ohio RR.

brook

March 23

White Sage

was

the

ing

Feb.

(letter of notification) 50,000 shares of common
stock.
Price—At par ($1 per share). Proceeds—To start
a dealer or brokerage business.
Office—921 Sims Bldg.,
Utilities Corp.,

bidders:

Co. and A. C. Allyn & Co. Inc.

construction program.

^ Arizona Public Service Co.

Blackstone Valley Gas &

Corp. of New Mexico

Feb. 13

Western

to issue and

Co Inc.; Kuhn, Loeb &
(jointly); W. C. Langley
& Co. and The First Boston Corp. (jointly); Equitable
Securities Corp.; Blyth & Co.; Inc.; Kidder, Peabody &
Co. and Merrill-Lynch, Pierce, Fenner & Beane (jointly).
able

tween

time after the middle of June.

Underwriter—None.

Albuquerque, N. M.

(non-convertible) amounting to $250,000,000. Pro¬
System

ceeds—For additions and improvements to Bell

•

March

Western Securities

Corp.

(9/11)

Light Co.

American

offered for

three shares of stock.

announced company plans

was

ed to be received

Jan. 23

tures and

Power

first mortgage bonds due 1986. Under¬
writer—To be determined by competitive bidding. Prob¬

Telephone & Telegraph Co.
March 21 the directors authorized a new issue of deben¬

•

Underwriters—

construction.

new

^ Chicago,

March 29 filed (by amendment) 500,000 additional shares
of capital stock (par

$100).* Proceeds—To reduce,

sell $15,000,000 of

and for working

Price—25

for

and

March 22 it

explore and acquire claims, for purchase of equipment

cents).

loans

bank

£mery, Inc., Salt Lake City, Utah.

cent) to be offered only to the owners of percentages of
working interests in certain oil and gas leases and to the
owners of certain uranium properties, and in exchange

five

issue and sell 70,000 shares of

(par

May be Blyth & Co., Inc. and The First Boston

mining expenses. Office—Virginia Truckee Bldg.,
Carson City, Nev. Underwriter—Cayias, Larson, Glaser,
—For

Wycotah Oil & Uranium, Inc., Denver, Colo.
1,500,125 shares of common stock (par one

(par

preferred stock

new

Commission'?

announced California P; U.

was

has authorized company to

Nov. 10 filed

•

(1741)

The Commercial and Financial Chronicle

20, Walker L. Cisler,

tive

plans are

President stated that

that about $60,000,000

tenta¬

will be obtained

funds and bank bor¬
rowings will probably provide for the remainder of the
$95,000,000 necessary this year to carry forward the com¬
pany's program of expansion of facilities.' Financing
may be in form of 15-year debentures to common stockC.nntinued on naae 74
from

investors

1956. Internal

The Commercial and Financial Chronicle

(1742)

174

General Tire & Rubber Co.

Continued from page 73

Feb.

Offering—Tentatively ex¬

Undcrwriters-None.

holders.

International Foods Ltd.
Nov
15 it was announced that Foremost Dairies, Inc.
intends at a future date to give its stockholders the right
to purchase its Dolly
Madison stock. UnderwriterDolly Madison

New York.

Mont Broadcasting

that corporation, following is¬

Aug. 10 it was announced
suance

Dec. 2 to

Corp.

stockholders of Allen B. Du Mont

stock as
dividend, contemplates that additional shares will be

Laboratories, Inc. of 944,422 shares of common
a

offered

stockholders.

its

This offering will be un¬

Kuhn, Loeb & Co. and Van Alstyne, Noel

derwritten.

& Co. handled Du Mont

Laboratories class A stock fi¬

nancing some years ago. Stockholders of Laboratoriei
Oct. 10 approved formation of Broadcasting firm.

(5/1)

Co.

Electric

Paso

Feb. 16 it

reported company plans to issue and sell

was

20,000 shares of cumulative preferred stock (no par).
Underwriter—To be determined by competitive bidding.
Merrill

bidders:

Probable

Pierce,

Lynch,

Fenner

Beane; Salomon Bros. & Hutzler; Stone & Webster Secu¬
rities Corp.; Blair & Co. Incorporated; Equitable Secu¬
rities Corp.; Union Securities Corp.; Kidder, Peabody &
Co., White, Weld & Co., and Shields & Co. (jointly).
Bids—Expected to be received up to 11 a.m. (EST) on
May 1. Registration—Tentatively expected April 10.

(6/1)

* Erie RR.
Bids

expected to be received by the company on or
about June 1 for the purchase from it of approximately

$9,750,000 equipment trust certificates. Probable bidders:

Halsey, Stuart & Co. Inc.; Salomon Bros & Hutzler.
First

Pennsylvania Banking & Trust Co.
March 27 it was announced Bank plans to offer to its
stockholders 202,800 additional shares of capital stock
(par $10) on the basis of one new share for each 10
Price—To be established

increase

capital and surplus.

Proceeds—

later.

Underwriters—Drexel

Co., Philadelphia, Pa., and Merrill Lynch, Pierce, Fen.
& Beane and Smith, Barney &Co., both of New
City. Meeting—Stockholders will vote May 28 on
increasing authorized capital stock from 2,028,000 shares
to 2,230,800 shares.
ner

York

common

and

if Giannini

(G. M.)

Flo-Mix Fertilizers Corp., Houma, La.
12 it was reported early registration

is expected
159,000 shares of common stock.
Price — Probably
$5 per share. Underwriters—Fairman, Harris & Co., Inc.,
and Straus, Blosser & McDowell, both of Chicago, 111.
of

Florida
Feb. 20 it

Power

Corp.

(7/11)

announced company

plans to issue and sell
$20,000,000 of first mortgage bonds. Underwriters—To
be determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co. and
Merrill Lynch, Pierce, Fenner & Beane (jointly); Leh¬
man Brothers
and Blyth & Co., Inc. (jointly); Glore,
Forgan & Co.; The First Boston Corp. Bids—Expected
July 11. Registration—Planned for June 14.
was

ir Fort Worth National Bank
March 30 it

was

(4/17)

$22.50

one

new

share for each 4% shares held.

Price—

per share. Proceeds—To increase capital and sur¬
Office—Fort Worth, Texas. Underwriters—Dallas

plus.
Union

Securities

Co.

First

and

Southwest

Co., both of

Dallas, Tex.

it General Acceptance Corp.
April

was

reported

company

plans

issue

and

sell
of
of

$15,000,000 of debentures due in 1966, $10,000,000
capital debentures due in 1971 and about $3,500,000
common

stock.

Underwriter—Paine, Webber, Jack¬

son & Curtis, Boston and New
York.
pected late in April.

General

American

Registration—Ex¬

Transportation

Corp/"(4/26)

March 5 the directors voted to issue
up to $25,000,000 of
convertible subordinated
debentures, which are to be
offered for subscription by common stockholders on

the

basis of $100 of debentures for each 10 shares of
held as of April 25; rights to

stock

expire

Price—To

announced

common

May 9.

Proceeds—For

later.

general

corporate purposes. Underwriter —
Kuhn, Loeb
New York. Meeting—Stockholders to
vote

approving

proposed

debenture

issue.

& Co.,
April 24 on
Registration—

Scheduled for April 6.

about

March 20

Electric Co.,

Ltd.

announced

was

retire bank loans and for
capital expenditures and
working capital. Underwriters
Morgan Stanley & Co
and Goldman, Sachs &
Co., both of New York.
—

York.

Houston Texas

the

with

Gas

FPC

for

Oil

pipeline system to cost $105,836,000.- Underwriters—May
Co., Inc., San Francisco, Calif.; and Scharff
& Jones, Inc., New Orleans, La. a;;
be Blyth &

Illinois

Power

March 1 it
for

construction.

Underwriter—To

was

$10,000,000 of first mortgage bonds. Proceeds—For
Underwriter—To

program.

Lehman Brothers, Goldman, Sachs & Co. and The First
Boston Corp. (jointly); W. C. Langley &

Co., White,
Shields & Co. (jointly); Kuhn, Loeb &
Co.; Equitable Securities Corp.; Hemphill, Noyes & Co.
and Drexel & Co. (jointly). Bids—Expected in June.

Weld & Co. and

Inter-County Telephone
Ft. Myers, Fla.
publicly

Telegraph Co. of>

reported company is considering to offer
issue of common stock. Underwriter—Cen¬

was

Chicago, 111.

Jersey Central Power & Light Co.
Feb. 6

reported company may in May or June
sell $9,000,000 first mortgage bonds.

was

issue

1956,

and

Underwriter—To be determined by competitive
bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Lehman

Brothers; White, Weld & Co.; Kidder, Peabody & Co.;
Union Securities Corp., Salomon Bros. & Hutzler and
Merrill Lynch, Pierce, Fenner & Beane
(jointly); Blair
& Co. Incorporated.
Corp.

require financing, adding that the management had no
definite plan for the issuance of additional stock other
than those required for the two-for-one
split but "the

change."

reported

was

company

First Boston
San

Corp., New York*,'*hnd Dean Witter & Co.,
Francisco, Calif.
,.

★ Kaiser Steel Corp.
March

announced

week of 1,278,833 shares of common
stock.
P.
Sloan

Alfred

Foundation,

Inc.,

Proceeds—To

which

will

retain

949,937 shares of General Motors common stock
among
Underwriter
Morgan Stanley & Co

its investments.

—

New York.

if General Public Utilities Corp.
April 2, A. F. Tegen, President, said that the
company
plans this year to issue and sell $28,500,000 of new bonds
$14,000,000 of

for

new

subscription

1957.

new

preferred

stock.

also

pos¬

issue of common stock will be
offered

common

stockholders before April

Proceeds—To repay bank

struction program.

loans, etc., and for

con¬

was

New York.

Underwriters—Probably?
Estabrook & Co.; and Straus

Son;

/ '

(4/26). ,
Feb. 29 company announced that it plans to issue
and/
sell $12,000,000 of preferred stpck following approval by ?
the New York P. S. Commission and clearance by the J
Securities and Exchange -Commission.
Underwriters—<
Blyth & Co., Inc.; The First Boston Corp.; and W. C.
Langley & Co.
Maine

Feb. 4 it
its

;

Bonding & Casualty Co.

announced that the company

was

stockholders

common

plans to offer h

3-for-7 basis

tional 30,000 shares of common stock (par $10).
writer—To be selected.
Meeting—Stockholders

addi-/

Under- i
Feb. y.

17 approved an

increase in the authorized common stocky
50,000 shares to 100,000 shares. Of the increased';
stock, 20,000 shares are to be- issued as a 40% stock ;
dividend

March

to stockholders

of record

Metropolitan Edison Co.

•;

Feb/; 6 it

Feb. 17. |

v.,

reported that company is considering the

was

sale of additional first

mortgage bonds later this

year.

Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; White,
&

Co.; Blyth & Co., Inc.; Kidder, Peabody & Co. and \
(jointly); The First Boston Corp.
y'y-,y
National Steel Corp.

Drexel & Co.

March 12 the company announced that it is estimated i
that total construction expenditures planned to start in;«
the current year and
amount

Kuhn,

to be completed in mid-1959 will
minimum of $200,000,000. Underwriters—

Loeb

Co.;

Harriman Ripley & Co. Inc.; and

Natural

Gas

Pipe Line Co. of America
Feb. 20 it was reported company plans to issue and sell
late this Spring $35,000,000 of first mortgage bonds due,?
1976.
Underwriter—If determined by competitive bid¬
ding, the following may bid: Halsey, Stuart & Co. Inc.;,:
White, Weld & Co.; Lehman Brothers and Union Secu-*
rities Corp. (jointly).
New England Electric

Jan.

System

announced

plans to merge its
subsidiaries, Essex County Electric Co., Lowell Electric
Light Corp., Lawrence Electric Co., Haverhill Electric ^
Co. and Amesbury Electric Light Co.,. into one company ♦
during 1956. This would be followed by a $20,000,000 was

company

first mortgage bond issue by the resultant company, the
of which has not as yet been determined. Under- ri
writer — May be determined by competitive bidding./?

name

Probable bidders: Halsey, Stuart & Co. Inc.; Kuhn, Loeb ■ >
& Co., Salomon Bros. & Hutzler, Union Securities Corp,-»?
and Wood, Struthers & Co.

(jointly); Lehman Brothers;

The First Boston Corp.; Equitable Securities Corp.; Mer- 3;
rill Lynch, Pierce, Fenner & Beane, Kidder, Peabody & h
Co. and White, Weld & Co. (jointly).
tt
.

New

England Power Co.

Jan. 3 it

was

$10,000,000

announced company

first

mortgage

plans to-issue and sell

bonds

during October
by competi¬
bidding.
Probable bidders:
Halsey, Stuart & Co.
Inc.; Kuhn, Loeb & Co., Salomon Bros. & Hutzler, Union
Securities Corp. and Wood, Struthers & Co. (jointly);
Lehman Brothers; The First Boston Corp.; Equitable Securities Corp.; Merrill Lynch, Pierce, Fenner & Beane,
Kidder, Peabody & Co. and White, Weld & Co. (jointly). /
Underwriters—To be

1956.

determined

New

England Trust Co., Boston, Mass.
the company offered to its stockholders of
March 30 the right to subscribe for 40,000 addi¬

record

tional

shares of capital stock
(par $10) on a l-for-5
rights to expire on April 17. Price—$35.50 per
share.
Proceeds—For working capital.
Underwriters—
F. S. Moseley & Co. and Kidder, Peabody & Co.
•

;

basis;

Niagara Mohawk Power Co; (5/8)
19 it was reported company plans to issue and

March

sell 200,000 shares of preferred stock (par $100). Under¬
writer
To be determined by
competitive bidding.

was

basis.

Light Co.

reported company may soon offer addi¬
stock

common

Underwriter—The

stockholders
First

Boston

Corp.,

Kay Lab., Inc., San Diego, Calif.
was reported
company plans to sell between
$900,000 and $1,000,000 common stock early in May.
Underwriter—Shearson, Hammill & Co., New York and
Los Angeles.
Registration—Expected in April.
March 26 it

Mutual

Corp.: Last

Niagara Mohawk Power Corp.

New York.

Kern

bidders:

Morgan Stanley & Co.; "The First/
preferred stock issue was under- /
written by Harriman Ripley & Co. Inc. Bids—Expected/
on
May 8.
1
.A
Boston

Power

common

1-for-10

Probable

Kansas

Telephone Co., Taft, Calif.

reported company plans to issue and
sell 12,000 shares of preferred stock
(par $25). Proceeds
—To redeem outstanding 6%
preferred
bank

—

reported that company is studying
financing plans for its new major expansion program to
involve approximately $113,000,000. Terms have not
yet
been agreed upon. Underwriter—The First Boston
Corp.,

March

Treasury Department.

Rupe

Long Island Lighting Co.

April

plans to issue and
sell about $30,000,000 of
equity, securities early in May.
Stockholders will vote April 30 on approving a new issue
of 750,000 shares of preferred stock.
Proceeds—Together
with proceeds from private sale of
$120,000,000 bonds,
will be used for expansion
program. Underwriters—The

April 3 it

(5/1)
registration will be made

Dallas

Blosser.

•

if Kaiser Aluminum & Chemical Co.
March 26

Co.

tive

March 9, Leslie M. Cassidy, Chairman, said the corpora¬
tion is studying possibilities for expansion that could

situation could

the

and

Johns-Manville

tional

con¬

determined

by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Union Securities Corp.; Blyth &
Co., Inc.;

Jan. 16 it

Star Steel

The First Boston Corp.

Power & Light Co.

announced company has applied to the
Indiana P. S. Commission for authority to issue and sell

struction

York.

rities during the first half of the current year. Proceeds Y
—To retire indebtedness of company held by the RFC J
*

deter¬

bidding. Probable bidders: Halsey,
Corp.; White, Weld
Fenner & Beane
(jointly); Harriman, Ripley & Co. Inc. and Glore, For¬
gan & Co. (jointly); Union Securities Corp.
Stuart & Co. Inc.; The First Boston
& Co. and
Merrill Lynch, Pierce,

March 21 it

sible that

mined by competitive

Indianapolis

24, E. B. Germany, President, announced that the1
company plans the private and public sale of new secu-J

was

new

Proceeds—To

Weld/

Co.

reported company may issue about $25,000,000 of debt securities. Proceeds—To repay bank loans
and

stock.

from

.....

Corp., Houston, Texas
application has been filed
permission to construct a 961 mile

announced

was

common

Jan.

dividend; and on
shares and $5,000,000 of preferred stock. Proceeds—For
construction program. Underwriter—For common stock,
none; and for preferred stock, Dillon, Read & Co., New

plans fur-

pay

Lone

vote

70,000 shs. of com. stk. as a 10%
sale of 100,000 additional common

stock

-A-General Motors Corp.

and

issuance of

was

were

Mew

.....

;

stockholders

company

for further expansion, estimated to cost anfi
additional $37,000,000.
Underwriter—Blyth & Co., Inc.;?1

Hawaiian
March

additional

sell

used

Co., St. Louis, Mo., and Hill, Richards & Co., Los Angeles,
Calif.

that the

announced

was

yet been determined, except it is not the present intenllon

$1,000,000 of convertible preferred stock. Proceeds
working capital. Underwriters—G. H. Walker &

—For

:her financing, the nature and extent of which has not

it General Electric Co.
April 2, John D. Lockton, Treasurer, announced that the
company plans to issue and sell in the late
Spring $300,000,000 of straight sinking fund debentures. Proceeds^-

Nov.

increase

& Co., Inc., Pasadena, Calif.

tral Republic Co., Inc.,

basis of

announced stockholders will vote

April
approving an offering to stockholders of 150,000
additional shares of common stock (par $10) on the
17

stock

proposal

reported company plans to issue and sell

was

March 21 it

Dec.

Kimberly-Clark Corp., Neenah, Wis.

approved

the authorized

March 31 it

Feb. 29 it

are

shares held.

stockholders

2,500,000 from 1,750,000
preference stock to 1,000,000
from 350,000 shares; also a proposal that any issue of
debentures may include a privilege to convert into com¬
mon stock and permit the
company to issue warrants to
purchase common stock, provided the total that may be
outstanding at any one time does not exceed 600,000
shares. [The company expects to issue 23,000 additional
preference shares—5,000 for acquiring stock and prop¬
erty and 18,000 for cash. Having completed long-term
borrowing negotiations of $30,000,000 from insurance
companies, the company expects to sell not more than
$15,000,000 in debentures.]
Underwriter—Kidder, Pea¬
body & Co., New York.
shares

pected in June.

Allen & Co.,

authorized

Thursday, April 5, 1956

...

loans

was

and

Central Republic

for

improvements, etc.
Co., Inc., Chicago, 111.

stock, to repay
Underwriter—

March
ance

and

Proceeds

was

sale

—

(5/9)

..j/:
reported company is considering issu$30,000,000 general mortgage bonds./

For

construction

program

which

may

cost

approximately $62,000,000 this year. Underwriter—To be 'I
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Kuhn, Loeb & Co. and Union
Securities Corp. (jointly); Morgan Stanley &
Co.; The
First Boston Corp. Bids—Expected about May 9.
Northern

March 21
sell

Illinois Gas Co.
was

(5/16)

announced company

plans to issue and
$15,000,000 of first mortgage bonds due 1981. Un-

derwriter—To

determined

by competitive bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; Glore,
Forgan & Co.; The First Boston Corp.; Blyth & Co., Inc.
Bids—Expected about May 16.
Registration—Planned
lor

mid-April.

4* 'Vf

K"!

Number 5522

183

lume

was

Ripley

1,000,000 for new construction in 1956 and 1957 ($29,^,000 in 1956 and $23,000,000 in 1957). Of the total

Feb. 25,

trch 12 it

reported

was

56-construction

plans to finance its

company

program

(costing

tough issuance of debt securities and treasury funds,
iderwriter—Probably Blyth & Co., Inc.

iNortbern States

Power

(Minn.)

Co.

19 it was announced company

plans to issue and sell

Proceeds—For construction program. Underwriter
determined

competitive bidding. Probable
Iders: Halsey Stuart & Co. Inc.; Blyth & Co., Inc. and
be

fe First Boston Corp. (jointly); Merrill Lynch, Pierce
Kidder,

Beane,

Co.

(jointly);

Offshore Gathering Corp., Houston, Texas
dv.
18 David C. Bintliff, President, announced

|uby has filed
imission

for

certificate

necessity

oom-

build

March 21 it
16

pipeline off-shore the coast of
'lisiana from the Sabine River to the Gulf Coast of

4-mile

submarine

State of

gas

$150,000,000.- Type

system will cost approximately

financing has not yet been determined; but tentative

|ans call for private sale of first mortgage bonds and
of securities (probably
)tes. convertible into preferred stock at maturity, and
iblic offer of about $40,000,000

Jmmon stock). Underwriter—Salomon Bros. & Hutzler
|ew York.

Pacific Northwest

share. Proceeds—Toaddiand $10,000,000 of 5.6%

per

;ther with funds from private sale of $35,000,000
inal

first

mortgage

bonds,

|iterim notes and borrowings from banks, will be used
construction program.

Peabody &

Kidder,

|orp.; and Union
acted

Feb.

Securities

Registration

—

Ex¬

vv, ,:,v

Pennsylvania Electric Co. (5/15)
tarch 15 it was reported company plans to issue and sell
)out
$25,000,000 of first mortgage bonds.
Proceeds
To repay
bank loans and
for new construction
-

Inderwritcr—To be determined by

competitive bidding
Irobable bidders: Halsey, Stuart & Co. Inc.; The First
loston Corp.; Kuhn. Loeb & Co.;: Kidder, Peabody &

Underwriter—Tf

program.

Probable

bid¬

Kuhn, Loeb & Co.: W. C. Langley & Co

an**

competitive

bidding.

Co., New York.
Union Electric Co.

is planning to offer

& Webster Secu¬

be Stone

Southern California Gas Co.
company

and sell
refunding mortgage bonds.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Kuhn, Loeb
& Co., American Securities Corp. and Wertheim & Co.'
(jointly); Salomon Bros. & Hutzler; Stone & Webster
Securities Corp.; White, Weld & Co.; Union Securities
Corp. Bids—To be opened on Sept. 25.

Proceeds

—

For

construction program.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; Blyth & Co.,
Inc.; Lehman Brothers, White, Weld & Co.
Securities Corp. (jointly). Bids—Expected to
on

first

and

Calif. (4/9)
to offer to its
stockholders 100,000 additional shares of capital stock
(par $20) on a l-for-4y2 basis. Price—To be determined
by directors on April 5. Proceeds—To increase capital
and surplus. Underwriters—Dean Witter & Co., Blyth &
Wells

March

and

loans

company

(jointly).

$20,000,000

(5/23)
plans to issue and sell

bonds.

mortgage

first
bank

reported

was

Virginia Electric & Power Co. (9/25)
Feb. 6 it was announced company plans to issue

S. C. McMeekin, President,

Co.

exemption from

expected that $10,000,000 of new money

of Missouri

may offer in May
collateral trust bonds.
and for construction *
program.
Underwriter—To be determined by competi-^
tive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Lehman Brothers and Bear, Stearns & Co. (jointly);
Blyth & Co., Inc. and Union Securities Corp. (jointly);
The First Boston Corp.; White, Weld & Co. and Shields

Carolina Electric & Gas Co.

reduction

Fargo Bank, San Francisco,
was announced
Bank plans

Co., Inc. and The First Boston

and Union
be received

common

stock

Co.
plans to register a
Underwriter—Paine, Webber,

offering.

and New York.

Jackson & Curtis, Boston

tion

Hits Administration's Monetary

NSTA

reserves

Reserve members.
TRADERS

Security'

Traders

ASSOCIATION

Association

Bowling League standing

NEW

New

YORK

York,

Inc.

ury

(STANY)

of March 29, 1956 are as follows:

Bradley (Capt.), C. Murphy, Voccolli, Picon, Hunter

Serlen

32^

(Capt.), Gold, Krumholz, Wechsler, Gersten.

Leinhardt

(Capt.), Bies, Pollock, Kuehner, Fredericks
Kaiser (Capt.), Kullman, Werkmeister, O'Connor, Strauss

32
31
Barker (Capt.), Bernberg, H. Murphy, Whiting, McGovan._ 30
Growney (Capt.), Define, Alexander, Montanye, Weseman__ 29
Krisam (Capt.), Farrell, Clemence, Gronick, Flanagan
27
Donado (Capt.), Brown, Rappa, Shaw, Demaye
27
Meyer (Capt.), Corby, A. Frankel, Swenson, Dawson Smith__ 24y2
Leone

(Capt.), Gavin, Fitzpatrick, Valentine, Greenberg

23V2

Topol

(Capt.), Eiger, Nieman, Weissman, Forbes

Manson

(Capt.)., Jacobs, Barrett, Siegel, Yunker
5

Point

200

Club

Jack Manson

Charlie
Hank

Kaiser

Serlen

now

with Mutual Fund Asso¬

ciates Incorporated,
gomery Street.

506

Mont¬

LOS ANGELES,

Calif.—Ray G.

level below that for

"The

Federal

Reserve

have continued

ities

author¬

to give 90%

of the Federal
Reserve banks to the Treasury in

policy agreement is

earnings

the

violation

the provisions of

the

Federal Reserve Act.

"Monetization

$6,941,300,000 on Dec. 31,

1955.

gold stock has ranged from a

the lower ratio

Dr. Spahr in¬

high

$23,088,000,000 to a low of $21,669,000,000. On Sept. 21, 1949, it
stood at $24,691,000,000.
of

by
the
banks reached
debt

the

Federal

Federal
Reserve
a higher level un¬

Other records and

near

records

ratio

10.4% in January, 1953,

was

wh^n the present
took

"Gold

eign

Administration

over.

under

account

for for¬

earmark

reached

record

said

Federal

Reserve

official,

Administration are the economic situation is not bad
include total volume of enough to justify such a cur¬
in circulation which rency."

money

reached the highest

level on rec¬

1955—$31,415,000,stock to
000. Continuing, Dr. Spahr points
posits has been brought to the out that, "total deposits in all
lowest level (9.12%) that has been banks tether than Federal Reserve
reached since 1933 when the aver¬ banks reached a record level of
age for the year was 9.6%.
The $211,860,000,000 as of Nov. 30,
''the ratio of our gold
non-gold money and de¬

1952, because, said a Treasury of¬
ficial, the economic situation is
not good enough to justify a re¬
deemable currency, and because,

of the present

said
on

of gold to currency,

Eichler & Co., 453
South Spring Street, members of
the Los Angeles Stock Exchange.
Bateman,

1933 and

type of money
which has caused
record expansions in the volume
of money and deposits
and the
earmarking of gold for foreign
by pursuing
management

Woods has been added to the staff
of

Federal Reserve Act.

"The gold stock of our nation der
the
present Administration
reports Wal¬ has been lower under the present than under the Administrations
Administration than during vari¬ of 1933-1952.
ter
E.
Spahr, Executive Vice"Treasury and Federal Reserve
President of the Economists' Na¬ ous periods of the preceding Ad¬
tional Committee on Money Policy, ministrations, for example, during officials urged Congress to con¬
most of the months of 1952. From tinue the irredeemable currency
"by bringing the ratio of our gold
1933to non-gold money and deposits January, 1953, to Feb. 8, 1956, our of the Administrations of

dicates that,

exception, Dec. 19, 1951. Such*a*
procedure is not authorized by the

the monetary field,"

Commenting

211

(Special to The Financial Chronicle)

FRANCISCO, Calif.—John
Belding and George H. Steel

Washington has built an unprece¬
record of unsoundness in

level of

$1,875.-

dented

account."

Club

With Bateman, Eichler

SAN

Point

Cy Murphy

12 With Mutual Fund Assoc.

16%

Administration in

"The present

Points

Team

est

volume extended via the float to Federal
The use of contradictory reasons by Treas¬

and Federal Reserve in arriving at
also reported.

uncollected

against

Dec. 28, 1955, the higmlevel ever attained with one

000,000

money

and

system

checks and drafts reached

in circulation and deposits in all banks on
reported to have occurred under present Administra¬
tion. Greater expansion, on the whole, is found in: public
debt monetization, gold earmarking, lower gold ratio to cur¬
rency

SECURITY

Policies

record is

Notes

Corp.

^ White Eagle International Oil
April 2 it was reported company

May 23.

Highest

offer an issue of
Underwriter—Hirsch &

to $7,000,000 of debentures.

stock (par $50) first in exchange
6% preferred stock (which is callable at

$40,000,000

May 15.

Pennsylvania Electric Co. (5/15)
tarch 15 it was reported company proposes issuance and
Me of $.9,000,000 of preferred stock early next year:,
by

* UM & M T-V Corp.
April 2 it was reported company may

announced that it
will be re¬
quired in connection with the company's 1956 construc¬
tion program. The company proposes to obtain a part
of its new money requirements from the sale of $5,000,000 of preferred stock and the balance from the
private sale of $5,000,000 principal amount of bonds.
Underwriter—Kidder, Peabody & Co., New York.
is

this year
bonds. Underwriters—Stone & Webster
White, Weld & Co. and Halsey, Stuart

—

Corp. and Dean Witter & Co. if

March 9,

Co.

reported company may later

was

& Co. Inc.

competitive bidding is obtained.
South

$35,000,000 of first mortgage and
Proceeds
To repay bank loans

company

Underwriters—May

115).
rities

program.

Tennessee Gas Transmission
Jan.

cumulative preferred

|ids—Expected to be received

ders*

Pittsburgh, Pa.

78,220 additional shares of common stock to its common
stockholders on a l-for-8 basis and 80,500 shares of new
for outstanding

Pro¬

Underwriter—To be
determined at competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; Stone & Webster Securities
Corp.; Goldman, Sachs & Co.; Kidder, Peabody & Co.
*

reported company plans to issue

reported

was

•

issue and sell* *

may

$10,000,000 of first mortgage bonds.

ceeds—rFor construction

sell $50,000,000 of
Securities Corp.,

Jan. 30 it was reported

jroceeds—For construction
le determined

around Oct. 1,

proposal to increase the authorized
100,000 shares. Underwriter — The

lo.; Equitable Securities Corp.; Harriman Ripley & Co
on

Tampa Electric Co. (10/1)
18 it was reported company

Feb.

Pacific Power Co.

pub->

residents 75,000 shares of capital stocks
Price—$1.50 per share. Business—To produce, sell andt
distribute syndicated films for television. Underwriter—
Porter-Stacy Co., Houston, Tex.
»
*

licly to Texas

Corp.

was

Feb.

Underwriters—White, Weld &
Co.; The Dominion

Securities Corp.
:>*

soon.

Sierra

|ere entered into at the time of the original financing
Price—$10

Proceeds—For construction pro¬

Spencer Telefilm Corp., Beaumont, Texas
Jan. 16 it was announced company plans to offer

and
sell $4,500,000 of first mortgage bonds.
Underwriter—
To be determined by competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co. Inc.; White, Weld & Co. and
Kidder, Peabody & Co. (jointly); The First Boston Corp.;
Blair & Co. Incorporated. Bids—Expected before mid¬

Pipeline Corp.

280,000 shares of common stock (par $1) are to be
in connection with subscription contracts which

April of 1955.

may

Savannah Electric & Power Co.
March

stocks).

Underwriters—For stocks: Hornblower & Weeks,
York; Wiliam R. Staats & Co., Los Angeles, Calif.;
First California Co., San Francisco, Calif.
Bonds*
be placed privately.
•
4

and

year.

farch 20 C. R. Williams, President, announced that
lout

Boston

First

stock by

common

gram.
New

announced stockholders will vote May

was

approving

preferred

It is estimated that this gather-

Mississippi.

and

and Coffin
Bids — Ex¬

& Electric Corp.

Gas

Co.

Power

plans to sell in 1956
$10,000,000 of new securities (probably
$7,000,000 first mortgage bonds and $3,000,000 preferred

Reading & Bates Offshore Drilling Co.
March 29 it was reported early registration is expected
of about 160,000 shares of common stock. Underwriter

Rochester

Nevada

7 it was announced company

approximately

—Hulme, Applegate & Humphrey, Inc.,

application with the Federal Power

Southern
Nov.

Halsey, Stuart & Co. Inc.; The First Boston Corp.

include

Peabody & Co. and White,
Equitable Securities Corp. and
lion Securities Corp. (jointly); Smith, Barney & Co.;
bhman Brothers and Riter & Co. (jointly); and Glore,
kgan & Co.
&

iner

*ld

Fenner & Beane.

Puget Sound Power & Light Co.
Feb. 15 the company announced that it estimates that its
construction
program
for the years
1956-1959 will
amount to $87,000,000, including $20,000,000 budgeted for
1956.
This large expansion, the company says, can be
financed wholly by debt and from internal sources. Un¬
derwriter—If determined by competitive bidding, may

[er this year $20,000,000 of first mortgage bonds due
>6.

reported company plans to issue and sell

White, Weld & Co.; The First Boston Corp.
Burr, Inc. (jointly); Lehman Brothers.
pected sometime in June.

$40,000,000)

about

was

Halsey, Stuart & Co., Inc.; Kidder, Peabody & Co. and
Blyth & Co. Inc. (jointly); Equitable Securities Corp.;

Natural Gas Co.

lorthern

$8,000,000 of first mortgage bonds. Proceeds — To pay
cost, in part, of construction program. Underwriter—To
be determined by competitive bidding. Probable bidders:

L Blyth & Co., Inc., and Merrill Lynch, Pierce, Fen& Beane (jointly).
Bonds may be placed privately.

bonds. Underwriter—To

competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Blyth & Co., Inc.; The First
Boston Corp.; White, Weld & Co.; Merrill Lynch, Pierce,
determined

Public Service Co. of New Hampshire

type of which has not yet been determined. Underliter—For any preferred stock. Central Republic Co.

reported company may in

was

$15,000,000 of first mortgage

Bids—Expected to be received on

Inc.

Co.

May 15.

$30,000,000 will be obtained from new financing,

>ut

Jan. 30 it

California
the Fall offer

Counties Gas Co. of

Southern

Glore, Forgan & Co. (jointly); Kidder, Peabody & Co.;
The First Boston Corp.; Smith, Barney & Co.; Harrimar

reported company plans to spend about

(1743)

The Commercial and Financial Chronicle

...

lorthern Indiana Public Service Co.
trch 13 it

-1 '^^vwwMH^etw

ord

Dec. 28,

1955.

"The

tended
eral

volume
to

members

Reserve

reserves

ex¬

of the Fed¬

clearing and collec¬

3 With

Shelley, Roberts

(Special to The Financial

BEVERLY HILLS,
ert

E. Bernhard,
and

mann

have

been

Dale B.

Leonard

Fleisch-

S. Goldgleid

added to the

Shelley, Roberts
Monica

Chronicle)

Calif.—Rob¬

staff of

& Co., 9486 Santa

Boulevard.

The Commercial and Financial Chronicle

(1744)

*
-

With Eastman,

PHILADELPHIA,

Dillon

Pa.

East¬

—

Mutual Funds

Dillon & Co., 225 South
Street, members of the New

man,

25th

York

that

Richard

Exchange,

Stock

tered

announce

Newton

with

associated

them

Dorsey Richardson
To
Appear on
NBC-TY's
"Today"

ROBERT R. RICH

now

does

How

representative.

achieve

Richardson, represent¬
ing the National Association of
Investment Companies, will ap¬

growth stocks for the future?
one must select the right

select

investor

favorable

future

results,

growth stocks and make the purchases at the right time.

Investing in Common

that

Slocks lor Income
through

|
I

National Stock Series
mutual fund, the

primary ob¬

jective of which ia to provide
investment

common'

diversified

group

selected

be¬

relatively high
and reasonable

of their

yield

and other information
be obtained from your in¬

pectus
may

vestment dealer or:

■

;

Lehman

Ettablish«d J 930

Now York

expert

Association's

tee,

Income

invest in

most

mutual

fund, inc.

when *

growtn stocks, assuming

the companies

PROSPECTUS

the income from the others.
Based

Development Securities Co., Inc.
STREET, N. W., WASHINGTON 7, D. C.

Dept. C

course,

high percentage of earnings on a profitable basis in a
growing dynamic industry, is often greater than that obtained from
the other types of stocks.
Although growth stocks generally yield less at time of pur¬
chase, than other types of stocks, after a number of years the
income from well-selected growth stocks frequently surpasses

development

GET THE FACTS AND FREE

from

Future income

plow back

at<Smic

(Rewarding, of

carefully selected at the right time.)

through

1033 THIRTIETH

from

growth stocks, and this is often the reason why investors neglect
this rewarding type of investment.

ATOMIC SCIENCE

Atomic

low

this

many

Tel. FEderal 3-1000

throughout 19 major in¬
dustry divisions and concentrated
assets in
such
growth
industries
as
spread

$500,000,000 Assets
net

the half-billion dol¬ chemicals, 16.7% of total
assets;
figure to advance this 27-year- industrial and business equipment,

old

further

Fund

of America's

stitutions.

into

ranks

the

largest financial in¬

This

milestone

as¬

12.1

THE FULLY

ADMINISTERED FUND
OF

Group

Securities,

A mutual fund

inc.

addition, 37 other companies in¬

net

man-

from your

63 Wall

Industrial
increased

assets

Fund, Inc.

during

the

recent
-

agement's judgment.

Distributors

quarterly report of Fi¬
Industrial
Fund,
Inc.,

oisi

nancial

cluded

proportions "balanced"

prospectus

The

covering the peripd ending Feb.
now
29, 1956, reveals that FIF shares
individuals and in¬ represent an interest in four
of
stitutions living in every state and the
nation's five companies most
36 foreign countries.
active in atomic development,
in

Financial

stocks, with the

in accordance with

electrical

numbers of shareholders that

investing

bonds, preferred and

common

and

exceed 164,000

Incorporated 1933

electronics

equipment, 8.4%.

sets has resulted

principally from
record-breaking new investments
on
the
part of ever-increasing

%; oil and natural gas, 11.2%

and

request

investment dealer

Group, Incorporated

Street, New York 5, N. Y.

quarterly period to a level
exceeding that reported at the
end of any previous quarter. The
total

net

reported
sented
over

value

the
on

assets

$49.4

million

at Feb.

29, 1956, repre¬
increase of $15.8 million
$33.6

million

Feb.

As df the recent

investments

net

asset

28, 1955.

ings,

FIF's

investment hold¬

engaged in some phase
of atomic energy development.
are

It is of
that

investment significance

these

42 companies are ex¬
panding their atomic activities as
a special phase of their normal in¬

dustrial development. While such
participation is yielding little im¬

mediate return, the research proj¬
ects
of
today
are
laying
the

date, FIF held

foundation for future commercial

companies

applications of the atom.

INVESTORS

are

hundreds

pleased

opening of

new

enlarged offices

TRUST

CONGRESS STREET, BOSTON

Telephone: HUbbard

The Putnam

from

Manager
Putnam Fund

Portfolio

Changes
Quarter by

In First

Selected American
In

the

first

quarter

1956

American

Selected

42nd

New York
NATIONAL

17,

The

Street

and Standard Oil of Indiana 3000

each; Sunbeam 2700; International
Paper,
Kansas
City
Southern,
Lone Star Cement and Union Car¬

N. Y.

DISTRIBUTOR

Zenith.

and

Steel

4600

shares;

C.I.T.

9500;

Natural

Sales

shares included:

Gas

Lead

tional

4700;

3500

1500

Bendix

Bethlehem
Republic

and

PUTNAM
April 2, 19S6

FUND

of Hoston

3000

each;

Kimberly Clark
Motors

Edward
Selected

Qeorge

Researc
an

Mr. Hare also reported that ne
end of March set a

assets at the
record

pared

high at $284,400,973
with $232,991,639 a

com

yea

earlier.

Keystone Has New
Investment Policy
The semi-annual report of Key-?
Income
Preferred
Stock

stone

and

25%

tions

grade

investment

These

stocks.

will

subject

propor¬

change

from time to time.
A

100%

stock distribution will

also be declared

outstanding

all K-l shares

April 30, 1956.

Nation-Wide Assets

Top $27 Million

ports

of America

Full text of Commercial and Financial Chronicle : April 5, 1956, Vol. 183, No. 5522

FRASER