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ESTABLISHED
New York
Number 5940
191
Volume
7, N. Y., Thursday, April 7, 1960
Copy
•
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V*
f
^
V
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•
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»
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t
AS WE SEE IT
■Mrial
of catchy phrases which soon become overLorked cliches has probably always been a failing of
fhuman beings. The habit certainly has not been wholly
[avoided by the economists and their lay followers. It
'sometimes appears that the decades since the great de¬
pression (itself something of a cliche) and the rise of the
New Deal have been particularly prolific in adding terms
of double or doubtful meaning to the English vocabulary
The Over-the-Counter Market
|The coining
Fills the Needs of All Investors
By Dr. Ira U. Cobleigh, Enterprise Economist
Review of the Over-the-Counter Market features
a
not
becloud
the
facts
that:
Counter is far and away our
tabulation
(1)
Over-the-
largest market;
publicized, vastly diversified and biggest market in the world,
(2) it is the marketing and trading habitat
over 95%
of our Government securities;
(3) it is the distributing and trading arena
ratio," "priming the pump,": "compensatory spending,"
containing
for
"full'employment," "money supply" and "welfare
sible
to
describe and explain economic and social affairs. The
["multiplier," "the propensity to consume," the "savings
eco¬
few that come at once to mind. One of
the latest to join this select list, and one which appears to
be used with about as little discrimination as any of the
nomics".
are
but
a
population," which seems to mean
merely exceptionally rapid increase in population.
others, is "exploding
of those making
Of course, many
well
aware
use
of this term
are
that most of the discussion which the term
[stimulates is about as old as human thinking, but it is
[hardly strange that among the great rank and file the
[impression often prevails that the phenomena to which
reference is thus naa.de anj&the hazards allegedly arising
from them are Something new in history. Nor could it be
expected that there should be general understanding of
the fact that these extraordinarilyvlarge; population' in¬
creases
[rate
are
often not
much
so
as
[practice which
the
result
of
a
rapid birth
more
of the advance of medical science and
greatly reduces the death rate.
A Persistent Problem?
There is also too
great
a
tendency to
| that this population "explosion"
manent
phenomenon (if
is
lightly
assume
less
a more or
per-
explosion can ever be "per¬
manent"). There are many reasons for not making any
such assumption too
lightly. In this country, for example,
what are
commonly regarded as larger families may in
fajit prove in the end to be merely an earlier beginning
in
the
establishment
an
of
families.
(Continued
on
page
56)
of stocks that have
consecutively and continuously paid cash
of
dividends from five to 176 years. The surprisingly still under-
ones,
along with the significant activities therein,
between the listed and Over-the-Counter Market.
We
are
pleased to report that the vast Over-
the-Counter
Market
is,
with each
iV
UY;
our
—
are
adroitly described. Paper succinctly distinguishes the differ¬
ences
practically all bonds of
political sub¬
divisions
states, cities, counties, districts
and public authorities;
(4) it is the only
place wherein some 40,000 stock issues can
be bought, sold or
quoted; (5) the daily
of today's blue chips and tomorrow's pos¬
many
volume of transactions Over-the-Counter
passing
dwarfs the combined total sales
day, becoming better understood and more
fully appreciated by all categories of in¬
vestors—from odd lot buyers to the institu¬
tional variety.
And, we are just a little
baffled that a virtually continuous public
relations job has been necessary to enlighten
the public on the function, and
indispensable
nature, of this undulating sea of securities.
all of
on
our
exchanges. All this is not to speak slight¬
ingly of our main and regional stock ex¬
changes but merely to place them in perspec¬
tive as to their vital and
complementary roles
as
joint providers of what investors every¬
where have ever
sought — marketability.
i:
Companies Go "Public" Via This Market
When Motorola
or Texas Instruments
jumps
day, the entire financial press
mentions the fact.'Yet, if Christiana Securi¬
ties goes up 400 points, or a billion in Gov¬
ernment bonds changes hands on the same
day, no one hears about it. Thus, a problem
of the Over-the-Counter Market has
always
been under-publicity, simply because
pur¬
5
points in
chases
Today the single word "market" has be¬
of the most important in our entire
a
sales
and
made
there
not
are
come one
economic lexicon.
foreign market, the book
bring a new soap powder, cigar¬
ette or lip-stick "on the market"; and we
don't offer our house for sale, we put it "on
market;
individual
or
total
In recent years, and quite related to our
topic, something new has been coming on
the market in expanded volume — private
business. It used to be that a private business
corporation, person- (Continued on page 26)
should
transactions,
we
the market."
offi¬
cially or publicly recorded; and such excit¬
ing details as volume of transaction and
daily price range are simply not available.
;
But mere absenceof publicity in the case
of
We talk about the market
for motor cars, the
!
;A
! ;v!
Underwriters and distributors of
STATE, MUNICIPAL AND
OVER-THE-COUNTER MARKET ISSUE
U. S.
it
PUBLIC
Public
State and
AND
AGENCY
•
if
NOTES
i^
Dealers in and Distributors
Housing,
of Securities of
Municipal
Securities
HOUSING
PONDS
Government,
STATE
%
Lester, Ryons
MUNICIPAL
AND
&
623 So, Hope Street, Los Angeles
California
'
Co.
17,
*
Federal Land Banks
Federal Intermediate Credit Banks \
Federal Home Loan Banks
Banks for
Cooperatives
-"
Members New York Stock Exchange
Associate Member American Stock
Exchange
4
telephone:
HAnover 2-3700
BONDS
;
Members Pacific Coast Exchange
*
Federal National Mortgage Association
United States Government Insured Merchant
Marine Bonds
chemical
new york
Offices
UNDERWRITERS
bank
BROKERS
DEALERS
•
trust company
bond department
THE FIRST NATIONAL CITY BANK
Burnham
30 Broad Street
and
MEMBERS NEW YORK ANO
New York 15
/
15 BROAD STREET, NEW
CABLE.
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
and
International Bank for Reconstruction
and
Development (World Bank)
THE
'
Inquiries Invited
OF NEW YORK
Company
in
on
Southern
Chase
California Securities
BANK
AMERICAN STOCK EXCHANOES
YORK 5, N.Y.
•
014-1400
Bond Dept.
Teletype: NY 1-708
New
York
Correspondent
—
Manhattan
Pershing A Co.
,
HAnover 2-6000
TELETYPE NY 1-22S2
COBURNHAM
jr
1
Net
To
underwriter
distributor
Jv#
I
dealer
Markets
Active
Maintained
THE
Banks and Brokers
Dealers,
ROYAL BANK
OF
T.L. Watson &Co.
ESTABLISHED
1832
canadian
CANADA
Rights
We
securities
offer
to
buy
•
.
Members
Block
Inquiries Invited
Direct Private
New York Stock Exchange
FIRST
Commission Orders Executed On All
Canadian Exchanges
American
Stock Exchange
CANADIAN DEPARTMENT
<Sotdhu>edt
COMPANY
NEW YORK 4, N. Y.
j
m o
^
DALI1LA.S
BRIDGEPORT
•
,
PERTH AMBOY
DIRECT WIRES TO
NEW YORK
-
1 NORTH LA SALLE ST.
-
"/
Wires to
Toronto, Montreal, Winnipeg, Calgary,
Vancouver, Victoria and Halifax
CHICAGO
1
-
Grporatioti
Associate Member American Stock Exchange
40
i !
'
S
Tele. NY 1-7Q2-3
♦
-I'-t
x
"s
1'
BOND
f
DEPARTMENT
Bank
of
America
N.T.& S. A.
Exchange Place, New York 5, N. Y.
Tel. WHitehall 4-8161
-
market.
Dominion Securities
MONTREAL AND TORONTO
MEMBERS NEW YORK STOCK EXCHANGE
„
V
Ji*.
U'
MUNICIPAL
Goodbody & Co.
2 BROADWAY
\i\\
IMPROVEMENT
-
Teletype NY 1-2270
25 BROAD STREET
BONDS
FOR CALIFORNIA'S
CIVIC
„
the above rights
June 27, 1960 at
which expire on
the current
n
1
MUNICIPAL
•tV:
_
San Francisco
Los Angeles
•
/
M.
2
(1490)
The Commercial and Financial
Chronicle
For Banks, Brokers, Dealers
The
only
Security I Like Best..
This
Forum
A continuous forum in which, each week, a different
group of experts
in the investment and advisory field from ail sections of the
Call "HANSEATIC"
participate and give their
w. h. holly
to
Vice-President
cover
broad
It
extremely
an
range
of
pay
you
will
contacts.
advantage of our
private wire
wide
-
your
at 36.
Elgin
has
Vice-President, McDonnell & Co., Inc.
an
excellent
record
reached
point of diversification
a
the
has
and
is
company
In
the
last
few
try; While the
largest single
the
market
switched
Established
1920
for
Associate Member
lator
-
4-2300
Teletype NY 1-40
•" CHICAGO
BOSTON
PHILADELPHIA
Private
SAN
•
Wires
to
the
upon
Fischer & Porter Inc.
planes
port
'
Established
.
.
Broadway
.1.914
;
and
New York 6, N. Y.
CO 7-1200
ATT
find
LO 8-0900
Teletype PH
One
30
of
filter
a
"pin lever"
nice
'
things
-
WALL
about
STREET
NEW YORK 5, N. Y.
total of $131,955
as
Raw
—
Refined
compared
1959 and net
Liquid
—
Export*—Import*—Future*
was
spent
research
in
main
will
all
will
soon
open
the
laboratory
The
dential
Bank & Quotation
Record
1959
(Single Copy
bound
give
on
you
all
per
share based
761 shares
well
Over
as
-
the
those
The
—
-
20,000
acquisition
Hardware
$4)
monthly
will
prices
securities
"hard to find"
Counter quota¬
tions.
Write
as
on
Dec. 31,
"a
as
stock
shares
of
have been paid
$2.50; 1956
to
a
a
the
.
on
or
call:
25 Park Place
New York 7, N.
in
Y.
stock is
and
long-term outlook
(This is under
as
a
no
an
offer
to
finer
a
the
new
watch
concepts
Elgin's
return
stripped down
Responsibilities
in
poor
Co., Ltd.
Tokyo, Japan
Brokers
111
&
Investment Bankers
Broadway, N. Y. 6 COrtlandt 7-5680
rebuild,
1957,
the company
in addition to
its
operating loss, charged off $4.5
million, or $5 a share, in provi¬
sions' for
relocation, ; inventory
loss, liquidation of divisions, etc.
Consumer
Finance
Nineteen-fifty-eight operating loss
of
1
Yamaichi Securities
Elgin,
contribute to the recent
financial results.' In fiscal
~
$1.7 million included
ductions
to
lines
the
clear i
and
-Y;
can
price
for
liquidation
■
;•
in terms of
mean
We
fe
seek for retail off-street
blocks
ment
or
; ■1v*.
this
Companies
re¬
inventory
plant
V
for the
expense
Elgin
factory.
approximate
common
of
place¬
preferred
inactive
stocks
of
r
dividend-
paying small-loan companies, sales
finance companies, or factors.
line
new
Thus,
-
it
is
ALBERT J.CAPLAN& CO.
Members:
Boston
1516
&
Phila.-Balto.
Pitts.
Stock
Stock
Exch.
Exchange
(Assoc.)
LOCUST ST., PHILA. 2, PA.
actual
I960.,
.
earnings
,
.
®re^mefieaniRsHl®TQSS
agement that they expect,
50% of
year's
sales
to
consist, of
products
introduced
within
the
last two years, a sales
estimate of
$32.5 million, 20% above 1959 re¬
El¬
a
sults,
appears reasonable.
lump
*
at
line
are
to
and
the' key
profitable
are, in
of the
a
sense,
changes in
and
tightened
up
Otherwise,
ized with
a
now
amount of de¬
Division
Managers
have full
operational author-.
be construed
buy,
any
as
an
offer
security referred
to
to
sell,
or
herein.)
"
income,
before
taxes,"of about 9-10% of sales. The
low priced watch does i not ad¬
versely affect unit profit
margins,
as
a good
part of the manufactur¬
ers'-cost is in the
case, accessories
and
packaging!
"movement
the'
with the
Additionally,
manufacture-, receives
benefit
of
new
mass
line. If
production
we
make
no
allowance for the general
tighten¬
ing up "of the company and only
project a return to past
profit
margins, earnings before taxes of
$3 million or $3.20 a share are in¬
dicated.
The
has
company
a
tax
loss
carryforward of $7 million, which
would
limit
Also
be used
up within the time
at the above
earning rate.
wiped out would be the
$2.5
million
have been real¬
certain
centralization.
year and
produced
years,
deficiency
in
retained
earnings before dividends
be
can
paid.
On
taxed basis,
earning power
a
would
r.
share
equity.
to
to
York, Inc.
Affiliate of
this
exactly.
watch
their jobs within
the last
half.
of this com¬
circumstances
solicitation of
group
represents
a
Over-the-Counter Market and
my opinion both the
near-term
REctor 2-9570
traded
age
an
top management
group,
both staff and
line, have assumed
10%
The common
this
for the
reorganization.
the entire
stock dividend was
paid in 1955 and a
5% stock divi¬
was paid in
1958 and 1959.
the
of New
part,
in fiscal
meets ;the
nan,
President since
1948, who
must, perforce, be given full
marks
dividends
follows: 1955—
dend
WILLIAM B/DANA CO.
taken
measures
write
necessary to estimate in terms of
inherent
earning
power," which
expensive
line
company. It is fashionable to ex?pect a complete new
broom An
order to produce
resurgent com¬
panies. Such,
actually, is the case
at Elgin,
with the
exception of
one division
manager and of the
"broom handle," James
G. Sheri-
—$2.00; 1957 —$2.00;
1958—$1.85; 1959—$1.40. In addi¬
tion,
The
may
formerly
less
a
new
operations, they
only a symptom
.
as
of
marketing
Bridgeport
For the past
five years
While
receive
the
While
the 607,-
Manufacturing Corp.
in
or
Yamaichi
Securities Company
movement is
in
40%
graduation.
in
1959.
whom
Call
I
information
,
note
for
manufactured
training
recipient participates
for
dividend
issued
the
of
current
Inspection of Elgin's past record,
addition to former
shows
the
markets
higher priced watch
in that each
teen-ager is still a .business, in reasonably
healthy
candidate
"outstanding during 1959.
However, 31,388 additional shares
and
year)
publication
listed
The
the
effect, this
to
issued
STOCKS
For
lady's watch line is
a profit this
but the results will be bur¬
dened with heavy
start-up and
special pitch
a
sum
provides for
earnings per share
actually equivalent
were
$3.38
were
per
net
JAPANESE
Currently part
year,
watches,
selection.
but
needs
by the Pru¬
Co.
and
the
In
$150,000.
The
This
1980
own
watch,
semi-annual payments
amounting
to
IN
(Only $45
Insurance
matures in
competition was the pin lever, not
the jewel import.
ment expects to show
in
in¬
are
teen-ager might specify
a
1959 showed current
assets in the
amount of
$17,797,528 and current
wholesalers
branch offices
the
gin,
amounting to $5,343,408.
Long-term debt consists of
$5,850,000 which bears
interest at the
YOU WILL FIND
THEM
expended in Washington 'attempt¬
ing to raise the tariff. In the mean¬
time, it developed that the real
What
independent
department
to
teen-agers,
not
of cases
in
31,
Sales
carried
our
was
advertising
A sales breakdown is
Dick Clark TV
not' avail¬
Show, for
able, but with watch orders
example. While
up
practically all
30%.in the first year of the
teen-age watches are gifts, sur¬
new
veys show that in a
line, and the statement by man¬
large portion
most
rate of 5% and is held
important
and
the
do
a
balance sheet of this com¬
for the year ended Dec.
now
to
earnings and stock price? Manage¬
almost
addition,
are
Elgin is making
on
liabilities
QUOTATIONS?
great deal of time and effort
that
appear
product is
field.
In
Birmingham, Ala
Mobile, Ala.
Direct wires
either
expense.
creasing.
to
advanced, spe¬
cially engineered filtration re¬
pany
the
stores
its
at
would
watches
catalogs.
search center in the
United States.
NEED "HARD TO FIND"
it
present
for this
their
plant in Rahway, N. J., which
be
new
NY 1-1557
New Orleans, La. -
We regard the
of
new
years,
ideal
on
1950
$1,333,205 in
earnings increased
company
the
markets.
new
for
with
research
•
concept
company has sold to
mail order companies
year of
new
sales
new
major
their
1958 earnings
increased to
$2.67 per share as
compared with
$2.60 per share in 1957.
The
the
& Co
Exchange
Exchange
19 Rector St., New York
6, N. Y,
while the Sportsman man's watch
come¬
is
reducing its dependence
jewelers, and the low-priced
While
during this period from $1,250,862
to $2,055,483.
During the recession
DIgby 4-2727
Members New York Stock
Members American Stock
■*
by as much
40% in the watch division.
being
the
sales
engineering and
SUGAR
-
perhaps a key
setup. We feel
in
on
in
1950 were
in the amount of
$16,282,000 while
1959 sales amounted to
$46,728,000.
,
in
is
imported. Last fall, a
subsidiary was formed in Switzer¬
land, which will lower the cost of
their imports.
watch opens several
the replacement demands.
A
Control
of the Starlite
produce evi¬
;
are installed in new
engines
for other uses, the
greater are
Purolator's
I
and overhead expense
as
have been
running 30% above the
year before.
that
9 9
be thrown away
company does not release much
in the way of interim
figures, but
has stated that orders for watches
Purolator's business is that filters
LAMBORN & CO., Inc.
.
the company than
formerly. In¬
stallation of the per cent
system of
control has led to
cutting of fixed
metal bearing
or
can
replacedtfor $10 to $15.
have a limited service life
Elgin's
and*
aimed at
must be replaced. The
more filters
or
;i
Sportsman lines have been selling
like the proverbial
hotcakes. The
is
remove
the
<•
deceptively simple: a jew¬
eled
watch
branded
Elgin and
selling for $19.95. Introduced in
January, 1959, the Starlite and
of Purolator
user
wherever
Purolator product.
a
Steiner, Rouse
Inc.,
*
that the management has a much
better grasp of occurrences within
watch, expected
lifetime, to the economy
The instrument of
Elgin's
impurities
foreign particles from liquids
gases, you are pretty sure to
and
■.
,,
Philadelphia 2, Pa.
word
a
back is
and
to
necessary
1529 Walnut Street
115
and
oi
bearing
a
and this year should
dence of its success.
building equipment.
the most recent
filters
BOENNING & CO.
prestige
particular, Elgin. But amid
operating
losses
and
inventory
writedowns, the company has been
rebuilding for the present market*
practically all
U. S. Airforce,
Army and Navy
aircraft.
The missile
industry is
Keyes Fibre Co.
the
in
>
tne
The company's filters are
used in
practically all commercial trans¬
Stouffer Corp.
control.
the result has been trouble for the
jeweled watch manufacturers, and
W. H. Holly
and
tors and road
Richardson Co.
Co.,
i
company's policy
making or importing
sales of watches from
$30 to $75 movements, whichever is cheaper,
have steadily declined.
Naturally," as very significant. In the past, a
following indus¬
tries: chemicals,
pharmaceuticals,
petroleum, cosmetics, the trucking
industry, the atomic industry, trac¬
Continuing Interest in
reached
Buyers have
functionalism, sales of $100
have plummeted, while
op-
serves
&
«,
,
ity, the head; office maintaining
primarily
budgetary V and fiscal
to
watches
port unities
for future
growth
•TV,
With the buyer concentrating
program
has capitalized
FRANCISCO
a
and
develop¬
now
A
of
ment
Principal Cities
last
research
and
5
from
watch which
through
its
120 Broadway, New York
WOrth
to
auto motive
American Stock Exchange
McDonnell, Vice-Presi-
Chicago, 111. (Page 2)
1.1
mass
common
has
watch business.
jeweled
fil¬
market, Puro¬
,
industries
consumer
ters is still the
Corporation
Co.—Mor¬
HAnover 2-0700
the
years,
distribution revolution
,
Purolator
Bought—Sold—Quoted
Watch
Elgin National Watch Company
dependent on
any one indus¬
New York Hanseatic
Louisiana Securities
H.
Sage,
Rochester,
Inc.,
Chicago, Illinois
now
longer
no
F.
W.
—
(Page 2)
dent," McDonnell
,
Inc.
Co.,
National
gan
morgan f. McDonnell
Products,
Alabama &
Selections
Vice-President,
&
New York.
■
Rochester, N.Y.
Purolator
where
Rutty
currently quoted 35 bid, offered
Purolator Products, Inc.
problems.
Holly,
favorable. The stock
pany appears
"is
Sage, Rutty & Company, Inc.
to take
nation¬
system
prompt service in
Over-the-Counter
and
Week's
Purolator Products, Inc.
large and expe¬
rienced trading department
our
Thursday, April 7, 1960
.
for favoring a particular security.
reasons
We take pride in the abil¬
ity of
.
Participants and
Their
country
.
be
or
As
$1.5
9.5%
million,
on
this,is
management's^goal,
can
be
considered
the
still
the
as
Continued
a
$1.60
a
present
less than
estimate
base
on
on
page
7
N. Q. B.
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
20-Year Performance of
35 Industrial Stocks
FOLDER
ON
REQUEST
National Quotation Bureau
Incorporated
46 Front Street
New York 4. N.
Number 5940
191
Volume
.
.
The Commercial and Financial Chronicle
.
(1491)
"The Truth
Gap"
=
=
r
Frederick H. Mueller,* Secretary of Commerce
on.
r
•
Washington, D, C.
...
,
,
"
CONTENTS
-
:
THE OVER-THE-COUNTER MARKET'S
ARTICLE starting on the
prediction of $500 trillion G.N.P. by mid-yisr;. r:ports business plans-,
boost spending from last year s $32.5 billion to $27 billion this r
Fdls the Needs
and relates encouraging view of business leaders made at the f
;: (
/Market
for 10
y
reaction
it
Light,
of
.
was
mood
t h eV
;
spring
o
It
f *.J
had
after
t
.
week-end
of
U.
Cobleigh—
While
•
it
stu-v
■•/"
dent has read that introduction to
"A
Tale
of
Two
Cities"
by
Charles Dickens. .V
He was describing other times.
.Every
dividends
/
H.
Changing Share-Ownership and Effect
—Roger F. Murray
-
•/'y-.'y
y
Many
lected
/ —C.
A.
Sienkiewicz—
these
of
are
conclude that history is
repeating itself, for current talk
also swings in sharp contrasts;
The important
question about
might
reliable
more
Decade
y
'col¬
blues,
than
winter
Wall
Some
worries,
and
of
TRANSISTOR
5
the
on
_
7
—
Market
ANTON IMCO
.
ELECTRONICS CORP.
10
Self-Supporting
/
;
/
.
11
...
Earnings
BRITISH INDUSTRIES
12
Di-coveries Ahead for the Telephone Industry
T.
Safe
Nay lor
14
_;
Investments
for
the
Small
Investor
Insurance
15
Stocks
as
the
Investor's
Choice
>■
.
J. F.
-•
•.—Henry L. Wilder, Jr.__
/.
the y
The Cost of "Make Work"
21
No
Longer Can Be Afforded. :
y
,/■:—J. W. Oram____u,
"
:
,
39
25
Reilly & Co., Inc.
Broadway, New York 5
-1
home-brewed
tain
yy
cer¬
Small
self-seeking
politicians/;
■
The over-all reading clearly in¬
dicates the vigorous health of the
economy. We are not rushing into
present conditions is simply this:
What Is the Truth?
*
,
*
DIgby 4-4970
v.
*
New
Science ^Companies Made the Most Spectaculat"^'
-'Profit Gains-in 1959, Says First National
16
City Bank__u
Consumer to
Spend at a Record High Rate, According to
University of Michigan Survey..
•___—_
lu__ 19
inventory grab through
Build What? (Boxed)
53
fear of impending inflation., We / •
on
both
our
economy
and our
Balderdash! (Boxed)
are
not shooting up in the roller ;
55
defense.
;;.c/,/f^/ /.■;//./\J\'1:
coaster of boom Which might later// Alan K^ Ruvelson 'Offers Recommendations for
I believe that an honest Doubt¬
Stimulating
'
That ■/ y Credit Flow to Small Businesses.—
ing Thomas will find in the sum plunge down into a bust.
56
would not be good.
total of facts this assuring answer:
'
v
•/
The United States is not on the /•
Instead,
the
indicators
show
that we are -running along at a / Regular Features
skids
a
wash-up,
has-been
much higher level of business acnation.
'
■<./'"
,
As We See It (Editorial)^...
tivity than last year and the out-Cover
The United; States
is first in
look
is,for continuous progress;
military power, first in economic
Bank and Insurance Stocks.'.
53
for the year as a whole.yv /• y
power and
first in capacity to
Coming Events m the Investment Field_^
.__i.__.__i.
16
hold the lead against any com¬
Where Bo We Stand Now?-^ /
peting combination. We are con¬
Dealer-Broker Investment Recommendations^_i^
8
: Let's start our economic check¬
tinuing to build unprecedented
up
with exports, a subject now * Einzig: "European Trade War Prospects"
I__
24
power to
strengthen both pros¬
in the news since *
From Washington Ahead of the
perity and peace. The American very much
News—Carlisle Bargeron.
13
President Eisenhower laughed a
*
people are not standing still or
Mutual Funds
national
promotion campaign to
51
retreating. They are going forward
sell more goods overseas. An ad¬
under the
Indications of Current Business Activity
wise,. strong, caoable
;
70
verse factor in the economy is the
leadership of President Eisenh
NSTA Notes
71
continuing deficit in our balance
hower.
;•
/'.•/'/; '. ■" ;
of international payments.
The
News About Banks and Bankers
J:
18
Only
self-generated \- fear
or
new
export drive is designed-in•
folly can hold back our progress.
Observations—A. Wilfred/May..
4
part to help correct this situation
Only our own tongue can dig Qur
The value of exports has climbed
Our Reporter on Governments
grave. Only blind
20
eyes can fail to
from $16.3 billion last year to an
see our
overall capability and our
Public Utility Securities..
annual rate of $18 billion so far
20
/
gigantic means
already in gear this year. The drive should help
Securities Now in Registration
for
58
tremendous growth. ," •"
•
keep up the pace. Sales abroad
For the
CROWN ALUMINUM
//
/—Roger W. Babson
Life
:
9
;___
__
/
INDUSTRO
3
,
Street/
pessimism
of
—John
-
Commerce
Department—taking the economic
pulse of the entire nation.
These
objective surveys are
Yet, any reader of today's head¬
lines and today's political speeches
4-6551
OF AMERICA
..Cover
;___
Why Toil Roads Can Be More Than
by the unbiased statisticians y
economists of the
and
indi-
Dept.
?
Need for Cautiion at Present in Case of Consumer Credit
...
economic
Telephone: WHitehall
Mueller....—.——
is^ y Attractive Money Stocks—Ira U. Cobleigh-/——
is
national
cators.
Securities
STREET, NEW YORK
to
____
worthy
WALL
Page
/
•
Frederick
the
Frederick H. Mueller
99
How Sick Is Our Dollar?—R. L. .Nowell—
infla-
winners
45).
page
—L. S. Waterbury___L
important to watch /
Big Board,, it is even more / Bankers' Investment Policies and Maintaining
important
to
watch
the y trust¬
Jy;—J. Austin White
y
■
nothing
;//;
a
cash
those in the 5-
as
.
"The Truth Gap'?—Hon.
normal
of
well
as
Obsolete
of
names
.
doesn't chicken at the growl >
Wall Street bear. •/ • •/'
,/C/;:;
man
had
before us."
lost
a
to
27)
the
—
Wall!
BOWLING CORP.
Americans;
back
page
Articles and News
Today's well-informed business-
/_
before:;.;
we„
us,
million
tionary boom-talk. /: / ./; /
.we
every¬
thing
180
tabulations ^showing
have paid consecutive
(Table I,
(Table II,
*/ '/Investors—Ira
" entire
bey that; .the/market
merely /getting
hope, it was:
the winter ofdespair,
of
could
the
99
oppor¬
only .in the Over-the-Counter
The Over-the-Counter Market Fills the Needs of All
production, development and
it
of Darkness,
the
measure
"The Over-the-Counter Market
.
accurately reflect
stocks.v It does not
.
to
in
OBSOLETES
at
;
,
V
may
on
pretend
the season
page,
COMPANY
HUR—a winner!
YOUR
Investors," discusses the investment
companies which
176 years
to
10-year category
y'
.
was
All
exemplified
as
banks and
indecision ip temperamental Wall
the best of times, it Was
Street., Some
are
wondering if
,he worst of times, it was the age
New Year forecasts need
to be
0f wisdom,
it was the age . of
sharply revised downward. - ;'. *
foolishness, it was the epoch of
Wall
Street, however, is not
belief, it was
Main Street., The stock ticker is
the epoch
of
; a barometer of its own bailiwick's
incredulity, it
"It was
feelings. It
of
cover
tunities inherent in securities available
recent regular meeting of the Business Advisory Council/:
the season,
BEN
INVESTMENT OPPORTUNITIES
to
was
CHIMfl
B.S.
AND
in charge of chic'ring the progress of business I
sums up the outlook in one short phrase: "Not a boom
hut another record." Irked by gaps in comments on the state cf cur economic
health and defense matters, Mr. Mualhr sets forth and answers what
he terms "truth gaps." He sticks to his previous, though scoffed,
Cabinet Secretary
year;
3
shortage of the year is
in many discussions
a
the truth gap
Steriion*
frenzied
.
Jamesbuty Corp.
Crown Self-Service
,
:
-
i
■
r.
.
*
•
.
Systron-Donner Corp.*
,
—
Bowling Corp. of America
*Prospectus
on
Request
...
Singer, Bean
—
—
&
Mack ie,
HA 2-9000
—
Teletype NY 1-1825 & 1-4844
—
Direct Wires to
_T_
Chicago
.
-
-
inc.
40 Exchange Place, N. Y.
Cleveland
Dallas
Philadelphia
Los Angeles
San Francisco
—
St. Louis
;
...
___
—
Copymation
...
I
would
refrain
from
such
reward business and make
a
credo
of
confidence
did
I
not
believe I have evidence to
back it
home.
«?'**■
housing is
4nat
let the
chips fall where they
Are We
on
the
Verge of
Recession?
;
the
Recent
market
a
big
no
flip-flops
have
to
a
of
produced
the
a
middle
meant
that
a
sures
one.
in
has
stock
bit
a
of
mamr
of
been
of
let-up
decline since
last- year
on
with
financial
mortgage field
one
of
The
on
many years we
page
55
*-
Spencer Trask & Co.
1868
and
BROAD
J.
Albany
Boston
Nashville
Newark
TELETYPE NY 1-5
2-4300
Chicago
Schenectady
Glens Falls
Worcester
Transit Freeze Corp.
6
___
Big Apple Supermarkets
72
Twice
Weekly
Copyright
/
Reentered
B.
DANA
GEORGE
J.
"
Company '
2-9570
D.
Subscriptions
Possessions,
Editor
SEIBERT,
SEIBERT,
President
April
Vice-President
7,
issue)
and
Other
Chicago
Febru¬
&
CO., INC.
in
Union,
Dominion
Other
States,
and
Canada,
of
Underwriters and Distributors
United
Territories
$65.00
-U.
S.
Members
of
per
$68.00
Countries, $72.00
per
year;
per
Complete Trading Facilities
in
year;
year.
TRADING DEPT. PHONE:
WHITEHALL 4-6627
Publications
Thursday
vertising
state
SIMMONS, RUBIN
-
1960
(general news and ad¬
and every Monday (com¬
plete statistical issue — market quotation,
.records, corporation news, bank clearings,
Every
*
Subscription Rates
to 9576
MORRISSEY,
DANA
B. Dana
COMPANY, Publishers
Pan-American
WILLIAM
"
second-class' matter
as
Park Place, New York 7, N. Y.
REctor
"
ary
25, 1942, at the post office at New
York, N. Y., under the Act of March 8, 1879.
Reg. U. S. Patent Office
WILLIAM
by William
1960
'
Other
TELEPHONE HAnover
2
4
—
You
Exchange
ST., NEW YORK 4, N. Y.
ITI Electronics
1.6
—
—
FINANCIAL-CHRONICLE
Thursday,
25
Best
The COMMERCIAL and
CLAUDE
New York Stock
——
z
25
Members
46
___
You—By Wallace Streete.v
in-
—-—
Founded
Corner..
and
Security I Like
Washington
PREFERRED STOCKS
;
.
Tax-Exempt Bond Market—Donald D. Mackey
-
have specialized in
.
The State of Trade and Industry
Published
For
68
—
a
and ;
variety of
Continued
-
Offerings
pres¬
the
a
Salesman's
The Market i
where
area
sonoe
Security
Security
residential
consequent sag m business in this •
particular
segment.
This
has /
_
Jot down
;
initiation
there has -been
may.
jobs at
■
The
P^°P°se to present some of
eyidence for appraisal—and
Prospective
city news, etc.)
Office:
3,
111.
135
South
(Telephone
Bank
$45.00;"per.
Salle
STate
St.,
^-0613).
rate
'foreign
mus„
be
Quotation
year.
Note—On
thfe
La
and
(Foreign
account
of
Record
of
Monthly,
Postage
the
exchange,
—
extra).
fluctuations
remittances
in
for
subscriptions
and
advertisements
made
York
funds.
in
New
56 BEAVER STREET, N. Y. 4.
Telephone: WHitehall 4-7650
Teletypes:
NY
1-4581-2
4
The Commercial and Financial Chronicle
(1492)
Steel Production I
•j 11
'V 1
{>
K
*v
*
*
*
steel sales offices.
,
Retail Trade
many
"
Food Price Index
•
stimulate auto sales
launch many planned expan¬
expected
and
Auto Production
to
Commodity Price Index
may
have
significance.
It indicates
many major users haye cut
deeper
that
MISSING:—"SEX APPEAL
back inventories to the minimum.
Rates
of
hPPn
Economic
cities of the country, indicate that
activity appears to have
in
March, the
for
sideward
moved
-
TIT
,
T,
the
11
A
February in whicn some ousmess
indicators improved while others
mgs
week
O
oU
4V.v«
win
ue
u.xyo
nifiao
auuvc
have
consumption
hplow
OtCCl
At
mu»c
which
ordering,
"J*
neressitv
p%^ "f warehouses
Saturday,
ended
Dossiblv
reroverv
current excesses and abuses in the
exnect
WalCllUUOCO
«i
WASHINGTON—Our depiction of siasm for pursuing the ramifica
mav
'
investment
that
1
unchanged
-
12 4%
The hesitation
Fehruarv
of
J
sales
current
and
automobile
industries
the
Unless
decline
Be
May
£-v-
the
rate
present
of
for^ steel is rave^d^y ^
tor steel, tne
industry
1 959
in
On
the
negative side:
reached
before
the
Net
income
scheduling high rates of
strike*
-production through April. Unless
Businessmen
are
planning to there is a major surge of auto
spend about $37 billion for new buying, a long period of downplant and equipment in 1960, 14% time and resulting low
ordering
more
than in 1959, according to of steel are inevitable this sum-
million
inpnrnp
t
depi;nGd
^J
the
'
latest
taken
Commerce
in
The
late
planned
crease
during
of
SEC
survey
year-to-year
with
the
1955-56
and
Construction and Capital Spending—To date, the optimistic surVeys of capital spending have not
in-
22%
a
capital
in-
goods
been
double
is
J
mer.,
January-February.
compares
crease
boom
^
translated
orders.
At
^ r?^n0f when thebet4We,enstrilrA
a?van^ stpel
X?58
1959
1959 when the
steel
strike
Qther
Many
Clearings This Week Show
6.1%
Increase
Week
Over
Last
makers
rahlp<!
.
hflVA
show
ness
.
Clearings this week will
an
increase
compared
of
put
Durables
hark
conditions
are
,
the
,
ctppi
steel
_
du-
consumer
hpaxriKr
™ebef\Xl Jwsumaies
LtfmLs
5Leei uluexs-
Same
Year
but
Bank
x
Consumer
'
a
steel
the
i
slowed outlays in the fourth quar-
Bank
actual
moment, heavy
steels used in expansion programs
are among
the weakest products.
and
and
^
into
nn
busTdusi-
of
oi
g £01
niofiiro
picture
k
is
history
or-
,
of
to
announce
almost
the
of
Total sales and net income
are
worried
of
oi
ott
l
nave
d
bv
ny
risen
producers.
supply
is
HERBERT W.
limited,
should
be
MATHIASEN, JR.FRANK
.
*
~
-
associated with
in
us
New York office.
that
-
quotations.
To
announce
the
telephone number of
63 Wall Street
new
duced
BOwling Green
9-2070
SectzT^iYws
A. T. & T.
Teletype CG 1194
Exchange
.
Cl
,
„
,
;
with
and
on
an
only fund
arm's-length basis.
Li™
A
Ac
u
"the
*
*
*
V
*
New York
City 5
Telephone BO 9-2070
Teletype NY1-4872
'4
a
Summit
case)
nothing
change in the statute by
Congress in eliminating the
twin-servin«
fund
and
"manapp
Lwm berv"ito Iur\a ana management company director, will "do
'If11' company airecior,
the trick," either in the case o'
voting or non-voting management
Qfnrlr
TKo rnmmicoinn
"mlpm'
stock; The"-Commfssion "misse
the
boat..
when
the
baslc
was
:The
tinued
abl|s_
built-in the umbrella-ing In
vestment Companies Oct of 1940—
albeit, knowingly as the price ol
was
*
,
.
any fund leglslati<>n enpos'
cited
inter-
slimmer.
Resolving the Helter-Skelter
There
and
ernment
changes
a
or
ancillary reasons, itte
for the Federal Gov¬
resolve
this
questioone way
the other:
A
already
rash
of
law
suits
hav
been instituted in com
against management ar
plaint
sheaf of SEC
to
and definitely
n4uQP.
(1)
in
are
to us,
seems
rangements, which will compoun
confusion; and
mcluamg treatment oi
bonds, °and provision
(2) Some ^ the otctc oaunu,
of tuc State Securitie
cor-
P°rate changes, including merg- Commissioners will be takin
eFS' haS already been resting in~ matters into their own hands' a
ert °n the HiU for over a year"
in 0hio' Michigan, New Harnp
The "technical"
difficulty blockujuck-
shire, a.m
and
unucuu,
highlighted
was
Deal
during
legislating,
the
when
it
iiunois,
Illinois,
can
Call
where
the
New
have
took
tractual plans.
super-dramatization by the glamorous
Thomas
G.
Corcoran
(F.D.R.'s
perhaps
pemaps
Wisconsin,
omic,
ing Congressional understanding fornia,
hityhiicyhtori
"Tommy the Cork")
to
a
forbidden
(We
such
are
sale
of
—
con
This would entai
helter-skelter
dition.
of
the
^
regulatory con
seeing something
interstate conflict in the
put over tbe Securities Exchange implementing of the Variable An
the AP,;b!iC nulty regulations.)
1
!n£^ny ^
From a Zealous Watch-Dog
•
The
■
How
wrmi^
Obscured
m u
p\r
fc" h'
u
'
Basic
more
" J
+
Abuse
difficult
it
to. Stir up CongresS10na^ understanding plus enthu.
steelmaker
common
has
Reflecting
such
autonomou
State attitude, State
independenc
is
the following
communicatio
sent to
us by Edward J.
Samp, Di
rector of the Department of Secu
re¬
We
nails
are
15%.
as
pleased
to announce that
CHARLES M. KAEPPEL
were
of
lower
steel
mill
is
in
I
will
little
probably
more
edge
now
associated with
us
in
our
ESTABLISHED 1889
Members New
and other
about'2,527,000 ingot tons.
scrap price
decline
con¬
last
week
after
holding
Continued
on
page
54
Corporate Trading Department
HALLE & STIEGLITZ
this week. The
ingot rate dropped 2.4 points to
88.7% of capacity last week. Out¬
put
m
California";
of
foreign competition,
January
December (465,050 tons,
539,084 tons), they were more
down
/
sln°JLLi?a?"
ticularly because of its defeat
in
producers
63 VVall Street,
A. T. & T.
sponsibility,
scan-
for airing PendinS important
to:
lb
January, 1959, figures
(229,425 tons).
Steelmaking operations of U. S.
Members
as
contrast to
share distribution farmed
out, and
far
Cold War crises
technical
than double
^Sacoti^TfAipp/e & Go.
Midwest Stock
Exchange
in
below domestic
Although imports
vs.
New York Stock
too—this
competition.
than
Chicago 3
Telephone Slate 2-3100
the
mesh have cut their prices 5 to
7%
because of Japanese
products
135 South La Salle Street
broker
60'the leglslatlVe
regulations.
convertible
a
domestic
reported.
Im-
prices of
much
as
New York office:
our
without such
it is that
proposals,
serv-
the simple technique pursued by
the M. I. T. Fund, which is
run
by five trustees having full re-
rnrrnntinn^nf slbllltles> Wlth the factors
Fra's"
above> accentuated by their
JNewbras \nern
specu-
Civil Rights-cum-filibuster
so
as
anH
by
California pro¬
ducers of baling wire and welded^
location and
in
and perhaps acting
company,
a
triplicating
-
combat
one.southern
We also
same
«npw
Bomb"
And
hurting
are
20 to 25%
are
by the
of
as
vening fait accompli status, P,us
the timing in an Election
year, are
are
seemingly
a
Steel
ported pipe in the small sizes (up
to four inches) is
being landed at
all major ports of
entry, at prices
our
any
margin of a single Senate vote.
13, Ohio.
Imports
producers,*
are now
panic
And again,
Scandal to Oblige
we
securities
Section, "Steel" Magazine, Penton Building, Cleveland
C. VOGEL
directors
"anv
Editorial
GEORGE W. BEAVER
only
Gmbroglio is there any sex anneal
emuiugiiu, is mere
sex appeal
to a Congressman from drab and
the
for
requests
addressed
ciuiuicaacu
in,l
day-Vdav
to the
t
Although
as
parTv Nin^Pen getting
thp
preceding
"The
in-
$16
4)ib
0f
nrGrpdinfJ
other
Steel
ti
ahoid
aoout
terest,
day~0vJ. 'toss" Vor 'Tn *conVrast" to
current
rl
"iH'f™;
will
The
previous year.
No
because
now
in
conflicts of in
evidenced in the man
initiation ^of FedVraV^PPnritie« alt?fU'
Now
cunent^ labor
the
tne
onlv
lative bust.
rose
ner
vear
the
thp
tne
the last two montbs of
end
end
the
tne
turn
to
astatine
a swi£t
159 90
of
involves
Thirties erew out of both the dev
'n spite of the strike. This paradox ls the result of a recard first
bv
by
1907.
^uiation
metalworking
last
th*>
in
our
1958.
produced
nt
proposals
of
iqrq
® year.
huddintr
Jak^ °ver tb{; Stock Exchange
1908 followed the7
taxes. This compares with earnings of $1,117 million in 1957, the
record year.
These same steelmakers made $769.4 million in
hal£ and
life insurance industry
epochal
third
a
the
our
through
Company
special financial analysis of
33 producers representing 94% of
U. S. steelmaking capacity shows
they earned $807.5 million after
copies
RAYMOND W. PYLE
in-
corporate
J j.'Armftrong
VestlgatlOn extending from 1905
yestigation
trom
its
steel
pleased
r,^r.v.^v.r.+^
of
as ?• re511
from
The study provides a wealth of
statistical data covering 33 major
are
France,
??ai°g^lY..„udd'"g...?t „the.
"f'Thec'enturv'^shimmed
century was trimmed
result
had
the
earnings year in
1959
despite
being
"Steel,"
weekly, said.
unheard
direction
advisory organization
dividual
the
Here,
ton.
We
n*
disclosure
anniftf,AiiQL,
industry
time,
directors,: constitutes
well sis the fund
short
with
5 9%
Steel
Earnings averaged
in
in
e
'
in
makers
year ago..
Preliminary figures
Positive side:
compiled by us based upon teleCancellations have slowed
graphic advices from the chief recent weeks and
some spot
to
1959
of
strikebound
^
pUppIop,,^
fuller
largest
got ton
a
xNiii,™
totaled
a
a
nerccnt
iq^o
steel
fourth
.
by
who has recently prescribed much
Earnings Issued
The
doubtful,
with
As
1958
contradictory,
nrHor
order
1958.
a
a<-
jn
1959
compared
„
of
too, the finance r e f o r m s put
through by Blum, Chautemps, and
Daladier, and now by De Gaulle,
1958.
in
management
Neither the
ants of the fund, the management
kins Committee; and
in
com-
hillinn
:
'
.
in
lut^e
Analysis
still
are
.4513.35
$760.8 million in
$760.8
in
automakers
cars,
steel
time-
1958
$786.8
To point out the critical nature
a
teGj the Cohen Committee, and is
now being worked on by the Jen-
•
,
steel
by
malpractice
both the
frit?in wJ?eT? thd Companies Act
in
in 1959 totaledwith
$13.35 billion in
ynmnorAH
<m «7 hiiiinn
^ ^
downward revision of estimates
for the year, the national metalworking weekly reports.
of the period ahead,
"The Iron
Adp" licttc
Age" lists thccc conflicting forces:
these conflicting forces*
tntalcH
with
answer
has been tightened successively
the
+
finished
pared with 56 million tons
or-
peak,;pcetail sales Gt.t: Automotive—In the face of
high
1.3%. below the high
stocks of unsold
still
level
f j
......
4
fund
fVla
11AI<
legislation (in direct contrast to
..
1959 totaled 64.5 million tons
j
the June
were
.
ana,lyS1S ar?:
"maturity,"
the slow-moving Greene Commitin
the
situation.
requisite to enactment of reform
is
pro"
P
st
of
lArfiolofny
dal or the Public's drastic mone- agement company both selecting
tary loss is the Political Pre" and remunerating itself; the evils
?
canacitv
capacity.
s
in
nn
no
repots ot
Other significant points
Again
time of decision
a
or
when
^ fh,—r «,,th * tn
table, is the long established fact
that in this country a major scan-
in
analysis
reports of '28 steel
on
fndnstrv's
industry
demands
charn mnvpmpnt
sharp movement
seems likely.
Although personal
income
in
February was 2.4%
above
Rate
basifd
°a®®d°n
1.8
+
Iron
to
as
Basic to the
Net sales and operating revenue
ders
and
in
fnr March hut
for Marrh but
Production
Age _says*
production
index
January to 110 in
February (1957=100)
A further
slight decline, the Bank noted,
may appear in the overall index
111
715,764
-wo
A rro"
Age"
Tvnn
tions
has contract
to end guch "adolescence."
occur
1958 but steel earnings
1958, but steel earnings
over
over
"TViq
"The
the steel industry, "The Iron
industrial
from
msX
APril wiU be
accounted
fr™ofZ™
aao
408 642
1,064,000
Reduced
orders.
steel
ia a
108
i
1 d
b7 legislation or regulation, will other business; that
increased by only 3.4%.
+13.4
cao
,
728,919
Steel
bring
new
output in the
1Q69
1959
$11 907 396
1.256,236
Boston
output into closer alignment with
Reduced
$13505407
Chicago
Philadelphia
to
annears
redle'cted eYforts 'to
have
ooo omitted
,
production in
March
and
week Ended
e
nr.(.,iw,tt+iAn
-
,
lagged somewhat, but this
may turn out to be largely the
result of a relatively severe winter.
Moreover,
recent
surveys
suggest that consumer and business
spending plans both show
considerable strength.
IR/v
-
question
stee^
deed
f i
company
^
However, this leaves the important duties
declined
or
J
„
rela-
a
the corresponding week last year
upsurge
is frequent
Our preliminary totals stand at
e
f
s ,
■'
slightly.
Such hesitations though $25,244,507,163
against
$23,798,- of the
industry
"The Iron
not unusual always create uncer- 746,112 for the same week in 1959. of th<e st el
tainty as to whether they repre- Our comparative
summary, for *8*
po
?16_d
steel strike
sent a pause for breath or an adsome of the principal money cen- of last years lib day steel striKe
was
to
reduce
profit
margins
vance warning of business recesters for the week ended April 2
rather than sales.
sion.
Sales and output have in- follows:
stpp/'ialp^lnorpacert
remained
WILFRED MAY
A.
BY
•
sion programs.
r
The
spot
buying
Business Failures
TRADE and INDUSTRY
Thursday, April 7, 1960
.
.
The advent of warm weather is
Carloadings
The State of
has materialized in
dering
*«•.♦
Electric Output
.
52 WALL
STREET
Tor\ Stoc\ Exchange
principal Exchanges
NEW YORK 5, N. Y.
Number 5940
191
Volume
.
.
The Commercial and Financial Chronicle
.
(1493)
ritieLmer
to
ness
of Wisconsin,
the State
of
the
shareholders
of
President of the North larger fund, * but in/all of the
Securities .Administra- mergers which ,T ,have se^n thus
Tinder prodding by this ahti- far, there has been no such for¬
!S Lochinvar, Wisconsin not mula applied. I wish you too
fu,v bars Contractual, but would give this matter a little
our
monetary
gold
stock
thus
"/ leaving a little less than $8 billion
of free gold to meet the
foreign
fdS
Cds" exceeding 7Vz%
EDWARD
with your position that
of
investment trusts
concur
t
well.
as
niters
v
S
;
. ..
.
.
Regarding
tion
;
thing that these flotations
demonstrated is the fact that
",nv of these managements are
.ettin" greater fees for managethan the job is worth.
I,
this for several
have contended
vears but have met with strenu¬
ous objection from such managers.
Now the disclosures in the pro¬
spectuses of these managers who
are selling shares confirm the fact
that it costs very little more to
manage a two or three hundred
million dollar trust than it does
to manage a $50,000,000 trust, and
that the profits to be made at that
.;,
in
e"t
-r
that
Mr.
give
we
Samp's
our
on
whiph " "crossed"
Investigation
SEC's
"tax
bills"
companies does
where
than
the
disclosure
of
the
rather
remedying
be
the
material
omission of clear
infor¬
regarding his own poten¬
tax to the fund
shareholder.
has
than
What it
cial
to
any
;/■
'.•/?./
statement
more
of
the
the
funds
has
been
Admit
spent,,'
The Merger-Tax
Another
field
correction
is
the
subject mentioned by Robert
24, 1959, pub¬
lication of the "Chronicle."
This
E. Rich in the Dec.
has
to
do
with
the
taking
of the
ers
larger funds.
ing done
now
is
is the result of
t>
ot
avoid
don
the
of
be¬
has
been
added
to
Dempsey-Tegeler &
West Center
ar¬
the
capital gains
unrealized profit in
tuna.
This would be
good share
tax
on
their
the
small
particularly
true when the
small fund does not
contain the particular
type of se¬
curities
necessary to meet the obobjective of the
larger
bomeone has said
that there is
formula concocted
by the Se-
sinn
sion
tnd Exchange
•
Commis¬
which will
correct the unfair¬
interest
to
other
countries
to
of
accept
hedge
against
Co.,
2225
the
sound
St.
difficult
■;
Joins
BEVERLY
F.
of
HILLS,
Clugston has joined the staff
Lloyd Arnold & Co., 364 North
Camden
Drive.
(Special to The Financial Chronicle)
JOLLA,
has
Calif. —George
become
associated
H.
with
Woolrych, Currier & Carlsen, Inc.,
7825
reser^es
that
much less
pessi-
Ivanhoe.
believe.
They do
our nation a disservice
by stressing the dire things that might
happen to the dollar rather than
emphasizing
measures
the
constructive
needed
that
thp
could
tpn
of
should be taken to keep it sound,
slightly
to
was
generally
was
ing our balance of Payments prob-
ignored
^ n^Zng, hot
in
1958
when
the
more
widespread
rannnt
ob!
/ determif wheth.f freedom
to
davery
life
,
gold
reached
reserves
1040
,n
fbpv
foiiIn
C1npp
?•
a
But
stm
total
tarv
«9n
represent about 50%
wori(t
„nlrI
Tn
supply of
tbp
1959,
amounted to
mone-
twn
the
loss
of
of
years
gold
Foreign dollar claims have been
increasing steadily over the past
ten years and now stand at
which just about
gold
stock.
equals
to
Some say
worse
gold,
total
our
than
are
exhausting
since Federal Reserve Banks
required by law to maintain a
are
spent
a
Europe
efforts
balance
justments
not
undo
been
Let
now
should
we
we'do
are
of
us
in gold equal to at least 25%
their note and deposit liabilities. Such required reserves now
account for almost $12 billion of
much
for
Rahway,
14
$46,727,293
Dominick
•
sales
•
New York,
American & Toronto Stock
Exchanges
profits
•
total
&
Membert
Wall street
results
assets
over
up
annual
1958
now
me
2,055,483
up
of our
a
.
copy of your 1959
"«
27%
up
27%
Street
new york
■i
City,
State
the
that
which
good
that
Imports
Continued
32%
24,932,362
actions
consider separately
Rising
copy
report.
ad-
clearly called
Total general imports from 1951
to 1957 averaged more than $11
Products, Inc.;
New Jersey
Please send
increase
1959
successful
payments
each of the four factors mentioned.
PUR0LAT0R
Purolator
investment securities
of
re-
have
accomplished.
showing-
Fecords
our
far
re-
throughout the United States and Canqda
new
thus
make certain
initiate
"
and distributors
that
for alarm than
rejoicing that
snectacularlv
serve
;'s£r
fact
and
cause
a
for
habilitation
has
under
The
enough to provide
competition in world mar-
cause
for,
prevent our
Com-
falling
Japan now
iLuxupe dnu ddpaii now
kets is less
will
the situation is even
these figures imply
I
Since
recovered
stiff
been
reserves.
maybe
UIUvex£e;. omce
war we have
domination
vvesiein
While
these
from
Western
total
our
Theoretically,
foreign dollar claims could all be
completely
allies
mlI„L
level
a
(or
universe!
"11Alullb U1 u.UUc1^ AUI ueieilb^ emu
f0r economic • aid to
vpqr?
than $3 billion,
more
planet
this
/*i.
of the
billions of dollars for defense and
Hii
this lower level
at
even
this
sav
li/^
the end
Qfnnrq
hpinw
is to prevail as a way of
on
should
fallen below $20 bil-
^
]10n
th
international
our
Be with the Communist countries
nnntimiP
J
economy.
and
-4959^^3^/,? thatVtT are enconsiaeratidh ^ that we a^"^g
in.
eoLeqTence"
seHous
W
anH
objectives
Adverse
amounts
long
UohTl
1
deficit
hillinn mark anH hp
recent report
/
European
In considering the many alterPative courses of action for solv"
ourtotal
Peak in 1949.wnen they stood at
approximately $24.5 billion. They
-
the
^enS nations,
natF/nT3™ t0 underde~
veloPed
more
Thi*
vear
a
a
..
of
...
.
been increasing to support
our military commitments and our
welcome to
underwriters
,
Inne/, Slx>
you are
Correspondents inprincipal cities
manufactured"
...
Area-
VMI._
of
and
/he
a r
'
•
n.„t
relation
iri
converted
^
The outlook is
us
,
.
and totalvolumeof trade
it
came
mistic than many of these writers
Woolrych, Currier Adds
Ott
or
11
o
^
con-
unable
are
of
billion
one
small
so
Qur
dollar is sick and
we
eight
the de£icit
averaged
than
npalr
will
unwilling to act soundly to protect
have
Exports
,
have
For
our
action,
our
it.
(2)
foreign* cars on
only one example.
as
government securities.
and
that
corrective
d
tary golch In theasist two
emphatically the
would
LA
problems
firm
a^*ng andxthat.
Calif.—James
small
<4) And finally, United States
Government expenditures abroad
vionslv
nation does
elusion that
Lloyd Arnold
the
streets
our
dollar
whhout
meas-
But 1 reject
(Special to The Financial Chronicle)
T
claims consist mainly
of
deposits in United States banks
and
investments
in
short-term
Sc'/'T^lhtse
Thp writers
our
of
when it tonoed $4 billion
devaluation
.'
Npw I agree that
face
gold.
therefore, share our
maintaining the in-
about
Common Market, and the "Outer
Seven," the European Free Trade
ever
recommending the pur
gold mining stocks as a
staff
their
of
lieu
r\
a
net outflow of
United States. The
by
the
nasspd thp
necessary to protect the good
require
fund.
a
investments
chase
S. Hern-
..
a
low
are
elude by
(Special to The Financial Chronicle)
funds
can
The
busi-
ncaitn(ot tneir dollar, ine writers,
being so convinced usually con-
i
ANAHEIM, CMif.—Robt.
by the larger funds in
which they can show
to the bene¬
ficiaries of
the ^smaller
they
hasten
expected then to cause
foreigners to transfer their dollar
ures
guments
how
hence
recovery.
rates
turity
r^VMrDempsey-Tegeler
I suspect
this
ness
and
hpalth of their dollar
the sharehold¬
that the rate at which
recession,
the
Federal
Reserve
System
is
expected to cause interest rates to
decline so as to stimulate new in-
devalue the dollar, or do both.
berg, Jr., to partnership.
investment companies by
larger ones, in which the un¬
realized profits
of
the
smaller
on
of
exports,
Kohlberg
of small
loaded
devaluation
hap-
over
the
ones are
substantial
The argument runs as
follows. When business slows down
at the onset of the next
vestment
acquisition
and
gold from
Implicit in this argument is the
Bear, Stearns & Co., 1 Wall Street,
.judgment that the American pubNew York
City, members of the lie does nnr now anH will nnt in
lie aoes not now and win not in
New York Stock
Exchange, on the future have the political maMay 1 will admit Jerome Kohl¬ tnritv tn anppnf thp cnnnri mpac
Question
for
fur-
a
pening, United States authorities
wili either restrict gold
col-
"
are
ally to
claims
R. I. Nowell
where interest yields are more favorable. To prevent this from
Bear, Stearns to
investment
how
and
Lawrence
Co., Inc., 74 Wall Street, New
York City, members of the
New
York Stock Exchange.
/
Ayon^^hqw, js, #ie finan¬
adviser
B.
&
paid
heretofore.
paid
foreign
eventu¬
,ther
elected Vice-President of Walston
the amount
been
convertibility
and which will
George
will
are
detail, it will not show
to
d i scontinue
lead
Lawrence V. P. of
Walston & Co.
paying
for management perhaps in more
with respect
our
governmental
authorities
for
reserves
S«ods from this country have in
re<;ent years been decreasing.
(3) United States private in¬
ning a deficit in its balance of yestments abroad have been re¬
payments. This simply means that lnSAmerican businessmen, for
our
payments to the rest of the ex.a™P1?
have been rushing to
world have exceeded our
receipts establish manufacturing plants in
from the rest of the world. TSe Europe to take advantage of the
difference has been made up
by "ew Iree trad? areas created by
which
force
the
and services have been increasing.
The international threat to the
dollar arises from our balance of
payments position. For ten
years
the United States has been run-
the dollar.
statements of the relationship be¬
reveal what the funds
will
that
confi¬
to
as
I arp much more, optimistic.. I/tegrity of the dollar,
believe that we can keep the dolOur balance of payments
probsound and that we can make
lem is the net result of four printhe necessary adjustments
without
further devaluation. And I believe
that the course of
required action
<*> Imports of foreign goods
is well charted and
Notice
States gold re¬
unit)>
impair
lar
clearly defined,
develop
as
currency
...
United
serves
claims
own
These nations,
Looks at Balance of
Payments
on
larger
acquired
attention should
directed; toward
—A. W. M.
proxy
tween funds and management
lar
run
a
to
in this country. The central banks
of several foreign nations use dol¬
•
re¬
will
merging
handle
in
cession
(excepting
the acquirer's tax is
that
Hence
of
govern
■
nothing
concern
during
next
tial
private accounts admit that they
cannot make any such fees.
;■
full
time
the
com-
some
the
formula
of
payment
of
of the difference between
12V2%
tnese
that
These
pre¬
dict that
(March
sick
a
ta tors
usually
his'.letter.
discloses
States dollar is
ailing currency.
men
Score,"
last week's column
our
31)
and
a
commentary asserting that
the United
do
safety of their dollar investments
by point analysis
rSntmonth.£has been
rash of
sugges
opinion
anywhere. It is a fact that the big
While
of
recurrence
,,
mation
the point which
could be obtained; in the execu¬
tion of any trust in any court
level are beyond
who
a
adds up to an emphatic
contingent upon the pursuit of sev¬
he discusses,
necessary to keep our currency
strong and sound.
eral measures, which
the subject
of the Tax on Unreal¬
ized Appreciation: it
happens that
we did
this, under the sub-caption
"Tax Attrition vs. The
Box
fine
advisers
point
than $19 bil-
more
is of utmost importance
dence" "of ~ foreigners
T
have
investment
His
our
"no." This conclusion is
answer
Securities,
Wisconsin,
March 29, I960.
charge that
gold and
devaluation.
Madison, Wise.
not change the
not vote does
situation one iota.
jo
SAMP
It
we
Mr. Nowell
assays the claims made supporting the
dollar is sick, and we face
a run on our
of
The State of
fact that these shares
The
J.
dollar claims of
/" lion.'~
•
•
DIRECTOR
Department
nothing to sell. They are
Crating in a trust capacity, and
there should 'be no trafficking in
the profits of their trust relation¬
al
.By R. I. Nowell,* Vice-President and
Economist, The Equitable
:Life Assurance Society of the U. S., New York
City
study and add your opinion to the
discussion of this subject. /
Mr. May V
dear
m
5
the
_CFC
on
page
52
6
The Commercial and Fmancial
(1494)
; i!
Chronicle
.
.
Thursday, April 7, 1960
.
■
yield 3.30%. The balance is & Co.-Goldman, Sachs & Co.about $1,000,000.
Glore, Forgan & Co. and
On Wednesday, the week's Kuhn, Loeb & Co. The bidr
BY DONALD D. MACKEY
Sales Progress of Recent
largest new bond issue, $16,- ding was quite close for such
Marketings
022,000 Pennsylvania
State a long-term issue, with the
In the course of the last School
Building Authority winners naming a 4.01% inweek there have been many bonds (1962-1999) was bought terest
cost against-;, that of
With the first quarter of 1960 ance of anticipated public
interesting, albeit not volumi- by the syndicate led by Hal- 4.03%; by the runner-up
now
history, and since some financing. Public borrowers,
_
A
sey, Stuart & Co.-C. J. Devine Drexel & Co. group. No reof its financial aspects were accustomed to rates lower nous new issue olterings.
generally not predicted, par- than 3% over the last 25 week ago, Austin, Texas sold ,
ticularly in the sphere of tax years, have been unable or $6,500,000 Re v en uleA-1-20
exempt financing, it seems unwilling to pay the rates re ^£a
^ Co-C
J; Devine
In the following tabulations we list the r bond issues ol
pertinent to comment on the cently existing. The full lm- r enn_&
p.
<ti 000 000 or more for which snecific sale dates have been set
situation briefly. Heavy new pact of this resistance has Co.-White, Weld & Co. Group. .$1,000,000 or more lor Wmcn speciticsale dates nayefieen set.
issue volume and higher rates been felt during the past Although
investor response : Information, where available, includes name of borrower,
or
four months, The was not immediate, the ac- ^amount-of issue, maturity scale, and] hour at which bids
were
considered inevitable three
count has reduced the balance jwill be opened.
'
"
""
for most of 1960 by many situation seems likely to gradto about $3,000,000. The $4,/ '■
financial writers at the turn ually change during the next
;April 7 (Thursday)
10:00 a.m.
1964-^1987
1,000,000
000,000 Cincinnati, Ohio Arlington, Texas
•
of the new year. Neither of few months.
1962-1979
1:00 p.m.
1,850,000
School District (1-25 year) is-; Center, Indiana—
these predictions has been ac¬
11:00 a.m.
1961-1998
1,250,000
Price Level Up Four.; Points
sue
was
awarded April 4 to East.Carolina College, N.
curate. This general opinion
1961-1971
1:00 p.m.
1,034,000
i
u
Muncie Comm. Sch. Corp., Indiana
With this relatively abnor- the syndicate-headed by the
New York City Housing Authority,
was, of course, derived from
mal scarcity of new tax ex- First National City iBank1962-2010
11:00 a.m.
20,470,000
New York
a
complex of economic factors
1961-1985
11:00 a.m.
1,800,000
that is of less interest; here empt issues, the year-end Blyth & Co.-F. S. Moseley & Springfield, Ohio——————
bear market trend has been Co.-Roosevelt & Cross Group,
April 8 (Friday) %
than the expectations about
1961-1989
1:00 p.m.
1,971,000
The
Commercial Scaled to yield 3.25%, the Dunkirk, New York—
the state and municipal bond reversed.
and i Financial
Chronicle's group reported a balance of
April 11 (Monday)
market.
index has gone from about $1,400,000 yesterday, ;; Robbinsdale Independent School
It is assumed that U. S. yield
1963-1990
7:30 p.m.
"District No. 281, Minnesota
1,050,000
3.68%
on Jan.
6, 1 960 to ;: Two Florida Development
11:00 a.m.
1961-1985
San Jose Unified Sch. DJst.i Calif.
Treasury issues ordinarily
3,557,000
1
3.40% on April 6, 1960. This Commission issues also came
exert important leadership on
April 12 (Tuesday)
the bond market. Contrary to represents an average price to market on April 4, and met Bernardsville, New Jersey
1960-1979
8:00 p.m.
1,215,000
rise for 20-year high grade with mixed
1961-1985
Noon
reception. These Davidson Co., Tennessee-^
2,500,000
early expectations, these iseconomic situation that has
TAX-EXEMPT BOND MARKET
prevailed for security prices.
.
^
,
.
Larger Issues Scheduled For Sale
«t
~
o
_.
.
i
+•
.
^
>
.
i
j
——
a
y
laucc l/Ci liuiio,
also
have
sues
xtd-
shown
sharp
improvement, due generally
to the less dynamic
predicticns
for
the
national
econ¬
omy and the consequent eas¬
ier money
situation. It has
become
now
.
i
/
.
that
ii
more
i
r
more
such
a
1
so-called road
cumstances,
the
to
velops
an
demand
new
oline taxes
issue
They are be¬
coming better known through
"
«=»
m0re regular issuance and, as
i
i
'f 4\-|_
a
group, appear to be rela-
Tf+l
•
:
schedule.
Jirto+iAn
credit
supply dealmost concurrent
for
bonds
fitting
V
f;
relatively few
long-term Treasury bond is¬
sues
outstanding. Their mar¬
are
are
thin
Accordingly,
and
have
re¬
New
oped formula.
schedule,
-
q+
economic cir- swicuuie.
small addi- ProJected
any
requirements/
There
_
3,000,000
1961-1985
11:00 a.m,
3,235,000
1960-1978
10:00
1,995,000
1967-1973
1,120,000
1961-1980
11:00
a.m.
2,500,000
1960-1988
11:00
a.m.
1,274,000
issues.* Durham, ;North Carolina
revenue
^961-199^
11:30
a.m.
are
.
IS
system
J
.
—
_
trend is evident in the
Preser}t
.thPi'P
_
monetary and
kets
1
,
supported largely by gas-,. Escambia County Special Tax Sch..
District No. 1, Floridai-^-V--.,;
apportioned to the Laramie County S. D. No. 1, Wyo.
bring borrowers back to the counties by the state in ac¬ Manchester, New Hampshire——
marketplace and, although cordance with a well devel¬ Oyster Bay Drainage District No. 1,
apparent
banking
°
...
bank
p
,
there is as yet little inaicaiion
o
n
r\ \\y H a ri
sensitively responds to 01 a rJear ^erm ? r o w d e d
the
as
tion
•
,
•
municipal bonds of close to
our Poln^s- The mar e lm~
prove ment
orovement will doubtless
the
York:—————,
.■«
..
.
Penfield, Perinton, Etc., Central
School District inu. x, i\ew iuib.
•
ociiuui JLSXbuiui No. 1, New York
Prichard, Alabama
n
J-.iu
tt^l n
t-\
z£
South -t-*— tYJ:
Bay Union High S. D. Calif.
West Central Municipal Water
.
—,
-
tively attractive,. The $2,725,-
% District; Texas
volume of new li- qqq Orange County issue was
nancing is as yet no deterrent scaled to yield 4.20% Less
to tho ^ealer. ramPaSe to Pur" than $1,000,000 remains in acc*}ase new issues regardless count. The s h 0 r t e n; term
11:00
2,775,000
1961-1980
1,000,000
a.m.
9:00
a.m.
2:00
p.m.
•
9,000,000V 1961-1993
April 13 (Wednesday)
.
Mainland Reg. High
8:00 p.m.
Sch. D., N. J.
2,100,000
1960-1982
Springs, California—
Ramapo, Clarkstown, etc., Central
1,550,000
1961-1980
v
of rather flimsy evidence of Alachua
County issue was V/: School District No. 2, New York
specific demand.
sca]ed to yield 3.50% (1970). Royal Oak School District, Mich.__
2,555,000
1961-1989
11:00
2,000,000
1962-1985
4,000,000
1961-1980
Palm
Steubenville
This issue
Lower Profits
t
Last
>
year s
p
•
^
11
r s
f
„„ov.+^
t quarter,
's°ld
with
crowded
as we
was
less than half
went to
1
School
District, Ohio
Tredyffrin Township Municipal
The
press.
a.m.
2:00 p.m.
3:00 p.m.
a.m.
5:00 p.m.
1:00 p.m.
;
-
—
2,200,000
1963-2000
8:00 p.m.
West Virginia University, W. Va.__
4,800,000
1962-1990
10:00 a.m.
Authority, Pennsylvania
latter issue went to B. J. Van
heavy financ¬
Ingen & Co., John Nuveen
April 14 (ThursdayK
/ % ^
ing, both sealed bid and nego¬
and Co. ard associates and Chicago, Illinois ___•—^ 10,000,000
1962-1979
matically.
tiated
in type,
was
an ex¬
the former went to Merrill Clark County School Dist., Nevada" > 6,000,000
1963-1980
tremely profitable period for
April 15 (Friday)
Municipal Financing Down
Lynch, Pierce, Fenner &
most bond dealers. Yieldsc
1961-1990
University of Washington, Wash.__
2,000,000
25 c/c From Year Ago Level
were
relatively generous and Smith-Goodbody & Co. - Lee
j
April 18 (Monday)
Although i960 was expect- many bankers and institu1961-1985
Elyriaf Ohio
1,100,000
ed to break all records in the tions were
Pima County School Dists., Ariz.__
1961-1980
4,900,000
heavy buyers of a
otners.
issuance of state, local gov- tax
exempts because of tax
Tuesday of this week
April 19 (Tuesday)
ernment, and authority issues, policy alterations and other K-an§as City, Kansas, a name California
25,000,000
the first quarter of 1960 has reasons. There was little mar- rarety i n the marketplace, Mason, Michigan
1962-1986
'2,025,000
not supplied its
^
'
expected ket resistance through this sold $8,000,000 Water and "^Triborough Bridge & Tunnel
sponded to the situation dra¬
^
0
T
^
10:00 a.m.
8:00 p.m.
2:00 p.m.
■
-
^
.
share. Thus far
close to 25%
of
ume
not
new
issues
:
are
behind the vol¬
a
year ago which was
record breaking period
Electric revenue bonds (1961-
period of heavy volume.
This
has
year's
been
less
performance
profitable to
Authority, N. Y
County, North Carolina
"1,000,000
Whittier Union High Sch. D., Calif.
1963-1980
11:00 a.m.
2,937,000
1961-1980
9:00 a.m.
1,175,000
1961-1981
8:00 p.m.
:;jv
April 20 (Wednesday)
Co.-Equitable Securities & Ewing Township, New Jersey.,
generally despite the
in this
Co. and associates.
The re- Kane County Sch. Dist. No. 131, 111.
respect There are sev- market's
abrupt rise. Lack of
eral reasons attributed to this
ported balance yesterday Philadelphia, Pennsylvania
/
<tc cnn nnn
a ml
Pierce County S. D. No. 10, Wash,
year's decline in volume but new lssue volume 18 one lm" morning was $5,600,000. Also Portsmouth, New Hampshireperhaps the most important Portan* answer to this. Other on Tuesday, $1,500 000 Buf- Reading City School District, Ohio
one
was
not
seriously con- factors include a less broad falo New York Sewer Author¬ St. Louis County, FergusonFlorissant Sch.
sidered as predictions were investor
Dist.,, No. R-2, Mo.
interest, an underly- ity (1961-1981) bonds were
Washington Toll Bridge Authority,
made. The higher level of inawarded to a group headed
"Washington
jng suspicion of the market's
a
8:00 p.m.
.
100,000,000
Wake
J,9^' to ^Ialsey0' SiLla^t,&i,C°„"
ShdJ?s- ,Fe,n.n & Co.-Blyth &
Noon
11:00 a.m.
dealers
•
7:30 p.m.
1,800,000
1961-1970
29,260,000
4,200,000
1961-1990
1962-1980
2:00 p.m.
1,000,000
1961-1980
11:00 a.m.
1,100,000
1961-1982
Noon
2,000,000
1963-1980
Noon
8:00 p.m.
/
•
terest rates that has
since
last
summer
terred and deferred
pervaded
has
de¬
the issu-
permanent price level on the
part
of
dealers,
and
an
in-
by White,
Stearns
and
Weld &
&
Co.-Bache
Baxter
ability to relate the complex grade
Co.-Bear,
issue
&
Co.
was
&
This
Co.
Cedar Rapids Comm. S. D., Iowa__
to
San
Bernardino, Canfornia_______
Shaker
MARKET ON REPRESENTATIVE
I
Vermont (State)
yew
1978-1980
3.85%
3.70%
1980-1982
3.40%
3.30%
3%
1978-1980
3.40%
3.25%
3%
1978-1979
3.30%
3.15%
3%%
1974-1975
3.25%
3.10%
3%%
Jersey Highway Auth., Gtd.
^ew York (State)
Pennsylvania (State)
Asked
3%%
^ew
Bid
3%%
(State)
Connecticut (State)
Maturity
1978-1979
3.25%
3.10%
Housing Auth. (N. Y., N. Y.)
jos Angeles, Calif
Baltimore, Md
l—
Cincinnati, Ohio
1977-1980
3.50%
3.30%
33/4%
1978-1980
3.80%
3.65%
31/4%
1980
3.60%
1980
3.40%
3.25%
^ew Orleans, La
31/4%
1979
3.75%
3.60%
3y4%
1977
3.75%
3.60%
3%
1980
3.90%
'3.80%
chicago, HI
*ew York City, N. Y
April 6, 1960 Index = 3.4000%
1961-1990
1:30 p.m.
1961-1980
12:30 p.m.
April 26 (Tuesday)
Cleveland, Ohio L
Los Angeles City Sch. Dists., Calif.
North Miami Sch. Bldg. Corp., Ind.
York County, South Carolina
11:00 a.m.
13,275,000
16,000,000
1,250,000
1,000,000
1961-1985
9:00 a.m.
1963-1990
10:00 am.
1961-1990
11:00 a.m.
April 27 (Wednesday)
New York City, N. Y
St. Louis Co., Hazlewood Sch. Dist.
3.40%
3V2%
3V2%
1,000,000
1,200,000
Heights, Ohio_____.__
SERIAL ISSUES
Rate
California
10:00 a.m.
4,990,000
April 25 (Monday)
high
scaled
3,500,000
April 21 (Thursday)
No.
R-l, Missouri
75,000,000
1,400,000
Anril 28
8:00 p.m.
1,000,000
Spokane, Washington
—
(Thursday)
Sacramento
Municipal Utility District, California
1
Union City, New Jersey
••
30,000,000
-
2,873,000
May 2 (Monday)
Cascade County S. D. No.
1, Mont.
3,100,000
7:30 p.m
to investor response
t as
a\
available at press time.
cic
Incidentally, it is somewhat
stringency and high interest rates
in
Canada,
financecompanies
\,.c
-
a
little underwriting
By l>. Ira li. Cobleigh,
-Enterprise Economist
,
A
swift surv.y
responsi-
of thr^e
■
interesting finance
prospects for
.
companies
1960.
with
brirhf
...
...
.
.
were
high and
provided heavy
.
t"e
-
v
.
.
A
■
■
Continued from page
government
competition
^h°;T^le and Sell it «tail.^heir:'
bank balances
rolonrlnV
i
represent
an
inven-
improve. Elgin has been a liberal
dividend payer in the past. Future
Despite all this I: A. C. surprised
analysts and reported for
1959 a per share net of
$3.62, ac¬
tually 3 cents betterythan 1958.
most
trucks
Deferred
stantial
sch-tos
delude: $13,275 000 C
1 e v e- st mXe^dTLSs S j&awaar ass.°z
aDseTo
SIS accZnT'? tthe
Ohio serial bonds om of
nota^a--fec^cec ^ ^terest to be colfST^l^
land,
York City
X'Jir\
J
ser^VS
'
ind
17
May 1.7- ana
o
Over
$15 000 000
on
Los
liuo
IUU
too
serial bonds on ,June
serial bonds on June
broad
so
-
period
a
additions seem to.be no
formidable obstacle ,t o the
current new issue strength. 4
d ^
and
9
r.,nc/
between the price they pay. (in
eitner debentures or bank
.
_
rates
a
„ine.scneaearlier
-
:
.
*and
of
Resourcesmercial
equipment is. in a soaring
uptrend.-. Everything from/ lawn
Authority Revenue bonds set
for sometime in the week be.
financing
^ hn^G^af^'j11- WTh Gei"
-
wSSK*'?* nT
from
:ingl£ Jell unde|? such el*in^t
road ' scrapers,,
mowers -tn
industrial
April 11. .The .pro- bowhng.alleys to bull-dozer's can.'sponsorship.
posed Florida ".Turnpike
ginning
Cgfe** 9CJS SZS
borJ
tension^seemsofm the forma,',
tive stages
but
not
^2.60 c&ldend
beautiful and the custom of
for
Xt
development rowing to buy is a matter
of,m-,52a/4 yielding 4.9%, C. I. T. apfinancing would certainly terest t0 milllonspears neglected. The
yield is atbe imminent.
f
Of special interest to investors tractive iand the " growth curve
is the rate
Dollar Issues and the
Inventory
Situation
,
,
1 he Dollar
municipal
divi
,
>
•u
,
,
quoted state and
issues
revenue
have fluctuated but little during
rpopnf
b-iW
omiin,
QPCQinnc
n
«
Tho
Ci
t
.barney oz Co. lurnpike Bond Yield Index has
ends
of growth
and
resentative
The
book
have
of
and
have
been
equities. A number of credit
has
been
Smaller
com-
growing
at
6%
10%
and
less
well
than C. I. T. is General Finance
Corp.; but though the smallest of
the major sales finance enter¬
prises, General has- led the industry in rate of growth. It has
-
been
year and increased their dividends
Although m
weens./iiinougn in manv
many
instances thm,
these dollar
market bonds continue to act
while doing
tence.. by
impressively.
C. I T. Financial Corp usually
+s
billing among independent credit companies.
3.93% for the last
two weeks
two
mi
u-ni
Ihe
1
v
T
•
j.>>
Blue List"
municipal bond
228 5°°
as
total was
totrfwai
j.
4.
1
state
total is
and
of
-
.
q
^
T
i
little comfort to be
derived
from this
is
the
a
-
recording
net
average
.
X. Financial
Corp.
^
earnings
.h ..worth.
Only Gen-
Acceptance Corp. (a
of
auto
of its business In of this
the financing of
cars and,
amount,
one-half _is
with
Ford
dealers.
main
17%
net
on
business
financing>
two-thirds
of
ceivabies.
which
its
Ford
is
in
supplies
outstanding
dealers
re-
orovide
econ^cars""31311"3'
'-.Even
eral
is
wbich
growing,'at
faster
th
n
accounts
'
j
this stock
vestors
to
portfolio. In¬
rather
overlooked
It's
little
a.
difficult
for
Gen-
one-third
pmsnotte^.
T»->
pJdi-
tion, C. I. T. gleans earnings from
been
averaging
around
nually/earnings
steadily
less
rising, the
than
nine
1960. earnings
share.
yield
At
times
of
34,
this,
have
a
is
Over
the
its
crease
of 12V2%
BROKERS
DEALERS
♦
•
DISTRIBUTORS
tively
decade
past
has
book
been
General
able
value
at
to
dividend in¬
All of them
;
offer
appears to
-
the
rate
Finance
small
has
amount
a
of
outstanding, only 1,170,000
shares—highly leveraged by vir¬
tue
of about $160
and
on
preferred
the
million in
stock
balance
sells
mon
of
Charles
M.
Kaeppel has joined
Stieglitz, 52 Wall Street,
York City, members of the
Halle
&
New
New York Stock
Exchange, in the
corporate trading department. Mr;
Kaeppel became associated with
the
securities
business
in
1950
preceding
sheet.
around
debt
trading department of Merrill
Lynch, Pierce, Fenner & Beane..
After
six
with
years
Merrill
Lynch, he joined Union Securities
Corporation/how Eastman Dillon,
Union
Securities
bond trader.
&
Co.
as
ter
Merrill Lynch Adds
(Special to The Financial Chronicle)
ar&\moving for-
all
well
are
both
velocity
are
the
direction
uncertain,
defensive
qualities.
commodity they sell,
been
in
urgent
turies, and shows
of
no
The
for
Zangar
Preslan
cen¬
with
signs of going
style.
(Special to The Financial Chronicle)
CLEVELAND, Ohio
M.
has
money,
demand
-Two With L. A. Caunter
fi¬
stocks appear to offer above
nance
out
and
these
L.
and
have
A.
—
Mrs.
Nathaniel
Helen
become
Caunter
&
Co.,
%
Members
New York Stock
Exchange • Pacific Coast Stock Exchange
Midwest Stock Exchange • American Stock
Exchange
Honolulu Stock Exchange ■
Chicago Board of Trade
-
!i,ale(lf8used radiotelegraph
Honolulu
-
,
circuit to
SAN
FRANCISCCT^OS
Jnd other
leading commodity exchanges
———
33,
com¬
pays
DO YOU
KNOW?
"WHEN TO SELL STOCKS"
By
DR.
IRA
U.
COBLEIGH
•••
.
;
Do
and
ARTHUR GRAY, JR.
we
and
would expect $3
possible
a
or
dividend
bet¬
know when
you
Thousands
falter
when
of
it
to
sell and cash in
investors
who
buy
YOUR market profits?
on
stocks
to
selling. Too many
prices and their market profits melt away.
Accordingly,
comes
think investors will be
we
for
soundly—even
stand
eager
monograph—"WHEN TO SELL ST6CKS." It
sets
by
shrewdly—
helplessly while
to read this timely
new
forth the 7 basic guides
selling stocks and clearly defines the 9
warn
when
stocks
are
too
proven market signals thai
high and sale should be considered. It also
outlines which stocks should be sold first.
For
$1.20
protecting capital and intelligent defense of market profits, this
must reading. Its cost of
$1, may save thousands!
booklet is
Your
order
own
memo
copy
will be rushed
to
you
immediately
on
receipt of the
below:
in¬
WILLIAM
ANGEIES
•
NEW
YORK
Serving Investors
>
CHICAGO
B.
Industrial Acceptance Corporation
25
In Canada sales finance business
has not -progressed as rapidly as
DANA
CO.
Gentlemen:
in
in
PARK
I
Quebec
things
the
Particularly
idea
of
buying
instalment plan has
years to catch on. But, the
trend is rapidly upward now, with
on
an
consunker
credit
than 11% annually
Last
year
due
growing faster
(compounded!.
to
the
credit
PLACE, NEW YORK
enclose
the United States.
taken
<12 Offices
Park
Building.
,
Name.
$1.
Kindly
rush
7, N. Y.
my
copy
of
"WTHEN
TO
SELL
M.
affiliated
crease.
ScCO.
cor¬
a
three
above
of
where
it
The
in
the
them may sell
cause
and earned $2.69 in 1959. For this
'year,
Dean Witter
.,
managed, all CINCINNATI, Ohio—Richard G.
higher>both be¬ Hamilton has been added to the
rising earnings, Arid the staff of Merrill Lynch, Pierce,
& » Smith
possibility of a higher price/earn¬ Fenner
Incorporated,
ings
appraisal
in
the
market. Dixie Terminal Building.
Moreover, in a market like this,
word,
rela¬
capital
stock
a
Kaeppel Now With
Halle & Stieglitz :
porate
possible.
reviewed
;
we
appreciation potential.
equities in the sales finance busi¬
ness.
in¬
annually.
General
'
at
$3.90 jper
$1.60 ' tHe
paying
year
an¬
been
sells
indicated
about
is 4.6%, and
crease
9%
have
stock
80-cent
an
v,Q+0
rate nf 25%.
of 9c;0^
Acceptance
Complete?Investment^ Service
UNDERWRITERS
un¬
derstand why. The growth rate has
o
x
provement.
.this
to
on
of
miininina 1
hrnimw.
seem
a1
of
either
minimum of risk with substantial
the
popular
however,
have
issue.
in
On
,
mutual
generally,
produces 20
mate, the stock
specializing;: in Dominion
securities, have in most cases in¬
cluded
something
football.
businesc,
light floating sup- business
collateral''to
rSovkof ?u^inoss coiiaierai to thiTfinaSe- t°tal.rec?ivables Radio advertistms rinanc
mg
m
the territory served has
k;I?TU,n 1 C s1 pa 1 market ing. Diversified industrial lend- been most effective, and the small
Replies, loday viewpoint of mg is on the increase at C. I. T.,
loan end of the business has been
the
municipal market must the most attractive newer line for severaJ
yearSj expanding" its
admit of further
room for imfi tmancmg oi the Bruns- receivables at an annual average
iui mi
Wick-Balke
ply bv
and
been
Since
the most business but other
makes
e.^° t.S doe" abou/eol
motor
about
equity
item,'
money
consider the odds in the
direction
of
bettering our esti¬
funds,
average
General's
..
$269,- ®r£d
There
and
so.
VI
sported yesterday
$252,360,500.
between
As
common
consistently
has
earnings.
American
Acceptance
a
a
dividend, as does an enthusiastic
12.5
multiplier
to
fully
taxed
interesting and reasonably priced
known
consistently increasing its
share of the credit market and
demonstrates managerial compe-
settled at
rate
been
Canadian
r
^
,G?neraI Finance Corporation
companies." V
:
yields
has
We
rep-.;
substantially higher than the general
run
ofso-called
growth
panies
well sustained.
qualified
as
while their cash
stocks,
dividends
value
finance
leaders
growth
in earnings,
which
of
shorter terms customarily offered
on
Canadian instalment
paper.
Industrial
was
basis, it is possible to see a price
$20 for the stock. In the present
market, a 4% yield is conceivable,
due
of
sur--'
of
flexibility
because
it
speculative
business.
counterparts,
4;
dimension;,.to ,C.. I. T. '*
new
in
percentage
company has more
this matter than its
in
rose
f
Cana¬
Acceptance has been
able to offset higher interest costs
by raising its customer rates, and
the
contracted/^ t<? ^/4 blUlon'
a
will,
the
markets
then
V Industrial
1958 results.
eqnimercial finance
•
£$fease
and
reduce
consumer
mllh°n, above
Further
the economic climate'Financial
Corporation's business
$100,000,000 T rib o ro u g h. and fashions - of : bur. time i^vbr-^^^/be.en ai™ounced- c- L TBridge and Tunnel, Authority the ^finance '^companies;" Roughly *p^ess Company
bonds set 1U1 .cui April 19th. two-thirds of our motor ears- are
bonds set for an
owned five
rx^jxv
bought on
time
and
instalment 'milll0n dollar company to do con-
offenng, and;$20,000,000
business
course,
^
uled items remain unchanged:
Puerto Rieo Water
able
earnings,
an
selling to yield 5% to 7%.
consumer
among
Thus,
would not be
Elgin's stock in the early post¬
war
Acceptance
of
unique
1
finance
companies
in
its
drive for industrial
equipment re¬
ceivables. This is a highly
profit¬
£xP*p5e of $8 million, to $61 mil-'
11C?JV. was Partially offset by $6
W?s PartiadY offset by $6
^9-°^ Si *!f
f charge"
ehlenderspag their. I1
. t'«Sr0val ias
/continue; to;/pay,; "'oni.
with many ymonths ^
Negotiated t y p e offerings contracts ,
till
raritv
The sclied- runt at, higher
are still a rarity,.
supplier
is
:
time, however, rates -to ml.
stalment buyers are increased,
are increased
in
line with basic interest costs; -and
customers
it
large
prising.
'
^
difficulties.
payout of 50%
gives as¬
earnings this
,
;•;
Industrial
large
its
sub-J
a
not
are
and the company's financial
por¬
tion has remained
strong despite
dian
T: lncreased by
*
*
showed
capital requirements
which
larger
'•;
-
a
credit
2'
??7?f.':mlUlon .to
loansJ e year an in~
^ crease of interest and discount
these
>
"
bit
a
of
Whereas
is
rapiuiy,
:
rapidly/deferred
be squeezed
may
/^alifOlttte. ■Over
Angeles,
rpvpnue
revenue
VeUHJCS
advances
r\r\f\
Ohio serial bonds
rati
??
year.
siSkS.™
f\f\f\
/""«•
•
.0n rate. If it
Anril 27; $15,000,000 Cincm-^ companies
Anril 27;
Uincm-
income
increase
surance
2
which every effort will be made to
for
available funds.
Accident, and Insurance Co
and a
fleet rental business in cars and
.rr—*r,7ffinT-r»
"
q
I Like Best
&
level.
the
Security
cut
.
Heavier volume is re.....
■
.
...
in order to establish Finance companies have a very several
subsidiaries, among them
general investment mar- ^?lvne,b^'nnepsvs- ^ are
m«:;;
1
1
..chants of. money. They .buy*, it. Picker -.X-ray, North American
hilitv
banks
The
expansion
commercial
credit ' company
loans in many
cases
back to.4958 lines, and in
the
bond
market
interest
rates
•
■
pressed .for
The
funds.
! ,ired'
ket
hard
were,
generalize .about
market charged with so
jntless to
po
STOCKS"
to:
The
(1496)-
8
Chemical &
.
Thursday, April 7,
Co
\
Angeles 14, Calif. Also available
is an anlysis of Lucky Stores, Inc.
UNDERSTOOD THAT THE
FIRMS MENTIONED
INTERESTED PARTIES
WILL BE PLEASED
LITERATURE:
articles
Rritwh'
on
Comments the same issue are articles on
on new and
sizable customer for American Hospital Supply, Rights
Radiation Instrument Industry- Bonds,
and Yields and Market
Atomic Letter No. 56
^
J,
„,
York
York
Ngw
New
Ltd—
Comnanv
ftxve-en
are
New
Broadway,
corporated,
60
-jYork 4, N. Y.
:
Also in the same circular oiin Mathieson Chemical Corpodata on Texas Instruments, ration—Analysis—Dean Witter &
In- Inc. and a tabulation of companies Co., 45 Montgomery Street, San
N. Y.
An-
Becker & Co.
G
alvsis— A
THE FOLLOWING
—
Also First National City Bank
Y
N
with high current yields.
Francisco 6, Calif.
Federal Paper Board Co.—Analy- Panhandle Eastern Pipe Line
sis—A. M. Kidder & Co., Inc., 1 Company—Annual report and re-
Wall Street, New York 5, of New view of Pipe Line Company, WilN. Y. Eastern 1929-1959 - Panhandle
York—Memorandum—J. A. Hogle liam C. Keefe, Secretary, 120
l?n
& Co., 40 Wall Street, New York Broadway,'New York 5,N.Y.
Co.. 25 Broad
N Y
A,so
4
4
4
Fansteel Metallurgical Corpora-
—
Paner Comnanv
Air Products Inc.,
City Electric Com-
National Old Line Insurance —
Memorandum—Revel Miller & Co.
tion—Data—Oppenheimer, Neu & Inc., 650 South Spring Street, Los
Co., 120 Broadway, New York 5, Angeles 14, Calif.
Y,ight Co- and TXL oil-
A.—
N. T. & S.
Demspey- Tegeler &
210 West Seventh Street, Los
Analysis
Rprp-drom
SEND
;
memoranda on Prichard Oil,
Sulphur, Maryland Cas- and* Atlantic
ualty Co., Puget Sound Power & pany.
V
Controls.
Bank of America,
RECOMMENDATIONS
AND
TO
.
Hagan • Freeport
and
Company,
Anaconda
LITERATURE
INVESTMENT
IS
Chronicle
Anheuser-Busch, available are
Mining Corp.,
DEALER-BROKER
IT
Commercial and Financial
o
available is
Street. New bulletin on SouthajwttMe » % unties CorporaCo°mTnr in^^hlrtieth^Str^t3
* ' .
„ tion, and studies of Kaiser Indus- 5, N. Y.
Plastic Materials and Polymers,
20
WaSon 7 D C Also SnS rn 7% WaU^treet New' trie3' Commonwhealth Edison and Freuhauf Trailer — Memorandum Inc.—Analysis—Filor, Bullard &
Swth,26tBroadway,NewYork4,
American Industry, Inc.
anlysis of American Water California
Water & Telephone Broad St., New Yo^k 5, N. Y.
View—Monthly Invest- Works Company.
i
Company—1959 Annual report— Georgia Pacific Corporation—An- Renewal Guaranty^Corp^-MemoLetter
Burnham and Com-«tnrk«i
Rnlletin Courts California Water & Telephone alysis—Goodbody & Co., 2 Broad- randum—J; ,R. Holt & Co^DenW Broad Street? New York fc Co
i l S^ StreerK W : Compa,>y' 300 Montgomery Street. way, New York 4, N. Y. Also ver U S. National Center, Denver
Tn 'y Also available to cunr^t Atlanta 3 of
San Francisco 4, Calif.
available is a buleltin on current 2, Colo.
"
Foreian Letter.
i
'
a
i
•
^
Canadian Breweries Limi t e d— Oil Developments.
St. Joseph's Hospital Corporation
Canadian Business
Review— Hal Se^ke5 Seef "penton Build" Bulletin — O s 1 e r, Hammond & Georgia Pacific Corp.—Review— (Minot, N. Dak.)—Bulletin—B. C.
Rallk S^VIonSeal Montreal Que
A* oitnfII nhfn
Nanton, Limited, Nanton Building, Hill, Darlington & Co., 40 Wall Ziegler and Company, Security
Canada
' ' Q ' £g' Cleveland 13, Ohio.
_
winnipeg, Man., Canada.
street, New York 5, N. Y. Also Building, West Bend, Wis.
Business and conCanadian Industries Limited — available are reports on Niagara Sonotone Corporation—Analysis—
ousrteC nlfslltters
v„£
V Broadway> New Review - James Richardson & Mohawk Power Corn, and Cen- Carreau & Company, 115 BrcadwSld SavTnls Ld Loan Associ'
.
Sons, Inc., 14 Wall St., New York tral Hudson Gas & Electric Corp. way, New York 6, N. Y. Also
ation
Long Beach Boulevard at T,reaSU7i
-5 Financing — An- 5, N. Y.
Georgia Pacific—R e v i e w—Ira' available is the current "InvestImperial Lynwood 14 Calif
alysis-NewYork Hanseatic Cor- c f ,
; Elcctric & 122 York
Co.,
jmperiai
Lynwooa is, i.aiii.
poration,
120
Broadway,
New
c Allvn & Co Gas Haupt6 &N Y Ill Broadway, New- ment Letter" discussing market
•
conditions, General Motors, and a
Electric Utilities—Review—Mont- York 5, N. Y. Also available is a
"fuT;
Chicaio 2
„
....
v ,
suggested portfolio,
Scott & Co
120 Broad- ctnriv nf Federal National Mort- South La Salle Street, Chicago 6, Hanover Bank of New York
!>ugsc? v
New York 5 N Y
^ A^ocfatiom ^ ^
I1L Als0 available are reports on Bulletin—Laird, Bissell & Meeds, Southwestern States Telephone
ri'tron^Review-J ' R Wil- Understanding » V & Call Op- E« R' Donnelley & Sons-Stepan 120 Broadway, New York 5, N. Y. Company-1959 States Telephone
TT Put * ni,
Iowa .
Annual reportReview
J. K.
Wil
pubiic Service Company,
.
Southwestern
& Beane, 2 Broadway^,New Dons— Herbert Filer —Crown chemical, and Wisconsin Power & Hubmger Company
Analysis— Company, 300 Montgomery Street,
York 4, N. Y. In the same pamph- Publishers. Dept. A-7, 419 Park Light Company.
'
Wm. H. Tegtmeyer & Co., 39 San Francisco 4j Calif,
T;
data
"Leisure Time*
Avenue
South, New York
16,
- ,
u „
South La Salle Street, Chicago 3, _
_r .
c.
r,
. .
Stocks. Also available is a bulletin n. y.—^$3.00
(ten; day free ex- £ /J*®-m* Also available is an analysis Super ^lir^Stores Inc.
AnalyHydrometals Inc
and North
Hutchins & Co., 231 South LaSallG r o1inAr ptaoiI
ppc Tnp
1WE.- Dain & Co., Inc., 110
American Aviatiom
ammation).
st>> Chicago 4, 111. Also available of Super Food- Services' Inc«
south Sixth Street, Minneapolis 2,
are memoranda on Gillette, Na- International Telephone & Tele- Minn.
•
Sud^ Bankers Trust Comnany ACF ^nstries, Inc.—Analysis— tional Cash Register and F. W. graph Corporation — R e v i e w — Texaco Canada—Bulletin—FinanSt
New York 15
N Y Sutro Bros< & Co'» 120 Broadway, Woolworth Co.
,
Hornblower & Weeks, 40 Wall ial Counsel, 25 Melinda Street,
wiL\ooZJcuLnt Mof New Y°rk 5' N' Y'
Connecticut National Bank-An- Street New York 5, N.,Y. Also Toronto, Ont, Canada. , ; ;i
mat??n '
Yawichi SecurttiS Allis Chalmers Manufacturing Co. nual report for 1959-Connecticut available is a discussion of Bust- Thatcher Glass - MemorandumComoanv of New York Inc
III —Data—Orvis Brothers & Co., 15 National Bank, 888 Main Street, ness and the stock Market.
Pershing & Co., 120 Broadway,
Sway New Y^k ^
Broad Street, New York 5, N Y. Bridgeport, Conn.
International Telephone & Tele- New York 5, N. Y,
: :
York.
'
,
Also m the same review are data Consolidated Foods Corp.—Memo- graph—Data—Schirmer, Atherton Tractor Supply Co. —MemoranCompanies-Review- ^ech^TrSt Cof/ toKnox ^ndu"}~R- WPressprich&Ca, & Co. 50 Congress St., Boston 9, dum - Dempsey-Tegeler & Co.,
Hemphill, Noyes & Co., 15 Broad 5? £„di cSmnanv IltoSs Cen- 48 WaU Street' NeW Y°rk 5> N' Y' MaSl' ,A1S° ^ uhf ^ nUlletl!l 1000 Locust Street' St Louis l>
St., New York 5, N. Y. Also avail- P®V ^nr^d
Co
Sttsburgh Crowell Collier Publishing Com- are data on Nicholson File Co. and Missouri. v?: > ,;
able is
review of Coca Cola Bot- p'lLte cTals^Co., Republic8 Ste^el Pany—Anaiysis—Laird, Bissell & Colonial Corporation of America. Travelerg Insurance Company —
tling
Co.
of New York, Com- Corp
Swift & Co and Worthing- Meeds, 120 Broadway, New York international Telephone & Tele- Analysis—John C. Legg & Com¬
mercial Solvents, Dayco, Fairchild
Jorp
'
5, N. Y.
graph Co. —Data —Van Alstyne, pany, 22 Light Street, Baltimore
a
_
N
W
an
Rnrnham
ment
pany
a*
t
,
—
California
—
-
eomerv
way
Electronics
liston
let
on
are
~
.
,,
.
on
RpiiPAmpnt
Plans
iqro
—
Wall
16
-
.
Microwave
a
ton
Camera
Instrument,
and
p^aUon^of
poration of America
America.
Over-the-Counter
showing
'
Johns
.
Co., 40 Wall Street, New 3, Md.
Crowell Collier Publishing Com- Noel &
1v
p;Yorki 5' ^ lu ^^Pitn^Rn^s Union Bag Camp PaPer—Review
Fahnp^tnrk Cn fi5Broadwav'
-™e* &NCoJ Ali in the
d
Index-Folder
up-to-date compari-
an
rrtmmnv
sis—Model, New York 5Stone, 120 Rhoades & Co., 42 Wall Street, circular are data on Pitney Bowes
Roland & N Y
Broadwav
Broadway- New York 5' N- Y*
New York 5, N. Y. Also available and Lockheed Aircraft CorporaAmerican Telephone & Telegraph is a bulletin on Texaco Inc., Kor- tion.
:
nirnnlar
ic'a review'of fn
Johnson Service-Review-Robert lumbia Broadcastingi System, Inc".
.
,
United Artists — Memorandum—
Francis L du Pont & Co-> 1 Wal1
viAtomic Inc. — Analysis — Also available are reports on 0n Philips Lamp, Cessna Aircraft Street New York 5, N. Y. Also
Averages, both
to yield and Hayden stone & Co., 25 Broad Douglas Microwave, Crompton & and Cutler Hammer.
available is a memorandum on
performance
20'New York 5, N. Y. Also Knowles and Big Apple Super*
:
:
Mesta Machine.
&Puri lnc~ N4f°F?inf S^t available is the April "Investment markets.
Universal Match - Data - Cooley
*N Y
Letter" International Telephone & Dorr Oliver — Review —Investor" c^PctS^^ St* Louls l' JVl°with data on F. W. Wool- issue of the "American In April Locust Street'
Mo
& Company, 100 Also available
Hartford 4, Conn. Pearl Street,
Investor Looks at Telegraph, Western Union, and
American Investor, American Motorola, Inc. — Review—■ Paine, are data on Farrington ManvfacSecurity—In the April is- Universal Oil Products and a dis- Stock
Exchange Building, New Webber, Jackson & Curtis, 25 turing Company, Minute Maid,
X£etuseed
stocks
used
counter
""I L^ey 0™n\F°Y*:
York^'
Ihe'Vnw11^
the Dow-Jones
pany, 44 Wall St., New York 5, Dayton Aviation—Report — Sim- w Raird & Co
110 East Wisconover-the- N. Y. Also in the same circular is mons, Rubin- & Co., -Inc., 56 sin Avenue Milwaukee 1
Wis
industrial stocks used in a discussion of Coherent Light...
Beaver street, New York 4, N. Y. Also in the same cricular are data
Averages
in
and
the
35
.
as
market
over
New York %
4
A
a
a
street
Y*
worth,
Professional
—
New
cussion of current market outlook,
and reports on Seismograph ServStreet, New York 5, N. Y.—20c ice Corp., Stepan Chemical Co.,
per copy, $1.50 per year.
Also in Standard Packaging, N e w m o n t
sue
The
of
"Exchange"
Magazine—
Exchange Magazine, 11 Wall
York 6, N. Y.—15^ per copy, $1.00 P.road Street, New York 4, N. Y. Plough, Inc., and
per year. Also in the same issue Also in the same review are data ,r.
. .
. .
are reviews of American Israeli on Rochester Gas & Electric CorPaper Company, Nachman Corpo- poration, Fansteel Metallurgical
ration, and Unexcelled Chemical Corp.,
and American Electric Virginia Electric
;
Smith,
Street,
Currently Popular—
Company—ReLynch, Pierce, Fenner & view—Reynolds & Co., 120 BroadIncorporated, 70 Pine way,; New York 5, N. Y. , Also
New York 5,-N/ Y.* Also available are reviews of Anderson
Products
Merrill
P«»y. 75th Va.
Richmond, and
Power.
,
.
Ekco
only
„ _
_ _
Virginia. Electric and Power ComPany—AMual report—Secretary,
and Power Corn-
Corporation.
For financial institutions
U. S. Freight.
—
Memorandum—
National
.
•
Biscuit
>.
.
...
^
m
Franklin Streets,
.
_
_
West Coast Telephone Company-
Annual report West Coast
epron^. Company, Francisco 4,
300 MontStreet;' San
gomery
Calif.
Com¬
Hallgarten &
Co., 44 Wall St., New York 5, N. Y.
Western
Electronics Capital Corp.
Specialists in Canadian Securities as
Principal for
Brokers, Dealers and Financial Institutions
Baird Atomic
pany
Farrington Mfg.
Radiation, Inc.
Grace Canadian Securities,
25
•
Inc.
•
HAnover 2-0433-45 *
Lafayette Radio
NY 1-4722
Accurate
Sold
Standard
through and confirmed by
TROSTER, SINGER & CO.
74 Trinity Place, New York 6, N. Y.
HAnover
2-2400*;
Teletype NY 1-376; 377; 378
Manufacturing
PLYMOUTH
Security Dealers Association
Member*: Principal
,The
National
25
Stock Exchanges of Canada
Association
of
Security
Electronics
*Offering circular on
•
,
—
Lifetime Pools
Orders Executed at regular commission rates
Member New York
Telegraph
Econ-0-Veyor';:
Dealers Association
Broadway, New York 4, N. Y.
TELEX 015-220
Bought
Union
Analysis
Primary Markets In
Members: New York Security
Electro Instruments Inc.
—
Dealers
Broadway, New York 4. N. Y.
„
SECURITIES
CORPORATION
92 LIBERTY
.
request
STREET
-
N.Y. 6.
Olflby 9-2910 ' Teletype
•
N.Y.
N.Y. 1-4530
Number 5940
Volume 191
.
.
The Commercial and
Financial Chronicle
.
(1497)
same
Changing Share-Ownership
And Effect on the Market
departments
administer
of the spectacular redistribution
Analysis is made
trend
in
to meet
of
their
high income, estate and gift taxes. Commenting
The
It
holdings
the
on
more
individual stock prices may swing
future but that
un-
widely
American
Tcn
an
people
nation
n
pvnlosive
at
of
The
pace.
CApAVW
be-
are
r
is
well
five
the
case.
Large
new
have
to
observe
then,
witnessing a
been
private
the
been
diffused
individuals
this redis-
of
,
lnon
1
of
Jribution is accomplished will
Jermine the possible effects
thfT?ark®;*' J
last
issues
concentrations
have
among institutions and
of modest means. How
;
as ever.
During
net
years,
e+^L-c
growth
known
not
scurity.
1/
the
heights
tumble
Institutional
to
of
story.
ob-
stocks,
are genara'iy we pipped to
with these
cope
capable advisers
professional
managers
purchasing investmTnt
Despite
Shares.
markets
buggery,
or
Price
„
it
Stability
of the
fluctuations
,
slen
have
prices
,
may suSgest
of wider
of
a
the
we
f^r teit
marketStbef
of
mildness of economic
during
the
1950's.
Certainly, it
perhaps
a
are
would be a bold or
foolish man who would
contributing to stability in the predict that stocks are
unlikely
stock market. Their
fairly regular to show drastic changes in
price
pace of cash buying and
long-term m the future. Perhaps a fair coninvestment
objectives
t
their
moderating
,
should
influence
the
broad
in
felt
swings
stock prices. The effects
.
not
may
th/ stabiiity
is
de- ;hmake
on
™18
?u^1/he<i the effects
cause
generally agreed that the
growing
institutional
investors
in
ma^el^On'Th^0^^
'
/
he
con-
i"flaenc?s have
comDany
•.
■
in
past decade stock
a relatlvely
by
not
...
persist
,
regulation™
are
when
investments
to
seems
haVG
2?T• +r-?n?e*
market, had better
sound,
hire
individual,
direct
tributinHo fnstabUtty^ in
hazards; but inparticularly the new-
the
The
makes
investors
,
ownership
to finance its expansion.
But this
stockholders
may either scale
popular favor or
entirely free from
manipulation and occasional skul-
redistribution
of
share
ownership during the recent
past,
;
,w
out-
Redistribution Process
we
major
moderately in the
as
all
is. correct
that
stabilizing influence on market price by individuals being
outweighed
by institutional stabilizing influence, Dr. Murray ventures to con¬
clude that stocks as a whole may fluctuate
of
now down to less
than
10% because of the
impact of taxation on the
estates which the
banks administer.
:
institutional ownership of equities. The insufficiency of new is¬
sues to meet the growing demand is shown to be overcome
consider¬
some
of sub-
group
probably
in
wealthy holders forced to sell off
broad
standing. This proportion was ate
dividuals,
as
high in 1949, but has
comers to
been
shrinking ever since. It is seek
indi¬
fj
3s *
most
vidual shareholder ownership and of the equally spectacular
change
ably by
personal trust
of commercial
banks
15%
sna^la,V^UnnfS'aM939'tthey held
the stocks
F. Murray,* S. Sloan Colt Professor of Banking and
finance, Graduate School of Business, Columbia
University
9
r.
The
a
some
Roger
Br
effect.
on
elusion involves
that stocks as a
in
sented by
one
ages,
fluctuate
short-
may
a
split
whole,
decision:
as
repre-
of the broad
more
aver-
moder-
home
of
ownership
com¬
stitutional
with the
companies
cannot
buyers.
•
pare
the
in
rise
and
direct
indirect
new
then,
own¬
ership of equi¬
explain
in .both
Tf
substantial buying and
selling represent
"Wlffi TAinvPQtTnPTit
it,_M
ci
.if 4Ua
nthan 20% of the total.
p
P
+h_
there
bl a? equally
In eouall?
mav
recent
g
of
its
In
By
the New York
lion
people
in
to
The
1952.
the
surveys.
Middle
have
at
grew
1300,000-a
between
holds
F. Murray
supplying stocks
1956
-
and
a
and
those
year
high
house-
important
stockholders, with more than half
of them having incomes of less
Employee stock
purchase plans, confidence in the
earning power of corporate enterprise, and fear of inflation have
this
fabulous
growth in direct stock ownership.!
we
have witnessed
almost
an
modest
progressive
axes
collected
in
To
nieet
than
$1
by
the
indirect interest in some of the
raoidly growing stock portinsurance
companies
savings banks
authorized
are now
to
purchase
modest
amounts of equities in
which tens
redistribution
of
«_i
,
,
,
,
banks, held
..
less than
corporate stocks out¬
standing. This proportion rose to
almost 4% in the
late 1920's and
probably is in excess of 7% to-
day
2" it7
+w
i f
the
pension
to
ha*
hniHfnl
trusts alnnt
by 1965
corP°rate
dpvpTmwe ^a^ identify two major
in +i
Ptnents of the last decade
e
Patfern of share
ownership:
;lSpec,tacular in.crease in the
inmmQn °^,°wnersbip among all
ooif and age groups' and'
diff
equally
growth'
of
of
Smce.b»oth direct
awnersIiiP
durino
wbere
from,>
did
wp
bums,
Th
the
Wno
mend
New
k
^
but who
pa?ie,s. in 3J"hich widespread distribution Qf ownership has been
accomplished
recent years.
in
doubt a large part of the
aft<Tr capital gam taxes
^stances,;
not
was
No
proceeds,
in
some
reinvested
m
s
£
...
-
.
e
c
Supply
have
t.wo-tnirds of thp
two-thirds
the
cornorate stock
corporate stock
outstanding.
fact
share
from
in
over
The
total
that
wealth
their
20% in 1949,
according to reliable
and
grown
wer^the'sellers'
sellers,
of
Equities
new
public
of
top
to
by 1956, largely
the
rise
in
stock
wealth-holders,
been able to
sell
as
a
result
prices.^
then,
The
have
stocks from in-
creasingly valuable portfolios; or,
other way, the dollars
invested in equities by individuals
stated the
is
ana
and
institutions
lnsntui
fewer shares
as
have
bought
prices have risen
during the past decade.
will
enterprise,
initial
sell
been
to
be
well
pre_
at
less
until
the
distributed.
expected
because
These distributions of all
types
very similar to new
financing
by the companies in that
^
are
^
they
qUjre
bringing
some
into the market.
appraise
prices>
effect
should
we
volume
re-
funds
new
Thus, if
the
we want
stock
on
really add to
new issues the
voiume 0f net
of
these distributions to
that the proceeds are
not reinvested in stocks.
It is not
usually possible to make such a
extent
precise
calculation, but at least
weight can be given to this
fact0r in appraising the
supply of
and demand for funds in the
mar*
ket for equity securities.
some
The
Structure of Prices
While it is unsound to
general¬
ize too freely about investor
be¬
make
a
the new
tne new
in the market.
Both
h°ldeI'S haJ1 been
ones
balance
on
years.
Uingut0 small
through recent
Individuals
collectively
shares
vie.
This estimate is
not very
reliable,
but there is other
evidence to the
are
primarily
interested
in
the
financially
strong, seasoned companies. There
seem to develop fairly generous
valuations of these good quality
issues, but
Problems
that
the companies with
This
are
neglected.
there are opportuni¬
ties for individuals to
buy into the
problem
situations,
straighten
them out, and resell their
positions
in
a
The
purchases
«
presumably the sellers have
waited for what they consider a
fairly full price,
means
manner:
few
years
prices.' This is
which
the
vestor
is
a
at
much
in
average individual in¬
not
well
equipped to
participate and in which
stitutions
better
game of skill
do
not
wish
most in¬
to
become
involved.
It is probable that the
changing
pattern of share ownership has
„
contributed
to
the
further
devel¬
opment of the disparities between
,i
,
R-nnbe
L L- Brooks R-a„rU
Branch
SAN
CARLOS,
Brooks
&
branch
office
Ave.
statistics
and
sales
on
on
odd
the
under
at
the
1265
tel1 tlus ness
I.
—
L.
Co.
San
a
Carlos
management'of
Herman G. Frese. Mr.
ducted his
?.b
Calif.
Co., Inc. has opened
formerly local
lot
New
Research,
22' 196°-
i
hnv^artlvelTaktho neakofThe TZT""
buying^activeiy at tne jpeaKOi tne c0iburn
apg
participants
26%
customary
selling
on balance in the
early stages of
a major
advance in prices and
of{er_
^ Sdl^d??H•
and the institutions modest.mea.f
of the toP 1% is
have recovered to
their
,
ork c,ty' March
and
sold
companies
held.
Some
SUCCessful
an
Plan
with considerable
success, individual investors seem to
behave in
-
jevei 0f st0ck prices in the latter
u
volume
sizable
of
offering price
has
This
the
plans
the
mu-
the
estimates, was partly the result havior, it is possible to
few
of taxation and partly the low 'few observations about
observations aoout
°f time'
The
statistics
are
consistent
e. JshaT|8 ,C0J?e with the notion that large stock-
of
the
stock
dropped
36% in 1929 to less than
and
mium, the stock
than
contractual
anDarent*effecton th» mar** Y°rk St°Ck Exchange
particularly when the stock
Frequently after
and wealth has been
going on for
a long time and especially since
Preceding observations, by have increased their direct holdmight suggest that ings of stocks by perhaps only $1
been offering a tre- billion during the last five years.
^Jioous
1
spectacular
^sjitutional uwncisuiij
"'v
ownership
pmiir
indirpnt
of
year« The
estimated
outstartdinJ^shatit
g shares.
5% of
sales
of these have been
attractively
prked tQ the
publiC) but many
bave been fully priced.
Investors
are not entirely rational about the
opportunity to buy 'into a well
income
Monthly Investment
.
Despite
which
rise.
periodic
previously privately
■
millions of families also
have
indirect interest. In
1900, fi-
commercial
3% of the
iS"
+
stocks
living
flotation of' ini£ial
«ings of the shares
rren^iral vSr5
prooaoiy sold.,
The
{
the current fiscal year,
these
payments, more
billion in stocks were; known
The supply of equities from this
s01Jrce ls not in danger of being
®xhausted. AS best we can tell, the
nancial
intermediaries, excluding °P
wealth-holders in the
personal
trust
departments
of adult population
still own over
y
"
of
an
eS]a^
of his
portion
^eltors
Federal
dividuals must prepare in advance
t° provide liquidity to their esfates. Ford Motor, A. & P., Campbell Soup, and Upjohn are only a
few. °f ybe niore prominent com-
most
k
^nd giittax stru^e We know
that estate and gift
million stockholders own
only the
shares of investment
companies,
In a
sense, they have only an in-
direct investment in
stocks. About
15
million
people
covered
by
trusteed pension funds
have an
nt«e
°Ztete
estate
incoiTm
the Revenue Act of 1942. Not only
must estate taxes be paid, but in-
equally
spectacular
indirect ownership of
equities. Close to 10% of the 12V2
and mutual
a
still
These
This
means
growth in
folios. Life
while
for example
to
Concurrently
thy
ttemp1tmgto,rincrease
elimination,
to other individ¬
*?
y
than $7,500 a year.
contributed
of
»
1959
the
income
become
that of the weal
is
12% mil-
some
number
almost
of
ar case
comf. to toe conclusion that tributing
individuals must have been
Since
the
buyers
have
greatly outnumbered the
sellers,
own stocks. This it is evident that the
wealthy and
one
adult out of the very
wealthy have been sellto one out of 16 tag
^compared
rate
of
process
uals.
that
now
equivalent
is
Dr. Roger
publi-
c'ized the*'fact
the
some
has
change
well
we
Ex¬
Stock
s
mediaries.
pe¬
the
,
Ail Eadr6ss
p
.
by Professor IS^urray sit
the Helen Slade
Memorial Lecture Series
at the New School For Social
.
tual fund manv'
distributors have
^ondarv
through
.
riodic surveys,
Individual participation in
market is another story.
the
ownership
less
oa
J?Vr!
charities
issues,
the
direct
S31
by individuals and indirect ownership through financial
inter-
families.
can
cannot
growth
Ameri¬
ties by
°^izes-the need for
sslfis of storks
Investment
^
.
-
and1 trusteed
pension
funds together added
almost that
amount to their
equity holdings,
The volume of net
phenomenal
Frese
manager
was
for R. L.
T"°T
and in the "VV
own
past
con-
investment busi?
in San Carlos,
r
The Commercial and
borrower
Committee's Eight Months' Record
Credit
Chairman, Committee for Economic
Inflation. and President, Central-Penn National
Growth Without
Bank of
Bankers' expert on
credit
he chairs
the committee
what
months and outlines a program,
suggests that they
and
of credit
AB.A. headquarters.'
'.*■ The
be consonant with sound
r
_
^
ATAA
.
..
.
.
..
range
tional
its
lo
be
enced
sure,
last
Pen°ds
0
decade
briat
and
through
tors
deposi¬
tomers.
months
the
of
one
signifi¬
most
under¬
cant
being
we
tionary
edgeable
un¬
of
derstanding
ments
develop
current
these
occasions
these
sound
-
as
well-being, tomor-
response,
to this undertak-
.
most
upon
they
■
,
Secret
wives'
,
for
R.mo
Blame
and
The Secret and Blame tor
Inflation
>
,
innatiqn
^-be£e ls no Sroat secret about
-
can
what
economy
the
affect
developments
books of every one.
•
pocket-
all
sense,
to
will, and
out the pro-
carry
groups
easier
have not
As voters,
plan of action is based on although
cooperative and vigorous attack, not done
The committee can help to keep our bank
us
informed on major problems to
the
The
and
issues; but
want
we
it cannot, nor do
deal directly with
communities
our
It
it to,
are
us
suitable
provide
booklets,
educational
other
customers,
and
will
and
can
with
us
leaflets,
and
guides to help
that
sidering
quate
we
uniquely qualified, have
all that we might to alert
customers and depositors
dangers
of inflation—
responsibility to do all
can
to help sustain bal-
economic
efficient
pered
growth
production
consumption
through
prepared to talk
tion
intelligently
some
of
the
com-
objectively and
with the people in
communities.
our
Obviously, the job of the widest
bankers.
It must
roots
grass
maximum
and
the hands of local
in
if
be
we
results
done
the
obtain
to
are
in
at
knowledge
understanding.
This
tion
and
program
ac-.
launched only after long
careful consideration of the
basic forces at work in the
World
We have
War
II
found
there
econ-
that
has
since
been
a
strong, persistent inflationary bias
in
one
form
or
and
credit,
we
ordinate
of the
justice.
dealers
help to release and
the
productive
depend
trade
on
operations which
co-
purposes
and
effective
lie
in
energies
country for useful
Modern industry
merce
As
com-
credit
the
at
heart
of commercial
of concerted
was
omy.
job
opportunities within^"
the framework of economic freedom
possible distribution of the material must be
of
another
which, unless corrected,
a
bias
may
well
—
banking. Our stake
in continuous prosperity and the
strength
of
a
stable
economy
'
therefore, is vital indeed.
Probablv
because
tegic role in the
of
our
economv
we
is
we
iif'the
this
economic
relatively
efficiently
standards
the
quently,
given
rates:
been
Conse¬
held
on
such
to
low
and earnings have been
boost. In addition, bank¬
levels,
a
the
had
have
ers
loss
have
loans
active..
been
has
loans
satisfaction
of
were
meeting
the changing credit needs of the
economy.
It
...
it
if
ever,
time to ask, how¬
seems
now
is
possible tq be
extending the
not
successful
too
in
of consumercredit.
Has
the
growth of such loans been more
rapid than individuals and the
economy
can safely
stand? ;: Has
it been accompanied by deteriora¬
lending:
tion', of
the
standards
of bank
quality
not
can
we
not
be?
yet
do
been
to
that
ensure
questions
These
attention
the close
who
Has
dan¬
a
If the danger point
reached, what
level?
gerous
has
and
assets?
total indebtedness reached
it
will
require
those of
of
us
especially concerned with
consumer
credit.
Without trying
to be an alarmist, I would like to
are,
consider
of them.
some
"
on
still > consider
the
other
instalment
they have left after paying their
income taxes. Such personal debt
consists
mainly
of
mortgages
on
;
the
growth
of
and
submitted
to
a
perusal
get
and
'I
urge
some
members
of
our
as
we
have had
na«t
MV:JiY1deTwlthi,ut killJekyll. In order to do
«"s. successfully, we need to know
?ur.mtan„Ti
\° be
subjects
relating
to
various phases of economic growth
and
stability. We have furnished
speakers to banking and other,
zTouos
eaeer
The
program
is
m
nnr
T
•
r
n
fw Lf
™aJ pTaht
antixHfv
ent natures of our single character.
.
Li!Li
k
k
of analysis,
two differ^
ns see if> for Purposes
we can identify these
actlvlty
of
broadening indeed
Thi
nf
°
"to* Wn
spopp
undermining virtues. If
™r; ^ as
15?
important
It is only since World War II
.
P
review .that consumer credit has grown
Y any^^e?.ns' .from a relatively minor part of
a£ lndl.oat!?n the banking picture to its present
,
m'-+?e '
^sfomm*}tee
position as one of the-three major
means
tw
this
that
dent
+
•
r^
r
i
u
•
^onsumer lQans obviously differ
™!?fC<^!nerC
profits,
con-
a
much larger
tually
It seems evi¬
trend
cannot
indefinitely, since even¬
continue
would find
consumers
unable
themselves
necessary
make other
to
expenditures,
|
not overly con¬
cerned about the present level of
consumer
indebtedness.
So lon»
as
income
continues
to rise, it
However, I
am
should not create serious
ties.
more
cjifficial-1
problem is
serious
possibility of a continuation
present trend—this is, a
the
of
A
the
rise in
debt
relative! to
During 1959, the
consumer
credit
income.
outstanding, m-l
nonbank I
lenders, increased by $6V2
or
I
t&tal amount of I
eluding that extended by
14.2%. This was
-
A Proper Consumer Creriif
that
goods and services.
classes of bank loans. During this
experts to continue .period, total bank loans to indiIron* J Tta? ^ Can -°^ly vidual® have increased tenfold,
S J1
the ammunition and consumer instalment credit
USe of U ls most 'alone twentyfold, while all other
J?
'
"-v
•
bank loans have multiplied only
1 wanti to turn to the about 3^ times,
subi?ct of consumer
Clearly, this rapid growth of
arlu consider how it is consumer credit has played an
TT°blem of eco- important role in our postwar
nomlc §rowth without inflation.
economic development and has
n
mo-P
and
Com-
already have testified be- s0> » is
legislative
committees
on'?uPp7/®
mittee
fore
income
alld a Mr- Hyde
dependable, trustworthy — and a proportion of their income avail-1
Mr. Hyde—dangerous, malevolent, able for: the purchase of new
it
read
it is used.
A Dr*
It
for
bankers
consumer
proportion of our income must be
devoted ' today
to the servicing
Like the character in Robert and repayment of debts than a
Louis Stevenson's novel, it may decade or two ago. As a result,
be both a Dr. Jekyll—benevolent, consumers have had a decreasing
level"
printed pages'
35
available
of
ade- how
and' sub'
price
of
decade,
this
During
Perhaps these opposing views credit tripled and mortgages on
not as inconsistent as they 1- to 4-family houses more than
appear. It may well be that con- tripled, while disposible personal
sumer
credit, like other social income less than doubled.,
institutions, has potentialities for
This
increase
in personal in¬
both good and evil, depending on debtedness relative to personal
are
and
aDid- lnvestment
a. full
share of professional He
^fify}^her®asKw?rklnS or fixed
tractors We thoueht it artvi«;nhiZ
ft
arJs
business borrowers
to
meet SOme of the more obsome
ot
oh
enlar^e their capacity to
rePay
and
realize
now
volume and limit its terms,
con-
subject
1949, these two types of loans
risky, and even sinful— amounted to about 29% of total
in fact, as dangerous because it disposable
personal- income,
a
leads to overindebtedness, family
slightly lower proportion than in
suffering, and to . outright dis- 1941.
By the end of 1959, how¬
turbance of <■ economic stability, ever, the ratio had increased to
They would have us restrict its the record level of about 53%.
carefully.
stra
havl
of
prepared
an
then
was
broad
stability
document
unham-
and
of
plex developments and be better
understand
of
aspect
employment,
rate
stantial
we
that
the
maximum
our
anced
another
on
Committee
goods and
services, adequate saving and investment, and a determined crea-
us
handle
to
practices have been generally
satisfactory, and the turnover of
unwise,
Senator Douglas to submit
suggestions to the Joint Economic
to
present and future,
It is
most
from
of
made it any
haven't algram.
But our complete success ways backed up our representamust depend upon the enthusiastic tives when they tried to resist the
support and participation by all demand of special-interest groups
bankers, representing all sizes of or insisted that 5 they do resist
banks.
them. We in the banking industry,
energy
used
in November, our Committee responded to an invitation
general acceptance of the blame to some degree. The Fednaturally
imposes
a eral Government has not always
heavy responsibility on all of us. acted in ways calculated to conWe cannot fail in this venture, tain inflation, and those among us
and there is no need for failure, who
belong to special interest
have the talent, the
be
can
program
we can find solutions.
a
material
done
This
We
Its ^detractors,
>
effectively
for -discussions
by;.,
groups of bankers and others.-We
want all banking organizations to
help us in advancing this work.
>
>: k grea* dehl of work'has been
program
the
.
.■
k
and
—
ln
-
problems,
These leaflets will be suited to a
wider publlc than was pianned
the
members so that
own
debt, houseand
the like,
changing
of
credit.
what has caused inflation to per- the A.B.A. has appointed a special credit,- particularly some of its homes and consumer credit in¬
sist long after postwar shortages committee to work with us. to recent forms, as an undermining
cluding, of course, credit extended
were 'Overcome.. ;Huge .govern- carry the program to the local of traditional values of thrift, as
by nonbank lenders.
mental' spending and prevailing level
where it belongs, where a stimulant to overspending, as
In
particular group or groups,
This would be fruitless and futile
if they will, be informed and not calculated to achieve the
Is taking place in our
understanding of oui
and on how some of the problems which must come before
its
pensions,
on
under
has
growth
conditions. The rapid growth of
population, increasing family forExtent of Credit Rise
mation, widening distribution of
A few figures, first of all, will
and
income, * mass ^production,
help to orient us.
We can get
multiplying services have justified a
good idea of how heavy the
the banks'decision to extend their total debt of individuals is
by
credit operation to the consumer comparing it with the income that
field. - , .
The State Association Section of .hand;
education any
of
program
a
inflation
consumer
for the booklet.
among the several factors responsible is not, of course, to blame
embarked
has
credit—which
among
telligent public and private""action,
\Ve expect
to have- a series of
leaflets in the kit dealing with the
wage-price practices are high on
sensitive the list. To identify these two
the world—money
in
commodity
on
the
in
deals
and
have
oppose
*
~
The
ing has been most gratifying from
the
day it was announced last
August.
Legislators,
leaders in
public and private life,* the press,
economists, and jusf plain people
apparently have felt that here is a
large and powerful organization
that
piays [n it are rampant and
a
real obstacle to in-:^ funds
constitute
monetarw doI-
vance.
rowr
The
to
tion
past,
persons
and
fiscal
is
any,
successfully meeting the legitimate consumer demands for
icies. Just as uniformly, however, effect of
they will influence prices have resumed their ad- annuities,
economic
important, stimu-
growth and the role which infla- heen
they affect our economy
as
today and
our
if
danger,
Uniformly,
C. A. Sienkiewicz
well-
our
evidence that the infla-
as
used
knowl¬
need
sprjngj the Committee ex-
as an
lating
force which .< makes for
higher living standards and sub-
a
to
and
use
.
the
at
time when
is
whole,
a
this
type of lending
safely.
Lending
new
pro¬
Through expe¬
bank: • managements1 have
learned
in
such
inflation
of
menace
takings, and it
comes
prices
suggests
as
from
consumer
rience,
of
need
system, along with
economy
benefited
pects to have available a banker's stantial economic growth. More-v
recent kjt which will include this booklet over, it has now become an inteperiod. and another one on the relation- gral part of our banking and
Uniformly, these occasions have ship between economic
growth "credit system. Commercial banks
been seized upon by those who
and inflation. Misconceptions have come to recognize the validhave consistently underrated the
about the meaning of economic ity of instalment loans and have
the
The. banking
the
consider that
7i°m^
even
behavior of
cus¬
It is
and
•
poses.
' ,"
,
by
economy
this
sectors
creating a
plant and equipment to
duce these goods.
bility with the aid of overall credit
price educati0nal material, not propa-'.,"regard it
ganda
other
.
for
opinion about the social value of
consumer
credit.
Its supporters
it
because
the
types of goods
operations. The strength of our
knowing that they
.banking system obviously depends
Economic Asso-
be
sh0uld
and
increased
Indirectly, too,
stimulated
has
the
..There are wide differences of
appeared to have been contained.
among
their
^seeming
•
the American
services.
and
for. It has
pay
greatly
market for certain
and
sta-
reacdon has been most favorable;
stability—when inflationary forces
them
My own
the
on
ciation among others. Again the
some
bankers
iesisiat0rs and
Qur
of
•
ber
Committee has
The
.
.
experi-
nave
we
the
m
enable him
upon the quality of its assets, and
the smooth functioning of the
economy is promoted by judicious
sent copies policies and by the prudent use
to members of bank credit for productive pur-
resuits.
■■
mem¬
own
simply
the funds to
therefore,
cooies to these groups with bene-
deemed necessary.
among
gram
Thursday, April 7, 1960
have
bank has distributed thousands of
.
,
the indefinite fu-
k
pro¬
but
attempts to foster
maintain relative economic
only
bank
schools, and
other educational groups.
American Bankers As- be self-correcting except by more
launched a
long drastic developments than we like
to
contemplate or than can be
educa¬
has
not
spend for goods and for other
to
u
customers,; but
and
also for service clubs,
f lation, the
sociation
gone
selected
officers,
bank
ture, a bias which is not likely to
for Economic Growth Without
has
booklet
employees,
;
continue into
the ABA Committee
In-
In setting up
for
-
tive force.
/l,"\ v.'-.,;-,
"
bankers to obtain copies not
*
credit a constructive and not a destruc-
to keep consumer
so as
do
quarter of a million copies. This its new variants raises two basic
is a good start, but it is only a- questions:
First, its effect on
small fraction of the distribution' established: credit standards and
it
deserves.
I
would
urge
all; practices; and second,* its impact
for example, the banker is against
of revolving credit plans at the present time to stimu¬
borrowing, and he offers several reasons for cautious¬
late consumer
rule
from/been satisfactory.
C ' Nevertheless, the phenomenal
to
a growth of consumer credit with
bankers
to
.
monetary and credit policies. Thus,
the emergence
available
.is
proceeds to examine the new evolving
remains to be done. He then
forms
a
booklet ence on both counts so far has
trol, Interest Rates." This
*
for
degree. Mr. Sienkiewicz also details
has accomplished in the past eight
particularly for bankers, on what still
Hyde, and ascribes the cause and blame
of us to some
inflation to all
Philadelphia
fostering growth without inflation terms consumer
Dr. Jekyll or Mr.
a
as
! Charges that banks "profiteer"* purposes against his future earnfrom1: higher
interest rates, that ings and savings. To recover the
they cause "tight money," and borrowed
funds, therefore, the
that
they - discriminate
against, lender must depend on the con"small
business and borrowers" tinuity of normal income or emand others are fully explored and. ployment
of the consumer and
refuted in a booklet, "A Banker v upon his fundamental honesty to
Discusses Inflation,
Credit Con-i meet his obligations. The experi-
*
By Casimir A. Sienkiewicz *
ness
.
increase the money income of the
Need for, Caution at Present*
In Case of Consumer
loans
sumer
leveled
viously fallacious charges
banking and bankers.
-
Financial Chronicle .;,
(1498)
10
bldlon|
slightly greater I
previous record increase* I
although somewhat I
smaller in percentage terms.
further large rise may be in tn
than the
that
of
1955,
offing for this year.
:
Such a rapid increase in
con-j
been Partly responsible for the
long period 0f prosperity we have sumer credit carries the dange
that the market for those con-f
enjoyed. It has enabled millions
of Americans, particularly young sumer goods which, are b°u^n
married couples, to obtain the largely with instalment credit mayl
automobiles, appliances, home become temporarily saturated!
furnishings, and other goods and This can happen. The high level
services they need but do not yet
Continued
on
page
Number 5340
191
Volume
The Commercial and
Financial Chronicle
;
(1499)
/Toils Are the Only Answer
Why Toll Roads Can Be
More Than
r
1
In
-
in
truck
the
and
on
New York City
it will provide
>
increases
automobile
and
to
money
:
rapid
the
finance
lack
the
travel,
of
new
lina,
of the
I answer.
of
those-miating th;4r
nesulrimsnts. Tb3 growing realization by truckers and auto, drivers
of ta&l reads ovar fraawsys and ttosoundness
of weil-p'^nnai toll r^ads tn found
for th) .ra/enui
recovery. The authcr Cars that thj IntMPtate Highway System's
will Turn out to b3 1975
immidiate
an
urg;s
nels
cit'J
bv.msses"-
V";xv.T'."''T'..,'"v■■■■".
hivu't
y.-vv
u*"p
the
of
them
slow- start. "/uT-X
a
"
manufacturing
-v
.
R
andj -commercial
y
*
V
°ul
j
*§j
'
i >1-.^
.
of
tax
u ^
;
.
A°
s
velopments
'
,
,
...
.
think more about the
traffic-; dertaken by-the Port of New York
conditions and the inadequate
andMAu^bor^ which floated bonds to
iantiquated- -highways . which ,; are'-i^r!qnqe' ^ev^ra^ bridges and set-
(we
underlying,
lem'?
into
in
L. S.
quirement
ac-
*
counts
Lie
1959
earning
clearly
that
well-planned
toll
roads—constructed where careful
studies have shown them to be
feasible
The
be
of traffic
poten-
than
more
sooner
self-
consideration
is
v
With Ross, Borton
(Special to The Financial Chronicle)
r
1958.
The Indiana Road
had
a
net in-
CLEVELAND, Ohio
A.
Caffo
ccme
.
gain cf $2,317,676 and ended
by 1959 by meeting interest
up
,
Ross,-
has
Borton
&
Elizabeth
—*
joined
the
Co.,
Euclid Building.
staff
Inc.,
yY
of
1010
•
Ganyard With First
interest,
for
Highway 'System;. xndTwo years later this plan was. This was achieved
despite the
economy-reasons, or de- adopted5to .finance a crossing of steel strike and
.unusually bad
sire
of-' some
members ' to
get.
Ohio 4-r\ Louisville, Kentucky., winter weather
at
vt
Tf
A#\rl.
during the year.
/^-P
n
uuey lor uuier
-
-
Columbus
;
'"""
Corporation
(Special to The Financial Chronicle)
■'
crvr
being voted in
ficient, amounts to meet the situa-,
year's.
tion.
pei. projects;
funds
tne
■
7:
r
not
are
:
vy
-
;
y
'•
.
'
Slowdown uini Interstate
:
retirement
:
.
r
and
and
Ten m the thirties,
then Tthett rtiS'
were
which, attracted
higher toll rates,.
new
toU
users
^
the.
at
AKRON, Ohio—James
J. Ganyard
become'a^ociated' with The
has
pw^cXmbul
Cornoration
42
GaysTeeh CoTumbuOhio
f«FmprL
East
wa-
Westpaint
iooal
mam™
Interchange in Ham££ Merrill'Lvnch Pierce Fenner
by^eliminating delays atToll> & Smith and The'ohio Company.
the
according to the Indiana
Once Congress approved the In-
-mond
terstate
-
•
_
m^iuvcu
and became the vehicle for-.-operations
bridges
l_
a
-;*r
-for financing highways.
-
Highway
System
y;
-
•
'■
a
•
Equally true, a handful a^e not
yet taking in enough to meet their
and
because
supporting.: ;
interest
compared with
and
Interstate
But
Waterbury;."
New
interest
were
meet interest and-charges 1.08 ;times.
Actually, 'it
schedules. The had $862,408 left after
meeting
us,T^Tks'^rsbvbpnds,.were- issued, in 1926. operating expenses
most of
Jersey and
Pennsylvania Turnpikes, for ininstance, have
been " doing
for
bond
its
-V"v'''4:v.:':C;.':n;7':-V^:^bt retirement
the
re¬
.i.
■
prob-^°^s i**-order to
causes of the
Congress, like
reserve
as
covered
the
,
the
turning
debt
an¬
.
.
and
re¬
year.
$30,040,000 last
operating expenses,
interest
charges
1.39
V tials—can
.
more
tue
by
quirements
their
.an<votb®r, goods
de-
zuiiutig
.
.
needs of the
even these roads will begin
»
times,
their debt re¬
and
and
charges,
year, and after
",nen
meet
money
times
The New York
Thruway is
other good
money earner and
net revenues hit
re¬
toAmeet /e+^t requireme"tJ-.
Among the
notab
notable
revenues
in
reve¬
to
are
2.17
interest
spectively, last
again
day-to-day
„
.
nues
earned
i.
1
...
enough
times
Held
Roads
once
they
.
and.
are now
taking
next
and
2.24
•
;
Toll
diana
to
ex¬
•
' «
In¬
Northern
Road,
_
the
and
pike
areas
grewf
,
roads, like the
Ohio
Turn-
after
and
I' areas. ^ :
\ ^
h"-Xtrucks
.they
"improved rev^"es of the: given to using This method of
6ICW'"ICJf
Yifre Ohio Turnpike and the
Northern
Transportation is being
slowed;tp.r-efK,ed
means of providing-; inaiaiaa Toll Road, and the
financing to lick the problem in
MaSsa*
Congestion, plus:driver'frustrationcros.slPgs. and this gave risecritical areas, the sooner we
chusetts Turnpike;
face
{
and fatigue, .is upping the hcci^ to formation m. some instances of
7^
2^ ' ®
e 1?. ^nc^s .®t.v The Ohio Turnpike had a net some hope of real progress.
m
cent *ateT We
;ca'n 4talk
built income
gain
of
-B
ages' ana1 cnareea
$2,045,000 - and
toils.
these
But
availability
and credit s
.£nd^rPHit^v
mg suburbs an /, now, even rimal
areas which lir between the tuTer
.
30
were
years
ago.
During the
twenties, states and municipalities
-hit"a
so*were able to keep abreast of needs
Ha. d
continue
and
at--vital river
crossings; With* quirements. The only ones still,
times. Volume continues
the urban need the most
to-rise-on
critical, presenting cause for worry about-the Garden
State
the,, toll.; method.,
Parkway which
might well- be clebfc, service are the West Virginia
had net' revenues
!>.t used- for. the.
totaling $14expressways1 which-Turnpike and Chicago's Calumet
C69,000 last year, which
.would solve the
provided
problem.. ;
Skyways. But as the country con- 1.42
times interest,
wv We are about at the..same
point
to expand economically, as • These figures
demonstrate
>in financing road building as we
inw1^Fy fpre? s,to newer areas,
N--l
>
...
|
that went- into
Some, it is true, got off to
planning
roads
revenues
parade
penses, this road earned 6.51 times
interest in 1959. New
Jersey and
Oklahoma Turnpikes were
southern
central
the
>
he, therefore;
bridges, tunnels
nf
in iQiQ
froffin
Major toll roads earnings in-19o
traffic ^iiovy,^o
cilemma.
strongly unc e'dine-the
d,'?®Kv
the
lead
/
atii
and- evaluation, for
survey
in
south
Turnpike's
Caro¬
ceiving favorable attention for in¬
vestors,, now that most of them
are
taking in enougn to meec re¬
the
this method should
be
•used1 to finance
bridges and-tun-
pf the advantages
targat data of 1970
to segments-of
system,
debt
South
country.
Toll
.
ranks
states
and
For Toll
■/,,
In additions
and
Revised Regard
financing of parts of the
program through tolls is the
only
-
ideal route from
states to Eastern
high-
ways,,
:
Gstamit S' ywnys will join tin
and
seaboard
tax
an
^e northeastern
Virginia, North
'
number of ve¬
the road, now more
than
70,000.000,
S. Waterbnry, Consulting Engineer,
Bv Lawrence
the
sharp rise in
hicles
s
of
v.ew
11
Highway- System,how-i gate,
i( \<
k;
Target cate Tor^comDletion of ^ver,-the toll .road method
expe-; .Road Commission..,-,
the"-Svs-tem originally was-1970A.rienceda slow-down. Then we.-.
JMowlll l
>
With
income
continuing
to
Joms ivierriii Liyncil
revenues
to meet operating ex- As things-stand
,
now, 1975 wouldi-experienced
a,; slow-down in the; climb on the Massachusetts
Turn-; ^
(special to the financial chronicle)
penses and debt requirements do
be- more realistic. Already^; the. Interstate program; but
this.can--y;Pike- this
not build UP overnight
A great Federal
Government
estimates- not be blamed on the men direct- requirement 1.18 met its interest - COLUMBUS, Ohio - Donald G.
times. In 1958, it
Lonmer has been added to, the
deal of promotional work
is re-'^hatco-tswill'■"exceed-originalfjng.it, for theyvare talented and.,earned only 90%
of
interest: staff
of
Merrill
quired to bui'd uo the use of such-estimates bv mo™e thanLynch, Pierce,
S13-bil-';<iedicated. The current situation, charges.
,
Fenner & Smith Incorporated, 48
highways. While - success
came
lion . due to delays and other: is bevond their control for they do.
• A
good example
oX_sloiv, but East Gax. Street
quickly to some; it has been
factors.
, net vote the funds.
schedules.
.
.
..
like
Just
business
any
.
-
however
.
.
roa^
.
.
sTv
in
/
:7.
Any state, or other
.authority,, j Water crossings, are still., being
remembered .that'it already
knows
the - routes
and,• financed in-considerable number
while for motorists and" points where
urgent needs exist .by revenue.bonds and one of the
favoring
.
.
,
,
"
others.
1 urnpiKe.
It must be
•
1 rainc
'and revenue
r™l
apa
National Stock
-
takes
more
a
particularly flickers, to
of'
corned aware
the
b<^; for >
highways
which
are
dangerous.
With
the
inadequate
Interstate
Highway
completion
dates
further into the
time
for
future, it
our
Federal and state
planners to
re-examine the whole
situation and
give real consideration to
new
toll; facilities
answer to
and
ana
and
N-3ii^Ways
unless some
:' "" '
ar,e ne8c?€Gl
serious
crises in
traffic
many
sunicient
nnr
mir
o
the
"
posing
sing
the
only
of
a
a
real
defense
^v-^x-nse potential.
I—
metr°Politan
Table
-
jn
Exchange
Reincorporates
-
.
order
to
areas
sufferers
in
Toll Read
a^e
this
evalua-41 rough
and
feasibility .studies
wouldT
just not enough traffic;.could 'begenerated to make it
worthwhile,:-
and
where
a
subsidy would
natural
question
motorist or
A*
n
-
is
trucker
be'
waters, and' also eliminate
the
--
more
favorable regard of the
investor for
When the project is completed,
toll road
The original
bonds.
ship
t
Pennsylvania
0f
corporation
the
Securities
lorida
This
announcement
is neither
an
•
offer
to sell
nor a
solicitation of
an
offer
to
buy
any
of these shares.
The offer is made only by the Prospectus..
„
NEW ISSUE
m—
that
-
4
°Ver
r°Ute
a
regardless
of
175,000 Shares
'
be ay
modern freeway. They do and will
object, but more and more they
realize
"
ob-
1
how
'
.
Inland Container Corporation
a
highway is financed—by bonds to
be met through tolls'
creased
for it in the
a
Indiana Toll RoTd"'
{Jdiana Toll
*lnu\Turnpike
>,/••■■■;
Twelve Month
Period
(without
par
value)
.
,
/
.
•.
T:
C"*
Operating Net
'
Truck
Other
Total
Exps.
$615
$707
$5,220
$1,263
$3 957
11,629
2.896
,
"
Inc.
Int.
Earned
417
14 941
4,708
4,051
2.347
14.310
2,648
10.662
1.09
1,090
899
6,006
1,567
4,439
0.84
1.203
489
177
1,870
„
3,684
758
216
8.795
2,459
1,290
18 991
1.43
4.633
982
3.651
1.16
12,544
3.236
9,308
Turnpike^^^
MATERIAL:
4.976
14.069
4.032
37.349
6,767
30.584
11,790
4,564
47,520
14,480
30,040
11,669
7,349
4,303
23 322
5,173
18,149
386
2,795
651
2.144
236
3 576
687
2.889
2.24
12.353
18,172
1,680
32,205
7,479
24,726
6.51
5.826
1,748
230
7,804
3,402
4,402
0.48
325
1,687
538
*
0.90
829
obtainable from such of the several underwriters
registered dealers in this State.
1.71
719
are
are
2.17
31,166
as
1.42
9.837
1.362
sBssss-iSE
19.045
23.480
2.501
a TumSr"" <Jan- 19301
Copies of the Prospectus
1.18
951
1.680
--
<
] 02 40
7,912
I
Price $38 Per Share
vt'
1.79
4,017
"
::r
Turnpike
rginia
Glass A Common Stock
in"
pay
end.
noted—000 Omitted
as
by
or
gasoline taxes—they
taxes
$3;899
.
'
__
Hiehwav"
___
1,149
1.39
Reports
lazard freres & co.
0.86
2 228
"
'340
240
2 808
859
1.949
1.18
1,722
1,977
231
3,630
742
3,188
0.62
of
the
-
•«
National
various
Authorities
and
Commissions.
April 1, 1960.
the
request
and'Exchange
Commission.
Times
,Ha
Illinois TurnPike
Ulinois Toll
at
-
r
whether
will
wbere, in time,; there might
P-ss.
I
the
stock
required.
Revenues for
Project—
"Je|
•
free
tials will support a
oroject to be:
financed through tolls and where'
Ended Dec.
31, 1959 except
-
r
—
Ju
&cly
Such
-
JeCt t0 3 to11 rCHd
sVseriousl,
—_1S seri°usly Threatening
Mairv
tu
•
tions should be undertaken. .ATSwaits between departures.
face
of
areas
1
-
A
congeslion
Lt
^
the
Meantime, the lack of
roads
•roac^ to moor'♦rofpin
to ^eet traffic
economy and
deterrent to our
nh+
we
P
Exchange from any trace
and by-passes. In border V tox de^ bridging and.
tunneling^cif Chesa-,
^ control by the Mercantile Externhne the feasibility of solving peake* Bay from Cape Charles toy
up to^ m/0 in iyo» ana «$/c
change and give it complete in¬
the problem by the toll highway,< Norfolk, Virginia, It will
replace. in.
t;
h
"
Vi
•" ' dependence,
the
Exchange
has
bridge or tunnel facility .method,, a 90-minute ferry trip across very.
7 These are among the reasons for. been
reincorporated as a memberimmediate
now
solution is found
construction sneeded
more
dpm^nr??
an
problems in the critical
'
T,
as
•
1
PT0^1^^01_ eventual meeupg ot
^at goaJ intwo/, it earned omy,
:
being readily show where traffic poten- S
pushed
is
.
q
f
and
others--rmost interesting now-mnder con-c
bridges, tunnels- sideration < is-th^
combination:
as
surveys
...
System plagued by lack of
funds
and
i Mghwavs
and; facilities such
time
money savings, and safer
travel
which may result
from using such
roads,. rather than parallel old
and
new
'
^ qi<V'^eet debt
12
The Commercial and Financial Chronicle
(1500)
Thursday, April 7, 1960
.
you hear a banker say, "I and a possible rigidly high level. th^.second grade bond,,since you
aret hot paid anything
dorit know what buf' demand for, of •■ -expenses?; >
worthwhileL
It seems to me that this is a for dipping in - quality;
money is going to be in the future,
So, " let's
proceed on' the assumption! that
so I'm sticking to Treasury bills:
very
pertinent - problem ; that
Anyway, as long as I can get 4% should command the attention of.. we are ; talking only about high
on
them, why risk investing in the management of all
banks. grade bonds—whatever they are.
when
anything else." Yet, fundamen¬
tally, when money rates are high
and
when
you
are
paid hand¬
somely for investing funds, that is
By J. Austin White,* J. A. W hite & Co^ Cincinnati, Ohio
of
Specialist in Ohio municipals advises bankers there is no rule
thumb
to ratio of
as
the
municipals to governments, or of governnnnts
for
return
(1) protecting future earn¬
advisability of short
or long
maturities when money rates are high; and (3) bankers'
responsibilities to their depositors, community and stockholders. With
regard to the latter, Mr. White analyzes the problems of obtaining
liquidity without sacrificing earnings in making loans and investments,
and stresses the importance of buying more liquidity in primary and
ings in the face of a future decline in loans; (2)
Treasury bills were yielding only
%ths of 1%, it was human nature
to
out maturities,
stretch
because
then had no need for the
and you felt you had to
you
money
topics
1.8%
would
that we should concentrate
on trying to sell municipals to the
banks -in
Montgomery
County,
especially in Dayton.
But, my advice is: Forget these
As
in
Federal
the
Reserve
c o m
Bul¬
of
U.S.
of Dec.
the
Austin White
J.
30, 1959, loans
51.9%
were
26
of
of the
banks
loans
Fourth
District
serve
For the
member
deposits.
reporting
weekly
as
all banks in
Federal Re¬
of Feb.
57.9%
were
24, 1960,
of deposits. For
Montgomery County,
Ohio, including Dayton,
1959,5 the latest date
of June
as
for which I
had statements for all banks, loans
48.2%
were
of deposits, while for
the Dayton banks alone such ratio
was
47.8%
the
of
in
banks
the
-
other
are
considerations
and for the balance of
mine
policies,
and
which I hope to bring out later.
If I only "drive home" one point,
I do
indeed want
viction
that
thumb"
to leave
there
that
is
no
a
con¬
"rule
of
be
can
safely fol¬
lowed in setting investment poli¬
cies. wThat somebody is doing in
Dayton\or in Cincinnati, or any¬
eW
where
in the
country, doesn't
tell
a
banker what he should do
in his bank. In my opinion there
no
ratick of municipals to gov¬
is
ernments, noi^ of municipals to
deposits nor of governments to
Now, with regard to the other deposits, that is worthy of being
ratios, of municipals to govern¬ followed by various banks.
ments and to deposits, the data for
What Maturities When Rates,
all banks in the country and for
District
banks
do
Are
not
segregate municipals, but merely
divide
investments
categories
"other
of
the
into
governments
securities."
But,
two
one
or
actually,
two have scarcely
figures will still be comparable.
For
all
commercial
nation,
"other
amounted to 9.4%
banks
High?
course,
I
in
securities"
of deposits and
little thought to what ideas
might discuss that might prove
profitable to banks. One of these
We
have
often
heard
the
are
banks
of the Fourth
serve
District,
member
Federal
"other
Re¬
securities"
fellow
say: As long as I can get 4% on
Treasury bills, why should I buy
anything longer? Well, let's con¬
34.8% of government holdings; for
reporting
a
unsettled
uncertain
shore."
It's
to
and
pull
quite
when
the
times
future
is
"close
in
enjoyed record! high net
earnings in 1959. How many are
seriously considering what should
is neither
an
to
understandable
offer to sell nor a solicitation of an offer
offer is made only by the Prospectus.
The
NEW
r
if the interest rates
and
decline.
where
I
consideration
might well
problem posed in
discussion
Winter
of
circumstances,
be
expenses
Of
cut?
the
at
meeting
is
which
the
of
Bankers Association last
thinking
be,
talk
one's
more
should
on
tribute.7 to
of
its
health.
and
about
responsi¬
community, I am
of what one may
be, doing to con¬
economic
The
growth
:
third
responsibilities
category
the stock¬
is
-
Taking Advantage of Today's
Longer Maturities
Mid-
poMt^'1'
AlfoVd
Mr.
Ohio
February
to
personnel?
earn
thing
that
could
out
done
be
ties to
one
much net
as
and
income, after
expenses, as one can
still meet responsibili¬
and
earn
depositors and to the
com¬
munity.
Now, what is it
today
most
from
banker needs
a
investment
his
port¬
by the very able President of the
that would phrtially protect pres¬
Park
high earnings: Buy "boiid'^of folio in order to meet his respon¬
The
relatively longer maturities to be sibility to his depositors?
answer
is
assured of present high
liquidity,
which
of
returns
course
refers
to
the
ease
with
for a number of years on at least
which one can convert assets into
the portion
of assets which are
put into such bonds.
Of course cash. Normally, you get liquidity
National
Ohio,
Mr.
Bank
John
of
Newark,
Alford, who, by
the way, is another of our teachers
at the Ohio School of Banking at
Ohio
University, along with Mr.
Case
of the Vandalia
State
Bank.
Mr. Alford pointed out that banks
generally
enjoying very high
earnings today because
of
the
strong demand for loans, the high
and
of
are
interest
such
on
loans,
the
high returns on bonds
purchased at present yields. He
also emphasized that not
only are
banks
thus
further
seems
fixed
that
are
and
these
expenses
becoming
ever
it
more
less
susceptible to
being reduced. The problem posed
by Mr. Alford is: What can, and
ent
are talking about non-callable
bonds, f as
contrasted
to • loans
which, of course, are callable at
the option of the borrower. v ;
But, again, I don't know if a
we
banker
should! take
protect
his
in
whether
money
rates,
to
buy
any
of these securities.
not he
or
is
to
that
question
depends
the application to one's own
swer
upon
situation of the fundamental
con¬
of
two
ways:
securities, which enjoy an active
and widespread market;
(2) By
buying
the
short-term
securities.
In
first
instance, of course, we
generally consider U. S. Govern¬
ment obligations the most highly
liquid type of bonds. And if you
realize
of
that
half
a
ment
one
probably
shortly.
matter
Are
Mediocre
Bonds
Attractive
Today?
But
before
fundamental
these
upon
investment
based, let
third
a
discuss
we
considerations,
policies should
try to emphasize
me
idea
which
profitable.
and
very
bank's
a
I
In
hope
at
investment
all
in
bonds should
always be in bonds
of high quality.- If there is ever
a proper time to
buy second grade
mediocre
for
bonds,
it
is
only
is paid a commensurate
one
the
added
risk
taken—
might well be when it is
default, and shows promise of
curing the default.
I can't say
in
just what that commensurate rate
should be, but when
one can buy
grade bond, with a good
coupon rate at, say, 75 cents on
the dollar, as against
paying 100
for a good bond with a similar
coupon,
then perhaps he could
expect
to
be
paid
something
second
the
sell
the
one
govern¬
telephone
securities
of
the cash the next day
times even the same
bonds.
on
like
possibly
more
or
on
minutes, and have
(and some¬
day). But
as some/so well
know, it can also
be distressing to realize that this
very, ready sale produced 5% or
10% less cash than cost.
Why?
Because the market had declined
a
will
times
call any
can
dozen
dealers
and
and that
A
is
a
to
ready
for
market
securities
comfort to anyone who needs
convert
those
securities
into
cash,
but
market
of
readiness
the
the
of course, a different
thing from the level of1 the mar¬
ket.
is,
The only
tection
to
one
convert
low
a
really reliable pro¬
get from having
into cash in
can
securities
market
is
have
to
the
se¬
curities, coming due and paid off
in cash at their face value.
Thus,
short-term maturities
liquidity by having
the bonds convert themselves into
by
buying
achieve
you
cash, at
Is
Now
■%
par.
There
a
Liquidity
Formula?
the
much
liquidity
question: How
should a bank
worthwhile for taking the risk in¬
volved. But today, and in fact for
the past decade or
more, the dif¬
have?
And that
question#an't be
ference
be obtained only in
be legally offered.
by
diocre
in
price
bond
between
and
a
really
a
me¬
good
bond is negligible. For
municipal
bonds with about a ten year ma¬
Godfrey, Hamilton, Magnus & Co.,
both
or
in
rate
share
either
(1) By buying highly marketable
siderations which I shall mention
prove
share)
in
position to lengthen his ma¬
turities, and thus take advantage need to convert a block of bonds
of present liberal rates.
cash,
it
is
comforting to
The an¬ into
should, a banker do today
protect the earnings of a bank
from a possible future decline in
demand, and in
step to
because f I
a
to
loan
this
earnings,
don't know
what
such States where the securities
may
bilities to
taxes
a
a
Miami, Florida
when ,1
But
on
of the small
one
groups
Common Stock
Robert LFerman 8C
Co., Inc.
investment
-
think
profitable, is
prove
GODDARD, INC.
may
such
In
will
course, one important cut could
be a reduction in the interest paid
cr
Copies of the Prospectus
loans
bonds, obviously earnings will
on
when
per
from the standpoint of
your
that
153,000 Shares
$3.25
,
bankers have '-many* re¬
sponsibilities, but as I see them
'
idea
second
April 7, I960
Price
Responsibilities
!;* Now
worthy of calling attention to the
Maintaining Earnings
A
ISSUE
per
on
the yields decline
cut, and if
are
today,
times,
(par value 10*
Three Bankers'
•
policies, these responsibilities can
nd can be done to continue such be grouped into three broad cate¬
ecord
net
earnings
in " future gories. •" First, is their responsi¬
bility
to
their
depositors:" • the
years?-' '* '
f.
they
have
to
If the time comes when there obligation
repay
their v deposits
on
demand
any
is
an
important decline in the:
time.
Second, is their responsi¬
presently strong demand for loans,
bility to their community, that is,
of course money rates will then
to contribute* to its growth and
decline, and as interest rates de¬
its economic well-being. Of
course,
cline, many loans will be either
tnere
is
an
important" overlap
repaid
or
refinanced
at
lower
between
responsibilities to
de¬
rates.
It may
be old-fashioned,
to the community,
but I still believe there are, and positors ^and
because .obviously • if at any time
will be, business cycles, with
rma-;
a: banker
is unable to pay his
jor ups and downs in business
activity and in demand for loans.;. depositors, he will have delivered
a
serious blow to his community.
If loans should decline materially,
be
announcement
accom-*
many
which
This
earnings
gross
serious
.
enjoying high earn¬
ideas is whether one should con¬
ings, but also they are having to
centrate on short or
long maturi¬ pay out higher and higher ex¬
ties when money rates are
high. penses for doing business, and
sider that thought.
It's human nature
weekly
given
your
can
savings deposits. Is there any holders, the people who make it
other place to cut expenses ma¬ possible for a community to have
a
bank.
terially?
Cutting
salaries
is
a
I think we can briefly state that
touchy problem,.
Could you, or
the obligation to stockholders is
would
you,
discharge some of
rates
have
I
any investments other than gov¬
ernments and municipals; so the
the
of
some
and
banks in Montgomery County, ex¬
cept for
Now,
not
are
which I hope to discuss later.
investment
the banks in the county, 52.7%.
the Fourth
But, maybe you
position to lengthen
that are far more important apd
fundamental, which should deter¬
mercial
banks
as
of the fundamental considerations
There
all
for
letin,
in a
maturi¬
ties and take full advantage of
present very liberal yields. Maybe
you should stick to bills regardless
of yield. The answer to that ques¬
tion, for you, depends upon the
application to your own situation
ratios!
various groups
reported
re¬
appear
for
banks.
and for the
5.4%,
county, 6.8% and 22.3%.
: From
these
figures, it
tios of loans to
of
and
mainder
let's
look at the ra¬
deposits
short maturities, far more so than
when bills yield 4%,;■' "'•-•••
;
banks alone such ratios were only
to
loans
deposits.
First,
in
panied by a rigidly high level of
expenses. I daresay that at least
low; so that you don't tie up
funds for a long period of time
at a
low rate of return. When
discussed here are: were 9.9% of deposits and 36.4% earn
"something worthwhile" on
(1) What ratio is recommended of governments. For all the banks bonds.
But,
another
thought I
for municipals
to governments; in Montgomery County, again as
hope will be remembered is that
(2) what ratio to deposits; and of last June, municipals were only when
Treasury bills yield' only
2.3% of deposits and 6.8% of gov¬
(3) what ratio
%%, that is the. time to buy very
ernments, while for the Dayton
is suggested
for
decline
a
are
secondary reserves in order to compensate for illiquid asset holdings.
Three
the
of trying to protect future
earnings from a squeeze re-"' mining whether a municipal bond
is> really of high* quality or
not.
suiting from
a
possible *x future
tives:
relatively longer period of time.
Conversely, • the time to shorten
maturities is when money rates
general investment advice dealing with:
more time
spend to try to indi¬
proper bases for deter¬
we
cate
.
the; handsome
of
affecting different banks. Mr. White does offer
different conditions
than
execu¬
net
time to extend maturi¬
that you will be assured
so
Actually, it would take
not immune from the
are
task that faces all business
very
ties,
because of
deposits, worthy of being followed by various banks
to
Bankers
inc.
turity the difference today would
only be about 98 for the second
grade bond
grade bond,
100
comes
by any fixed formula.
degree of liquidity needed
answered
The
ous
any
bahk varies with numer¬
circumstances
particular Abank.
there is
is
affecting
I
don't
that
think
an>| "rule of thumb" that
of consideration- On
worthy
the other hand, .every bank should
have all the liquidity it can'rea¬
for the high
for a 20 year sonably be expected to need.
maturity, about 95 vs. 100.
Well, why not have a wide
Why take the added chance in margin of liquidity over what one
vs.
and
191
Volume
Number 5940
•
The
Commercial
and Financial Chronicle
(1501)
x-
balance
)nawij'.
—
reasonably expects to need? -And
I say, ^ere is notiling u/rnritf with
wrong ixritlv.
j
assets,
and. -vice
-
\;j'/■•*.*
AsVis obvious,
the
t
versa.
idea except that liquidity *
expensive. > I .-say excessive1
sue!) a"
S
of - its
economic
.
- same
wage
-
welfare
earners,
of
those
can
you
1
ex¬
we i must
also pert .less. liquidity in;those, loans
than you could
expect: if those
expensive for. two' Siii?Vho^rii^Pid or illiquid ' same
loans actually
*■
loans were : to
are, but that is a
people em¬
principal, reasons... In, the first. matter for individual decision
in
well-diver s if ied
I <■ ployed
Place, as I said before, we usuallyeconomic
would_ only caution not to be too
pursuits,
particularly
Is
if
is
*"
"ity
liqimvv
-
T
>
•
^
securities for banks, and one
may W0H XliiU that he can uivvuv,
|y well find wiui/
invest
of
ther
in other
securities that
quite
are
tion
of
loans
larly at
into
'
communities
diversified
Ali—
-
quidity requirements also from policies should be
determined not
short-term securities (U. S.
the light of the
present
Governments or other securities)
distribution of assets, but also
and way well find that he could with
careful thought of the de¬
to
gree
ties.
which
bankers
will
bankers
speaking, f it
that
safe to assume
the
fulfilling
re¬
them
to
on
bank
a
vested the
ties
be
loans
than
disagreement,
passing
higher net
a
these
from
will
it
in¬
money in securi¬
than loans.
To
the
and
its
to
stockholders
time.
same
(and
I'm
point
Actually,
not
at
my
yields
on
a
find
tax
exempt
bank
that
the
stockholders,
would
net
to
out in this
discussion is
the extent that
bankers
filling
heir
the
for
their
stability
rfen, ^ey must be
fm
to'
more mind-
.t.heir responsibilities
nX*
—
to their
and' therefore,
of
lw
?ciesstSpHhK^ *nvestment
POLand perhaps
t'imni 1 uefly'
amply the
too
neerfSSf
*r lo.ans' the greater
llc*uidity in invest-;
ments
•
have
yourTaTe an/th? entrusted
to
J
depositor's m® J"0re
to
at leaqf
/h^
from the
P
anno
r
y?l-
lnvestment of
th*
of
bal-
need
loans.
T'le
of
,he
pro?anks
provided
Senator
taken
it is
as
evidence
an
for
be
they happy-go-
are
no
or
debt
to the hilt, with
preparation either financially
morally for the rainy day?
♦An
program.
That is, Eisenhower
the Forand health
turned down
bill, providing
for
medical
65
assistance
and
years
older
to
persons
and
Nixon,
by Mr. White before the
Montgomery County Bankers Association
Dayton, Ohio, March 15, 1960.
work
This
BURBANK,
Ohm
is
Calif.
now
with
Henry
—
W.
G.
G.
Nielsen
has
v
.
joined
the
staff
:■
of
Baron, Black Adds
;
,
(Special to The Financial Chronicle)
than
15,000,-
would
benefit
bill, is trying to
not
proposal.
please the Conser¬
vatives and neither does it
please
American Medical
Associa¬
tion.
Also, Nixon is going to discard
Benson's farm policies and
up
This
would
more
money.
with
a
liberal
cost
.the
program.
taxpayer^
Besides this, his views
aid
to
education
housing
broader
are
is
Kolb
253
&
and
to
than
Mr.
frighten
hold him in line,..-..
vote
same
alone
is
Nixon
not
do
more
come.
,y
vr
it.
of
i
Nixon's
poor. 'showing a?in
the
polls recently has hurt him, and
made the Republicans
pessimistic.
:
For
the first time they are won¬
dering if he can win. The latest
Gallup poll showed Kennedy run¬
ning 53 to 47% ahead of Nixon.
He
is
outrunning
Stevenson,
Humphrey and Symington but not
Kennedy.
the
backstage
Rockefeller.
He
is
is
nobody's fool when he
that 'under
no
circumstances-
HILLS, Calif.—Eli Lit- would he take second place.
If
with Baron, Black,- things continue to
go
the way
Lawrence Incorporated, they are
going he may very well
Canon
Drive.
in
degree. of
for investment. The
was
is
not
would
on
Nixon
is
at
a
.
,
He is unopposed
therefore his race excites no
attention. Most states permit Re¬
publicans
to
cross
no
contest in their
own
party
what
With
the
pre-primary
•**? bapPy 1°
munity
say,
almost
fore of Us
p01nts outK-th0
?ans or jnvoset
a bank has in
sl°w or
poor r
^nts affording
put
$25,000
into
need
lack
fo?U„
of .r
tbe
poor
showing it would
possibility of
the
many
of
well
<?cea*ef
for
dependent
prove
to
be
less
than
in
Kennedy, for example,:
back to vote for Nix-*
come
November.
travelled
in
that
out
nine
Reporters who
Wisconsin
of
every
•
frustrated all these years
by the
a Catholic would
never
story that
get
to
the
White
they have a
sibilities as
House.
with
man
Three With Hanauer
(Special to
The Financial
Chronicle)
BEVERLY HILLS, Calif.—John
J.
Brennan,
Harry
V.
Katz
Manny A. Rose have become
and
af¬
filiated with J. B. Hanauer &
Co.,'
be called upon to lead the ticket.'. 140 South
Beverly Drive.
notes are not
were arranged by the undersigned ivith institutions
purchasing them
offered for sale and this advertisement appears as a matter of record only.
T. Eberstadt & Co.
April 5, I960.-'"
pos¬
is likely
him.
back
4
V
upon
-
When
such
Kennedy it
that they would
the
in three, of four
large plants, and
ttfof Others dependent uport
Cath¬
Kennedy. This is
understandable. They have been
Ob¬
Would want, yif -your loans arelargely to wage earners employed
reported
10
olics voted for
Subordinated Notes due April 1, 1975
you
doubly
Republi¬
a -question;
ofnh o w
those Republicans who
for
would
on
a:
cast
a
is
James Talcott, Inc.
plants, you should realize that
the liquidity of
your loans may
poor
cam¬
victor^'d^November.
There
$9,000,000
or
?°mPbnsatins
8ree-of-llquidltr m- th|.
is
the
paign in the last days. Their
ap¬
peal was that if Nixon made
one, two or three large industries
♦
{f.'he
h,s
that
a
Republi¬
.
hi'mil?e *or
over
indica¬
tions that Nixon would run
third in Wisconsin the
'.Emeritus and economy of the community, the
banking DenarL
Money and less liquidity a bank needs to
le§o ofVn?
ment of tbe Col- buy, and vice versa. If you are
V"^myTZ^ at, Ohio State" operating in an industrial com¬
frienH
^ars
Aq-
the
temptation is to cross
enjoy the fun. This is
happened in Wisconsin.
the
and
tant consideration is the economic
A
into
over
Democratic primaries and if
they
have
regard, the most impor¬
stability of the community.
viously,
the
more
stable
in
primaries.
and
5.
Liquidity Depends, Too, on
Community's Economy
!
-
disadvantage
to
is
the
make
neutrality. Governor
might stick with Nixon,
bank needs in its investment
only
to
his
Dewey
The degree of liquidity which
not
as¬
likely,
hasten
but it is doubtful.
the
the
on
even Senator Gold-
which
has.
now
of
;
Commitments for the purchase of these notes
liquidity
the basis of
:
former
J ® close
is not out
such
the
of
sev¬
he was the only
Should another candi¬
President
Nelson
announces
that
develop,
known
apparently
now
North
date
voted
will
believed
stuff to
and
•
ago he
spite
race
that
candidate.
water
can
to
but
sumption
The purpose behind the
South
Carolina vote for Goldwater there¬
was
In
the
V
Nixon,
over
fore
place.
ernor
Eisenhower's.
BEVERLY
man
Fed¬
on
Republicans
President Eisenhower and Gov¬
Dewey have both endorsed
f
cans
eral
first
it yet.
Ezra
come
In
'
fact
the
this
&
Gittrich
does
the
substitute
a
ButJ there
(Special to The Financial Chronicle j
-
up
of
more
who
from the Forand.
This
With W. G. Nielsen
also
for
eral months
-
up
address
him
of
the displeasure of the
direction
in which Nixon is
going.
Nixon has announced that
he
conceives it his
duty to expand
upon
the
Eisenhower
the
withdrawing from
Senator Goldwater. The
himself
laughs at this
but
if
the
One b&nk
"
by -Charles
it
community in which the bank
operating.
called
..c'^Pcsation of
,
Or
liquidity of the other assets of
the bank, notably loans of
course,
but it also varies with the
type of
''LawnnfIer.:'as been
in
how
endorsed
so
such
In this
Assets
Dice
loan
delega¬
that
badly to bolster up
ticket they should nominate
the
Convention
is
him
need
the
were in
Banks
the
buying
another
t«i; than " y°u
thUy
0nly 40%> or
LaA*! °f Compensation
Assets in
should, be
If
portfolio varies froth
and
0Se assets
must
you
loans, and what
changes may have
primary and secondary
reserves, in its need for liquidity,
and
then
50%'"of
it.
for
effect
any
would
day,
always
titude
made in its
vJose - assets are* in
liquidity in "tifp ed 4? b"y m<>re
even
rainy
Perry T. Blaine & Co., 4544 Main
;
secondary
that
Avenue,
which it
loans,
for
in
are
investments, rather
funds
-!?.e careful to get
quidity they deserve
in¬
affecting
than, by
consider
you owe «'
by
lucky, carefree, spendthrifts who
many
portfolio
of a bank has gone
up consider¬
ably in recent years, it might well
a
affect
can
policies
how
the cash
necessary for such loans
from maturing
more
yu
consideration
and
—
Co., Inc., 362 East Olive Ave.
a major
loan
demand
areWith Perry Blaine
likely to finance it by means of
(Special to The Financial Chronicle)
their
more
liquid primary re¬
serves, i.e. by simply providing ASHTABULA, Ohio —Robert W.
f time, banker's
-
of
/in
reducing
Illiquid Loans
other day the
Republican
to the National
acknowledgement
hi$ vote getting ability. His at¬
of
the
are
prepared?
a
however, results in
liquidity at the very
Carolina
there
And
loss involved in the latter course.
Such a policy,
South
persons
number
The widespread demand on
the
part of Republicans for him on
the ticket is an
con^
that
the
bankers faced with such
increase
are
000
considered
which
your
too
in
tion
bond
that
they
and
pared
meet
selling the longer-term
proporsecondary reserves, because of .the
higher the
the
afraid
-
a
of the
economy
liquidity needs? Are the depositors
thrifty, hard working, conscien¬
tious, solid citizens, who are pre¬
in¬
prices
from longterm secondary reserves into
loans
at such a time would
naturally
entail selling bonds at a loss. I'm
to
are
gressmen,
the
you should also con¬
type of people who are
depositors. Many, I am sure,
that
of
low
and
time
mindful to the
heavy mail that is
coming in to Senators and Con¬
vestment
responsibility v to your .community
without using
you^.primary re¬
therefore
deposits,
depositors they have
So,
such
of
depositors, but how often have
they considered
what
type
of
your
such, purpose?
and
net income you can seek
In connection with the
probable
Consequently, to shift
ful¬
responsibilities
fulfill
you
the stockholders.
the
degree
could
you
and
more
have
you
are
reserves in such
demand
and
to
community,, by making loans
satisfy,
less
first
community,
heavy loan demand is
accompanied by high money rates,
bring
are
that
/
the
the
Down
in¬
stable
more
CARLISLE BARGERON
cerned about whether he can
will
and whether in his
efforts to win
he will become too
liberal..
therefore
liquidity
buy in investments,
to
•
sider the
major
major
keep in mind that usually
in¬
that
a
demand
the
lesser extent
deposits
of
demand.
have
liquidity that
period
come
point I want
in
care
loan
loan
serves.,for
its
Federal
in
should
you
that
taxes, would
be
greater
from high grade
Ohio municipal
bonds than 'for loans. But the
of
mar-;
to
in
secondary
this
municipal
probably
return
after
feel
handles
high
take
should
you
the
out
firm
municipal bonds) in today's
ket, with its
historically
bonds,
if
crease
however,
bringing
because
to
and
again,
that
fluctuations
not
fluctuations
that such assumption is
true, a bank will be fulfilling its
responsibilities to its community
degree
and
for
care
same
rather
For
liquidity
loans, the
buy in
they can seek net
for their stockholders.
need
•
The Republican
conservatives
need
more
therefore,
primary re¬
are maintained
principally
safeguard depositors, and to
to
their
they
Similarly, the
serves
return
if
in
economy the more stable you can
expect deposits to be, and
i*! a technical discussion of the
sponsibility to the community, by: difference
between primary and
making sound loans.in and for:
secondary reserves. But we can
the benefit of the community, is;
probably assume, without much
beneficial
also
to
stockholders.;
because
*
,
planning to backstop Dick Nixon.
agri¬
communi¬
more
investments,
come
demand? v ilV .-••y
I don't want to become
involved
seems
have
liquidity
their
be
the
course,
less
called upon to meet their
responsi¬
Generally
j.
BY
",v.v;
Of
let's turn to that other bilities to their
community in the
category, of how responsibilty to- near
future,-say, over the next
the community should affect in¬ two or three
years. Perhaps loans
vestment policies.
By this field: are not
high today. Then consider
of responsibility I am referring
thoroughly the prospect of a con¬
in general to the loans made in
siderably increased loan demand.
the community, and let's assume- Are
investments in
primary and)
that all loans are in the commu-*
secondary reserves in such condi¬
nity, and are, we think, ; for the - tion so as to
meet a change in
welfare of the community.
loan
Now,
,
H
and
upon
substantial
highly11 industrialized
very
ma¬
stores
culture in Ohio has proven to be
more stable than the
economy of.
1!
return on longer
to
dependent
and
...
1
•
others dependent
upon those same
people. Moreover, the economy of
all
or
v
be trying
get a better
turities.
i'
,
and ( office
people
in
such
diversified
employed
pursuits, and loans
por¬
cash, particu-
time when most
a
professional
one
but ; not so readily thing
but ; not so readily
t0 do
same
ke1
- — ~
marketable and get a better re¬
turn L.
for the bank from these Meeting Increased Loan Demand
r
other securities.
securities. In the second
In the seconc
Before, leaving this. pojnt, let's
place, one may be getting 'li¬ dlso
recognize
that
investment
-grade
-grade
....
i
„
consider that U,: S. Government, optimistic -about how
quickly
securities are the most liquid form / could convert a worthwhile
high
gh
13
White, Weld
&
Co.
,
Financial Chronicle
The Commercial and
14
.
.
.
Thursday, April 7, 1960
(1502)
4
Decade of'Discoveries Aheacl
Telephone Industry
?950
to
?960
*285
Mllion
ffon
bonanza
on
the other
what lies ahead in
uneconomic Sixties on the one hand and no
for the telephone industry, Mr. Naylor charts
from'
75%
by
increased
devices and perhaps lower cost.
The laboratories are challenged to
tele-
period
same
can
—
at thG end °-1?
vear
have
comparison with the 1950s which are said to
the
In
$480 bil-
to
vear
from
68%
increased
oer
whet tne
public
appetite with better design, new
w"°
1S
United States from
thp
nf
phones
Positing no sinister or
his head harder and Ws frowns
narJ
»hT thp nublic
IQ
the
on
nrnrhirt
Vice-President, International Telephone and
Telegraph Corp., ISeiv York City
general
the
scientist will be scratching
The
telephone busiis axiomatic. Gross national
ness
By John T. Naylor *
of
influence
economy
For the
"How much can we do to
Forecast
The
simple question
serve?"
blazoned with the
Popular
the
of
Significance
*.-flexibility and eye appeal.
The
Telephonically, Ohio in the '50s
illustrated
to a degree the
saturation
trends.
of
ing
has
State
the
of
mature
most
veloped
in
mean¬
This
been
and
one
best
de¬
the
telephone
art.
Starting from a higher base of
attained development in
1949, it
gained 59.5% in the '50s, from'2476,726
telephones
to
3,946,332
telephones in service. In the face
of higher than average population
growth in this period, we may in¬
having
its
terpret
shnple
traditionally
lower
a
tele¬
-que+st|0^
than .the entire preceding sevenT ~ >
phone rate of growth than the na¬
ble authority that the gross ria*
?an telephone service be.
tional average as
decades of telephone history. Aware "we are in a genuine 'buyers'
tional product should increase to
A |al.r summary of all thxs; is of the accepted confirming proof
fact that it was
market," the ITT official denies there's any need to acquiesce to the
,
$700 billion per year in 1970 or by »that-this*
^nnr indust.rv leading the race by quite a stretch
signs of saturation or to the modest prospect of growing in step with;
45% in this decade. A: paralleling improved ^uahty-in*.d
^y- at the beginning of the last dec¬
the general economy. H^.out!ines what the.team work, of the.operatincrease in telephones-would, on
If ^statistical hindsightn :19/0 ade.
f,X,'XX.\'.Vv,
v.,
Xv/:,'.
thi<;
nmduce- a
erowth of
to resemble the impressive 5(L
ing executive, manufacturer and scientist can do in presenting /an. ,
'
We know- Ohio is.leading
I am convinced that it will only
today;
exhaustive list of developments needed which include actuating fire
its population ratio to telephone
L r an^naf rate ot4% per yea? be'
and burglar alarms, locking doors and turning off lights, and a com¬
development is 2.4 people to 1
compounded as .-against an average fection in this period is fanatic. >
against the national estimate of
plete intercom system lor the outside and inside of the home. The- » annual rate of about 7% per
year, t Pace Makers and Trends From
2.5 to'
::
telephone outlet, he reflects, should compete in quantity and conven^, in the '50s and 6% in 1959. 3.X::
reputa-
It has been, forecast on
enjoyed greater telephonic gains
,,
*
1
.
•
-
and the water faucet.
fence with the electric outlet
-
facts
Other
cast
.
.
application of new methods,
The
mastery of new facilities and ex¬
panding horizons
m
u n
for growth are
the
in
friends
famili°r
old
com-
in
far
the
brought
a
which
unbiushingly dub
as
"sensational,"
"soaring," "rocketing," "e x p 1 osive,"
"spectacular" and "fabu¬
to
maturity
be¬
fore the word
lous."
had
itself
be
and
decade
the
may
from the world of super¬
the
extravagant se¬
cry
mantics
and
today
thoughts
latives
telephone
business
labels
Such
and
fact
'50s
short
fall
conscientious
a
of
outlook
in
a
Looking
as
ours,
the
future
entering
upon
a
to
decade
new
has
John T. Naylor
of
the same
ingredients as day to
day telephone budgeting and en¬
gineering tasks. I like this ap¬
proach and backgrounds for our
many
discus-ion
the
on
the 1960s. A
more
of
probabilities
dramatic treat¬
profession soberly dedicated,
to the industrious appli¬
Dui ing
population is said to
j by
18.5 % while
greater
-
1959. Average daily
calling is up from 132 million
total calls per average day, m 1949.
telephone
1959
in
or
not
kept
service
and
extensions
locations
calls
jus'
was
.
Microwave
caxiing.
it
"do
a
your-
networks
han-
now
of nationwide
user
per
1UUJm
,
u
+
ment is not becoming for it would
cast me
in
the role of prophet,;
disqualifying
and
my
own
usefulness
the
of
cussion.
It
me
nevertheless
dispassionately
credentials^ present these questions.
,
,
this
et'
dis¬
1
hoped that this will be aself-serving story self-serving in
the
sciousness
is
sense
that
it
will
be
with
telephone
genuine
needs
mony
ment's
manage-,
his
on
down
earth
to
check
list
of
pro¬
fessional hopes, professional wor¬
ries and professional demands.
In
this
the
year
of the
several
past
census
and
months
the
economic
statisticians,
scientific
clairvoyanhrand sociological crys¬
tal gazers have been enjoying an
Some of their predictions
significant and ingredients of a
projection for the communications
appetite
an
for
con¬
progress?
governments
ciety
investments
and
for
faith?
financial
risktaking
and
*
point;
alternatively,
the
only "cry havoc," retreat
can
the
of
in -this
"Buyers Market";
I
do
not
deluge.
the
"bearish" conclusion
a
industry cannot
year
the
must
30
the '50s. I be-
•
conclude, how-
accept
offer to sell
nor a solicitation to buy
only by the Offering Circular.
any
':
of these
will
in
'
then
must
March
29,
1960
longer support
no
genuine
a
The
new issue
set
225,000 Shares
operating
team
produce
Corporation
Common Stock
($.01 Par Value)
with
up
customer
appeal.
While
preserving earnings and economic
stability, short- and long-range
plans
should
be
super-
saturated with sales programs and
with efficiency measures in
preserve
engioperating
price appeal
marketability.
control
ana
PRICE $1.00 PER SHARE
to
must be brought to bear
pressure
the
on
suppliers
facilities
to
needed,
produce
at
obtainable from only such of
registered dealers in securities in this State.
the
Philadelphia Corp.
"40
Exchange Place
New York, N. Y.
Phone: WHITEHALL 3-5442
United Planning Corp.
Raymond-Commerce Bldg.
1180 Raymond Blvd.
Newark 2, N. J.
Phone: MArket 4-2727
.
■
Factory
management
will
be
challenged to unwrap all of the
imagination in the shop. Through
Jic
First
the
marketable
prices.
are
operating companies the pubneed
the
will
come
hammering at
factory door for better prod-
ucts,
new
dented
products
will
is
ones
the
use"
prosper
and
unprece-
versatility. The day when
manufacturers
this
growth
basis
in
all
Supply
be
maintenance.
and
to
expect
We
electronic
see
registration and control for elec¬
tro-mechanical
mate
switching with in¬
trends
i
toward
the
ulti¬
miniaturization
n
and
electronic
switching.
There will
growing telephone vocab¬
ulary and jargon built around di¬
a
odes, transistors, semi-conductors,
etc.
;'X:' Xv""
Economy- and
siderations
direct
tion.
:
A::.
will
-X:;'
pulse
v,
con¬
accelerate
toward
principles and
dial
The
■
functional
! trend
present
control
the
common
from
away
type
of
opera¬
inherent
flexibility and
adaptibility of registration sys¬
will-provide more service
tems
with
minjmum additions and cost,
particularly
magnified in multioperation and in the auto¬
matic
both
recording
local
and
and
toll
electro
present
-
billing
traffic.
of
With
mechanical
ex¬
changes, it is obvious that dramaticflliy
of
"breaking
can
kind
is
and
with,
over.
tell
of
the
nf
machines
common
vou
Factories
that
survive
will
be
escutcheons
the
em-
circuitry
In
the
central
riety
using
fault
and
this
at-
automatic
through"
research
the
overall.
the search for quality, for new
tools, new methods, new market?
and economic efficiency engage
over
5,000
laboratories
in
the
States
ization
from
ranging in specialmaterials, chemicals
electronics
and
nuclear
to
satellite
techniques
tions.
In
alone
consumed
1954
and
research
$5
and
applicaactivities
billion;
this
year the figure will be $12 billion,
Forecasts
predict
research
ex
penditures at an annual rate of
$27 billion by 1970
and
dissecting the telephone
We
in
the "polic¬
during peak
speed-up in both
A
and
in
functional
performance
should
be
forthcoming.
There should be
the
a
reduction in
weight and cost of
ply.
A
revolution
power sup¬
in
techniques
has been forecast with
of fuel cells a
a
new
era
possibility.
There
be, new signalling
devices
and controls
capable of handling
will
a
multiplicity of needs from
tuating
to
fire
and
burglar
ac¬
alarms
locking doors and probably to
turning
the
off
and
on
stove
at
the
home.
lights or
Pocket
and
mobile
summoning by radio may
emerge from the highly selective
commercial character of the pres¬
to
become
commonplace—a
ent
gadget is
Specific Targets and Discoveries
*
f°r the "Sixties"
Before
routining
devices.
message flow
traffic
support an area of business
expansion moving at treble the
rate of the average for the na-
United
there
expect much more mech¬
anization in the
making of traffic
traffic levels.
In
office
isolation
engineering
economy.
required
should
measurements
On
be
should
be faster
and
cheaper
maintenance of the preventive va¬
must
,
will
to handle traffic flow.
ing" of
exists.
longer
no
the public is
ready
gadget when
with quantity
a
demand.
In
the
toll
dialing
and toll
may look ahead
business
into
its
various
functional organs and areas of
growth
I should like to localize the mean-
to the inclusion of person-to-per¬
son
and credit card
calls under
ing of the broad statistics quoted,
customer
The
botton
Ohio
national
forecasts for
example, should be increased by
50%.
Against a 19% national increase
the
U.
in
S.
public-that
facility
and
in-
Unrelenting
neering and in cost and
are
labor
should
stage it is estimated that the elec-
manu-
ingenuity and resources
"showing."
Operating
management
must
national
a
market.. tional
executive,
must
game
business
the undersigned as
tion
tronics and communications sector
up
their total
Copies of the Offering Circular
■•xX....
Can
lighter and
more
compact switching systems,
minimizing floor space, installa¬
barriers
us—we are
"buyers"
On.
mosphere
facturer and scientist in this tele-
phone
Britton Electronics
_
should
There
in methods barriers and functional
targets than matching the general
we
quantity
easy
dustrv something of the same
modest
more
us
have been skimmed off in the
'50s. X/.\ XX. X.'.X
;X'V
v
that if we are not to acquiesce to these signs of saturation
not
of
at
the
that the
may
ever,
and
time they remind
cream
at
match
or
million growth for
we
grow
duality -/spectrum;
same
to draw from
propose
tough quality goals under a
rough challenge. Demand statistics
shares. The offer is made
.
.
some
an
,
x;
■
control circuits capable of oper¬
ating 10,000 times faster than the
economy
This announcement is neither
,
,,
1
* These
achievements can
be
holds can suoport three times this confidence-building incentives far
number of telephones.
" the ?60s. They inspire increasing
; '
XA\XX;- - technological and design competiUrges Challenging- the
y tion
and an offensive "push" in
these facts
await
,
only
lieve that
and
manufacturers?
i-X" x:v<
What Manufacturers
-
of mistrust?
Ark
,.
,/T
'MarKetiq .-of the^comolete ser-
figures that a net in10 million houses
of
crease
limitations. Yet, any such forecast
must assume a favorable
"yes" on
his
as
the
from
;V
SeaX
such
ratio
telephone
per
per
to
will start at
we
the
with
persons
4%
each
of
country. Moreover, we must admit
Any plan or forecast portending
reality must recognize these basic
questions
as
a
framework
of
timid
heart
office
the
are
Just
growth' would
a
1970
a
that
orgy.
million).
urbanization
the
as
ahd office on both a privacy and
speaking basis is in hign
(3) Will statesmanship or events
preserve
the
peace
and
bridge
chasms
31
such
produce
Will the economic integrity
and business so¬
preserve the incentives for
(2)
of
preserve
environment
and
har¬
in
drawing boards and in his budget
statements—self-serving as a
for
Will moral and social
(1)
of
increase
startling,
and
be
<
despite the;
Reoeatered submarine cables
cation
of communication science
increased
pace
of the economy
and product to the serious eco¬
pro.vi^e high quality voice, mesand popularity of telephone usage.
nomic and social neea of the day.
sagej
picture and printer transIt should also be realized " that
mission
to
Before analyzing the impressive
Europe, Alaska, the
a growth proportional to the forenawauan
forecasts for the general economy
Islands,
Cuba
and
cast of gross national product, of- Puerto Rico.. *
as
a
backdrop for our industry's
30 million telephones or 4% per
role we must preface our projec¬
* Transmission of
television, data,
tions with the great speculations year, equates to almost one telecontrol
and
metering signals is
and
"ifs" of these jet-propelled phone- for each
net increase^in taken for
granted,- including comtimes.
Disqualifying myself en¬
E to 210 (from 179 1970 or an
million in
defense and private net1960
million in
tirely for any of the answers let
WOrk performance,
availability
generous
creasing
one-third
over
more
four long
every
on
-
basis
self»
of
out
0ne
stance
multiple.
proportionately
—
wRh
and
pace
dialing
Bjr€Cf operator
heing touted in 1949. In 1959 over
^5 million telephones had direct
nationwide subscriber dial i n g
usage has
there r has
already
been
a
heavy
"convenience ' factor present in growth
in
telephones
.
,
in-
an
a
-
reduced to 5%.
of 58%. But with 75% more
crease
a
in
million
208
to
at a rate four time;;
than the population rate
27 %. non-dial development was
growth
,
creased from 6 to 1 in 1940-—3*7 to
in 1949 and 2.5 persons to each
that ..Ohio is in for
share of new growth
Believing
,
telephone com¬
decades of telephone history;; Aa plex and consider central offices.
Superimposed on itidu s tr y What are we looking for in these
£ele-
,
,
produced
1950s
the
phone development leaped- 75%.
Population
per
telephone
ee-
more
meaning.
The
,,
increased
1
Our
con¬
was
ceived
to
communica¬
commercial
in
likely
things
of
picture
tions.
serv¬
mass
many
come
A utomation
ices
and
istic
i cation
industry.
for
careful selectivity
toning qualifications
are necessary in using these frag¬
ments of fact to compose a real¬
But
industry.
■/;
almost as
gain, more in some respects,
have- thanthe entire preceding seven
.
_
conclusion.
this
on
the '50s
shadows
some
.
population
Census
in
the
Bureau
'69s
states
Ohio's will be 28.5%, from
9,434,000
to
12,190,000.
Ohio's
population increased in the '50s
by 22.1% against a 18.5% national
average.'
board
areas,
we
dialing
control.
or
customer
push
A
universal
key
type switchboard of desk propor¬
tions
is
more
than
speculation.
handling
These will be capable of
person-to-person,
collect,
credit
card, messenger service, pay sta¬
tion
and
ber
calls.
charge-to-another num¬
End
to
end
arrange¬
bulky switchboard
positions may tend toward obsoment
of
Number 5940
191
Volume
.
.
The Commercial and Financial Chronicle
.
(1503)
Information, rate and
services of every
reaching out for faster
and rnore direct techniques emrii
Moving microfilm projections; the
l
PlSh button and visual projector
paV become convenient substifnr the bulky and
tntes for the bulky and arm-tiring
arm-tiring
istration facilities can probably
more than challenge the competition
of
airmail
and
message
ence.
,
and special
iite
r
;ety are
sent the usual recurring issues
and must have favorable solution
services.^ This
is
no
one-way,
super-highway, however, as eyes
must remain sharply open to the
competition of fascimile mail, private networks and
vate networks
package deals
of
of data-message-voice systems.
There appears still to be an un-
'merit
throughout
the
country.
goes hand in hand with efficiency and minimizing operating
c°sts "to maintain adequate returns
to
under prices w- - market ap*--- having
•
peal.
T.his
present.
central office of the future
ay not only
lighten the prob-. limited field for generating more
lems of plant and display speedy
and more public consciousness of
storrer appeal but also flash the how much can be done
how
Seeded information to traffic and much time can be saved
how
rommercial offices which now de- much clerical work can be elimiLjndg much footwork, paper nated by using the toll lines. Toll'
work and clerical manpower. Not is the mass production arm of
least of gains will be in account- telephone economics. ; Unit costs
;ng
commercial and: billing of- ? reduce the usage under present
fices with more machine-to-ma- 'day mechanization."Higher
quality
chine operations and diminishing toll transmission with ample famanual functions. £;V - • :cilities to offer complete instariof the
iips
The
> We
.
plant
and
will not be
neglected in discoveries and reinter-office trunking
search of the Sixties,
with less,
as privacy objectives
problems of spectrum space
larger role
and
be satisfied.
can
Construction
men
realization
tial
:
^
will find partheir famous
,
...
of
"sky hook'' drealn .with
applieation bf some air borne techniques
in placing
outside facilities.
In
districts
urban
and
more
and
the
suburbs
plant will go unincluding v much sub-
more
derground,
scriber drop plant/ Corresponding
new tools and methods
will keep
the plant man "on his toes" and
frequently buried in new "specs."
Subscriber
premises
plant
of
future
also
challenges
the
imagination. Orthodoxy in mstru-
ment
design will give
way to the
"tailoring" approach. Custom designed private, loudspeaking and
signalling devices and instruments
may find their way on a commonpiace commercial basis into
desks,
wall
mountings and othei
residential fur-
ukhiUalnei3S 3
~
Thl
inJ'tx
1
^
in
aspects
,
1^
k
courts" a^Ta^geVdnto
tennis
neat
intercom, signalling and conunited rrul! 1
u8
should ncriivo +
^^phone outlet
trni
1
i.
n.
sCTvi^e h™s
telephone
ieed
be
begun
4.
nf
^ JSr JnH i hStL
demanding
and
interior
well
design
interlaced
become
may
with
telenhnne
sales.
from
siblv
"""
ihf Sdisappear
2S s.?f x!1? future*' P°si
out
in
iust
a?
3
fo
n
r
Hrl°r ? pu
inctma
as thp
,ls on the way
buttons and
"face lifting"
m'dergoing
Mw
migrate
cities
in
from
the
aver
ai
°a to
accepted and
?ge circumstance; any family
themme- It is
and
our job to remind
sell them.
ine toll
phases of
« m
to offer
some
horizons
"hemm
a
•
to
of
phone
the
world
No
communications
ai
n
i*p nmp7hnail
p
teIe_
rine
our
of
industrv
/he
broad-
?>
serv
the future.
revenues
ln!' by the
is
this
decade
of
of
routes throughout the
planned. There will be
'mprovements and expansion in
tropospheric
(over-the-horizon)
£yStems feeding into the domestic
are
Edison's
,
.Al,
a(!dress
bv
or
and
reflection
increase
moon
nications
will
speed
be that satel-
services.
Independent
A.
0PeratlrL?
f ? mfir
»
It is
partner
The
Aprilrf3
doyen
former
of
should
desirable to know
about
in
tax
,
74.
and
the
income
whose
of
bonds
you
100,000 population.
Ire^lk
tabled
between
conversations
.
.
.
,,
,
safe
I
a
T
«
i
something
affairs
and
of
the
Pacific
Seattle.
Coast
Usually,
bonds
Stock
He moved to
are
issued
Los A"®eles in 1926 purchasing a
seat on the Los Angeles Exchange
risks
are
ca" ln 1927'
by
the
too
best
those
of
[size,
the
involved
great
Toll
not
are
Population
anHnfS °f recording
rnent;to-in3^y41vent
rn
de-
of instru-
data and reg-
offer
localities
Avoid
lager
in
and
of
tual
Funds
are
judgment
only
of
'
This
announcement
is neither
an
"
er
it be individual
or
Mutual
forget that
one
vestments for
one
buy
a
Bonds, Stocks,
Funds.
a
of
Also,
the
centralization
dustTy
tors
in
and
trends
defense
accelerating
in
both
may
be
two-family house in
Hi-Press Air
Independent
cities.
The
them
numerous,
the other half.
have
a
and
with
three trees.
STOCK
Share)
Having the Fifties now on record and these standards of progto measure against, it seems
realistic to rule out shocks or
ress
exclamations
sembling
an
Price S3 Per Share
and
anything
reindustry revolution
Rapid evolu-
tion under a quality crusade apPear= '*° be the tone of the era,
bolstered by a lot of hard work
Copies of the Prospectus
where the
States
may be obtained only
securities may be legally
in such
offered.
and hard thinking.
<
New discoveries and their
plication should come in an
apor-
is probable.
Adequate rates and equitable
settlement arrangements will pre-
PLYMOUTH SECURITIES
v
good
per¬
-
CORPORATION
two
or
•>
any
of
Conditioning of America, Inc.
per
to
This house should
backyard
200.000 Shares
(Par Value 10c
a
live
sonally in one-half while, renting
ojjer to sell nor a solicitation of an offer to buy
offer is made only bv the Prospectus.
COMMON
Conclusions
or
bonds
area
in-
fac-
in¬
residential
April 4, 1960
the country's area served by
Independent companies the de-
not
with limited income is to
fense and for industry will occupy
an
increasing proportion of man-
K
do
better
retired person
these securities. The
asaswarsst Aft
0f
as
manage¬
Do not put all
your investment
funds into any one
basket, wheth¬
,,
FallinS largely in the toll or
inter-exchange area, the demands
for Private lines for industry and
sPecial private systems for de-
good
as
their
ments.
under
holding
too
opportuni¬
member, however, that these Mu¬
municipal
though
good
They provide di¬
versity for those whose limited
savings would not permit them to
buy many different stocks.
Re¬
for
;
-
Funds
the
_
tra(fers of the Los Angeles div
tual
sug¬
counselor.
business in
complex of simul-
a
be
city or town
buy; otherwise
substantial
and breath in
pay
the
Exchange, entered the investment
uses every pause
,
and
should employ an investment
you
°f
floor
financial
sion
may
which
by any
means, the only investments to¬
day which offer safety of princi¬
pal plus asgood return. Most Mu-i
ties for income.
be affected. TASI
wdj augment cable capacity; this
"time assignment
speech
interrevenues
make
can
however, that you choose
municipal bonds carefully.
your
Noble, Tulk & Co., Los Angeles,
PaSS6d aW3y
tl0ns'
Tulk,
today
gest,
_
,
Norman
you
taxable.
municipals is non-taxable.
Norman A. Tuik
commu-V
volumes
are
investments. >A further
advantage
is that income derived from
these
Nayior before the
'
-
taxable,
comparatively few
towns
well
Independent Telephone Association,
Columbus, Ohio, March 29, i960.
'
Of course,
are
Many of the bonds of cities
throughout the country
dedica-
Ohio
•
not
than;
—
simple
Mr.
there
bonds
investments
are
excellence
^
may
but
°.\™
a why to do it better—find,it."
cable
It
apropos
discoveries
make.
you
government
more
industry and its best inter¬
in
Thomas
nrnnnrtinnc
the Identity of in- derly
and
healthy
transition,
exchanp
® which apply in the Compatability with existing netits aiiv,irSe^vice area- Voice with works and experience of the past
'
our
—decade
grow ' in
strumpnt.
vices
cf
est
Jtany irSrehigh qualit™mawcrict
admonition
.
shrink)
investment
ment medium.
the
Sixties.;
in this next decade.
for growth
and
uLr r, in
statktirfo
Iht
bee" and iS gr0wth'
mpntfr instinctively the arguat hrf
Justify multiple lines
'
farms
As -the time and interest dimen-
sions
We have
witnessed the xwo-car
'".wiwacu me two-car
the luxurious
^
.
to
famiiiT
diS! +-merge from
V
.
the
are
NEW ISSUE
Z" r,
retired
two-family
standards
Pubbc
?!'.
greater versatility and
area.
a
,
lager™" ^alvalm°St doubling cable
will be
appealing designs from the
factories. Residential
architecture
what
good residential
J??? which
-avf sbared J0f$}^r/n.®Pa.s^ln keeping
and
please in the Sixties
and
more
asked
a
i-S
in
searching
often
limited income, he
recommends
*"
economic
?o
and
more
I-am
a
home in
polation" facility
xi
titv
IfdP
c?mPete «
eleotrfp nn?ilTenieiiCe+uW
faucet
Residential marketi^
that • premature obsolescence of:
present ^equipment and methods,
will be a significant part of this"
with
one
v,
,
-S+rV" lite
•
nLZ lc- sold/nc ^mg ^^
o01Ji facilities which
or
:I,,;
,
to11 system.
±
the
person
see
comparisons
and
improve-;
ments r e f 1 e c t i n g; impressive
change. It is doubtful, however,
especially for people of moderate
best
types
of
investments
for- means and
income.
I also
those whose funds are
prefer
limited and bonds
of
interior
cities
which
scene with
the present stage of4 who need steady income to
would probably not be
help
taneous customer-controlled serv- the art as it is.
bombed in
with their
V
living expenses or to case of World
War III.
ice -should tap / incredible ; new
| Many of us have witnessed the provide a major part of such ex¬
demand and usage. ?This has been transition from the
penses.
Here is
my
answer
manual era to
to1
Advantages of Turnpike Issues ■
borne out recently im the inter-Vthe dial
these people and to
from the candlestick"
others in sim¬
In my
opinion, the bond issues
national - and
extra
ilar circumstances:
continental instrument to the handest
of most
from
of
the
larger turnpike
fields with submarine cable caringdown .toll to automatic ticket-;
-Among the
best
authorities should prove to
investments
be
pacity beings "soakedAip" almost' ing and subscriber toll
from the point of view
safe
of safety
dialing—investments for those who
instantly and defying engineering
and, by illustrative parallel," the of principal and
continuity of in¬ are really dependent on their in¬
forecasts that were
thought to be DC7 and Constellation
come
stepping
are; U.
S.
Government vestment income for their
liberal. >
'
living
'}
back in favor of the 707 and DC8.
Bonds.
These
are
available
in expenses.
These roads
Toll usage per
orovide
average day inThese • transitions
were
good, different series and maturities to the safest and fastest mode of
creased -from 5,923,000 calls per under sound economic
accommodate
different types of auto and truck
concepts
transportation we
day in .1949 to 9,224,000 calls per
The
future
doubtless
holds
in: investors, and are selling not far have yet developed. The
day in 1959>. In the domestic toll
medium-,'
store
above their low prices for the
similar changes,
term future of the
centering
better turn¬
past*
picture for the Sixties the present
,largely on progress in electronics 20 years.
The longer maturities pike bonds should
be excellent as
15 .'million telephone users able
now
arid more custom
return a yield of over
far as
tailoring to the
earnings are concerned.
4%,
to dial directly on a nationwide;
f
which is more than
public need
.
Some of these
you can get
basis will probably,-increase to 75 ~
turnpikes may
by leaving your money in a sav¬ get into financial
| <pp nothing sinister or un
trouble because
million or more by 1970, Most of
ings .bank.
of
competition with each
Sixties on the
the domestic transmission will be
other,
or
from airplane and
The full faith and credit
one hand and.no bonanzas on
nn
the
of the
by microwave and carrier-4-muph
helicopter
1
*
United
States
is
behind
these facilities, but at present most of
service using less and less.
n
them are
+
doing well.
Of course,
copper. :
' 7
v;tlte/.same challenge and excite- government bonds, and I am sure
their income would be
Uncle Sam will never
The * accelerated
default on
adversely
pace
of <s our
we
affected in case of
these
obligations. It is entirely
war, particu¬
economy and society and the Inpa.ce.
larly if such a conflict should
creating cost of clerical and all technologically, in
setting new possible, however, that the money force
in
a return to
which you
will one day be
manual effort
gasoline ration¬
set the stage for
of speed and appeal in
' ;;'v
repaid may purchase less than it ing.
growth in * long distance
usage.
?ur
service and in thrust- does
now, but that is a risk which
More urbanization will
Government, turnpike, and mu¬
contribute;
.
roo^s deeper into the
3y2 million people are>-predicted economy as an unexcelled invest- you must take with almost any nicipal bonds are not,
the
i
growth
interlaced with technological perfectionism. Looking back at this
decade from the 1970s we should
-
^and < less:
Line concentrators and
exchange carrier will, become a
part of standard outside engineering design.; JRadio may play a
,
—
.
service
-
a
complete tour o< what Mr. Babson
considers to be sale
investments with a good return. This
includes
government, municipal, and
turnpike bonds and mutual funds. He
advises, however, not to put all of one's
investment funds into one
basket—not even any of these
that he
suggests. For
with
era
provided
—
much at
chemical world.of plastics.
should
be
more • and
more
an
economic
are
-
research focused: pretty
copper.
and
investors
.
.
There
.
.
Less weight,
more wear, transmission
quality
and workability
standards
are
targets in a yari<?ty_of new cable
sheath materials and in insulation
the
look for
may
population
By Roger W. Babson
-
Small
,
—
subscriber
'
.
—
Outside
Some Safe Investments
For the Small Investor
to
guarantee
uniform
service
standards and industry develop-
,
15
16
(1504)
Small New Science Companies Made ■
The Most Spectacular Profit Gains
Expert study of corporate earnings in 1959 by the First National City
.
Bank
services to its four operating sub¬
sidiaries.
four operating
armed
above the
ers
5.5% in 1958 it, nevertheless, is below the 6.4% 12-year
average
of 1947-58.
panies
corporate annual re¬
>
crease
of
which
are
returns
J
ues
net
on
generally
J.
1
J 1
.
_
'
_
on
Jl
*
V,
Indus-
medicines, cement,
I
autos and trucks, soft drinks and
tobacco products. The most spectacular profit performance, however, was put on by small companies or divisions recently formed
in the physical science area.
*
11...
after
of
taxes
18%
of
billion,
$21.2
the
over
of
the
Anminrtl=
"Net
•
levels realized
income
in
World
after
to a variety of consumer
as
_
investments and other
sources
preliminary
summary of well as sales.
Ouro
some
2,400 .companies given_ last
month. The rise may have been
sufficient to put profits for all
U. S. corporations up to the old
peak recorded back in 1956.
"Likewise,
taxes
as
assets
also
-
a
from
below
of 14.2%.
age
9.8
to
the
*
hibernation and
were
when
11.6%.
12-year
It
un-
the
-
.
.
x
:
..
TIT
General Electric
COMING
quality items.
A Technical
The
EVENTS
action
-
it
Y^rk
ciation
been
clining
gether
v
Security Dealers Asso-
34th annual dinner in
Grand
Ballroom
of
the
in
on manufacturing outlets
low-wage areas abroad
brought no COUpie(j
of glee be- skuis
rally
even
sessions
before
support
with
0ne estimate is that its
telephone
^
#,
_
Riltmore
'
•
i
the chart foliowers+the
I
April 8, 1960 (Toronto, Canada)
'
*
■
three-fifths
ability of industrials to hold
only
and
manu-
electronic
for
accounts
now
of
found.
the
Hotel
technical
factUring operations abroad
to-; equipment
was
the
perfected domestically,
qe-
t rung
s
as
there
since
string of six
a
=====================
(New york c..
ing
Rally?
overdue
was
technical
a
had
1960
The ace-in-the-hole I.T.&T.
is that it has been concentrat¬
great/ outbreak
cause
n g
also
were
—
the demand
as
turned to the
IN INVESTMENT FIELD
-
s.
-i-X
—
prominent
aver-
Because of the
com-
position, where
with the anticipated improvea
was
rvv
New
_
among
in
pany
going ment in business this year a
good and the senior elec- new peak is a distinct
pos,-3
tries
Westinghouse and sibility.
company s subsidiaries by means
r\f
of lnonc or o/iuitv investments, nr
loans
equity lpuectmpntc or
both.
as
after
of the peak and put the
of their
out
came
leaders
within six cents
came
*
#
Autos
w^uSthptl^^dp11a^afilat!if»PIt^'ethe the
be made available to the,
a
percentage of book net
rose
was
;
income
net
results
*
*
^
will
A
in
quite as well, largely be¬
of tax bills. On a pretax
up
cause
year's
ance,"'
v
although
which have basis, last year's income was
both successfully and unsuc- better than that of 1956 when
cessfully tried to spark the after-tax net posted the recgeneral list into rallies, ord high of $1.96 a share. But
bumped into a bit of resist- even after taxes last
"
%%
The net proceeds to be realized
from the sale oMhe
secunties^ oftered are estimated at $398,662 50.
War II.
taxes
AND YOU
.
the electronics
(3) sellelectronic
^
better tone
a
most
6.3%.. This includes income from
year
shown
and
consumer
0UfYieis*
percentage of total sales recovered,
from 5.2 to 5.8%, but it was below
the 12-year 1947-58 average of
recession
selected
v
WALLACE STREETE
this week
spots
1958, but still remained
earlier years since
increase
1958, compared with 20%
jAA«AAAA/i|
'
« n
below
approxi-
an
J
n
.
levels
According to the April Monthly
Letter published by the
Bank, "annual reports for the year
1959 published to date by 3,331
corporations show combined net
Bank
income
ing
Manufacturing
however, had decreased earnings
for one reason or another. Deficits
totaling $129 million
were
reported in 1959 by 145 companies
against deficits totaling $165 million in 1958 by 216 companies,
The earnings rates in 1959
turned upward from the recession
tries* drugs and
mately
in
"For the 1,944 reporting manufacturing companies the combined
net income was up 25%. Excluding the steel group, the manufacturing total was up 26%. One out
assets,
carried
greatest for these
was
Trends
Stocks showed
in
equipment
to repair and maintain
sets, radios and other
electronic products;
Bank of New York
.
States
forces; (2) selling to dealelectronic equipment re-
necessary
Thursday, April 7, 1960
in¬
and
United
the
and
television
quarter 1958 results.
by the First National City
points out that
profits rise in 1959 reflects for
many firms the product and production improvement they have
made.
The
1959 percentage
inports
institutions
of
,
f'-.f
of'elMtronfc ^arts"£md
whole fell below fourth
as a
BY
selling electronic parts and equip¬
ment directly to industrial users,
stallations
.
subsidiaries
engaged in the business of (1)
educational
puts net income after taxes at 6% for combined companies
.
THE MARKET
j
The
are
tabulated, exclusive of financial firms. It notes that while this is
Analysis of
Commercial and Financial Chronicle
e
the
total.
At
around 20 times last
earnings, where other
years
[ssues in the electronic section
from
run
40
to
60
Times,'
fleeted
growth
well
as
continuing labors over
problems of cost control. For many
costs of assets, would be consider
firms
tion
the introduction
of
new
improved products, results of
or
development, played
significant
part.
_
o
tacular
The
_
most
a
spec-
are
deprecia¬
historical
usually much
less
than
they would be if computed on the
higher costs now prevailing, which
means that book earnings are cor^
_
,, were
recorded^ by
companies in the scienscien¬
gains
,
small new
lower. Moreover,
charges based on
costs
re¬
search and
ably
respondingly overstated.
tific field.
aggregate
sales
and
reve¬
in most instances far above what
is passed on to shareholders in the
•
of companies included in our
tabulation
On
this
up
base,
income
net
to $314 billion.
the combined net
ran
after
profit
taxes
margin
compares with
is
below
the
represented
of
5.5%
6.0%.
a
This
in
1958, but
12-year
1947-58, of 6.4%.
average,
"Book
net
assets
of
the
re¬
porting companies aggregated $217
billion at the
beginning of 1959,
upon which the
year's net income
represented
an
9.8%.
was
for
This
1958,
but
return
average
above
below
the
the
of
8.9%
Book
worth,
capital and
surplus, or shareequity) are based upon
holders'
the
of
excess
total
balance
assets over liabilities.
borne
in
mind
in
sheet
It should be
this
kind
of
computation that the amounts at
which assets are carried on the
are
usually far below
ent-day values.
"Despite
plus
porations
ten
changes by
pres-
preponderance
the
.
.
major
net
of
'
-
industry groups,
an
important minority of
companies experienced
declines because
npnenn
whole
a
have
the
poorest
in
comparison
by
with
the
C,.!, It, f
net income of
the reportine
reporting
Cos.
58
246
231
Robert L. Ferman
gether
with
common
The
the
at
Public utilities
Amusement,
.....
L-*.
April
19-20,
1960
Pennsylvania.)
Eastern
(Philadelphia,
\
Pennsylvania
Investment
meeting.
an
Group
ers
comcom-
of
ssociatlon
27, 1960
England
(Boston, Mass.)
Group of Invest-
Bankers
Association
'
.
„
.
.
;
+
' "
Discount
-
•
■
Hamilton,
10
cents)
at
—
vu
The
principal of-
shares
of
of
the
exchange for 135,450
in
its
common
outstanding
stock,
capital
all
stock
maiiagClUClll,
VJT4JU-
dard Distributors, Inc., GoddardTampa, Inc.,
Goddard-Gainesville,
foe. .and Goddard-Orlando,
company thus became
Party:
(St. Louis, Mo.)
Luncheon
at
administrative
Inc.
and financial
\
.
Per
2,436
Cent
—on
1958
1959
+25
5.2
5.8
181
+ 17
6.9
6.5
945
+ 15
2.3
2.5
792
+
"
t
211
j:
2,406
3
5.6
5.2
13.5
13.6
+28
—
•
3.9
1
a
i
t
4.7
:
—
$18,047
$21,250
*
; -
+ 18
1
«■
••/■V
'
.
N-
'*»
I
4»
M
>•-
Uk
1
.2
ji.
■" 1
2
bound from the low to the
far
* T
_*I
_
—
A
„
*
'
.L-
'
'
1
"
_
i
T_
;
-
"
.
best in
more
than
though
still
than
week al-
a
far ,from
or
even
being
it
was
to the
up
different
was
was
organization
the
last
it
time
popular. At that time it
the
"norm" of earlier this
year,
that
company
was
trying to shoulder into- the
*
*
*
highly competitive automoThe illogical facet to it all bile
market, a venture that
was
that
plenty of market was far short of being sucanalysts who, along with cessful.
their customers, were
feeling •
<
:
*
*
* •
*
...
.
.
still
defensive
put the widely divergent inin ; Kaiser Aluminum,
HoiVntrv'riiTh^ /Wil
'
~
April 29, 1960 (New York City)
Security Traders Association of
York
annual
dinner
at
9-10, 1960
Association
of
5.5
6.0
should
the
Meeting of the
nnr:j
f
th
Board
T
t
was no
Gover„
A •
\
sell- 'terests
.
Yr
' One
- ---
,
e r e
dearth of such sugges-
-
W?™** Bankers have
«.»....
-*XU,
AU\J\M
new
-
...
„
0
holdings. By some estimates,
the stock is selling at a 40%
:r:
discount from its asset value,
,v
v :»
which is not a picture of overAttention Veers to I.T.&T..
valuation -
'
.
in for
tions.
Sulphur
of
the market
case
,
Biltmore.
11-14, 1960 (White
Springs, w. Va.)
;
today
the
..
of Gov-
May
in
come
available elsewhere. T h
Exchange
at.Hotel Atlanta
ernors
Industries
retains
ing, and able to compete with Permanente Cement and enany of the more safe yields gineering and steel-making
(Atlanta, Ga.)
Stock
Kaiser
were
profitable
of issues that were5 statistiWillys Motors subsidiary but
cally low-priced, intrinsically into it, in addition, have been
Waldorf Astoria.
May
issue
•
mom
that" seemed"
—
attracted multiple atten- V
The
princi al
;
holding fiof
N,bJ.
VfHIdlld,
11CUJ
Nebraska Investment Bankers As-
sociation annual Field Day.
ivraviQ
iqca
/-\r
,
aahviIle'T?nn-»
cocktails
and
dinner
dinner
May
19
at
Hillwood
utine
Maryland Country Club.
^SndnCou!1trvrS^bOUting
2ft
/|»nln
J
J
u
neglected,
'
m„rh
much
a
+
j
1°+® 1,® "
attoo.
atfpna
to
that
its
;stock
Thig entity has shown
impressive growth in its comp^tivelv brief corporate
has
fXI^nce. But the growth has
,
been
V
The
<
ul! the aluminum
its
equipment has been
process.
;;
-
!
«
I.T.&T.'s sales have been in
i
n
industry in re-
cent
electronics and data-proc«
by
affliction
...
Aluminum
lost in the
i
overshadowed
overproduction
at
May 28, 1960 (Dallas,
Texas)
Dallas Security Dealers
Associa-
Northwood Club.,,
So
So
America and Cuba
'
at
been
at
Association
party
prime
has ^
,
Meeting.
spring
for
tlon has been devoted
"ILsylva^ G?^of essing *
Investment Bankers
annual
pointedly
eight noints.
oicjht ooints
Western
tion
issues,
Its range this year is less than
at
May 2», 1960 (Baltimore, Md.)
Baltimore SecurUy Traders Asso;rs
„
demand
pinpoint
electronic
...
NashviUe Security Trader's Assol ^ther
ciation
Spring
Party;
M
+ 12
3,387
;
1 rf-j
still able to cull out handfuls
Sales—
Change
$13,327
771
pnd finance...
% Margin
"
821
«*
blue about "the market"
Country Club; outing May 20
Bellemeade Country Club
-
1959
1959
Mis¬
Club, cocktail party
banquet at Park Plaza Hotel,
April 28; Field Day at Glen Echo
hold-
a
$^^robvefd"managt
^
ment,
Millions)
meet-
•
Association.
The
■*
and
New
1959.
H
excessive
•
.
April
Spring
Co., Inc. to-
(par
-—
acquired,
164
.
,
5^:.^°"i^MVnicipal ?ealers
^^hway. West Palm Beach, Fla.
0n- J5n'. 23' 1?.60' the comPany
3,017
_____
-
souri Athletic
&
Godfrey,
stock
Nov. 30,
services
Total
"
,
Sheraton
—.
April 28-29, 1960
company was incorporated
the laws of Delaware on
under
155
Transportation
Banks
i
ing.
$3.25 per share.
1058
(retail & wh.)
132
3,331
equity capital
Magnus & Co., Inc. offered on the
afiernoon of April 6, a new issue
of 153,000 shares of
Goddard, Inc.
$10,683
Mining
294
426
almost
Stock Offered
-Taxes-
-Divisions-
Trade
meeting
New
Net Income After
Manufacturing
P0*""
And - always
chart; man the
previous loW Was 615.09
An Empire at a
while this time it was 615.93
Something of an industrial
April 10-15, 1960
(Philadelphia, which is a -tentative^
pattern«empire that has never really
Pa.)
of a strong resistance area becaptured investor interest is
big built up. Also . somewhat that set up by the Kaiser
Commerce, University of Pennsyl- on the encouraging side was a family, and
specifically
vama.
buildup in volume on the re- Kaiser Industries which is a
the past
over
^M^™DING CORPORATIONS
FOR THE
YEARS 1958
Industry
„
cor¬
Goddard, Inc.
AND
1,944
.
industry."
(Dollar Figures in
No. of
,
Dallas.
ment
for
""U
was
spreading
impact of the llfi-riav
Of the l
16-day steel strike.
NET
-a
retained
of additional
i
_
quarter
.
1958.4 Affected
'
earnings for financing
growth and modernization. Profitplowback has been the principal
'
.
annual
%xie Firms meedng of Board
income
I
,
.
.
™
in
,
as
years
—
.
^
the
signs
*
American
half of their
——
books
«
12-year
average, 1947-58, of 11.3%.
net assets (also called net
or
-m
form of dividends.
source
all
,
portK'finahnciaeiastitemems IVe wS5£ °ScS"i™n|
"Leaving out financial institu¬
tions,
nues
APHI10-11-12, 1960 (Dallas Tex
>; of weeks ag0.
Group of Investment Bank°
Association of America 25th cheering to a
Texas
ers
itself
by
heavy expenses of expansion
land startup problems. For the
jparent company, its taxvloss
credits are now over, so it is
mot
a
a stea<^y uptrend for a decade,^^%ling
..but net income hasn't shown ."the
candidate for any
profit
staterhents.
star-
But
progress'Jof basically
Number 5940
191
Volume
.
.
The Commercial
.
and Financial
Chronicle
(1505)
firing
subsidiaries and af-
■'
carried
could then start to than
on the
books at less
fifth of their
probable
And
the
stock
cur¬
a
value.
shoW'
Stock Rarity
a
is also value in
rarity—that of the Sec¬
There
}l
tary
Market Operations of
Mort-
National
Federal
i
Jge Assn. This is, in effect
®
omrnent-sponsored stock
S has no parallel. The basic
|
StfA
organization is, and
continue to be, a govern¬
jX
But the secondfry operations, in time, are
supposed to be turned over to
he shareholders to make it
ment agency.
completely a vpubhcly - held
mpany. At the latest count
he shareholder
family had
holders.
picture of reasonable
value
no
matter which
way
"the market" decides
to go.
do
In
[The views
expressed in this article
not
line
with
customers
means
2
available,
scientific
of
stock
a
They
presented
are
author
as
those
of
the
only.]
and
John
A.
Building.
in
New
a
York
on
a
be
a
S.
Dettelbach
the staff of
in¬
the
pan¬
in
formations,
favored
stock
on
Exchange.
the
New
•
•
•
G.
affiliated
to
Staff
(Special to The Financial
Chronicle)
MINNEAPOLIS, Minn.—John A.
Zeimes has been added to the
staff
of Naftaiin &
Tower.
With
Company, Inc., Rand
McQueeny-Hendon
manner.
(Special to The Financial
Chronicle).
Merritt Vickers Branch
JERSEY
York
CITY,
KANSAS
Along with these detailed price
CITY,
Chance" is
J.—Merritt
N.
Vickers, Inc. has opened a branch
office at 15
Exchange Place under
.
■v
..
stocks
become
Naftaiin Adds
industry is
also
has
B.*C.
Christopher & Co.,
Board of Trade
Building, members
of the New York
Stock Exchange.
the relation
own
groups are projected
- and figure"
same
KANSAS CITY, Mo.—Charles
of
common
Stock
&
by many techni¬
cians. Also, the Dow-Jones stock
averages are projected in
exactly
new
brokerage
screen
its
"point
price patterns—a series
of large charts that
show the daily
price movements of
every single
added to
Hornblower & Weeks, Union Com¬
merce
to
orama
CLEVELAND, Ohio—Frederick
been
much
electronics."
the first such
house, presents
(Special to The Financial
Chronicle)
have
This
stalled
Two With Hornblower
Ajsbeck
and
financial
with
to
instantly visible. Individual
nounces it has
just installed a ma¬
chine said to be "the last
word in
device,
cide
Standard
very same manner, so
the
of
Christopher
with
reference,
Poor's broad 500-stock
average. In
addition, each of the 58 different
industries represented
by the en¬
tire stock list is
charted in the
policy of aiding
every
Hutcheson
frame, of
brokerage
Thomson &
McKinnon,
Broadway, New York City, an¬
firm
necessarily at any time coin¬
those of the
"Chronicle."
its
by
With B. C.
technical importance—each
stock's
behavior relative to an over-all
McKinnon Install
Chart Machine
the direction of James
S. Vickers.
now
Mo. —Lloyd
connected
McQueeny-Hendon, Inc.,
R.
with
440 East
Sixty-fourth Terrace. He was pre¬
viously with Mutual Distributors
Inc.
•••
'
'
#
#
not available di¬
Shares are
those
the
patterns and volume
trends, sepa¬
rate graphs
depict data of equal
built up to 5,800
already been
rectly
Thomson &
rently is almost a third below
its high of last
year to add to
a
17
f v
to the public. Only
selling mortgages to the
be issued stock
is no re¬
any intention, of
can
agency
directly. But there
striction, or
putting
subsequent
on
any,
resale to the
V
general public.
The shares are one of only a
handful that are on a monthly
dividend basis, and the pres¬
ent rate indicates a yield of
\
Profit: the Key to
;
V
v,y
;■■■
■
i:-..
..
..
,
stock selling
about half its book value.
around 5%
at
on
*
*
i'f
is
There
sudden
no
Telephone Progress
tax
problem here if the stock is
turned completely over to the
public. In order to preclude
lit, the agency pays the nor-
Imal
he
Federal income taxes to
and Low Cost
government already. With
tight last, year, re¬
ported earnings. dipped in¬
evitably. But over the half
Imoney
|dozen
of the Secondary
years
Market operation,
een
impressive
growth has
with y
-
IVIavbe
\
earn-
reaching $10,000,000 in
ngs
it's about time
stood up
11958—a million less was re¬
ported in 1959
and assets
and said
a
mounted
to
weeks,
(ood for
its
;
good word about
a
But
/ear's
with
even
dip,; net
earn a
satis¬
very
spirit of
a
the basic
.last
available
opportunity to
factory profit is part of the
a
to
free America. It is
one
I
•
of
[°f its indicated
put
at
the
dividend
present
$2.76.
pay-
Paper
lout of
of
i
their
Item
for
time
some-
Bag, largest pro-"
of paper bags, is an¬
narrow-moving item
jducer
other
|with a 1960
range of not quite
While paper
eight points.
|Pnces have
«
been pinched for
years> recent demand
pas been
jcreases
sible
such that price inhave finally been pos¬
with
provement
prospects
of
im¬
earnings
in
for
ma^or comPanies in
*
*
more
than
ever,
are
*
the
J
< *
dependent
one
us
to
orig-
advantage of all the
service and hold down the cost
We
on
of
prosperity of
can
act instead of
We
can
go
can move
•./>//
>.:vv.Y>^yy/lyS
overwhelming
companies that show excellent
new
ing forces that stimulate inventions,
products, new services and new
profit records do the best job for
plants.
their customers and
And
more
and better jobs!
as
That is just as true of the tele¬
phone business
of added
as any
other
...
and
importance because of the
The
vital nature of the service.
phone
It is
a
hope of its continuance—that gives
in any
WINGS FOR WORDS.
the
community.
users are
better service at
a
than would be possible
other
way.
.
timh
er
so
the many
do without it?
You'd miss its
'
important to
is its
vaiUe
holdings
which
BELL
go out
talk
to
friends and those you
'
TELEPHONE
earnun-,
vast
are
J
All
of
your
life if you couldn't reach out your hand and
•
13-times
take
priceless help and comfort in
emergencies. So much would
'
L.
easy to
tasks of the day would be harder.
prt-
Lt °n*y
g
Moro
h
It's
telephone for granted! But what in the
world would you ever
day-by-day benefits for tele¬
lower price
satisfactory profit—and the
employees and,
corporate citizens, contribute the
most to the
-
earnings projection for
year puts the Price of the
* of Union Bag at
Ku
♦
from
The
la
'
everybody.
The evidence is
that
iv
achievement to another in the
best interest of
of the great driv¬
hesitating
forward instead
standing still. We
one
profit motive is important.
Actually it is
profit that enables
providing it.
to act.
companies.
So the
i'u A
the prog¬
prosperity of communities,
states and nation
stocks have also been
favor
and
the number and the
land Union
field
Today,
'
Interesting Paper
expensive short-term
V
inate and take
your
great country.
ress
of
rate
more
a
technological advances that improve
things that have made this
the stock
figured out to $6.64
share, which is well ahead;.
It is
to
long-pull basis instead
' '":V y
For the
falling in;
outlook " isr
and the incentive
on a
manner.
resumption of the
iteady profit expansion this
ear.
the money
ahead
.
of in
profits.
$2 billion.:
ith interest ratesecent
us
go
somebody
—
ave
a
,
SYSTEM
love.
Chronicle
The Commercial and Financial
18
March
bank
New .York
and Schroder Trust Company an¬
NEWS ABOUT
agreement to merge Chicago Na¬
tional
and
Harris
Bank.
The
Corporation,
Banking
Lomer
BANKS AND BANKERS
Con80lidationt • New Branches •
died March 29
at the age of 67.
Mr. Bitting was
an executive of The National City
Bank of New York for nearly 35
Cash and due
he retired in
which
from
Govt.
S.
hldgs.
'
■
'
/
/
BANK, N. Y.
'
profits
33,558,896
7,003,665,432
7,526,300,362
1,925,412,805
Cash and due
Cash and due
Lns
Govt.
S.
hldgs.
Lns.
discts.
4,194,821,465
profits
95,867,063
&
Undiv.
Total
1,051,641,268
4,226,167,454
91,570,700
824,532,506
sec.
New'
Bank
Chemical
the last 79
20.688,911
21,184,461
Lns.
13,154,091
19,470,520
Undiv.
1,787,829
1,736,799
trade" of its fa¬
mous neighborhood, the bank was
a
show7 place for more than
a
"carriage
Still intact are the
large mahogany furnishing, handgeneration.
bronze
woven
enclos¬
grillework
Vice-President
Trust Company,
and
Bank
York,
by
announced
was
Henry L. Schenk, President.
Halpern came to the Bank
in 1952 as Coordinator of Business
Mr.
Development.
;
-
*
■
Trust
NEW
George T. Davis,
was named head
of the Internatincal Banking De¬
Frank
Shepard.
Vice-President,
ing the tellers' quarters, stained
glass windows and mosaic tile
The flooring, too, is something to
»
Dec. 31, '59
31, '60
$625,384,829
$680,316,014
548,998,570
603,869,585
190,024,558
222,159,735
hldgs.,
93,502,476
/ 105.305.377
discts
306,943,273
3 1 9,266/729
profits
15,155,358
14,354,155
resources
—
from
U.
to
pattern.
-
.
bank
the
and
it
played an important role in pro¬
viding funds for the publishing of
his "Mark Twain" writings.
On
Oct. 11, 1913, it was merged with
the
Corn
Exchange Bank,
and
John
Mc William/ whp
R.
*
$
Mar. 31, '60
Tot.
U.
$3,051,018,453
banks
853,156,266
824,202,042
275,968,659
439,451,303
discts.
1,572,163,068
281,293,050
and
The
later
V.
*
*
Trust
Com¬
last September, the branch
pany
has become
today
one
President
*
Bank
New
*
Ad¬
73,670,947
234,916,430
7,941,930
City, New York,
thorities
to
NATIONAL
COMPANY,
BANK
NEW
Mar. 31, '60
*
AND
YORK
Dec. 31, '59
office in Mineola, Frederick Hain-
C.
Anderson
elected
cal
McLeod
has
been
Vice-President of Chemi¬
Bank
New
New
pany,
nounced
old H.
Trust
it
was
Com¬
Bank's
at 30
Mr. McLeod is with
Wall
Broad
served
as
Street
Street, where he has
Assistant Vice-Pres¬
an
*
hldgs.
26,458,829
Jr.,
President,,
'Y: .'
*
T.
V*
.
89,754,547
"V; '*
Roth,
Island,
New
&
Chairman
Bank
York,
Undiv.
1,935,638
1,903,071
Mar. 31,
'60
Dec. 31, '59
$3,951,500,270 $4,314,464,349
3,381,490,224
3,711,176,704
resources
Deposits
Cash and due
from
8.
857,537,268
1,180,028,479
hldgs.
Undiv.
405,086,541
456,816,268
discts.
2,193,236,012
2,222,140,161
profits
&
70,826,628
67,178,864
*
MORGAN
*
*
GUARANTY
NEW
OF
of
resources
Deposits
—
COMPANY
YORK
Dec. 31, '59
$3,921,483,066 $4,109,799,585
3,187,373,038
3,362,998,235
Cash and due
from
S.
banks
Lns. &
UndiV.
hldgs.
932,180,427
289,795,215
2,196,153,907
discts.
2,259,924,349
101,029,002
92,709,010
profits
*
439,949,330
*
Manufacturers Trust
Company,
New
York, announces that its Far
Eastern Representative Office will
move
to
the
issue
of
the
"Chronicle,"
its capital stock
shares.
The
proposal
crease
tional
shares
at
the
by 42,023
was
ap¬
rate
of
new
stockholders.
holders
have
not subscribed for
to
the
initially pursu¬
rights. The right to
subscribe, evidenced by transfer¬
able
subscription warrants will
expire
on
a
par
$2,731,490
of
value
504,275
of
consisting
shares
$5
each, to
of
546,298
COMMERCIAL BANK
-
.
Manufacturers
Trust
Representative Of¬
Europe, at London, Paris,
Main and
from
Mar. 31/60
resources—
Rome.
Cash
and
from
due
banks
U. S/ Govt.
rity
.
:.
19,404,286
291,709,015
73.717,796
178,649,124
3,827,792
discts.
77,991,519
resources
AND
HARTFORD,
TRUST
CONN.
Dec. 31, '59
$414;133,271
81,291,087
179,577,150
7,142,453
7,001,348
NATIONAL BANK
Mar. 31/60
resources-
Deposits
OF
39,930,196
45,799,421
94,404,207
100,768,711
227,367,478.
222,441.165
secu¬
Loans and
discts.
Undivided
profits
*
1,295,166
-
.
❖
V.
'
i
Zwiener,
Trust
and
1.000,000
.
46,764,664
95,862,010
87,754,336
3,460,915
2,324,468
nounced
Na¬
1
completion
upon
of service, it was an¬
by
Paul
E.
Hoover
nounced
President.
however,
./
Mr.
Pflueger,
will
continue as a membe
the' bank's
board
of
director
executive committee.
Mr. Pflueger began his bankin;
in 1915 with the First Na
Bank
of
San
the
1930
merger
to
1942.
ii
ii
assistant
a
Nine
elected
H. An-
years
Crocker
a
Hi
cashier
Vice-Presidency
from
rose
Francicso,
predecessor.
later,
First
he
was
National
derson,
George
R.
Birkelund,
Paul L.
Morrison, and John T.
Rettaliata, all presently members
of
the
Chicago National board,
Director and, in 1954, was desig¬
nated Executive Vice-President.
Callahan, Moran
In Garvin, Bantel
,
be
the
proposed
board
of
the
election
for
Harris
continuing bank.
in
to
the
•
•*
April 7.
Savings
Bank,
and
that
Lester
directors
Armour,
of
each
the
Bank of Chicago, 111., located in
the Continental Companies Build¬
ing
.
W,':
*
*
'
❖
New
"announce
grade
atjMichigan and Jackson.
■•
r.
Garvin, Bantel & Co., 120 Broad!
way, New York City, members ol
Chicago on
This is the Illinois State
i
York
a
Stock
new
Exchangf
service in
higl
unlisted preferre
and common stocks, managed b
Frank W. Callahan .and assiste
by Frank X. Moran. Mr. Callaha
bonds,
for the past
associated
eight years has bee
Kidder, Peabod
with
was with Vih
the sale of new stock
$252,000 to $332,000. Effec-. & Hickey, in the Industrial Bon
tive March 22. (Number of shares, Department.
"
:
/•
&
Co.
Mr.
Moran
fr.om
outstanding
$20.)
!
16,600,
par
value
Joins Eastman Dillon
it
(Special to The Financial Chronicle)
stock dividend, the National
of Lincoln, Neb., increased
its
common
capital stock from
$100,000
to
$200,000.
Effective
By
a
Bank
(Number of shares out¬
President, standing 2,000,
Chairman of the Board of Chicago
National Bank, Chicago, 111., an¬
41,979,670
;
March 21,
*
Chicago,-III.
holdings-
Aug.
on
tional
,
Lester Armour, Harold
Crocker-Anglo
Harris, Crocker-Anglo
in
continuing bank when the
due
Kenneth
directors
as
*
holdings-
Harris
Dec. 31,'59
$418,473,648 $421,113,081
380,721,962
386,463,441
banks—
Govt,
of
and also by
CLEVELAND, OHIO
S.
board
of
career
be
Ithaca, Mich., increased its com¬
mon
capital stock, by a stock divi¬
dend/from $210,000 ,to $252,000,
78[785,267
SOCIETY
from
remain
normally
result 20 members
a
present
of
excess
of 45 years
and
make
The Commercial National Bank of
183,605,034
profits
and
to
111,027,167
*
Cash
As
case.
the
of
will
{
& discts.
Total
offered
78,904,283
banks
hldgs.
sec.
Undiv.
re-'
350,398,575
_
U.S. Govt.
Lns.
for
$436,060,296
394,317,575
Cash and due
from
McCaffrey
•
stand
would
than
funds of
in
Fflueger, Executive Vice-
3,662,732
BANK
Mar. 15,'60
Deposits
have
capital
sum
a
tional Bank, San Francisco, Calif,,
will retire as an officer of the
Bank.
A new bank opened in
CONNECTICUT
COMPANY,
Tot.
L.
to
not
total
to
President
183,162,626
*
27,346,278
secu¬
profits
46,515,308
profits
,
Loans and discts.
Undivided
51,151,086
banks
Dec. 31/59
$172,065,547 $178,729,657
145,312,354
160,209,786
$328,606,832
hldgs._
THE
the additional shares will
the
will
Dec. 31, '59
U. S. Govt.
rity
NORTH
AMERICA, NEW YORK
.
------
Company
OF
TRUST
Cash and due
U.
.
HOSPITAL
$325,419,784
279,038,984
Deposits
&
of
approved
5'i
Mar. 15, *60
Lns.
Bank
the issuance
additional shares off
capital stock.
William
becomes effective.
COMPANY, PROVIDENCE, R. L-/,ZZ
resources
April 14.
consisting
with
on
G.
their places available two months;
,
Undiv.
a
bank
policy
respecting
bank
adopted at a-
John
and
and
earlier
Hamburg, New
March 31, at the age
ISLAND
$2,521,-
375
;
*
of
*
RHODE
sec.
The
San Francisco,
special
meeting on
256,930
directors
chosen
jng,
a
of 64.://///://;//..
Tot.
of
A.,
N.
29
election at the next anhual meet-: of
a
Mohr* President of the
York, died
This offering
will increase the authorized
capi¬
tal stock of the bank from
Total
am
Such
have
the
S.
the
to
right of subscribing,
subject to allotment by the Board
of Directors, to such number
of
the 42,023 additional shares as are
„
also maintains
offered
was
larger premises ^shares of such capital stock,
constructed Togin
z.
*
*
*
1960.
Frankfurt
29
and
newly
Gordon
one
share for each 12 shares held
of record at the close of business
March
*
the
of
Harris
'
-on
proved and the right to subscribe
at $24 per share for
42,023 addi¬
on
York City
by acquiring
through merger or under
holding company.
//
1291, announced the pro¬
by the stockholders to in¬
posal
Building, 2, 1-chom^, Marunouchij
Chiyodaku, Tokyo, on, April 1,
fices in
North
America, New York, in the March
ant
1,021,263,877
Govt.
sec.
of
at
• of
meeting of the Harris BankSept.
14, 1949, Norman W.
on
Long
announced
New
the additional
TRUST
Mar. 31, '60
Tot.
Bank
new
Govt.
sec.
Lns.
banks
Commercial
page
if
COMPANY, NEW YORK
Tot.
The
Calif.,
March
board
of
bank
People's Bank
$
3,648,400
Arm-,
Frank
Harris
of- the
Under
plans for the bank to expand into
7
bank.
continuing
tenure
' ' //:;,*-
88,632,964
profits
sec.
Lns.
3,8,45,807
reserves
$53,000,000. This will be made up
of $40,000,000 in capital and sur¬
the Board at.
plus and the remainder represent¬
will
become
ing undivided profits.
the Boar$ in,
*.
*
/ *
Lester
Board.
of
announced.
*
National
Franklin
33,126,117
discts.
U.S. Govt.
24
*
CHEMICAL BANK NEW YORK TRUST
in
37,479,189
banks
Division
ident since 1955.
U.
147,780,586
29,959,965
Cash and due
it
the
U.
132,584,415
Deposits
an¬
today by Chairman Har¬
Helm.
$164,218,637
from
York
York,
$150,099,351
resources
75,549,904
discts.
"40,630,569
66,035,506
.
Chajr-
become
our,
Chairman of
Chicago
National,
President
•
Tot.
&
&
California,
Anger, President of Chicago Na¬
tional, will become a Senior Vice-
branch
new
a
the
of
will
the
au¬
open
/
Vice-Chairman
re¬
*
STERLING
TRUST
has
from banking
ceived approval
Arthur
THE
7,733,513
.
"Harris,
man
Long Island Trust Company,
Garden
•'
*
24,158,055
29,597,824
.
Undiv. profits
the
the
?
The
Lns.
of
93,029,852
293.650,499
profits
Undiv.
feld,
ministration Division.
York Trust Company.
*
Investment
its
in
of the 104 offices
Chemical
of
31, '59
76,707,199
as
York
New
Dec.
hldgs.
1,580,559.326
profits
&
Undiv.
Corn got
W.
McKinney
Jr.
has
Manager.' George
Through mergers with Chemical joined Irving Trust Company,
New Y'ork, as an Assistant ViceBank & Trust Company in 1954
there
start
YORK
NEW
OF
discts.
&
25,035,295
hldgs._
sec.
Stanley G. Harris, now Chairman.
bring
of
the
Executive Committee at
■
Govt.
S.
banks
from
U.S. Govt. ■•/
201,732,186
banks
sec.
897
118,287,101
554,596,638
5|t
Cash and due
U.
$140,227
123,217,188
—_
Cash and due
$635,406,243
Deposits
from
/ June 10, '59
182,687,630
resources
Lns.
hldgs._
sec.
Tot.
2,703,122,774
'.;/ // ///>///////
Govt.
S.
Lns.
//
2,561,854,408
——
Cash and due
from
Dec. 31. '59
52.943.884,105
resources
Deposits
NEW YORK
BANK,
UTAH
$138,915,074
Tot/resources
Sharesholders
shareholders.
CITY,
Mar. 15, '60
$594,110,837
£
BANK
THE
it
BANKERS TRUST COMPANY,
LAKE
:
Deposits
NATIONAL
FIRST
SALT
517,176,651
&
Undiv.
*
of 4ne
became President
his
sec.
Lns.
Mar. 15, '60
was
Clemens
Samuel
of
Gevers, Vice-Presi¬
named head of the for¬
was
■r,;
r
^
.
The Mount Morris Bank
dent
E.
ZIONS
000,000
profits
eign division.
Max
ard.
the
$27,300,000 of capital, $26,-/ for each five shares held on tha
of
surplus,
undividend date. Rights issued to sharehold
of about $4,193,000, and ers will expire on April 19, anc
reserves
of $5,000,000 — making any unsubscribed shares will b(
total capital funds of $62,493,000.
purchased
by ran
underwriting
Kennth V. Zwiener, President
group headed by Blyth & Co., Inc
of, the Harris, will
continue as
Elliott McAllister, Chairman ol
President ; and / Chief
Executive
the Board, pointed out that the
Officer of the continuing bank..
sale
banks
Govt.
S.
of
.
sist of
Cash and due
partment, succeeding Frank Shep¬
behold, in marble ingeniously cut
Tot.
Deposits
correspond¬
department
Louis.
of St.
1,100,000 $20 par value shares, to ■ $10 par
The new shares will be offered
$27,300,000, consistig of 1,365,000
$20 par value shares.
The pro¬ to shareholders of record at th(
posed capital structure of the. close of business March 29, at $4(
Harris after the merger will con¬ a share on the basis of one shart
TRUST
YORK
banking
ent
/
joined the bank in
previous position in¬
5%
a
tional
*
MIDLAND
MARINE
COMPANY,
His
1949/
;\.;z■■/; Bank
of Director and Chair¬ Z; When the merger is compman
of the operating committee. uleted, Harris Bank capital will
He resigned recently as Chairman be
increased
from
its
present
of the Gotham Bank.
total of $22,000,000, consisting of
z;z;:://r/Z
THE
.'•/'
Fick
Mr.
cluded service in the
to the post
New-
retirement of
March
on
•
,
Company,
announced
York,
Mar.
York announced the
Presi¬
McMillen, Jr.,
29, the election of Ira Hirschmann
/-
Company,
Trust
Bankers
C.
Colonial
of
/■//
*
*
/
37,037,148
-t-
*
New
New
940,107,073
33,496,045
*
of
Trade
years.
502,171,870
*■
.■
1,300,000
261,307,829
888,796,912
profits
dent
Assistant
438,962,002
260,542,835
discts.
&
William
as
for
Dec. 31,'59
$1,713,616,098 $1,822,693,466
1,453,659,995
1,586,959,072
banks
ier, to the post of Executive VicePresident.
stock dividend on the
shares ot Harris stock
outstanding
at the
time the
merger is consummated.
The re- ;
suiting 1,365,000 shares will give
the Harris a capital
account in
excess of the total capital accounts
of the. two banks prior to themerger.;/84.6% of the shares in
the continuing bank will be held
by present Harris shareholders,
and 15.4% by present Chicago Na¬
YORK
NEW
BANK,
Mar. 31,'60
hldgs.
profits—
❖
;/;//■"■ ••//'/
Govt.
S.
sec.
The election of Robert A. Halpern
Originally established in 1881 as
the Mount Morris Bank, the pres¬
ent office has been maintained in
the true
mid-Victorian style in
which it was built.
Catering to
the
U.
discounts
&
Undivided
935,141,895.
31,310,594
>
Cash and due
from
corner
been for
-
.
$
$
HANOVER
Deposits
secu¬
Company
northeast
8,629,418
337,283,019
28,810,787
resources
holdings——
rity
928,563,243
;
■
Tot.
from
due
Govt,
S.
Loans
York
opened on the
of 125th Street
and Park Avenue instead of on
the northwest corner where it has
Trust
10.149,706
and
47,018,634
banks
April 4 the Mount Morris Office
of
43,592,922
Deposits
U.
discts
profits
THE
■
Dec. 31/59
$47,957,284 $52,953,829
resources—--
Cash
226.944,797
&
•
U.
hldgs._
sec.
COMPANY
YORK
Mar. 31/60
510,726,494
449,884,888
i-
TRUST
UNDERWRITERS
NEW
banks
from
banks
from
*
*
2,094,662,547
due
and
'
*
1,673,956,971
1,501,207,274
election
'■
it
sis
agreement provides
for an exchange of 1 1/7 shares of
The
bulk
of/the employees of
Harris stock
for each share of Southwest Bank of St.
Louis, Mo.,
Chicago. National
stock,/ which. recently purchased shares of stock
will result in the issuance of 200,in the recent public offering, I. a.
000 shares of Harris capital stock
Long, President, announced. All
in exchange for Chicago Nation¬
the
officers
and
directors also
al's presently outstanding 175,000
purchased shares as did many in
The agreement further
provides the community.
$1,765,032,642 $1,920,010,345
resources
Deposits
result of the
a
Raymond H. Wahlbrink, the
former Vice-President and
Cash¬
The merger
Dec. 31, '59
Mar. 31, '60
Tot.
YORK
NEW
COMPANY,
TRUST
as
of
Institutions
Financial
of the State of Illinois.
A'/v*/••':
*
of
Director
\
.
*
Undiv.
$8,052,752,286 $8,471,866,354
resources
Deposits
Casn
Undiv.
Dec. 31. '59
Mar. 31, *60
Tot.
&
Lns.
595,669,527
1,514,507,949
30,051,680
1,503,542,865
sec.
'//
'
NATIONAL
CHASE
THE
*
*
*
V
590,232,830
discts.
'
'
954.473,337
797,173,866
banks
from
U.
:V;",-
'
___~
Schroder
of
Company.
'•
-V
IRVING
$3,289,299,558 $3,43.9,982,536
2,867,086,982
3,045,521,141
resources
Deposits
;
.
Dec. 31,'59
Mar. 31, '60
t
,
Tot.
Lyons as
both banks.
also named Assist¬
Officer
Trust
Trust
Samuel T. Bitting,
as
John T.
Mr. Lyons was
COMPANY,
TRUST
NEW YORK
Assistant
Ford
and
Assistant Secretary of
ant
MANUFACTURERS
C.
Roy
dent,
Treasurer
named
merger
*
Capitalizations
New Offices, etc. • Revised
as
on
agreement will be sub¬
mitted to shareholders
of both
banks at special meetings to be
held on May 4, with the effective
date of the consolidation set for
Oct. 24.
Approval of the merger
must also be obtained from the
appointment of David
Assistant Vice-Presi¬
nounced the
1950.
Thursday, April 7, 1960
.
has announced, Mr.
Fick, previ
ously Assistant, C a s h i e r
Was
approved an
30
The directors of J. Henry Schroder
years
.
.
(1506)
❖
par
value $100.)
*
Clarence F. Fick has
been
named
Cashier of the Baden Bank of St.
Louis, Mo., by the board of direc¬
tors, William H. Kruse, President,
SAN
DIEGO, Calif. —Beatrice
has joined the staff °j
Eastman Dillon, Union Securitiej
& Co., 415 Laurel Street.
Blizzard
Schenkman Opens
Office
N. J.—Teriy
man
is
conducting a security
business from offices at 162 Mag|
DUMONT,
nolia Avenue.
le
Commercial and Financial
Chronicle
(1507)
more
Seen.
Consumers
■ago;
completed let# survey
University of Michigan, now
reveals a change
in consumer willingbuy. This, includes new
the better
jars,
household
most
remain
expecting-.prices, to rise
•'. next-12
o u r
t h
Almost
months
over
the
increased greatly
during 195.9 (from
61
to
72%),. As
in previous
years, most consumers
equipment,
The
sumers
zon
Consumer attitudes and inclina¬
to buy are "much improved
the 'steel
the peak
strike but still
levels attained
during 1955-56, The University of
Michigan Survey Researc.e Center
reported March 30.
/•
since
report
a
find-
summarizing
of its 16th annual Survey of
ines
declared:
"Consumers'
Center
.
-current
inclina¬
promise a positive
American econ¬
buy
to
tions
the
to
stimulus
the
Finances,
Consumer
witi.out confirming some
earlier predictions (by others) of
a
great 1960 bcom in consumer
spencing."
omy,
.
With
families
3,000
of
sample
unchanged
•
(40%).--Seven
is
one
see
dark point which con¬
on the economic
hori¬
inflation;
The
proportion
givings about prices-on the part
of
many, automobile
buyers.,
When asked what
prices will do
during the next five years, .both
in late 1953 and
early 1960, close
to
one-half
of
those
interviewed
and
this
nanced
year
and
110
with
pares
all-time
an
Leonard R. Perrran
in November
113
1956
and
and
■.
low
The
in
opinions
Three
of
out
believe
prevail in
the
uncertain
good and
have
or
(11%),
bad
some
no
The proportion
year
(5%),
Center said.
ago, but
of June
are
only
or
above
little
a
new
a
bit
*
cars
attitudes
remain
for
new
a
Intentions
covered
to
buy
year
houses
during; the
months, after
HIGHLIGHTS
re¬
FINANCIAL*
last
summer
Plans
for
ment
most
items
an a
of
year
are
1959.
Operating Revenues
household'equip¬
"somewhat higher"
stee* strike,
the
at-
lower and middle in™<; families improved to a
fan-fir exten.t than upper income
„nm
havl i?S' While
nave
become
diminished.
/
?
abip
three grouos
optimistic, the
between them
gGrieral
atom
thP
all
more
improvement
>
and
saw
...
the
far
come so
Company set
in sales
...
.
in
setting for the
PV;'
;
.
new
earnings
even
.
.
so
fast!
records in
per
share.
greater progress
;
Income
..
.
.
.
.
..
on
Per Share
Common Stock
.;
.
.
.
OPERATING
V
v
.
»' Per Share on Common Stock
Dividends
: ;
.
:
Total Annual Sales
;
#
,
,
4
Average Daily Sales ."
\Maximum Day Sales
'.;
Gas Produced by
Company
Gas Purchased by
Company
.
ex¬
ca¬
.
.
.
.
.
.
.
'
-
.
$136,911,825
5,911,1
MCF
431,155,346
1,181,000
1,343,000
109,000,000
351,000,000
$2.80
$ 12,173,434
$1.80
■
a
cost of
meet the needs of
$120,736,537
$ 19,339,255
22,703,432
$3.30
$ 12,178,656
$1.80
-
the system at
1958
our
over
$600,000,000 to
growingservice area.
A copy
it1
of the Panhandle
Eastern Annual Report
for 1959 including a
MCF
411,561,719
1,128,000
1,320,000
96,000,000
344,000,000
thorough description of
the year's results
together
with
informative
review of the period
*Such
amounts include revenues resulting from rate
increases, which may be
subject to adjustment and refund upon final determination
by the Federal Power
I'$■
-i
S.
M
an
1929-1959 maij be
Commission.
obtained by writing
William C. Keefe, Secretary.
in
buy
has accompanied
pment of m°re favor-
and the distribution of
assets (cash, government
bonHo
come.
have
Cento' tudes toward buying, the
of tmr rGPorted. The
proportion
creaLPfr in(rome families has inliouij
Net
spring
Purchase
ago, the Center added.
tifnifCe
1959
few
declining under the
impact of
widely noticed increases
m
interest ra^es
during the
and
come.
pacity by some 28% —to be sold to consumers
along the pipelines.; ;
Upon completion of this expansion, the Pan-handle-Trunkline system will consist of
10,000
miles of pipeline and
500,000 installed
horsepower in compressor stations along
shows
a
Panjiajrdle Eastern
,
favor¬
cars
and to
the years to
ary, Trunkline Gas Company, p-lan
large-scale
pansion in 1960. This program will increase
toward
sizable droo
compared to
...
over
growing demand for
::'gas in Michigan, Indiana, Ohio, Illinois, Missouri
.'.'and Kansas, Panhandle
Eastern, with its subsidi-
substantial proportion of
prospec¬
tive car
buyers intend to purchase
compact cars, the median
planned
expenditure
cus¬
Dynamic
To meet the tremendous
year
ago."
for progress
production
cars
able," the Center noted. "Since
a
nation.
.
An excellent
the
ahead
very
..
Panhandle Eastern has
November, 1959.
"Consumer
compact
20%
for
the
over
and
And 1959
to
Buying intentions
at present
ago,
thirty-two million
some
each year all
...WITH 1959
THE BEST OF ALL!
some;
(2%).
a
a
in
who
than
so fast! In
1929,
limited volume of
...,
than ten trillion cubic feet of
natural gas
look to.Natural Gas
...
think "it's
good time to buy"
automobiles,
and other durable
goods is "much
now
far
as producer,
proces¬
long-distance transporter in this everexpanding field. Jt's a sure indication that
you can
sor
a
higher"
V)
\ proud of its pioneer
position
(7% ),
factors
comment
B
Natural Gas!
Panhandle Eastern, born
thirty years ago, is
in
set
see
B
—
months—
The rest expect bad times
Planning" by Mrs.
a dynamic,
energetic industry!
industry today has twenty billion dollars
invested in plant and
equipment
the fifth larg¬
est industry .in our
economy. Only the electric
power, railway, petroleum and
telephone indus¬
tries have a larger plant investment
than this
August, 1956.
are
This
This
times"; will
equal to the all-time high
All
growth for
.
12
O'Neill; and "Reading Financial
Statements" by Mr. Meek.
come so
ceaselessly to
tomers
fouiV Americans
next
of Research Be¬
hind
from the Southwest to distant markets.
Now,
flow
business
"good
Manager; "Value
with
gas
outlook and in evaluation, of mar¬
ket conditions, the Center noted.
(75%)
Fu¬
Meek, Office
industry transported only
more
occurred
the
about
The
B.
Wil-
now
4657
,
Natural Gas has
92'
has
O'Neill; "Investing For
ture" by Thomas
the
of
improvement
sentiment
.
.
A LOOK AT
newcomer
greatest
•
THIRTY GROWING YEARS...
early in 1958.)
consumer
11, 18, 25 and May 2, will
consecutively "Individual In¬
vestment Planning"
by Mrs. Rose
treat
.
com¬
of
in that office from 7:30 to 8:30
p.m.
The meetings, scheduled for
Part handle Easte rn Pi
pe Li n e's
1959 Annual Report Presents
December,
recession
a
are
Co,
shire Boulevard.-
Re¬
hign
now
Hayden, Stone &
during
January and February. This
nounced
ANGELES, Calif.—Robert L,
Meyers,
James - H.> Miller,
and
during the steel strike to 102 after
strike
Upham & Co, 99 Park
Avenue, New York City, have an¬
a
series of Monday eve¬
ning lecture and discussion periods,
open to the public, will take
place
Copley & Co.
(Special to The Financial Chronicle)
the Ford Foundation.
(The Center's Index of Con¬
sumer Attitudes, including buying
intentions, rose from a low of 93
steel
Harris, Upham & Co.
Harris,
LOS
dustry and
the
\
April
during
Federal
At
'
Three With Hay den, Stone
project was fi¬
by private in¬
the
Board,
serve
the
by
investment Lectures
in
L. Palmaffiliated with
Copley
Company, 818 Seventeenth St.
quist is
January and February. Previously
supported
the*
(Special to The Financial
Chronicle)
nationwide
a
is
DENVER, Colo.—Juline
,
.
with
interviews
This
registered
-
The Center's findings are based
on
increase.
19
.
_
In
an
proportion
the past five
years,
(70%)
tions
below
expected
highest
as
per cent expect to be "worse
off,"
however.**
;
"P;v"
houses.
and
f
,,
Federal Reserve,
to
-
,
by prftati industry and
Ford Foundation instead of the
ls
o n e
■
.
financed
for
years
i
consider the prospect of
many (221/z7o). inflation
as
unfavorable
to
the
have incomes of more than
$7,500;. economy or their personal finan¬
Both represent all-time
cial position.
highs. '•
So far as their
own
financial
/.On the other hand, relatively
situation
is
concerned,4 just; as- many people are now
impressed
many
people
think
they'llv: be by price stability in household
"better off" a year
from now as appliances. And
the availability of
expect their financial situation will
compact cars has reduced mis¬
more.
Recently
the
few
a
v
(25%) of the nation's families now
have
liquid 4 assets of $2,000 or
,
the
,.
Approximately
Spending at a ;
Record High Rate
hv
favorable than
the
like)
PANHANDLE EASTERN PIPE LINE COMPANY
120
Broadway, New York 5, New York
has become
Financial Chronicle
The Commercial and
Demand
.
Our Reporter on
1/
f
for New 4Us,May
Not Be Large*.
JR.
long-term 4*4% bond, due
May 15, 1985, and callable after
May 15, 1975, was the issue which
•.
bond
since
bond
government will,
along with the 25-year bond, take
needs
cash
current
the
of
year
Treasury. The
the
of
fiscal
April 15 maturity was refunded
by a 12-month Treasury bill. This
refunding bill, and the short note,
were well within the expectations
of
the
bond,
been
funds
be
charitable
I
organizations have been
the principal buyers of the out¬
standing government bonds, but
!
the other hand, there
On
not
been
Long Bond Unexpected
The
heavy
ury
bonds
and
bill
down
refurid
to
market.
of
-Beeause
and the
the
narrowness
term
rates of return,
prise
trict
a
sur¬
was
as
bond with
years
a
the financial dis¬
concerned even though
far
as
was
would
expected.
maturity
a
have
not
Also,
it
up
to ten
been
was
J. C.
Eldridge Now
interest
With York & Co.
of the long-
government market, and the
callable
years,
of
un¬
the
first
there is
Pacific
with
why
the
Treasury
used
such
a
long-term obligation in its spring
new
I. L. Brooks &
operation.
money
Co., Inc.
the
competitive
city of Portland, while lo¬
cated 100 miles inland, is consid¬
ered one of the important fresh¬
water
as
ports of the world. It serves
major distribution center for
a
both
materials and manufac¬
raw
goods, being the center of a
trade area of 210,000 square miles
in
the
.
population of over 3 million. This
area contains rich farm land, sub¬
stantial timber resources and di¬
uses.
The
by air mailing
growth: in the past decade electric
plant
account
increased
161%,
kwh sales 114%, revenues about
100%, the number of customers
29%, and residential usage per
that
84%.
ings today.
Receive
nation's
to World
Sav¬
passbook
your
by
In
Home
Loan
company's
has
follows in
after adjusting for
split in 1954:
2-for-l
of the
Because
declining amount
Bonneville power which will
available in future years (due
the
has
GE
a
Approximate
Year
$1.76(a)
$1.20
1.80(b)
32
26
1.20
30
„
1.75
1 20
26
_
21
1.73
1.15
26
_
20
1955-
1.67
1.05
31
_
20
_
16
.
.
(
1 1.45
1954—
21
0.97 ya
L3
1953
1.27
0.90
16
1952
1.24
0..90
16
_
14
1.33
0.90
14
„
13
1950
1.38
0.90
14
1949
1.12
0.90
13
J
951
:
Includes tax
(a)
of
use
(b)
24c
24c
deferrals
} The
to
of
resulting from
of
use
Jan.
accelerated
1958.
1,
obtained
company
March
lent
share
a
due
beginning
increase
11
deferrals
share.
a
Includes
depreciation,
12
-
resulting from
depreciation,
probably in
rapid
of
excess
tax
U
14
$1,924,734
rate
a
effective
10, 1980, which is equiva¬
after
taxes to about 25$ a
about 37% of the amount
requested was allowed.
share;
PGE has
preferred stock out-
no
standing; capital structure is about
50%
mortgage debt, 8% deben¬
7% bank loans and 35%
tures,
stock equity
(including
amounts,reflecting "flow through"
common
of tax deferrals in 1958-9).
hydro
entered
into
Rapids, and Wanapum.
tax froo" in 1959.
free" Jv, 1 ORO
able
that
c'ividends
in
will
1961-3,
as
accelerated
eralized
certain
lating
U.
tax
prior
of
have
Quoted
in
re¬
Portland,
the
on
dividends.
the
around
lib¬
before the
in
bearing
of
of
use
and
However,
years,
some
free
litigation,
Court
future tax status
market
tax
depreciation.
of
part
amortization
District
may
result
a
prob¬
seems
continue
income
to
S.
T4-
It
substantial
a
over-counter
28 V2
recently, the
yields 4.2% and sells at 16.2
stock
times earnings as reported.
Un¬
der these contracts substantial ad-
t
a
r\
tt
c»
expected to
available during the years
AlTlbrOSe V.-P. Ot
H 5T T*"H TYi 5} "H RlTTlPV
AXCU. J. llliaii J.V1JJKTJ
ditional
capacity
is
also has plans for
hydro development
of its own.
It is seeking regula¬
tory approval for the Round Butte
Project on the Deschutes River,
Compare these benefits: Each account
Federal
record
as
TT
_•
.
The
election
brose
as
a
of
C.
Clarke
Vice-President
investment
firm
of
Am¬
of
the
Harriman
Ripley & Co., Inc., 63 Wall St., New
The company
insured to $10,000 by the Federal Sav¬
Member of
the
1959
^
additional
an
ings and Loan Insurance Corporation
approximately
The dividend rate is $1.20; divi^ends were 78% free of Federal
31% of its income taxes in 1958, and 1,00%
"+ov
reach 5.3 million.
Company which proposes
to build the High Mountain Sheep
Project on the Snake River, with
an
initial capacity of 875,000 kw
and an ultimate capacity of twice
this amount. This project has not
yet received final FPC approval.
air mail.
return
O.
funds
has been forecast
It
1980 the population of
Portland's tributary
area
will
by
Power
insured savings
on your
your
i
• •
stock
common
1960-64. The company also has an
interest, jointly with three other
utilities,
in
Pacific
Northwest
leading construction market. Start mak¬
ing More Money
.
has enjoyed good
company
—
dynamic heartland of thriving Los
our
sup¬
ply is ample for hydro power, ir¬
rigation, navigation and industrial
Priest
strategically located in
demand for home loans in
combined
a
long-term purchase contracts with
several PUDs
Rocky Reach,
Angeles County, supplies the booming
,
with
States
three
become
World Savings,
The "
tured
Portland
Savings In Southern California
'conditioning.*""?v
1957
increasing
demands
on
Bonneville by public power agen¬
cies, under the Preference Clause)
Money
con-
and that electric energy
will also be used in' increasing
amounts for space heating and air
compared
area
The
to
On Insured
al¬
Light
&
Power
'
1956
be
Make
^
recent years,
with PGE's 71%.
of
7notes
i
_>
tinue,
competes
plants provided about
FRANCISCO, Calif.—Joseph output (and a negligible amount of
C. Eldridge has become associated steam power).
Most of the bal¬
with York & Co., 235 Montgomery ance was purchased from Bonne¬
Street, members of the Pacific ville under a 20-year contract ex¬
Coast Stock Exchange.
Mr. El¬ piring 1973, and from other mem¬
dridge was formerly an officer of bers of the Northwest Power Pool.
passing amount of opinion as to
a
y
*»
Company
been
though the latter has only 29% of
the combined electric revenues in
SAN
than
* 4
s
f
heating and refrigeration will
Portland,
company
(Special to The Financial Chronicle)
prevailing
more
the
however,
In
towns.
and
L
and" "recently
miles,
square
cities
like
a
present
15
lack
2,700
annum
./
aimount that are coming "due on
April 15. The 25-year 4J/4% bond,
in
In
penditures are also reported to be
running under estimates.
have been moved up
very
readily by the
professional element in the bond
money
long bond along with a
to take care of new„pas)i;.Require¬
ments. In addition, they offered a
12-month
a
their word
offered a
short note
the
took
Treasury
As
Budget Seen
spite of reports that govern¬
ment revenues are running below
estimates for the fiscal year ended
June 30, it is not believed
that
the deficit will be large since ex¬
sellers in
prices.
result, quotations of Treas¬
have
will
rules and regulations
Balanced
these commitments have not been
sizable.
new
market.
cbVers
including 44
Willamette Valley; the area
refunding was not
made known by the government.
versified minerals. The water
these issues with advancing
and capital markets at
last week when
they
the
money
not the Treasury
in the May 15
Some pension
certain fraternal and
and
the
of
or
use
this
security.
of
type
a
for
investors
among
element
Whether
long
limited in¬
side for
the
of
because
terest
market. The long
however, was not, and it
tended to confuse the market.
thin
the
on
time
money
Portland General Electric
thereabouts)
to
lion of new money and the 91-day
for sale.
;
•
offered for cash in
bills could be increased if there
the maximum total of $1.5 billion
Market Improvement Made
is need for more cash later on.
but will accept what it can get
Long Issue Possible
below
that
figure.
Authorities
Moves Against "Free Riders"
The
interest
rate
ceiling
of
evidently were testing the longThe Treasury also announced
term
bond
market to see how 414% on obligations due in more
than' five years had prevented the changes in the handling of its re¬
much investors would take of an
obligation with a rate still within Treasury from selling a bond for financing operations and in the
the
current
limit for securities nearly a year. However, in the future there will be a flexibility
so that the government should be
with a due date of more than five past month quotations of all gov¬
ernment
issues
have
gone
up able to cut down and control, if
years. There
is no question but
with the longer term not eliminate entirely, the sowhat the way in which the long- sharply,
called "free riders." This would
term new money bond
(Douglas bonds moving up in price to levels
that enabled the Treasury to offer prevent
over - speculation
in
4^4s) is received will have politi¬
a
4J4% bond within the existing Treasury obligations such as took
cal implications.
interest rate limit.
place in June of 1958, when the
The
two-year and one-month
1965
were
bought so
Nonetheless,
the
market
for 2%s of
4% note which was offered in the
by the unsophisticated
amount
of
$2
billion for new long-term government bonds has heavily
the
: ?
BY OWEN ELY
the range probably
likely
more
Treasury
by
*
looked Portland General Electric supplies
financing by the Treasury upon as a satisfactory showing. electricity to about 40% ■; of the
April of 1959 when the 4% However, the short 4% note will population of Oregon, including
due in 1969 was reopened provide the Treasury with $2 bil¬ the
city of Portland and the lower
much
The
(or
million
lower level of
care
Thursday, April 7, I960
.
amount which
can
be obtained from the longterm bond is limited to $1.5 bil¬
lion
but
the- feeling in money
market circles is that the Treasury
will have to settle for considerably
less
than
that figure, with the
$500
money
.
maximum
The
T. CHIPPENDALE,
BY JOHN
the
.
(1508)
20
about
•
8
Pelton
Bank
;u>': n.
miles
upstream from the
project which was devel¬
oped earlier. The powerhouse will
System
lars
•
*
•
Resources
50 million dol¬
»V^/<yVYy^ry
<yyy»CW/MVW<WAAAWAWAMAAWJOCW
Dividends Compounded Quarterly
Accounts
month
age
over
earn
opened by the 10th of any
from the 1st
paid both
•
have
a
Current Annual Rate
three generating
capability of
Included
mated
Air mail post¬
a
new
sion
ways.
in
cost
units with
100,000 kw each.
$72,600,000 esti¬
plans to construct
the
are
line
from
the
new
power¬
house to the Bethel substation.
FREE!... send
no w
for this
Residential
Air mail fund to:
about 55%
interesting literature!
♦
commercial
revenues
account for
of total revenues, and
industrial
and
40%
Why Investors Look To California
(industrial being relatively small).
•
Consumer's
The
♦
Business
average residential rate for
electricity in the PGE area is only
Quarterly Newsletter
Quarterly Newsletter
1.11
cents
annual
AND LOAN ASSOCIATION
C. Clarke Ambrose
230-kv, 110-mile transmis¬
per
kwh,
residential
and
usage
York
City, was announced April 1,
by Stuart F. Silloway, President.
Mr.
ber
Ambrose has been a mem¬
of
Harriman
Department
.JIITi'Ii1iiiiiiiiiiVI1|-_^H,P
LONG
BEACH
BLVD.
AT
IMPERIAL, LYNWOOD 14
In the heart of Los
Angeles County'
CALIFORNIA
Ripley's Buying
since Aug. L
1950, and in 1958 he
an
was
elected
Assistant.Vice-President of the
firm.
1
average
is
9,186
kwh.
These figures compare with
the national averages of 2.50$
per
Forms Arden Perin Co.
Arden
Perin
kwh, and 3,563 kwh usage. While
natural gas became available in
curities
the
*-[r
staff
City
is
engaging in a se¬
from offices at
business
York^Afhnue, New York
uryk&i the firm name or
Arden Perin Company. Mr. Perm
trend in the use of
electricity for was formerly an officer of Glick
cooking,
clothes
drying,
water man Securities Corporation.
Pacific
surveys
Northwest
in
1957,
indicate that the upward
1175
Number 5940
Volume 191
.
.
The Commercial and
Financial Chronicle
.
(1509)
dex had
Life
increased1 to 59.9, where¬
Best's had gone to 190.4.
Thus,
it
outperformed
the
industrial
average 3 to 1.
To translate this
into dollars, let us assume an
in¬
'as
vestment.
Henry L. Wilder, Jr.,*
Growth Stock Fund
;
and
chart
and
discuss the
men
but the prospect
freshing to me,
of
doing
all
mark/hs
Today's
ferent—thank
calculated
necessary
the
based upon fact.
in
any-no
of
Let
are
-
can
fora person w
Nn
Time
.
9
1NO.
•
Training
1
g
Z,
r
3,
•
fnnr
four
'
lemperameni.
First
search
and
men
Time
Re-
proving facts in preparation for
the buying or selling of a security.
One person with one or two hours
person
of research
sinCG
wgich
Lf~
ten hours
week,
a
investment
The
show
Igrcentaee
percentage
we
according to
Fact
work.
your
to
No.
The
2.
:
during the past 19
U.
S.
companies
the
at
ance
where
in
as
sold
rate
of
1958 $73
sold.
Particularly
individual; the rise from 1955
life
?hf futu?e?
Qur
insur-
were
'history—projected
against future
prospects—and every basic move
each
company is evaluated in
the
light of its
economy
own
as a
have all
seen a
°us
poems,
about
humber of. humorand
buying'
people
We
and
^
iokes
securities. Most of these
laueh at
pne of the most- serious
factors
involved,
namely,
?n'
not make
jnvestn^enbiCapital in
Fact No. 4.
In 1958, the insur-
stock of
a
Wsdav
Lto $3.9 billion in 1940.
whin
^ previously noted, despite
buesv
that
and
father did invent
^ing
ran
nrofit
a
able to
hnv
stocks through
th! nfr
fl! uY? thln+i
as
7ho
the
In th
;
i
ket h* t early, days °t stock
;bearc1S 0fy''"wI*en bears
and
bulk
were
Dunctious__-,x,v,«
•sdppi,i°4-S when
speculative
and
•kings
really
:
•!
you
importance
W
force. A
•'
,
At this point it is well to ask
how well has the investor in in-
ramv
Vi-
.
••
-
*
dex
..
.
and
_
the
townee
knew."
these
:
fared.
an: answer,
Standard &
:
v.-
statis-
.
companies
bookkeeping' costs
their
earn
If you had to make
important
refer
•
.
.
.
to
_
In-
Index
at the
ih' the
period
In T940^ both
would
Magazine tells
same
point (8.7)
|
vlUvlVv
Suppose
:;J
tor Looks at
an
a
New
you
The
next
how
—and you may be
all summarized in
to
sionj
need
than
been
Then and Now
them
assures
of
-
increase?
The
they would buy to hold for three
years
their 75 favorites shows what's
to
happened since then. Gains
as
measured
by
average—4.84%
3,50%. But there
are
a pop¬
against
other
an
counts may
offer
ing possibilities from
point. Be
sure
to
a
sue
"What
the current
issue.
pension planning, family policies,
and group insurance.
Money is a subject of vital—
indeed, of universal—interest be¬
it is
cause
medium of exchange
a
with which
we
can
:
What's right
:
a
How did stockholders who
The
of
in
on
rights
1959 records
year
of every one
f
;
Years
of savings banks.
:
jfcJ...
Magazine is not
the newsstands. Mail the
below and enjoy
a
full
of informative reading about
the stock market,
new develop¬
investing —beginning
the April issue. All for
only
with
$1.50.
we
need and
-
'
-
seeking growth, most
in
growth,
sacrifice
we
stability.
In
for
.
of
us
I
that under normal cir-
aware
order
.
and
11 Wall
Magazine, Dept. 7
Street, New York 5, N.Y.
and
one
not
,
TB-17
THE EXCHANGE
achieve
income
view,
my
growth
.
to
Enclosed is $1.50
can
Please send
sacri-.
me
(check, cash,
f'ee stab.l.ty in the secunties of
the life
insurance
industry which,
v.
by nature, is stable andwhich by
j'
^ has shown gr0wth'
|
name.
I
address
Forum
1
by Mr. Wilder before the
Market
ADDRESS__
Edwards
23,
&
Hanly,
1960.
the.
at
office''of
Hempstead,
s
L.
%sy
I.,
city
money
order),
the next 12 issues
of the exchange
Magazine."'
...
is¬
Magazine,
ments,
*
■'
on
coupon
out?
these companies is included
the article,
"Rights Prove
Profitable."
the exchange
group
sold
exer¬
make
,
the exchange
"Big Board" offered rights.'
cised; their
of
'Vr;
Last year 22 companies listed
"Five
including a fact-filled piece iden¬
tifying the investments of a fund
designed to boost the earnings of
about rights?
the
titled
as
spotlighted in
buy the goods,
services and luxuries
want"
-
,
article
are
ing information in the March
tax stand¬
read
About Bonds?" in
losses
And there's additional interest¬
interest¬
some
.
as
Later."
rea¬
too. Bonds selling at dis¬
sons,
is
Wcreasmg,the
for
longer. A check-up of
or
well
ular
a
con-
answer
asked its subscribers which stocks
buying bonds
their recent yield in
comparison
is—can "into
exchange
with stock
Because of this
question
Five years ago the
The attractiveness of bon ds these
if
]argejC.policies; (3),highstandards of livine: and (41 the
living; and (4) the
development of new methods of
selling and new uses for insurance, such as key. man insurance,
Stock
handy and
days is generally attributed
3%
er
er
March
a
won't
Why investors have
definitely .y.ES, because of:, (1)
the well known population explo-
.
surprised. It's
informative table.
want to miss.
to
and
—
more
sales be expected
SUrance
^nue
In
and
of 25 prominent
or
income? In "Common
vs;
Preferred" you'll find the answer
Security" is
informative article
same
preferred
industrial companies a year
ago.
Which brought the better return
emi¬
one
poration. "A Professional Inves¬
profit factor alone, it logically
follows that the sale of more in-
...
common stocks
Committee of The Lehman Cor¬
-
four,
—
how
invested the
you
amou^^.ythe
Ywatch? The
thl| exchange
you
you
Preferred:
vs.
Who's ahead?
expert makes his decisions.
He is Chairman of the Executive
one
of h 'r*An
By 1959, the Standard & Poor In-
■
Common
litical and financial weather
investments, the built-in
profit margin
,
Alfred- M. — *
Best Life-
to: 1950/
were
.
G.'
Dillon, Union Securities
VvlI
investment decisions every
day,
all day long, what
economiq„po-
other
invest
let's
_
•
Co., 3115 Wilshire Boulevard.1
OAll
fll*
VI
^
commissions and miscellan-
-
Poor's /Industrial
1
ANGELES, Calif.—Dennis
II
hi 111
UMj
f
For
f
stocks
L
Gramza has become affiliated with
|
Tfl
Ml
three, antici-
—
cumstances,
How the Investor Has Fared
r.
•
■
be-
so
vanes
expenses
reasonable return.
are
.
•
relatively; 1940
you
.
surance
It Was not
"what
but "who
years
-
were
by'
of
as
the fact
10
mar-
were highly
before the cattle
le
WeTe
And,
in
shows the value of insurance
and
jn
rails
'iingLr*: deP°Sed
little
.
fallen
namely, 1932 and 1933did Premium income drop. This
points up one of the great elements of stability in the industry
not 'pp+h
of ths potential, and
'weatw" ? P^mcky in "stormy
success
toward financial
•
had
of the past 60' in only two of these
?-grGW
k
sales
years
SS as
beoause of vnL
folding them
flerstand?n/n?+unaly?ls and un~
well
be1
based upon
overhead
they cannot
on
fcttlelargMt^18 tne largesi pri
}ack of emotionHsVvitaV^to^'nrhnpr ance companies received premium
investment decision for
inc°me of $15 V2 billion in contrast
von
always
are
insurance
cut
^ ^ourse'
W°
,
the
•
+
•'
expenses. And then
^he
of. the; in-
XLasse^
?Su jL
V3*e P03^
Temperament.
-this chararfpHoHr.
■
cbmDantls6'This
L"18
selling
•»
decides
words,' if
medical
fails to improve our life
expectancy— if IBM cannot show
hy 1958 this .figure-had risen to
$108 billion. I believe that the
satisfies now being made ready..
whole.V ;'
cartoons
will
they
jn
:
•
.
"
How the professional
science
years in which
Assets
6
cLn-
is
companies. ;In 1940, total;-surance will result in
more
inassets : were $31 billion,. whereas I. come to the life
company itself,
industry and
Third point,
Temperament
No. "3.
1900
Science
surance
of
the
Fact
'
1941.
they add
profit factor to the premium!-
a
years m- which
not. increased, There
;
LOS
nent
sales
significant-is
for this is
.
'4
.
these
April issue of
eous
on,
sales have
analyzed-. This in- >have been only two
formation is plotted
against past income dropped. •
* sinc/
22
and
pated
69
past
,
we are
living longexpectancy has in—
life
since
years
—
*he
exnect
we
invested reserves
approach. One of these is the so-' insurance <•
already
written
on
called point and
figure method.. which the real income to the inOther chart methods
can be used
surance companies is just now he-,
if
understood
other
statistical Sinning! There are only 10 y<5ars
methods are applied—-in
every instance much factual
information
is gathered
and
Can
mortality tables-—two, receipt of a
required rate of, say, 3% on their
billions,
billion
of
South
what about
t history
certain things.
One, payment of
death benefits based
upon the past
picture
In 1940,
$11
\'x,
542
(Special to The Financial Chronicle)
South
of
Inc.,
staff
Joins Eastman Dillon
Mitchum,
650
members
premium is computed by a life
insurance company,
they predict
$197 v'.
371/2%
years.
with
Co.,
Morris,
—
the
^
cussPng
a
$522 'W
sales
Street,
I would like to comment on one
of the several
profit factors. When
1958
28%
v
Eastman
amount anticipated.
Billion
—%
■:
&
able to attain a much better
record than average mortality. In
1958' the actual mortality payments were only 48%
of
the
industry.
7i7o
InqnrancG
is
Templeton,
joined
Spring Street.
i
Exchanges.
and
are
accomoanv-
the
&
has
&
New York and Pacific Coast Stock
just anyone—or everyone. They
select their risks and therefore
Qf
extent
ANGELES, Calif,
Gersheri
Mitchum, Jones
Dempster
t.iPQ of
tics of past VParc* cpnnnd fVio in.
years; second, the incompanies do not insure
stock
.
R.
Staff
to
surance
accelera-
the
TT„
date
since
1941
essential for successful
These
requirements
investing.
vary
line
LOS
ANGELES, Calif.'—Richard
Jones
the
What About the Future?
cause
con-
Billion
point, Training. As in
professions,; certain requireare
+he
the
overall increase in
Second
all
fte
LOS
to
Co., 140
(Special to The Financial
Chronicle)
area
(Special to The Financial Chronicle)
the mortality tables on which
they
base their premiums are out
of
companies have
keen, increasing their share of the
investment group spending 200 hours each week in con¬
ments
1940
force.
;s
the
esoeciallv
statistics
an
centrated
0f
a
people doing 40 hours
in
uere
.
week, as compared
with the 40 hours of the
professional. If we add Tour full-time
have
,
tiorl
working .eight
time, investor has five to
note
UDSweeD
igoQ
'A t0 spare; cannot .compete
one
insurance
qjqtpn+i
Binder Adds
Calvin
Philadelphia
benefits
from* this" happy"
state of affairs in two
ways—first,
A
Dartjruiar
the
ness
facts ohniit tVio lif** inenronpo
about the life insurance
Nq.
spend.
women-
hours digging out information and
with the
industry and
business:
requirement
during
September
making advances that
daijy improve our ability to live
longer.
The life insurance busi-
ing and get some idea of the princjpies involved. Let us look at
mvuivcu'
uo
iUVJlv
,
No
Joins
that
to
in
added
Beverly Drive.
Binder
sistently
of the wheels work-
some
3
selecting
multiple sources
apart—like
see
Bullock
for
and in several southeastern states.
an
creased
problem—
refer to the Life In-
look at this
it
representative
South
Wall Street, New York.
1956, Mr. Smith hap been
sales
'
er
industry.
us
1946
we
indispensable
problems,
looking into
watch—by opening the case, we
a
requirements
requucuiciiw
of
take
Henry L. Wilder, Jr.
basic
three
I
Since
Calif.-^Robert
staff of J. B. Hanauer &
Bullock,
1
HILLS,
has been
yearts to repeat themselves? Wel1.
^now ^at
an
labor
with
income.
surance
facts.
There
an
inventory
business
a
patience
digging out
the
wih
usry
if
at
their
at
appreciation
commodity-few
vestment men,
marvel
capital
1959,
shows
of
ap¬
District
74,300
Assurance grew
2,844%,
Franklin Life 3 772%
Throughout these
Pcapital'°ap^recia1tion^an
seexing
seelring
record
period
been
City
Ltd.,
—'
tal
of
past turbulent years, there is one
which has consistently
fessional in¬
1
evaluation
industry
ing. As I watch
various pro¬
-10;000'
has
York
BEVERLY
B. Monroe
Sales Manager for Calvin
Dec. 1959
10-years period
Smith
New
Spring
now,
enterprises can be accomplished and investments made
erwhelm-
0 v
detailed
For
business
that
they must do
in
evaluating
a
security is
work
a
W.
pointed
radically
Heaven.
'
Philip
L,
h
investment of $10,000
in RCA showed a
gain of 199%,
General Motors
342%, Standard
Recommends" Life Insurance
Stocks
se-
______
The
;
the
of
cuHtiesaJmartat ITalwaysre->.
L'
$62,000
10,000 204,700
Best's
particular stocks, and looks into the future prospect of
growth without sacrifice of stability.
•
'
Appoints Smith ;
of
n"■.■. }}
Dec. 1949 Dec. 1959
Standard & Poor's $10,000
$38,700
presents several criteria to judge stock companies, compares their
average performance to a representative industrial average, singles
professional analysts
each
Jan. 1.941.
Even in
Wilder resounding'y endorses investing in life insurance stocks
under the guidance of professional management.
In so doing, he
listening to
in
With J. B. Hanauer
(Special to The Financial
Chronicle)
Standard & Poor's
$10,000
Best's
Mr,
some
$10,000
i
"
•
.
;of
these indices:
Vice-President, Capital Sponsors, Inc.
of Capital Life Insurance Shares
Underwriters
Calvin Bullock
as
s
out
21
'
state.
<
22
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
GOMPANY
"'H'
"yS
'
■
'■
- •
of
RAILWAY COMPANY:
SOUTHERN
e
rates and material costs added to expenses.
wage
for each share of common stock
to $6.29
Commission ac¬
in ^computing
in taxes, to 420- per
matically
with 600 in 1958.
.snare of Common Stock as compared
share.
excellent along our
195678
widening range of industries look to the
as a
South.
The
"
.
,
r
.
~
„
"
,
services
freight
in excellent condition. Passenger and
through
trains
passenger
improved,
been
have
are
tion
other
meet
How¬
ever,
looking, ahead and barring excessive increases in
wage
was
v-
stockholders and
our
Directors and
are
employees
our
gratefully acknowledged by
A. DEBUTTS,
y
REVIEW
OF
of
and compared
for the five
average
r
1955-59.
'•*'
1
.v."; '
1959
Income
Traffic
;l:l
/
share
per
of
Common
67.6
Taxes
Stock—computed
year
dividends
as
Equipment and Joint Facility Rents
2.1
;
4.78
4.20
33,126,741
.
by its
in
1959
There
fixed
same
$271,881,449,
than in 1958, an increase of 6.1%. Freight
to
mail
as
$240,575,627,
revenues
to
passenger
revenues
$11,169,460.
Business
compared with 1958 and the average
1955-59, is shown in the following table:
remained
charges,
for
per
1958
of
debt,
for
and
the
development in 1959
proj¬
were
60,766,228
222 miles
,
226 miles
as
in
additions
mile„__
passengers
■h:"---
"':v. ;
Dividends
During 1959, dividends of 5%
were
.
on
continued in the total amount of
Stock
y.hv;'/.
.
the Preferred Stock
and paid for each quarter
dividend
the Common
14.7 billion
1.636 cents
1.605 cents
1,272,405
of
on
;
375 million
the Com-
1959, bringing
Stock
of 700
•
Operating Expenses
earnings of 1959.
per
share
was
declared
This dividend
was
on
paid March 15,
1960, to stockholders of record February 15, 1960A
wage
Operations
again
rates
expenses for the year were reduced
1.2%
adversely
and5 costs
:
will" be
The
proportion
;
accrued in the amount of
over
the
1958 and
Many
stituted
Tax accruals
were
equivalent to 150 out of each dollar
Taxes for 1959 amounted to
$6.29 per
with
continued
economy
the
Company
per¬
favorably
compares
: its plant
In
by
-
,
•
the
Gulf
Paper
States
plants in
Tuscaloosa
and
'J..
.
of
gross
industry.
revenues
"
carried
to
22.8% in 1959,
as
through
compared with
to
18.6%
in
10.3% for Class I railroads in 1959.
innovations
and
equipment is
tions.
others
now
in
operating efficiencies
were
in
use
progressed.
by
Industries,
Fiber
were
in¬
fueling sta¬
This equipment has reduced fuel
losses, cut clean-
Inc.,
a
Industries,
local station
near
synthetic
a
Ltd^
of
a
plant at
new
Shelby where the product
fiber
similar
Dacron.
to
Ameri¬
Corporation is expanding nylon production at
near
Asheville, N. C.
the7 cotton
textile
field,
;
*
.
additions
were
made
to
&
Mohawk, S. C.; Fieldcrest Mills at Draper, N. C;J
Mills
Spartanburg, S. C.
R.
J.
Reynolds
Tobacco
Company
adding
is
a
new
cigarette factory to its operations at Winston-Salem, N.
1959
an
plants
Brothers
example of how existing industry
was
the establishment
Company,
Inc.,
near
of
a
Asheville,
N.
will go to the nearby plant of Gerber Baby
C.
attracts
plant by
C. A
portion of the production of glass jars from this
other
Automatic fueling
at all of Southern's
started
was
plants of Inman Mills, at Inman, S. C.; J. P. Stevens
In
previous
year.
of gross revenue.
made
Springs Cotton Mills at Grace, S. C.; and Jackson
>
railway operating income before federal income taxes
amounted
increase of $13,742,253
been
Fortrel,
Enka
allied
necessary
Taxes
an
conducted
with the leaders of the railroad
net
were
were
that
maintenance.
Railway taxes for 1959
plant of Rome Kraft
Announcement has been made that the originally planned
Co. at
and efficiency in 1959- The recognized indices of
formance show
of
by $2,172,-
under 1958 without reduction in
.
Construction
at
hourly
re¬
jointly owned by Celanese Corporation of America and
January 26, 1960, out of surplus
on
Operations
increased
Corporation's
capacity will be substantially expanded in 1960.
430 million
were
A hardboard mill is being
Carolina
at the Rome, Ga.,
have
Earl, N. C.,
1,481,687
expenses
Bowaters
Imperial Chemical
$3,000,000.
Dividends of 700 per share were declared
net
13.8 billion
1.636 cents
341 million
operating
kraft paper
connecting with the Southern and
Corinth, Miss.
way-
Alabama.
225 miles
l,151,789
Passenger miles—
a
Counce, Tenn., to be served
Corporation at its Demopolis
1958, and compared with 7.60 for Class I rail¬
A further
65,452,050
14.7 billion
ton
System.' The Tennessee River
Company and the Mobile plant of Scott Paper Company;
owners
can
1955-59
66,409,702
moved
railroad,
alongside
under
are
capital and corporate needs, for
maturities
the total dividends paid in 1959 to
$21,166,092.
Business Handled
—
$40,772,509,
ciga¬
or
mon
miles
or
textiles,
cently completed pulp mill at Catawba, S. C.; expansions
4.65
were
own
other lines at
roads in 1959.
revenues
revenue
484,
cotton
as com¬
railroads in 1959.
Revenues
distance
material,
synthetic fibers,
and container beard mill at
14.60 out of each dollar of 1S59 operating revenues, the
freight moved
by
well
a
for facilities for the production of
was
Pulp and Paper Company is constructing
84.3
85.4
5.52
30,254.231
2.8
Totals
Average
affected
spread throughout
was
ects spread over the entire
13.1
erected
$5.39
1959
Although
outlay
of industries, the greater part of the
paper,
pared with 3.56 times in 1958 and 2.68 times for Class I
Preferred Stock Dividends
34,066,710
of the five years
of
total
group
Included in industrial
69.1
;
Fixed charges in 1959 were covered 3.82 times
Common Stock After
38,871.606
more
Number
pro¬
21,231 workers.
rettes, containers and building materials.
on
Earnings Per Share of
$37,993,249
amounted
Average
the
and
pu"p
0.6
-
15.0 ."
•_
Grand
Taxes and
Charges
$10,478,973,
Ton
$3,505,159.
at
expected to
are
4.5
*•
0.4
Totals
T
Net Income After
handled in 1959
of
estimated
expanded facilities
expended
money
2.F
5.1
________
While
diversified
J: 17.0
2.2'
Expenses—
lines
System
our
and
vide employment for
13.2
Expenses
Incidental
"
to
new
31.7
Expenses
five years, and equiva¬
provision of $3,000,000 each
Average
$368,516,500, with new and additional net
*
Operating
Tons
Aggregate investment in the 269 projects
to
These
1955-59
31.5
Transportation..
ex¬
Average
1959
,'V
r
located and
were
isting plants.
revenue
corresponding ratios for the
President.
'
warehouses
pansions were completed or well under way by 121 ex¬
'
1955—
to
subdivisions
several
the
taxes and equipment and joint facil¬
expenses,
General
Preferred Stock—were:
revenues
for
1959
amounted
charges Southern earned $33,126,744 in 1959.
$15,547,272
for
16.5
Net
earnings
!
ratios
operating
years
y•'* V'"
..trn
Net income for each of the past
after
During 1959 there were established, or ground broken
11.9
..v'.-v..
inherent
for, 112 new industries at points served by our System
■r
•'
.
.
VVjj
substantial
has
rail
Industrial Development
.
lines, 36 distribution
The
with
HARRY
was
welded together
were
•
dollar of revenue, are shown in t: is table
Sincerely,
"ribbon"
.
In 1958, net railway operating
$37,476,162.
ity rents, expressed in the number of cents out of each
Washington, D. C.
After all
are
your management:
April 4, I960
lent
was
continuing loyalty, understanding and support of
warmly appreciated and
your
income
Ratios
customers,
individual rails
requirements.
nance
rates and other costs, 1963 results should be good.
The
Company; and
economies in extended life of rail and lessened mainte¬
operating expenses, taxes and equipment
other fixed charges.
operations
joint facility rents, but before payment of interest
and
of
carrier, all of the Company's new rail
so-called
This
left of operating revenues after
and
near
lengths of 1,443 feet, practically eliminating joints.
into
railway operating income for 1959 was $39,692,243.
what
in the history of the
For the first time
:.
..
safety
overall
the
the
improved efficiency will be of marked importance.
of any large
Operating Income
on
in
enlarged system
cf this modern and
communications
and
Commission, amounts, in taxes, to
Net Railway
deduction of all
first quarter were less than had been anticipated.
our
auto¬
microwave communication
be'*undertaken
likely
will
welt ed; that is, the
This represents
and ice storms, revenues in the
severe snow
of
«
170 per share of Common Stock.
their
"...
revenues.
Because of
which
A substantial enlargement of
investigation.
The effect
future.
the straight line method as required by the
on
Interstate Commerce
serious drain against the Company's
a
•
.
system,
detector
:M
facilities
these
For 1959, the difference
and the book figures, which are
between the tax figures
Net
represent
certain of its properties.
on
out-of-pocket costs, but local and branch line passenger
trains
'
•
.
box
overheated journal boxes, is in partial
senses
under
i are
of the
and most
continuing to
-1
hot
year.
during the first year of large
Additional installations < of
,
method in determining the depreciation deduc¬
balance
computed
Company's track, motive power, and freight and
passenger cars are
d
*
operation;
"v
provided by the Internal Revenue Code, in comput-
As
System lines in 1959 and the outlook for 1960 is bright,
especially
-'
And infrared
in¬
were
the; number of
reduced
equipped
so
the
up
—V
/
inspection points during the
journals by 50%
scale use.
.
allowable
tax figures amounts,
and
book
was
locations
40
.The
.broken
ing federal income taxes the Company uses the declining
Diversified industrial growth was
-'
-
good deal
a
—
than bur net income of $4.65 per common
more
the
that Southern's taxes in 1959 amounted
trated by the fact
investments made
For 1959, the difference between
income taxes.-
federal
effect of excessive taxation is well illus¬
The startling
classificaticns,
counting
;
'
stalled at 7 additional
while not chargeable, to de¬
preciation under Interstate Commerce
revenues—while increased
coal industries which reduced
spillage, and speeded
from
fueling operation.
Ultrasonic, axle testing devices, Echometers,
of national defense,
aid
7 v"Y.';
'■
•
resulting
costs
up
taxes and preferred
charges,
Rapid amortization on certain capital
in
it not been for strikes in the steel and
better had
been
compared with net earnings
as
after
share
per
•dividends.
The results would have
under the circumstances.
pany,
$4.65
1959 was a satisfactory one for your Com¬
year
of Common Stock
share
/•;
.
195,9
Sixty-Sixth Annual Report for the Year Ended December 31,
To the Stockholders of
..
>
RASLWAY
SOUTHERN
T1
Thursday, April 7, 1960
Financial Chronicle
The Commercial and
(1510)
Ball
g°°4
plant
Foods. An¬
important container plant located during the year
is that of fJnion
Bag-Camp Paper Corporation at
Spartan¬
burg, S. C., manufacturing corrugated boxes. V
Completing the roster of
some
of
the
plants for 1959 is that of U. S. Plywood
principal new
Corporation
at.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
onthe
gOUTHERN RAILWAY (Continued);
which will manufacture particleboardX
Boston, Va.,
th
Relatively
product in the'building materials .in¬
new
dustry-
' \
(
■fv"LL
redemption of funded debt obligations and for
sinking Tiind deposits of the Company, and a station
company, $3,343,.777.' There was
paid for the purchase of
the stock, of. affiliated,
companies $1,580,216. There was
advancedtOw affiliated,
.companies and pothers for the
purchase of land to be held for
industrial development,
and for other
purposes, $4,611,779. With the payment of$21,166,9.79 in dividends and $5,691,321 for
miscellaneous
purposes, these expenditures from the
Company's treas- *
'*
4.';
;
,f
;
..
Capital Improvements
ury totaled
Tmnrovements to the Company's roadway planf withv
and modern facilities added $9,768,000, gross, to the
5property
account in 1959,..,-
L
.
New
Net Funded
y
,
The
Equipment.f: \LL.'L'--: t)
;
$65,614,562, ;
:
-
Debt and
%
;
Company's fixed charges,
as defined by the Inter¬
(less charges on the
Com-r
state Commerce Commission
pany's.: bonds held by a
.
Fixed Charges
subsidiary and income from
miring-1959, the Company received and put into serv^i securities of "its
Leasehold Estates owned by the Com-."
Ve 23 diesel locomotives at a cost, of $6,113,000, and 76'/.- pany ), were at the
annual rate of
approximately $10,998,Lrpd hopper cars, of composite aluminum-steel'con-V ; CD0 on December
31, 1959, as compared with
$11,317,000
at a • cost of $1,446,000.
Of this total ".cost, L at the end of 1958 and
$12,312,000 at the post-war high
c 514 000 was paid from the Company's
treasury and the ,\- point which was reached in 1953.
"
remainder was financed 'through conditional sale agres-
Ruction,
•
Lnts
$3,062,000 was spent f or r;:additions and better--1',
ipnts'to equipment. .The gross charges to'capital"account-,
equipment were $10,621,000 in'1959. ;
for
At the close
of the yVar there
of
"
for. South¬
ern Railway Company
to be delivered, during the first
half of I960, 757 freight cars estimated to cost $16,261,000,
of which 20% will be paid from the Company's treasury
cash. The remainder has been financed through condi¬
tional sale agreements.
"
19.59 gross
revenues,
compared
with 4.41%. in;;
the average-over the five
on
years 1955-59.
The
$141,476,500
as compared with
$144,099,500 at the end of
1958. Payments and accruals
for interest, rent for leased
lines, Equipment Obligation maturities and
Sinking Fund
payments
..
to
be
provided
in
approximately $22,014,000
the locomotive units delivered in 1959
as
equivalent to 4.04% ;
are
funded debt of the
Company outstanding in the
hands of the public at December
31, 1959, amounted to-
.
'
the
cl^rges^
i,xbd
1^58-and |.(^%
y:;;" y ' -
were on order
^
Thie^yfeiit
for the year 1959 and
were
2,400 h.p:/
diesel-electrievfreight- locomotive--units; of?*a; mew;: type
recently developed hy ; the Electro-Motive Division - of
General Motors Corporation. These units
incorporate all
of the technological improvements in diesels to
years
1955-59.
as
the
1960
year
amount
compared with
$22,787,000,
to
$22,100,000
the average, for the
on
Coal
,
Coal continues to
contribute
greatly to the total traffic'
The outlook for the movement
handled by the
Company.
of coal
on
the
Company's lines in
the future is a
bright4
the predominant fuel in
the generation of .'
electricity. A number of power companies in the
South,
have programs under
way to construct new, or
expand
present, generating plant, facilities so that a further
growth in coal traffic to meet the
need of the
Coal
one.
is
industrially
growing South may be expected.
largest generating plants is under
One
of
the
world's
construction
j >
In the early
part of 1959
lines, ~and others
slow to reopen
amount of coal traffic
were
of
labor difficulties.
In
some of the mines served
served
units
a number of coal mines in
South closed down because
aftermath cf the
strikes,
.the*
on
Company's line in Alabama, with two
generating
scheduled for completion in 1960.
by
short
our
line
th,e>
the*,
by our'
connections,
resulting
in some decline ;-in theoriginated. Normal production is'
gradually being resumed.
L
'v. To insure the continued movement of
coal by rail,
rates,
have been and are
being adjusted where necessary to
keep coal competitive with other
types of fuel, and rail"
transportation competitive with • other
modes of trans¬
portation.. The reduced rates are
restricted by tariff pro¬
vision for application on tender
by the shipper of a mini-"
mum volume of
tonnage, such as 2,500 tons, and subjectto heavier minima
per car which is made possible
by.new.
coal cars with a
capacity of more than 100 tons. A further
requirement is the prompt
loading and unloading of ears
affording quick turn-around at both ends of
the
ment
move¬
and
maximum utilization of
equipment.
-LL'.rL'./'L'-f
■
including a substantial increase in
in the Company's operation.
-
power which is useful
L
The freight cars purchased in 1959 for
;
v
:
-•"]
delivery in that
cars
cars
of the
dynamically
return
-
type but
offset by the higher
doors.
These
cars
.
-v.-
,f-
r-
*
VL
•''
•
port
Sulphur-Company,
was
the Board
of
opening
-v;
.
elected
-
;
'
.' i}'-
■ •
term
Director
a
Directors
to complete the
>
Railway Co.,
a
Mr. Williams is also
a
at
its
of
the
of
meeting
late
the
on
B. F. Goodrich
as
Director of
are
especially adapted to loading and
unloading by fork lifts, bringing substantial
reduction in
the costs of
.loading and unloading and further improving
made.
Interstate
this
need
purpose
equipment, where
needed for
transportation, to reduce loading and
and transit
damage, and to provide
are
cars
are
further
to
supply special
heavy volume rail
Rates and Fares
before
other
handling costs
other
factors which
meaningful to shippers.
The
Transportation
Commerce
Act
Act
of
1958
which
amended
the end of
1958 and
end of 1957.
mated to
nrfnro?effect
f__r
tn
S16 173
on cash—by depreciation chargeable
000n§ expenses in the
amount of approximately
New Rail
Period
wHK
1q«+
techniques
JS
oo'!S net tons
i? .net tons
of
new rail were laid
as
on the average over the
inclusive- Improved maintenance
exteasive rail programs in recent years
^mediate need for new rail so that the
have rednnfa
Comnanv u
+
•
tee year
I960
d only 6>681 net tons
of
Commerce Commission and
in
the
Courts.
now
allowing
become
and more of our rate proposals to
without the suspensions requested
by
more
effective
to operate
IN
1859
OF
FINANCIAL
markeinmninS of-tlle
?Lyear
jo
ports
whether
owners.
'' L-
Divisions Case
.
,
business
can
be
operated
and in the interest of its
Southern Railway
System lines
own
2.4% of the
Labor Relations
Under provisions of escalator clauses of the
1956 three-
1
National
year
Lv;',LL
■
«
express
the South
on
where necessary to meet competition of other
transpor¬
tation agencies and where such lower rates add to the
rvL'-LyLL-V' •' ."-L
the cost-plus
on
believed that the
suitable transition
period, will dem¬
the
Atlantic and Gulf coasts. The
Company continues to press
actively for reduction in rates on selected commodities
Company's net.
a
It is
outstanding stock of Railway Express Agency, Inc.
Agreements
with
by labor organizations, there
employees
was
represented
cost-of-living
a
increase of 3£ per hour effective November
-
The
Territories and the matter is
now
pending before the
year> the Company had in cash
had available for
ex-
increase
"Divisions"
tween
are the
distribution of through rates be¬
the various carriers performing the service. The
-
t 1
over'tn
a|u
excess of tax accruals during the
Principally the federal income
$i8>050>583. From all of these sources
riers, the last decision being covered by an order dated
January 12, 1953. This decision has taken away from the
railroads in the South approximately 25 million dollars
creases
previous applications by the Northern roads,
1. the Commission granted increased divisions to those car¬
available ash?S
cash was
$70,694,684.
The
!orcaPitaHm'Pent during
the year from treasury cash
to road and structures $10,233,eQuipmi»rn +lquipment and additions and betterments
ent
obligatLl -re^?s spent $9,768,255 and for equipinstallments $9,219,191. There was
paid
nP?p*-ov<rments
On
wage
1,1959, result¬
served
in
Organizations
25$
1959
per
hour
—
Requests
and
of
for
additional
the
year:
wage
fringe
-
Organizations
—
Requests
for
ranging from 12% to 14%.
Negotiations
all
on
pending at the end of the
are
being conducted
on
a
in¬
wage
-
—
national basis.
two
annually. This has been costly to the South
solving the problems of the Northern roads.
without
Southern's Electronic Computer
-
International
nounced I that
intends, together with
in the South, vigorously to oppose this
Company
other
railroads
new application
by every available means—and to insist that the divisions
paid to the Southern railroads should be increased.
Business
Machines
Southern is
"the first
the first companies in any
and most
The
were
of
benefits.
Operating
charge made to the shipper is not affected, the matter
being the proper share for each
railroad of the through rate. • ;
;
^
before the Commission
°Perating expenses, a net
From the depreciation accruals
$16,166,380, from the proceeds of
contracts $5,234,829, and from other
notices,
railroads,
Non-operating
Commission.
the: Company
following
Nation's
;
Joi
accrual
Eor
and
profit basis rather than
profitably in the public interest
joint interterritorial rates between Northern and South¬
2IJdlrlf for
of
wac
COnoitional
?44'
the East
a
contract, after
onstrate
Commerce
fi«n
t,ure was
cndituiv
tex
new
The Northern railroads have again asked the Interstate
Commission to investigate the divisions of
RESOURCES
secunties $66,328,273. At the end of the
$71,408,395, an increase of $5,080,122.
year, this
^ar
between
on
arrangement heretofore in effect.
The Company's policy of not
increasing any freight
rates, where doing so would price it out of the market
and reduce its net
income, was continued in 1959. The
Traffic Department continues to
study from day to day
our competitive
position with respect to trucks on the
highways, barges on the inland rivers and coastwise
ern
murces
proceeding
pommission can be
Commerce
•'
■
economical
mode of transportation for
conducting its v operations
rather than being
required to adhere to rail, and to his¬
torical traffic
patterns, as required under the old con¬
tract. The new
arrangement also provides for the
Agency
Where
the Company can show that the rates
proposed are fully
compensatory, and not discriminatory, the Commission is
new rail for
Cash Flow
there
It is not possible at
necessary
ing in estimated annual increase in payrolls of $1,034,784.
USE
jncome
Interstate
the
Railway Express Agency
transportation, is beginning to have its effect on
Company's ability to reduce rates without the require¬
of long and tedious
proceedings before the Inter¬
water service
compared
when
During 1959, a new contract was negotiated between
Railway Express Agency, Inc., and its
owning and con¬
tracting lines. Under the new
arrangement, the Express
Agency will have freedom to select the most
competing modes of transportation.
ecluiPment debt payments due in 1960
be $9,122,922. This will more than be off-
Stonega
the
mode of
state
$82,716,409 at the
estimate
to
provide that the charges
by rail carriers shall not be required to be held to a
particular level, in order to protect the traffic of another
ment
Equipment obligations
outstanding at the end of the
oLr, aa}ounted to $68,900,410 as compared with $72,063,337 at
railroad from
a
made
the
Equipment Obligations
to
the
completed.
Interstate
operates
Company.
time
'
.
and
owns
to Norton,
Va., ahd fMn Norton to Glamorgan and
Miller
Yard, Va., in the coal fields of Wise
County, Va., ag¬
gregating with branches, trackage
rights and switching
tracks, about 88 miles of railroad. This
mileage provides
the only rail service for
coal mines with
reserves cur¬
rently estimated to exceed 5CC million tons. It is
believed
that the acquisition of the
Interstate Railroad will be of
substantial benefit to the
the
economy of rail transport.
These
recognition by Southern of the
Iron
Company, sole owner of the Interstate
Company, and the matter is now before the
Interstate Commerce Commission
for its approval which
is required before the
exchange can be
Texaco, Inc., and of
.7;y;y '^;.y
Company.
meeting held in Richmond,
Va., July 21, 1959, the acquisition
by Southern Railway
Company of all of the outstanding stock of the
Interstate
Railroad Company in
exchange for 275,000 shares of the
Company's Common Stock was approved. The
exchange
has been approved
by the stockholders of the
Virginia
Coal and
Railroad
Robert
subsidiary of Southern Railway.
—
entire sides
"y
Langbourne M. Williams, Board Chairman of the Free-
Southern
a
manufacturing
unload" freight box cars
with the
'
.
Freeport Sulphur, in addition to its own substantial
operation south of New Orleans, has
just completed,
through its subsidiary, Freeport Nickel
Company, a sub¬
stantial industrial installation on the
lines of Louisiana
were
paper
-At the special stockholders'
Winston-Salem, N. C. Born in Richmond,
Va., Mr. Williams maintains his home in
Rapidan, Va.
3
are
same
also developed
special purpose
capacity two and one-half times
hoppers, for use in the pulp'and
business, and "easy-Load
easy-,
y
Company by
.
During 1959 there
STOCKHOLDERS
Langbourne M. Williams
#
June 23, 1959,
f
M. Hanes of
produced from the greater
carrying capacity and
freedom from corrosion.
;
"wood chip cars," with
greater than standard
Interstate Railroad
THE
New Member of Board of
Directors
This purchase represents a
pioneering
step in adapting to freight car construction the
lightness
and corrosion resistance of
aluminum.; The new
costly than conventional
V: *7
-
steel construction.
more
,v
r
-
year and in 1960are highr capacity j roller bearing
gondola and covered hopper cars of
composite aluminum-
the initial cost will be
OF GENERAL INTEREST
TO
dateLj
Corporation has
railroad
and
an¬
one
of
industry to order this newest
powerful business computer"—the newly devel¬
oped transistorized IBM 7080 data processing system.
Electronic data processing has become
Southern that the present
so
important to
large scale computer—the IBM
The
24
Commercial and Financial Chronicle
Thursday, April 7, 1960
.
..
(1512)
ADVERTISEMENT
ADVERTISEMENT
European Trade War Prospects
*
*
•
^
(Concluded)
RAILWAY
SOUTHERN
Position at End of the Year
December
around the clock.
greater speed and
II—is running at capacity
The 7080 will provide up to ten times
705 Model
V
Southern's computer
The 7080 will be installed in the
by two
center at Atlanta where it will be supplemented
of IBM's
high speed printing of documents from
and
tapes prepared by the computer.
addition,
$23,314,860
$22,796,733
40,419,573
accounts receivable
19,521,428
19,907,887
19,097,788
and
supplies——
8,588,691
7,269,412
8,999,214
659,317
667,973
726,817
$95,455,195
$91,579,705
$95,154,450
the Com¬
pany's Washington office for corporate accounting, dis¬
bursements, and general management reporting.
exchange of tapes
compatible, through
Because
miles apart, will be completely
the 1401 systems, over 600
fully coordi¬
a
investments
Material
ments
Assets
Current
of
delivery
machine accounting ex¬
the Hollerith
tends back to the turn of the century when
punched card machine
reau
developed at the Census Bu¬
was
in Washington and was first used for business oper¬
ations
by
the
in
pioneered
In
railway.
later
the
for
applications
railroad
developing
Insurance
Southern
.
has
been
selection
behind
the man" who
started
in
most of
come
holds
now
responsible
any
in the Operating
1914
man¬
Department, have
today's officer personnel of the railway. In
addition, five presidents and
officers of other railroads
other high-ranking
many
Southern trained through
were
donations
and
quisition
adjustments
trainees, on-the-job and classroom
study and training, with necessary staff conferences,
Southern
will
in
never
the
future
lack
as¬
road
WHITE
SPRINGS
records'\frfth
>Mi
Director since 1947.
and
ern
sorrow
Mr.
the
148,548,413
$619,061,263
$4,167,325
$4,295,675
$4,655,620
$825,22^,071
member of
was a
a
$28,258,933
$25,781,949
31,605,203
21,171,133
current
liabilities
32,652,822
Current
Long-term
Casualty
Other
debt
1,791,260
3,871,613
$51,221,326
$62,306,384
$223,569,871 $229,355,799
l_:
other
and
1,606,583
$59,205,593
Liabilities
$231,857,965
6,827,194
6,595,885
5,934,249
liabilities
6,396,090
reserves—
6,314,218
7,537,093
Company.
time of his
effort to his work
of Southern
and with
railroad
Mr.
in
more
growth in
part of South¬
are now a
Springs
was
death.
President-of
as
He gave willing
of
leased
road
from
and
equip¬
other
Railway Company and had
a
V -T;
'
a
received
a
total
__
property
railroad
Leaving
maintaining
and
was
of
$60,000,000
$60,OdO.OOO
$60,000,000
129,569,300
129,541,300
129,698,520
584,198
284,643
335,540
3,259,163
3,108,038
2,956,800
Capital
surplus
Retained
Income:
Unappropriated
which
the
is
335,642,997
largely
invested
Liabilities and
Equity
332,814,162
318,179,833
In 1958
Leaving
$511,170,693
The
*
and
local
balance of
$831,214,327
$825,324,563
$825,224,071
and
for
of
of
joint
of
use
excess
hire
OUR
35,363,247
$47,193,980
$43,216,477
$48,013,355
develop the territory and to foster
furnish
South, its people and its
income
derived
5,740,315
5,649,233
$39,692,248
$37,476,162
$42,364,122
from
6,038,092
5,443,762
5,851,793
$45,730,340
$42,919,924
if the West
rival trading groups.
a trade war in Western Europe,
German Government's postponement of the
have
goal does
made
to
the
possibility
of
reverting
from
the
inevitable
Such
area.
as
a
result
Making
Interest
a
safe, economical and ade¬
quate railroad transportation in the
territory where the "Southern Serves
South";
$48,215,915
To
treat
fairly
whose work
in-
total inconje of_—
on
funded
debt
t
and
the
men
and
women
keeps the railroad going;
-
equipment
paid
for
obligations,
leased
railroads
'
\
rents
Resulting ip .a net income
fair return to the
owners
r
property.
acceleration
of
not
cause
trouble
$33,126,744
12,665,693
-
13,353,407
$30,254,231
$34,862,508
deterioration
of
more
the Common
than
it
Market
is
scheme
worth.
would
Even
from
physically and politically long enough to consolidate the
alliance based on economic integration.
On the other
cease to control the politi¬
cal destinies of his country the whole edifice of the
Common Market is liable to disintegrate.
The interests of the rival trading groups in Western
Europe are by no means incapable of reconciliation.
Tnere is ample scope for a compromise, but the view
is strongly held in London that American diplomacy,
by backing up the aggressor, has not been very helpful
towards the solution of this difficult problem.
This is
possibly the fault of the E.F.T.A. governments which,
until Mr. Macmillan's recent visit, may not have indi¬
cated in Washington how
strongly they felt about the
of
the ground
would
Xiy'\»
British
in
Government was recently
and Swiss circles on
Swedish
that, for the sake of avoiding anything
disturb
harmonious
relations
between
that
London
Washington, it has omitted to express its full
feel¬
ings, and did its utmost to restrain its E.F.T.A. partners
tool
12,603,596
a
Having regard to all this it may wall be asked whether
the
and
.
and
miscellaneous deductions totaled
■
the
^
of
imports,
might be
Britain's balance of payment resulting from discrimina¬
tion against British goods by Common Market countries.
subject. Indeed the
subject to criticism
To pay a
t
'
against
mea.ure
a
political point of view its advantages would depend
too much on the longevity of two old statesmen, the
younger of whom is 70 and older 84.
They may live j
vestments in stocks and bonds
miscellaneous items was—
British-Ru:sian
a
discrimination
to
dollar
•
and
of
a
railway
_
to negotiate a compromise.
hand, if either of them should
the
7,501,732
only half as strong as they
strength of feeling in Washington in favor
showdown with the
even
in
sources
were
this loss is made even more difficult
aggressive and provocative way in which the
Government is determined to bring about a
considered
To
equipment
the
the
bility
$83,376,602
27,030,256
remarks
Germany and the Benelux countries as a result of the
acceleration of the Common Market arrangements, which
to
com-
facilities
income from
an
operations of
Other
$70,246,733
slight ^ change in emphasis
the interpretation which
carry conviction.
If Mr.
raproachment, such a clash is certain to disrupt NATO.
British troops from Germany would be withdrawn or
reduced to skeleton formations, and American-British
relations would deteriorate. In the economic/sphere, too,
Mr. Macmillan is alleged to have alluded to the possi¬
|he amount received
by it from those
Leaving
$87,966,489
a
can
not result in a compromise, is not
likely to remain confined to the economic sphere. Even
if we discounted the allusions Mr. Macmillan is alleged
186,095,534
taxes
_
Company paid to other
panies
186,087,444
by
them,
The worst of it is that
opportunities;
183,914,960
which
please
to
does not leave enough time
by
„
$271,881,449 $256,334,177 $269,472,136
_
apt
seeing the consolidation of the Common Market for
the sake of the political implications of such an economic
union. On the other hand, it is evident that in the way
in which that union is proposed to be achieved, it is
certain to disunite Western Europe rather than unite it.
Britain can ill afford to lose her markets in Western
Shareholders'
faith in the
railroad
L.L.1
a
diplomacy,
offers each of the two opponents
July 1st
To
the
at the Paris
It is felt in London that
representatives
different tale.
a
limit to the extent to which the supreme art
a
French
Equity— $529,055,658 $525,748,143
1955-1959
40,772,509
——
state
required
there is
Acceptance of
■' T''TT
property
Total Shareholders'
V-"'-
•
Federal,
meeting tells
in
CORPORATE CREED
the
operating
balance from
a
according to British sources the
American
the
of
attitude
of
growing
rev-
of
of
But
against E.F.T.A.
don for
equity
of:
devoted
'
cost
scheme. It is true the State
to Mr. Macmillan its reassuring
no intention of backing up E.E.C.
discrimination
tariff
Possibly there is not sufficient understanding on Lon¬
Com¬
from
passenger aond miscel¬
laneous operations
The
Department repeated
statement that'it had
$302,158,669 $299,576,420 $314,053,378
Liabilities
Average
enue
stiffening of the Common
official circles
to the encouragement they received from Washington to
proceed with Professor Holstein's proposals to accelerate
this
wrongly
or
reported to have been it would indicate that this
limit has now been reached,
T V
\
Vv»!V
•
In 1959
freight,
representatives was absolutely rigid and uncompromis¬
ing, in sharp contrast with the spirit of give-and-take
that prevailed at the J previous Paris meeting of the
same governments in January.
•
Macmillan's
5 Year
Company
with so much interest produced 110
results whatsoever beyond setting up yet another com¬
mittee.
The attitude adopted by the Common Market
.
Total
Results for the Year
This
E.F.T.A.-E.E.C.; controversy which
the
awaited
been
were
5,857,883
deep interest in
serve
with
5,756,051
7,052,866
Compan^
and
meeting of officials of the 20 governments
Paris
com¬
panies
member of the Board of Directors
a
building the strength of the railway to
South.
a
The
of
deferred
and
credits
Common
Several of the companies which his fore¬
Bank of Lancaster, of Kanawha Insurance
at the
•
official Ameri¬
threatens to lead
encouragement for an action which
trade war in Western Europe.
the
Other
on
was
family that for
and of the Lancaster and Chester Railway
pany,
to
of the feeling that prevailed on the subject
British official circles and business circles
bitter about what they regard as
very
Rightly
Springs Cotton Mills and Springs Mills, Inc., President
of the
London.
in
Market's attitude is attributed in British
Preferred
untimely death
Springs, whose home
helped build and operate
Railway
155,675,988
$629,402,243
Capital Stock:
(1896-1959)^
ir.
of South Carolina
fathers
the strength
had
$25,993,807
accrued
attributed to Mr.
remarks
England — The
concerning the American attitude towards
European Common Market appear to have amply
confirmed what I said in my last week's article about
the
concerned
supplies,
rents
Taxes
consisting
than 100 years had been closely allied with the industrial
the Carolinas.
767,609,676
$831,214,327 $825,324,563
Appropriated
Lancaster, S. C.,
growth
785,078,231
companies, interest, divi¬
shareholders'
October 15, 1959, of Elliott White Springs who had served
as a
799,712,469
balances to other rail¬
dends
warn¬
ing made during his recent visit to Washington, D. C„ may correct
the situation in terms of a satisfactory compromise.
can
ac¬
:
materials,
that Mr. Macmillan's belated
described here. Dr. Einzig hopes
for
officer material of the highest quality.
The Board
103,289,151
173,722,398
Assets
for
ment
ELLIOTT
grants, and
Other assets and deferred charges
Depreciation
Careful selection of
that
99,504,827
$625,990,071
Total
between the two rival
apt to follow the inde¬
of the E.E.C., at the expense of the E.F.T.A., are
provide more time to breach the impasse
is
these programs.
sure
104,903,031
Depreciation, amortization,
From these programs, the first of which
agement job.
was
of
that
assure
qualified "man behind the man
a
401,358
com¬
others———
Investment in road and equipment
Less:
along with its fellow members' proposal to erect
Six" and the "Outer Seven," it does
go
trading groups. The grievous consequences
are
Owed
training programs to
there always will be
416,749
377,194
158,085
affiliated
in
.
pioneer in the inauguration
a
and
164,919
540,620
funds
other
and
and
wages,
formal
re¬
liabilities
,
Training for Management
other
and
funds—
serve
IBM 650 computer, and in 1956 installed the first IBM
705 Model II.
$2,245,480
capital
Sinking,
5th decision to restudy the
Macmillan
acceptance
equipment
also
Southern
years,
and
still
LONDON,
disbursed
be
to
-
Sale
Conditional
under
panies
Southern Railway's interest in
contracted
balance
Unexpended
upon
—
■j
;
tariff wall between the "Inner
a
pendent course
other current assets
and
•T ■'
^
speed-up plan olthe European Common Market means the July 1st
deadline goal will not be met. Even though West Germany may,
after all,
Working fund advances, prepay¬
Investment
will be greatly facilitated.
nated accounting system
The West
43,533,898
deposits——
special
German Government's April
1955-1959
44,773,259
for
TT-.TVT'T
1401 system will be installed in
a
Average
31,1958
$21,912,5100
and
Agreements
In
December
31,1959
—
Cash
Temporary
primarily for card-to-tape
sistorized systems will be used
conversion
These tran¬
1401 data processing systems.
new
■
'•
.v
Miscellaneous
capacity which will be helpful in producing reports and
sophisticated accounting, including business prob¬
more
lem simulations.
v:
.-v.
assets
%
•
5 Year
On
On
J*
'
By Paul Einzig
HQwever-this may be, possibly Ml\ Macmilkms
outburst, by making the position quite clear, may u1
the long
run
be beneficial both for E.F.T.A .-E.E.C
r
relationship and for American-British relationships
Number 5940
191
Volume
.
.
The Commercial and Financial
Chronicle
.
(1513)
apd those that labor unions want
strictly for their own purposes is
becoming increasingly blurred.
Featherbedding is a case in
of "Make Work"
No Longer Can Be Afforded
The Cost
fy. J.
asked by a railroad official to face
up
to
interest of the
spread
this issue
labor. Mr. Oram compares the effect
ment and free
of the
silting
r
?
-
vthrough
two parties
Philadelphia.
1959 the
new
In
$117,000.
over
come
That is the
political
excessive
and
that:
price we pay
to
maintain
water depths
economic
caused
bring to bear
a
on
gaining
our
people to un¬
J. W. Oram
dertake exten¬
sive studies of
,
They seek to reof too much silt
river currents.
duce the problem
of silting
by getting at the cause
action.
'
wages
idea
and fringe benefits.'
of
concession
a
is
to
study this problem of silting the original
asking price
laboratory conditions, en-:dustrial
peace
reproduced. From the information
duce the accumulation of silt
and
Their
for
accuse
in-
asks
A
union
agreement
operation. Furlabor contract es-
out of
for
working
classification even
a
lsting circumstances
and
^
the very
of hnth
labor—to
yard up-dating
in this
way
with
U
and archaic
ut Pnil
Of
dppi
Pose
of f
is
\hL-
^nn
emotionally
contract
refused
dredging
as
labor
to
has
consider
the solution
to the problem. Like the Delaware
River, unions simply hope to keep
"rolling along" regardless of the
depth of the channel. Evidently,
too, from their propaganda they
would have the public believe that
move
taken
by management
as
such.
is
Logi-
untenable,
or
unwanted jobs, the modernization
of yesterday's working practices,
does not imperil the cause of un¬
ionism.
Indeed, that cause is
strengthened.
;
/
*s not difficult to understand
the Point of view of labor on this
most imPortant issue. Union leaders are parochial in their approach
to statesmanship.. They are concerned with the interests of only
mMhnd«"
nf
sincerity—"What's good for labor
pvp
working
irrvi?ed °Ut °f
to
cus-
is good for the country•"
ma.£U~ Is Labor's Strategy
service processes, thus
greater pro-
T
,
.
a
So long as a responsible com¬
pony is hampered by artificial restrictions on its production capa-
bilities, is has
no
Theory of Collective
Bargaining
labor theoretician
at this is the Pur_
Ihe^
the union makes
company
offers
Originally, it
system
encourage employes
the road
quickly.
Forty
it
represented a fair
a fair
day's pay.
not
1960.
In
freight service
Short-Sighted?
Although labor depicts itself as
unselfish
champion of its
members—although labor leaders
a
work.
When
effect it took
the
a
or
rule
industries
a
clearly
to
understand
its labor agreements
are extremely
complex, it is not difficult to show
continuance
of
work; rules
a full day's
when the work could be
performed by the original crew in
a reasonable
length of time.
;
(4yRemove
which
artificial
faster.
in the minds
of
has grown
employes that all
they have contracted to do is
prevent
barriers
road
crews
from working in yards or yard
crews
from working on the
[ road. .••"
•
Road
the
and
men
skills
same
same
crafts.
kind of work.
restrictions
work
yard
agreements,
certain
threatens
are
by
archaic
removed
from
industry will be
our
prevented from utilizing its avail¬
able manpower
fully
tively.
road
and-effec¬
For example, on my rail¬
trainmen have to be
additional day's pay at the
road
paid
an
yard rate if, in picking up
for
cars
their
train
from
a
a
won't
roll
down
run
and
Continued
block
on
Common Stocks
On Which
CONSECUTIVE CASH DIVIDENDS
Have Been Paid From
an
tions to realize that
5 to 176 Years
—
roads are very much like that
scale model of the Delaware River
that our engineers have built to
study silting action around our
coal and
piers. They serve as
a
laboratory at which the public
can be enlightened as to the eco¬
ore
Included
are
is there
number of
many
Iron
"make-
to
exist
PAGE
years consecutive
'
Government interference,
and public apathy—made it impossible for our industry to free
itself from the binding regulations
of the past. The cost of railroad
...
•
1 to 24
25 to
_
'
25
199
__20
200 up
On orders of 100
a com¬
union
dividends have been
•,: -
-
•
■
f
COST OF THESE BOOKLETS
rules, nor
why they
even
though
stomach. For many decades
bination of forces—vested
—
listed markets.
A;'."
of them were formulated
than 40 years ago when the
Horse had a coal burning
BOOKLET
paid, cash dividends paid during the twelve months to
Decernber 31, 1959,
percentage yield, and year-end quotation, also an
analysis of the difference between the over-the-counter and
any secret about
continue
more
of
60
cover
_15
or
more, a three-line
cents each
cents
each
cents each
imprint
on
the front
is included without extra cost.
power,
featherbedding is also known.
It
is estimated at $500 million a year
—and this does not include coffee
breaks, vacations, or holidays, as
^
the unions have tried to make
you
believe.
This
short
discourse
does
Commercial
Financial
Chronicle
Wm, B. Dana Co., Publishers
25 Park
Please
Place, New York 7, N. Y.
enter
our
order for
booklets
on
"Over-the-
Counter Common Stocks" and
accompanying dividend tables.
not
permit me to give specific exapipies of featherbedding on the railare quick
to devise a glibly hu- roads. But I can assure you that
manistic and economic rationale there are literally thousands of
for embalming the status quo specific
examples
that
can
be
whenever that
seems
to
work, given. Many of them have already
even momentarily, in labor's in- been mentioned publicly, and no
terests, the line that separates the doubt many have read about them
goals desired by the membership, in the
newspapers.-.Many more*
&
Firm Name
Address
the
page
OVER-THE-COUNTER
the
few
yard
track, they set the brakes on the
cars
left standing there "so
they
I960 EDITION
out-
have
But until the costly
imposed
rules
men
belong to the
They do the same
—
the
problem,
but the railroad •
industry is, to
some
extent, an exception. While-
how
into
8 hours to go 100 miles.
However,
a modern train
travels much
explain in
public can
that the
went
the next 100
run
both
pay
but to
recourse
difficult
way
8 hours of
freight train about
seek to unshackle itself. <C
Unfortunately, however, the case
against featherbedding is for many
such
this
basic day shall
consist of 100 miles
I
years ago
day's work
But 1919 is
for
rule provides that
was
intended to
to get over
Nevertheless, the idea
.
Industry Makes
incentive
an
the
Accordina? collective bargaining,
demand,
us.
"featherbedding"—and
one segment of our society. They
argue—and I do not question their
an
clniSfn?
Orations for
will
ill
union
obsolete
the
llvity.
The
Resistance to Change
,
wear Lase
T*ie elimination of unneeded
ma narrow
review
periodically
diip/-
The Consequence of Labor's
..
ap-
need
union agreement
Winp«_frn™
or
wage payments.
it
through
management may be forced
one crew to run 100
miles,
use
second crew to
;
dual basis of pay
compensation system for train
and'engine crews which use both
mileage and time to determine
district.
increased
run
wages
pay
:
each
speeds
to
possible
miles, and
a
There is nothing obscure about
the origin of our work
Sak ,!!!,
individual
an
Point of view
feSuring
8
who
a
w
e
a
con-
r
in
two districts in the time
formerly
required to go through one. How¬
ever, in many cases the unions
have refused to permit this. This
improved train
and technology.
to cover
to protect the
was
men
train
as
became
The so-called
ex-
this
for
probably perfectly
good
frepin J
it
use
speeds
is
<
politician^
although they
at destroying labor
cally this position
ex-
is undoubtedly
caused
by a given set of conditions
0n a
given occasion.
But no matter
whv a nrnvi<?inn
wasteful
not created by the
nomic consequence
work" practices.
at least at the time it is
In
accepted.
fact,
tor the
regulation
tracts
a
that
to increase efficiency through the
use °f better machines, or more
effective job techniques, is aimed
provision
done within the
framework of
and
doctor
a
for
tion he wants for. Y cure?
any
when
controlling a particular work practice is
negotiated, it is normally
a
of
intention
~
:
annotated guide to labor relaa fireman on
a diesel locomotive, like Old Black
Joe, has laid down the shovel but
continues to go along for a wellPaid ride. For this1 reason, rail-
course,
simply
device
a
Industry's work practices became
choked with silt—popularly called
related jobs.
tice is in
is
more closely, you will
by their similarity. May
you
penalties
governing
opponent
Adjust 'the 40-year-old
formula for road crews to
A
future of the industry. After all,
the man on the street doesn't need
thermore, the
reason it is
an
tion of wages, hours, and working
conditions was easily foreseeable,
if
explain?
Propriate,
that
patient
But
operational standpoint. Today
Pennsylvania Railroad oper¬
no steam
engines. Neverthe¬
;j;;^ form with
short-
of my diswill examine
But
generally defines work practices,
It classifies
jobs by categories and
says who can do what. It
may go
so far as
to fix the size of a* work
crew in a
given
Of
attack
The
moded
Practices," the topic
on
idea.
an
The consequence of this onesided approach to the determina-
of the Delaware River and "Work
tablishes
like
the
diagnosis
and, then, inquires what prescrip-
I will admit that, at first
glance,
there appears to be little resem—
blance between the
silting action
very
much
and,
ing costs.
employes
(2)
;
ceedingly Well. However much a
union may take pride in momen-
man-
And the Government's role
labor relations, has been
in
in this way, eventually cut dredg-
subject
than
to
easier
of any organization or government
to control. It is this: If the workers want;to make more money,
they have got to produce more and
do it as efficiently as possible.
reduce
ments.
gained in these investigations it is
the hope of the engineers to de¬
velop a breakwater that will re¬
I
always
of labor
scientists have built agement of
being inflexible if it
a
complete scale model, of that„jCjoes not
quickly.accede to the new
part of the Delaware River lo- terms.
Management is on the decated adjacent to our
piers.^By the fensive, its major effort directed
use
of water, dye and Gilsonite,
at holding down the
score, rather^
silting action can be accurately' than
seeking contract improve-
be startled
of
desired objective.
gineers and
my
is
term expediency of
gaining a point
by casting suspicion on the motives
was
tiations have followed this familjar pattern.
Large unions advance
highly publicized proposals on
under
course.
the
—
maintenance
To
wages and broader benefits
-but to take an axe
people—
basic industries
has been far from free.L tanly
blocking the; advance of
Beginning in 1936 (a year that technological progress, union leadmarked the political
ascendancy : ers cannot escape one economic
of organized
labor) contract n ego- law that operates above the power;
—
®The
historic mission of
shoveling coal
has long since ended.
<
public—that'manage-
crews
territory.
seniority of
to
person
interests
in
the
been ad¬
with the im¬
pace
comotives and
more
means
It
management
especially
or
a
piecework
a
never
■
example of the "makework" problem. A Canadian
Royal
Commission has studied the facts
are
least
as¬
(3) Permit longer crew runs in
keeping with the ability of lo¬
or
classic
.
pressures
union
at
their
provements in our machine, as is
normally done in other industries.
less, nearly 4,000 firemen continue
to be paid
approximately $28 mil¬
lion
every year, although their
to
For these reasons collective bar-"
piers has
these
entrenched
to secure
at
feet
38
can
employes
in
effect, it is
justed to keep
other nonsteam locomotives in
freight and yard service.
The fireman on the diesel is a
cur¬
miles
system which has
y
job security of the work
force and to weaken .the
strength
of its union.;
•
•
y -'.o
a
entirely fair to
hypothesis. Ac¬
*
of
with
up
diesel
on
of
duties have taken only a few hours
of time. In
ates
°f its
discussions the
tually it has little resemblance to
reality. It discounts the power of
the
Government, it; ignores ■'.* the
ing at the ore
pier alone was
The
will
agreement
'both.
dredg¬
cost of
reasoned
used
number
higher
-
in
some
the
signment, whatever that might be,
and then go
home, even if their
ment wants to change work rules
—not to strengthen the industry
and thus be able to pay for the
the Pennsylvania RR. counter - proposals. Because I.the
thousands of dollars mutuality of interests of labor and
in the dredging
operations that management is greater than their
take nlace
around our coal and .conflict, it is his premise that
-
he
controversy so much and concluded that he serves no
being generated about .useful purpose from either a safety
part of the
-
,
many
-
interests.'For example, in the
work rules that
rverv year
docks
successful—at least initially
on the ecohomic fears
of its members in order
to secure
being persuaded—as is
,
should
has
preying
emotion is
permits the luxury of costs exceeding increased productivity
.
ore
labor
the
railroads the right
to determine whether
firemen
job security.
that
Proposals for Rules Changes
Give
rent railroad
and the artificial preservation of
jobs.
fnends
over
agree
(1)
their support for objectives which
may actually run counter to their
threefold pressures emanating from the Gold War, competi¬
drive of foreign nations and the public's changing attitude no
tive
The
over
been
—in
that the
longer
taking
now
is any genuine rank
as
However, I
obsolete working practices to the costly obstruction of silt
at docks and in channels, and outlines six rules changes labor is
being asked to accept. He avers that, contrary to labor's claim, they
will strengthen rather than destroy unionism. Moreover, he warns
describing, briefly, the specific
proposals the railroads served on
the railroad unions last Nov. 2.
the wide¬
American industry
and file concern
>
action of
"
6f
dispute that is
place in
the reality of
featherbedding practices before it is too late to stop tha government
from making a forced draft solution at the expense of free manage¬
However, I think I can give a
general picture of the situation by
who rule labor
men
given before this problem
is resolved.
I submit that the partisan
.yi, is as much at the root
W. Oram,* Vice-President, Personnel, Pennsylvania Railroad
Labor is
^point.
will be
25
47
The
26
Continued from page
In any
1
one
ally or family-owned, could be handed on to heirs,
by bequest through a decedent estate. But im¬
pelled first by high level of Federal Gift and
Inheritance taxes/and more particularly the often
insurmountable difficulty in arriving at a valua¬
will
private business high enough to please
Service and low enough so
the estate can pay the tax imposed without
a
interest either for estate
a
,.
Thursday, April 7, 196Q
.
The year
fact, quite a year for the Over-theCounter bond markets. At first with rapidly ris¬
1959 was, in
ing interest rates, bonds sold off creating during
the year, the lowest prices and highest yields on
private corporate
protection purposes, the
bonds
holdings, has, in recent years ^rought many at¬
tractive new issues to the market—Ford Motor
decided to revert
managers,
with inflation
as a
policy and began buying bonds. All of this made
plenty of business, albeit creating some problems,
for bond brokers. The big problem was maintain¬
Transition,
Campbell Soup, Chock Full O'Nuts, etc. Further,
many new public underwritings, you will note,
Co., Champion Spark Plug, Upjohn,
stock¬
holder, with shares being sold to expand the
corporation's capital.
Then in the: later months,
somewhat disenchanted
motivation for share purchase,
to more traditional portfolio
30 years.
in
investment
ing orderly bids in the declining phase.
combination of shares being sold by a
this
In
the
area
function
of
the
quires that individual dealers make the bids and
the offerings and/most often buy for their own
account prior to resale. If these dealers stopped
making bids and offerings, and refused to take
risk
of "carrying"
securities, there just
wouldn't be any Over-the-Counter Market. So,
especially in declining markets, not only trading
but very substantial. resources are in¬
dispensable requirements of dealers in securities
acumen
not listed on an
Monopoly
they were designed — loaning money!: The loan
experiences were excellent, the rates attractive
(to the banks!) so record profits were ^reported
from Morgan Guaranty in New York to the First
investment
of
Bank
National
:
bank shareholders
Over-the-
Seattle.
were
Thousands
of
new
added last year, and they
all
bought their stock, Over-the-Counter.
companies, too, made new stock¬
holder friends in 1959.
We're getting close to
$10,000 per capita in American life insurance
holdings and, apart from the big mutuals that
write two-thirds of all life insurance, there are
some
1,300 stock companies. A great many of
these have publicly held stock, bought, sold and
quoted only Over-the-Counter. There are dozens
of small companies to choose from and some very
large and well known ones, such as Travelers,
Life insurance
Aetna, Franklin, ^Lincoln National,
General,
U.
S.
Life.
During
past remarkable capital gains
the
were
Connecticut
decade
just
recorded in
life insurance shares, with several issues advanc¬
more
than 1000%. Life insurance is still
growing industries.
one
fastest
our
Birthplace of Tomorrow's "Blue Chips"
l
Stock
distinguished divisions of the
operating commercial banks in the United States,
not one has its shares listed on a major exchange!
(There are a few listed bank holding companies.)
The banks had a wonderful year in 1959 doing,
almost to a maximum, the business for which
of
American
Bank and Insurance Stocks
In banks, this market enjoys an
trading monopoly since, of the 14,000
absolute
ing
Midwest and
.
stocks.
ance
CORPORATION
New York,
on
;
Over-the-Counter Market is in bank and insur¬
LEE HIGGINSON
Members:
exchange.
One of the most
dealer is too little understood.1 Unlike
Counter
^
exchanges, where a daily auction market is
maintained, the Over-the-Counter Market re¬
the
the
issues in 1959 were
"Magic Fives."
Government issue of
cashing in on capital gains, or by foundations or
individuals desiring more diversified investment
are a
else.
big mutual funds, Lazard and Cne William
Street; first public offering, of a number of mu¬
tual fund management companies, e.g., Waddell
and Reed, Hugh W. Long, Vance, Sanders & Co.
Inc.; Wellington Management, etc., and a swarm
of electronic and scientific issues led by Transtron. In the bond market, the sensation was the
regardless of whether it will continue there, or
be later listed on the exchange. This public offer¬
of
trade anywhere
The headliners among new
defined, and the new stock
market way, always trading
Over-the-Counter Market at the outset
ing, and the spreading out
never
two
corporate equity is
the
convertible—trading first in the
Most of these issues
Impressive Bond Market Role
starts off its merry
in
event the year just past was a banner
security offerings, every one of them
new
Over-the-Counter Market.
going broke, businesses have increasingly beqn
"going public."
The subject corporation shares are underwritten,
offered usually by a selling group, valuation of
the
for
—bond, stock or
the Internal Revenue
that
Chronicle
of All Investors
Market Fills the Needs
The Over-the-Counter
tion of
Commercial and Financial
(1514)
Boston Stock Exchanges
Not
only does the Over-the-Counter Market
provide the quoting and trading terrain for over
40,000 stock issues, but it is constantly serving
Exchange (associate)
banking service since 1848
reception committee for shares of new, eager,
hopeful little companies in dozens of industries.
Regardless of the nature of the enterprise or the
product involved, if public financing is necessary,
as a
BROAD
STREET
CHICAGO 4
BOSTON 7
NEW YORK 5
20
50
FEDERAL
231
STREET
HAnover 2-2700
Liberty 2-5000
Teletype NY 1-917
S. LA SALLE STREET
FRanklin 2-4500
'
Teletype BS 452
it
will
be
effected
initially
via the Over-theInstruments, the
Ampexes, the Carter Products of tomorrow are
I '
Counter
Teletype CG 175
Market.
The
Texas
getting their start and^ finding
today — Over-the-Counter.
;
We could dwell ad infinitum
on
their
the
markets
panoramic
nature of this fabulous Over-the-Counter Market
American Research &
—how it distributes all the
municipal bonds that
and highways;
how its diversification embraces
every American
and hundreds of foreign
industries; how it re¬
sponds to, and accommodates, the public enthu¬
siasm for exciting new
issues;: how it provides
the valuations on which estates are settled, and
businesses merged or sold. But, this is not aca
Development Corp.
build
Products, Inc.
Avon
Richard D. Brew and Company,
Brown
& Sharpe
Incorporated
Manufacturing Company
Cameo, Incorporated
we
invite inquiries
on
the
following
Inc.
Corporation
Cary Chemicals
Chemirad
Citizens Life Insurance Company
of N, Y.
Consolidated Rendering Company
Continental Screw Company
The
Duriron Company,
Splendid Record of
Continuous Cash Dividend Payers
The
The Meadow Brook National Bank
Philips' Gloeilampenfabrieken (Philips Lamp)
River Brand Rice
Mills, Inc.
Rock of Ages
Rothmoor
Corporation
Corporation
Shulton, Inc.
Siemens & Halske A. G.
Corporation
Tracerlab, Inc.
Wilcox Electric
Wometco
the
point of this article is in fact best made b
tabulation, immediately following, which list
some
*
of the finest securities available
anywhere
in many cases
leaders in their lines, which hav
paid continuous and consecutive dividends for a
many as
a
176
years
in
vast diversification.
a row.
There is in this lis
Dozens of these issues ar
attractive
today, either because they provide un
growth factors, great discounts from boo
value, great potential for rising earnings, or be
«cause
they may be the unrecognized, unheralde
blqe chips of tomorrow.
usual
Speer Carbon Company
State Street Investment
cities, towns, schools,
demic dissertation.
Inc.
Dynacolor Corporation
Hudson Pulp & Paper Corp.
The Kerite Company,
;
Lewis Business Forms, Inc.
Morningstar-Paisley, Inc.
National Aluminate Corporation
National Blankbook Company
our
Company, Inc.
Enterprises, Inc.
So, we say consider this market, broad, divers
replete with durable dividend payers. Yo
can
rely on the Over-the-Counter Market fo
and
Number 5940
191
Volume
.
The Commercial
.
an$ Financial Chronicle1
(1515)
bre adth
to
and quality of selection and you
pay' no premium for glamour.
encounter
investments
"choice
look
are
,
-v
To
h
Over-the-
tion
Years Cash
Divs. Paid
/
,
Following the tables appearing hereunder, we
the difference between the
listed and Over-the-Counter Market, for the
benefit of those who are not conversant with how
"•
Dec. 31,
Insurance
v.".
*
* *
Fire,
marine,
business
Aetna
;•
casualty
»
Life
"
•
and
2.60
Writes
77'
U(Hartford)
'
Life,
L—
Amer.
•
:
health
26
fl-39
86
Diversilled
insurance
1.60
28 V2
-
-Akron, Canton & Youngstown
;
/ Railroad Co.
.
.
Ohio
> (San
v
v
:
"...
•-
,<9
Alba
Silk
Consecutive
Cash
14
;'
Money
1.50
21
24
nvlon
hosiery
•>
fl.78
20
/
65
Inc
DIVIDEND PAYERS :
4%
8.2
*
33
2.25
47
for
Allied
r.
10 to 176 Years
■
Approx.
Including
Vj-'A-;-;;:;.
.
No. Con¬
--
Extras for
secutive
.
12 Mos. to
Years Cash
Divs. Paid
Dec.
Quotation
Dei.
31,
1959
31,
1959
% Yield
Based
——*18
Paymts. to
Der 31;
1959
Gravel
•
motors
parts,
ering materials,
drapery fabrics
markets
super
sand
33
11.15
23
2.00
491/2
2.3
32
American
6.3
product*
Dkiiv
Filters
Abercrombie & Fitch Co.
Kelaii
spui
r
•
and
Abra«ivp & Metal Products—
21
0.30
Mfg.
Electric
Corp
Electronic
of
equipment
and
21
5.7
Molded
halls
Process
rubber
t
Details not complete
1.8
Fire
.
31
•
and
i
American
■■■
"23
1.00
251/2
3.9
3.8
American
Hoists,
19
'v•'
to possible longer
v»
record,
w
Adjusted for s„ock dividends, splits, etc.
fl.04
31
'
26
#1.10/
heating
27V2
|
3%
5.2
0.70
57
1.2
1.20
441/2
2.7
1.40
20%
6.7
20
1.20
191/2
6.2
13
#0.64
451/2
1.4
19
fO.76
16
4.8
1.30
261/4
5.0
0.30
3%
8.0
-
/,
Corp.,
greeting
&
cards
Felt
Hoist &
cranes,
4.0
of hospital
Custom
auu
.
-
1.00
20V2
4.9
2.00
82
.
<
78
•
4.25
92
-
of
Corp
plastic
/
minals
-
lockers
.
American
4.6
♦
.
87
*
insurance
Locker, Class B
Maintains
2.4
-
-Dredging Co.—
dis-
Insur.. (Newark)
Diversified
American
„
services
and
supplies
■
American
/
equipment
Insulator
moulders
-
materials
,
/ v./
Telegraph
cargo
Hospital Supply
American
*20"
Derrick—
manufacturer
tributor
r
In
puolic
17
ter-
.-
Maize
Manufactures
Details not
Stock
also
25%
complete
for stock
was
split
stock
as to possible longer record.dividends, splits, etc.
2-for-l
dividend
(from
paid
$10
March
to
1,
$5
par)
1960.
.>
in
1
:
•
February
r
.
Products
various
3fe tl-90
63
3.0
corn
<
Details "not
complete
t Adjusted for stock
as to possible longer. ;record.
dividends, splits, etc.
,•
I960;
.
•'
."
'
;
BANK & INSURANCE STOCKS
OVER-THE-COUNTER SECURITIES
FUND MANAGEMENT SECURITIES
Specialists in
CHRISTIANA SECURITIES CO.
Common
Preferred
Inquiries invited in all Unlisted Issues
•
•■
.<1
- •
i;V
r '••• - •-
Trading Department, L. A. GIBBS, Manager
LAIRD,
BISSELL &
MEMBERS:
NEW
YORK
AMERICAN
120
•
-
MEEDS
STOCK
EXCHANGE
STOCK
EXCHANGE
BROADWAY, NEW YORK 5, N. Y.
Telephone BArclay 7-3500
-
.
Bell Teletype NY
DuPont Building
Philadelphia Nat'l Bank Building
44 Whitney Ave.
WILMINGTON, DEL.
PHILADELPHIA, PA.
NEW HAVEN, CONN.
v
1-1248-49
10
Waldmannstrasse
ZURICH, SWITZERLAND
CORRESPONDENTS
WHITE
0.20
products'
t Adjusted
as
Co
j;
of
Hair
American
3.3
23 y2
1
Dredging ^operations
Golf
20
31 '
.
Miscellaneous hair & felt products
0.90'
57
Electric protection
?
Insurance
Greetings
Manufacture
6.5
•
District
2.8
18
manufaciurei
casualty
-
*-.«■
and
-
351/2
corrugated
American
-
2.00
,
American
Co
,
*
16
1
f0.98
distributors of
and
5.2
.
*23
Co.
for
industries
products
•
0.29
cement
3.8
Products
American General Insur. Co.
j;:/'
Cement Corp.__*
paint
461/4
'
2.5
23
Corp..
miscellaneous
Manufactures
American
Electrical
&
transformers
electronic and electrical
Acushnet
Filter
cement
51/4
•->
Abrasives
Acme
and
'
40
ventilating equipment
American
'
Air
and
products
"•;
1
1.74
cov¬
decorative
•
Forest
',
Manufacturers
Largest
Abbotts Dairies, Inc
and
American Furniture
Co., Inc.
Markets,
Aggregates
and
4.8
felt
1.00
'
14
American
I6I/2
syn-
Class B
—
electric
Food
0.80
10
;,nd
5.1
..
Co
Beta
21"
wool
felts, fabricated
filters, acoustic wall
28V2
1.20
Inc.
/California
2.1
33
of
fibre
T Large furniture
Co
and
94
cards
1.45
distributor
gas
2.00
containers
14 "/:
12
(Louis)
90
Corp.
....
Installment financing
Alpha
on
4.9
Cement /■
cement
Generators
4.5
48
credit
forest
Finance
I, Natural
20
training
Allied Gas Co
Allis
Cash Divs.
jo.98
'•
.
'
apolis)
Co., Class A
Portland
.
.
/."■•■
in¬
Express Co
American
14
Portland
peril
Fletcher National
Bank & Trust Co.
(Indian¬
4.8
,
■
"
■
Allentown
42
.
multiple
allied lines
American
•
...
courses
; '
-
Publishing executive
4
tances;
2.7
■
0.40
Alexander Hamilton Institute
.
and
orders; travelers' cheques;
shipping; foreign remit-
foreign
'thetic
Antoniov
1.90
3.9
Assurance
American Felt Co
7.1
'
Hosiery Mills, Inc
ana
marine,
Manufacturer
Lochd,carrier
,
5.6
v
,
Albany & Vermont RR. Co
V"
i-
'
Fire,
surance,
^
carrier
Alamo National Bank
OVER-THE-COUNTER
Equitable
American
96
*'■
,
/.
1.6
~
Agricultural Insurance Co.*—
77
ex-
druggists
j
-
•
and
for
on
Dec. 31,
1959
$
3.00
26
Insurance
coverage
ieid
Paymts. to
Dec. 31,
1959
*35
Co. of New York
—
group,-accident,
Dec. 31,
* —
1959
1
Based
only
surety
.....
Fire
tended
3.4
1
Over-the-Counter Market functions.
S TABLE 1
>
1.2
-
-
Insurance Co. T
'
tion
American "Druggists
Insurance Co. (Cine.)
i
'
.
12 Mos. to
Years Cash
1959
2.40w207
88
Quota-
secutive
-
.....
Insurance (Hartford)
Extras for
Divs. Paid
v
%
No. Con-
'
'»•
52
marine
Approx.
Including
on
Dec. 31,
1959
.
Aetna
nresent a discourse on
and
Cash Divs.
ieid
Paymts. to
V
—
fire
Dec. 31,
1959
1
Based
$
Casualty & Surety Co.
(Hartford)
;*
Casualty, surety,
the
12 Mos. to
Aetna
Over-the-Counter Trading
%
'Quota-
secutive
,
Difference Between Listed and
Approx.
J
,
Extras for
'
1
Counter.
Cash Divs. i
Including ;
.
No. Con-
'
.
27
&
CO.
J.
St. Louis, Mo.
S.
STRAUSS
&
CO.
San Francisco, Calif.
SCHIRMER,
•
v
•,
ATHERTON
&
MITCHUM, JONES & TEMPLETON
.
CO.*
Los Angeles, Calif.
COOLEY
Boston, Mass.
&
COMPANY
Hartford, Conn.
r
t
Continued
on
page
28
28
The Commercial
(1516)
Cash Divs.
Including
The Over-the-Counter Market
No. Consecutive
12 Mos. to
•
Fills the Needs of All Investors
,
Quota-
Extras for
Dec.
Years Cash
tion
•?
.
Thursday, April 7, 1960
.
?
^
•.»
secutive
12 Mos. to
27
Including
'
secutive
12 Mos. to
Years Cash
Dec. 31,
tion
metal
products,
Paints, chemicals, resins,
household
powders,
cement
,
■
„
,
^
,
,
15%,
0.24
30
Company
tl-92
80
of
25
t5.10
510
23
fO.96
American Pipe & Construc'n
pipe-protec-
;
Diversified
,
"
Manufactuer of
threaded
1.20
2.1
and
forms
,14%
0.75
23
4.8
420
20.00
29
Trust
B/G
Company
V
;
56
13
2.6
30%
tl.45
jl.15
24
American Vitrified Products-
24
57
1.50
2.6
24
5.7
7%
0.43
27
Animal Trap Co. of America
0.80
23
Corp.—
real
Smelting Co
28
52
2.00
•
>
-
BANK
OF
f0.22
6%
3.6
0.70
10%
6.7
etc.
10.65
52%
1.2
23%
1.20
5.2
/ •
{■ tV'[r
40
.
1.20
*23
t0.98
21%
21f0.88
22%
See
•
*36%
Electric and gas utility
Arkansas Western Gas Co....
Natural gas public utility, proauc-
•
Hardware
toilet
and
„
1.20
31
0.85
41.
.
3.9
steel
Belt RR. &
2.1
Holding
of
affiliate
of
39/
5.1
fl-62
1.98
Finance
3.8
Textile
24
1.45
27
38
sheeting,
goods;
Blddeford &
1.00
19%
Ce-
5.4
5.1
,
.
.
fl-50
39%
3.8
fO.95
18%
5.1
61
5.00
97
5.2
25
5.0
etc.
Water Co.
Saco
Operating public utility
26%
4.7
Bird Machine Co
1.40
47%
2.9
Bird
/
&
t4.92
23
3.2
152
49.
shingles,
floor
Trust
342
3.5
52
fbl.72
60
2.9
49%
(Birmingham, Ala.)
Makes paper and
3.7
equipment
,
pulp mill
r1
-
,
36
1.00
f0.70
1.00
./
54
17%
fl-43
32%
....
/
,
19
:
1.3
5.7
i '
'
a31
4.2
and
ucts
<
18%
1.40 /
equipment, steel prod-
gas
>
'V
7.5
j
control valves
Bloch Brothers Tobacco Co.«
splits, etc.
14
0.30
9
1.45
27
5.4
36
0.80
22
3.6
88
3.00
82
3.7
Bornot, Inc.
to possible longer record,
as
49
Boatmen's Natl. Bk. St. Louis
Details not complete
t Adjusted for stock dividends,
32
0.20
8
2.5
87
1.80
33%
5.4
35
0.35
5%
6.4
52
4.00
"Mall
3.3
Blue
Mortgage financing
.
4.5
-1
Black, Sivalls & Bryson
Oil and
24
-
:
••.
■
.
Operating public utility
&
/
15
28
Black Hills Power & Light
Na-»
•
National
Black-Clawson Company
11.85 V
2.7
1
■'.;
Birmingham
203/4
/
covering,
paper.
Bank
1.25
0.55
mills
paper
Son
Asphalt
COMMON¬
24
35
Machinery lor
Mortgage
Guaranty Co. of America.
.
18
1.25
Bank of Virginia (The)
3.3
^
73
80
Southwest
180
/
Trust Co.
21
page
6.00
manufacturer
Cotton
on
4.3
"Portland" cement
ban*
advertisement
13%
'
(Reading, Pa.)
49%
0.58
Philadelphia hotel
ment Co
1.90
4.0
Company
Bibb Mfg. Co
27
44%
-
70
30
1.80
13
Corp.
company
2.3
36
6.7
textile
paper,
Operating gas public utility
Bes&ciin'i
LaiuebLOiie
At
13%
30
•
bags
Berkshire Gas Co
0.30
2.00
70
mkt.
2.3
23
9.7
,
--
Yards Co.
terminal
3.2
125
,
31
erector,
Berks County
4.00
6.2
/
3.00
39
and
Stock
plastic
13%
///',-.
:
24
Bemis Bro. Bag Co
Manufacturer
0.85
.//
;
.
v
livestock
Operates
.
.
32
fabricator
structural
.
32
Works
Benjamin Franklin Hotel Co.
^6
...
.
wholesaler
furniture
5.6
(DETROIT,
Bond
1.2
\
,
.
17%
12.00
Bankers
8.3
V:
26
1.00
//-v
tional Association, Houston
transmission
^
&
Designer,
^
1
Cosmetic
Belmont Iron
on-
the
15
35%
•
Belknap Hardware & Mfg.—
Beneficial
164
Bank of
4.2
33
5.9
176
3.9
.
14%
holding corporation
24
Bank's
.
■:
pharmaceuticals
17
Bank (The) of New York
4.5
y'/>"
.
f0.42
preparations
.
Arkansas-Missouri Power Co.
27
1.00
Bank of Delaware
3.3
4.4
/:
'
;
mills
boring
Beneficial
MICH.)
'v//v///
y
;
223/4
1.25
and
2.0
fabrics
rayon
16
estate
WEALTH
5.8
meats,
Service
utility
17%
1.00
16
groceries,
18
;■...
Machine Tool Co
Bank
4.8
25
chain
THE
.
2.9
76
0.60
Wholesaler:
1.20
4—
est-*'*
V
103% /
.....■/.,;cr..,../
14
and
■;// /. /
Baystate Corp.
and
Arden Farms Co
1.00
;;/://.'.
Baush
and
Building design and construction
3.8
'■
Beauty Counselors, Inc
25
Bank of California, N. A
Aluminum smelting
and
2.2
41
Building & Equipment
Corp. of America
1.8
5%
0.10
17
fl.54
Manufacturing Co
Bates
4.1
56
—
Tools and wrenches
tion
55
29
Bank
mfg.
Apco Mossberg Co
*
1.20
1.20
•
loans
Bank of Amer. NT&SA
3.8
26
1.00
35
mechanical
62
4.1
>
,/•
Drills
39
-
:
4.6
toiletries
Nation's largest
Ansul Chemical Co
/
15%
Operating public
6.7
12
59
3.00
Complete line of domestic
Holding companv—t>*
Large variety of traps
gas
5.4
machinery
Bangor Hydro-Electric Co.—
^
2.40
56
-
Corp
Detroit real
4.6
27
1.25
Beer and other products
8.2
Industries
Furniture
Bassett
Cotton
/
10
BancOhio Corp.
Anheuser Buscli Inc
30%
/
/
Jacksonville
'
financing
personal
&
Inc.
Sulphite m""
V;:
alloys and products
and
18%
0.70
23
Bagley Building Corp.-—..
Ampco Metal, Inc
Electric
%
10.0
40
1.00
56
nailing
and
Foods,
Detroit
Insurance
Public
•
4.8
Manufacturers of
Co.
Restaurant
3.8
5.0
35
Insur—
insurance
Baxter Laboratories, Inc
Badger Paper Mills
Amicable Life Insurance Co.
Arizona
,
fabrics and yarns
B. M.I.
bricks, tile
Dairy products,
A 1
dianapolis and Lafayette, Indiana,
and Springfield, Illinois.
5.9
29
1.70
26
(San Francisco)
Apex
:
Operates department stores in In¬
Co.
and
37
Ayres (L. S.) & Co—...
Products
60
2.50
22
Inc.
15
Mills
Cosmetics
line
furniture
Avon Products
_■/■
Vacuum ware manufacturer
Chemical
h";
36%
4.00
//:\V'/.
financing
Cotton
5.1
stamping
and
parts
3.00
Barnett National Bank of
E-Z
and
storage
Insurance
Avondale
Freighters on Great Lakes
Bronze
20
j
,
1.75
Stores
Service
Auto
3.3
7
0.23
5
\
to
1959'.
26
Multiple
.
American Thermos
Life
cold
Auto-Soler
Holly,
of
American Steamship Co
Sewer pipe,
r.
*23
Company
Manufactures
American Stamping Co
American
J'l
' ' '
.
Automobile Banking
20
steel
springs;
Light
4.9
22%
1.10
26
Auto Finance Co
2.8
forged
Spring
and wire
Corp
.Investments, automobile
Inc
Pressed
-
fasteners
American
Springs
43%
58
fl-23
62
Co
cold
5.3
Atlantic National Bank
,
14
Bankers Trust Co., N. Y
mechanical
coal,
Curb
insurance
Screw
23%
of Jacksonville
38
American Re-Insurance
Ice,
//
1959
31
financing.
Bankers & Shippers
Spring
Gas
Atlantic
2.6
37%
-
/^
coatings, plate steel fabricstion, construction
tive
American
1.25
Sewerage service
Chicago
concrete
24
liqueurs
Atlantic City Sewerage Co—
1.0
Reinforced
3.3
Atlanta & West Point RR. Co,
2.4
•
10%
Georgia carrier
43
Co.
0.35
Operating public utility
1.5
///■/*
>//
Co.
Dec
Chicugo olfice building
Bankers Commercial Corp.—
?•
*15
Corp
spring steel
Atlanta
(Chattanooga)
American National Bank and
Trust
and
Precision
,
^
-
Diversified Insurance
Amer. Natl. Bank & Trust
'i
■•u'y
:
74
-
,
,
Office furniture
Associated
*» l • l,iV»
■
.
on
Paymts
Automobile and Industrial
Liqueurs
Cordials
2.2
building materials
and
American Motorists Insurance
,
,,,'
,
con-
Art Metal Construction Co—
/38%
fO-85
20
1959
'h.
S
and
devices
|2.83
32
...
wiring
3.8
trols
Arrow
Dec. 31,
1959
1959
Divs. Paid
.
/
Electric
Paymts. to
-
Dec. 31,
Bankers Building Corp
Electric Co.
% Yield
.
Extras for' Quota-.. Based on
No. Con-
American-Marietta Co
Arrow-Hart & Hegeman
Approx.
CashDivs.
■
tion
Dec. 31,
$
S
Continued jrom page
Quota-; Based
Dec. 31,
1959
Divs. Paid
1959
% Yield
Extras for
Years Cash
.
Approx.
Including
•
No. Con-
Dec. 31,
1959
1959
Divs. Paid
.
Cash Divs.
Approx.
% Yield
Based-on
Paymts. to
Dec. 31,
31,
and Financial Chronicle
Pouch"
Bell,
chewing tobacco
Inc.
Manufacturer
work
of
and
play
clothes
Chain
CARPENTER
of
Insurance
Boston
Insurance
NEBRASKA
other
Co
than
life
Bound Brook Water Co
Operating
Distributors of Paper and
cleaning
Establishments
PAPER COMPANY
OMAHA
i
dry
Manufacturers of Paper Products
Bourbon
public utility
Stock
Louisville
Co
Yards
Miscellaneous
SUMMARY
6.7
1.00
17%
5.7
1.70
33%
5.1
68
1.80
38%
4.7
28
funeral
66
69
Boyertown Burial Casket Co.
EARNINGS
60
stockyards
0.85
12%
supplies
Bridgeport Hydraulic Co
Supplies water to several
Year 1959
Net
Sales
$101,599,399
$91,472,773
99,021,408
Income
89,235,274
$
,
Per share
$
Per share
1,204,439
Paid
12-28-59
1,196,616
Mortgage
$1.80
*Based
H
on
701,759
.
loans
&
82
trust
Gas Co.—
Albuquerque, N. M.
Des
Moines, Iowa
4.3
18%
5.2
39
0.98
j0.55
34
1.6
26
6.00
104
5.8
0.20
9
2.2
containers
667,664
Own
and
garden
operate
two
Brooklyn
apartments
Warehouses and Sales Office
(s)
hosiery
18
and
;
underwear
Brown & Sharpe Mfg
*24
26
Omaha, Nebraska
Lincoln, Nebraska
Pocatello, Idaho (s)
Austin, Texas
El Paso, Texas
Los Angeles, Calif.
Portland, Oregon
Billings, Montana
Fort Worth, Texas
Lubbock/Texas
Pueblo, Colorado
Chicago, Illinois
Grand Island, Nebr.
Seattle, Washington
Bryn Mawr Trust Co. (Pa.)—
Minneapolis, Minn.
St.
Colo.
Great Falls, Mont.
Sioux City,
St. Paul, Minnesota
Harlingen, Texas
Ogden, Utah (s)
Salt Lake City, Utah
Oklahoma City, Okla.
San Antonio, Texas
Dallas, Texas
--
Denver, Colorado
Houston, Texas
y
^
/
Diego, California (s)
San Francisco, California
/•
Brunswig Drug Co
16
Iowa
Springfield, Missouri
:/
Corp.
-
Topeka, Kansas
Yakima, Washington
Manufacturing
.
-
"
Los
Angeles, California
San Francisco, California
Omaha, Nebraska
Seattle, Washington
steel
oil
Hotel
San
Antonio, Texas
*
in
Details
i
13
f0.18
6%
2.9
19
0.12
,1%
8 7
53
—
0.60
forglngs
producer
Buck Hills Falls Co
Envelope Manufacturing Subsidiary Plants
Denver, Colorado
4.0
-
,
Buck Creek Oil Co
Crude
Dallas, Texas
47%
1.90
4.6
Wholesale drugs
San Jose, California (s)
Joseph, Missouri (s)
3.9
19%
0.90
Buchanan Steel Products
Missoula, Montana
Springs, Colo, (s)
San
30%/
/ 1.20
Machine tools
Kansas City, Missouri
Duluth. Minn.
I
Amarillo, Texas
^
257%
33
Brooklyn Garden Apart¬
ments, Inc
"Gordon"
—
11.00
business
Brown-Durrell Co.
ACTIVITY
3.6
Operating public utility
669.556 shares outstanding prior to 5% stock dividend 12-28-59
DISTRIBUTING
110//
/-
life
Brockway Glass Co. Inc
GIhsr
/
4.00
26
Brockton Taunton
5%
.
/
Company
Insurance other than
Outstanding
December 31
Assurance
British Mortgage &
Trust Co. (Ont.)
$3.35
$
6.9
fabricator
British-America
2,237,499
$1.80
Dividend
Shares
$
service
car
Bristol Brass
Metal
$3.85*
Cash Dividends Paid
Stock
2,577,991
commnnirifs
Brinks, Incorporated
Armored
Costs, including Taxes
Net
Connecticut
Year 1958
18
3.3
Poconos
not
complete
as
to
possible longer record,
t Adjusted for stock
a
dividends, splits, etc.
Including predecessors.
b Dividends
include
20c
paid
to
trustees
•/','•
of
.
.
Houston
.
nn
Southwest co.
Number 5940
Volume 191
.
.
The Commercial and Financial Chronicle
.
(1517)
Over-the-Counter Market
Fills the Needs of All Investors
Cash Divs.
fjie
Cash Divs.
Including
**
tion
Paymts. to
Dec. 31,
1959
Dec. 31,
31,
1959
23
1.50
28
f 1.23
Co—
Buckeye Steel Castings
B
producllon ol tteel »«">*»
■>;
Based
^nrtnstrlal
..*.««>
radiant
radiant
Qpniistics.
acoustics,
^recordlng
i»ot
31«y4
1.10
presses
.3.9
-
151/2
/'Z 48
Chance
1.35
27.
4.2
products
Metal
,
a.
Butler's Shoe Corp
tiiioe
ouuUieru
/
40%
Z
2.30
0.7
54% / 4
21
141/4
--
2.00
28
7.1
21
1*2.10
50
4.2
I
18
1.60
50
4.50
341/4
Office
4.7
180
2.5
01
29
Service Co.
4.7
25%.
Publisher
Combed
Z
24
1.22
Z 27%.
4.5
48.
page
.
•:';//i//4//v' 4 •'•'/4
Z fl 43.
22
minals. Co.
14
,1.2 4
/
36
:44.:4-
Z
T4
36
1.45
:
//4/
*4/ v
Cannon Shoe Co
27
Operation retail shoe stores
manufacturing of shoes
/
and
;
/
0.45
•
•
0.7
10
1.80
/
manufacturing
and
of
records,
albums
pre-recorded tape
;
|
4.0
>
10
brake
lining,
tires, etc.
/
4
Z
0.80
8
:
"
•
;
4.4
See
paper
and
Company's
Carter
363/4
64
vl.80
Ji
491/2
4.4 ?
advertisement
(William;
4.0
/• 2.50
48
5.2
95
6.2
525.00/ 17,600
o
28.
page
46
/ 66
tX-4^ /
-
•;
•
:
32
'•
4
'
20
2 10
23
Cascades Plywood
Corp.
13
1.75
37%
18
2.00
39
ll-*.
4.1
0.23
Title
,
6.0
3.00
108%
2.8
~
fO.98
12
Felt base
Plywood
Owning
and
house
Corp.-
;Z
operating apartment
(Washington, D. C. >
Cedar Point Field
Trust, ctfs.
Texas oil well*
0.35
3.0
!T4
Central Coal & Coke
Corp.
Leases
on
royalty
'
25
hydraulic
(Jersey City)
Insurance
Co.
•
..
—
•
"
•
1.00
R<*fri«rernr,ioh
'
Insur-
York
0.9
9
4.4
$5.95
share
of
dividend
Charles
is
based
Pfizer
&
on
Co.
a
for
cash
each
For Banks,
d
/
of
shares
f0.17
58
-
341/s
25
1.80
^ame Power
Puhn
i
®lectrlc
5.00
89 *
$4,
plus
dividend
basis.
4%
one
dividend
in
stock
18
Cleveland
Co
1.40
Old
paid
common
25c
(Phn^TuNalional
lladelphia)
1.85
44
23
8.00
8O1/2
Broader coverage.
Co. (Cinn.) —
^
—
2.20
493/4
4.4
3.00
90
O-T-C experience.
5. -Fast, dependable executions.
/
stock
t0.80
23
23
f2.92
848
1.04
22
0.30
Albany
3.5
V
3.5
5.4
*
.
a« to possible longer
on
Dec.'28,
call
"HANSEATIC"
BOSTON
•
'7 V
4.3
Atlanta,
record.
1959.
Boston,
4
Associate Member American Stock
BROADWAY'
Telephone-: WOrth 4-2300
..
191/8
.-44.. .4
'/^:4! ''"c-120
.
•
dividend
need maximum
service,
Established 1920
..
sp,lts'etc
..
you
~
New York Hanseatic Corporation
Chicago,
*
Exchange
NEW YORK
5, N. Y.
;
,
CHICAGO
/.
Ifd'l'stedn^rCOsmPiet«
nejgjjgae
3.3
18
n
in
than 400 unlisted securities.
more
9.9
15
Warehouse
.
4.2
100
MetS^D?teel
v
.
,
Nationwide private wire system.
The
Bank
& Wire Co
entmi
moc,eSRln« and distribution
Central t7T •nd-.«"*nuuu«n
el"!3! ,Trust
Central
.
Primary markets in
OVER-THE-COUNTER
Tnfl oatl0nal
*
CentraSl p°' (Des Molnes)—
r
.
40 years
237/s
t
1Q
' 5.6
quarterly
Continued
1.
Bank of
-
2.1
'
'
v
Teletype: NY 1-40-1-2
•
PHILADELPHIA
Direct Private
Cleveland,
Wires
Houston,
Los
/•
.
SAN
FRANCISCO
to:
Angeles,
plus
a
1959.
"Call HANSEATIC"
r
utility
J^ational
I
,
•
45%**. 4.0
'.till,.
0.8
//'
47
5.7
'
21%
1.00
4.2
141/8
'
'
not
held.
4.
1M
20
45.6
;;
38.
0.80
28
GaS C°
4
p
4.6 *
page
~
..4-.-444-;/;/
:4///-4->4.4\.44*4,4
quarterly
payment
20
3.
on
4.0
.
2.
eiI f Loulslana Elec. Co
Central
and wafPI "M' "v
Pent?
23
;
complete as to possible longer record,
for stock dividends, splits,, etc.
Including predecessors.
4 '
' Y: 4 '
~
4.'.
Shares split 2-for-l in
January, 1960. Dec. 31 value shown for
new
common.
Company intends to place new common on a 25c
If it's Over-the-Counter
4.2
1.05
~
&
Brokers, Dealers only
3.2
24
•
50
4
;
Pa., hotel
Details
a
.V
.
.
t Adjusted
"4
as to possible longer record.
dividends, splits, etc.
Including predecessors.
"ervlce ln
publ,c uulrty
" ',1»\P«b|ic
31:
94
,
19
accident
-.
Pittsburgh
for stock
through-
OpwaUnc ~~ h7
N.tur.l
1.00
1.00
"5.6
•4'
.
4
.
•T5 ^/'/ 2.80
(Ky.)-^
(no
3.75
\
:
•
55
.
.f
4.1
13
444
•
&
cental ^(J,"pan.y's advertisement
nimois Electric &
r,„
/
26
CO.
SEES ?gas
«-v5al 8tea8testeleph0ne
i
19%;
18
4
^
-
'•
Life
Insurance
health/-
3.2
63V2
0.40
5.8
.
forgings
Community Hotel Co. (Pa.)- >1J£ '
22
"
ha.>u-
Storage Co
central electric
rw
0.80
18
mines
Central Cold
CAS
,
.
4
Commonwealth Trust Co. of /// // 4
31
f0.60
Details not .complete
Central Bank &
Trust Co.
(Denver)
6
•
5.5
j-
v
.
*
6.1
/33/4
2.6
11%
;
/ 9.1
floor coverings
/ 38
0.65
4
products,
and
Commonwealth
::
-
23V2
4
Insurance Co.
3.1
13
'
2.8
44
metal
Jersey
ance
v
45
1.40
24
financing
equipment
Life
1.00
1.25
15
Union Bank
Commonwealth Land Title
•
^
25
3.2
„
3.5
99//
2314
Commercial Trust Co. of New
63
' 3.00
f0.74
10 0
42.
financing
Pressed
/
-•
for
2.8
43
5 7
4
•./ *2f
City Title Insurance Co.-r—
5.1
10
0.40
4.7
Cavalier Apartments
5.6
2.5
'
25
Commercial Shear, &
Stamp.
3.7
/"?
,
.f0.53'
'/ Z
;*
...
Carthage Mills, Inc
19M>
page
Elevator
prepared mixes
Commercial
*
cThe
2.3
1.10
Commercial Discount
Corp.—4 17 4;
3.6
.
390
5 2
transmission
Milling &
and
Dealer
53
.4;
f 1.49
> //
-t 1.95
-
22
(Kansas City) —*32/
a
9.00
29
26
Commercial Banking
Corp...
oil
•
1.50
12
(Nashville)
3.0
'
*
12
70
Southeast
CO.
Commerce
/ •"
•
•/' 19 /
.
ln
Commerce Trust Co.
(Kansas City)
Sav-
C/(Charleston)
*
0.30
*
•
baking
utility
t Adjusted
Co.
.
25
36
National.;
insurance
stores
gaB
Colorado
Flour
/; 1.00
*34
4.9
wire
Operating electric public utility
• See
Company's advertisement on
Colorado Interstate Gas Co..
4.6
/ c5v95
*
20V2
4.00
'
Stores
food
Natural
83/4
4.3
Midwest
POWER
5.3
_
0.40
63
.
37
dl.00
.
COLORADO CENTRAL
25
'4 ' 4
Chicago
Title
3.6
paper
Underwear.
...
•
(Columbus, Ohio)
'
products
...
21
v
Co.—-L-
& Southern
1.60
*45
Color-Craft Products, Inc
"
.
City National Bank & Tr. Co.
fl 60
Operates telephone exehanven
•
^
'•
/
42
Insulated
4.5
^23%
,
City Nat. Bank & Trust Co. /
2.1
: :
60
CARPENTER PAPER CO
of
1.25
/
17
8
4
"
Wall coverings
City National Bank & Tr. Co.
w.
Carolina Telephone and Tele¬
graph Company
Distributor
56
20
manulacturer
Bank of S.
5.6
Public
41;Z:4
438/4"
bicycle
2.50
,
Citizens
of
Carlisle Corp.
Inner tubes,
14
355
0.50
19
of
5.6
180
•
cable
Retail
4.5
10.00
Citizens & Southern National /'
>•/./•
Bank (Savannah)/—- 55-
wholesaling
and
165
6.00
32
Manufacturer
magazines
Citizens National Bank4
(Los Angeles)
;
Recording,
1
7.50
25
Citizens Utilities Co.; CI. B—'
Capitol Records, Inc.
4.8
Fidelity Bank '& Tr.^/'/:•- '-/•
//' (Louisville)
*41 /;/■ 1.60 / 43 •>'
■r-'
4
28
,
23
&
5 7
36
Co.
Colonial
& Trust Co.—
company
10 V?
21
Collyer Insulated Wire
1.35
98
—
Secur.
3 1
0.60
;
Farm and
cutting implement*
Citizens
•'
—
chain
0.25
:
3 5
:
business,
Campbell Taggart Associated
Bakeries, Inc.
Bakerv
"
,
business
4.4
13
.
Co. of
Louil
Collins
68%
..y/'-/i'
ings Bank (Flint, Mich.).- / 25
2.90' * 81 1
4
116; Z
Life, accident & health insurance
storage, -warehouse
2.40
jlottling
St.
and
■
yarn
Holding
•
Co.—
4.0
<
■
Citizens Commercial
•
Camden Refrigerating & Ter¬
Cold
:
34
and Lumber
of
Christiana
o
4
«
-—lalll
China Grove Cotton Mills Co.
advertisement
Insurance
|
f 1.19
;
&
34 y4
54
Los Angeles
Coca-Cola Bottling Co. of
New York.
Coca-Cola
3.5
.
.
Operating public utility
Company's
'0.16
,l"
Plastic molders
Chilton Co.
California-Western States
Life
4.3
38%
35.
page
TELEPHONE CO.
See
'
1.50
Operates livestock yards
>
boxes
Chicago Title
advertisement
CALIFORNIA WATER
•
1.65
69
Dec.,31,
1959
1959
0.40
24
Coca-Cola Bottling Co. of
and
building
Wood
utility
utility-water /.,
Public
13
Chicago Molded Products
Corp.
;
17
California Water
2.40
-
—_j_
Chicago Mill
——
public
9.6
...
lime, products
Company's
Co.
1959
on
Paymts. to
Dec. 31,
,
Co...
Cleveland Union Stock Yards
4.3
Chicago City Bk. & Trust Co.
Chicago Medical Arts Build¬
ing Corp.
i'
CALIFORNIA-PACIFIC
See
46/
tion
31,
,
Company
41%
112
Chicago, Burlington &
Quincy RR. Co..
timber lands
California Oregon Power —
Operating public utility
California Portland Cement-
•
Cleveland Trust
2.00; /
Based
12
Cleveland Trencher Co
5.2
Z
23
Quota-
20
Cleveland Quarries Co.
2.3
4.00 /'
Midwest carrier
Corp.
Operating
8.5
Z ,22
1.20.Z/
:
.
Operating telephone company
Timber
California Bank (L. A.I
UTILITIES
25
-
blankets
Trust
3.4
17
cement and
65
Manufacturing Co.g
Chenango & Unadilla
Telephone Corp.
4-2
f0.49
Dec.
Manufacturer of mechanical
-
Chemical Bank New York
cnttiii
Calaveras Land &
California
'
>
22
Years Cash
Approx.
% Yield
;
.
12 Mos. to
City Trust Co. (Bridgeport,
Conn.)
ai06
.
23 4 4-0.50
dus operations
Chatham
:
.
V
.
Extras for
Building and refractory atone
r
.
.
Manufacturing Co
Butter
0.30
y
".
5.3
.'24
5.0
A
27
No. Consecutive
1
W,'/v
4
Including
.
.
.
trench excavators
Co.
Class A
Co.
,
-4)
'
.
Chase Manhattan Bank
13
v
•
'
•
(A. B.)
Woolen
insurance
"■*
5.50
-
products for Utility
Line Construction As
Maintenance
**
Corp. ————————————
b0iler8' radiator8' green"
Business Men's Assurance
of America
Life, accident and^bealth
23
i-..
itruments
Mfrs.
5%
V.
Manufacturing
7.1
Z-4;■/
cellcell-
Rurnham
■
"
1959
20
2.00
and controlling In-
-
of
Chambersburg Engineering
5.4
.
/ V.
'
.
on
Paymts. to
Dec. 31,
Dec. 31,
1959
0.30
4
A
Ownership and rental
Improved real estate-
Forging hammers, hydraulic
16
Dec. 31,
1959
'
Chain Store Real Estate
Trust
1959
28
25 4
Investment trust
Departn
irgerm
Burgerrneister Brewing Corp.
DBrewuw ol KM'
Brewmi
Rnreess-Manning Co.
---
tion
on
•
ullock's inc.
12 Mos. to
Based
Divs. Paid
Quota-
12 Mos. to
Dec.
Quota-
secutive
% Yield
.
Extras for
secutive
Divs. Paid
Extras for
Years Cash
Divs. Paid
Cash Divs.
% Yield
No. Con-
Approx.
No. ConYears Cash
Approx.
Including
,
29
'
*
»
'
Louisville,
Philadelphia,
Pittsburghi Portland, Ore., Providence? San Antonio, San Francisco
on
page
30
30
The Commercial and Financial Chronicle
(1518)
Cash Divs.
Market
The Over-the-Counter
•'; *
:
Cash Divs.
A.V-v.
Extras for
secutive
12 Mos. to
tion
Years Cash
Dec. 31,
Divs. Paid
Dec.
Mig.
31,
Shoe
Pood
5
Concord Elect. (New Eng.)
Operating
Conn
55
—
Looms,
12
(G. C.), Ltd
0.59
3.3-
17%
Life,
Tr.
Co.
Bank
Connecticut
146
44 %
1.80
4.1
82
Lile,
igroup
health
and
acoiuent
ance
Connecticut Light
CONN.)
Connecticut
Printers,
Commercial
of
80
lnc
office
Owns
and
buildings
Newark
0.20
3%
1.40
26%
5.3
Department
18
Consolidated Naval Stores
27
—
Auto
Tallow,
Rendering Co._
meat
grease,
hides
tilizers.
25
?U9
1.80
,
Del
Class B
——
12
Manufactures
paper
and
Delta
27
3.3
36 %
1.20
Co.
Insurance
*35
1.60
70
2.3
47
iT.15
157
0.7
26
fl.20
and
—
———-* -
f0.17
T
3.0
132
4.00
13
I—
14
compresses
■/.,
<&
0.75
0.20
15
Co
paperboard
A
Owns
6.1
33
24
and
auto
A
10%
0.65
and
complete
as
*56
24
1'.20
25
4.8
61
1.25
22%
5.5
*
to possible longer record,
for stock dividends,
1.25
37%
3.4
21
2.00
50%
4.0
1.75
29%
6.0
carrier
projects,
Co.,
Bk.
Dun
<
_
77
1.00
Metals & Supply
25
1*1.07
of metals,
supplies
tools
■
and
W-:
,
26
3.8
22%
4.7
2.00
42
4.8
1.95
47
4.1
■
70
Co.
lifting equip•
Bradstreet Inc
&
Credit and
*
*24
—
ment
3.6
27%
ma¬
(Chicago)
Duff-Norton
.
1.00
2.8
*
Distributors
v,industrial
dental
other
and
127
r-
manufacturer
Natl.
Ducommun
r
27
marketing reports ana
,-,r
publications
73
1.20,., 33„ ■;.„3.6
,
Industries,
*13
10.58
ultra-
21
*
•
-
bushings
&
*
Trust
-
*14
0.55
.
^
Consecutive Cash
Over-The-Counter
2.8
A. "A"
Dividend
Payers From 5 to 10 Years Appear in the
Co
4.2
13
25
operates
2.00
45%
1.00
14%
v7.0
International
v
•
Duncan
".'LA.- V:""
t
splits, etc.
Details
bridge
to
Electric
;
22
Dura Corp.__
Duriron
1959
.
16
1.20
20%
5.9
Oil
complete as to possible longer
Adjusted for stock dividends, splits, etc.
and
Eastern
record,
11% ;«? 1.7
>
32
r
,
19
Utilities Associates—
24
V
'
^
Assn
Suffolk
0.30
4%
2.20
41%
6.3
Downs
Eastern
Holding
public
production
gas
4.2
1.00
•;
19
Racing
5.1
1.4
0.20
.
-;i
'
equipment
20%
27
fO.37
25
—
resistant
Eason Oil Co
'
..V
fl.C5
;
a23
Co.
Corrosion
.
^
Windsor
not
Page 45.
on
Manufactur-
ing Co., Class B
....
changed in August,
Corporation
Starting
4.4
19
Tunnel—
Second Table
,r
US.-''
V
,v
Detroit International Bridge.
1.1
43
t0.49
2.0
*27
engineering
Furniture
Dura
to
Operates
not
38%
——
equipment
Drovers
Canada
&
and
Name
hotel
County Trust (White Plains)
fO.77
chemicals
Drexe.l Furniture Co
6.2
type
|
6.3
255
16.00
3.60
49
Co.
Corp.
Heavy
Detroit Harvester Co
10
1.5
20
Household specialty
by P.R.R.
Co
tunnel
2.8
36
containers
Cosmopolitan Realty Co
63%
States
Drackett
3.4
rine
—
Detroit
1.00
f0.96
Largest commercial printer id
6.7
75
2.00
63
equipment and
Detroit Bank
\ vy.';';•/.'W /Vlv
19
5.1
14
Donnelley (R. R.) & Sons Co.
.
3
2.55
10
2.8
air conditioning
Cornell Paperboard Products
25%
arjd airline catering
Savings & Trust Co.
United
Detroit Aluminum & Brass-,-
27 %
:
1.30
2.8
39
1.10
tubes
Refrigeration
t Adjusted
operated
Inc.
23
Inc
Houses,
Dravo
common
<
graphite
all
and
Industrial Jacks and
Chemicals,
Remgeri»tors and air conditioning
Details
V
,
In¬
Supply (N. Y.)
Bearings
*
Dobbs
sonics
10
pencils
Dollar
.
Detrex Chemical
0.8
20%
equipment
Copeland Refrigeration Corp.
Denver
13
0.60
14
headed
National Bank
"25
- — - — —
1
communication
A
cold
of
teeth
8.1
^
-
products
6.6
;
235
acceptances
(Joseph) Crucible Co.
Lead
^ 4.6
136
■'
;
Inc
Motor
-
Cooper Tire & Rubber Co—
Wail
9.00
S.
,
,
Denver United States
of
Co.
.
and
12
•
.
securi¬
U.
bankers
and
Dixon
23
Denver Chicago Trucking
1.7
.71%
National
.Trust
Chicago
Tires
Treasury
castings
Corp.—
.A
Monarch
Insurance
Cook Electric Co
Wire
alarm
York
6.8
equipment
Artificial
health
and
Continental Illinois
Bank
fire
and
ties
3.7
18%
systems,
systems, Acoushearing aids
home
supplies
Co.
Continental Casualty Co
D.verslfied
13%
1.25
Dicto¬
of
(Youngstown)
lanterns
Farm
(Del.)
Assurance
accident
0.50
c.nd
Restaurant
Railroad
Dentist's
19.00
34
Dicta¬
Discount Corp. of New
3.7 V
25
Dempster Mill Manufacturing
Participnting life
Life,
6.4
—
9%
*
switches, bicycle lamps and horns
paper
American Life
Continental
i
tiles
of
communications
.
Electric
Hand
products
Continental
0.35
13
(San Ant.)
and
Leased
4.2
4%
0.20
chain
Water Pwr. & Paper
Consol.
14
0.90
sale
and
Manufacture
tlcon
Properties Co
Delaware
-
theatre
18
24
Dictograph Products Co. Inc.
estate
Consolidated Theatres, Ltd.,
Canadian
1.1
4.5
v
fasteners
Monte
skins
and
12
graph
—
dustrial
9.5
•
fer¬
scrap,
0.7
;
•
:
——
sale
dictating, recording
transcribing machines
Dealers in
Coal
7%
39
.
Cement
phone,
financing
Manufacturer
Holding company, diverse Interests
Consolidated
" 88
18
Corp.
2.4
1,250
30.00
1.00
fO.54
Decker Nut Manufacturing
chain
store
12
and
Manufacture
cabinets
aluminum
■; 0.05
41
Portland Cement,—
Dictaphone Corp.
7.7
>
•..;;:d
coal
Bituminous
4.3
70
3.00
7%
facilities
&
14
5.1
*11
Sewer and culvert pipes,
V.. '
0.60
21
„
Co
Bardelebon
De
,'v*
•;!"}/'
steel
Iron,
Dean & Co.
Consolidated Dry Goods Co._
.
Metallic Door Co.
transit
5.3
fc
•
overcoats
mouldings,
14%
cement
Dickey (W. S.) Clay Mfg. Co.
»
.
Manufacturing display equipment
5.3
14
•>.;/
13
Darling (L. A.) Co
Chicago
In
1
also
Dayton Malleable Iron Co._w-
warehousing
A
1.6
2%
0.75
specialties
Manufacturer of Portland
4.9
36
1.75
and
Transit
Local
14
oil.
<fe
ice
5.1
15%
0.80
printing
Consolidated Dearborn
172%
A
B
Portland
engines
gas
suits
Dallas
45.
page
Inc.
Connohio,
Sale
4.9
22%
Doors,
on
2.70
0.12
27
Co
metal parts
Diamond
public utility
Dahlstrom
19
advertisement
3.8
37
-
1959-*.
Dewey Portland Cement Co.
...
and
Men's
— —
—
Bank's
See
37%
to
Dec. 31.
financing
estate
Pressed
3.9
-1.40
Paymts.
De,c-3i,
1959
21
—
Real
CI.
sickness;
and
Cummins Engine Co
(BRIDGEPORT,
BANK
accident
Diesel
Power.
&
41
1.60
28
Corp.
Curlee Clothing Co
NATIONAL
CONNECTICUT
•
38
1.10
insur¬
Utility
public
Operation
4.3
reinforced plastics
Operating
0.6
356
2.20
individual)
and
23%
refrigerating
Cumberland Gas Corp.—
Co.
insurance
1.C0
tion
31,
1959
Detroit Mortgage & Realty
2.8
73
annuities
General Life-
&
21%
dyestuffs, packaging equip¬
and
ment
instruments
Connecticut
0.60
20
Crown Life Insurance Co
baud
Top manufacturer of
Dec.
Paid
% Yield
Based on
Quota-
*
Co.
Knowles
&
12 Mos. to
v.'.:'Years Cash
Divs
Detroit Stamping
and
processing
Crompton
■'•■V
d
machines and farm coolers
5.6
43
2.40
utility
public
secutive
■./
manufacturer
Creamery Package Mfg. Co
1959
Extras for
A;r;;v:
21
Approx.
Including
No. Con-
chemicals
luuustrlal
Thursday, April 7, 1960
.
1959
1959
?
Co
Quota-
Dec. 31,
1959
'
Craddock-Terry fchoe Corp.-
on
Paymts. to
Dec. 31,
1959
1959
Chemical
Cowles
Approx.
Based
Quota-
Dec. 31,
12 Mos. to
Divs. Paid
% Yield
Including
No. Con-
secutive
Years Cash
.
-AAA-/'/"
Continued, from page 29
tion
Dec. 31,
Extras for
1
■
Fills the Needs of All Investors
'No.1 Con-
"
.
Cash Divs.
Approx.
% Yield
Based 011
Paymts. to
Including
'
;
England
New
company,
,
'
'
.
/*;.*
5.3
x
"v •
,
utilities
Economics Laboratory, Inc.—
24
1*0.77
22
3.5
12
8.3
Chemical compound manufacturers
-
Ecuadorian Corp., Ltd.
L
(Bahamas)
Primary Markets
22
with
1.00
Holding co.—brewing Interests
Circle
E.
-
rolled
wheels
Complete Trading Facilities
and
tires,
;
2.63
46%
5.7
0.85
38
steel
steel
V
:
:
.
Edgewater Steel Co
19%
4.4
railroad
and
rings
forgings
Edison Sault Electric Co
Electric
El
25
"
T
utility
Paso
*
-
Electric Co
32
1.16
35
2.40
21
-1*1.27
46
2.8
1.90
42
4.5
^35
3.3
.
Public utility
Public Utility Securities
El. Paso Natl.
Bank
(Texas)-*
Electric Hose & Rubber Co
Rubber
...
59
,4.1
.
hose
Electrical Products Consol
Electrical
signs
25
=
'
r.
...
/
'
;
Electro Refractories & Abra¬
sives Corp.
26
f0.62
:
14%
*
4.2
.
Manufacturer of crucibles, refrac¬
tories and abrasive products
Elizabethtown Consolidated
BONDS
•
PREFERRED
STOCKS
•
COMMON
STOCKS
Gas Co.
Natural
distributing
utility-.;,.
Elizabethtown Water Co.
.
*
public
.
X^jass Industry machinery'
Emlbire State Oil——
Oil
production
and
; A.
and
New York
Boston
Detroit
•
San Francisco
•
Chicago
•
Los Angeles
•
Seattle
•
Portland
-4
Philadelphia
-
Pasadena
Minneapolis
•
Pittsburgh
•
Cleveland
•
Louisville
•
•
Indianapolis
-
Sacramento
oil
35% /
51%
2.00
•
^
4.5
r-
■
>
3.0
3.2
255
32%
1 2
3.8
53
0.30
3.9
;
,
^-9%
r*1.60
-
13
54
1*2.97
-
1.25
/
,
.
.
.
'
•
„
3.0
75
1 3
0.40
;
55
f0.99
46
reinsurance
27
1.5
3.00 v ' 45
6.7
1.65
/
Equitable Trust Co. (Bait.)—
Equity Oil Co
Crude
•
line
,
36
Casualty Insurance
Employers Reinsurance Corp.
Multiple
v
• ; -
-
-
refining
Employers Casualty Co
Fire
14
<
Empire Trust Co. (N. Y.)
Blyth &Co.,Inc.
" -
V 1.60.
37
V,
'-
utility
Emhart Manufacturing Co.--
i
*
:
.v-;;
•
.
.(Consolidated)
Operating
:f
—67
gas
45
12
-•
production
Erie & Kalamazoo RR
ill
'
Leased by New York Central
•
San Diego
Spokane
•
•
San Jose
Oakland
Eureka
•
Erie
Resistor
Electronic
•
Fresno
»
Palo Alto
•
Oxnard
Corp
products
21
and
,
• •;
Erlanger Mills Corp
Textile
*
+
,
a
,0.9
9%
f0.09
molded
plastics
holding and operating
14
0.8O
5.3
15
co.
Details
not complete as to
possible lqnger record.
Adjusted for stock dividends, splits, etc.
Including predecessors.
f
'
•
Number 5940
191
Volume
.
.
.
The Commercial
and, Financial
Chronicle
(1519)
The
ADELPHIAk Pa.—Hecker &
,Tr
—
Cash Divs.
..
Building,
mem-
j;„pr
•L
secutive
Years Cash
changes,
Divs. Paid
anr
that
nounce
Francis
J.
H.
Textile
Water
The
firm
Operating
Exeter
also
need,;
Virginia
that
M i 1 b
z
Cotton
become
limited
McCook
;
a
active in the investment
business for tie past
32 years.
Mr. Burgin has been
associated with Hecker & Co. for
more than 30 years.
has been
been
has
McCook
in
■
19
of
<*n«ui
heavy
Mr.
who
Kellogg,
Kidder,
Peabody
Boston
10
years
joined
bate
Screw
25
35
i.
Co
partment.
with
the
19
Mr.
Gahan
firm
Bank
lysts
of
were
Dr.
W.
nolds, General
Mills, Inc.,
Kole of
Research in the
my ; James Hillier,
ation of
America
Uojectiyes
OdsI Of
Stocks
&
110
1.50
31
531/4
78
&
1.50
3714
4.0
25
10.85
47%
1.8
1.40
2914
4.8
Sav¬
'
24
(Phila.^_
132
2.20
52
25
_i
0.25
60
4.2
0-4
.
holding company
85
11.78
44%
4.0
92
1
-
advertisement
on
1.60
46%
3.4
3.00
55%
5.4
page
and
Details
electric
not
45).
101
company
complete
to
possible longer record,
t Adjusted for stock
dividends, splits, etc.
Does
not
1959,
and
include
paid
as
50
in
cent
extra
January,
dividend
declared
in
December,
1960.
on
page
32
3.8
2.00
r4.60
(Newark) / 67
3.00
Trust
4.5
A 0
11A
74%
4.0
71
3.4
Co.
23
2.40
50.00
31
2.40
52
11.44
51%
2.8
22
1.20
28
4.3
31
1.85
50%
3.7
1.20
34
3.5
5.50
1,250
62
4.0
3.9
securities
insurance
(Nashv.)
Corp
banking
National
(N. J.)
City Natl. Bk. (Houston
Akron
Atlanta
15
First Natl. Bank of Boston
21
__
fO.99
94
...
—_
(Chicago)
291/2
2.00
1.60
25
First Natl. Bank of Cinn......
97
*43
6.00
♦
t
on
r
Oriented.
-
Municipal and Revenue Bonds
in
Stocks
and
3.6
190
Correspondent Netivork
Underwriters of Corporate Securities • Underwriters of
State,
Bonds
4.0
411,4
•
•
Markets in
•
Complete Brokerage Service
Comprehensive
300
over
Research
•
Primary
Unlisted Securities
3.2
Fort
Worth
27
First Natl. Bank
a
2.1'
Coast-tO'Coast
>
First Natl. Bank of Denver...
*
3.7
56V2
2.25
1.50
of
2.3"
t370
,
'85
Bank
4.5
95%
8.00
;
1.9
3.9
58i/2
3.55
51
6OV2
11.37
176
3.3
2.2
411/2
.
2.75
First Natl. Bank in DallasL-J-
Econo¬
7.5
91
10.96
27
First Natl. Bank (Baltimore) _al54
First Natl. Bank (Birming.)..
17
First National
,
73%
Bank
Trust Co.
First Natl. Bank
,
.
First Natl. Bank of
"The
and Meth.->
3.3
4.9
95
First Natl. Bank of
and Charles
"IS °f Researcil
line
First Camden
half
Weld & Co.,
5.00
55
Pennsylvania
and
eBtate
Investment
"Corporate
of Research
90%
3.1
21
Rey¬
on
231/4
21.f
Radio Corpoon
Achievement";
S'Newhg, jyhite,
B.
10.71
as
research,
speakers
3.00
*
Bk.
De¬
on
a
3.4
Bank holding company
First Bank & Trust Co.
Minn.—The Twin
Securities Ana¬
April 6 conducted
.dayseminar on scientific
41
estate
First Bank Stock
Twin Cities
Analysts
Hold Research
Seminar
Society
1.40
Trust
Natl.
First Amer. Nat. Bk.
First
MINNEAPOLIS.
2.8
4.0
25
York)
Union
real
Multiple
Pomeroy,
Cities
15%
12
Fireman's Fund Insur. Co
merly Assistant Vice-President of
Schoellkopf, Hutton &
Inc.
35
lights, traf¬
and
Union Tr.
Third
Real
10.98
newspapers
Finance Co. of
for¬
was
0.63
*14
Gahan is
the
Gas
1.7
24
sirens,
(New
Boston
Exchange,
Institutional
591/4
2.9
3.2
,
22
Trust
•^See Bank's
5.0
1.00
48
310
Continued
*•
&
associated
27
1.40
10.00
.
147
FRANCISCO)
7.5
1.35
4.1
•
7.3
80
4.3
81
'
Co.
Son,, 150 Broad¬
New York City, members of
now
6.00
/ 70
3.30
FIRST WESTERN BANK &
TRUST CO. (SAN
.,:u
m
Works
Fidelitv-Baltimore
Pea-
Oscar Gruss & Son
manager of
4.6
•
6%
34
:
P.
26
m3.00
Exchange
Security Corp.
6.1
58
Co
Publications, Inc.-
Michigan
Federation
Holt.
Stock
0.50
3.8
3.7
highway signs
Federated
in
John Gahan with
York
First
Bank
.v
91
591/4
Pennsylvania Banking &
Trust Co.
warehousing
Sign & Signal Corp.
and
Fifth
announced that John
4.8
18
1.20
24
16
(Baltimore)
Fidelity-Philadelphia Trust..
way,
the New
42
1.10
3.50
2.20
v
City Bank of
Fitchburg Gas & Elec. Light
Fidelity
Oscar Gruss
•
-
shops
ton.
&
-
2.6
3.5
32
First Trenton National Bank-
.
body/Mr. Kellogg was associated
with the Boston law firm of Gas¬
Motley
2.9
First
2.00
26
27
61
130
machines
Electric signs,
fic
New York for the past three years.
Prior to joining
Snow,
82
•
3.8
1.60
23
First New Haven National
Bank (Conn.)
♦
and
Federal
has been in
Kidder,
2.40
5.4
goods, sponges
Insurance
Screws
the
organization
ago,
25
29%
1.9
3514
4.50
40
ings Bank of San Diego—
1.60
1959
95
York
First National
2.7
locomotives,
compress and
Federal
P.
Vice-President.
a
64 ;
Multiple line insurance
Kellogg,
Secretary of the corporation, has
elected
11.70
1959
107
42
(Tulsa)
First National
7.3
Bank
Compress & Warehouse
Cotton
Federal
& Co. Inc., 17
Wall St., New York City, has an¬
been
55
machinery
retail
Co.
First National
4.5
reriiiizei>
Fed.
Peabodv
Jarvis
46
4.00
*51
...
diesel
rubber
oi
1.7.
utility
Federal Chemical
Kellogg V.-P. of
Kidder, Peabody
that
2.05
47
ceramic
machinery
and
lawnmower
and
saw
sharpeners
Faultless Rubber
Miscel
60
Dec. 31,
of Passaic
First Natl. Bk. T. (Okla.
City)
First National Bank and "
bearings
Federal Bake Shops, Inc
nounced
1.C0
cn
Paymts. to
89
First Natl. Bank
(Wichita)
5.9
New
Merchants
Manufactures
•,
44
abrasives
Long Beach (Calif.)_.
Parrel-Birmingham Co
of
(
\
—
Oregon—
Bank of Roanoke
ball
public
&
(Omaha)
Bank
(St: Louis)First National Bank of
;y; •'
separators
River Gas Co
Mtrs.
0.9
Based
tion
1959
—
County (Paterson, N. J.)
Trust
of
nine years.
Kidder,
2.6Q
173%
% Yield
•«
Dec. 31,
fl.33
Shreveport, La
Pate-Root-Heath Co
Hecker
1.60
26
artificial
C.)——
First Natl. Bank
wholesaler
updating
Farmers
the
and has been associated
& Co. for the past
31 years
/
v
v
52
,
Co.
Manulaciufer
Pali
investment securities for the past
with
i«-
-
utility
Fafnir Bearing Co
Beck
First 'Nat'l
;
magnetic
Tobacco
securities
Mr.
5.0
3.7
Paber Coe &
Gregg, Inc....J / 26
part¬
Mr.
14
54
glass fabrics
Manulacture
•
ner.
Robert
and
Exolon
u r n
ana
has
i.
public
Manufacturing Co
annou
B.
0.70
2.00
*32
Company
1
firm.
1959
First Natl. Bank
■'V'
r
31,
12.00
'
,
gen¬
the
o:
V
mills
Insurance Co.
Dec.
Memphis65
(Miami)
57
(Mobile)
*35
First Natl. Bank
First Natl. Bank
Participating &i
non-participating
Exeter &
Hampton -Electric
partners
•
to
Life
Years Cash
Divs. Paid
70
First Natl. Bank off
♦"(Toronto;
become
eral
power
••
Quota-
$
on
Dec. 31,
1959
M'.
/
Paymts. to
31,
"V".
First Natl. Bank (K.
First Natl. Bank of
49
;
,
have
McCook
1959
niriu
Excelsior
Robert
tion
Dec.
v..
Approx.
..
Extras for
12 Mos. to
secutive
./
35
Mills, Inc...
Essex Co.
Burgin, III
Based
No. Con-
<
V
$
Erwin
Beck, William"
and
Dec. 31.
Quota-
Cash Divs.
Including
p.
/
% Yield
Extras for
12 Mo«. to
nxr
and
change
u'r,
/
Approx.
Including
No. Con-
New York Stock Exother : leading
ex¬
of the
uers
-
Trust
Trust Building, mem-
Liberty
1
Fills the Needs of All
Investors
Admits
COi
Over-the-Counter Market
31
(Jersey City)
0.75
261/8
2.9
96
3.05
641/4
4.7
Details
not complete as to possible
longer record,
Adjusted for stock dividends, splits, etc.
Including predecessors.
Stockholders
$20
to
$1C
to
approved
effect
a
on
Jan.
2-for-l
22,
stock
1960
change
split,
in
Members
par
value
New York Stock
from
Exchange
American Stock Exchange
•
Midwest Stock Exchange
t Bid .price.
LamborniNames
Samuel
the
Schoenfeld,
research
partment,
President
and
and
York
Laward
|1
manager
statistical
has been
named
Director
;yn & Co., Inc.,
New
City,
H.
of
99 Wall
sugar
Director.-
Corporate Teletype: NY 1-865
of
Vice-
Interested.
.
:
in
any
stock
on
these pages?
direct
i
jjUeramerica
Corp.
Securities Corpora"on. is
business conducting a4 securities
from
offices at 375 Park
J;e»jue, New York City.
«
Officers
Jules
Yablock, President and
SecaS|rer*
and
Miriam
Yablok,
wires
to
Correspondents in
latest prices,
quotes, or information,
ASHEVILLE
BURLINGTON
For
ALBUQUERQUE
CHARLOTTESVILLE
DALLAS
DENVER
FARMINGTON, N. M.
simply contact—
GRAND RAPIDS
Wramerica Sees.
Municipal Teletype: NY 1-1691
•
i
\
.
We have
...
brokers.
*
^/V. 3/.
Cable Address: GREGSONS
Lam-
Street,
^
Telephone WHitehall 3-7600
de¬
Lopez-Miranda,
President in Charge of the Vicekjgar Department, has been Raw
ed
electa
&/vee/
72
Officials
JCFLIN
7
Y
CHICAGO
DES MOINES
HARRISBURG
BEVERLY HILLS
CINCINNATI
DETROIT
HOUSTON
LOS ANGELES
the following cities:
DURHAM
HUNTINGTON, W. VA.
MALONE
MINNEAPOLIS
NEW YORK 5, N. Y.
.
NEW ORLEANS
.
PORTLAND, ORE.
POTSDAM
SALT LAKE CITY
SAN ANTONIO
SANTE FE
SEATTLE
NORFOLK
SAN DIEGO
TORONTO
WASHINGTON
TULSA
WESTWOOD
EL FASO
FULLERTON
INDIANAPOLIS
MONTGOMERY
PHILADELPHIA
ROCK ISLAND
BOSTON
CLEVELAND
FAYETTEVILLE, N. C.
Marketing Department
Merrill Lynch, Pierce, Fenner & Smith Inc.
130
BELOIT
FAYE^TTEVILLE, ARK.
KANSAS CITY
NASHVILLE
70 PINE STREET
BALTIMORE
PITTSBURGH
ROME, N. Y.
ST. LOUIS
SAN FRANCISCO
SANTA ANA
UTICA
VICTORIA, TEX.
WHITTIER
r':
Offices Here and Abroad
Mm
i'fl
Chronicle
The Commercial and Financial
32
Cash Dlvs.
Continued from page
:Cash Olvs.
^
\
,
v
-
.
1
^
Including
v
12 Mos. to
secutive
Years Cash
Dec. 31,
1959
Olvs. Paid
-
Florida National Bank
'
.
(Jacksonville)
Florida Public Utilities Co.— >17
,1.0
Telephone company
29%
1.00
;
Class
B
19
Precision
industrial
and
transmissions,
k'"'.
May,
1959 common was
classified. Holders received
A
and
share
•
each
*;
\
reaming,
18
filters
water
5.4
4.3
Funsten
f0.24
.
.
t0.89
1.00
24
// 2.5
1 35
30%
plastics
3.3
5.0
16
2.5
•
tapping
Missouri,
advertisement
Inc., Cl. B
24
1.75
25
7.0
18
1.00
26
3.8
Petroleum
page
on
0.5
84%
33.
0.40
13
2.20
86
fO.93
Ft. Worth National Bank
65/
3.4
26%
3.5
15
19
5.3
General Metals
38
4.00
110
3.6
GENERAL
6.00
0.20
'3%
6.2
1.52
333/s
4.6
500
1.2
•
fo.95
26
3.7
20
fo.79
25%
3.1
4%
5.6
electric
heaters
.
assemblies.
plastic parts
15
0.25
25
1.20
20
6.0
26
2.00
93
2.2
printing
Corp
other
and
machinery
V
REINSURANCE
fire
bonding,
casualty,
and
allied lines
splits, etc.
t Adjusted for stock dividends,
splits, etc.
All
3.3
.
;
CORP.
to possible longer record,
2.8
451/4
22
motors for
1.00
Brushes
f 0.64
and
.
automobile
Custom-molded
Marine
as
9.0
23
serving
>•';
recording
Commercial
Details not complete
0.63
27
17
General Manifold & Ptg. Co.
Fuller Brush Co., Class A
*
small
home
2.1
Textiles
£ 25
4.4
4
company
producer
11%
production, refining
Fruit of the Loom, Inc.—
National Bank
(Indiana)
1/
.
•
.
1
Oklahoma
■
of
Mfrs.
3.5
11%
and
f0.24
17
16
Kansas,
phonographs,
14
'
'.f'
-
• ■
General Industries Co.
and marketing
Structural steel fabrication
>
General Crude Oil Co
City real estate
Frontier Refining Co
Dept. store, Springfield. Mass.
Fort Pitt Bridge Works——
oil
and
holding
Nebraska
Friedman (Louis) Realty Co.
New York
gaskets,
seals
distributor
gas
Southern
Company's
See
0.75
;V
Gas Service Co
insurance
•Life
16%
0.40
:/ 37%
10 //
^
wal-
>
Transportation
f 0.41
9.5
3.3
>
packings,
mechanical
Natural
19
10%
Holding company. Bus "Industry
10
Gamble Brothers, Inc.
Lumber products
y f;
•
Garlock Packing Co.-—»—— / 55
INSUR¬
LIFE
1.00
1.25
-
Gary Railways, Inc
CO.
ANCE
30
Gary Natl. Bank (Indiana)—
0.80
to
1959
„
and
17
1959;
47
Galveston-Houston Co. _—21
6%
(Albert)-Guenther
FRANKLIN
almonds
Mechanical
Law, Inc.
one
(R. E.) Co._—:
and
nuts
seals,
exploration
od
Dec. 31,
■
(Atlanta)
Sheller and packer of pecans,
air, fuel and
Wyoming Oil Co
Frank
"
t Adjusted for stock dividends,
21
V
production,
development
machines "V
Fort Wayne
-13-
.
Corp.
Manufacturer of oil,
I
re¬
31
Forbes & Wallace,
1.00
'-v
Gloves
Fram
common
•
Refrigerated warehousing
Fulton Natl. Bank
Professional advertising agency
Co.
Foote-Burt
Drilling,
for
B
one
held
21 \Y
Storage!
Fulton Market Cold
..
4.8
1.1
'
•;
7.8
5%
3.6
V
gears,
etc.
0.40
Fownes Brothers & Co._
3.4
9%
11%
""
1959
Paymts.
Pec-31,
$
lighting units
/\///•; ■. ; /
Fostoria Pressed Steel
Corp.
New
name
adopted
in
June, 1959
Fourth Natl. Bank in Wichita *35 / 10.3:6
41%
Franco
0.50
0.50
Dlvs. Paid
1959
//''*//'•
■■
19
Dec. 31.
Based
tion
12 Mos. to
Industrial
Oil
A——._r—w
secutive
Years Cash
Formerly
Foote Bros. Gear & Machine—
Class
Paymts. to
Dec. 31,
1
Fostoria Corp
; "
19
Telephone Corp. cl. A
tion
Dec. 31,
Dec. 31,
1959 % 1959
12
Port Worth bus service
3.4
Operating public utllltv
12 Mos. to
>YieK}
;
Quotan
Extras for
$
v
20%
0.72
No. Con-
Worth Transit Co
Fort
% Yield
V.A,'
24
1.00
96
Based on
Dlvs. Paid
QuotaBased on
tion
Paymts. to
Dec. 31,
Dec. 31,
1959
"
1959
No. Con- * Extras for
.
Quota-
.secutive
Appro*.
Appro*.
Including
Extras for
Years Cash
31
<■
Cash Dlvs.
No. Con-
Fills the Needs of All Investors
In
Thursday, April 7, 1960
.
Appro*.
% Yield
Including
The Over-the-Counter Market
Florida
.
.
(1520)
•
See
Company's advertisement
on
Genuine Parts Co
this page.
13
fl.00
51
2.0
17
f0.98
42%
2.3
Automotive parts
Georgia Marble Co
Marble
production
Fire
Germantown
Insurance
12
and
f0.38
223/4
1.7
18
machine
Manufactures
and
145
fO.40
6%
6.4
123
2.40
55
25
1.00
14%
6.9
2.1
lines Insurance
Giddings & Lewis Mach. Tool
horizontal
wit:
3.00
23
Company
Fire and allied
tools,
to
drilling
boring,
milling machines (table, floor
planer type); vertical turret
lathes; vertical boring mills; plan¬
(double
ers
side);
REINSURANCE
GENERAL
housing
planer
ing machines; numerical and tracer
CORPORATION
system;
relat-d
items;
Gilbert
ALL
FIRE,
CASUALTY, ACCIDENT AND
■
->.s
SICKNESS,
BONDING
f :Ki'
'
,
AND
'•
v
MARINE
Girard
m
LINES
i"
''
x
STATEMENT, December 31, 1959
Bank
(Philadelnhia)
Machine
1
v'
■
..
.
—
4.4
Co
47%
0.50
,71/2
6.7
94
1.00
34%
2.9
24
1.00
."21%
4.7
56
1.50
23
6.5
26
manufacture
paper
2.1
0.35
fl.00
15
;
14
;
manufacturing
Glens Falls Insurance Co
V .$
•
Reserve for Claims and Claim
7,938,859
Multiple
Expenses. $ 47,832,085
line
Insurance
>.
■
underwriter
Investments:/
"/
ment Bonds
Globe
/.
m
Other Bonds
i 4
Preferred Stocks
rl
Reserve for Unearned Premiums
.>
;
Subsidiary
Companies
..
.
.
1
Total.,.
1 I
..
.
.
4,133,396
-
Other Admitted Assets
.
.
/. 1.
.
.
.
-.
.
..,.
?
>
•
M"
.
.
.
.
•.
.
Capital
•
Goderich
;
m
v.
V
Surplus
.•
% >
mm
4,198,071
"Surplus to Policyholders '
$159,910,330
:
Total.
.
.
.*
.
.
.
.-V
.
.
.
54,051,523
Govt
-
stocks owned
Wm
My
//.
ance
<
are
valued in accordance with the
Gr*at
:
''
a
10WRY, JR.
JAMES
Chairman of the Board
A.
t-
President
:
Lite,
Great
CATHCART, JR.
18
fi
■v/y-M.
i
I'vI
Z
M
hi
■;;>!
wA
WILLIAM
Executive Vice President
HOBBS
HARLLEE
BRANCH, JR.
>
CARL
Vice President and' Treasurer
The M. A. Hanna
;
;
N. OSBORNE
WHITNEY
LUTHER
G. HOLBROOK
6.00
350
1.7
2.00
51
3.9
2.05
30%
6.7
0.8
/
13
;
&
17
•
87
1.50
43Vs
3.5
1.60
85
1.9
4.40
348
*23
6.00
.77
34
1.00
27%
3.7
*36
1.25
28
4.5
12
fO.51
.20
2.6
20
1.00
12
8.3
26
(N. Y.)
*35
60
Co.
t3.81
161
2.4
18.00
299%
*
Life Ins.
Co.
health
and
West Life Assurance
(Winnipeg)
.
1.3
health
and
(Daniel) Co
7.8
slippers
Green (A. P.)
STONE
133
Insurance
accident
Housa
Manufacturer
Chairman, Stone & Webster, Inc.
1.10
19 I.
Ins.
Amor.
Green
Cleveland, Ohio
Company
J
President, The Southern Company
Fire Brick Co._
of
refractory
prod-
ucts
Vice President and Governor,
T. Mellon and Sont
HENRY C. BRUNIE
FREDERICK
Green Giant Co., Class B
K. TRASK, JR.
Vegetable
•
Payson & Trask
President, Empire Trust Company.
WILtlAM
N. BAXTER JACKSON
ARTHUR
Chemical Bank
Hall, Haywood, Patterson & Taylor, Esqs.
:
ALBERT
J.
HETTINGER, JR.
1
B. VAN
New York Trust Company
Kidder, Peabody & Co.
if
Office:
aoo
park
Pacific Department:
Chief
avenue,
new york 22,
Grinnell
H
Pipe
eleventh
street,
Kansas
city
5,
mo.
610 so. harvard boulevard, los angeles 5, calif-
Agent for Canada:
and
360 st. james street west, Montreal 1, Quebec
M
tanning
!
Corp.
fittings,
piping
Amerira
-
Mm
mk
—
and
sprinkler
systems
systems
•
Guarantee Co. of North
m
n. v.
equipment
studs
Leather
m
Home
Midwestern Department: 101 west
distribution
Griess-Pfleger Tanning Co
WARFIELD
Satterlee, Warfield & Stephens, Esqs.
welding
weldlnsr
Governor,
T. Mellon and Sons
ETHELBERT
8tud
BUSKIRK
Vice President and
FREDERICK L MOORE
Lazard Freres & Co.
A
canning
Gregory Industries, Inc
Chairman, Executive Committee,
E. HALL
MM
// I
A.
13
3.3
.
fabrics
Life, accident
L BRADDOCK
10
60
and
Warehouse
Southern
Co.
-
*
My. Z
ROBERT
Insurance.
manufacturer
Diversified
Great
>
'
G.
Ice
0.50
2.00
systems
Cold^Storage Co
f ,/S'A
EDWARD
Trunk
Cotton
%
DIRECTORS
water
Employees
Dptrolt
5.0
26
12
Co., Class A__
and pacKinas
Graniteville Co.
are deposited as
required by law. Bonds and
requirements of the National Association of Insur¬
Commissioners; if valued at market quotations, Surplus to Policyholders would be $45,639,559.
I
i §
and
3.8
9%
retailer
rream
fire.; ■
Grace Nail. Bank of New York
'
Securities carried at $8,690,698 in the above statement
Wi
•
Transit
&
Insurance—casualty
yyyyyy.
%
ice
belting
'Grand
$159,910,330
,
cov¬
<;•*
Pumps, lnc
Pumps
46,791,523
.
746,866
.
Hose,
Gould
5,762,417
..
.
elevator
Goodall Rubber
....
-';
..
Elevator
peril
t
Ltd.
W»1i-kn^wn
r:]
$ 7,260,000
multiple
allied lines
and
Good Humor Corp
9,234,062
..
America
marine,
Grain
.
Republic Insurance
of
erages
Commissions, Taxes and
Other Liabilities
,
141,264,117
Total Admitted Assets
p |
&
Co.
Co..
..
(not over 90 days due)
8,054,829
41,773,909
.
...
Accrued Interest.
I
Funds Held under Reinsurance Treaties.
Premium Balances in Course of Collection
"i
40,737,831
.
9,085,400
Reserve for
Other Common Stocks
Wy}/'/,
V
Fire,
64,916,391
.
.
.
.
'. $21,355,021
.
Stocks of
"{
,
Co
tools
and
.
.
.
Brick
liabilities
v
/
United States Govern¬
t%
lathes
Pulp and
Cash in Banks, and Office
/
Exchange
Glen-Gery Shale Brick Corp.
assets
I
Corn
Glatfelter (P. H.)
r-M
{
Co.
Trust
Gisholt
I I
Manufac¬
Bennett
&
Turret
FINANCIAL
and
tool
cloth
Wire
Largest American multiple line market dealing exclusively in Reinsurance
/i
boring tools
machine
and
accessories.
turing
•
open-
machines; radieJ and upright drill¬
control
.
and
milling
ma¬
die sinking
type
contour mills;
chines;
Guarantee,
Gulf
.
Fire
(Montreal)
fire,
Insurance
and
and casualty
Co.
casualty
87
>■
(Dallas)
,
27
6.0
'
f 1.93
88
2.2
insurance
A
*
'
/,
'W/„y,
,
'
-
Details not
t Adjusted
complete as to possible longer record,
for stock dividends, splits, etn
Continued
on
page
Volume 191
Number 5940
.
.
The Commercial
.
and Financial
Chronicle
(1521)
>■
The Franklin Life Insurance
Chas. E.
Becker, President
76 years
•
Home Office:
Company
Springfield, Illinois
of distinguished service
Statement of Condition
as
'
of January 1,1960
Assets...
Cash
$11,143,806.75
^United States Government
Bonds
$ 26,266,897.19
.
*
Other Bonds
221,880,186.51
21,990,909.99
(Including $15,871,019.77 of properties
acquired for investment)
Federally Insured or Guaranteed
Real Estate Loans
Other First
on
to
the year 1959.
52,514,971.20
.
during
progress
,.
-
>
.
.
128,919,566.05
.
181,434,537.25
'3
Policyowners
.
I
%
38,586,356.43
(Secured by Legal Reserve)
Premiums in Course of Collection
...
New Paid Business
'
*
18,230,098.35
....
(Liability included in Reserve)
Interest and Rents Due and Accrued
.
.
$902,730,685.00
(increase 20.3%)
3,675,784.50
3,524,383.59
.
Other Assets
Asset Increase
$56,347,431.60
$526,732,960.56
(increase 12.0%)
Liabilities...
.
Legal Reserve
Increase in Reserves
on
Outstanding Contracts
Premiums and Interest Paid in Advance
Other
Reserve for Taxes
(increase 9.7%)
15.805,275.29
.
37,289.887.08
Payable in 1960
.
3.819,553.32
.
Accrued Expenses
Increase in
Surplus Funds
$8,100,000.00
511,303.33
Suspense Accounts.
.
.
•
$35,420,727.00
$399,936,706.00
Policyowners' Funds
.
.
.
.
4,009.999.57
.
Other Liabilities
(increase 14.8%)
2,510,235.97
Payments
$463,882,960.56
to
policyowners
and beneficiaries
during year
$35,178,021.23
Surplus Funds...
Capital
$18,028,828.00
General
Surplus
.
.
.
44,821,172.00
62,850,000.00
Payments to policyowners
and beneficiaries since
,
♦Bonds
are
$526,732,960.56
.
valued
as
1884, plus funds
currently held for
prescribed by the National Association of Insurance
Commissioners.
their benefit
Insurance in force nearly
$745,889,967.18
$3,600,000,000
the largest legal reserve stock life
insurance company
united
states
devoted exclusively
to
the
in
the
underwriting
I
of
y
<
Mortgage Loans
Real Estate
Loans
.
High points of our
248,147.083.70
Real Estate
ordinary
and
annuity
plans
T
.
33
Chronicle
Commercial and Financial
The
34
.
.
Thursday, April 7, 1960
.
.(1522)
Cash Divs.
'
Cash Divs.
No. Con-
Quota-
Market
The Over-the-Counter
,
% Yield
Based on"
secutive
12 Mos. to
tion
Paymts.to
Dec. 31,
1959
Dec; 31,
1959
'
v
.
*
Fills the Needs of
32
Continued from page
Cash Dlvs.,
'v
-
,
Including
secutive
Years Cash
Divs. Paid
V"
service
20%
f0.46
2.2
Ropes
X
25
fO.72
39
1.8
18
1.00
39
2.6
--
eondl-
31
Hamilton Mfg.
Home laundry
f0.20
21
Y.)
1.25
31%
-
-
'
2.4
80
11.94
28
—
8.00
3.00
107
2.00
107
(N. Y.)
2.00
Bank
Boiler
22
2.50
50
14
fO.98
22
95
48
2.80
1.00
73
25 %
„
31/8
8.0
42
2.20
411/2
5.3
19
f0.75
28%
2.6
and
Indianapolis
Indianapolis Water
Second Table Starting on Page 45.
•
—
Co.——
25
2.00
42%
X Co.
5.00
117%
4.3
3.9
20%-
1
Manufacture
28
2.50
42%
12
3.00
68%
4.4
25
Hershey Creamery
5.9
(Prov.) al68
2.25
90
2.5
fl.78
4.1
43%
(San Fran.)—
-
Diversified
3.2
38
Title
6.1
41
2.50
19
1.9
•
See
of
,
«'
1.20
90
2.9
42
42
12
t0.63
17
3.7
line
insurance
advertisement
page
on
>
Holding company—auto financing
Home Insurance Co.
Fire,
*
Casualty
Details not
and
as
2.00
88
(N. Y.)
3.7
53%
Wholesale
bread
and
0.80
16%
operator
37
1.60
42
3.8
13
1.60
37
4.3
splits, etc.
a
25
2.40
72
3.3
32
1.25
26 %
4.7
44
1.70
28%
6.0
.
Co.
i
cake
*
;X.
X/:;V.X''
r,X\.
and paper, specializing
food protection papers
'♦
.*
Details not
complete
as
to possible longer
Including predecessors.
•
record,
.
„
Continued
• '
We maintain active
3.8
39%
splits, etc.
t Adjusted for stock dividends,
a
1.50
35
in
Pulp
for stock dividends, splits, etc.
Including predecessors.
*
pole
Kalamazoo Veg. Parchm't Co.
X'../,
bakeries
t Adjusted for stock dividends,
4.2
Hotels, restaurant and laundry
t Adjusted
to possible longer record,
24
Kahler Corp.
5.0
,
Interstate Bakeries Corp
Life
complete
34
Reinsurance—multiple lines
1.00
25
equipment
Julian & Kokenge
36.
•
Inter-Ocean Reinsurance Co.
4.1
12%
0.50
12
2.8
Lathes, grinders, comparators,
threading dies
3.3
Electrical and communication
Company
Industrial steam and real estate
88
'
.
joslyn Manufacturing &
Supply Co
-
Operating public utility
Home Finance Group, Inc
2.50
*25
—-
Women's shoes
Electric and hydraulic power.
6.3
'
1.40
*
Holyoke Water Power Co.—
4.2
48
Jott£s"& Xafrison Machine Co.
:
Co.
Company's
37
3.00
Temperature and air conditioning
controls
XXXX-'frXX''
TITLE
Inter-Mountain Telephone
Timber logging and processing
1.54
10
Johnson Service Co
Insurance
MORTGAGE
Department store
Lumber Co.
•
GUARANTY &
1.20
16
13
0.25
14
40
INTER -COUNTY
a26
Multiple line Insurance
Mortgage banking and real estate
con¬
Pennsylvania
Hibernia National Bank
Hines (Edward)
of
1.3
4.2
Valves
X
shovels, etc.
Insurance Co. of the State
iilry product*^
Pennsylvania
Hibernia Bank
sale
and
struction cranes,
97%
48
—
Jersey Mortgage Co
Insley Manufacturing Corp.-.
%
Holding company
1.25
2.00
Insurance
Jersey Insur. Co. of N. Y
.
Savings, trust and mortgages
5.0
48
25
Jefferson Standard Life Ins.
Jenkins Bros.-
4.7
*33
3.6
Electrical devices
Trust
(Ontario)
17%
0.60
26
Jefferson Electric Co.—
Life
(New York)
Industrial Mortgage &
in the
Payers From 5 to 10 Years Appear
Operating water utility
Industrial Bank of Commerce
3.8
29
1.9
.
Over-The-Counter Consecutive Cash Dividend
(Boise)
X
2.7-
57
2.9
3.1
felts,
Natural gas and water utility
Indiana National Bank of
4.1
87%
t0.79:
Engraving Co.
Jamaica Water Supply Co.—
Long Island water supplier
Jantzen Inc.
"Sportswear manufacturing,1
*
25
5.9
j '
.
precision In¬
control devices
-Industrial Natl. Bank
.
17
Photo-engraving and offset color
positives
i"' '•
Sugar refining
4.9
40%
37%
1.45
42
27
0.25
(N. Y.)
& Co
Jahn & Oilier
,
.
"
Co
3.8
fabrics,
Imperial Sugar Co
1.5
204%
2.15
41%
1.00
3.8
4.0
5.6
56
fl.59
29
>
4.5
17%
f2.38
54
5.0
1.00
89
4.7
2.6
7.5
1.53
291/s
4.4
38
service
dim
29%
f0.97
lnsp.
Haverty Furniture Co
Pi
1.30
27
machinery Insurance
Harvard Trust (Cambridge)Gas
11
24
40
2.00
1.36
Department store chain
2.5
Indiana Gas & Water Co., Inc.
Insurance Company—
Haverhill Gas
32%r
f0.46
112
128
14
-.1
and food products
Industrial
insurance
and
0.80 *
53
3.00
110
4.0
water
XXX"'X'
Manufactures papermakers*
5.0
20
Hartford Steam
24
Huyck (F. C.) & Sons——
3.3
-
equipment
;
201/g
-
steam &
Iowa Southern Utilities Co.—
Public utility, electric, gas, steam
I
62
65
fl.99
3.00
■0.80
Electricity, natural gas,
5.1
27%
1.40
18
1.80
1.8
87
21
Service Co.,.—
Iowa Public
com¬
|2.00
52
Hartford Fire Insurance—-
5.0
<
loans
heat
23
25
-
•17%
Irving Trust Co.
6.4
———
Idaho First Natl. Bk.
(Chicago)
Diversified
40
48
Penn-Harris Hotel
and
public utility
and electric
struments
Grain handling
1- 2.55
.—
Co—-
and Savings
Hart-Carter Co.
Boiler
gas
Confection
Insurance
Harrisburg Hotel Co
33
sumer
n
Huston (Tom) Peanut
60%]
40
.
4.5
•
Corn refining
-
Hanover Insurance Co.
Trust
16
550
'j4''
2.5
134
-
131/4
0.90
Automobile financing and con-
3.3
' ¥
3.3
-
Coal. Iron, steel
Harris
45
''
2.2
320
26
Knoxville, Tenn
(M. A.), Class b
Hanover Bank (The)
1.50
Huntington National Bank of
Columbus (Ohio)
Hamilton National Bank of
Hanna
0.60
carrier
Interstate Securities Co
Southern Texas utility
*55
11
chain
Common motor
hotel
Hubinger Co
(Chattanooga, Tenn.)
1.6
Ivey (J. B.)
18.00
24
Houston Natural Gas Corp.—
■
Vr
professional furniture
Hamilton National Bank
V
6.5
23i/2
System
2.9
24%
i0.70
XVvX V
Syracuse, Inc
pany,
■'*
t
>
;,12%
fO.38
Hosts, lac
Interstate Motor Freight
•
26
Inc
'
City
1959
15
-
.
Connecticut
"« *
»
.
PaymtS. to
Dec. 31,
Formerly
Interstate
Co.
New
name
adopted in July, 1959
5.4
Housatonic Public Serv. Co..
0.6
4.8
-VVi
!
tion
D«. 31,
1959
19
14.3
606 rooms
26
appliances, and
Indiana
Hotel
2.6
36%
fO.95
dl^rlb'^ort
Ohio merchandlee
23
105
17
class A
Hotel Barbizon,
X
45
Halle Bros.
1.25
15.00
"* ' v
Vacuum cleaners
Dec. 31,
1959
loans
Interstate
Restaurant
29
Hotel Gary Corp
'\
tlonlng auppllea
Haloid Xerox Inc. (N.
'
1X/'Xy-,, Divs. Paid
0.80
Small
4.7
.
19
—
and twine
New York
chemlcala
Plumbing, heating and *1*
j
-
% Yield
Based on
Quota4
$
/v/X
:'XX/ -'X' XX.;---'
Allison Co.
Hoover Co.,
Hal oca Corp
'■■a.
7%
0.36
39
Guaranty Co.
(Brooklyn, N. Y.)„——
Hooven &
Chemical and Controls,
WaWr treatment
*
■l"
Years Cash
•
Home Title
Ufa and aoel*«nt
Hagan
;■■■•
secutive
12 Mos. to
XX:
$
"
Extras for
t<
.
■X
Title Insurance
GuH Idle Insurance Co.
28
i
distance, phone
long
and
Local
%
(Jacksonville, Fla.)
No. Con-
Interstate Financial Corp.
Telephone and Tele' graph Company of Virginia
,
1959
1959
;X
Approx.
Including
T
Home
Appro*,
% Yield
s
Dec. 31,
1*59
1959
Divs. Paid
Quota- Based on
tion
Paymts.to
Dec. 31,
Dec. 31,
Extras for
12Mos.to
No. Con-
v
XX.':'X-x
.
Dec. 31,
Years Cash
All Investors
lr
Approx.
Includirtg
Extras for
*
.*!
on
page
trading markets in:
North Carolina Natural Gas Corp.
Common
Piedmont Natural Gas Co.
We Make Markets in
Common
Public Service Co. of North Carolina
Common
Established
1919
R. S. Dickson & Company
Over The Counter Securities
INCORPORATED
•
Member Midwest Stock
CHARLOTTE
Atlanta
i
rt
im
-
t
m » / t» ?
?
<
(.yf.ii i.
i
<<
i
ii:( i' Mt.i it 'i >.
t
Your Orders and
.
M
NEW
Columbia
Miami
Direct
Interested.
Troster, Singer & Co.
For
in
any
CHICAGO
.
stock
on
Jacksonville
Greenville
Richmond
Raleigh
Inquiries Invited
...
Exchange
YORK
Wire
to
All Offices
.
these pages?
latest prices, quotes, or
information,
simply contact—
Members: New York Security Dealers Association
Marketing Department
74
TRINITY PLACE
NEW YORK 6, N. Y.
Telephone HAnover 2-2400
ur>
i" 11
J
«
I
r* ti t
i
t
«
»
,
) 4
,
i
'
,
.
Merrill Lynch, Pierce, Fenner & Smith Inc.
Teletype NY 1-376; 377; 378
|
-
»
nt
ii
I >.ii
,
<
70 PINE STREETi
t
t.
-
t
,
130
,
NEW YORK 5, N.
Offices Here and Abroad
Y.
35
Number 5940
Volume 191
.
The Commercial
.
and Financial
Chronicle
(1323)
The
Talcott
James
Over-the-Counter Market
Fills the Needs of All
Investors
Notes
Talcott, Inc.,
oldest and
Tomps
the
of
one
Contirmed from
of
wpstors
jhe
No. ConExtras for
secutive 12 Mos. to
Years Cash
Dec. 31, •
Dlvs. Paid
1959
$4,800,000- lias
down
S,000
,2200
of
as
March
.
Non-p*ftlctpatlng
Company
sum
•!
tored
the
by
than $1
■8.0
1.25
17
223/4
1.60
„;
(The)
1.00
22
insulated
28
f0.59
Company,, Inc., American Bank
Building. He was formerly with
Cotton
seed
Kingsport
:
rt
—
Foster & Marshall.
With Selected
Sees.
tlon
70
393/4
4.00
13
0.10
'
16
105
EAU
Peterson
has
become
formerly
Loan
President
and
of
Finance
1712
•
;
-
BEVERLY
Bedford Drive.
&
has
been with Bache
& Co.
R. F. Dowd &
h™.
Dowd
was
formerly
,
ynck> Pierce,
ftmith Incorporated.
t
Fenner
*.
"2%
203/4
:
1.35
24
1.00
20
A
:
2.1
v
Basle steel
0.4
22%
2.7
20
2.70
75
a26
1.65
Trust
0.50
14
0.80
j.
X
14 i
:
xsiT
on
page
36
men's
1.5
gas, water and
35%
3.3
16%
.
California, Oregon,
Nevada, Idaho, Wyoming, Utah and Arizona. Since
3.1
15
•
.
*
1950, the population of these
■■•■7ft
i
y
growing
5.3
i
27
3.7
96
f 2.88 7
12'?
t
s
t
'
Laboratories, Inc
products
than twice
as
fast
as
the United States
whole, according to Census Bureau estimates.
-
-
3.0
creased^rom 38,978 to 69,787;
-
total
revenues
from
7
49]
23
j
12
|
7- 8.00-
v
240
$4,839,854 to $11,340,112; and net income from
7/ 7 3.3
1.20
23%
1.00
48%
$377,027 to $1,064,564; representing increases of 79
5.1
per cent
water)
Superior &
Railroad Co
more
Between 1949 and 1959, number of
customers in-
■
1.00
and !
gas
a
states has been
'
I
r*
seven
4.6 ~
i
j—
Lake
.ibt
telephone services. Its territory
includes 83 communities in
clothing
(Chicago)
(electric,
ni
California-Pacific Utilities
Company operates elec¬
5.6
7
0.23
19
manufacturer
Pharmaceutical
4.2
1
?
X
—
utility
29%
QromngVufitic IMky
8.0
as
Co.
of
3.6
*
longer record,
-
Lake Superior Wit. Pwr. Co.
an
63
0.60
4.8
65
.
f 1.18
19
Laclede Steel Co
*0r S. D.
Fuller & Co. and
Smiii
—
Lakeside
fO.27
24
Casualty Ins. of Tenn.
Continued
clothing :
Public
2.7
Including predecessors.
tric,
—
Makes and wholesales men's
RAlcha^d F. Dowd, President,
lchlt Packer, Vice-PresiMr.
nt.
42
—
La Salle Natl. Bk.
with offices
at 39 Broad¬
New York
City, to engage
n a securities business. Officers
30
27
Lincoln National Bank &
Trust Co. of Central N. Y.
:X'7
39
-
Manufacturer
Co., Inc.— 1
4.2
Creamery Co. of
Inc.
way,
Dnri
t
Canned vegetables, bottled Dickies
Formed in New York
?•
P°wd & Co., Inc. has been
formed
i
'
Kuppenheimer (B.) & Co.,
.
60
0.80
Life, accident and health
furnaces, fabricate alu¬
minum products and
packaging
--
2.50
25
Trust
Lincoln Natl. Bank &
Co. of Fort Wayne
melting
recently
2.8
19
&
Life Insurance
5.7
38 "
1.00
Manufacturer transformers, metal
Co., 464 North
He
~
Kuner-Empson
!
■
*T
Kuhlman Electric Co
rejoined the staff of
X""
6.2
refrlgera-„
Earth moving and construction
equipment
J
r
r
blinds,
Koehring Co.
HILLS, Calif. —James
Dempsey-Tegeler
and
Wholesale dairy products.
*
7
3 .7
3.8
,
0.17
13
Venetian
California
(Special to The Financial
Chronicle)
H. Sword has
33
Insurance
Knudsen
"
•
Rejoins Dempsey-Tegeler
10.94
hardware
Life
-
of
25
v-
•
*
41%.
•
America
of
2.3
21
Knights Life Insurance Co.
was
Citizens
Company
La Crosse.
\
associated
with Selected Securities
Co.,
Main Street.
Mr. Peterson
Company
Communication
CLAIRE, Wis. —Clinton L7
f0.13
6.3
1%
fO.79
18
Kittanning Telephone Co
(Special to The Financial Chronicle)
18
"
Oil
hardware
21
y
.
Press, Inc
Manufacture
drapery
37
autos'
splits, etc.
2.50
JBooJc manufacturing
Kirsch
A
Co
3.9
151/4
Crude oil produced
* ^
f0.48
7 4.0
.
aircraft
Life Sc
V
:
products
Kinney Coastal
20 7
1.55
a
Company, Brooklyn, N. Y.
Kingsburg Cotton Oil Co
.
fO.80
.
play
Details not complete as to
possible
t Adjusted for stock
dividends,
10
Kings County Trust
PORTLAND, Oreg. —- George C.
Drougas is now with Black &
and
f
5.5
15
Cement
Manufactures cement-
28
utility
5.7
26Y4
4.3
.
Insurance Co
4.3
4.8
V
38 7
*
-
(Special to The Financial Chronicle)
Co. Inc.
work,
Co. of Oklahoma City
Liberty National Life
5.0
353/4
1.50
10
Portland
of
25%
Hi*
Liberty NatL Bank
2.8
49
1.54
Manufacturer of molded
pulp and
fibrous plastic articles
Keystone
; Co.
.
5.6
and
Keyes Fibre Co
totaled
J, 0.40
6.7
stain¬
-
Consumer credit
cable
fac¬
1.65
Liberty Natl. Bank & Trust
125
1*2.44
21
—
wire
1.20 *•
25
die,
Starting-light equipment for
4.9
18
,
3.50
17
—
Company
Manufacture
23
of Buffalo (N.Y.)
Liberty Life Insur. Co. Voting
Non-partielpating - ' ■ r
5.5
32%
Electricity supplier
Kerite
and
Co
Co. of Louisville
12
Kentucky Utilities Co
tool
Liberty Bk.
cut-
Crushed stone
-
Is
'
1.9
3.9
6
f
....
Leece-Neville
and
0.70
58
.
With Black & Co.
Clinton Peterson
Mfr.
slothing
and Its products
•
0.40*
Liberty Loan Corp.
Refining Co.
Life & Ac¬
cident Insurance Co
Non-partlclpatlng life Kentucky Stone Co
volume
company
billion. >
8%
7 7 4.5
Kentucky Central
financing,
mortgage,
equipmeht and special loans,
dustrial time sales financing,<"
toring, equipment leasing and
more
4.3
Special service tools &
equipment
inventory
and
44%
23
:
Kent-Moore Organization
Talcott, founded in .1854, is en¬
financed
56
1.90
1959
12Y4
dlstrlb-
baker
speed,
Lee (H. D.)
•.~w-
carbide' compositions,
ting tools and specialties
Coast
Lau Blower
distribution
Hard
gaged in all phases of industrial
finance—accounts receivable and
receivables
2.50
23
escrow
on
Paymts. to
Dec. 31,
425
22
beer
less steels
"
2.9
f0.48
Manufacture of air
moving equip.
Kennametal Inc.
\
17%
production, transmls-
of petroleum
and Springfield-Monarch In¬
CO.
#7
-
the
0.50
Producing, refining and marketing
surance
1959
12
Utility equipment
Kendall
Mutual Life Insurance
In
end
and
Latrobe Steel
7
0.7
tion
1959
8.00
16
Langendorf United Bakeries.
5.2
1,428
20
Kearney (James R.) Corp.
Co.,' Bankers Life- Qo.^
Connecticut
General ' Insurance
Co
Fidelity Mutual Life Insur¬
ance
Co., Lincoln National Life
Insurance Co., Lutheran Brother¬
hood
New York Life Insurance
10.00
Based
investments.
High
Steel
*
gas
24
Quota-
Dec. 31,
21
grocery,
uting
% Yield
.
$
*40
Lang & Co..;
1959
Insurance
Insurance* abstracts,
FFatttral
S
36
Kansas-Neb. Natural Gas Co.
Insurance
discounting.
Title
■
j,«._
Variety itora ehaln
West
!
Buildings, bridges and tanks
Kansas City Title
Eberstadt & Co. and White,
Weld & Co. assisted
Talcott in
the placement of these notes with
institutional
purchasers,
among
whom are
included: Aetna Lite
1.25
life
KansarCity Structural
Ju/
of
25
Multiple-Una Insurance
of April 1; and
000 will be taken down on
(Chicago)
Lamston (M. H.) Inc
.
Kansas City Life Ins.
Co.—_
as
Co.',
1959
Bank
t
••
Paymts. to
Dec. 31" - Dec. 31, -
Wholesale
Insurance Co.
'
Penn
oh
lion
Kansas City Fire & Marine
'21;
Co
Quota-" Based
••
Of
been
Dec. 31,
1959
Lake View Trust &
Savings
% Yield
Approx.
.
12 Mos. to
Years Cash
Approx.
-
Including
due April 1 1975.
total,
secutive
Divs. Paid
Cash Dlvs.
fi llacement
nated notes
Including
Extras for
34
page
largest indeSent commercial and indusand mdusire"r financing and factoring or¬
ganizations, announced on April 4
«
nimtry's
ntry's
country
with institutional
$9,000,000 subordi¬
Cssh Divs.
^No. Con-
35
r
•
I
i
•
Ishpeming
y
-.
2.1
in customers, 134 per cent in
182 per cent in
earnings.
revenues
and
*
t
i
36 7
1.60
-
7 29 7-
5.5
Operating railroad
&
*
Details
not
t Adjusted
complete
for
•
stock
as to possible longer record,
dividends, splits, etc:
-•.tt
.
I
»
i
♦
t
k Um
mm*70
^
50
..
50
'
m
mmm
ijini.i.ini 40
......
|
t
4
50
customers
,
'
thousands
"Hio
zmrnms
Christiana Securities Co.
■
/•••/'.
-
•
' 1
'•
'
.
COMMON
Bought
'•••/>
f
-
'
'
.
v'
revenues
millions Of dollars
PREFERRED
Sold
Quoted
•
.•,
| J
r. ,• /:
\
1
5
^T...
J
$7 Tw
Vp---
'•'
^
f
800
600
400
Francis
duPont & Co.
I.
1949
-1950
1951
1952
1953
1954
1955
1956
1957
1958
195*
Members New York Stock
Exchange and principal security and
commodity exchanges
• •
74
Offices Nationwide.
ONE WALL
STREET, NEW YORK 5
,
DIgby 4-2000
.
r.
•J
v
California-Pacific Utilities Company
X
405
:7/-. .''7:7.'
——
MONTGOMERY
STREET
-
SAN
FRANCISCO
4,
C
!'•'
Financial Chronicle
The Commercial and
36
Cash Divs.
Continued from
35
page
Including
Extras for
Quota-
secutive
' 12 Mos. to
Dec. 31,
tion
Based on
Paymts. to
Dec. 31,
DecL3l,
Divs. Paid
Trust
Rochester
26
Square Building Co.
Lincoln
Mfr. ball and
&
Co
— ;
32
2.60
62
2.00
147
1.4
Operating public utility
ment
Loblaw Inc.
and
Water
24
Co
the
In
0.20
18
Loft Candy Co
Leader
19%
f0.63
3%
t
Lone Star Brewing
15
Co
2.25
32
23
2.00
34
5.9
and
Retail food chain on
paper
1.55
41
0.80
25%,
1.60
30%
5.2
0.86
13%
6.3
2.9
26
4.8
Ft'.
Co
14
Lynchburg Foundry Co
Accident
Mastic
gas
Operating
public
4.6
39
1.80
23
62
1.50
47%
16
1.75
33
5.3
Meat
Houston
utility,
gas
rolling
Fabricated
a
5.3
11%
1.90
2.00
31
24
1.20
24
steel
26
22%
11.95
8.6
2.00
51
22
f 1.35
42
3.2
58
3.25
86
3.8
*35
f 0.76
40
20
1.60
32
1.80
39%
4.6
24
0.50
10%
4.8
10
0.40
50
8.0
41
3.50
29
19
0.25
11
15
1*1.94
(Lansing).
19
1.00
21
21
Merchants National
1
3.3
60
2.00
25
36%
1.60
—:
—
4.4
1.50
25
4.75 i
0.2t$
112
4.2
and
sales
director
service,
7%
2.7
of
4.5
22
1.00
Co
Ware¬
Storage
Meyercord Co.
Hegeler
Zinc
14
26%
10.77
sulphuric
Mich.
sulphate
14%
0.20
11
1.4
Middle
equipment
24
1.00
25
4.00
■
1.6
62
117%
29
1.40
36
Inc
of
2.1
1*1.00
26%
3.7
0.98
25%
3.9
24
2.40
54
4.4
47
f0.58
18%
3.2
23
1.50
24%
6.1
66
1.50
83%
1.8
18
0.25
8Vs
3.1
41
1.20
24%
4.9
Bank
—
Operating public utility
Midwest Rubber ReclaimingMfrs. of reclaimed rubber
32%
6.2
Miles
Laboratories, Inc.
Alka Seltzer
1
272
4.0
162
2.5
Miller Mfg.
Tools
Details not complete as* to
for
Co
auto
—
and engine repair
Miller & Rhoads, Inc..
Richmond (Va.) department store
possible longer record.,
*
splits, etc.
Details
not
complete
t Adjusted for
predecessors
as
to
possible longer record,
splits, etc.
stock dividends,
Propane Gas
arket facilities
Corporation
New
Singer, Bean & Mackie, inc.
York
1-1825
York, N. Y.
Whippany, N. J.
'fr
5, N. Y.
&
1-4844
title
FIRM TRADING MARKETS
IN OVER 450 STOCKS
$
insurance
(Established 1927)
Direct Wires to
Burton J. Vincent & Co.
Saunders, Stiver & Co.
Chicago
Cleveland
Evans MacCormack
Los Angeles
Stifel, Nicolaus & Co.
St. Louis
&
Co.
Dallas Rupe & Son, Inc.
Dallas
Stone & Youngberg
INTER-COUNTY TITLE
San Francisco
GUARANTY AND MORTGAGE
COMPANY
Warner, Jennings, Mandel & Longstreth
Philadelphia
2.5
48%.
Telephone Co.
(Mass.)
4.8
manufacturer
Including
States
Middlesex Water Co
distributors
76%
tubing
Operating public Utility
Middlesex County Natl.
3.4
softwood lumber
Co.
Bank
of Illinois
& Co.. Inc—
St
Natl.
Sheet
Corp
2.3
Electric and gas utility
2.9
Manuacid and
f3.98
NY
12.1
'
Decalcomanlas
55
2-9000
4.1
funeral
calen¬
Co.
Suburban
HAnover
1.9
tele¬
Michigan Gas & Electric Co.
Mellon Natl. Bank & Trust—
New
>
&
powders
Metropolitan
.;
11.00
Exchange Place
of
religious
Disintegrating
house
14
t Adjusted for stock dividends,
40
—
greeting cards
Metals
Insulating
20
B asic analysis
3.9
broadcasting
Manufacture
2.2
and
ervice
"/
&
of Syracuse
dars and
Medford Corp.
a
Bank
Meredith Publishing Co
Publishing and radio and
Insurance
6.5
splits, etc.
(Indianapolis)
National
Co.
Trust
Bank
Messenger Corp.
68
27
2.00
Including predecessors,
of
Bank in
National
Merchants
Merchants
36
*
Bank
Chicago
Trust Co.
-
Meadville Telephone Co
Operating public utility
1
t Adjusted for stock dividends,
129
allied lines and
Mobile
—
and meat processing
Lumber
structural
4.6
apices, extracts, tea, etc.'
stock
metal products
3.7
14
Insurance Co. of N. Y
5.8
30
1.75
4.0
47%
24
31%
0.65
general financing
Merchants National
5.0
51
4.1
and rolling.
Manufacturers
-
electric
and
Mahon (R. C.) Co.sheet
.
.
Magor Car Corp
Railroad
*•
drug chain
Madison Gas & Electric Co—
Public
-
f 1.15
24
3.1
Merchants and Manufacturers
vision
&
McCormick &
0.60
14
■.»
36 %
1.50
24
(W. L.)
Western
Wire, rope, cablet
Mading Drug Stores Co
6.7
48
3.8
%
Merchants National Bank of
McCloud River Lumber Co.—
26%
1.6
335
5.50
20
Mayer (Oscar)
3.2
publisher
Macwhyte Co
2.7
88
2.40
22
13
equipment
Electronic
tenance^,^
Well-known book
1.80
Corp.
Acceptance
Small loans and
Boston
—
Maxson
main¬
Macmillan Co.
23
Merchants
:
General warehouse
facturers
1.6
35%
f0.56
12
and
construction
Oilfield
35
;
Bank
Merchants Fire Assur. Corp.-
12
Corp.
ammonium
Macco Corp.
4.5
Michigan Seamless Tube Co.
5.2
:-
%
Co.
Fabricated steel products
110%
58
1.10-
Metal
Zinc smelting
Lyon Metal Products, Inc
11%
Finance
sickness
and
Matthiessen
4.5
35%
1.60
53
utility
3.6
26
of Chicago
Insurance
Conveying
supplier
Lynn Gas & Electric Co
33%
5.00
80
Riding
4.0
4.1
1.20
multiple peril Insurance coverages
Mathews Conveyor Co.—
25
49
90
—
(St. Louis)
National
Fire, marine,
Co.
Imprinted brick and
1.00
17
fO 59
*15
Massachusetts Real Estate Co.
products
Lynchburg Gas Co
10
lines
—
sociation, Inc.
3.6
2.00
3.00
wholesales
construction, conversion,
and
manufacturer of
products
Diversified
4.9
5.3
and
(Baltimore *
Mercantile Trust
4.6
Massachusetts Protective As¬
products
38
25
—
Trust Co.
Real estate
19%
0.70
Bk. (Milw.)
:
surance
3.8
14
f0.69
21
21%
roller bearings
Maryland Trust Co. (Balti.).
Massachusetts Bonding & In¬
equipment
electrical
fO.98
Industrial
plastics
and
Automotive
Iron
>
2.00
24
—
Merchandise
36
repairs
3.1
15
—
Luminator-Harrison, Inc
Natural
17
21
Pacific Coast
Typograph
Typesetting
Cast
1.25
88
(Ky.)
Sales
Ludlow Mfg. &
3.7
Credit
estate
Lucky Stores, Inc
Jute,
24
:i5
real
on
Louisville Trust Co.
Ludlow
0.60
by-products
Louisville Title Mortgage Co.
Insurance
26%
(JN.
financing
8hlp
Milling
"19
Title
f0.99
Drydock Co.
Co.
to
1959
28
Mercantile-Safe Deposit
Maryland Shipbuilding &
4.3
32%
1.40
public utility
Louisiana State Rice
Rice
21
Corp.
Auto
a64
Telephone Co
Operating
V.)
and kindred
Maryland
Manufacturer of Portland Cement
Lorain
4.1
Multiple-line insurance
7.0
on
D?c-31'
law'
1959
transient
and
Dallas
'
3.2
Maryland Casualty Co
Lager beer
Longhorn Portland Cement-
29%
67%
and supolies
hardware
5.7
Paymts.
Mercantile National Bank at
4.1
1.20
Manufactures and
candy field
tion
,
Chicago
46%
2.15
Marshall-Wells Co.
3.2
,
pipe
sewer
1.90
73
Marshall & llsley
Grocery chain
Lock Joint Pipe
Based
Mercantile National Bank of
51
Marmon-Herrington Co. Inc.
Heavy duty trucks, mining equip¬
4.2
122
Telegraph
1.2
253
2.95
Co..
residential
hotel
;
Marlin-Rockwell Corp
HI. real estate
Springfield,
Lincoln Telephone
Melrose Hotel
4.4
Retail market chain
7.2
125
'
(Los Ang.)—
Market Basket
3 8
65%
1*2.48
i; 9.00
18
Traders
Manufacturers Trust
24
% Yield
.
Quota-
$
Bank
(Buffalo, N. Y.)_
Trust Co.
Co. t
*51
a
insurance
Life
Insurance
(Rochester)
Dec, 31,
1959
Divs. Paid
Dallas
21
Manufacturers Life lnsur. Co.
Manufacturers &
0.8
247
secutive
Extras for
12 Mos. to
Years Cash
Dec. 31,
1959
1959
1959
Based on
Paymts. to
casualty
and
fire
line
of Detroit
2.00
41
31,
Approx.
Including
No. Con-
$ /
S
Lincoln Natl. Life Ins. Co.—
tion
Dec.
31,
0.80
Casualty Co. a21
Manufacturers National
1959
1959
1959
Dec.
Divs. Paid
Multiple
No. ConYears Cash
12 Mqs. to
Years Cash
Maine Bonding &
Approx.
% Yield
Cash Divs.
Quota-
Extras for
secutive
•« •"
Cash Divs.
% Yield
No. Con¬
Fills the Needs of All Investors
Lincoln
Thursday, April 7, 1960
.
Approx.
Including
Market
The Over-the-Counter
Life
.
.
(1524)
J
:
111
BROADWAY
NEW YORK
6, N. Y.
BArclay 7-2700
Number 5940
191
Volume
.
The Commercial and Financial Chronicle
...
(1525)
Cash Divs.
Over-the-Counter Market
Fills the Needs of All Investors
The
Cash Dlvs.
secutive
.
Quota-
Dec.
Divs. Paid
tion
31,
1959
"23
Industrial loan company
1959
MitteapoUs
C- CO
1.50
13
Mississippi
Shipping
,
.
5.7
Natural
18
°-60
16%-
3.6
Nalco
Missouri-Kansas Pipe
Line—
20
3.60
100
N;j
3.6
C18
Missouri Utilities
Electricity and natural gas
1.36
27%
4.9
Service Corp..—
utility
Petroleum Corp
15
1.10
*
26
15
0.70
30
Mohawk Rubber Co
Rubber mfg.: tires, tubes, camelback and repair materials
28V2
8.0
26
0.45
27
1.7
Mills Co
Montana Flour
20
and feeds
0.80
21 %
32
1.20
58
2.1
Moore Drop Forging Co....
Light machining and drop forg-
23
0.80
15%
5.2
Hardware
21
Produces
0.60
11%
5.4
mills,
13
1.20
22%
Details not complete
t
Adjusted for stock dividends,
Including predecessors.
as
a
splits, etc.
National
2.0
de
0.60
116
0.5;'
13
4.61
155
12.88
621/4
4.6
34
0.60
14%
4.1
17
0.60
165
70
2.50
49
5.i;
2.25
521/4
4.3-
0.90
16%
5.4
^L—
Co.
-
V
tfi
2.00
56%
3.5
National Shirt Shops of Del..
Natl. Shawmut Bk.
1
;
2.6
(Boston) *63
21
Chain, men's furnishings
1.60
55
2.9
National State Bk. (Newark)
fl.95
60
3.3
National Tank
1.50
50
3.0
41
2.4
Manufactures
and
y2.45
'13
sells
oU
National
Terminals
Midwest
v
field
Corp
16
51%
3.9
51/4
5.7
17%
7.1
25
2.00
37%
5.4
15
National Union Fire Insur...
2.00
1.25
Diversified
2.00
30%
6.6
insurance
'
23
0.30
'
Nazareth Cement Co
2.00
55
♦Details
3.6
not
t Adjusted
y
shown
Bank
Jan.
80c
on
quarterly
1960.
15,
■-
4,
payment.
producer
complete
for
also
on
the
10
cent
annual
an
to
as
possible longer record.
stock dividends, splits,
paict
1960
or
based
Jan.
extra
l-for-19
a
quarterly
basis
of
stock
dividend
$2.50
as
was
in January,
increased
against, $2.40.
paid.
was
'%-,//
•
etc.
dividend
to
In
f '
Continued
■
Corporation
1930
ices
on
■■■■
organiza-r;
investment J
administrative
serv-
UNLISTED
?
the
investment
Broad
■" Ct'l
SECURITIES
company,
Street
Funds—Broad
Group
Street
of
SreeneaniGompatui
In¬
Members
New
37 Wall
With Eastman Dillon
has
man
Hugh F. Hoff¬
—
become
Eastman
affiliated
with
Dillon, Union Securities
&
Co., 135 South La Salle Street. {
He
was
formerly
with
Horn-
'"
'
Dealers Association
Telephone
'•'% '
NY 1-1126 & 1127
<
Direct private telephone
Direct
- HAnover 2-4850
Philadelphia
WAlnut 2-1514
private wires to Los Angeles, San Francisco, Dallas & Denver
blower & Weeks.
Burgess & Leith Adds
Trading
m
Problem ?
4m
*
"it
•
of
■•
nni
uu m
Why
not
Through
a
members
i
■
of
the
Stock
Kitchel
let
us
know your trading requirements ?
of all types
R.
was
New
York
and
Exchanges.
Mr.
formerly with EstaGoodbody & Co.
With Coburn, Middlebrook
Adams & Peck
Members T{ew
Tor\ Stoc\ Exchange
and American Stoc\
Exchange
Brokers and Dealers in
(Special to The Financial Chronicle)
BOSTON, Mass.
—
Michael A.
INDUSTRIAL & RAILROAD SECURITIES
Harris has become connected with
nation-wide wire system, we provide broad
insti¬
tutional and dealer
coverage—and cost you less.
We provide facilities for skillful
handling of large blocks with¬
out
disturbing existing street markets.
•
William
Leith, 53 State St.,
brook & Co. and
We make
primary markets in an extended list
of corporate securities.
4
Burgess &
Boston
vjuriargeandexperienced 1 rading Departments may oeneipful to you.
•
—
Kitchel has been added to the staff
••
CAJ
i. • •
•
(Special to The Financial Chronicle)
BOSTON, Mass.
Coburn
rated,
&
75
Middlebrook, Incorpo¬
Federal Street.
He
UNLISTED INVESTMENT STOCKS
was
formerly with Blair & Co. Incor¬
porated.
120 BROADWAY
Two With H. Hentz
Address: Mr. David D.
Lynch, Manager, Dealer Relations Department.
NEW YORK 5, N. y.
•
Telephone REctor 2-4949
(Special to The Financial Chronicle)
Kidder, Peabody
founded 1865
\
&
Co.
Members l{ew York and cAmerican Stock Sxebanges,
'v 17 Wall
boston
,
Street, New York 5, N. Y;
philadelphia
chicago
los angeles
BOSTON, Mass.—Peter J. Huberman
and
become
&
David
Weisman
associated
with
H.
Co., 585 Boylston Street.
were
formerly
Spooner & Co.
with
have
Hentz
Both
Leavitt,
\
Street, New York 5, N. Y.
Teletype
(Special to The Financial Chronicle)
CHICAGO, 111.
York Security
Teletype NY 1*724
Private
wire
to
Philadelphia
a
>
the
vesting Corporation, National In¬
vestors Corporation and Whitehall
Fund, Inc.
nn
•
page
MARKETS
m
is
provides
and
Mutual
IM00H
r
on
On,
cents,
addition,
an
closed-end
and
;•
62V2
at-cost, nonprofit basis
Tri-Continental
Corporation,
nation's
largest
diversified
the
■a
1959.
1960
TRADING
industries, according
Randolph, Chairman
Service
which
for
Your
5.6
storage facilities
President.
tion
mom
4.3
21%
148
Co
56
equipment
16
27
related
research
What is
0.4
Mandy Joins Union
Union
UNLISTED TRADING DEPARTMENT
6.0
0.60
National Screw & Mfg. Co
Pennsylvania
and
YORK
21%
19
42%
54
and
NEW
1.30
57
Co
1.10
.
to Francis F.
Stock Exchange
6.1
Participating Be non-partlclpatlng
3.8
Mandy has joined Union
Service Corporation, 65 Broadway,
New York City, as a senior secu-«
rities analyst of the oil and gas <
York
(Nashville)
Lock
Screws, bolts and nuts /
Service
New
19
National Reserve Life Insur¬
2.1
52%
Laszlo de
Members
1.15
10
27
on
1.4
20
food
National Oats Co
3.6
140
Washing-
dividend rate is
Bank also paid 80c extra
3.3
146
Mortise locks
for stock dividends> splitflKetc.
Including predecessors,
WERTHEIM & CO.
chain
58
e Indicated
4
Co.
surance
t Adjusted
to possible longer record.
*■
33%
2.00
Life, accident and health
Accident, health, casualty insur.
5.4
etc.
company;
26
Detroit
of
1.10
90
Corp.
20
Bank
2.6
'
National Life & Accident In¬
8.1
Animal product.
.
Co. of Hartfd
gas and Pennsylvania
grade crude oil
ance
National Casualty Co
cranes,
450
2.00
ton (Tacoma)
*
'
wholesaler
Engineering Co
Morgan
a
13
16.00
3.00
National By-Products, Inc.—
lngs
Moore-Handley Hardware—
71%
89
Natural
5.3
I
t2.34
stores
Commerce
National Bank of Tulsa
National
W;
Cereals, animal feeds
(Ohio)
Lite lMuranc.
on
Paymts. to
Insurance
National Gas & Oil Corp
National Bank of Toledo
~
Monumental Life Ins. (Bait.)
37
Holding
4.1
4.7
38
•
24
Banking Co. (Newark)—.
of San Antonio
3.7
Diversified
71
National Bank of
tion
Dec. 31,
.,1959
National Newark & Essex1
38
National Bank of
print cloths
85
1.40
34
Of Norfolk
Monarch Mills
Flour
10.78
18
1959
(Albany, N. Y.) 105
Natl. Fire Ins.
of
National Bank of Commerce
in New Orleans
National Bank of Commerce
2.3
production
sheetings and
dank
»can
National Bank of Commerce
in Memphis
4.2
operating public
oil
i
"•
Trust Co.
l
of Houston
Mobile Gas
34%
2.00
32
New Orleans
National Bank of Commerce
Holding company
Mohawk
Co
Water and petroleum treatments
*nd industrial chemicals
rlvers
5.4
gas distributor
Chemical
31,
Based
National Commercial Bank &
5.2
33%
3.00
•
Dec.
Divs. Paid
Natl. City Bank of Cleveland
2.8
42.%"
•
4.00
65
12 Mos. to
Years Cash
Quota-
$
1.40
15
Mystic Valley Gas Co
.
% Yield
.
Extras for
secutive
Paymts. to
Dec. 31,
National Food Products
jassas-Stes- 35
Valley Barge Line
Co ---Commercial carrier;
No. Con-
1959
116%
W 1.80
21
Approx.-
Including
on
"
r
2°
51
13%
31,
1959
2.20 :
heavy
,
Mississippi
35
4.9
39%
0.78
■
steamship oper'tor.
3.4
30%
2-°°
35
Co.
17
5
Dec.
e3.20
a68
m Feb. 1959.
Morns Plan Co. of California
Morrison-Knudsen Co., Inc.—
10.57
a4!
Falls Co
^p?rs Cash
Based
n/r
5
Millers
Dec. 31,
1959
'
•
Morf a? Guaranty Trust Co..
Paymts. to
Dec. 31,
Dec. 31,
1959
tion
V'VS*.
Bnedm
12 Mos. to
Years Cash
'''
'
Cash Divs.
% Yield
Quota-
12 Mos. to
Approx.
Extras'for
MO. Con-
Appro*.
Including
Extras for
37
38
38
(1526)
The
Public
corporation
of
of
stock
common
gated
fibre
March
.31
this
boxes,
by
corru¬
underwriting
an
The
stock
share. 1
per
priced at $38
was
~
Inland will
.
net proceeds
Yancey Pres. of
Murphey Favre
the
net
purposes.
-
general corporate
v-"*•"/v!■""■if
'■
■
-
President
y„
The third largest shipper in the
fibre
box. industry
land's
in
products .are
packaging and
1959,
of
from the offering to
cans,
and
arid
paper
recent
many
other products.
•
death
sociates
Years Cash
from
heart
a
Mr.
throughout the
Yancey,
who
Pulp and papers ;*
as¬
closely
Public
utility,
v
'
Machine
New
Association
Mr.
President
Yancey
of -the
two
f„
offices
he
time.
some
Mr.
held
••;—-
is
well
circles.
chairman
as
has
—
Yancey
financial
Association
25 BROAD
American Stock Exchange
•
He
of
vestment
Teletype NY 1-1843
of
All
-
in
Pappas
Operating Revenues:
Telephone
Dealers
EARNINGS
Mr.
to
Pire,
*
1,011,334
923,413
39,909^72
for
and
the
Minority Interest
New
Electric &
is
has
man
fice
/
$ 2,058,689
$1.86
to
v.............
!
$1.47
in
994,356
-
..
t 2,319,994
4.4
293,761
on—
.
v
21% •;
5.1
22%
•;! : 4.8'j/
1.00
23%
4.3
0.50
17
2.9
2.15
47%
16%
4:5
15% ^ /
1.1 :;;V
0.75
v
;
&
20
f0.18
13
■
2.00
39
5.r;
1.95
34
5.7
refractory materials
variety
^
97:
hard¬
of
ware
North
with !
Penn
Gas
Co.—
10
Natural gas publlo
utility :
North River Insurance Co
was
Diversified insurance
11% /
1.40
37%
17
1.00
25%
14
0.33
12% M
-
North Shore Gas Co. (111.)—
distributor
0.60
122
of
natural
Cranes
and
Northern Life
v
Life, accident and health
2.6
a97
2.50
51-
4.9
*20
0.60
10 /
6.0 ! '
3.6
50
1.50
48
.
42
1.80
140
1.3
1.60
54
3.0
17
5.9
-
Northern Ohio Telephone Co.
Northern Oklahoma Gas Co..
33
-
Operating public utility
.
*
.
Insurance Co.
Operating public utility
3.8
4.0
■'
'
hoiata
Northern Insurance (N. Y.)—
Exchange.
5.2
-
gas -
Reinsurance
La.—William
4.6
-¬
accident & health
Manufacturing
24
1.00
.
V "V
•;
Northern Trust Co.
(Chicago)
Northwest Engineering
66
fl0.80
585
'24? j v 2.50
42
1.8
Co.,
Class A
EMPORIA, Kans.—The firm name
Western Securities,
Inc., Citi-**
zens National Bank
Building, has
;
Excavating machinery
.
4
4.A
»
Se¬
6.0
(
,**D?ta-i^'n<lt»P0P^plete
t
as to Bftssible longer record.'
Adjusted ior stock dividends, splits, etc.!
V
a Including
predecessors.
1
j
,
; ■ - fPlus 5%
stock dividend payable in class
B
shares.
Continued
• -
.
.
^
on
j
; ^
-
•
,
v-
•
page
39
WIRES
f
."!
.
Schneider, Bernet
& Hickman, Inc.
Dallas
r
$1.37,
..
Crowell, Weedon
■$1.15 1
.
,
/
TO
Glore, Forgan & Co.
Chicago—San Francisco
<
j
&
Co.
Los Angeles
Hess, Grant & Remington Inc.
Philadelphia -
$1.11
out-
Reinholdt & Gardner
St.
1.455,785
*11,495,387
and 89,832,847
and consolidated).
G. A. Saxton
&
Co., Inc.
Teletype NY 1-1605-1606-16071
52 Wall St, New York
5, N. Y.
WHitehall 4-4970
Louis
Stewart, Eubanks, Meyerson
A Co., San Francisco
1,503,250
i
1„
1959'■
'*
'If'
If S't" 'i*.
X-V* -
• Tr.a«ir MarkeL. ii Pi.Uii
:
K
*4.4 *
,1.10
23
C.
I
247 275
Stock of
of
-
I
$ 1,610,536
$1.35
<*»»» purchased
90 .
1-10
r
North & Judd Mfg. Co._
,of
556,111
'
71^58';JT*pectlvel>f (corporate
4.00
no
stamping and fabrication
Pire brick
Now-Westamerica Sees.
j
Company
Page 45.
bedding springs
North American Life
Free¬
securities business. ""
a
at-—
Metal
the
partnership in R. F. Laf-K
Co., 19 Rector Street,
City, members of the
Stock
Appear in the
an
-
(Brookline, Mass.)—
Norris-Thermador ' Corp
Stone
changed to Westamerica
curities, Inc.
$ 1,857,811
$ 2,026,233
outstanding
shares
outstanding at end
cost
of
connected
He
PRIVATE
619,154.
-
December 31, 1959
December 31, 1958
Mncludes
' 34
900,736
Average number of shares
_
Cleve¬
banking
been
$ 2,413,922
-
•
.
;
15,949,620
Deductions..
Balance for Common Stock
standing
3.7
1.50
saws
has
opened
offices
at
Alexander Street to engage
3109
$17,462,806
J 2,939,148
of Common
of
one
Grafton
$ 1,513,186
■
Central Electric & Gas
27
23
&
rasps
Diversified insurance
923,413 f
(including dividends from
Period
Number of Shares
4.7
22%
15
files,
Furniture and
W. C. Grafton Opens
$16,539,393
.
18,572,733
Earning.
Number of
;
.
$ 1,944,792
Operating Income.
Preferred Stock Dividends
-
32
Norfolk County Trust Co.
York
American
$1.41
$20,517,525
subsidiaries)
.
a
&
New
at end
r.. -$19,506,191
........:.....1,011,334
Earnings.per Common Share
as
formerly
Hill, Darlington & Co.
ferty
Operating Expenses and Taxes-
;,
5.0
f0.84
21;
Northeastern Pennsylvania
Natl. Bank & Trust Co
Northern
Engineering Works
-
.
5.2
67%
1.50
!
88
Northeastern Ins. of Hartford
ted
..........-
:.
38%
3.40
.
'
Louis Tavormina has been admit¬
Operating Revenues:
N«t IncMM
81
31
No-Sag Spring Co
Retail
SUMMARY OF CORPORATE
EARNINGS
Interest and Other Income
<
3.8
Yorker"
Lafferty Partner
CENTRAL ELECTRIC & GAS COMPANY
Net
served
member
become
Square.
247,275
Central
$1.83
Other Income
r2.00
-
10 Years
insurance Co.
SHREVEPORT,
Net
110
Starting
utility
Chicago real estate
Cleveland
$ 2,305,964
293,761
of
outstanding
..........
„
officer.
a
to
Corp.
(Special to The Financial Chronicle)
with
of period
Total
he
With Hay den,
1,857,508
$ 3,039,997
Earnings per Common Sir are on—
Average number of shares outstanding
Electric
2.2
v
52 /
*900 Michigan Ave., North
he had been i
the.
„
Rhode Island
Life,
$ 4,163,472
$ 2,746,236
Gas
-36
In¬
North American Refractories
Gas
Preferred Stock Dividends
,
2.00
•
Yorker Magazine
Manufactures
new
Hayden, Stone & Co., 10 Post Of¬
Company
Number of shares
peril
Nicholson File Co
company.
BOSTON, Mass.—David A.
$ 5,234,117
2,194,120
Stock
multiple
Newport Electric Corp.-
changes.
1,829,052
in Income of
Common
»
and allied lines
Publishes "The New
New York and Midwest Stock Ex¬
in
>
.
years
investment
companies,
$ 5,992,524
2,132,745
Subsidiaries
for
91
J.
133,083
$ 7,366,862
Interest and Other Income
Deductions..
Subsidiaries.
7
six
with.
where
Merrill,. Turben,
$ 5,859,441
146,989
Earnings
Balance
0.80
life
except
Second Table
-
land's largest investment
35,479,464
$ 7,219,873
......................
Income for Central
13
associated
finance
work
Co.
trust
$41,338,905
Operating Expenses and Taxes*..
Operating Income.......
Trust
16,539,393
4
$47,129,445
Total
Net
lines
Payers From 5
Pappas
become
corporate
business
$23,876,099
19,506,191
of
marine,
surance,
Pappas will devote his time
For the past
1958
$26,611,920
Electric
Income
1.9
Over-The-Coiiffter Consecutive Cash Dividend
Ohio —Milton
has
associated
Gas
Minority Interest
insurance
New York Fire Insurance Co!
Merrill, Turben & Co., Inc.,
Union Commerce Building, it has
and Subsidiaries
1959
before
22%
(Clifton, N. J.)
_.a91
Jersey Natural Gas Co.
10
with
Year Ended December 31
Income
1.10
•<
banking groups.
'
Net
6.4
Natural gas distributor
Merrill, Turben
GAS COMPANY
SUMMARY OF CONSOLIDATED
Income
221/2
New
Northwest
been announced.
Other
V
.
1,45
-
-
,
New Haven Water Co
;
Operating public utility in Conn.
New Jersey Bank & Trust
served
Securities
CLEVELAND,
CENTRAL ELECTRIC
Net
'«•. i
.
24
Operating public utility in Conn.
for
known
has
the
Adds M. J.
Net
4.1;
V"4.9 :'
ST., NEW YORK 4, N. Y.
Telephone WHitehall 4-6500
.
40%
->
New Haven Gas Co.,.l
and has been active in various in¬
Exchange
2.00
>■ 2.9 ;c
491/4
13
'
.
\
District committee of the National
MEMBERS
New York Stock
231/2
2.00 !
101
New England Lime Co.
:
Lime products
r
New Hampshire Insurance Co.
mutual
.
which
..
continues
companies sponsored
by
Murphey
Favre,
Composite
Fund, Inc. and Composite Bond
and
Stock
Fund, Inc.,
both
of
1832
f0.68
~
,
Owning Investments In several
investment
Established
to
operating utility companies
as
T. L. WATSON & CO.
on
Dec. 31,
1959
1959
tools
Vice-President, a position held
continuously until his election as
UNLISTED SECURITIES
J
31,
England Gas & Electric
President.
::flin
19
gas distribution
Machine—i——
New Britain
a
BROKERS & DEALERS,
1959
23
New Britain Gas Light Co...
made
was
Paymts.
Dec.
-
Casualty
Diversified insurance*
Murphey Favre since 1921.
later he
tioir
31,
Based
\ *.'
■;
New Amsterdam
nation.
firm's management, has been with
A few years
Quota-
$
Nekoosa-Edwards Paper
Class A voting stock
attack*
was
Dec.
Divs. Paid
associated with Mr. Williams in the
;
-
% Yield
V
-
Extras for
12 Mos. to
secutive
•
Approx. '
■
Including /
No. Con¬
'
•
Spokane invest¬
saddened friends and business
food
pftper; products
*
Cash Olvs.
banking company, succeed¬
Robert M. Williams, whose
ing
In¬
Thursday, April 7, 1960
.
37 >
.
•
the
of
Continued from page
.
ment
used * in the
shipment
•
a special
meeting oiHhe directors of Mur¬
phey Favre, Inc., Monday, March
28, George R. Yancey was elected
.
The Over-the-Counter Market
Fills the Needs of All Investors
•
SPOKANE, Wash. —At
proceeds will
products, glass containers, metal
.
$2,500,000 of the
use
note held by
company
be available for
made
was
group headed by Lazard Freres &
Co.
mainder of
Indianapolis, Ind.,
leading manufacturer of
a
a
which is
financing the construction of a
new $30,000,000
paperboard mill,
50% of the output of which will
be purchased by Inland.
The re¬
offering of 175,000 shares
class A
50%-owned
a
Common Offered
of
the balance of
pay
Inland Container
Cqpimercial and Financial Chronicle'.
Cm
bidutrial StmUm.
iJTr*..-..'''
The
■
$25 Million Bond '
f
Continued from page 38
bassador
Years Cash
the Rt. Hon. UarOld
Treasurer of the . Common¬
Holt
vv
Commonwealth filed-a
statement on < March
with the Securities and Ex¬
change Commission covering $25,nfiOOOO 20-year bonds.
The issue will be underwritten
bv a group of investment firms
headed by Morgan Stanley & Co.
Public offering of the bonds is
expected to be made about April
(Milwaukee).
Northwestern
—
*;Ltfe
National
Insurance
Mfr.
•
and
>
and
tion
;
for
;
following
by
Retails
will
Division
The
in
serve
the
of
the
<29
resentative
was
with
19
325
24
tl.48
5.3
,
"
1.00
173/4
5.6
a27
gi.oo
293/4
3.4
9.00 "149
6.0
0.50
20
*31
5.3
11
27
>•
controls
Forge Co._^___—.
large
9V2
•y
50
1.50
29
die-forged
crank¬
drop die forgings
of
5.2
.'-t ■'
.
2.8
,
10
0.72
301/2
2.4
69
fO.52
171/2
2.9
21
1.30
18
7.2
23
hydraulic
1.00
291/2
3.4
and
components
made
waxed
and
papers
producers
Details
not
2.40
41
to
as
possible longer record,
for stock dividends, splits, etc.
Including predecessors.
g Indicated
*18
complete
t Adjusted
a
dividend
is
rate
shown based
on
25c
quarterly payments.
5.9
Continued
13
0.60
163/4
1.50
33%
74
40
page
4.5
1.25
on
3.6
1.7
We maintain
Life, accident and-health
a24
Olympia Brewing Co
City for
Brewing
,
joining S. I. C.
Omaha
'
■"
National
Bank..
4.8
58
4.1
sterling,
in the
25
fl.91
761/2
223/4
1.70
31
5.5
52
0.80
60%
1.3
52
0.93
293/4
3.1
*
22
0.30
4y8
6.2
36
fl.29
26%
4.9
25
1.75
28%
6.1
22
1.60
30%
5.2
37
following offerings:
*
2.8
sllverplate
*
Onondaga Pottery Co
China
principal underwriters
4.4
17
as
2.5
1.00
tableware
stainless
primary trading markets in
and have acted
24
and
&
163/4
.
Manufacture
Bache Branch in Montreal
0.80
25
Oneida, Ltd.
Big Apple Supermarkets
tableware
Co., members of the Toronto, New
York Stock Exchange and other,
Orange County Telephone Co.
leading securities and commodi¬
ties
Exchanges, have opened a
Orange & Rockland Utilities,
branch office in Montreal.
Inc.
Pend¬
of the Bank
Montreal Building now under
construction, where the firm will
operate a modern investment of¬
Gas
porary quarters
Montreal
the
at
Bank
Osborn
brushes
.
and
first
—
-
*
Imperial Packing Corp.
sets
*
distributing
Pacific Car & Foundry Co—
Makes
Pacific
railway
in¬
17
1.05
Transdyne Corp.
*
cars
Turbo Dynamics
Employers Insurance
-•
0.93
25
19%
•
•
Details not
t Adjusted
a
which
complete as to possible longer record
for stock dividends, splits, etc.
We
Including predecessors.
For
A
Shapiro, Associate
and Fred Watt, Assistant
^
v -V
v'v
invite
participation in
additional
f^ncato has been
staff
of A.
Street
—
Peter
&
to
•
our
"l"
underwritings
information, please
contact
.
.
—
prevailed during the past several
Company,
years
The
than 144,000
Mo.—Semple, Jacobs
Hc-> has opened an office
Carondelet Avenue, with
burne M. Taylor as
resident
officer.
Underwriters & Distributors
continued through 1959.
Company
areas
CLAYTON,
in
now serves more
telephones in certain
Complete Trading Facilities
Texas, Oklahoma,
56 Beaver
Arkansas and Louisiana. Of the
total
"
telephones in service,
92 per cent are
dial operated.
DEPARTMENT
Copies of our 1959 Annual Report
available
on
Street, New York 4, N. Y.
Telephone WHitehall 4-7650
TRADING
Now With A. C.
Allyn
(Special
request.
-
Bell
*
TELEPHONE:
WHITEHALL
Teletypes: NY 1-4581-2
Chronicle)
kAGO' In—Donald F. Nietzel
a??,1become associated with A. C.
Company, Incorporated,
nw
J1 La Salle Street. He was
Previously with Glore, Forgan &
199
•
The growth pattern that has
M.
the
Jacobs Office
to The
Financial
'
the Southwest...
in
°rated' 101 W<?St Eleventh
Semple,
/
chronicle)
added
C. Allyn
-r
SYNDICATE DEPARTMENT
growing line of
Joins A. C. Allyn
jr^!?ecial to the financial
KANSAS CITY, Mo.
'
□□□□□□■□□nnntMlEinDIlCDEEM
t
a
■
'
•.
%
managed by Lloyd G. F.
Sampson,
v
' />
be
with Herman S.
Manager,
MsnagGr,
•'
.
necessitated its closing.
office will
'
4.8
Multiple line insurance
vestment house to maintain an of¬
in Montreal
up to the out¬
break
of
World
War
The local branch
Corp.
•
.
Co
fice
-1
Erdman, Smock, Hosley & Reed, Inc.
machinery
electrical energy
shortly.
the
matched
Generating and
from the Quebec
Securities Com¬
is expected
was
foundry
B'Gosh
*
industrial
Otter TailJPower Co..
In
Co.
and
of
Complete line of work clothing
making the announcement,
Chester C.
Burley, Jr., partner of
the firm,
stated
that
clearance
&
Manufacturing Co
Manufacturers
Oshkosh
branch, 1260 University:^
Bache
Douglas Microwave, Inc.
J
San Francisco office-theatre bldg.
-
of
Street.
mission
—
and electric company
Orpheum Building Co
of
fice, Bach & Co. maintains tem¬
Copymation, Inc.
Operating public utility
ing the completion
'
.
•,
Hardware
0.6
28
Marked coal
Bros,
Bache
Beer
wholesales
water;
(Grand Rapids)
24
Old Line Life Insurance Co.
of America
a48
Life, accident and
h^a^h
Old Republic Life Insurance
executive
—
if
43
Peden Iron & Steel Co
2.00
3.3
.
y',/;
Pearl Brewing Co
Company (Chicago)
Canada
custom
;
registered rep¬
four years prior to
&
Manufacturer
5.3
*36
16%
*
Old Kent Bank and Trust Co.
Financial
and Hutzler of New York
MONTREAL,
1.00
fO.53
health
Salomon
a
shafts
4.5
29
Old Ben Coal Corp.
V
time
Vegetable parchment,
33
4.4
18
Paterson Parchm't Paper Co.
1.50
3.0
363/4
manufactures
Manufactures
heating
Hydraulic machinery
brings the company a broad ex¬
perience in the commercial paper
market. He
Automatic
.
6.0
24
33
1.60
3.6
wrapping machines
Park Drop
3.1
1.75
LOO
13
5.9
V
(predominantly
trade
fluid system
Oilgear Co.
President
O'Keefe
company.
financial
new
treated
untreated
32
133/s
335
Beverage bottling
,
,
*
Ohio Water Service
Board of Directors March 25. Mr.
Hill
2.2
55
0.80
12.00
Textile manufacturing
10.0
29
:
4.1
24
Panama Coca-Cola Bottling.
0.64
59
13
Packaging Corp. of America
^Pacolet Manufacturing Co.L'.
*
meeting of the S. I. C.
a
;
2.40
Planning r mill products
^-Automatic
purposes.
Life, accident and
AMARILLO, Texas—The election
of Robert C. Hill as Vice-Presi¬
dent of Southwestern Investment
55
Parker-Harlmfin Corp
Ohio Leather Co...
yr;: Tannery:/., //>■ v.;y.s; ^
Ohio State Life Insur. Co
Southwestern Inv.
Earl
'
60
1959
i
Package Machinery
3.1
1.70
.....
R.
64%
/; 32
Gears, speed reducers, etc.
,
1959
.
%
Paragon Electric Co
Ohio Forge & Machine
Corp.
1959
vegetable oil and oilseeds
2.3
company
for Die¬
metal
Divs. Paid
on
tion
Paymts. to
Dec. 31;* Dec. 31,*
'> tv*.
.
Pacific Vegetablef Oil Corp.
heavy duty engines, and
high frequency induc¬
facilities
.
Motor freight; Western States
electrical
Robt. Hill V.-P. of!
announced
4.9
.
20
manufactures equipment
k
utility
electric)
i
Ohio Crankshaft Co
sel
secutive
it» \
Pacific National Bank of
Seattle
—;
^
Pacific Power & Light Co
1.7
25
Crankshafts,
t
Multiple/ line Insurance
v
2.9
21%:
6.00
38
(Toledo)
;'
Chairman
1959
97
:i.oo
Diversified Insurance
Besides,,
% k /1
h
Intermountain
Express Co.
Ohio Citizens Trust Co.
recent sale of bonds
>
'
~r
Ohio Casualty Insurance Co.
Commonwealth: in the
market was an of¬
fering of $25,000,000 20-year 5%%
bonds in September, 1959.
was
*
101
fl.46/
20'
'
the
and
:
37 C
iNoyes (Charles F.) Co.."
~
t
Pacific
Foreign
29:
...
sale of Portland cement
f
;>
..
.....
op
x-
"ji.05
13
Distributes "Noxzema"
shaving
cream add medicated
6ream
Real estate
?I
Public
;Noxzema Chemical Co., CI. B
United States
Co.
Based
Paymts. to.
Dec. 31,
Dec. 31;
1.65
Electric and gas public
utility
:
e
Based
v
tion
1959
2.90
24
...
d
Pacific Insurance Co. of
New York
....;.
Life
Northwestern States Portland
Vr Cement Co*
;
fl.iy, *
j-
% Yield
Quota-
;<S'i Years Cash' Dec. 31,'
Yield
Quota-
"
^Northwestern Public Service
-
•.
-
87
Insurance Co. (Minn.)
;
:
,
proceeds of the isjsue
will be used to finance various
public works projects throughout
the Commonwealth of Australia.
of
I
Pacific Lumber Co
-Multiple line Insurance
-
,
to the
The most
Co.
durance
»
Australian currency equiva-
*
Northwestern National In-
20.
The
4,
$
Australia, has announced
registration
lent
Dec. 31,
1959
Divs. Paid
the
that
'% *
f-
Appro*.
Including
Extras for
12 Mos. to
secutive
r
Extras for
12 Mos. to
,
;
No. Con-
stated that
wealth of
\
.
Approx.
Including
v
No. Con-
<
Cash DIvs.
Beale, Australian Am¬
to " the
United States,
wnward
•
.
Cash Divs.
•'
Fills the Needs of Alt Investors
Here
Issue
Over-the-Counter Market
c
Direct Wire
THE SOUTHWESTERN STATES Telephone Company
300
MONTGOMERY
STREET
•
SAN
FRANCISCO
4,
CALIFORNIA
»
John
•<
v-
1
M
J.
V
Keenan
-
l
"
* i* '
&
to:
Co., Los
Angeles,
■
S
* < 4
•
r
V
V
Cal.
,
4-6627
.
'
40
(1528)
The Commercial ancl Financial Chronicle
Cash Divs.
The Over-the-Counter Market
.
Thursday, April 7,
.
Approx.
Including
•
Quota-
Based on
secutive
12 Nlos. to
tion
Paymts. to
Dec.
Divs. Paid
31,
Dec. 31,
1959
1959
No. Con■:
•
>.
r
Dec. 31,
Cash DIvs.
Approx.
Including
Years Cash
Dec.
Divs. Paid
Dec.
Based
on
Paymts. to
Dec. 31,
31,
1959
1959
Co
1.00
22 Vz
ing
4.4
2.50
32 &
7.7
Insurant*
*16
-
Exhibition
21
—
0.98
1914
5.1
Controls, Inc
11
1.20
23
5.2
Pennsylvania Engin'g Corp..
ical
mills;
oil
refineries;
13
1.20
26.%
office
of
81
25
1.20
Voting
bleached
soda
and
53
fl.48
Rail
sulphite
11
1.25
19
32
f 1.35
Peoples Telephone Corp. (Pa.)
34
4.00
1.90
Telephone utilities
93
18
431/4
4.4
Owns
4.3
22.
3.6
1.05
511/4
Inc.
13
0.60
13
2.1
11
r0.85
16
5.3
Manufacturer
of
heat
Water
19
0.85
ioy2
8.1
24
0.60
31
Co
7.00
22
14
0.70
23%
11%
and operating
Industrial
Bankers,
and
20
0.12
38
2.00
2%
&
113/4
122
Port Huron
5.6
36
Porter (H.
Popular candles
Service, Inc—
24
1.00
3914
0.50
IOI/4
and
tool
metals,
Petroleum Exploration
crude
43
petroleum
3.25
58
tools,
5.6
*
2.00
85
2.4
2.00
59
3.4
+
complete
as
to
possible longer record,
splits, etc.
a
t Adjusted for stock dividends,
5.0
21
5.2
4.00
80
keyboards, piano
hardware,
small
Water
cold
't
"v:-
Co.———
52
h2.80
69
& Trust Co.
4.1
66
3.00
4.5
64
0.65
203/4
3.1
57
1.85
46
4.0
6.3
(Phila.)
s
95
2.75
23
'
L00;
U
.
..
14
58y2
'i.
4.7
18y>
/
5.4
.
.
2.6
3.00
45
6.7
4934
24
fO.63
30
2.1
*12
0.40
17%
2.3
19
fl.33
35y4
3.8
10
0.20
9
2.2
11
0.60
12
5.0
fO.68
47y2
1.4
5.2
1.25
36
•
utility
rotogravure printing plants
Corp.
—
Manufacturer
2.60
of
household
3.5
cleaners
Purity
and
detergents
Stores, Ltd.—.
California
Purolator
service
Filters
mills
21
10.95
3914
16
IT .28
73
food
chain
Products, Inc.—
oil,
gas
and
air
Quaker City Cold Storage Co.
2.4
t.
Cold
1.8
Quaker
""
•
c
facilities
storage
City
Insurance Co
Diversified insurance
alloy
and
copper
and
rope
re-
Life,
accident
&
health
to
possible longer record.
Adjusted for stock dividends, splits, etc.
Including predecessors.
as
is
rate
shown
based
on
70c
*
Details
not
complete
t Adjusted for
stock
to
as
possible longer
record,
dividends, splits, etc.
quarterly payments.
Continued
on
page
2x4
Joins
Shearson, Hammill
(Special to The Financial Chronicle)
BOSTON, Mass.
Interested.
.
.
.
For
in
any
.
has
joined
.
Hammill
stock
latest prices,
on
wright
&
Boston
LOS
Spring
and
has
including
1-1525
was
formerly
Hammill & Co.,
Co., Inc.
Toboco &
Underwriters, Distributors end
ANGELES,
has
in
Calif. —Roy E.
associated
become
Securities, Inc.,
West Seventh Street.
He
Corporate and Municipal Securities
was
formerly with John J. Keenan &
Co., Inc., and Shearson, Hammill
& Co.
UTILITY—RAILROAD—INDUSTRIAL
FOREIGN ISSUES
Particularly Adapted
Now With
HIRSCH
Hornblower
Members
(Special to The Financial
Chronicle)
to
Service Firms
With Retail
Distribution
BOSTON,
r
Brown
is
now
&
Street.
CO., INC.
NEW YORK 5, N. Y.
Teletypes
&
Ny
4.945
Gerald E.
affiliated
with
—
was
He
Graham &
Ny 1.944
Mass.
Hornblower
Your Inquiries
Solicited
Teletype—-NY
He
with Pacific Coast
215
REctor 2-7760
4-6320
associated
Company, 639 South
Street.
Warnock
CLASSES OF BONDS AND
STOCKS
BROADWAY,
42 Broadway, New York 4, N. Y.
,
Phone—DIgby
(Special to The Financial
Chronicle)
in
Tel,phone
Members New York Security: Dealers
Association
Shearson,
LOS
120
JOHN J. O'KANE, JR. & CO.
Calif. —Howard
become
INVITED
and
With Pacific Coast Sees.
AND
DEALER SERVICE
...
1922
a
COMPREHENSIVE INVESTMENT
FOX &
INQUIRIES
Street,
York
Exchanges.
ANGELES,
with
::
State
New
(Special to The Financial Chronicle) - v-,'
Offices Here and Abroad
Established 1928
F.
UNLISTED SECURITIES
Joins Keon & Co.
NEW YORK 3, N. Y.
We Offer
60
the
with Keon &
P.
1960
Wainwright
Co.,
of
Stock
Toboco
are
1922
ON, Mass. — Harlow D.
Thayer is now with H. C. Wain-
70 PINE STREET
We
Hall
(Special to The Financial Chronicle)
Merrill Lynch, Pierce, Fenner & Smith Inc.
PUBLIC
A.
Shearson,
B O S T
members
ALL
of
&
With H. C.
information,
Marketing Department
"/
John
—
staff
SPECIALISTS SINCE
quotes, or
simply contact-
130
the
Co., 75 Federal St.
He was formerly with Lee
Higginson Corporation.
these pages?
9.2
^
.
(Cine.)——
V4
24
Puollc
v.
wire
15
34
papers
complete
1.40
0.88
3.9
20
and
16
54
Public Service Co. (N. Mex.)
Owns
2.50
102
saws
1,00
25
public utility
harvest
lumber
dividend
12
warehouse
Publication Corp. vot.—
48
K.) Co. Inc. (Del.)
not
storage
5.0
'
Quaker City Life Insurance
Co. (Pa.)
—*14
65
Sulphite & Paper
steel,
r
Public Service Co. of N. H.__
a93
Weeks, 75 Federal
previously
King, Inc.
Schirmer, Atherton
25
N. H.
—
York
BROAD
Telephone: HAnover
Stock
&
Exchange
and
CO.
Other
Adds
WASKlRGTDN
FORT PIERCE
2-0600
Teletype: N.Y. 1-210
BALTIMORE
LAKE WORTH
MIAMI BEACH
LONDON
PALM BEACH
GENEVA
} AMSTERDAM
Correspondents: HAVANA. CUBA
George
W. Hanson is now with
Schirmer,
Atherton & Co., 1015 Elm
Street.
He
was
formerly
with
Horn¬
blower & Weeks.
Exchanges
STREET, NEW YORK 4, N. Y.
with
(Special to The Financial
Chronicle)
MANCHESTER,
New
;■
New
York
Direct
Washington
"
woodwork
Co. (Chicago)
Purex
refractories,
h Indicated
213/4
fl.09
15
Provident Tradesmens Bank
apartment
steamship
fittings,
Details
piano
fl.09
4
Providence Washington Ins._
lated products
and
gas
U
23
sale of potash
Laundry and dry cleaning
4.9
18
electrical equipment,
rubber
products,
steel
Industrial
2.5
and organ
Public
Manufactures
Liquefied petroleum gas
2 6
y2
■
In
5.1
5.7
'{
44
Produce Terminal Cold Stor¬
36
Chocolate-
rope,
Coast
4.8
Lightweight
Peter Paul Inc
273/8
26
-'M
Princeton
products
West
refining,
aircraft
Electric
Intercoastal
Inc.
1.20
0.60
In
companies
■■
Provident Bank
Pope & Talbot, Inc.
Consumer finance
36
..
Detroit
3.6
twines, twisted paper products
2.9
products
manufacturer
183/4
f0.68
Multiple line insurance
—-
Manufacture of
Permanente Cement Co
Co.,
Progress Laundry Co.—
Plymouth Cordage Co
Precision gears
not
0.40
&
actions,
age
Planters Nut
Perkins Machine & Gear Co,
Petrolane Gas
Piano
3.6
utility
Peanut
gypsum
831/4
1
transfer
products
Cement and
3.00
Texas
Plainfield-Union Water Co.—
drinks
P erf ex Corp.
47
14
Pratt, Read & Co
tools,
Pittsburgh National Bank—
4.6
Interests
Iron
and
fields
Mining
building
—
Producing
87
—
-
'
13
Corp.
Corp.,.
related
transportation.
Owning
17
utllltv
substantial
Steel
0.80
'
to
31
1959
123/4
gas)
Potash Co. of America
Pittsburgh Fairfax Corp
V
(mfrs.
Cleveland-Cliffs
12
(Chicago)
7414
Pepsi-Cola General Bottlers,
Details
Electric
Pioneer Trust & Savings Bank
Peoples National Bank of
Washington (Seattle)
*
2.9
Financing company
6.6
Dec
Operating public utility
Pioneer Finance
Publishing Co
Business and technical .journals
natural
52V2
by
Piedmont & Northern Ry
2.8
woodpulp
Personal
1.50
Portsmouth
persons
and
utility
Portland General Electric—
24
Paper boxes
13
;
Paymts.
;
Portland Gas Light Co
Public
Pictorial Paper Package Corp.
Penobscot Chemical Fibre Co.
0.60
on
tools
1.40
building
Louisiana
I
Dec. 31
1959
hand tools,
bolt cut¬
body and fender repair tools
& equipment and hydraulic power
railway and motor bus
California,
holdings
4.8
tion
Based
ters,
Insurance carrier (except life)
Operating public utility In Penn¬
sylvania and New York
Soft
3.8
a23
Pickering Lumber Corp
Pennsylvania Gas Co
Penton
363/4
Porter (H. K.), Inc. (Mass.)— *22
forg¬
——
Phoenix Insur. (Hartford)
4.5
chem¬
plants
Mfr.
2.9
Operating public utility
controls
Steel
3.2
26
Philadelphia Suburban Water *20
electric
automatic
and
Transportation
tools
street
Manufactures
v
Philadelphia National Bank- 11/5
Philadelphia Suburban
Transportation Co.
20
Industries,
Inc.
Penn
equipment,
machinery
and
158
f0.75
Mechanics'
track
Philadelphia Bourse
colors
Mechanics hand
Railroad
5.00
18
—
conditioning and corrosion
resistant equipment
Porcelain, enamel and ceramic frits
and
29
>
Mulliken
Pfaudler-Permutit Co.
$
46
Corp.
Pendleton Tool
Corp.
Chemical compounds
Pettibone
to
Dec. 31,
1959
DiYs. Paid
Water
Insurance
Diversified
Pemco
31,
tion
1959
v
Peerless
Quota-
12 Nlos. to
secutive
Petrolite
% Yield
Extras for
Quota-
12 Mos.
Years Cash
•
% yipij
Extras for
secutive
-
. ,
1959
Continued from page 39
No. Con-
Approx.
Including
Extras for
Years Cash
i960
Cash Divs.
% Yield
No. Con-:
Fills the Needs of All Investors
.
Wire Service:
Baltimore
Fort Pierce
Miami
Beach
Lake Worth
Palm
Beach
41
-
Number 5940
Volume 191
v
.
.
The Commercial
.
and Financial Chronicle
(1529)
'
Faulkner, Dawkins
The Over-the-Counter
~
Cash Divs.
Market
Fills the Needs of All Investors
Li
Continued from
Dawkins & Sullivan, 51
New
York' City,
nikner
*
Street
Broad .btreei,
jnembers of the
rk
announced
H
fiolri
Winfield
,
^;
—Bk- TM
Perdun,
;
J.
"■
-
'
formation
.
.
in
1959
investment
its
26
14
150
25
PI
1
50
3.2
Co.
natural
I
luncheon
fl.57
65
fl.55
81
0.20
85
0.60
"
28%
'
1.00
21
4.50
28
1.00
17y2
31
0.80
25V2
22
0.75
18V2
f 1.11
19
rubber
7%
8.1
108
Products
%
'
steam
—
'
;
a27
1.20
21
5.7
16
and
0.90
18 y2
4.9
10
2.30
59y2
3.9
packager
r-
"
Iflfe
,24
Manufacturers of construction
•
f2.35
.
^
-
63
.
;
3.7
-
'
-
-
materials
■
Button
Co
23
•
v
—
-
fO.88
Rochester Transit Corp
0.40
•
,
TT
.
and
.7
^
7
1
'
new York, n. y.
7
■
1
/
new
Elected
with their
.
.
cities
KT
Bfesident;
'.';.
Weslev
Beardmore
&
T
J
;
Co..
.
UTAH CONSTRUCTION CO.
'
ELECTRONICS CAPITAL CORP.
00.
an area.
In
progress.
our
Serving home, farm
area,
Vepco keeps its
and
HiMs
part of
figures, measurements and evaluations. The
promise. 1959
tvas our
The
of
copy
our
-
The tangible—the facts
tential—the energy of a people, the plans
to:
Bever,
a
1959 Annual Report we have
attempted to capture both.
sPokone, Wash,
,
.
.
.
wide variety of
J
.
.
•
po-
the
50th year of progress.
j
1959 Annual Report please write
Secretary, Virginia Electric and
Power Company
Calif
Long Beach, caiif.
J
including such
offerings
Reno
1959 HIGHL1GHTS>
1959
Ne'y
Plant
Butte,Mont.
C;
Operating
Earnings
CYPRUS MINES
;
o9d.n, u.oh
FIRST SECURITY CORP.
,doho F°"!' 'd<,h'>
LING-ALTEC ELECTRONICS
INTERSTATE MOTOR LINES
GARRETT FREIGHTLINES INC.
Missoula, Mont.
Revenues
per
of
over
1958
$40,000,000
...$150,856,000
$11,196,000
...$ 25,392,000
Stock
1958)
$ 1,855,000
-
Customers
Electric
Sales—thousands of kwh
Area
Peak
of
cubic
^ Co|o
.
$.04
25,700
feet
7,503,000
820,000
1,617,000
.....
Load—kw
Sales—thousands
$1.70
840,000
Service
Gas
Increase
share (14,910,000 shs. 1959-
14,200,000 shs.
Number
?r
...$665,000,000
Balance for Common
as:
6
ALBERTSON'S INC.
More elusive but
strong and steady pulse. It is
Pocatello, Idaho
Ltd'.' C, CO MOUNTAIN FUEL SUPPLY
Director
,
r
y
Inr
W. Prockter,
,
Over-the-Counter
|
MadaYj-Biartin & Mines Presi.Lasher,
Clll> industries
^A. G.
our
on a
Property and
E. ;E ^
Britain)'''' & L"CaE' Ltd' <Great
a
J
unlisted securities
.•
measured
■
regularly buy and sell
6
Inc.
Rpnttv
.
'
/
Freeman & Co.
members/
^
and Nov York and Stamlord
-
Renton
Governors of Com-.
were:
enver,
,
finger
Angeles, Calif.
Expanding.
*
CAHADIAK SUPERIOR OIL
"ifee
los
Ej.-A. Hogle & Co. offices in 18
Western
Three New Members
of
->
people and
industry in this growing
For your
IT.
BnnaaST^anager of the Municipal
The Board
a
Members New York Stock Exchange and Other Principal Exchanges
Exchange, anthat Harvey s.
Renton,
Commodity Exchange,
-
•
Stock
ormer y with
Helping
||]| —Build
J. A. HOGLE & CO.
::
■
eets
-
tangible-thing
a
.
' -;
-
be
can
equally important is the^ feel of progress—the po^'
tential of
-
;
Res-
li. Blair Co.
Mr.
Progress
;
5.9
for stock dividends, splits, etc.
Including predecessors.
-
•
Department..
6%
t Adjusted
of
arrangements.
firm1S n°W assoc^ated
-
6.0
"*>
^feculpS
charge
d.
•'
•'
.
T\ "I
.
-
and evaluated, set forth in figures.
10
Financing.""
TT
14%
-
-
.
■
T\
PROGRESS
V '
motors,
Tues-
Kugler's
of
fans,
hoists A cranes,, and pumps
:
a
on
measure
u
metal"tamprngs
Rochester, N. Y., bus lines
held
42
n
small
Buttuna
at
page
store
Corp..
H
.
on
4.2
-
Association
splits, etc.
Report
and
nnTTEZtrlT™ "* ^
Powcf
Snera'tols"
'.v.A Rochester
°f; the Investment
Philadelphia to be
stock dividends,
Annual
58
,
,
2.9
\
1195S :i
4.1
27
-v
-
75
my
Wide line textile products
Rieke Metal
\
8.4
4%
2.20
"
Continued
products
Robertson (H. H.) Co
'
15
3.1
meeting
Walter W. Craigie
0.40
sulta
nations
5.7
of
Industrial
Manufacturing
oond
12
...
the
91
'•!'
/
3.0
gears
Rothmoor Corp
Boston
near
Operates Atlanta department
'
4.1
28
4.8
0.60
K
'
29
oii-
of
Richardson Co.
.
1.20
■
18
Dog racing,
'
Robbins & Myers,
nounced
steering
32;
/
distributors
Distributes natural gas
York
of
'
.
2 1
and
Roanoke Gas Co
New
33
the South
0.2
37
Leading rice miller
•
In
1.9
Rhode Island Hospital Trust.
•
1""~"
2.5
:
gas
wel1 »nd industrial supplies
Revere Racing Assn
,
15*/2
f0.39
of
'
2.4
24
River Brand Rice Mills Inc.__
of
Operates 145 stores
Women's coats and
14
(Dallas)
suppifers and
;
4.2
4.0
f0.85
16
plywood doors and lumber
Manufacturers
54
California
Q
45
36%
•
Ross Gear & Tool Co. Inc....
>
Republic Supply Co. of
Craigie of F. W. Craigie. .& CO.,
Richmond,
Va.,
will
be
guest
12,
'
t Adjusted for
Rich's, Inc.
UlXlylp^p^
April
-
distribution
Rose's 5, 10 & 25c Stores, Inc.
40
procjllcers of crude oil
^
PHILADELPHIA, Pa.-Walter W.
day,
and
v
Rie^el Textile Corp..,
11T"11 PI
5.6
Affiliated with producers of many
Republic Natural Gas
•
1.90
fl-47
>
4.5
.
•
a
V 1.60
19
1
NT7PP
,7*91 CflP TP
at
2.8
0.85
Manufacturers
speaker
43
16
/plastic
IT1
"•
2 5
v
18
6.0
1.20
19%
industrial and public utility seen-
V/ll 1V1
21
Roddis Plywood Corp
5.0
1.00
.96
Manufacturing Co..
Manufacture
130
rities.
1
4.2
78
ance
as
1959
.
Meters, valves and regulators, and
power tools
\
,
38 '
.
Dallas.
re-
1959
markers, etc.
Republic National Life Insur-
search staff and are specialists in
It
M
1.60
°'5°
Colin,
Farrell,
and
Hague have been associated with
Faulkner,
Dawkins &
Sullivan
I
18
•
27
Messrs.
^
d'xA-EE.''
Reliance Varnish Co
Paints, varnishes and enamels
Republic Insurance (Dallas)'
Fire and casualty insurance
Republic National Bank of
Winfieid H. Perdun
on
Paymts. to
Dec. 31,
31,
Rockland-Atlas Natl. Bank of
Rockwell
2 4
23
ciation.
•
4%
Rewmes^y6 r^nsu?'n°f N* Y"~
American Stock Exchange,
he also served as chairman o
e
Oil and Gas Securities Committee
of the Investment Bankers Asso-
•
0$10
.11
candy
26
of the
/n
^v'
quarrying and mfg. of
cemetery monuments,
granite
:
Royal Dutch Petroleum (NY)
&
Of
1
"v.
1959
^aL^tfon h^makine
.
securities. He
is a director of Louisiana Delta
Offshore
Corp.
Petroleum
Reserves Inc., and Prairie Oil Royalties Co. Ltd.
A former governor
its
bulk
^ claSS B"—
spe-
members
Dec. 31,
1959
Anlmal ,ecd». breakfast foods
Red Owl Stores, lnc
2
Retail & wholesale grocery chain
cialist in petroleum
since
1959
)
'
pa^Tn e rYof
n^&'co. and
is a
Years Cash' Dec. 31,
Ralston Purina
-
f
Marks
Paymts. to
Dec. 31,
„Cold stora6e
general
M
and
and
artners
Co
Basedon
tion
Queen.Anne Candy.Co
■
Based
tion
Dec.
31,
1959
20
Boston
admitted
PMr.
Quota-
'Divs. Paid
Farreu'have
as
Granite
Extras for
12 Mos. to
.
Robert' *• F-v-V? vv-Packagedrbar
Hague,
% Yield
/,No.Con-
>.
ll;
Srdpnf Colin,
heen
-Including
;
,
£
•
-
Rock of Ages Corp
Approx.
secutive
...
Dec.
% Yield
Quota-
i
Cash Divs.
.
'- W" '
.
that
secutive
?
Divs. Paid
•
.
Extras for
12 Mos. to
Years Cash
40
"
*•
Stork
New York bt
have
TTYphanfie,
page
-.A
w
Approx.
Including
No. Con-
41
178,000
6,967,000
153,000
Stamford, Conn.
•'
r^--
V-
PAIOMAR MORTGAGE CO.
.
VIRGINIA ELECTRIC AND POWER COMPANY
•
7th and
Frankljn Streets, Richmond, Virginia
>
^
42
(1530)
The Commercial and Financial
Chronicle
Thursday, April 7,
.
t
The Over-the-Counter Market
Fills the Needs of All Investors
Cash Divs.
.
.
V
No. Consecutive
12 Mos. to
.
.
'
Years Cash
Divs. Paid
•"
'
Including
No
Extras for
Quota-
12 Mos. to
tion
Years Cash
Dec. 31,
1959
Divs. Paid
Security Insurance Co.
Approx.
% Yield
Con*
secutive
Dec. 31,
Based
New
on
Royalties Management Corp.
royalty
gas
1959
1959
17
interests
•
0.25
4%
■
15
Industries,
Industrial
scales,
equipment
and
Inc
29
grand
stands
Sagamore
Sateens,
1.00
25
4.0
and
Mfg.
Selected
24
fO.95
24
3.00
!
16%
5.7
scattoldlng.
40
1.25
34%
Union
Public
utility
i
5.00
60
88
Stockyards__
1.25
53%
2.3
44
and
Fire
0.75
29
fl.30
Map Co
10'
2.55
63
36
22
5.2
fl-45
40
Iowa
15
.
-
fl.17
35%
9%
Fire
6.3
20
t0.95
and
1.65
31
1.40
15%
*18
1.00
18%
5.&
builders' hardware
fl.75
46
25
1.50
27
Co
Williams, Inc
44
2.15
40
14
and
"Brew
0.20
1%
6W
20
-
Department stores; St. Louis,
0.60
13%
23
0.24
34
1.40
56
4%
Southern
2.00
38
31%
25
Diversified Insurance
fl.17
45
25
1.20
Pharmaceuticals
58%
2.1
12
1.55
22
13
2.50
75
(Chicago)
Co.
freight
2.60
*19
by
cars
81
0.13
3.2
41
5%
2.5
(J. Hungerford)
fruits and
3.55
93%
3.8
Co...
fountain
79
Securities Acceptance
Corp..
f2.40
26
Instalment financing and
77
f0.39
^
10
' 3.1
and
3.9
•
Security First National
(Los Angeles)
;
1
fl.55
0.30
22
distribution
drug store chain
79
fl.49
63%
to possible
dividends, splits,
lines
and
1.50
of
1*1.31' 101 /
1.3
18
40%
35
11
specialty
0.40
11
fl.00
f0.50
28%
Yarn
1.7
0.80
133/4
...
4.0
10.68
61%
1.1
23
5.2
lie
STATES
on
page
1.20 :
39...
.
61
Co
0.70
34
2.1
27
...
10.60
27%
2.2
17%
5.7
15
rl.18
62%
1.9
93
1.00
31%.
3.2
108
2.80
56%
5.0
26
fl .32
32
4.1
64
1.80
50
3.6
2.00
59%
3.4
39
0.80
13
6.2
91
3.00
58
5.2
55
dress
1.00
20
20
and
3.60
69
5.2
goods
F.
&
M.
Ins.
Co.
Distribution
of
natural
gas
Staley (A. E.) Mfg. Co
3.5
Processes
corn
3.2
and
beans
soy
Operating public utility
5.8
Casualty,
3.9
27
4.00
89
4.5
12
f0.57
32
„
• ■
.
/Co. (Detroit)
marine
32
'
i;
Accident Insurance
1.8
bonding
and
fire
and
insurance
Standard-Coosa Thatcher Co.
Cotton
spinning, dyeing and
bleaching
Standard
of
Fire
New
Insurance
Co.
Jersey
Diversified
tion
insurance
Standard Screw Co
etc.
dividends, splits,
14%
components
Springfield
3.6
fl.25
Screws and
etc.
screw
machine products
for stock
dividends,
splits, etc.
Rambo, Close & Kerner
Incorporated
1518 LOCUST ST.,
PHILADELPHIA 2, PA.
Phila.
Telephone
PEnnypacker
New
5-2800
York
REctor
Telephone
Teletype
2-2820
PH
63
Corporate and Municipal Securities
SALES
GROSS
INCOME
NET
INCOME
EDMUND J. DAVIS
Vice
36%
UP
CHARLES G. PR IGGEMESER
President in
Corporate
UP
Charge of
Department
Assistant Manager
Corporate Department
RUSSELL M. D0TTS
22%
UP
21%
Manager of Municipal Bond
Department
—'
Annual Report
Available
on
' '
' '
•-
"T
Pennsylvania Issues
Request
Colorado Central
Power Company
3470 SO.
BROADWAY
3.8
f0.59
Multiple line Insurance
24
3.6
vi
24
sheetings
shirtings
Standard
public utility
17%
Insurance
Stamford Water Co.*.»ii
15%
4.4
19%
0.66 ;
.
14
and
Electronic
3.7
papers
15
4%
50
Life
Carbon
t Adjusted
KWH
4.7
'
products
Carolina National Bk.
t Adjusted for stock
15
suppuei
Springfield Gas Light Co
-
0.20
t0.71
Carbon, graphite and electronic
7.9
„
Operates Louisiana sugar
planta¬
longer record,
4.7
18
(Dallas)
Cloths
t
10
Co._i
Southdown, Inc.
2.4
19%
and
Oil royalties
Bank
f 23%
13
Corp
Sprague Electric Co
South Texas
Development Co.
Class B
:
*
as
37
10
hand service tools
items
Products
Drug
Spindale Mills, Inc....
(Charleston)
personal loans
} 5.2
1.12
25
Spartan Mills
Speer
A
(T. L.) Co
Operating
South
Saginaw
11%
dis¬
• See
Company's advertisement
Operating public utility
flavors
South Atlantic Gas Co
Second National Bank
Details not
complete
t Adjusted for stock
and varnishes
cream
Stock
45
17
and
TEL. CO
Sorg Paper Co
ships ,.-v:
Second Bank-State St. Tr. Co.
2.10
0.60
supplier
gas
SOUTHWESTERN
& Varnish
Paper and paper products
*>0
Seatrain Lines Inc
69
23
•
Southwestern
3.3
tools
Engineering Works...
Retail
.
Sales, financing and personal loans
7.0
Sonoco
1.9
accident
Non-parucipwune
Sommers Drug Stores Co
Sears Bank & Trust Co.
4%
insurance
Southwestern Investment Co.
3.4
related
2.6
—
0.08
.
drugs
Electricity
6.3
37
Manufacture
Searle (G. D.) & Co
5.0
—
>'•"
Southwestern Electric Service
3.7
fl.24
mechanics'
Seaboard Surety Co
and
natural
Wholesale
5.3
25
Snap-On Tools Corp
4.4
Denver
4.5
17%
119
Soutnwest Natural Gas Co...
16.0
beer
Concrete mixing equipment
Scruggs-Vandervoort-Barney
20%
utility
Casualt>
production
"
public utility
Manufacturer of soda
5.4
knitting machinery
0.93
0.90
gases
gas
Life, health
Insurance
4.8
Smith
public
Southland Life Insurance Co.
5.6
31
Ice
31/•
tribution
' 9.2
refrig¬
Mining machinery
3.8
,;.
'
Southern Union Gas Co
5.3
1.50
Smith
18
electric
Compressed
24
Smith
& Co. Inc.
fo.53
■
6.6
16
r
Power..
Southern Oxygen Co
hoists
livestock market
Paints
4.7
24
utility
and. Casualty
Natural
Co.
1.8
4.1
11%
Co
So. New England Tel. Co
lines
commercial
Smith-Alsop Paint
52
12%
21%
Communications services
Sivyer Steel Casting Co
3.3
0.80
.
Operating
-3.3
0.60
22
and
-
•>
to
Dec. 31,
1959
0.90
utility
Colorado
Southwestern
Portable
Dec. 31,
1959
20
Co._
baker
Operating public
3.3
Castings
Skil Corporation
3.6
60
2.00
Vacuum cleaner manufacturer
of
0.50
Southern
:
58
Scott & Fetzer Co
Transports
cranes
operating
4.0
1.15
17
Three Milwaukee dept. stores
Kansas City,
13.5
public
Bakeries
Southeastern
beverages
Sick's Rainier
Brewing Co...
tools.
Schlage Lock Co
Builds
Southern
..
Sioux City Stock Yards
Georgia operator
and
31
Sierra Pacific Power Co
1.35
83
Schenectady Trust Co. (N.Y.)
Schuster (Ed.)
3.9-
24
Manufacturer
4.2
real estate maps
Savannah Sugar Refining
Scott &
31
Co.
Co., (St.
carbonated
Sherer-Gillett
5.4
Paymts.
'
"Rainier"
*12
Hardware, locks and
55
2.15
Vulcanlzers
Inc.
Sargent & Co
Locks
14
dairy product!
A
..
32
of
Electric
'
12
(Knoxville, Tenn.)
Insurance
Bouiing
Dec. 31/
1959
supplier
Southern Fire &
Shepard Niles Crane & Hoist
company »
Brewery,
Insurance
2.7
2.2
-of
mig
eration
(Philippines)
Beer
Sanborn
Opera ling
!-
19%
37
oil well
and
Shaler Co.
8.3-
insurance
water
exploration
Co.
Fishing reels, rods
cperatoi
Miguel
fO.43
products
Risks
gas
Southern California Water
Co.
Shakespeare
61
San Jose Water Works
San
Bottler
3.6
Llvestock
Paul
Natural
1.7
r
of
Louis)
4.1
twills
St. Paul Fire & Marine Insur.
Minnesota
1.00
12
/67
services,
Seven-Up
{
74
producers
Fire and casually
24
Co..
Diversified insurance
bleachers
Co
broadclotns.
1959
s
St. Joseph Stock Yards Co.—
St.
wire-line
electronics
controls
steel
43
insurance
Geophysical
tion
Southeastern Public Service.
10.73
Seismograph Service Corp... >;26
\
St. Croix Paper Co
Maine
5.0
12 Mos. to
% Yield
Based on
Quota-
Years Cash
Divs. Paid
Southeastern'Telephone
Rochester
40
processing
Saiway Steel Products, lnc._
Manufactures
66
Security Trust Co.
5.3
'
2.00
royalties
gas
Safety
Corp
Approx.
Including
Extras for
secutive
Paymts. to
Dec. 31,
Bank of
Security Title Insurance
Cash Divs.
No. Con-
$
Greensboro (N. C.)
Title
.
Oil &
Dec. 31,
1959
31,
1959
on
of
Haven
Security National
Paymts. to
Dec. 31,
*
and
tion
Based
S
Cash Divs.
Oil
De:.
Quota-
"
,
% Y-eld
Extras for
Continued jrom page 41
Sabine Royalty
Approx.
Including
A
1960
ENGLEWOOD, COLORADO
Corporate
an
Outlet.
Trading
PLAZA BUILDING
Teletype
—
PG
469
•
PITTSBURGH 19. PA.
Telephone
—
GRant
1-1875
•
Number 5940
191
Volume
.
.
.
The Commercial and Financial Chronicle
(1531)
Over-the-Counter Market
CaMr Divs.
Approx.
% Yield
Including
v
No. Con-
Extras for
Quota-
secutive
12 Mos. to
tion
Years Cash
12 Mos. to
Years Cash
Dec. 31,
1959
Oivs. Paid
Quota¬
Based
tion
Fabricated .metal products;
Paymts. to
Dec. 31,
1959
Dec.
leal and
31,
Stuart
1959
0.80
16%
:
17
(Voting)
6.4
•
shelves
Stuyvesant Insurance
84
f 1.04
157
11.78
-
Bank of Albany
State Loan & Finance
State
23
Corp.
Class A
1.00
30
'
Auto, fire,
Insurance
if 4-5
Petroleum
and finance business
leum
79
-------
—
6.00"
301
V
•
/ 2.0
Stern &
and
Dies
6%
4.8
20
3.8
Mfr.
artists' papers and technical
pers,
Iron
of
Stratton & Terstegge Co
27
6.5
34
2.40
1.00
13
21
4.8
fl.88
201/2
117
391/4
Haute
Malleable
&
»
4.4
6.8
0.85
12%
2.00
40
and
reduction
10
1.40
28%
gears
Appear in the
on
Page 45.
4.8
Texas Natl. Bank
(Houston).
1.10
20
54
0.80
11
7.3
Makes
5.5
cotton
Thalhimer
poles
50
1.20
53
2.4
3.50
21
981/2
3.6
Brothers, Inc
12%
4.9
r
31
f 9.20
98
1.00
96
2.20
48
4.6
*19
(Dayton, Ohio)
Co. of Springfield
fO.98
0.60
22
(Mass.)
Thomaston Mills
30
2.7
4.2
1.25
25%
4.9
3.3
Wide
range
Details not
of cotton products
complete
/
stock
dividend
as
of
3%
in
class A
common.
Continued
Offers and Sells
HirPress Stock
York
tus,
Recommended for those who seek
diversification
and
■management in
professional
Air
./
Descriptive booklet
;
■
200
NEW YORK
•
Lowell
New Bedford
Newport
-
Taunton
quickly at
a
pre¬
the
(1)
satisfaction
of
(2) to provide working
capital; and (3) to make available
to the
for
manufacture
own
expansion
ment
of funds
company a-source
its
tain Hi-Press
Providence
Pacific
cents) at
speculation.
10
company;
Worcester
Members New York, Boston, Midwest
Philadelphia-Baltimore
a
MEMBERS
certain existing obligations of the
LOS ANGELES
Springfield
(par
as
sold
The company intends to apply
the proceeds from this offering as
follows:
BERKELEY ST.
PHILADELPHIA
CHICAGO
stock
mium.
* /'.'
BOSTON
stock
share,
per
The
Founded in 1865
.
Conditioning of America, Inc.
$3
Kidder, Peabody & C*k
75 FEDERAL ST.
200,000
common
request.
on
April 1, publicly of¬
shares of Hi-Press
dated
fered
-
security.
one
,
Plymouth Securities Corp., of New
City, pursuant to a prospec¬
Stock///V*
of
New York Stock Exchange
Midwest Stock Exchange
cer¬
components, and for
further develop¬
American Stock Exchange (Associate)
and
the
in
commercial,
indus¬
trial, and residential fields.
Coast,
and American Stock Exchanges
The
in
company
the
State
was
of
incorporated
New
York
on
1956, aFtfte* instance of
Nov/13,
Seymour
W.
Brown
in
order
to
develop, manufacture and sell
an
air
conditioning system known
"Hi-Press"
well
as
for
use-
on
ships
as
as
for land application.
Chicago Analysts to Hear
Underwriters—Brokers
Listed & Unlisted Securities
CHICAGO,
111. —Ernest Hender¬
President of the Sheraton
Corporation of America, will ad¬
dress. the luncheon meeting of the
Investment
Analysts Society of
Chicago to be held today at the
son,
Straus, Blosser
MEMBERS
NEW YORK STOCK
EXCHANGE
DETROIT STOCK
EXCHANGE
«
&
•
AMERICAN
McDowell
STOCK
EXCHANGE
Investment Bankers Since 1912
(ASSOC.)
/
39
SOUTH LA SALLE
W.
A.
EUREKA,
STREET
Bernier
,
CHICAGO 3, ILLINOIS
Kansas
city
TELEPHONE
ANdover 8-5700
TELETYPE
CG
G
Opens
Calif.
— Alphonse
W.
engaging in a securi¬
from
offices
GRAND
Street.
NEW YORK
650
BOSTON
Form B. H. Lane Co.
RAPIDS
MT. CLEMENS
CHICAGO
at
MILWAUKEE
"bay
&
Retail
is
Bernier
business
ties
3032
new york
detroit
INCORPORATED
Sheraton-Blackstone Hotel.
MIDWEST STOCK EXCHANGE
HILLS,
Co.,
Inc.,
N.
is
Y.—B.
H.
engaging
Lane
in
a
securities business from offices at
T rading
j
17
Soundview
Officers
are
Drive, Huntington.
Betty
L.
Hecker,
President and Treasurer, and Dor¬
othy Burr.
2.8
j
Plymouth Secur.
Common
35%
to
Maw
"•>
2.2
possible longer record,
t Adjusted for stock dividends, splits, etc.
complete as to possible longer record,
for stock dividends, splits, etc.
Corporation
420
Third National Bank & Trust
small
11
93
16%
Richmond department store
instruments
compressors,
2.50
f0.68
yarn
Third Natl. Bank in Nashville
Third National Bank & Trust
Co.
'
48
19
b.
Investment
5.0
5.0
2.1
not
State Street "™
^
Consecutive Cash Dividend
to 10 Years
Second Table Starting
1 Plus
Details
13%
Operates natural gas pipelines
9.8
alloy castings
scientific
t Adjusted
0.60
\
24
Texas Eastern Transmission.
*
complete as to possible longer record,
for stock dividends, splits, etc.
3.6
*52
California land holdings
Details not
5.8
21
castings
Payers From 5
33
Telephone Service Co. of
t Adjusted
16%
0.75
lines
Textiles, Inc.
Large Philadelphia department
*
0.95
22
.
co.
products
Tejon Ranch Co
store
1.1
carrier
3.7
0.83
Wholesale hardware
Strawbridge & Clothier
1959
170
2.5
221/4
fO.85
*25
cotton
Refrigeration
engines, etc.
5.7
24V2
Iron
2.4
15%
2.00
Tecumseh Products Co
1.40
il.90
j
-
18
Taylor Instrument Cos
papers
Pipe
Terre
;•
Taylor & Fenn Co
33
1.7
ranges
1.7
pa¬
common
Investment
Over-The-Counter
and
Taylor-Colquitt Co.
Grey
1.25
18
printing
fine
8(>.
page
17
Railroad ties and
Strathmore Paper Co
44%
1.00
24
(rubber
23%
f0.39
30
1.09
25
2.5
Restaurant chain
1959
operator
Miscellaneous
Coal and lumber
stouffer Corp.
Railroad
.
distributor
10
0.25
24
small
bus
on
Paymts. to
Dec, 31,
10
mutual
tires
Gas
& Coal Co
Manufactures
food
Tappan (The) Co
// 9%
>0.30
fabric#
fabrics
Stonega Coke
on
Tampax, Inc.
18
Stern Textiles, Inc—
Silk, rayon and nylon
advertisement
hose
Local
Stonecutter Mills Corp., CI. B
>k1
liquefied
petro¬
of appliances
plastic)
6.4
0.50
11
Syracuse Transit Corp.__,
0.60
►
1959
31,
sale
5.5
14
12
Turbines
29
and boxes
packets
12
14
Manufactures
1.60
Tenn., Ala. & Georgia Ry. Co.
marine
3.3
21
Corp.
'O'
ticn
Dec.
.
Inc
Co
78
Lithograph
Stecher-Traung
Labels,
2.60
4.4
>
31,
■
Terry Steam Turbine Co
of
Dec.
Based
Tennessee Natural Gas
Lines,
Swan Rubber Co
*38
Va.)
111/8
|
Fund,
Manufacturing Corp.
Company's
Wholesale
merce
fo.49
:
Super Valu Stores, Inc
Planters Bank of Com¬
& Trs. (Richmond,
State
co.
i«
Inc.
1
'
assys.
Service, Inc
and
gas
See
Holding
B
Television-Electronics
thermo-
and
12 Mos. to
Yeats Cash
1.9
33
PROPANE
Distribution
National Bank of
;
.
-
Class
Open-end
GAS CORP
4.5
;
'
1
Quota-
$
Ohio,
•
gases
SUBURBAN
'
22
casualty
Suburban Gas
3.2
J; 56%
.
,4.6
refrigerator
urines,
Works
—
Hardware for building trades, etc.
El Paso
spring
foams,
and
personal
ctanlev
State
back
condensers,
electronlc relay
toiletries
Loans
and
.
n
sens
polishers,
waxes,
35
.
Stubnitz Greene Corp
polyurthane
2.25
secutive
1
•
/
Approx.
% Yield
Extras for
Divs. Paid
•
<■
Including
No. Con-
,
1959
153/4
'• 0.64
12
and
ana
Manufactures
refinery equipment
(The) Co
Cushion
Products, Inc.
Stanley Home
1959
'
chem-
Pharmaceutical manufacturer and
distributor
4.8
colorings and seasonings
Pood
fO-73
Struthers Wells Corp
on
$
14 *
(Wm. J-) Co
Qtange
16
31,
Cash Divs.
on
Paymts. to
Dec. 31,
$
% Yield
Extras for
secutive
Dec.
31,
1959
Approx.
Including
No. Con-
Dec.
Divs. Paid
Cash Divs.
Based
43
Secretary.
MIAMI
BEACH
on
page
44
44
The Commercial and Financial Chronicle
(1532)\
Cash Dtvs.
The Over-the-Counter Market
Continued from page
43
J
Cash Oivs.
Extras for
Dec. 31,
1959
Years Cash
-
-
.
Quota-
12 Mos. to
secutive
-
Divs. Paid
Tyer Rubber Co
Appro*.
% Yield
Including
No. Con-
.
tion
Dec. 31,
Based
on
Thompson (H. I.) Fiber Glass
glass,
fabricators
fiberglass
Insulation,
HI
Commercial
13
0.8
31%
t0.25
.'•
Consumer
23
"Fortune"
&
"Speed
.J1
25
••Life,"
1.3
3.25
4.9
Inc
0.50
*14
%
14
.3.00
3.6
Union
60
4.8
66
tl-61
51
18
0.90
20
41
Corp.
i.00
21%
1.20
114
Towle
25
machinery,
Fork-lift
>
•
Corp
accident,
Trinity
of
32
3.6
1.25
86
220 Bagley
Details
82
3.7
55
fO-39
391/2
1.0
Utah
2.50:
U. S.
60
4.2
U.
1.00
41%
2.4
17
0.50
9%
..
5.3
;
26
2.60
111
2.3
U.
0.78
461/2
4.00
21
1.7
0.60
415
19%
42
,
0.76
Radium
34
■
0.60
35
4.00
108
/-
1.7
insurance
U. S.
26
Corp
13
1.00
39
2.6
f 1.00
16
building
not
complete as to possible longer
t Adjusted for stock dividends, splits, etc.
a Including
predecessors.
Class
..
41
3.3T
20
1.05
26
f0.93
21
1.00
Corp
61
16
-
radiation
29
0.35
and
-4%
45
1.7
:,;1.25
27%
4.5
283/4
;,4.9
:
56
:
"'/A
•
*
-
'A,v
-
City real estate
2.50!
"
20.00
647
-
3.1
and
soft
coal
land
Kentucky
•
In
Resort hotels
•143
^
fo.io
15
0.7
ance
State
Life
!
-A 11
/• "A
1.40
'
25
Wood
5.6
Co.
1.00
45
1,00
32%
heels, howling pins,
Iron
ingot
2.00
21
30
Wachovia
9.6
2.00
6.7
Details
»to.
dividends, splits, etc.
a
0.60
58
1.0
20
4.0
_
103/4
4.5
19
2.1
» ~.(t
vA-AA A"
Bank & Trust /', -A //
complete
for stock
/
24
0.40
to
possible longer record,
dividends, splits, etc.
as
listed and
kets—and also
—
use our
complete facilities
unlisted
security
mar¬
statistical information/
our
Corporation
Manufacturers of Electrical
Wires, Cables and Cord Sets
/
Average Number
Net
of Shares
Income
Net
Fiscal
Net
Income
Year
Sales
(as amended)
1950
:
per
$ 63,587
99,500
5,972,228
252,275
99,500
2.30
9,226,499
374,813
101,792
3.35
278,957
108,667
6,202,502
248,967
133,327
322,548
147,663
11,427,775
682,404
164,861
4.23
303,313
186,594
1.63
462,934
197,382
2.35
•
Danbury
•
New London
4.14
178,208
Bridgeport
New York Phone: REctor
2-9377
2.18
1956
1957
1958
12,302,916
v
10,093,714
754,656
.
r
'
1959
s
NEW HAVEN 7, CONN.
Offices in
1.87
8,512,565
1955
7
v
2.33
8,567,520
1954
■>
STREET
Branch
1953
<r
Members New York Stock
Exchange
CHURCH
$ .58
*
1952
CHAS. W. SCRANTON <Sl Co.
Share
209
$ 2,920,320
1951
Outstanding
During Year
\
12,311,796
lOVl" <»of
s
W,a
•
Y
jA*
1'0.48
Including predecessors.
for both
3.1
'and / S'
-
not
t Adjusted
.
0.80
C 10-
Co.—/;/ ,28'
molds
(Winston-Salem)
possible longer record,
2.2
V
——'
accessories
Corp.—
17
<----
iron
A.
T;
.;y,
Corp
Vulcan Mould &
4.2
';>>"•
Insur-
Non-participating only
Vulcan
5.2
:
*
//y
v.
-
...
.
Industries, Inc./—'f A39
Volunteer
^
19
30
/6.00
Virginia
~
Virginia Hot Springs, Inc
3.8
.
1.55
61
A.;--
Manufactures metal fasteners
671/2
•
: 26
-
•—
We invite yoti to
Jewett City, Conn.
4.5
o:
"'•
If it's Connecticut
The Plastic Wire & Cable
>
*/A-A 26
Rotary pumps
Owns
7.8
21
stock
genera-
.'
Cast
for
,
electronics
Virginia Coal & Iron Co.—Ai
*
t Adjusted
r
-
to
1.5
"3.9
counting and computing
New York
3.4
f 2.54
/•
as
65%.
27
-26A ciT.40
-
Victoria Bondholders Corp.—-- 24
name-
v
complete
6.0
*'■
car
devices
2.7
21
not
••••-''
'
*52
B
Details
*12
steam
of
thermostatic
Makes
4.0
343/4
•■■/%.-.' V
record,
*
10.78
3.4
-
heating systems'1
Veedor-Root. Inc
6.3
1.36
51
..
Bolt
1.05
21
Viking Pump Co._
Co..
United Screw &
Class A
fO.97
12
15%
_
Realty & Investment Co.
Real estate
3.7
gears
-27
3.6
49%
:
.
.
devices,
"
panels and
3.00
chemicals
Vapor Heating Corp
21
—
,
Industrial
dials,
plates!'":'. • ■
24
Vanity Fair Mills
Voi-Shan
sources,
0.53
'
apparatus
1.0
Interests
Phosphors.
3.0
25%
-
Industrial
scientific
3.0
-•.
U. S. Natl. Bank (Portland).
S.
12
28
food
sea
tors,
Holding company, land and min¬
U
1.00
producer
gas
Manufacturers
Insurance
Lumber
6.9
casualty Insurance
Van Wafers & Rogers, Inc
Storage
Fire Insurance Co
S.
83/4
.•
(Phoenix, Ariz.)
Camp Sea Food Co., Inc.
•
Insurance
0.60
_
Insurance
Lingerie
Fidelity & Guaranty Co.
eral
and
and
Envelope Co
S.
3.2
A//■//
Wholesalers,
Utilities, Inc
Diversified
.
tackle
rope,
Valley National Bank
..
1
wire
hook blocks and:1--.
crane
and
Cans
18
Diversified
12%
wall-
Ingot moulds and stools
-
U. S.
•■/
5.6
25
fibre
Valley Mould & Iron Corp.—
~
-
interior
Van
23
etc.
28%
0.40
12
Utah Southern Oil Co
gas
health
Cold
1.60
./" •/
27
20
States
f3.9
;
Home, Fire
Fire
Insurance Co. of '.
-
2.7-
J ""173/4
;
Corp. of
5.1
r"
and
4.1
51/2
//
«
fittings
rope
—
Manufacturer of envelopes, paper
/..cups and other paper products
Insurance
utility-.:
Theatre and office
3.00
Youngs-
27%
United
L5
' •"*/
23
and
23
blocks,
3.0
1.40
4.4
.
City Fire Insurance Co.
Diversified
50
Corp.
Gas, Electric Light
Clutches
1.50
60
&
•
0.70
■
utility
Manufactures
*35
3.7
United
5.0
92%
0.15
of "
blanks
Upson-Walton (The) Co
Pitts¬
Memphis
Greeting cards
7.2
32%
27
1
-
Twin Disc Clutch Co
•
'
1.40
32 /
~~
and Power Co
Twin
in
Gas
public
Exterior
4.6
Life, accident & health
Insurance
gas
65
2.8
5.0
0.96
/."A.V'A,
Company
ana
3.00
C3.80
board
United Printers & Publ., Inc.
2.35-
-
94
Troxel Manufacturing Co
Bicycle saddles
Trust Co. of Georgia
Electric
22
Insurance Co
•"
151/8
fO.75
19 '
lens
Upson (The) Co
Holdlng company
automotive
Universal
Tucson
•
3.0
v
23
Upper Peninsula Power
Electric
531/2
carrier
(Hartford)
:
Diversified
43
health
equipment
0.9
Oil
Car-lclng, ice,
Trico Products Corp
Manufacturers
•
10
freight—common
161/2
56V2
i
:
Travelers Ins. Co.
Life,
-
15
.
0.15
distributor
opthalmic
eye glass frames
and
poles and
natural
accident
28
'
\
—A 32 "
and
multifocal
2.2
1.60
Life,
•
_
Transcon Lines
Motor
19
f0.95
-
•
-
/
tableware
truck
621/z
20
America
blower
fan blades
silver
Manufacturer
United Life & Accident
Mfg. Co.
Sterling
1.40
2.00
2.5
.»•;
Univis Lens Co..
3.8;
30
5.1
23%
and
Torrington Mfg. Co.^
Towmotor
•
Connecticut operating utility
stationary power tools
Manufactures
40
21
/ 4.6
10
Wire and metal specialties
•
United Illuminating Co
f2.87
14
Manufacturing Corp
wheels and
1.52
12
—
Oil and
United
26
mowers
4.2
Union Trust Co. of Maryland
4.5
pumps
Toledo Trust Co.
lawn
1.4
53
13
—
Bank of
real estate
packer
Power
58
2.20
Union Planters National
3.2
0.30
U. S. Trust Co. of N. Y.——/ 107
production
Co.
to
Dec. 31,
1959
y
(Del.)—/
Inter-olty motor carrier
and castings
Bank
and
Paymts.
;
*,
/;•-•
..
.
and
i
-
oil
Inspection
United Steel & Wire Co..i__.
Louisiana, class A
Crude
to
|0.79
17
A/.//'
Union Natl. Bank of
7.1
42%
2.85
a52
title
3.8
Manufacturing
Natl.
burgh
Company of
Trust
68
43
-
:
Union
Packing Co
Gasoline
Metal
town, Ohio
&
5.5
foundation piling
19
Products,
Insurance
Meat
redwood
Outdoor lighting
Insurance
Tokheim
(Los Angeles)—
Co.
66 y4
161/2
research,
engineering
U. S. Truck Lines
Manufacturing Co
Union
Nuts"
Insuring
Toro
Union
"Sports Illustrated"
Insurance
Tobin
California
1.7
8
fO.10
0.90
2.60
Natural
l/A'-W
tion..
:
Dec. 31,
1959
~
gas utility ; ^
Union Lumber Co._
5.3
■
"Time,"
(Los Angeles)
,
•
>
26
Chucks, hoists,
(Ky.)
Minnesota
Title
/'•"
38%
suits, coats, etc.
Tinnerman
Tltlf
■
''
Timely Clothes, Inc.
•
■
«
0.65
31
of
Title
47
finance—personal loans
Publishers
Men's
2.50
drug store chain
Time, Inc.
:
f
25
United States Testing Co..—v 25
3.2
121/2
Union Commerce Bank
building
Time Finance Co.
Dec. 31,
1959
-
Divs. Paid
refrigerators
(Cleveland)
Union Gas System, Inc
Thrifty Drug Stores
California
12 Mos. (o
•
t
/
,
plastic parts
otilce
secutive
Years Cash
•
% Yield
Based on,
Quota-
5
0.40
forms
Union Bank
reinforced
300 Adams Building, Inc
Chicago
Extras for
1959
Testing,
23
Approx.
Including
Paymts. to
Dec. 31,
31,
1959
Cash Divs.
„
No. Con-
goods
Uarco, Inc
1959
Temp
23
—
rubber
of
Tyler Refrigeration Corp
Paymts. to
Dec. 31,
1959
.
Manufacturers
Business
Fiber
tion
Dec.
31,
1959
i
on
$
.
.
Dec.
Divs. Ptid
■
''
.
Years Cash
Based
Quota-
12 Mos. to
secutive
Fills the Needs of All Investors
Thursday, April 7, 1960
.
,
% Yield
Extras for
.
Approx.
Including
No. Con-
.
Waterbury
Teletype: NH 194
Number 5940
191
Volume
'
'
i
.
.
.
The Commercial and Financial Chronicle
(1533)
'
'
■
Cash Divs.
Over-the-Counter Market,
Fills the Needs of All Investors
Yhe
„
•
'
-
Cash Divs.
Including
,
•
.
,'
<;
«
1
No. Con-
1
-
Quota-
secutive 12 Mos. to
Years Cash
Dec. 31,
.i»
,
'"vSA
Dec. 31,
Divs. Paid
1959
paving
ffaSn
1.40
-
fl.96
24
y;lM£ 76
,(57%
a
,
2.50
of
3.4
1
.
National InsurCo.' (Evanston, 111.)-
.
ance
accident and health
37 A
58
producer
35
2.50
Washington Steel. Corp......
12
Whitin
'
9.1
35y4
4
Y-.
.,-v
11
5.5
industrial coatings, chemical com-
of
distributor
and
slass
.•
10
0.50
12
0.70
27
2.6
chain
Supermarket
Welsbach Corp.
f1.08
13
—
and installation
itrpet lighting systems
of
Maintenance
30
p^ppv'
- -
3.0
1.16
A; 20
on
West Mich. Steel Foundry—
Steel and
alloy castings
24
:
22%
n
on
Paymts. to
DeC. 31,
1959
f0.39
47
....
1959
183/4
2.1
2.00
of
Works. New
Dec.
Cold
plate
28
7.1
name
31,
fabricators
Metal
&
Boiler
became effec¬
1959
Co
26
1.20
21
24
1.25
18
6.9
15
2.60
50
5.2
-144
1.27
30 V
finished steels
.
Corrugating Co
5.7
t
,
•
Metal
stamping, wholesale plumb¬
ing and heating supplies
tl.60
County Gas Co
Operating publle utility
York Water Co
47 A
3.4
Operating public utility
Yosemite Park & Curry Co._
23
0.10
•
0.4
Young (J. S.) Co
Concessioner,
V
I
:
23
0.40
-11%
0.20
9%
6
5.0
4.50
62
7.3
*13
2.00
43%
4.6
21
f0.57
15
3.8
v
Midwest
Zeigler Coal & Coke Co
Owns mines
In
Illinois and
Kentucky
75
4.00
12
0.50
1
;
2.1
0.30
Park
Younker Bros
Department stores In
18
'
3.4
392
;
1.0
21
TABLE II
2.4
5.3
"
64
1.00
r 19
*20.
0,20
^
8
2.5
27
1.60
32
5.0
52
f2.25
61
3.7
*35
I.IO
243/4
4.4
,41
fO.52
42
1.2
14
1.42
323/4
4.3
for
14
f0.99
22%
4.4
5 to 10 Years
45
(Del.) Trust Co.
&
National
3.00
37
8.1
OVER-THE-COUNTER
Consecutive Cash
Trust
Life
4.2
18
49
National
Licorice paste for tobacco
In¬
Co.
-
DIVIDEND PAYERS
sickness and
;
Wisconsin Power & Light
4.4
V"
public
-A,.; -.A AA'
utility
Wisconsin Southern Gag
*37
2.65
56%
4.7
Company, Inc.
operating utility and hold¬
Operating
ing company
natural
publle
gas
utility
West Point Mfg. Co
.
Textile manufacturing
.]
-
r
West Virginia Water Service
1.00
21%
4.7
fO.66
21%
3.1
»;.« •
Oil
Crude
and
-
oil
Company
and
natural
gas
pro¬
ducer
Diversified Insurance
WJR
Y1
The
Goodwill
Station
..p-H
(Detroit, Mich.)
89 I
1.20
30%
Detroit
4.0
32
:
-A 26
——:
Fire, marine, aviation,
casualty
- •
auto
p
Western
Casualty &
Company
2.80
:
90
■
Fort
v
and
'/ ' ••
>pv'-v-
•
•'
ji;•'Pi
'
Wayne
12
Diversified
■
22
1.35
3.1
43%
telephone
24
equipment
p.P
13
3.60
195
of
Speed controls
propellers
for
1.00
23
wallboard,
71-
1.4
0.45
15%
/
2.9
engines
temperature processing
equipment and industrial gases
4.2
Bank
Allen
and
•Details not complete
t Adjusted for stock
as to possible longer record,
dividends, splits, etc.
(R.
/I/' LP L
Natural
—
chines,
C.)
Inc.
18
-—
3.50
♦
Details not complete as to possible longer record,
t Adjusted for stock dividends, splits,
etc.,
89
3.9
% Yield
Dec. 31;
1959
1959
'
0.20
;
45%
.
Business
A:
'
0.4
-
-p...
4
v
-vAi;
9
tl-15
-26
•
>
4.4
*- /•
■
Ma¬
8
0.50
Adding machines, typewriters, etc.
County National
(Mass.)
Dec. 31,
..
Worcester
p'
Tennessee
Gas Co
60
31,
1959
6
—
Low
Pipeline
2.50
-
QuotaBased on
tion"' Paymts. to
-A -./■/'<
Air Products, Inc
etc.
21
Dec.
Divs. Paid
Alabama
Approx. /
Including
Extras for
12 Mos. to
Years Cash
insu¬
cushioning materials,
Woodward Governor Co
1.8
2.0
,
lating,
for
,
'
5
:'„p-
.
Western Electric Co
3.7
J
insurance
Manufacturer
Multiple line, fire & casualty and p
fidelity and surety bonds
7
,-p
Bell system
Cash Divs.
No. Con-
department store
Wood Conversion Co
Surety-
0.10
10%
.
.
secutive
Wolverine Insurance Co.,
Class A
3.1
|0.38
'
broadcaster
Wolf & Dessauer Co
Western Assurance Co.
(Toronto)
Wiser
-
retails water
gas;
73^
15
Westchester Fire Ins. (N. Y.)
;
Makes
1959
31,
hospitalization insurance
Operating
West Penn Power Co.
Wholesale
3.8
beeswax
Life, accident,
6.5
(distribution
only)
Both
Wisconsin
-YPP
f0.99
64
steel
Wyatt
Wyckoff Steel
York
2.40
and
Formerly
5.1
73
Works
(Dayton, Ohio)
4.7
18%
2.7
•
15%
14
Machine
surance
1.20
>
20
utility
gas
24M
;
.♦
Manufac¬
Winters Natl. Bank
47.
.
West Ohio Gas Co
Natural
page
Company
Wyatt Industries, Inc
York
Cement
Wilmington
'/pp.
Operating public utility
• See Company's
advertisement
♦
0.80
Distributor of metals
■
WEST COAST TELEPHONE
CO.
%f
26
Willett (Consider
H.), Inc
Maple and cherry furniture
Williams & Co., Inc
>:p
tion
Dec.
31,
,
Candles and
<p
:
-
25
Will & Baumer Candle Co.
4.2
33
and soaps
greases
'p/p-':-
i-'-v-A1.
Waverly Oil Works Co.——
40%'
*y *
,
Boston barbor
Weingarten (J.), Inc..
1.10
Insulated wires and cables
flat ;
-
Oils
>
.
4.2
sale
and
Whitney Natl. Bk. (New Or.)
Wiggin Terminals, Inc., v.t.c.
Manufacturer of paints, varnishes,
pounds,
conversion
Dec.
Based
$
Wurlitzer
tive
Whitney Blake Co
■:
0.60
19%
Cranes, Trambean, chemical,
foundry and railway equipment
3.7
"/•■'p
Watson-StandarcTCo.—25
4.8
27
Whiting Corp.
■.
tl.31
24%
0.80
Textile machinery
stainless
of Micro Rold
steel and strip
u.;..
Producer
1.20
14
Manufacturer of Portland cement
i
27%
1
'pp-p
34
forest products *
Whitehall
1.2
v;
1
Washington Oil Co.——
Crude oil and gas
0.72
4.7
Manufacturer and retailer
Instruments
in¬
turing Co.
•
43
12 Mos. to
Quota-
musical
Paper products and cordage
Washington
Life
2.00
products
'
•
,
secutive
% Yield
Extras for
Years Cash
Divs. Paid
1959
8heet
Whitaker Paper Co
.
5.2
-
21
Manufacturer of automotive cable
2.1
48
31,
1959
holding company
Whitaker Cable Corp
,
21
*
and
Precipitation Corp..
Manulacture,
,
.
.
,
water
gas,
Weyerhaeuser Company
J
,
Dec.
No. Con¬
dustrial equipment
'■p.YY
4.5
v
,
& allied products
springs
31
*
Wire Co.-
Wire and
V., ;;
p.-,
17
contractors
Washburn
Electric utility
Western
4.8
.
(S. D.) Co
Printing papers
,
,
11
Co...
Bros.
47
31,
1959
Approx.
Including
on
Paymts. to
Dec. 31,
telephone service
Western Massachusetts Cos.—
1959
Engineers and constructors of
Warner & Swasey Co
W
Machine tools, earth moving maPhtnwg, textile machinery, ■ etc.
(
Warren
2.25
Supplies electric,
apartment
owning end operating
house in Philadelphia
Dec.
Based
$
Western Light & Telephone-
on
A'i,;
;
13
tion
Divs. Paid
Paymts. to
Dec. 31,
1959
,
-AY
Walnut-Apartments Corp—J
Based
tion
<.
*■■**■' ■;
1? Mos. to
Approx.
Extras for
./<
Quota-
Years Cash
Cash Divs.
% Yield
Extras for
secutive
% Yield
■
Approx.
Including
No. Con-
45
10%
I
4.8
•
Details not complete as to
possible longer
t Adjusted for stock dividends,
splits, etc.
record,
■.
Continued
on page
46
Distribution
in
NEW
for
more
ENGLAND
than 100 YEARS
158th
in national
ESTA BROOK & CO.
15 STATE
ranking
STREET, BOSTON
Boston Telephone LAfayette 3-2400
Boston Teletype BS-288
New York
Springfield
V
If you would like
Hartford
to
Providence
know
more
about
i
The Connecticut National Bank,
Members New York and Boston Stock
Exchanges
a
of
copy
our
1959 Annual Report
is yours for the asking.
Call
25
or
write today.
strategically located
offices.
PRIMARY
MARKETS
UTILITY and INDUSTRIAL STOCKS
s,
NEW ENGLAND SECURITIES
J. B. MAGUIRE
&
31
Milk
Street, Boston 9,
Open-end Telephone Wire
New
p
.
rov>, ence, R.
York-—CAnal
6-1613
to
1L
2904
Portland,
A. M. Kidder &
Established 1806
•
,
A National Bank Since 1864
•
Member: Federal Deposit Insurance Corporation
BS-145
Maine—Enterprise
6800
Co., Inc., Newark
Bank and Insurance Stocks
2904
888 Main Street,
Bridgeport
FOrest 6-4741
For
Connecticut National Bank
The
New York
Boston—HUbbard 2-5500
Hartford, Conn.—Enterprise
Private Wire To
CO., INC.
MassaclJusetts
Re// System Teletype—BS-142,
I.—Enterprise
I
•-
L
.
Federal Reserve System
46
The Commercial and Financial Chronicle
(1534)
to do business with him in
SECURITY SALESMAN'S
CORNER
mal
friend told me "When I
started
selling
him
five
bonds
every few months some years ago
we
got alone fine.
He bought
good. bonds,
they
were
fairly
priced, he saved time and I did
a job for him.
Then be began to
smarten up.
I sent him so much
BY JOHN DUTTON
You Can Overdo
Bit of Education
a
way.
As
of
They
are
those
who
the
fortunates
learn
ones
the
—
something from
to
relate
this
if
know
is
a
are
much.
they
The
very
He has been in the business
determine
this
extra
an
what
he
five
thousand
salesman
maturities
by selling five
erage
telephone
his
friend
and
year
tell him to look around for five
bonds and this the salesman would
do. There was little
effort, no sales
problem, and they would have
lunch
together several times a
The salesman would
year.
times
meet
bank
and
was
the
customer
deliver
all quite
the
his
his
the
he
was
with
basis
a
buying.
even
dug
Comes the Big
lawyer had
which
ness
has
a
him
now
supplied him
His
he
The
busi¬
a
recently sold.
substantial
in
sum
tax-exempts.
to
amounts
be
hopeless for
dealer
a
to
that).
It
He
for
But
(or
is
what
almost
salesman to
any
the
customer is
less
would
he
try
friendship.
be
can
■
vestmentwise.
'
I like the letter
wrote
to
to
salesman
reasons
and
tell
is
can
assure
to
I
as
86
Austin
Fort Worth
Harlingen
Lubbock
DALLAS
Houston
Midland
San Antonio
Odessa
Tyler
Rl 8-9033
4%
5.3
1.30
18%
7.0
1.10
37
3.0
f0 98
to CO
4.2
9
0.90
20
D.
3.7
%
14
5.0
133/4
0.7
.
Derbv"
Insurance
Natural
Gas
of
natural
gas
(Dallas, Pa.)
Telephone
Motor
4.5
service
Consolidated Freightways, Inc
9
0.80
:
/ 4.2
191/4
freight
Consolidated
Rock
Products
Co.
8
Gravel
and
Holding
0.80
9
3
f 1.17
15%
5.0
29
4.0
10%
6.7
sand
Consumers Water Co
co
Continental Transportation
Lines, Inc
:
6
o.7o
Transports commodities
that
♦
Details
not
t Adjusted
complete
to
as
possible longer
for stock dividends, splits,
record,
etc.
them.
see
We
that
generally have buying and selling orders in the
following list of
over
the counter securities:
American Cement
Ohio Leather
Atlantic
Ohio Water Service
Register
Bessemer Limestone & Cement
Sawhill Tubular Products
Century Food Markets
Opens
Greene
is engaging in a
securities business from
offices at
Mercantile Dallas
Building •
0.23
5%
Commonwealth Telephone Co.
you."
John D. Greene
John
RAUSCHER, PIERCE & CO., INC.
0.10
9
Downs, lm:
Transmission
be consummated
per¬
now
I have made to
It!
0.70
7
I:7
V
'
Corp.
recommendations I am mak¬
are, in my considered
judg¬
should
Trade
0.20
Co.
•
puo.iv
Diversified
taining to the specific suggestions
We
5
9
;
Co
Commonwealth
the
results
you
have: achieved
have been based
upon the consid¬
eration of the facts
pertaining to
investments
2.1
c«...i,.«.ct
Civil Service Employees
Insurance
Co
your
you
0.8
0.95
,
•Kentucky
.
once
lengthly analysis of
account, but I
261/446
f0.22
6
ay
POUlnmpnt
Operaun0
why certain
thinking pertaining
my
1.2
7
ouier,
Interstate
Churchill
purpose. The plain facts
that 1 do not have the time
to
a
421/4 z
5
ana
lift
r>»«
serve no
you
f0.49
6
Cameo, Inc
every change that
I have suggested to
you I am sure
you
would
agree that it would
write
6.4
9
Co
i {VIilion)
,
Telephone
thinking behind
are
4.0
11
K<pnriri»«
Telephone service
to
of the planning and
you
•22
,
Kentucky distiller
he
also up almost
to take the time
were
0.87
6
p«|J
California
years
If I
6.1
(James B.) Distilling
Bradley
were
income
100%.
i: 13%
lc.70
8
Brewster-Bartell Drilling
suggested
in
her
He wrote, "During the
you
have had a
increase in your ^capital and
your
; 6.5
toys and educational
teaching aids
customer who wanted
a
know the
changes
portfolio.
past five
a
151/2
appaiei
Co.
little
a
"
Games,
handicap in-
a
ment-important changes
TEXAS
Beam
on
than
0.82
411/2,t.3.4
>
Puritas Waters,
Corp
Precision
cus¬
left the details
Sometimes
knowledge
ing
in
if
3.4
financing
Barden
Often the
off
6
;
who
your
it's
be
well
1.00
7
Marine
the
stivice
Co
Inc.
Auto
31
Snjv.ce
Bottled drinking water
Atlas Finance Co
qualified and reliable salesman
values his business and
a
The
If
Washanle
de¬
1.40
5
Line, Ltd.—_
Uniform
Arrowhead &
Then he
and
Dec. 31,
1959
;
Inwir.n-i'
Trans-Pacilie
Angelica
it
From that time
salesman
tomer have difficulties.
40%
happy
a
that he is in this position he
wants
book, told him about
up
Order
interest in
an
very
investment
asking questions about
bonds
friend
when
even
ending and possibly it will.
satisfactory.
customer, however, was a
staunch believer in
knowing
everything possible when it was
an
important matter to him. He
salesman friend
offer
This story should have
It
This
began by
to
salesman
Then
some¬
at
bonds.
willing
bargain.
a
both
the
all
digging and effort at the price he
was
:<
1.05
9
Diversified
self-qualified and ad¬
a
mitted expert.
him;
not
hardly worth
were
modified
a
on
Paymts. to
Dec. 31,
1959
31,
1959
6
.
American Mail
he
but
case
lion
Based
.
Corp.
-
Controlled
unusual
an
advice and good service.
becomes
too long; the cov¬
were
was
Should Be
is
Corp
healing equipment
Home
Assurance
co..
American
can
now
Thermal
Holding
gree.
A customer goes along and
is satisfied with his results.
Every- ^
one
benefits.
He
obtains
good
invest.
to
not for
were
adequate; there
every few months were better bonds
available; the
to
an
attorney who had some "ratings were too
low; the market
extra income to invest and who
was
too high; the Treasury was
was in the high tax bracket. This
going to do some financing, etc.
was
a
very friendly relationship
Eventually his small orders for
and at the beginning the
attorney five or ten bonds several times a
would
This
De:.
Quota-
$•
Allied
than I do."
more
happens often in
believed
time he had
every
Discount bonds
tax-free bonds
of bonds—but
Accounts
while he knew how to
a
relationship businesswise, his
activity now deteriorated into a
Conscientious
lot
a
12 Mos. to
Divs. Paid
give him.
customer that
a
% Yield
Extras for
secutive
expert.
an
friendly hassle
ago
buy
ant
—
can't
I
thinks he knows
information
your
wants
Con-
Years Cash
amount to something and who can
could
effort if
you
lot of time and
received
he
Approx.
Including
to
wants
I can't afford to
he is telling me what
The
trouble
is
that
wants.
Cash Dlvs.
do.
I
as
he
45
page
No
he
price
a
Continued from
many
now
much
offer
I
so
that
as
At last I have
intelligent
to be the proper price of the bonds
he was buying. Instead of a pleas¬
too good a teacher.
account
excellent
an
a
very
knew that
a
and
perience, he fell into quite a trap
with a customer
just by being
years
was
and
who
After
and has held high
positions with banks as well as
investment firms. Despite his ex¬
an
He
he
figure the yields, compare valuesy
years
opened
know.
you
from
following tale to me
experienced bond sales¬
He Was
what
this
save
the
Some
bond
buy at
student,
man.
many
Every
sell it—and
fellow
can
who
man
the
to
security
a
sometimes
too
related
you
and
neophyte
bond
buyer learned the more he desired
strates the point that, although it
is advisable to have well educated
customers,
salesman,
market
about
Moody and Bond Buyer averages.
more
answered
questions
knows
List," sent him reports
bond
his
and
The
illu¬
week
the
on
life and experience. But when it
comes to learning, the
story I am
going
"Blue
my
literature
Thursday, April 7, 1960
.
The Over-the-Counter Market
;
Fills the Needs of All Investors
nor¬
a
.
.
Valley Mould & Iron
Commercial Shearing & Stamping
Federal Machine & Welder
Trinity Place, New York City.
Youngstown Foundry 8t Machine
Youngstown Research & Development
-
Form Mutual Plan Inv.
•
DL 196-197
Member New York Stcck
Exchange
& Midwest Stock
Exchange
American Stock
Exchange
VALDESE,
N. C.
Mutual Plan
Investments has been formed with
—
BUTLER, WICK & CO.
offices at 625 North
White Street
securities business.
Setzer is sole proprie¬
to engage in
(Associate)
Auburi/H.
tor.
He
UNION
a
was
Telephone
formerly associated
with Joe K. Matheson
and
Fund Associates.
NATIONAL
BANK
YOUNGSTOWN
BUILDING
3, 0H!0
Riverside 4-4351
Bell
Teletype YO-112
Sterling
r
Now
Underwriters
Dealers
Partnership
GREENVILLE, S. C. — Edgar M.
Norris & Co. has been
formed to
continue the investment
business
of Edgar M.
Norris, South Caro¬
lina
National
Bank
Building.
Partners
are
Edgar
M.
Distributors
general
Westheimer
growing with the
Dynamic Ohio Valley...
O
Norris,
CHICAGO
partner, and B. Q. Norris
j
MARION
1
I
O
LANCASTER
DAYTON
O
O
ATHENS
HAMILTON
Pforzheimer
Admit
to
GREENSBURGO
On
CINCINNATI
April 18th, Theodore H. Ball
become a partner in Carl
H
Pforzheimer
&
Co.,
25
O WASHINGTON C.H. O
|
iCL
will
r
°
0CHILUC^0THE
O HILLSBORO
CHARLESTON
JR9NTON
Broad
The First Cleveland
Street, New York City, members
Corporation
of the New York
Stock
Member Midwest Stock
Exchange
■
•
Telephone PRospect 1-1571
Canton
On
CLEVELAND 14, OHIO
.
Columbus
•
•
Sandusky
■
.
Teletype; CV
Toledo
April
14th,
members of
.
Exchange.
326
To Form Schenker
Bros.
National City E. 6th
Building
&
443
.
Exchange,
offices
-
CV 444
at
the
Schenker
New
will
15
York City.
son
Youngstown
H
I
limited partner.
Municipal and Corporation Securities
...
be
Broad
Bros.,
York
Street,
New
Stock
Partners will be Gerwill acquire a
the
New
York
in
Exchange,
Schenker.
.
.
,
Teletype:
with
Schenker, who
membership
Telephone:
Stock
formed
and
'
Josef
.
.
Walnut Street
-
Cincinnati 2, Ohio
UNDERWRITERS
—
Members Principal
Exchanges
NEW
MAin
DISTRIBUTORS
—
YORK-CINCINNATI
Direct
Wire:
1-0560
/. CI 585, CI
—
232
DEALERS
Hayden, Stone & Co.
TELEPHONE:
WOrth
6-2115
Volume
Number 5940
191
.
.
.
The Commercial
and Financial Chronicle
(1535)
The Over-the-Counter Market
Fills the Needs of All Investors
Cash Divs.
Approx.
Including
No. Consecutive
% Yield
Extras for
12 Mos. to
Years Cash
Dec.
hiut
Divs. Pain
Paid
Quota-
Based
tion
31,
Paymts. to
Dec. 31,
Dec. 31,
IQSU
1959
on
1959
1959
The Cost of "Make Work"
No Longer Can Be Afforded
Continued from page 25
main track. The
work
;
21
5.5
=7
Operating public utility
0.40
40
1.0
until
-
Insurance Co
Craftsman
1.16
Diversified insurance
9
Laval Steam Turbine Co.
De
Turbines,
etc.
pumps,
'*
*•":
0.80
25%
3.1
yard crew could be secured
other place in the terminal to set the brakes.
Diebold, Inc
—-—
--
"41%
1.4
members
equipment and bank vault
Office
products
'
ous
Di-Noc Chemical Arts, Inc—
plastics
of
Manufacturers
photographic materials,
wood grain finishes
East Tennessee
2.0
r-
8
+
0.75
17%
"J ^
V'. r
•
tried
4.2
,
6
0.60
8
i;
5.5
0.40
17%
2.3
5
0.25
16
1.6
7
traffic
11
0.10
6
1.7
signal!
Horn Coal Co
coal
Soft
8
coffee
roast
Wholesale
lated
the
on
^°rvfIerAme
and
products
Soup bases,
0.50
which
than
What
4.4
11%
seasoning compounds,
to
the
and
gas.
6
air
0.30
5
0.40
16
distributor
and
f0.48
2.2
21%
railroads
payment
for work
Have
per-
Done
Productivity
do
not
outmoded
productivity.
substantiail
of
tion
complete
to possible
t Ad-usted for stock dividends
as
longer record,
Continued
on
page
the
union
retired
United
contend
work
rules
We have made
strides
in
that
direc-
48
of
equipment, better operat-
ing methods, and the like.
The significant
thing is that the
increased
productivity
has -not
been
sufficient
creased
costs,
to
meet
recently,
has
encouraged the
leading companies in the coal industry to resort to modernization,
We
are
not
trying to keep
men
in
learned
driving
his
a
lesson after
industry
into
and
barrier
against
outmoded
our
work rules have been
a
If
we
that
drive
price
consequences of "paid idleness."
When
I
that
say
"make work"
the cost
be
cannot
longer in this country I do
mean
necessarily that the victory against waste will be won at
the bargaining table. But I do
say
that if America ever finds itself
not
saddled with
an overf at and
sluggish economy caused by waste
and inefficiencies, the people will
demand that the Government take
action. That action is likely
sluggishness of his
look back to lost opportunities
inactivity,
own
he is not prepared to
grapple with
-t
American labor is the one re-
maining unit in
still
benefits
may
own
—
adjust
their
differences
ably through collective bargaining
society that and realize that what they thought
almost unre- were tremendous victories have
from
cost them their right of self-de-
termination. If labor and
m^ut
manage-
negotiation to free their
use
labor can hope for no more than agreements from the continuous
temporary victories in their effort accumulation of silt, together they
to bring to tomorrow the practices can move forward to a decade of
of
yesterday.
There
are
three abundance. If they don't, they will
be buried in the silt and somebody else will have to dredge the
the elimination of featherbedding. channel.
They
*
(1)
are:
The aggressive manufactur-
ing economy of the Soviet Union
,b? ,Mrr °Iam befoke tb?
M
BoJlo™ mI°s.?m"rch 17" wso"
Mi tUU
'
£"'■
''
IJV
&£3!'.M
Ifilz.|
1
||
"
.
..
(jj
in
issues
a
and
wide
variety of unlisted
purchasing blocks for
our own
TkM
•
I
ni
-
v,C■■
,
'
JOr
m
•
377%
,
OVER-THE-COUNTER ISSUES
during this
absolute
climbed 21% since 1922, while to¬
tal costs went up 30%.
In other
than
more
23%
IL©nwa
revenues
during
SCHERCK, RICHTER COMPANY
tivity
and
this
the
rise
INVESTMENT
225
in
prices.
MEMBER MIDWEST STOCK EXCHANGE
EAST
MASON
MEMBERS
The
operating
employees,
who
the chief beneficiaries of these
are
ST. LOUIS 2, MO.
despite
&
§1
INCORPORATED
interval of years, despite the tre¬
mendous improvement in produc¬
OFFICES
AND
II
II
SECURITIES
ST..
MILWAUKEE
2
NEW YORK STOCK EXCHANGE
OTHER PRINCIPAL EXCHANGES
REPRESENTATIVES
THROUGHOUT
WISCONSIN
featherbedding rules, have been
quite successful in artificially pre¬
serving jobs.
it.
In
The
the
1958
statistics
show
engine and
train
service employees on the railroads
numbered 67% of their 1922 figure
compared with only 45% for
PRIMARY
MARKETS
IN
non-
operating
employees.,', Since the
II, the produc¬
tivity of the operating employees
end of World War
All States
Freight, Inc.
Ohio Crankshaft Company
"
—still measured in
American MonoRail Company
American Sterilizer Co.
Park Drop Forge Company
.
Penton Publishing Company
.
Bloch Bros. Tobacco
Company
Rand Development Corporation
enue
Erie Resistor
Corporation
Roadway Express, Inc.
Halle Bros.
Company
Steel Improvement & Forge Co.
Stouffer Corporation
„
Harris Calorific
Company
Tokheim Corporation
terms
of
GROWING with the
rev¬
Pacific Northwest
traffic units per hour worked
—increased only 24%%, while the
productivity of the non-operating
employees went
up
73%%. In
these
Franklin Electric Co., Inc.
same
years
the
operating
employees
163%%, or more than six
much
as
evident.
forced
their
as
these
From
The
to
During 1959, the number of telephones
the earnings of
figures
served
rose
productivity;
truth is
of which 90 per cent are dial
operated.
one
railroads
used
have been
■
spend money for oper¬
more
Inquiries Invited
featherbedding
tablished
to
emotional
FULTON, REID & CO., INC.
X186
Union Commerce
Telephone CHerry 1-1920
Bldg., Cleveland 14, Ohio
ers
who
behind
a
Annual Report
hope
against
too clearly
obscured
reaction
to
of
by
labor
hide
the
•
.
Teletype CV 83
are
that growth will continue
our
service
The
areas.
Company is classed
as
the 11th
largest of the 4,000 Independent
es¬
the
Telephone Companies in the nation.
lead¬
issue
smokescreen of question-
dodging counter accusations
—
as
ing to do. It is a very real problem
and must be met realistically. If
labor
on
Indications
throughout
request
WEST COAST TELEPHONE Company
the railroad unions have been try¬
...
1959
available
case
is
be
Copies of
our
productively.
railroads'
The
by West Coast Telephone Company
increased from 163,500 to
174,700,
times
ating jobs which should have been
United Screw & Bolt Corporation
\
S3
same period.
terms, total operat¬
ing revenues per traffic unit have
In
retail
by
MAINTAIN
M
But wages have climbed
words, costs have outrun
WE
■
ft
(J
/»
1
if
<
|
"1
274.8%.
distribution.
320 N. FOURTH ST.
.
W is cousin Market rlace
'the basis of bare physical
output—the figures are startling.
Since 1922, revenue traffic units
per hour worked have increased
always interested in
are
ITT"*
it—on
making close and sizeable position
markets in
if
^
.
§
you
on
ure
to
reason-
our
stricted monopolistic power. DesjMte this power—political, economic, and social—the leaders of
the proper way to measproductivity. But measuring
it the way the unions like to do
know,
We Specialize
come
day in the late 1960's or early
1970's when union leaders will
a
f
our
to be
harsh and arbitrary and may
severely hurt, if not destroy, both
free management and free labor,
^ ^ls happens, there
real handi-
efforts to hold
our
of
tolerated
much
.
in
cap
with subsidized
competitors.
There is disagreement, as
of
our¬
out
significant
a
achieving
goal. They have been
competitive
^ aSainsf change. The monopolist
is> *n *act> the arch conservative.
jje fears change because in the
in-
our
The
selves
Mine
through greater mechanization,
improved
machinery
and increasingly important factors that
equipment, more efficient utiliza- are working inevitably toward
products
Datails not
prac-
tion
7
Manufacturer
or
require
Higher
these
and
2.5
"Our
lately
commented
almost
completely stultified their
efforts to increase their
efficiency
2.7
11V4
Workers,
leader who
have
conditioners
Frito Co.
*
1.1
88
Gulf Coast
Frigikar Corp.
food
1.00
accident & health
Fifteen Oil Co.
Auto
that
6
Mich.)
(Battle Creek,
of
excess
t
rules
Railroads
Secure
The
0
Casualty Co.
President
safety,
of
.
etc.
Federal Life &
Oil
of
use
once
jormea.
v
7
„77
all
more
5.5
71/4
Lewis,
-
tices
0.49
L.
^W York Public oblivion.
fhfs are.fm^n? to'^-Mtrehvnf nrt n'ff
The most striking symptom of
after a lengthv investieatinnthat sickness in a monopoly is a franthere is noreasonablerelaHomhfn
tic attemPl °f the exercisers of a
between such requirements "and monoPolistic
power to preserve
re¬
Fearn Foods Inc
Life,
mainte-
(2)
foreign nations.
<
John
,
grounds
(6) Eliminate
etc.
Brothers Co
Farmer
track
.
safety.
Fairbanks Co.
Valves,
in
justify the
men
-■■'•/"'i
vari-
America.
can
mines just to retain jobs." This is
u^*ons have always a realistic statement by a labor
-
.|?e,ra ,0^
to
>.
Natural Gas
and
n,/10,710?'
and
of equipment such
used
is
trains
on
pieces
as
•-
Industries, Inc
pumps
27
and
Co.
Supplies Oak Ridge
Mfrs.
0.53 ;v
in South
Variety chain
Eastern
6
lacquer
Eagle Stores Company, Inc—
Elk
10.57
some
Eliminate rules which require
the use of unneeded crew
'
6
to yard men and
should have waited
men
a
from
(5)
..
.
theory is that this
belonged
the road
8
Corning Natural Gas Corp.__
whose stated objective is to over¬
take
the ' production - effort
of
of world
markets, the
hope for is postpone- effect on our economy will be
ment of the inevitable and at last severe,
a forced draft solution of a greatly
(3) The changing attitude of the
enlarged problem, probably by public. The
average American is
Government fiat.
;
beginning to see first-hand the
best,it
:
47
refuses
to
face
reality, the
300
MONTGOMERY
STREET
•
SAN
FRANCISCO
4,
CALIFORNIA
48
(1536)
The Commercial and Financial Chronicle
"
^
.
.
Thursday, April 7, 1960
.
/'
"
.■
'
'
'
'
i'V1'
.
The Over-the-Counter Market
'
'■
':
"
'i
Cash Divs.
.•'.J.
No. Consecutive
Fills the Needs of All Investors
Dec.
Divs. Paid
No. Con-
Extras for
secutive
Quota-
12 Mos. to
Years Cash
tion
Dec. 31,
1959
Divs. Paid
Paymts. to
Dec. 31,
Dec. 31,
1959
7
Glitsch (Fritz W.) & Sons, Inc.
0.80
39
6%
2.1
9
1.03
201/4
5.1
Property
gas
0.70
125.7
,
.
Grolier Society, Inc
7
"Encyclopedia Americana"
and
,
.
v
'/v
Hagerstown Gas Co
Natural
0.60
9
7
Printing,
publishing
schools
81
1.25
30
V
54%
14V4
5.6
0.80
8
0.40
5%
9
real
0.40
58%
0.45
8%
5.5
0.25
5%
4.5
.7
0.60
m
7.3
0.25
3%
7.1
Ohio
1.50
45
8
1.35
and
Niagara
16
National
77.
0.40
2.7
WASHINGTON
32
1.60
:
5.0
0.72
9
cu
0.25
1
.
on/
0.95
9
24/2
i
in-
4.u
STOCK
and
6
1.75
cam¬
20
4.0
1.4
.
r
A8
:
0.30 /
7
17%
0.15
/ 1.7
8
1.9
V,
t
7
.
**.■' /
'
*
;.;
'.M-
t
•>-
Class B—
8
0.28 ,5'
■
'
,
4%
5.7
%
-
0.45
9
0.10
8
f0.04
12
5
f0.65
•
27%
2.4
-29%
3.4
>
5
1.00
r
;
7 >
i.50
43
3.5
5
0.40
22%
1.8
6
0.50
33
1.5
9
1.05
30-
3.5
9
2.00 * 130
1.5
8
0.15
2.7
Bldg., Cleveland; /"
equipment
Smith & Wesson, Inc....—™
Pistols and revolvers'
Electric utility
3.8
Southland Paper Mills,,Inc—
1%
5.3
Standard
23/
•
/4
1
possible longer record,
splits, etc.
Commercial
Tobacco Co.
c
A,°
5%
Tobacco merchandising
•
"*
*
Details not complete as to possible longer
t Adjusted for stock dividends, splits, etc.
Stock Offered
record,
*
Philadelphia
Corp.
and
Planning Corp., pursuant
prospectus
a
per
at
a
dated
March
T. NELSON Q'ROURKE, INC.
29,
stock (par one cent) at
$1
share. The stock sold quickly
corporation
was
organized
March
18, 1958 under New
York State law, and is located at
19 Warren Place, Mount
Vernon,
N. Y. Since April
1958, when it
DEALERS
commenced
operations,
the
533 Seabreeze Boulevard
DAYTONA BEACH,
*
FLORIDA
cor¬
poration has been in the business
Tel.; CLinton 2-5571
Tele.:
DB
80
of
developing, manufacturing and
selling selenium rectifiers.
The
of the present offering is
con¬
$12,300
by
obtaining additional capital of up
to $159,000
through the sale of its
Telephone Company
to more than
155,000 telephones in diverse
areas
of
to
securities
largest of the nation's almost
4,000 Independent Telephone Companies.
divisions, located in parts of
Los
Angeles County, portions of San Diego
County, and on the Monterey Peninsula,
to
an
to
of
an
the
the
public,
NEW
corporation
additional field of
manufacture
silicon
and
INSURANCE STOCKS
devices,
rectifiers
and
transistors.
Government-Mnnicipal-Corporato
Securities
Hayden, Stone Branch
CORAL
YORK
the
semi-conductor
principally
BALTIMORE
in
GABLES,
Fla.—Hayden,
Stone & Co.
has opened a branch
office at 295 Alhambra Circle
un¬
der the management of Manton
E.
Harwood.
Dealers
Underwriters
—
—
Brokers
estimated
population of 240,000 in those rapidly
growing areas.
Old
Colony Sees. Corp.
STONEHAM, Mass.
Securities
formed
Street
Telephone Company
4,
CALIFORNIA
to
offices
engage
in
Officers
Stone,
Old
at
a
1
has
468
Old
was
Established
been
Main
securities
are
John C. Legg & Company
Colony
Martin
President
Sumner H.
Mr. Stone
of
—
Corporation
with
business.
and
FRANCISCO
to
enable
enter
sale
Southern California. This
forward-looking,
locally managed telephone company now
provide water service
Investment Securities
premium.
The
Municipal Dept. WA 25
provides modern service
SAN
-
rentals
Electric
Operating public utility
.
614 Superior Co.™-™^™-
,
Corp.
to
as
business,
i:8
0.10 /:: 7
V'; '
5
.
/
GROWING company
•
18%
•
f0.79
-
Newsprint
order
STREET
2.6
•
Southern Nevada Power Co.
California Water &
MONTGOMERY
9%
'110.33
7
& Power
Co.———
/
v
on
Alexandria, Va.
Water &
6.0
Advertising
own
CALIFORNIA
29
heavy duty
complete
EXCHANGE
(Associate)
Profile of a
request
0.25
;
6
/
Sprague Engineering Corp.—_
."
advertising
to
Washington 5, D. C.
Our water
Savannah
; * ..Rockefeller
•:
augment the corporation's
tributed
capital
of
available
.
Personal Joanav.
Ont^
1.00
to
Report
8
vv
.
.
Ritter Finance Co.*
48
.
Co
purpose
M Copies of our
..
—
Interstate trucking;
9
,
DISTRIBUTORS
ranks 12th
rubber •specialties
fastening devices
Aircraft
United
Telephone: STerling 3-3130
m
-
,
44.
publicly offered 225,000 shares of
Britton
Electronics
Corp. com¬
Teletype: Trading Dept. WA 28, 95 & 509 /
on
;
-
.
First
1920
BOSTON STOCK EXCHANGE
TUEPH0NE COMPART
.
page
Britton Elect.
Wire to
PHILADELPHIA-BALTIMORE
1959 Annual
*-
.
*
t Adjusted for stock dividends,
MEMBER
CALIFORNIA WAUR i
4.2
on
Manufacturing
electronic. ,par-t«.
.and
components,'.variable
con- s:densors, auto push button ^liners,' '
military<tuners.
'.
*
>.
..
.
*
•
crankshafts,
Diesel
mon
Office:
and
Radio-Condenser Co.
."'v.
Details not
Johnston, Lemon & Co.
Branch
2V/2
8
;
advertisement
Portable tools
Metal
o
-
Inc.Jtrl—
1959
Laundry equipment
♦
SECURITIES
ESTABLISHED
Southern Building,
f0.91
g
' Machinery,
Inc
; Pumps, valves, etc.
""
K
.
8
ff-:
Pantex Manufacturing
"
-
Company's
5.2
1172
Trailers
5.5
7%
Carl M. Loeb, Rhoades & Co.,
our New York
Correspondent
UNDERWRITERS
3.5
:
7
Palace Corp.
Firm Markets In
,
42%
and -eabh
Portable electric tools
8.2,
72
Co.:
Cranberry
changed
in
name
Crankshaft
Outdoor
2.10
complete as to possible longer record,
t Adjusted for stock dividends, splits, etc.
'
1.50
-
Co.
not
!
*6;
•
—~
wire-
Prestole Corp.
.11>
0.60
Falls
-
products*
New
shafts for
^
'4
;
Ryder System, Inc.—
Pacific Outdoor
Direct Private
See
—
/>• /
5
'
9
4.0
Racine Hydraulics &
5
engines
chain
7
63
New Mexico
Portable Electric Tools, inc.-
3.3
V
Manufactures
products
3 00
#
products
Cranberry
Formerly
>
Marsh Steel & Aluminum Co.
Bell
5.2
products
Assn.
j
Details
23 V4
7
Ocean Spray Cranberries-.—
0.7
estate
2.50
I -~
distributor
gas
September,
Louisville Investment Co
7
Porter-Cable Machine Cd—
Co.
7.4
8
4.4
Fairfax Corp—
covered
Plastic
—™-.
screening
Buffalo
PlasUc
Steel
5
grocery
24
;
Northwest Plastics,
'7
Co
1.9
1.06
6.3
gas
West Texas &
Plastic
1.20
*
6.9
electric
Ley (Fred T.) & Co
•
metal
Natural
Pacific Coast
nuts1
171/2
8
160
market chain
super
CORP.
Northwestern Steel & Wire
aircraft
10.34
.
3,75
9
10.00
8
PLASTIC WIRE & C A B L E
q
■
Sale of water
4.2
1959
8
Plymouth Rubber Co.-™—-,
Northwest Natural Gas Co
mowers
Lee & Cady
Metal
q
3.9
.
lawn
N.Y.C.
25%
.
3.7
1959
Philadelphia apartment house
serves
i
Northport Water Works
4.9
home
and
Steel Corp
Wholesale
1.00
8
System; Inc.
Serves
25%
3.00
| •Vv
9
Kelling Nut Co
.
1.26
;
9
Manufacturing Co.-
on
v
Niagara Frontier Transit
4.0
Vj;-
v
Jack & Heintz, Inc
Edible
i:
on
and
Treasurer,
Woodrow, clerk.
formerly proprietor
Colony Investment Co..
1899
Members
New York Stock
Exchange
American Stock
Philadelphia-Baltimore
Boston Stock
Direct Wires
Stock
Exchange (AssocJ
Exchange
Exchange (Assoc.)
to all
principal cities
to
Dec. 31,
estate
Pioneer Natural Gas Co
<
DO.U
'
7
(Northport, N. Y.)_
International Textbook Co—
Leader
7
N. Y. Wire Cloth Co
3.8
products
paper
..
Power
Mortgage financing;
■
Coke
equipment-
A
0
.
5.4
15
Paymts.
distributor
gas
2%
<
Indiana Gas & Chemical Co—
Manufactures
o
1.12
;
Thoroughbred horse racing
Insect
tion
Dec 31,
/.-v
14%
0.10
stores
Natural gas producer
Kaiser
0.78
7
women's
and
9
interests
Mutual Mortgage &
Investment Co...
w
.
/
Oil Co., Ltd.
'.
Hugoton Production Co—-—
Jacobsen
s
real
Philadelphia
Monmouth Park Jockey Club,
Common and VTC
3.1
-
C.
Natural
12 0
products
•,
Teller
paper
study
'
-
.
A
6
chemical
Hudson Pulp & Paper Corp.,
Class A
Pulp,
-
supplier.
gas
Hoving Corp.
Bonwit
-
v
9
Hood Chemical Co
Household
33%
1.05
-
f>
0.60
l
natural -gas
Knowledge"
5
Natural gas distributor
of
Y.
N.
Regional
Mississippi Valley Gas Co
9
Q 9
**
equip¬
Michigan Gas Utilities Co
m
Distributor
973/.
** /4
f0.90
penn Frull Co> lnc.
—
Based
>
system
Eagle
Ordinary
3.8
0.25
8
Greenwich Gas Co
of
lubrication
transport
Natural
Book
1959
-
Vermont
"The
12 Mos. to
Petersburg Hopewell Gas Co.
Local
3.8
financing
—
secutive
,
Quota-
Y£?rs cDas.h. Dec 31,
Divs. Paid
1959
Industrial
Memphis Transit Co
17 %
fO.67
7
Green Mountain Power Corp.
utility
presses,
machinery,
Refining equipment
and
1959
•
% Yield
Extras for
Park-Lexington Co
9
—
curing
Mexican
electric
Paymts. to
Dec. 31,
ment
1959
cement
Government Employees Corp.
Publlo
Co
ing
Tire
$
Giant Portland Cement Co.—
utility,
31,
Approx.
Including
„
No. Con-
on
McNeil Machine & Engineer¬
Approx.
% Yield
Based on
Including
Public
tion
Dec.
Based
%
Cash Divs.
Auto
Quota-
1959
Continued from page 47
Portland
31,
Cash Divs.
_,
12 Mos. to
Years Cash
•
■
.
Extras for
/
v
% Yield
Including
,
,
Approx.
Number 5940
191
Volume
.
.The Commercial and Financial Chronicle
.
Over-the-Counter Market
Fills the Needs of All Investors
Difference Between Listed and
The
Cash Divs.
Con¬
secutive
12 Mos. to
Dec.
Divs. Paid
The
% Yield
Extras for
Years Cash
Over-the-Counter Trading
Approx.
Including
No
Quota-
Based
tion
Paymts.
Dec.
31,
1959
31,
on
1959
bids
$
Standard Milling Co.
0.20
5%
3.6
4.00
ing Co.
coated
bond* *
twner.
former
Steak 'n
Statler
90
5
0.95
v..
traded
0.30
Title
8
5*4
0.60
Inc
71/2
8.0
7'%:
4.0
concrete
.
8Vt
Guarantee Co. (N. Y.) —
nut
1.31
:
26%
*7
Fire
1.50
24Vs
Gas
Line Corp.
natural
:V
22Va
4.5
pipeline
gas
system
States Life Insurance
Y
United
Co. in the City of N.
Life, accident, health and
United States
0.15
44
44%
2.7
0.70
71/8
9.8
The Over-the-Counter Market
is
(Del.)
Urban
Co
1.00
16
interest themselves in
6.3
•
Toiletries
Co._-
0.65
0.36
77/8
some
3.8
them
communicate
4.6
171/4
taneously
Operating public utility
Western Utilities
company
Corp
and
,
t
can
to
as
Thus many
possible longer
wish
not
to
securities
which other
might have
inventory positions in the
assume
involved.
It
dealers
his
is
in
business
parts of the country
buying interest in a given security.
a
One, five, ten, fifty or more over-the-counter
dealers in different parts of the
country may
often
market for
a
un¬
with
each
other
private telegraph
their disposal.
instan¬
wiresor
individuals
who
may
believed to
are
have a buying or selling interest in the instant
security, or investors who might be induced to
buy.
The process of
and
sellers
is
constantly seeking out buyers
characteristic
Counter Market.
of
the
Over-the-
;v/•;■.'//A':r/'/
detroit
Simpson With
Dempsey Tegeler
in
michigan
have
we
27
A major characteristic, too, of the "counter"
market is negotiation. If a gap in
price exists
after
die.
the
a
prospect is found, the transaction does not
Instead
of
a
negotiation ensues. The mere exist¬
buy or sell order is/the incentive for
"counter"
dealer
to
find
the
opposite. The
Continued
on
correspondent bank
Bank Offices
/
facilities V
DENVER, Colo.—Bryan E. Simp¬
has
son
be¬
YOUR
come
associ¬
ated
AT
with
BANK ofthe COMMONWEALTH
Resources
Reserve Sys/em
$354,000,000.00
ings
Mr.
formerly
CALIFORNIA
conhis
ducted
invest¬
ment
Insurance
MICHIGAN
DEALERS IN
Sav¬
Building.
Simpson
/own
Member Federal
Deposit
DETROIT,
AND
DempseyTegeler & Co.,
SERVICE
Midland
Member Federal
UNDERWRITERS
(Special to The Financial Chronicle)
have excellent
business
in
MUNICIPAL
Denver for
many
years
under
the
of
name
E.
B.
BONDS
Simpson & Co.
Dudley F.
Bryan E. Simpson
Taylor has also been added to the
staff
of
Coast
Election
Dempsey-Tegeler
&
Co.
Exchange Member
of
Robert
A.
Gageby to
represent the new member firm of
Specialists in Western Securities
^ BROKERS
^ DEALERS
Thomas Jay, Winston &
to
t
\ \
Co., Inc.,
membership in the Pacific Coast
Stock Exchange through purchase
of a membership in the Los An¬
geles
►
UNDERWRITERS
Division, effective April 4,
1960, has been announced by Wil¬
H. Jones, Chairman of the
^ DISTRIBUTORS
liam
►
MERGERS and
►
MUNICIPAL UNDERWRITINGS and
} ADVISORY
► MARKETS
Board.
REORGANIZATIONS
DISTRIBUTIONS
SERVICE TO MUNICIPALITIES
Thomas Jay, Winston & Co., Inc.,
organized in January, 1960, to en¬
gage in the general securities bus¬
iness, has offices at 9235 Wilshire
Boulevard, Beverly Hills, Calif.
Officers
IN LEADING
OVER-THE-COUNTER
of
the
firm
are
Milton
A.
Gageby, Vice-President and Sec¬
retary; and Harry W. Snow, Treas.
Toboco,
SECURITIES
President;
Robert
First Western Bank
AND TRUST COMPANY
F. K.
Our
40th Year
Members: New York Stock Exchange • Pacific Coast Stock Exchange
American Stock Exchange (Associate)
and other
principal security and commodity exchanges
100
York
Palo Alio
Kerpen Co.
F. K. Kerpen & Co., Inc. is now
conducting its business as special¬
ists
in
mutual
at 7 West
funds from
405
Fresno
Sacramento
Honolulu
:
Los Angeles
Salt Lake City
Monterey
Oakland
and
M.
•
C.
Treasurer.
Kerpen,
Mr.
Secretary-
San Jose
Santa Barbara
Santa Rosa
merly
a
Investors
Teletype: SF 520
group
Kerpen
manager
was
for¬
of First
Corporation with which
he had been associated since 1952.
-'J'/;./, -I'
556 S. Spring Street, Los Angeles
•
'»
•
Eighth Street, New York
City. Fred K. Kerpen is President,
Montgomery St. SAN FRANCISCO 4 SUtter 1-5600
Montgomery Street, San Francisco
EXbrook 7-2022
offices
/
"
ence
over-the-counter dealer-brokers, in
instance, will be doing business
(either locally or in other cities),
include
B.
ta
know
to
all
New York, for
record.
IN
we
tremendous
through
other facilities at
publishing
Adjusted for stock dividends, splits, etc.
Details not complete
a
listed stocks and bonds. Most of
telephone directories
*
are
making
listed and
Western Kentucky Gas
Holding
quite different. Here there
number of dealer firms from coast to coast that
bus lines
Weco Products
counter dealer must find contra-orders if he does
On the Over-the-Counter Market the situation
Sugar production
United Transit Co.
competition, the spread between the
figures on more active stocks
is quite narrow. In less active stocks the over-the-
contacts
0.3
1.20
9
you
Because of
bid and the asked
interest themselves in
"making a market" for a
given unlisted security. Prospects known to the
first dealer, or known to those other dealers he
group
Sugar Corp—
words, if
integral part of
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.
their
The continuity of any market thus created is
largely dependent upon his financial resources
and his willingness to thus risk his own
money.
6.2
Pipe
fl.00
Interstate
are
wanted to sell 100 shares
specialist had no order from
anyone else to buy that stock, he himself would
be expected to enter a reasonable bid on his own.
casualty
&
'
Seattle and other
an
of XYZ stock and the
General Insurance
Co
Transcontinental
>A.;
'«
where less active securities
cases
on an
In other
J 4.9
luaui
Toronto
auc¬
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.
5.7
0.30
Discount Corp
and
it. Genuine
on
,
In those
14.9
properties
Shake, inc
Texas Industries,
Aggregate, cement
products
.,
offerings of potential purchasers and
in it.
4.4
6%
financing
Auto
and
exchange
marketing in a security cannot be main¬
tained, however, unless there is sufficient activity
Restaurant chain
Sterling
stock
a
,
Hotels Delaware Corp.
Owns
because
tion
Standard Paper ManuiacturSulphite
market
focal point for the concentration of
a
sellers for all securities listed
Class B, voting--—
Flour
grain and charcoal
ctatler
auction
an
provides
Angeles, San Francisco,
cities from coast to coast. As
as
49
throughout the day with other dealer-brokers in
Boston, New Orleans, Chicago, St. Louis, Denver,
Los
exchange market is often referred to
to
Dec. 31,
1959
(1537)
MAdison 9-4381
•
,
-
...
■;
v
page
50
Difference Between Listed and
Josephthal 50th Anniversary
"
Over-the-Counter Trading
Continued from page 49
Ovet-the-Counter
Market
thus
has
physical
no
limitations.
As
any
up
a
practical matter, though, individuals in
city of 100,000 or more can frequently pick
a phone and call a dealer-broker and get an
execution on an order for an unlisted
security
momentarily—often while the call is progressing.
.
Some "Counter" dealers sell
directly to inves¬
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
tors themselves.
In other
cases
investor clientele.
Numerous
exchange firms also deal in over-the-
counter securities and
any that do not must
from or sell to an over-the-counter dealer to
cute customers'
orders for unlisted securities.
Many listed securities, too,
counter when the blocks
quick orderly sale
enumerated
are
sold over-the-
too
are
on an
An investor need not
intricacies
buy
exe¬
large to make
exchange possible.
in Wall Street, the em¬
Co., 120 Broadway, New
a
50th Anniversary Dinner
to the partners on March 16.
A plaque was pre¬
sented commemorating the event...
;A'
since his
dealer-
broker will obtain current market
quotations on
any 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
vestor.
On
distinct
a
advantage to the in¬
exchange, securities can only be
an
sold in New York between the hours
of 10:00 and
3:30; in the Midwest between 9:00 and
2:30, and
2:30.
ties
However, in
can
most instances unlisted securi¬
be sold any
time between 9:00 and 5:00
in the
Midwest, and on the West Coast it's even
longer than that. Dealer-brokers in the Over-theCounter Market there
the
are on
the
job from 7:00 in
morning until 5:00 in the.afternoon.
Stock
Exchange Commission
Rates
an
hoped-for price movement and not for true in¬
vestment purposes, their interest
being merely
"where is the price
going and when.'!;;
price
on
on
as
well
as
the amount of his
to you
"net" basis
"as principal"
or
as it is termed in
the parlance
of the securities business.
This means his
profit
or loss is
included in the price he
quotes you and
there is no commission
charge shown on his con¬
firmation.
that
under
the
/
.
"exchange
auction-specialist system" the spread between bid
prices is close or narrow is no indication
and ask
that the investor
gets
good value when he buys
that the seller obtains a
price in keeping with
the intrinsic value of the stocks he
wishes to sell.
or
are
quick to recognize the
are two
totally dif¬
.
A
As pointed out
before, the assumption of inven¬
tory positions is an integral part of the over-thecounter dealers' task.
They must take the initia¬
com-f tive in
assuming such positions. Although they
your
buys from and sells
a
fact
mere
fact that prices and values
ferent things.
-
confirmation slip. On the other
hand the over-the-counter dealer
more often than
not
The
;<
exchange-broker executes an order
exchange-listed stock, he tells you
for you in an
the cost
mission
&
swings in lieu of "real economic
Many apparently buy stocks according to
Intelligent investors
vs.
Counter Dealer Charges
When
trend
short-term price
values.'!
the West Coast between the hours of
7:00 and
on
new
a
ployees of Josephthal
City, tendered
York
himself with the
concern
above,
Introducing
a
The
over-the-counter
dealer
usually
must be aware
of and responsive to the foibles
customers, they cannot without unwar¬
ranted hazard
buy securities for inventory pur¬
poses
unless they take
cognizance of basic
of their
-economic values.
Basic economic values
may appear somewhat
are nonetheless real.
They con¬
sist of mathematical and
non-mathematical ele¬
elusive, but they
acts* just as a merchant
does in other lines of busi¬
ness. In other fields
when you
buy a set of dining
ments.
the
its
room
furniture, a fountain pen or what have
you,
merchant sells it to
you at a flat price and
does not add
any commission thereto. So with the
"counter" dealer.
It is true that
often
than
exchange commission
not
over-the-counter
on.
the
An
important
services
of
sides
of
rates
more
lower than the
profit rates
dealers are
are
obliged to operate
reason
the
for this is the fact that
over-the-counter dealer, be¬
frequently necessitating his taking the risk
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-theCounter Market and listed
over-the-counter dealers
in
at
of
stock
exchange,
ordinarily lose interest
it, for they cannot make
rates
on
a
a
profit trading in it
comparable to the commission
exchange firms. Though the "counter"
charges
dealers'
profit rates may be somewhat
higher, they may
afford investors "better"
prices than the less
expensive service of
exchanges.
Values
For
one
thing, the basic
fact is that the
price
of over-the-counter
stocks is not swollen
by the
premium the public is
ordinarily willing to pay
for
Some insights as to the real value of
stock may be
gained by checking such
things as
earnings and dividend records, book value and
liquidating value.
tied
to
the
tem provide
tend to
a
center
ready vehicle for speculation
buying
and selling decisions
and
on
an
value may be
and
The
subject to
a
are
that
liquidating
largely of academic significance,
going to continue in
exist¬
-corporation may be capitalized
merically, but
non-numerical
not
without
Speculation
and
as
to
future products of
directors
a
and
of
certain extent.
individual
stocks without
regard
he may at times make
of
corporation.
and possible
on
the
numerically only to
a
purchases
to basic economic
values,
money, but sooner or later
he will book losses. And
although he may remain
"in the market" for an
extended
period, he
not do
so
Inventory Positions
So it is with the
over-the-counter dealer. If he
habitually
out of
assumes
inventory positions
at
Stock
prices
line with basic economic
values, the
eco¬
bond
and
com¬
Exchange, and American Stock Exchange.
„
•
v.
nomic forces will in due time exhaust his
and drive him from the
must be
which
scene.
capital
vFo?; survival .he
cognizant of the elements,, listed above,
determinants of the real value of the
are
securities
in which he, is
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 overtions.
His
the-counter dealers who take
important inventory
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.
Officers and directors of the 14,000 banks and
the
major insurance companies of the
when
buying
or
selling their
own
country
institution's
stock for their
own account do so almost
entirely
through over-the-counter dealers. Investment
officers, of these institutions, too, are continually
buying and selling government, municipal and
corporation bonds and stocks through "counter"
dealers for the account of their banks and
Just
com¬
V
panies.
as
you
get good
and values from both
ether lines of
indifferent treatment
or
large and small stores in
business,
so
counter dealers. It is not
it
is
with
over-the-
for a firm to
have a million dollars to be
thoroughly trust¬
worthy and to have good j udgment with respect
to investment values.
counter firm
or
necessary
Just be
sure
the over-the-
individual dealer you
doing business with
has
a
contemplate
good reputation.
no
and the
exaggeration to say that both exchanges
Over-the-Counter Market are vital to our
economic life.
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
wherewithal with which to
provide jobs for ever
more workers at ever less
human effort and at
ever more
an
asset to
of
it
is
remuneration.
Savings thereby become
society and not a problem. The beauty
that
the
capital needs of both big and
small business alike
If it
were
can¬
after his
capital is exhausted.
stock,
as
securities and rights, is a member of the New'York
acu¬
the
consistently
acts
brokers, specializing in unlisted, "When
Issued," railroad and public utility reorganization
nu¬
many
forcefulness
corporation will fare
firm, which
It is
to
the present
how
markets may be handled
an
reference
concepts. These include the
initiative, imagination
officers
When
fact
anticipated future average annual net
income of
men,
the
inexact science. And
if the
corporation is
ence.
exchange-listed securities.
listed stocks and the
Then, too, active
exchange stock ticker sys¬
But the first three of these
past,
accounting is
the
a
The
modity
can
not for the
be thus served.
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
reasons
or
corporations. This is
one
of the many
why it is socially important that those
engaged in the investment business thrive.
Volu
Number 5940
191
e
.
.
The Commercial and
.
Financial Chronicle
(1539)
column
your
last
week.
For
ex¬
instead of four electric
light companies being
>in/the top ten,' there are none
present.
Further, you said that
New England Electric System is
ROBERT
BY
E.
RICH
;'one of Harvard's top ten. Actually, the way we figure it, it is not
even
in the top
twenty, and is
exceeded in market value by
many
with financial subsidiaries
vising
•
Balance Indeed, Mr. Cabot
a Nice
A
.
.neu
m
of the other utilities in
Mr. Cabot says some„
.
now
thing of great value for
all:
us
" was also
said
Battle
,
TrpasLrtri'-. rr-h
rQhnt
n
i
Eaul C
FeUows of
President aqd Fellows ox shows
But
bia.
of the
Harvard
column thinks thehportfolio
balance, indeed.-
nice
ings of General Electric
even
manv
accuracies in
with Harvard.
had to do
it
>ays
render
.
satisfactory
a
service
relatively
to
small -17,000-share
in¬
Mr.
Cabot and Harvard.
you
feel about this portfolio, Mr.
nia or the 14,000-share reduction
conclusions on Fund Manager, and you, Mr. Ocan examination of Harvard s cost
casional Trader?
And let's not
of securities rather than their
confine this to the Back Bay, Wall
market value."
Not at^all—-the street and Main Street. Let us
in General Electric was the 100,000-share reduction (from 310,000
to 210,000) in Standard Oil of New
Jersey/ This multi-million-dollar
move reduced
Standard Oil of
he:
that you may have
"It appears
How
basis was share
total. The article
hear too from Old Eli, Nassau and
Mornineside Heights.
clear at the outsei. Yet
Mr. Cabot says: "To arrive at this
conclusion (top investments Of
Harvard) I assume that you have
been working with
book values
and not market values."
here's
of
I
of
Ao
is a
r*iw
Mr.
ft'
•
vastly
-which you discuased
.
.
.
of
,
market
value
many of the
'other utilities in
portfolio
for
Power
as
Harvard's
difference,
not
,
,
and
Florida-
our
this conclusion I
.....
,
u
II
that
eight
I
wonder
worthwhile
substantial
if
to
it
would
in
show
values
different conclusions can
reached when market values
.......
be
are
substituted for book values,
"Harvard
the
of
basis
current
market
of
insurance
the
companies with Channing brings
together one of the most dynamic
organizations in the mutual fund
industry
and
established
capital.
sales
financial
RESEARCH CORPORATION
division
throughout
of Canada, and in
business
In
the
Established 1930
120
Treasurer
March 28, I960
President and Fellows of
Harvard College,
ii 48
Dominion
the
of
mmmmmmxmmmsmm
financial
many
centers
addition
overseas.
the
insurancec
MUTUAL FUND
Wolverine-
ompanies
to
Chaninng Corp., combines ex¬
tensive
facilities
in
concept
economic
the
for
family
newest
business
and
planning, it was stated.
provide a bal¬
These facilities will
between life insurance
tection, fixed dollar saving,
ance
pro¬
aid
ownership of equities through the
media
of mutual funds.
I
Boston
nm
X
X
that
riodic
J
T7^
llG
Investors
in
in
addition
to
T)
4-
UIlClS lvGDOrt
X'
val-
r
17,000-
values, and here
are
what I
0f
Guiding Principles for life Underwriters and Investment Com-
con-
PotP lnprease in Standard Oil of sider to be Harvard's top ten inrinnt
a °^the 14,000-share re- vestments as of the end of its last
tho
nln 9eneraJ ';E1ectric was fiscal year/ended June 30, 1959.
panies." The N.A.I.C., is composed
0f 180 ' management investment
i nn
•ji
n/in);'
.
310f°00
to
sbare reduction (from
As a matter of interest I am also
including. the" next five largest
'
investments:
' /
z
21°,°00) in Standard
Jersey/ This multimillion-dollar move reduced
Standard Oil of New
Jersey from
s
dominant position as the No. 1
uil
ot
New
■
S?nt to the
PpJ!! f
and t p
and
Texac°, while
m
I.B.M.
a
inc.
c a very close third
International
Business
Standard
Co.
American Tel.
Christiana
8.,The
B.
P.
Oil
ciations
10.52
6.
-
11.
Middle
9.72
(California)-^.
:8.55
& Tel.
Securities
Goodrich
Co.__
7.83
Co
_
7.66
Co._
south
utilities, inc.——
Line is not the ;
mbst^aVnrAd If u?'
?:n2- U; Si steel corp.^__^—
men
wl I tavored of Harvard • 13. Gulf on corp..
on +7
U
'.
c°nrse, reported this 14- Union Electric Co.-—;
——
.6.34
■
second
the
basis of share
total
his table
makes clear
nniv
15. Ford Motor Co._
Ac
-
htnindvastly
This list is
it
more
than
4.5
The
composed of 801 affili-
a
with nearly
bers.
Machines
e:?o
point
is
NALU
10.89
(N. J.)
7.
putting
the
Standard Oil, Co.
5.
close fourth."
th!trQ5lbot ?lso. makes
Seaboard Air
Texaco,
3. 'General " 'Electric—
No. 2 invest-
with
'
million shareholder accounts.
a?ef? local lHe underwriter asso-
l.
2.
'4.
compaines
-
80,000 mem¬
Purpose of the statement is
to aid life underwriters and those
investment company
shares to "carry out their proper
responsibilities in their dealings
offering
With clients, with each other, with
other financial counselors, and
with the general public, so that
industries may continue, even
effectively, to cooperate in
544
our
5.29
more
—-
different list
.
The State"
the Publie interest'"
mutual fund salesmen and
tween
would
Affiliated
:
Income Fund
A mutual fund investing in a
list of securities for current
from your investment
ering financial
THE PARKER CORPORATION
cumulation
rated
Fund
possible
long-term
capital and
income
growth for its shareholders.
objectives
of
this
are
Prospectus
upon
life
underwriter
salesman
request
Lord, Abbett & Co.
—
Chicago
—
Atlanta
—
the
splitting
earn
was
bert
R.
demonstrated
Anderson,
Los Angeles
a
mutual
commis¬
by
Her¬
President
of
letter to partic¬
ipants of the Group Securities pe¬
riodic " investment plan accom¬
panying
the
mailing,
he
Incorpo¬
fund, has become effective.
action
marks
shares
of
time
first
the
fund
the
in
available for
been
The
annual
prospectus
t o 1 d
shareholders
FOR THE GROWTH
MINDED INVESTOR
nation,
purchase
pre-paid charge or contrac¬
a
basis.
tual
Parker
The
decision
of
free
The
distributor for In¬
corporated Investors, to authorize
this method of purchase of shares
of the fund constitutes a signifi¬
Corp.,
addition
cant
.
that
Investors,
Incorporated
mutual
have
on
"
200 Berkeley Street, Boston, Mass.
founded in 1925 and the third old¬
est
dealer.
Investors, Boston mutual
to
booklet-
prospectus
distribution
the
describes
system of the old-line Boston firm.
Previously, systematic investment
for
programs
rated
shares
Investors
of
Electronics-Electrical
only on single payment or volun¬
tary purchase basis from secu¬
rities dealers.
•*"
'':
.
#
*.
,■
Institutional Income
/
Equipment Shares
•
.
Fund, Inc.
of
Bell
Co.
of
Pennsylvania 5%s of 1994, Curtis
Publishing subordinate deben¬
tures
1986, General Acceptance
Co. 6s of 1980; Imperial Invest¬
ments Ltd. 6V2s of 1980, Montreal
Metropolitan Corp. sinking fund
debentures
Telephone
5%s
Transcontinental
of
Gas
1985
and
Pipe
Line
eliminated
American Telephone & Telegraph
5%s of 1986, Delaware Lackawranna,
Western
(Morris
&
Essex Division) 4-6s and Pacific
5.96%
preferred.
It
-
GROUP SECURITIES, INC.
An investment in the
growth
possibilities of selected
mon
ments:
'
Aviation-
Incorpo¬
available
were
ter it has made these new invest¬
Group Securities, Inc., 26-year-old
In
of
shares
ac¬
reports that during the past quar¬
The■>growing acceptance and
popularity of investing - as - you -
mutual fund.
New York
and
of
the
with the
vestment company shares
A prospectus on each fund is available
istration filed with the SEC, cov¬
in¬
and/or
income.
V;-
plans for
••
Incorporated
Financial Planning Corp.'s reg¬
.
client to pur¬
a
insurance
»
capital and income.
larly adding to their holdings.
one
sions.
Common Stock Investment Fund
Investment
life
fund
Fund
A
persuade
chase
"U
more
915 insti¬
tutions, fiduciaries and businesses
were
using this method of regu¬
'
whereby
underwriters
life
EST.1925
r
possible long-term growth of
investment plan,
.
small
W»'
A mutual fund investing in a
list of securities selected for
+.
i
I
'I
than
7,000 individuals investing
through the Group Securities pe¬
10, Mass.
./'••'•'v"
"
Incorporated
"the number of people investing
through the plan increased nearly
noted
_
^ rJ, clljS Jts holdings of Gen- ues, since at any time these inThe National Association of InII
c.tnc even when it was vestments can and often are con- vestment Companies ahd the Naof °r rf
•
,fke
Standard Oil verted into equivalent amounts of tional Association of Life Underthi
nia'
^c.e3 on:
cash. Market values in most cases writers have approved a revised
+h~
+i? - mare. significant move are vastly different from book version of their joint "Statement
man the
relatively
Broadway, New York 5, N.Y.
representatives
states,
and
Send
NATIONAL SECURITIES &
Mr.. Carton declared.
its
with
today for
and de¬
scriptive literature.
a broad area of the in¬
field, Mr. Van Strum and
Through
fund
Free Prospectus
companies
covering
surance,
mutual
a
securities selected for pos¬
sible long-term growth of
well-
of
group
a
insurance
is
1959," and "the market
value of plans now in effect ex¬
ceeds $13,000,000—an increase of
more
than
$4,500,000 over this
time
last
year."
In connection
with a recent study, Anderson
PAUL C. CABOT
that
values.
SERIES...
/;
Affiliation
55%
Yours very truly,
p :
believe that the proper
manner of analyzing an institution's investment* portfolio is on
U1uCV i? ls on firoo ground
Cai atfen^on to the fact
the column
stated:
market
STOCKS
dis¬
not
were
subsequent column how complete-
strongly
;
.
not
and
closed. 7
sale
a
Poweryou have be€n workin§" with book; 140 Federal Street,
Light."
n
most
ly
T_
assume
be
rather
this
to
the
of
Federal
Due
on an
cost of
futilities) among its leaders .... .
e?uabng th£ 01? tot?L To arr™e,
by
FlnrHn
examnlp
second
men," but the
oils and utilities.
,
in
"the
not heavily weighted"With
four electric power and
exceeded
not
Seaboard
_
securities rather than their market
For
.
is
Again,
Finally, I consider the top ten
as showing a nice balamong many industries—oil,
example, instead of vaiue. it is
my opinion that the
light com- latter,' i.e., market value is the
panies being In Uie top JO, there,
.significant factor..
are
none
present.
Further, .you
a
said that New England
Electric
Y°u stbat a/ for Harvard,
System is one of Harvard's top .10. *??
f
Pu.r
?1°?„sevei3
Actually, the way we figure it, it
'r^
is not even in the
top 20, and is v
S
no .Jes? }?an
r
umn.
Terms
in mutual fund shares and has di¬
ance
have based
you may
GROWTH
subsidiaries, Channing Corp. deals
investments
It
.
of your conclusions
examination
col-
with Harvard.
CO
,
that
aPPears
iw
a{^'£°me\
that
your
in
to
,,
«Thic
nntoc
*? ?•f fX,
different list from
fourth.
it
HATI0NAI
the
and
to
ninth.
(March 17) column in the
..
.
V
interested in reading your
it had
as
cdd-lot trader.
Co.
and
Casualty Co.,
announced
that
in
a
cash transaction, Chan¬
jointly
straight
rect
and
management,
of
below Tex¬
entitled "The Wise Money," electrical equipment office equiphut was rather upset by the many merit, chemicals, rails, rubber, telinaccuracies in this article as far ephone and electric utilities and
from fund manage? W
tuna manager to
pommurrtv
investment
a
close
Air Line
Commercial and Financial Chron-
the 'financial
to
interest
of Mr. Cabot's
1
favored of Harvard
was
recent
filcal yelr/surllyrtherwiil
be
text
Dear Mr. Rich:
what he con¬
15 top in¬
the end of its
last
the
letter:
No.
investment
2
po¬
po-
while putting General Elec¬
very close third and I.B.M.
aco,
a
the
as
the No.
CABOT'S
tric
sets forth
as
ME.
LETTER
siders to be Harvard s
vestments
OF
Meanwhile, and for the record,
Despite his inaccurate assump-
it he
New Jersey irom its dominant
from
sition
TEXT
tion, we are delighted
to have
Mr. Cabot's letter (text below) fjr
in
in Standard Oil of Califor-
crease
do
based some of your
made that
Insurance
Life
Federal
.
its
or
S.
Wolverine
when
its officers
policy,
stated.
Van Strum, Chair¬
Channing Corp., and
John H. Carton, President of the
it
name
The
of
man
...
was
Col-le?f> h
in-:,Now> if our readers are critical i+ "TW~ 1boostng its stake in Stand¬
+
upset by the,J^L^hof our endorsement of the Har- ard Oil of California." We think
this a
a more significant move than the
^
vard p0rtf0ij0# maybe we can yet
"rather
Companies
was
You commented on the fact that ning has purchased stock control
"Harvard was reducing its hold-* of the two insurancec ompames.
n
i
Insurance
Although
changed, there has been
change in the fund's basic inr
directors,
Wolverine-
the
Imperil
has been
operations with
of the majority
in
has
Inc.
to
Creek, Michigan.
Kenneth
renre-
nm
interest
Federal
American
York
New
overall
Fund,
name
Capital Fund, Inc.
super¬
Canadian
and
ve.tment
its
acquisition
stock
analysis was
n
S.
no
the
Stock Exchange,vestments as showing a nice bal-: Tel & Tel "is not evpn
provided here of 'apce/^mpng industr^es^oU, -elec- ■ Rented among the maior holdings
?he 10 most favored - stocks
in trical . equipment, office equip- pf Harvard " We think the $78
terms oh share total-^f^our Ivy;/menfe chemicals,rails, r u b b
League schools.
U n t l l^q w,
Ind?ifi1 electric utilities — it in No. 6 place, makes it a very
least
there has been no word
not heavily -, weighted with major holding.
1
Yale
Princeton-.or Column eight oils and utilities."
from laie, A
7hP
U.
fied
our
that
six
its
pre¬
•
<8
*
Minnesota
changed
mutual funds, has further diversi¬
.
portfolio
as,
for
example,
Florida
Power and Florida Power & Light.
_
And
17, using figures re-:
the Marcn issue of 'The.
March
n
,
■
*
The
Channing
Corporation,
a
holding and operating company
3.3%
Pipeline
ferred.
Insurance Field
and
power
Northwest
Channing Corp. Enters the
ample,
•s
51
stocks
of
the
com¬
aviation-
electronics-electrical equip¬
ment industries is offered by
this 25
year-old mutual fund.
Mail this advertisement.
CFr
Name
Address.
City.
_State_
DISTRIBUTORS GROUP, INC.
63 Wall Street,
New York 5, N. Y.
.•
52
The Commercial and Financial Chronicle
(1540)
Europe
A"1
These
Continued
from
1957 and 1958,
they increased to approximately
$13 billion a year, and in 1959 ex¬
ceeded $15 billion.
This trend is
likely
more
diminish
the years
in
domestic
producers
themselves
meet
to
competition .not.
markets
well.
Our
to
ahead. Our
should gird
increasing
world
in
only
home
in
but
than
continue
to
markets
friends
as
Western
in
Europe and Japan have thousands
of
modern,
new,
highly
and
ficient factories. Until
levels adjust
producers.
can
their wage
v"
foreign competition people almost
instinctively call for embargoes
and tariffs to protect their home
markets.
Higher
tariffs
would
seem
to be a simple and logical
solution to our present balance of
payments
problem. Many obvi¬
ously think so. Increasingly these
days, we hear demands for tariff
protection from producers of such
items as textiles, chinaware, opti¬
cal
goods, and heavy electrical
machinery. Even Texas cattlemen
are alarmed at imports
of frozen
beef
from
Australia
and
New
Zealand. And, labor union leaders,
of
have been free
talking more and
more in terms of tariffs to protect
jobs and wage structures.
many
traders,
In my
sad
whom
are now
judgment, it would be
mistake
in
move
for
the
country
our
direction
a
to
of
protec¬
tionism. Our phenomenal growth
in this country can largely be ex¬
plained by our huge market of
fifty; states where commodities,
goods, and labor have been free
to
move
state borders with¬
across
out trade restrictions of any kind.
Since the war the United States
has
assumed
lowering
free
world
leadership in
tariffs and
trade
encouraging
more
Free
recently the
Trade
have
Area
European
been
or¬
ganized expressly for the purpose
of lowering tariffs and
encourag¬
ing freedom of trade within their
market
own
Under-Secre¬
areas.
tary Dillon
diligently in
has
been
working
mind.'
enlarging
in
free
trade
the Free World
to
continue
tion
of
can
association.
trade
vastly enlarged job
will
throughout
The
charge
are
that
United
dollar
citizens
this
the
Suez
;
dollar
1955.
United
States
23%
in
1957
discriminatory
an
area
where
balance
Every
of
in
payments
remaining
removed
and
consumers
would
wereN
this
country
to
of
enable
to
buy
lowest and
permit efficient
markets
should be
Removal
would
businesses
wherever prices
in
ones
promptly.
restrictions
producers
extend
their
abroad.
anti-inflation
This
is
of
program
utmost
home.
at
importance
if
United
much
in
the
possible of the capital
as
abroad.
private
Any reduction
flow
would
bring
aid.
Irving
for greater United States
Federal
This
would
be
unfortunate
development.
things considered it would
balance
of
payments
All
seem
problem
in
counter to well
run
established national
The
is
that
area
balance
the
really complicates
has
abroad
through 1959
transferred
billion
by
international point
an
view, the record
of
of
our
monetary
authorities since March, 1951 has
the
government
our
abhoad
$100
over
—
investments such
to
the
contribu¬
our
as
capital
structure
of
International
The bulk of
given' to
been
relatively good
a
cept in the
case
Ex¬
one.
of some
finished
manufactured products and
a
few
price-supported products (mostly
agricultural) it cannot be said that
have
priced
ourselves
markets.
Index
has
out
of
The
Consumer
increased at an
average rate of only
1952 to 1959. And at
tary
economic aid
our
Western
supplies
Europe
was
in
the
exceeded
if
economy
ance
dollar restrictions against our ex¬
ports and by assuming a fairer
share
and
of
the
for
these
than
manufacturing
a
with,
investments
in
a
run
a
on
gold
our
supply
further devaluation? In
my
t"16 answer *s an em~
Wo»
in
and
Treasury
the
Federal
both
political
parties
States to maintain
justify that confidence.
and
have
to
We must
demonstrate to the world that
do
we
'.
political
maturity by
supporting a vigorous anti-infla¬
tion program
require
of
all
budget
cycle,
the
of
at home.
first
balanced
a
ness
Our authorities in the
a
'
.
As
postwar
1
-n
_
view the
we
policies
have
committed
Art
to
a
^1
««
Soviet
Union
and
They know also that if
the
positions
Private
are
Their
re¬
and
This will
living within
the busi¬
over
paying off
national
in
debt
some
years
of
high employment. The President's
forecast of a. budget
surplus of
$4
billion
in J fiscal ' 1960-61
if
and
dollar
but
of
the
involve
now
South America.
our
for
recovery it is
re-examination of our
foreign military and economic
Western
programs.
Japan
and
are
should
tion
of
now
in
Europe
a
assume
our
aid
and
position
to
larger
por-
defense
bur-
a
mutual
den; they also should assist more
actively in the development of
the low income nations.
The for¬
tunes
of
the
Free
World
are
in¬
extricably bound together.
Our
Africa
foreign partners
are
prac¬
position
be
corrected
with
,
only
Russia
the
and
gold
South
the
principal benefiCreditors all
over
the
as
ciaries.
Our balance of payments deficit
if
we
he corrected
are
to
time
over
but
there is no need for precipitate
action.
We still have 50% of the
world's total supply of gold. Even
our free gold of $7.5 billion above
reserve requirements is by far the
greatest
with
line
supply
in any country
possible exception
of
the
Russia.
In
cf
addition,
credit
national
cess
tical and astute men*
They realize
that our
payments
must
.
interests; in
phenomenal
time
were
world would be the losers.
allies have made
such
revalue
we
only
and
with
Monetary
of $3
To
have
we
the
Fund
billion which
a
Inter¬
in
ex¬
is
terest
I^ti^ch^rMterVof
the
measure" weadop ttocorrect 'the
payments
damage
; position.
Irreparable
will result to .the world
able bounds and to encourage foreieners
to
leaver their
in-
dollar
vestments here
It will require sensible manage¬
of the public debt to keep
maturities properly balanced. To
ment
achieve this objective the:. Con¬
gress.should promptly remove the
4J/4%
interest
ceiling that the
Treasury
bonds.
may
Refusal
pay
to
long-term
on
ceiling
lift the
has caused the
Treasury to do the
bulk of its
refunding in the short
and
intermediate
has created
and
an
an
term
Re¬
ceiling would be tes¬
timony to the
world
determined
protect
I
and
area
of liquidity
excess
inflationary potential.
moval of this
to
that
are
we
dollar.
the
do
not get too upset by cur¬
criticism of the Federal Re¬
serve
System
ovaLCui
«easv
£aid
monev
"that
■«« "eld by members of the Free
World
sup-
monetary
by
uv
■
bnvs"
vou
some
r
cannot
of
have
tell
the
often
what
for gold on' any a politician is thinking by what
MOst 01 these clairfls he.
publics-It 1*. easy to
■largeSCale'
who
lose should
flexible
stimulate-"savin gs,v to
investments; within reason-
^Si?ber ■?f, 'he dolIar clai|hs
•
'
times f to
keep
rent
little likelihood
that foreign Central Banks would
act in concert to cash in their
a
policy by the Federal ~ Reserve
System. It will require toleration
of*: high interest, rates in boom
could be
also
re-
maintain foreign, confidence
port,, for
called upon if needed.
There
whole¬
a
development. ;It is now becoming clear to many people that
continued inflation in this coun-
no good reason '.will require vigorous public
gift should be made.
a
rencies
no
of low - income
Southeast Asia, Africa
Now that
to
^There is
crises
problems
payment
of
Africa.-
follow suit thus restoring the origina* relationship between cur-
great¬
invest¬
materialized,:would be
some
gold, producing interests in South
longer
shortage and
again vigorous.
years
the
The most
strong.
international
the
to
gold- we would gain
a
temporary and fleeting
advantage because all other lead¬
ing
countries
would
quickly
now
development
nations
one-
Western
in
in dan¬
we
why such
postwar
shifting
a
dollar? Are
our
of
United
problem
try is not inevitable.- The recent
recurrent
h-end,
to -.be
ger
and
the
how ; about
the
I started out with? How
question
sick is
is
Now
trickle.
important thing is for the
sell-off in the stock market
fleets that realization. ••* .- -
I»
.
.
seems
were down to a mere
the
our
_
urgent world
third, and mining and
smelting
about one-tenth. The
net outflow
of private United
States capital to
the rest of the
world in the three
years 1956 to 1958
averaged about
$3 billicn a year, and in 1959
was
about $2 billion. In
1957 and 1958
over
50%
of\ new
however,-
dollar claims owned
by foreigners
increased by
approximately $3 bil¬
lion.
Toward year-end gold ex¬
to
—.
ment is
total,
little under
there
.
gold would mean an
outright gift of billions of dollars
ly.
little
a
,
revalue
started
were
World trade has
expanded
;
the
So
;;
nutshell.
the
foreigner's confidence
in
the
dollar.
Otherwise
they
would not be continually increas¬
ing their dollar claims. Last year
The
Answers, "No!"
at
signifi¬
to
programs
J
serve
in
Europe, By industries,
for
and
present
cant lack of
ports
•
stored and modernized.
estimated in
billion. About
of
n
highly successful.
Western
Europe and Japan have remained
free. Their
industry has been re¬
were
accounts
aid
under-devel¬
oped countries.
Reserve Board and the leaders of
'
been
Private
one-third
various
defense
•
.
there
is
not
time any really
that
foreign branches and subsidi¬
aries. Of the
total, one-third is in
Latin
America, another third is
in
Canada, and about one-sixth is
in Western
more
i''\
<-
for
A
Actually
situation today we must conclude
long term private invest¬
petroleum
private
the
leading nation of
sian domination.
our
abroad
to
currency of the
the Free World.
are
firmly
policyof continued convertibility, They must,
therefore, work to keep the dollar
rfi-vrv/4
as good as
gold. They know that
A.
inflation abroad
ahead to offset or
States
-;
■•
States
burden
aid
Department
United
bal¬
aid programs. Far better that
they
cooperate with us by removing
outflow
of
to
Europe
was'
destitute
economically and stood in imminent danger of
falling under Rus¬
can¬
irresponsibility
and
Western
upon
years
billion
forced
are
by curtailing
imports, by restricting private
foreign investments or by reduc¬
ing foreign military and economic
Pnatlc
When
depend
$9
we
accounts
our
equaled about 45% of the sum of
all private payments for
imports
of goods and services and the
net
military
the
In
and
transfers
abroad by the United States Gov¬
ernment
least
on our part. We
sharply,
the years during
expenditures
capital.
1.4%
increased
particularly in
and following the Korean War.:
1959
Topol
From
mostly in the form of
military
expenditures,
military
grants, foreign economic aid, and
tions
M.
Anni¬
of
made
Robert
Dinner given to the employees, Mr. Greene expressed his
gratitude to his staff for the loyalty they have demonstrated
through
the years. He said "Greene and
Company was formed in 1930, and
its formative years coincided1 with
the bleakest period of the
depression. Yet from the beginning our
employees met the chal¬
lenge with hard work and devotion, and to them
belongs much of
the credit for the strong
position the firm finds itself in today."
payments position
enormous amounts of ex¬
penditures
Golden
versary
objectives.
Gove rnment Expenditures Abroad
our
Julius
trading room was completely modernized, and is
a model of
efficiency. A(s the business of the firm matured, direct
private wires have been established to various important
financial
centers. Greene and
Company's private wire network now reaches
to Los
Angeles, Denver, San Francisco, Dallas and Philadelphia.
Irving Allen Greene is Senior Partner, and his two associate
partners are Julius Golden and Robert M. Topol. At a 30th
other sectors of the payments ac¬
counts.
To reduce private invest¬
ments would
Greene
month the firm's
solution of the
a
A.
an
taper off in 1950 and 1951 military
expenditures and grants of mili¬
many businessmemlend to regard
exports as
a; marginal part of their
business,
without exerting too much
effort
investments
in its behalf.
Foreign purchasers .went, into. Latin* America
and
have had no
alternative in this Canada and less than 40% into
country except to buy products -Western Europe. In 1960 the
Free
United
kets.
it over $37
$27 billion of this is direct invest¬
by United States companies
■
the
have
States products are to re¬
main competitive in world mar¬
in
designed exclusively for our own
domestic trade. Businessmen
for
to
economy
late '40's under the Marshall Plan.
As Marshall Plan aid began to
ment
made: to
pay¬
Monetary Fund
It must be
and the World Bank. Only a ::aburemembered, how¬
ever, that a basic requirement for lously wealthy country could do
expanding exports is an effective so much and stand such a drain.
Total
problem.
our
States private investments supply
as
the
1958
re¬
ease
1946
such
are
eventually be brought
and the
removing restrictions
steadily,
the'Vpast
Within
invest¬
United States Government.
ments
solving the
effort should be
stimulate exports. Too
be
such
removed. Some progress was made
last year in
Investments Abroad
States
some
restrictions
occasions.
the countries
on
desirable
is
concern
many's share increased from 12 to
19% and Japan's from 4 to
6% in
the same period.
i Here is
It
industrialized
countries it is high time that such
United
1958; while Ger¬
lief might be found
the
fiscal and monetary
affairs here at home. But
more on
this later.
■.V~/
throughout the 1950's.
to
of
handling
Our proportion of total
world
exports of manufactures,
however,
has declined
slightly from 26% in
1952
The
shortage has disappeared
rapid increase in the
compensate for
share of total world
exports re¬
mained almost constant at around
•17.5%
in
dollar
friends abroad.
our
reserves
about
The
time
several
on
beneficial
are
investments
advisable to seek
restrictions
the
scarce
and with the
in
$17 billion
compared with an average of
$14.5
billion
for
the
six
years
to
at
conserve
of
many
■as
1950
to
their
balances. A basic change now has
taken place in the fortunes of
temporary closing of
Exports in 1959
at
These
necessary
order
by
quarters
invest¬
United
pressure
period
imports and travel to
country.
were
Canal.
valued
were
world
postwar
expenditures
for
complacency
period by
of the
reason
the
making up the index. Few
other countries of the
world have
had a better record in
combating
inflation. But this is no reason
for
declining is true only
if measured against 1956
and
which was an abnormal
the
of
have maintained strict limitations
not
exports
countries
their
problems.
shortage
"
items
•
V-
increase
to
properly the large quality
improvements
in
some
of
the
opportunities
Declining Exports<
scheduled
the rise.
on
Most
on
ments will
World
are
the
home and will then
ments
also
Foreign
profitable to
Earnings
current
cotton
order.
which
made.
V
reflect
everywhere and in higher stand¬
living for all.
r
*
the
the
reducing
the economies of
to
part of the increase in this index
has been due to a statistical
il¬
lusion caused
by our inability to
for efficient producers. It will re¬
sult in lower prices for consumers
I
for
of
States investors and
in
in
,
sharply and deliveries of aircraft
from
If
mean
ards of
end
annual
be encouraged
it
this
are
some improvement
export volume. Exports of
our
Price
moving in the direc¬
free
with
in
ments
now
■AyA"'
outlook
world
States, Canada and other nations
eventually to join them in an ex¬
panded
are
advisability
counts
promises
year
we
effort to bring the
two groups together and to
lay the
ground
work
for
the United
an
and
costs
businessmen
products
and
From
The European Common Market
and
to
and
studying foreign markets
overseas
nations.
among
design
American
are
^ v
.
attention
More
Anniversary
the
of pressure on
a source
are
flow for perhaps a temporary pe¬
riod to give time to get other ac¬
styling pref¬
erences
would improve our for¬
eign market penetration. And I
am
glad to note that teams of
When confronted with vigorous
7
.
tion.
foreign
Greene & Co. 30th
*
our
in
exports
go far towards closing the gap
in our balance of payments posi¬
The
nearly in line
with
ours
they
will
present
formidable competition to Ameri¬
increases
can
ef¬
more
modest
even
*
investments
balance of payments problem.
Questions have been raised as to
shohld be made to understand that
5
page
k'
private
Greene and Company, 37 Wall Street, New York
City, dealer^ in
Over-the-Counter securities, have just completed 30
years in Wall
Street.
From a modest beginning, the firm has
grown
abroad
billion annually. In
estimated at 47% of
now
the total.
Thursday, April 7, 1960
.
also
a
run
have
much .to
develop
on
the
^hi^erwe se-
edge!-to^iiwMdrtS^MaiSirman
of
the
Federal Heserve Board,
is
financial Chronicle
(1541)
shots and can
calling the
+here
.
tended
?
upon to pay no atr
to
such
criticism.
I
suspect that the song of
3U£
beS
te
Jiv
boys" would be
money"
rr
"easy
i»e different if they had the
SonsTbiUty of determining na¬
tional monetary policy. Martin is not unduly con¬
about the possibility of a
our gold supply.
In a rerUDt letter to Senator Javits of
New York he said that the present
•Vnf the gold - reserve is "comMr
ned
military and economic aid pro¬
grams abroad fall by the
wayside*
let us work to sustain
them and
to encourage some of our
allies to
they
are
now
home
budgets
let
front;
nr.
surpluses
debt in times of full
let us remove the
to
Bacon,
have
of
This Week
retire
Si
no
payments situation
the next recession
the
wuctt
iu«
MAVT
ro/»accinn
be in
would
enlargement of
rhP payments deficit, should it
occur, need not be a permanent
setback to the. process of adjust¬
"a temporary
hu
ment.
In
would
summing up, I
say
that
definitely is not sick
and ailing.
If proper measures
are followed, the
dollar will con«„ue to be one
of the world's
strongest and soundest currencies.
dollar
the
I
would say:
let us not overemphasize
distort the dire things that
might happen to the dollar in the
future; let us emphasize instead
the constructive things that can
and should be done to keep the
dollar sound and healthy.
Second, let us not retreat in our
battle to reduce trade restrictions;
First
and
let
Under-Secretary
support
us
can
dispel all and any fears,
unwarranted, con¬
cerning the good health of the
commented
our neigh¬
discriminatory
dollar restrictions imposed during
the time of dollar shortages.
encourage
us
remove
Third, let
let
us
men
be
not fall
short in
exports;
aggressive sales¬
us
to" stimulate
efforts
our
more
and
flexible in
more
our
fi¬
nancing techniques; let us reduce
costs and design products to suit
foreign tastes.
Fourth, let us not reduce the
flow of privat-e
investments
abroad; let us instead continue to
make them
with
to and
like-minded
in cooperation
free
enterprise
businessmen of the Free
Fifth, let
not let
us
World.
de¬
capacity
ciples
of
higher interest returns
may
.
.
issues
of
of
tional
to
the
for*
sound
a
main
national
and
and
is
*An
in
Pr.
Chase
First
per¬
vein
I
DIEGO, Calif.—Francisco P.
Marty and William H, Thompson,
625
added
Broadway,
New
f
York
•
to
Roberts
the
Stock
staff
Company,
members
$2.40
$1.34
$1.02
1959
r
Tr.
-
-
73
83
3.6
3.00
1.55
1.19
70
-
„58
60
4.0
2.40
1.15
1.06
8.5
118
Co.
of
-
94
106
3.8
4.00
1.89
1.36
39.0
30.3
Inc.
1.05
0.75
40.0
ple
&
0.86
0.64
34.4
those
63
-
44
50
4.0
2.00
1.02
0.80
27.5
-246
317
3.8
12.00
5.66
4.04
40.1
98
4.0
4.00
1.50
1.47
2.0
of
Bank
New
______
York
States
335
Trust
Co._
98
-
80
4.1
2.40
1.30
1.07
21.5
loans,
York
Trust
registered the
largest gain
18.6%, followed by Chase Manhattan Bank's increase
of 16%.
Holdings of U. S. Government securities by the
leading
banks continued to be reduced in order to
supply needed loanable
funds; a fully loaned position still prevails thus any immediate
reduction in the prime rate is considered
unlikely. Moderate de¬
clines in deposits were reported. For Chemical
Bank New York
Trust, deposits drqp(p£(Jr
12:8.^,front a year ago, while declines of
up
9.1% and 7.7% were registered by Irving Tr„ust and Hanover
Bank,
respectively/.. The recent bigh money market rates have caused a
/considerable drain on deposits., time
deposits in particular. The
3% maximum allowed on time and savings deposits continues to
be restrictive for
attracting savings deposits to replace the time
deposits lost since higher rates are available to the public from
the
others in
the market for funds.
The recent enactment of the Omnibus
Banking Bill carries in¬
ternational as well as national significance. The
tapping of deposit
funds
:
from
the
K.
realization.
fast
largely sustains
FRANCISCO, Calif.—Milton
Ellis has joined the staff of
in
growing population
Westchester
Although
branch
which
Nassau
and
applications
York
New
counties
will
not
is
City
close
Co., Inc., 333 Pine
members of the Pacific
be
Exchange.
beginning of
investors
in
accepted
major bank expansion of considerable interest
a
bank
stocks.
Fostering such
a
is
trend
the
well
known desire of First National
City Bank and The County Trust
Westchester County, to become affiliated.
Competing banks are unlikely to remain on the sidelines. Funda¬
mentally, as the financial center of the world, New York City
Co.
// Build What?
banks
the
White
of
face
existing world demand for loanable funds.
public interest that this position be maintained.
an
accommodations
Nixon.
through branches
twice/ declared
in
speeches that he will not seek re-election
record of the Administration
alone, but on
of an
expanded program of his own. V
As far
as
you
enunciate his
go
beyond
are-concerned, is he
own
positions,
even
yours; or is this a
with
now
pid if he said that
you
were
time
as
far
as
record of this
Administration would carry you
stop. This world moves, and I'll tell you,
then
to
facilities
for
retail
banking
in
now
July 1, New York banks are being given
may have prior to filing ap¬
orderly expansion into Westchester and Nassau
an
areas in the State.
The bank holding company
approach has a temporary drawback due to its 54% tax rather
than the typical 52%
corporate tax.
Nonetheless, new branch
offices and acquisitions could prove costly as well for the near
term.
New York City banks have a reputation for-careful ap¬
praisals regarding acquisition transactions.
■' •'•/
'
Presently there
commercial banks in Nassau County
and 12 in Westchester County.
Several consolidations have al¬
ready occurred among the suburban banks and several branch
networks are in operation in contrast to a single bank situation.
The strong population growth factor is of prime importance.
the
and
if I
At current
are
prices New York City bank stocks
tainly 1 would be
tions in which
to
and direcwhat I conceive to be
new ways
potential,
Government./
ous
So, if
he doesn't
say that he is going to build on
been so far
accomplished, I think he
would be
very foolish. So, • I completely applaud
what he has
to
what
news
about the thing.—From a recent
conference by President Eisenhower.
"h^'^Ure
uuds," but
°od
may
are
that
tradition.
have to disclose what Mr. Nixon
wish there appeared greater likeliwould move toward true American
we
he
v
"
Harold
of
H.
Mr.
Sher¬
Sherburne
following
the
announces
organizational
Edward
set
-
up:
J.
Dempsey,
manager,
Municipal Bond Department, Ray¬
mond W. Pyle,
manager, Corpo¬
rate
Trading
Department,
and
George W. Beaver, manager, Mu¬
nicipal
Sales.
Messrs.
Vogel,
Mathiasen and Francis R. Fay, Jr.
be engaged in general insti¬
tutional and retail sales.' '
will
.
With Bond & Share Co.
(Special to The Financial Chronicle)
PASADENA, Calif.
Hodges
is
Bond &
—
Robert L.
affiliated
now
Share
with
Co., 16 North Ma¬
Street.
rengo
With E, F. Hutton
(Special to The Financial Chronicle)
LOS
E.
ANGELES,
F.
is
Calif.—John
connected
now
Hutton
&
Company,
Spring Street. - :
South
E.
with
623
THE HANOVER BANK
NEW YORK
///'
,/
Bulletin
Laird, Bissell $ Meeds
Members New York Stock Exchange
Members American Stock Exchange
120 BROADWAY,
Telephone:
Bell
V
-
BANK
and
Head
26
ment
Company, Inc. has
been formed to engage in a securi¬
ties business. Officers are Joseph
L.
Putnam
(Special to The Financial Chronicle)
Putnam,
Arnold
President,,
Kiely, Treasurer.
and
J.
SAN
DIEGO, Calif.
—
of
Woolrych, Currier & Carlsen,
Inc., 233 A Street, members of the
Pacafic Coast Stock
Rd.f
Exchange.
STREET, S.W.I
Nairobi;
i
Ins.
Travel Dept.:
to
'
Dept.:
13 St.
;
and at
Parlia¬
54
James's Sq.
the Government in: ADEN, KENYA,
'
Ernest A.
Kracke has been added to the staff
E.C.3
St. James's Sq.;
Depts.: 13
UGANDA,
• •
LONDON,
Branches
ST. JAMES'S SQUARE, S.W.I
St.;
Bankers
r;<>: i
Bank Ltd.
Office:
BISHOPSGATE,
London
Govt.
L.
LIMITED
Grindlays
54 PARLIAMENT
;
Woolrych, Currier Adds
SOUTH PORTLAND, Maine—The
'
.
Amalgamating National Bank of India Ltd.
Trustee
J.
Teletype NY 1-1248-49
NATIONAL AND GRINDLAYS
13
J. L. Putnam Co. Formed
NEW YORK 5, N. Y.
BArclay 7-3500
Specialists in Bank Stocks
wish to give New York City bank stocks their seri¬
consideration at this time.
Request
on
are
has
say
management
burne, resident partner.
down mod¬
selling at modest prices relative to the higher earnings indicated.
Investors desiring reliable and growing investment returns, com¬
bined with defensive characterististics as well as healthy growth
carry on
of the Federal
with
was
A New York of¬
fice has been maintained at One
Wall Street since 1946 under the
16
erately from their high levels at the beginning of 1960, and
responsibilities
\
founded in 1926.
and
counties and other
so fortunate as to be stopped here and
have to go
any further with this thing, cer¬
the
Among
W.
particular.
yere not
don't
looking for
/"..
refine whatever plans they
plications for
absolutely stu¬
going
Raymond
Bacon, Whipple & Co.,
headquarters
in
Chicago,
or
adequate
Between
or
prerogative that Mr.
think he would be
of
ably be attracted to the leading banks.
Nixon has had all
along?
(A) Well, let us say this: Mr. Nixon has been
part
of this
Administration and certainly will be until
Jan. 20
next, so his voice has-always been heard
in
any discussion as to policy.
V
Now, I should
ranging
services, excellent cost control, wide
from local to international, expansion
Since volume business provides economy in operations, commer¬
cial and manufacturing as well as consumer customers will inevit¬
free to
if they differ
more
personnel
Pyle,
George W. Beaver, Frank C. Vogel and Herbert W. Mathiasen,
the alternative state-wide bank holding com¬
pany route should lead to a better banking system for New York
the basis
sales
organization.
are
Warner
Fortified with specialized
the
on
It is in
.
public
Schoellkopf,
administrative,
Plains,
Ray L. Scherer of National Broadcasting Company
News—Mr. President, another question about Mr.
now
the
to
until July 1, 1960, steps in this direction can be
anticipated. The
hard fought battle over the past several years for relief from
stag¬
nant deposit growth can be expected to
bring action and signal
&
to
has
Co.
Jr.New
in
the
Hutton & Pomeroy,
joining the Bacon, Whip¬
are
1.7S
1.60
59
of
and
3.7
Hanover
by
Schoellkopf,
4.0
the
He
trading
of
office
Street
occupied
office
31.4
47
51
Wall
Pomeroy, Inc.
Certain
40
-
Whipple's
63
at
York
Hutton &
37
-
53
Chemical Bank
Exchange.
(Special to The Financial Chronicle)
New
%
37
SAN
Coast Stock
3.8
1960
-
United
Joins I. L. Brooks
I. L. Brooks
63
dend
69
'Bank
1960.
C.
55
Divi¬
94
Bank__-_
Y.
%
Yield
44
in
been
Gain
Price
have
(Special to The Financial Chronicle)
have
Earn.
Mean
The
by Mr. Nowell before the
Rotary Qlub, Memphis, Tenn.,
Norman
N.
Bacon,
formerly
Manufacturers Trust Co.____
opportunity to discuss
SAN
of
City
Bk.
1,
located
Bankers Trust Company
Irving Trust Company
Two With Norman Roberts
Jr.
1st. Quarter
—Earnings—
Range
71
Morgan Guaranty Tr. Co._
address
22,
National
Chemical
broad
interna¬
that
Manhattan Bank
George W. Beaver
personnel
of
Schoellkopf,
Hutton & Pomeroy, Inc. Effective
'
Recent
1930-1959
issues.
Memphis
March
this
this
Raymond W. Pyle
space
Bid
ficient to enable them to
keep the
Nation's actions upon right lines."
It
cer-
tain
is
*
Adjusted
policy, especially in their
aspects, a perception suf¬
moral
and
secu¬
April
LEADING NEW YORK CITY BANK STOCKS
or for mastering
legislation. Yet they
attain
.
ception
loans and
on
excellent last-half 1959
earnings reported.
policy
the details of
Street,
foreign
our
Bryce
American
upon
acquisition
office
a
investigating the underlying prin¬
these
to
Lord
and
rose 40%, while
gains exceeding 30% were achieved
by Morgan Guaranty Trust,
Chase Manhattan
Bank, and First National City Bank. For tne
rest of the year increases are
likely to continue over 1959 even
thcugh the trend probably will
progressively narrow due to the
the great
years ago
statesman
York
for the Bank of New
York and Bankers Trust Co.
mocracy and said:
"The masses cannot have either
the
leisure or the
Common Market, the
European Free Trade Area and
the markets of the United States,
Canada, and other nations into an
expanded free trade association;
and let
If given
they will arrive at the
political decisions.
Seventy-five
taken
bors
American people.
British
New
continued strong loan demand scored
sharp earnings
gains for the first three months of 1960 over
the results of tne
first quarter of 1959. The
present prime rate of 5% compares with
the 4% rate in force a
year ago.
Per share net operating earnings
facts
proper
Dillon in his efforts to merge the
European
The combination of
I have great
confidence in the
good judgment and common sense
the
the
Stocks
,
rities
dollar.
of
Co., members
Exchange,
the
year 1960 is indel¬
ibly marked for resplendent
progress. An indicated 12% to -15%in operating
earnings will parallel the gain registered in
1959 and, for the
longer-term, the recently won legal liberation
offers scope for
important expansion of activity.
rise
matter how
the
views
gums |jp
we
Bank
—
announced
First Quarter 1960 Results
of Major New York City Banks
For stockholders of New
York City banks the
interest
rate
S of action in case of a reces■C" He said no one could foresee
enough to permit free-
Whipple &
of the New York Stock
ceiling on long-term govern¬
ment
bonds; let us pursue a flex¬
ible monetary
policy; and let us
fight inflation so vigorously that
fortable
I: BURRINGTON
on
employment;
4V4%
LEO
or
let us balance
business cycle;
the
over
obtain
us
BY
capable of bearing.
And finally let us not retreat
ease up on the
inflation fight
the
Bacon, -Whipple 1
Expands In N.Y.C.
the larger share of which
assume
53
ZANZIBAR & SOMALILAND
PROTECTORATE
Branches
in:
1
INDIA, PAKISTAN, CEYLON, BURMA, KENYA,
TANGANYIKA, ZANZIBAR, UGANDA,
ADEN,
SOM ALILAND
NORTHERN
AND
PROTECTORATE,
SOUTHERN
RHODESIA
"
*
«j*t
("rjt t,)
Lumber
STATE OF TRADE AND INDUSTRY
,
Continued
steadv
from
for
sumption
"Steel's"
composite on the premium
grade
of
heavy
melting
scrap
.
„
following
lowest
auotation
"Ward's" said last week's
Nation's Top
Economists Forecast
Resumption of Business
duction
panel
of
economists
predicts
and believes
business thinking
restoration
a
week's
that
ment
the
from
stems
lack
of
much
too
it
When
only
business
two
normal
the
after
cooled,
increases
The
in
super-optimism
Others think that today's business mood is tied too much to the
stock
market
been
no
decline
than
more
which
ary.
Here's
what
forecasts:
best
"Steel's"
1960
business
will
cor-
panel
basis
be the U. S.'s
The
economists
predict
Gross
in
the
Product throughout
of
National
ine
the next four
feeT'that
Mso
(as
indicated
Durable
down
Goods
the
lndex)
slightly
than
]asf
in
steel
to
be
produced
be
turned
Week's
On
The
Steel
Output
Institute
Iron
announced
and
that
time
year.
Week
in
nounced.
freight for
revenue
This
was
decrease of
a
week in 1958-
Steel
the
Loadings in the
op-
week
erating rate of the steel companies
26
will
of March
the preceding week.
*152.3%
average
of steel
ca-
parity^ for
the week, beginning
April 4, equivalent to 2,447,000
tons of ingot and steel
castings
(based
tion
on
of
1947-49).
These
highway
the
figures
(which
net
this
'
iu
.
mQrd 11947-49
aj>o
on
ck
more
revenue
(piggyback)
March
19,
in
1960
in
that
total).
This
6 299
40.1%
cars or
cars
or
135 3%
totaIed
of
112 ] 73
35 133
for
cars
ln.
an
45 6%
or
above
above
the
corresponding
year ago
'ual weekly production
at 2,641,000
tons,
•Index
age
or
Electric
1959
The
amount
distributed
kwh
beiow
but
showed
kwh.,
or
that
a
7.3%
comparable
comnared
and
•
-
week
of
energy
light
of
409,000,000
the
previous
13,951,000,000 kwh.
gain of 924,000,000
above
1959
with
3^ In
the
47
one
vear
corresponding
me corresponaing
----
1958.
Intercity Truck Tonnage in Week
industry for the week
Saturday, April 2, was estimated at
13,542,000,000 kwh., according to the Edison Electric In-
week's total of
Tgo
8
The
1.4% Below
1959 Week
:
Intercity truck tonnage in
electric
was
Compared
with
the
previous
March 19, 1960, pro¬
reporting mills was
2.3% above; shipments were 5.1%
above; new orders were 14.9%
above! Compared with the correSponding week in 1959, producJion of rep0rting mills was 3.3%
week
ended
duction
of
above;
shipments
and
low.
7.4%
were
orders
new
that
of
the
week.
Increased Car Production
Expected
Passenger
car
production
at
U. 6. Plants will increase
by about
week
ended
the
March
volume
26
was
in'the
;
far this year.
stood
On March 29 it
ing period
a
wholesale
Department.
and
price
this
higher
week
"
Index
total of the
price
foodstuffs
in
and
Its
than 400
mon
truck
carriers
The
report
more
terminals of
com-
of
general
throughout the country.
freight
in
31
two
in
in
-
_
_
.
,
„
rubber, and
steel scrap this week boosting the
general
commodity
price
level
tel;y over the prior week,
The Daily Wholesale Commodity
Price Index, compiled by*Dun &
Bradstreet> Inc> stood at 275.45
(1930-32 = 100)
on
April
4,
com-
P/6!/™ on
274i5 a week ea^.ier
and 278.73
the
° corresponding
""
date
a
YV
year ago.
domestic and export
buy¬
ing of wheat picked
„
.
.
Y
.
substan-
up
..
djlrlnS the week> aad,
prices
hnished appreciably higher than
the prio,I Pe£°d- Ia contrast, rye
prlefs sllpped fractionally from a
week
earlier
reflecting
limited
tfadlnS and bad weather condi^ba^ 9ur!:aBed
movement
of
the
grain in many
There
was
a
gain in
high vol-
prices,
-
,
.
-
reflecting
-
.
r
hmited
and
Influenced by increased
meal
and
of
flour
are
expected to be made
to India and Peru and
negotiations are pending for ex-
week
43
in
size
in
sharply
-
^
in
the
were
that
earlier.
made
.
domestic
steady
this
earlie^Althm^h vnlifm^lS
crffee^dvancfddurfng the"
?
1
woolens
contrasting decline in manufactoring pushed its toll down to
In all
and
year.
than- last
of
the
nine
major;
edged
worsteds
rnf
up
dveing and finishing
?'•/? Sales Down 7 % for
??/: March 26 Week V
geo¬
graphic regions reported increases
in the week just ended. Casualties
in the Pacific States,
jumped to
80
a
sales
Nationwide Department Store
•
Seven
close, to
While'
plants advanced moderately from
the preceding week, and further
gains are expected through April,
lines, however,
failed
"
remained
earlier.
commercial service to 27 from 22.,
mid-Atlantic
businesses
apparel
slightly, interest in carpet wool
was sluggish.'
Incoming orders at
and
The
57 from 63.
7
_■
-
fibers
week
-
more
Summerof
- Transactions
in? cotton? gray
g0ods lagged
during the week,
with
declines
in. print
cloths,
lawns, and sheeting3 offsetting
slight gains in sateens.
Volume
in
industrial fabries and man-
•
groups
34
and /
of children's
Spring and Summer clothing ran
somewhat
higher than
a
year
,
from
38
to
last-
for- women's
ago. -Purchase s;
to 172 from 123 and the construetion toll jumped to 62 from. 44.
Milder increases lifted wholesal-
ing .failures
year ago.
the prior
week,
early orders for Fall apparel
were up
moderately over a year
with
the
sub-
was
and
the
In
in
cotton
scattered
re-orders
Spring
qf^$100,000,
from -28
Summer
some
matched
Forty-
succumbed
excess
week
gains;
merchandise,
especially
fa-hion -accessories,
coats,
and
suits, Wholesale volume in men's
from
under
this
of
this
u
Department
store
country-wide basis
from
sales
<
as
on
a
taken from
57, in the South Atlantic the/ Federal
Reserve Board's in¬
to 40 from
25, and in the West :dex for the week ended
March 26,
South Central to 20 from-;7.
/ A I960,- decreased
7%
below
the
smaller upturn prevailed in the
like period last
year. ": In the preMiddle Atlantic States,
lifting its ceding week, for March
19, a detotal to 112 from 105/ New
Eng- crease of 6% was
land
accounted
'only dip
West
in
North
steady.
than
the
Central
More
a
for
mortality,
States
concerns
as
-
9
similar,
Serve
week^ of 195^.
Consumer
Buying
;
was
thG
was
extensive
Retail
down
slightly
rise
ago, the
in
declines
and
new
The
tail
in
increases
a
total
March
30
below
a
year
^h 26
household
dollar
in
was
year
volume
the
•
week
off-
goods
j,
of
unchanged to
i*
o
business from office
nut Street. He
dent
of
Wifta
esti-
varied
from
the
comparable 1959 levels by the
following
South
Mountain
Central
Atlantic
+2
r\
-
-t 1604 Wal-
f^-'merly Presi-
+4 to 0;
-f3 to —1;
to —2; West
W
",?irities, Inc.
"M,W
Wim rainP
4%
bS5er
t0 The financiat, chronicle)
DIEGO, Cab* —John A.
SAN
South
was
Keystone r
O'Connor
East
«
re¬
mates
percentages:
•
PHILADELPHIA Pa.
Henry
Spiegel is engaging ^ a securities
according to.
spot estimates collected
by Dun &
Regional
t': /■
rleprv bpiep^1 .Opens
ended
ago,
Inc.
"o change was recorded
■
.
—
Year-
apparel
passenger cars.
trade
the
^nHpd
WhW
promo-
1959 Easter week.
to-year
set
2% over
fhe like period last
year.
For the
four weeks
ending March 26 a 7%
decrease was
however,
from
in
ended
week
reported/over
sales
volume,
26, decreased
deceased
.
buying this week, refleeting improved weather conditions.
March
preceding
March 19, sales
consumer
tions and
Re-
the like period last
year,
over
In ;,the
Increases
noticeable
a
Federal
ended
5 %
Noticeably
There
the
System
department store
in New York City for the
week
with
^
to
over
gales
..
compared
registered
period in 1959.
same
According
ex-
failures
-
reported
the
and West
t-v? penJral Canadian
ia s'.
two
Thirty
held
succumbed
a? fw? ^eAAI <?fn?
were
the
all regions
year ago
reported? For
the four weeks ended March 26 a
9% decrease was
week's
while
Bradstreet,
.
ports t0 Yugoslavia,
market
liabilities
were
Easter
318
wholesalers
women's
minute
except manufacturing had higher
casualties during the week.
The
retailing toll rose most noticeably
soy¬
shortly
su^ar
pre-
While small casualties,
moderately
Export purchases
Transactions
to
of
There
1939.
industry and trade,
volume in
markets,
week; offerings
and trading remained close to the
preceding week.
—
the
ago; best-
equipment
and COats, and volume
stantially higher than a
m
The toll
than
a year
laundry
dresses, sportswear, walking suits,
and
352
were
Apparel
+
export
bean prices moved
up
from the prior
rice
the
rose
businesses
Prices were steady
as trading was
receipts were light.
goods
television sets,
vale3
284
ago,
year
areas.
marked
household
-reported ^.appreciable
involving liabilities of
more
the
All
-
tin,
on
a
preceding week.
to
Higher prices on some grains,
lard, butter, hogs, and lambs offdeclines
or
climbing
Wholesale Commodity Price Index
Rises Moderately from Prior Week
set
and
ex-
the
above
heavier
liabilities
the
,
15%
reach
general trend of food
prices at the wholesale level,
,,TI
sellers
the
in
casualties
level of 310 in
four
is
for
appreciably over the
week, when shopconcentrating on Easter
The
most
significant
from last year occurred in
furniture, draperies, and linens.
Volume
in
appliances. * was up
week
286
comparable week of 1959.
gen¬
merchandise
Retailers
1959
pers were
$5,000, turned up slightly to 38 from
31 a week earlier,
they did not
sum
v
ii. gains
wBT
the
from
years,
slightly
with
cost-of-living
function
call
similar
Week
in
considerably
last year.
,* v
meat
a
chief
The
advanced
preceding week, reported Dun &
Bradstreet, Inc.
At the highest
those
were
the
were more notice-
women's
apparel.
•
^
Climb
356
to
March
Failures
pound of 31
per
It is not
use.
show
*
represents
in
clothing.
n
255 in the previous week and 241
quoted
up
gains in
and sportswear. Year-
reported marked increases from
the preceding week in children's
'
■
-
^1-
Failures
climbed
$5,000
year ago.
lambs.
The
the
handled at
Business
war
corn, rye, hams, lard,: cottonseed
oil,, potatoes and hogs. Lower in
price were flour, cheese, milk,
cocoa, eggs, raisins, prunes, steers
.
reflects tonnage
season.
^
was
$5.92, down 0.8% from
the prior week's $5.97, and 3.9%
below the $6.16 of the
correspond-
of
search
last
edged
at
1 4%
conducted by the ATA Re-
1.913,000
the similar week of 1958.
corre-
weekly survey of 34 metropolitan
with
period
when
so
was
than in men's clothing.
bales, compared
in
the
similar
which-occurred
highest level
apparel
.
to about 4.681.000
Index, compiled by Dun & BradInc., from a week earlier,
the
men's
most C substantial
able
the
Tuesday were
309,000 bales, compared with 195,000 a week earlier
and
70,000
in
the
comparable
period a year ago. For the season
through March 29, exports came
level
street,
at
of
furnishings
to-year declines
United
at
ceeded
was
with
change
for
Volume
appreciably from the prior
week,
last
week in the Wholesale Food Price
it
'
Ended March 31
slight decline this
a
,
areas
ended
sportswear.
fashion
accessories,
coats, and suits advanced moderately from a week earlier.. The
the New-York Cotton
on
showed- little
prior
week.
exports of cotton
ended
was
/,/.?.•:
y
and
millinery,
down and volume was-buying
/
estimated
ures
From Prior Week
in
Commercial and industrial fail-'
moderately from
below,
There
dresses
a
a
slight
the salable
the
week
to
was
as
Exchange
States
be-
moved UP this week, while domestic buying was down somesponding
week
of
1959
the what'* flour Prices remained unAmerican Trucking Associations
changed from a week earlier,
Inc., announced.
Truck tonnage Rice Prices matched those of a
was 1.1% behind
that of the pre- week
earlier as both domestic
vious week of this
year
and export buying was sustained
Th
findings
"!se llnaings are based on the at a high level5 sizable shipments
are based on the
below
Prices
5.6%
were
ume and increased receipts. Oats
aver¬
powqr
ended
Output
below production; new orders were 8.6% below production.
<
and
stitute.
were
corn
Above
electric
the
identical mills
io.o%
period
There were 51 Class I
raiiroad svstems orieinatine-
Week
of
by
7.3%
reporting
1958.
Ended Ma^ch 26 Was
Output.
0f
year-to-date, shipments
prices
-
from
For the
s
ac-
placed
*164.4%.
production is h»«=«»d «n
weekly production for 1947-40.
current
jri
was
of
was
were
Easter; shoppers
noticeably
stepped
up
their
purchases of
women's apparel, - e s p e c i a
11
reflecting
close
There
earlier.
week
steady,
rate,
and
gross
stocks
equivalent to 51 days' pro¬
week,
prices
holding
supply
were
u
weekly produc-
gish
gross
the
equiv-
minSj unfilled orders
Both
aElooStaJ?" KS* toi?typetraffici^th"currerU
A
the
wee^
2,654,000 tons.
of
during
aient to 19 days' production at the
was
the
corresponding period
of 1959, and 62,318 cars or 125.0%
operating rate
(based
and
ls60
.
.
reported
included
were
over-all
crease
fore-
o?Sq<7baSed 0n that capacity' is
a
ended
cars
above the 1958 week. Cumulative
loadings for the first 11 weeks of
Estimated
week's
35%
reporting
ally
fraction- >
advanced
lower receipts and steady trading,
Transactions in steers were slug-
lamb
corresponding week of
1059
,was ecl"al
tons.
for
or
increase of 3,138
above the
annual capacity of
148,570,970
one
3.3% above
or
10,955
an
utilization of the
percentage
cars
trailers
week
week's
-157.3% and 2,527,000 in the week
beginning March 28.
Actual output for last week be-
danc f.
were
leaded with
comPaXe with the actual levels of
?in?„ililMa,r<£ 28',.1,960
to 88.7% of the
19,449
were
There
weekly produc-
average
to
produc-
reporting
a
»
prices
Hog
rise in
index.
3,466 cars or six-tenths of 1% below
the corresponding
week in
1959 but an increase of
68,653 cars
or 12.9% above the
corresponding
-
For
these
was
cocoa
softwood
eral
1959
tion
Based
85.9% of Capacity
American
more
week ended March
26, 1960,
totaled 600,926 cars, the Associaof American- Railroads
an-
to
1960, making it
the
third
best
year
in history
(next to 1957 and 1950).
This
2,037,060 cars or 23%
1,653,151 at this same
Loading of
year.
cars
below
amounted
stocks.
raw
in
out
esti-
an
the
this
They look for 6.5 million
totals
now
Same
predict an allhigh of 122 million tons of
time
cumulative, 1960,
Carloadings Off Slightly From
fourth quarter.
The economists
4.5%
the
In
of
Unfilled orders of
Commodities
«£ a"d
the
starting
Studebaker-Packard
^ pr<?~
^uc^10n *° date of 2,423,406 is
ahead of 1959 (1,943,301) by 25%.
turn
1960.
orders
at
prior week South Central -j-.lw.o
—3; West
fractional in- North Central 0 to
—4; New Eng.prices
at
the' land and Middle Atlantic
—l to
beginning of the week as trading —5; East North Central
—2 'to
expanded somewhat.
—6; Pacific Coast —3 to —7.
in
crease
the week
tion
production cutback.
a
mated
FRB
will
pro-
closed all week because
was
production
metalwork-
bv
-
Four-day
Dearborn, Mich., Imperial
Ford's Chester, Pa., assembly
"Ward's" said
quarters,
but
they look for a
leveling off of the total industrial
production index in the second
"'They
plant,
site.
con-
a
week.
were
and the
plant
rise
tinual
rolet
year.
26,
new
were
mn\s
5.4%? be-
were
during
week
same
except for
schedules by Ram-
planned by one
Buick-Olds-Pontiac plant, a Chev-
so, but still the best ever,
The panel sees a moderate expansion in the nation's economy well
next
tnis
grams
yeas—not dramati-
March
ended
that
bier, Falcon and Comet plants, the
industry operated on a five-day
cally
into
said
six-day work
rection.
Barometer
production
Wholesale Food Price Index Slips
"Ward's"
has
healthy
a
reporting service noted that
production of compact models
reached the highest weekly total
in history last week (40,378 units),
surpassing by more than 2,000 the
best weekly totals during the record car production pace in Janu-
v,
v
year
a
'Warns added that compact
production for March would
total about 170,000 units, or 26%
of total industry car output.
reported in the first
were
months,
month
same
ago.
People began to
something magic
happen on Jan. 1, 1960.
would
bring
would
car
that
lQw
remained
prices
levels. There
Lumber shipments of 475 mills
reporting to the National Lumber
Trade
this
in
rise
production to an esti659,000 units, 14% more
mated
optimism
of
the
output
car
than in the
the steel strike.
believe
said
total March
springtime forecast by its
45 member panel, the magazine
said many of the economists com-
7.4%
Week
duction.
"Ward's"
a
1959
mills
pro-
sharp decline
adjustments"
ule.
the pessimistic
of late is illfounded, "Steel," the metalworking weekly, reported on April 2.
In
a
car
plants and caused two other Ford
pi ants to work on a short sched-
top
of business confidence later in the
year
fa-
which idled three Ford Motor Co.
nation's
the
suffered
because of "schedule
Confidence
A
a
production
normal
"Ward's
Automotive
Reports
estimated output at 150,800 units
in the week ended April 2, up
from
137,385 a week earlier.
gross
a
of
activity at many assembly plants.
price
dropped 67 cents to $33.33
ton
matching last year's
„
week
this
10%
4
page
week.
one
Shipments Down
From
;
Paine
ff!"6?
is
now
Webber
-
Ta^
Ja
Fourth Aver-,
nor was previous!
R. Staats &
Co
aviated
n
&
Mr.
•'th
with
Curtis,
O'Con-
William
Number 5940
191
Volume
.
.The Commercial
.
and Financial Chronicle
<1543)
V'n. !,ti
> J
u
insist
«?
pr;nQ,
ii,
f
complete factual
answers
not only from those in
authority, but from every other
person in or out of government
f
j
upon
Balderdash!
Continued from page ^
^,s
?
stable and wh0 sets himself up as an expert
pnces which has resulted in the
curirent advances in production on the subject
be he sincere
cier tendency noted today in ind
Pj;10"' are* mainly vol- zeaj0t 0r deplorable scaremonger.
t rates.
:
X'X;
Int Y* cons*ant
The more truth the American
An evidence of economic muscle
Y
ad not in rubber peopie get 0n the whole subject,
tw 64.5 million people had dollar's.
, * ^
^
^
the more fjrm wiu be their con_
"My support does
p,
not come principally from
per*v
position, rank or wealth. Rather it comes
largely from people, who, like myself, are of modest
origin and limited financial means.
—
.
.
__
'
_
viction
that
the
guardianship
of
sons
plirrpnpv
million
1.8
TPoi-,riiarv—uo
"This
of
in
itself is
one
of the
experience what it
means
depression, distress and
Toniiarv,
even
vi.i/vo"
,
snOWonstrudion
anBv°far,
-
-
kePt
ice
-
_p
i
revealing in¬
How
state of
icu
-^vPotrTipnt
f
+•"
United States of America.
,
the nation's
_
Do
Business
..
....
unpredictable forces
.
,
of
on^ Pie.ce of the jigsaw-picture
dustry leaders of America's great
and omits the rest.
For this truth gap might
to
UJL
wtnfnv»lnlo
U1C
IlcttlUHJ)
1UIC1 IlUJl
cause
uneasiness among our allies and
dangerous miscalculations as to
Senator
This
frpnerallv.
the
is
sort
ct
UUbl-
.
growth.
.
.
.
..
living
of
adding
and
strength to the economy.
The survey also gives
ability to be that spokesman."—
H.
Humphrey in announcing his
Hubert
be tops.
us
other set of
tion
predictions. In addiasking businessmen their
to
1960
investmeht intentions, we also in-
answer
we
sales increase
1959 and
ufacturers look forward to
rise.
V,
an
8%
'
■
How Have We Fared
The
is:
answer
in
the
So Far This
Very well.
New
Year
1
period
the.press at various times asked
for my
opinion
replied that,
the
on
appraising the
upon
reach the record
peak of $500 bil—
lion by mid-year.
:;
scoffed
n
Reports
added
of
to
up
the
and
Council
1960
a
ahead
of
,
and
suggested I
urns
wearing rose colored glasses.
But my forecast is
becoming a
fact. It is three months this
side
of
mid-year. :And yet, the GNP
already has reached an annual
rate of close to half
a
the
1959
both
last
a
is too darhigh, no sacri-
price too
great to build
pregnable defense for that
that
is
he
future.
for
ago
quarter,
from
goal
no
what
faced
importance
quarter
year
peace
a
world
he
im-
an
peace.
has
built
in
1953.
of"
Intercontinental
are
rapidly making
up
previous neglect,
The former
*
with
We
and in the
Administration
ligated
$800,000
ballistic
missile
ob-
for
long-range
in Fis-'
cal Year
1952.
We obligated in
14%
increase in capital outlays
^Fiscal Year 1960 $3.3 billion for
over
last year—to
which
I
reiRBM's and
ICBM's
alone, and
ferred earlier—represented firm for all missile
programs about $7
commitments
conditions.
They
under
:
The
had
programs
billion.
some retail
sales, but that buyjDg jn stores generally was good.
business
opfnion
come
gajn
up
with
some
WOuld
caies
once
of
the
IRB1VI
consumer
in!
about
leaders
that,
6%
be
were
over
in
The
•
of
-
rontrolling
trillion dol-
lars, the highest national
economic
peak in the world and in all
his-
As
The GNP has
made a sharp
spurt in these three
months from
the
year-end 1959
quarter, when
total output of
goods and services
control
i
slressea'
lory.
were
after
gave rundowns on the
for his specific industry,
prospect
a
our
principles
to
launch
was
in Fiscal
billion
s
and
a
total of
all
for
missile
We're
building
long-range
an
bal-
arsenal
capability which I will
describe in
They
Pattern of progress emerged. None
■
and
not
restricted
to
intercontinental type.
the
the
last
quarter
made an all-time record in
prosperity.
'
strike
shadow, but it also dem-X After reading unbiased governonstrates a firm
foundation of rnent indicators and hearing the
business strength.
As compared voice of expert business, what's
with
early 1959, the current out- the verdict?
"
Put is 6%
higher.
I would sum up the outlook in
Income in this
results
in
Part from the
removal of the steel
of
defense
allied
forces
punch
ful
each
give
bility
on
the
by
the
60
nuclear
a
more
power-J
bomb.
big pay-
carry-a
us a deterrent capa¬
equal to that pro¬
missiles launched from
SNARK,
MACE
What about the
REGULUS;
and
arsenal,
other
MATADOR,
missiles
in
our
any one of which can de¬
liver nuclear
havoc, all formidable
weapons, but still not our first line
of defense.
We must
rely more on
manned bombers and other means
for the
the
bulk of
extent
power.
our
of
protection and
retaliatory
our
,
•'
.
_
first
moving
ale
up
along
ons.umer Purchasing
0
running
some
h2eaV??'
bas n°t
been
havp
bari
«
KSa
r*se *n income
fully reflected
many sections.
*ou mav hano
„
—amay have »>Qn4
read reports that
tia? v!
store
up
been doing so
•;
Not
total sales have
a
boom, but another
moment,
a
that
entirely
say
our
strategic
Qur
include
:
-
chief
military and scientific
disagree strongly with
that shortsighted
argument and
have experience and logic to back
advisors
their
up
y0u
the
day—in respect to overall
national defense,
Are
We
Now
Second-Rate in
Military Power?
The facts prove otherwise.
The United States is the most
bombers
which
to
one
limited,
successive
and
up
Each
nn
powerful nation on earth with the
capacity at hand today not only
to survive a sneak attack, but also
super-modern
ar¬
missiles
many other weapons.
final
point
sometimes
questioners:
Is the President
with
so
preoccupied
other
weighty matters that
he does not give
enough atten¬
tion to study and action on
de¬
fense?;:.
:-'vY ,V:-
This great career soldier
everything necessary to win
.
last
Do you really
would neglect the
war.
now
did
the
think he
ef¬
same
fort to win the
peace?
His is the final decision
on
our
massive balanced
defense -policy.
But he has the advice of the
na¬
tion's
best
informed
and
best
.
qualified -authorities with
experience in the entire
including the Secretary
fense, the Joint Chiefs
and
widest
subject,
of
of
De¬
Staff
other great
military and sci¬
entific authorities and
intelligence
experts.
*p;/ :•
;-
of
for
of
power
ICBM.
an
at
world-wide
our
lesson
brave
qne
of
tragic
recent
French
basket.
their
the
are
deployed
bases
within
close range of potential targets.
history.
The
put their eggs in
They concentrated
defense
almost
entirely in
what they sincerely believed was
the ultimate, all-powerful single
defense system, the Maginot line,
branches.
^
*
In contrast, their enemy had a
balanced military system of great
strength, variety and dispersion.
The Maginot line was not enough
—and
in
.
gallant France went down
defeat.
We
trapped that
don't intend
to
be
way.
have
14
aircraft
difficult targets
move
—p
about
whose
every
planes
nuclear
destructive than
the last
bombs
could
the
of
area
with
in
carriers—
because they can
more
times,
those used
The Soviets, no doubt,
standing still. Neither are
ahead
world
many
are
not
we.
We.
and plan to stay
adding this year two
atomic-powered '■ submarines with
are
ahead.
more
now
We're
to
follow
and
each
earth is the
He
to
spirit embodied by
;:,XX;;;
man.
circles
the
globe—reinforc¬
ing the bonds of unity and
of
the
free
millions
—
world's
power
unnumbered
convincing
even
those
behind the Iron Curtain
that
America always will
go "the sec¬
ond mile" for
peace with freedom
and
hit
'X
war.
on
our, this sincere
A large num¬
ber of these bombers
only dedication of national secu¬
rity. The greatest war deterrent
nuclearr
deliver
can
missile
a
load
can
attacks.
blows many times the destructive
We
remember
We do have missiles -—many
kinds—^but unlike the Soviet
pt,p^
blizzards in some cases
Union we have not been forced
down large suburban to hit back and
destroy a suicide- because of geography and other
and the blocked roads kept bent aggressor.factors, to rely primarily on a
ea customers at- home, v But
It is a commendable patriotic single weapons system—-the
?e- *ce and snow melts, in- attitude for the American people IC.BM. The long-range missile
ased income
is bound to have- to
be
very
much interested in may be the best weapon capable
*v°r?ble impact on consumer' defense. They have every right of maximum use by the Soviet
chasing and business sales.
to ask searching questions and to
Union not so with us. Since it is
well lately. But
mas¬
whole
a
President's
attack several tar¬
can
gets, not
case,
will
.
of
be
over
A B-52
is
salvation de-
record.; and neglected other fully as vital
Let's consider another truth gap
power
6% better than
which,t though up,
cu.rtailed by unusually
weather in
short phrase:
quarter is
with? output—
already
our
will
mis¬
undetected.
Up to this time, the President
has presided at 296 out of 326
f
Our
to
soon
of
raised by earnest
atomic
this hemisphere.
of enemy
.,
United
with
almost
vided
and
first
the
load and
in
with
missiles
attack
forces
senal
times
many
,
than
These
sive
One
are
equipped
are
IRBM's,
a
pends
on matching the
Soviet Union in this one category,
year
,
Added
the
line
Kingdom
mass
;
Some Atlas missiles
firing
a
siles to reach here
Therefore, although we have mis¬
siles on the
alert, they are diver¬
.
from
for
a
surprise war, we will not try
to get a sneak
jump on an enemy.
striking forces
2,000 long-range, meetings of the National
Security
bombers, g r e a 11 y outnumbering Council, the nation's topmost
listic capability for the future,
pol¬
their
Soviet
The critics of military policy,
opposite
numbers. icy forum. And he also has
daily
The force is highly
contact with others with
trained, fully
for the most part, center their fire
high re¬
an one-single segment, the Interequipped, many on 15-minute sponsibility in America's
safety.
continental BMlistic Missile, over-, ground alert, with some actually
But military
competence
and
i00kjng everything else in our di- airborne all the time. X;'XXVX:'::
command is not the
unified
,
year
as
balanced
executive
forecast a superheated boom of
was
approximately $484 billion.
such' proportions as would comAnd, remember the GNP.is the Plicate progress through
price
most inclusive of
all the measure- instability. But the general exments of the
economy.
fpectatjon .was for a better year
The substantial: rise in
output than 1959 — and, remember, last
,
spending
versified
•
.
executive
$7
ever-increasing
store
spring really gets into
imDOrtance
and ICB1VI
s
programs.
1959, this
reflected
bUsiness
*
now
1952- And in the Fiscal Year 1961
budget now before Congress we
are recommending $3.4 billion for
crimp
in
The
are
spent for the entire
severe
recent
a
We
each day 10 times as much
that
put
price
.
,
reported
weather
steady
against
sified
istration believes strSftgly in the
the
members
first
approval, but we cannot but lament this type of
appeal for support for the nation's highest office.
right nowj but how
often do you hear of our inter¬
- Let ..everyone clearly under-;' mediate
range missiles? Right now
stand that the Eisenhower Admin-
+u
through
leading
Ballistic Missiles—now
well
outlook, I
then foreseeable
facts, I expected
the
Gross
National
Product
to
Some
1
■
the
that
consensus was that the announced
Year?;,
When
!
J
crusade
—despite the irretrievablye lost
time in long-range missile devel-
busi.
improving sales and income.
•"X;X: ;vXX:;v
X
•
nV
Air
th
nfft :
year-
an-
man-
1
for
Nothing is further from our thought than the
selection of any of the Democratic
hopefuls for our
success-
too
opment
Substantial
is
save
n0
fice
And
earth
-
great
today
jng?
•
"
outlook.
A^e
re-
sales for 1960.
foresee a 5%
over
to
-
the
rpQ bim
war
nrnBrW8
Th
composite
ticipate favorable
Trade companies
>
The
-
The
ceived is that major industries
Down
optimism.
quire what they estimate in the
way of company sales during the
year.
xation
follows:
as
mood:
nomination
,
>
General who
crusade "to
.
was
The
•
«
the unspeakable horror of nuclear
At their regular March meeting
held recently, the consensus for
an-
.
save(j civilization from Nazi deso--
j?ave access , to the best possible
fresh
.
sa^e
fully led
P oduction and big payrolls, they
fact-gathering resources far removed frpm guesses or rumors,
As successful heads of pant infurther raising the dustries, their judgment has to
products, thus
.
charge.
The
^ investments, mass
.
broad benefits flowcapital outlays ; is the
greater and improved
technical
capacity of plants* to, turn out a
wider
choice
of
better-quality
from
level
fair
.
One of the
in®
human
_
As heads-of great enterprises
.
those
—
many
'Presidency.
supplying the basic materials and ^ execuUv
who assemble
e. - Administration
considers a balequipment
more employment,.: rio(jica]1y in
Washington to-give anced budget more important than
and more purchasing power which the
Secretary of commerce ad- national security.
Ignorance or
will find reflection
in markets vice Qn the
business situation.
mfamy could make n0 more un"
economic activity that spells real
so
precisely these Americans
candidacy for the Democratic
II1V1V
disaster
which
—who lack the
means, the power or the influence
to fully control their own
destiny—who most need
and yet lack a voice in the
conduct of their
gov¬
ernment. They need a
spokesman, and I intend to'
the best of
my
carelessly,
deliberately uses
or
natural
over
no control.
"I also know that it is
prominence
ignorantly
am
beings have
people
the real losers whenever any-
one
I
reasons
I know from
per¬
to be the victim of
.
_.C„onst™fhIe cr,ltic.l?™!.ls who!®I
But the American
are
equipment. They expert- ,Middle West gives me the Q
boost capital outlays i ora^ a rtunity to- share with
you' the
billion last year to $37 billion this lalest expert
op;nion ol the mem.
plant and
.
,
some.
Leaders
This meetinS of the private in-
in
for investment in
their plans
~
iu
by
seen
Themselves Size Up the
Situation?
v
dication of the^economm
the union
is our recently pub¬
lished report from
businessmen
on
u
as
outstanding business executives.
workers indoors,
the most
nftn
for I960
farmers
main
venturing to seek the nomination.
sonal
January,,
55
v/
•U'
justice.
Under
/
President
Eisenhower's
inspiring leadership and without
lowering our guard, all-power¬
ful America is
using disarmament
conferences, summit meetings and
other
promising steps in a neverending effort to replace mankind's
dread
of
strong,
nuclear
fresh
will and
be
disaster
hope
of
lasting
with
a
universal
peace.
equipped with 16 Polaris missiles.
•An
By
1963
we'll
ICBM squadrons
the
B-52
have
and
MINUTEMAN
bombers
13
Atlas
others with
ICBM.
will
soon
eral hundred miles out.
Ballistic
System
Missile
becomes
by
Mr.
Club
of
March 25, 1960.
Mueller
before
Chicago,
Ill-
T
Our
be
equipped with HOUND-DOG mis¬
siles,
enabling
the
bomber
to
reach heavily defended targets by
softening up the air defense sys¬
tem with nuclear blasts from
the
address
Executives
sev¬
The first
Early Warning
operational this
year, making it almost impossible
Joins H. L. Emerson
(Special to The Financial
Chronicle)
CLEVELAND, Ohio
Kroehle
H.
L.
has
joined
Emerson
&
—
the
Co.,
Hugh
G.
staff
of
Incorpo¬
rated, Union Commerce Building,
members
Exchange.
of
the
Midwest
Stock
56
ff^Commercm^nd
(1544)
financial Chronicle
.
.
Thursday, April 7, 1960
.
i
~
1
,
•
.
r*
n,.
/•
-I
file, and I do not believe that
Recommendations for Stimulating
Prprllf Flow to Small
VyrGQll r lOW LO Dllldil
,
l=„ ™,„
Rlismesses
JjUblxlCQQC/Q
tnat
us
of
recommends
eight changes to the Senate Small Business Committee designed to
increase interest in the formation of small
nature
The
United
recent
a
Business
review
the
of
Investment
Act
Small
the SBIC
of
1958,
conducted by Senator John Spark0f
the
man,
Chairman
Senate
Small
not
Busi¬
Alan K.
Ruvelson out¬
lined
to
an
their
warrant
attention.
ad¬
ment
has
yet,
as
not
ministrative
establish any type
changes
or
make
to
small
business
nancing
the
As¬
of
Busi¬
Alan K. Ruvelson
Invest-
ness
n
Association
of
Small
of
Mr.
Busi-
of
on
would
requested
suggested
fit
seen
that
I
be
desirable
re¬
sDeak
It
To
our
would
success
be
more
views
and
efforts
only
securities
as
Midwest/but
laws,
strongly that two
feel
we
most
to
tneir
their
au
that
Savings
desirable.
of
cause
the
comoanv^Act
mvestmen^Company
and
our
snouia
It
element
deductible
loss
approximating
be
30%
of
and
should
in
be
of
quired
wholly
W XXV/ IX
that
sources
permitted
to
j
from
XX vAU
•
other
(3)
We
should
make
we
V
U
be
any
in
SBA
loans
'
granted
to
v
w
as
SBIC's
to
form
of equity investbusiness, and that
™
SB,C
h.',4.' £ JSSfiViJK
alize
convertible debentures where
nossible This Dermission is siven
is given
Prnvmirp
Rill
loans under Section 303
should be
altered to a higher level than
the
50%
now
permitted. This sugges-
lidUyafornthose
SBIC's
be
in
we
which
are
it
reside
° "ca,
that in this
sure
little
is
an
_
.
innrnaeo
increase that Vine loton
has taken
nlaop
nr
more
k
pxav-w or IS takirm nlapp
P'ace vx xu taKing jjiwcc •
taivxiig
but,
over
LiUUUltro. r etierai
HlCl
f
j
distressed areas," what-
Adrli-
x xuux
ir
hear
we
great deal
a
r
-j
The
when
w"en
a
d
inin
n
fn
oH,lnatinn
^he loss of
flexibility resulting vigor and
trom the
o
m°a'
a
——
.
Bo
oonoorlod
real
icdi
present
pxebent
mav
xiicty
nmKlomc
KrY+h
InSeS
ha„
age, and
nmj„aQ
viru„+
Procfuce what
fniur
ncir.
economic
and
ctiiu
,
drift
is
same
to
they need- 0f course, a
sonable flexibility in
rea-
the
economy is essential to meet
changes of these
a™. * amp™,
„0
,„M
"""
registered representative
.
+
aS
their
in
main office at 115 Broadway, New
^ork City. He
Van
was formerly with
Alstyne, Noel & Co.
"
Glore, Forgan Adds
,
an^ Without unmnhnn
motion. Tim real
The
n(;5
^ue "^oss
n»m»» «1
,,
sorts without
,TT;+u^,
^ue
^
j11p
rarreau Adds to Statt
rarreau Adds to Staff
the
/ho
rfvaneed
x
cal activity.
and
care
'» ■ Urge
'» «» »™b.rs
»" thia diacuasion and politi-
ships
oxiips»
and New Deal-like
who have «°t yet reached the
1 ve po'Pulation exp osion
when they can provide problems, real and imaginary,
themselves and when lm-
proved medical
thp
ttee
ma} carl SulToI
m,,=t
effect
eiiect.
most important
same
£
gov-
It
essential
n^rsh fp
o w
h
,
crease in the population adds programs. And the
the direction of substantially to the numbers toward more of the
SicSSrS S
T+
,
New Deal
probably safe to say that a ag®
considerable degree of popu1qj_
"p°n
But by far the
sudden
suaaen
a
*
1 •}
+
^estse/ home
„
exceptions are of
relatively short
periods
1
anoiner to curtail
,.
course, those
about
activities of various
crnmen/
ml
•
fed;ge^
substantial
'
any
"""
7
.
mere
The Exceptions
a
it¬
V clulCK1y
the changing or
changed age grouping of the
nomiio+irtn
ie
such situations A°f''
population is of iRUch more
definitely tend
^
increase rather than rp
significance to us all than any ,.
■
country
of state in-
age
of
fastening
^hef things
foreseeable future. In this
country.
ftVl •
all things,
m
likelihood
permanently upon us. We
must, however, be frank with
place or is
place in the
take
to
no
self
page 1
taken
or
situation
a
(Special to
The Financial
Chronicle)
mo
is
the
Investment
can
say
from
Act
our
of
own
1940,
we
experience
that most questions raised therein
^Te
inapropos
Our
inapplicable.
and
investments
in
are
securities of relatively
,
Ponies and
,
.
we
.
,
ful
if
the
government
would
grant 303 loans to SBIC's
without
CdevelopmeiftaTUDhase
developmental phase
for
company
unlisted
small
com-
should not be sub-
this
is
and cumbersome for
too
costly
the average
On the matter of
disclosure,
SEC currently requires SBIC's to
include in their
of
prospectus
J4 different items
formation
sucu
people
must
or
their own, make
on
adiustments
,
,
ises.
XijCD»;
■
as
?
of detailed inconcern
in
•
AA1~
•
taxes, lnis
,
m-
is an aspect
Situation which needs
be necescareful attention and is
prethe prem.
;
L
Ctl
"scare"
or
A"I •' "J
may
desirable
The
JL liC
£
take
mi
■
latest
XCl vCp
v
,/
'":''iri
—
;
•_?
"I
thnqe
amorm
^
who teel that they must manage the affairs of the people
for them, has to do with un-
completely
understood
tQ
seem
.i
who
worrvjng
^ffPP+
r»f
Joins
.
aL0ut
+Lo
ooll^
Stewart, Eubanks
(Special to
mis-
The Financial
Chronicle)
SAN
FRANCISCO, Calif.
Edward G< Freita£ has joined the
Stewart, Eubanks, Meyerson &
Co., 216 Montgomery Street,
—
etiect ot the so-called
P°Pulaflon explosion.
members of the New
Jl^
rpt
F F
We lay the flattering line- Pacific Coast Stock
P
; cai meme. inere are,
souls that wp havp He was formerly with
political elements who, for
j
cnix.0j
i inmp
Mutual Funds, Ltd.
one reason or
another insist
®
b°lvea me. Pr0Die4ms
pmnlovment
alwavc
a
norm-
.
York
and
Exchanges,
Diversified
^
n
?Jnd
°^ bo"owers al:e understandably
°PP°sed to having the intimate
details of their
operations and fi-
SeV hZ°t
ShXt rfd. toyit
It is not necessary to enter
intn
anv
"J
evtenHerl
en?t^ed diSCUSSion
llons
investment
by
virtue
of
the
prosPective
simple
fac®
borrowers
no
t<v
oimS. »ii®v.
To SFP®
m
°thcr
mi?ht
iIyUlWeea°sPanS|iir SUch,5Uhlic"
obie'etinn
parts
omer
of
countries
the
feel quite confident
our
economic
tioning
would
to
that with
system func-
normally,
or
as •
function if given
it
the
F°u asmade
be
material, not
a
part of
the
public
fase- absorb and supply
increase
in
the
any
population
fddl
,
th,i
.nd'r.TatS c'sS,™ STraaSI&SSK
PJ.gr.™ Mostly we say-or «"«■
T
-
something be done
ourselves
or
world
nnnnrt.mitv
?!
w™ld°treat th^informa*- °PP°rt™ity' il Lfia
we could; with
c°nfidential
Mormatioh
agency
to
Chronicle)
School Street,
sfonif !Si°VSn.mS »»'•"»'nujh un™Ploy„e„t
"S
this
5
'
i
ignored or
by those
sSKS-asxtes,olvf ,L'by
us
The Financial
LODI, Calif.—Reinhold Tempel is
now
with Hannaford &
Talbot,
in
•'
them
With Hannaford & Talbot
(Special to
intPrfprpnPPQ
,
such steps
sary or
and
unjonism and yarious
governmpr|tpl
,
each
on
some
°rouPs, an
,or
themselves; who
should,
,
rfot^tiliz- thati tte
ing governmental funds in their
capital structure, it would be
help-
present
This
tervention,
manage-
.■■'■SBIC.
permission
should not be restricted to
the
thf>
and birth rate in this
organization.
SS'ISf.SKSS?# Xm S.
gSJ ru^»dv.E."
ir»
likely
marriage
n-
be
-
believe
has
period of time, they are acresembling the one beginning companied by hands with
in 1929 would without much which
they may be fed.
accented
a
;
in
small
few
Jfc.ted to the same custodial reopportunity strichons as a typical investment
should
private commercial
lending
institutions.
ment
AM
SBIC
same
participate
t
dense
SAN FRANCISCO
P
Calif
Wil1question—if there is one—is liam H.Crockett is now
not
the. same.degree of government (as in the matter
affiliated
interest dualism or conflict of
gQW inflexible the
interest as of
hcies
f with dlore, Forgan & Co., Russ
education where the Hlcertainly might exist with the
usual invest.recent years have made
crease is
the Building.
ment
largely in school age
company.
As one who is
~",7
what with labor
^" economy
allowed contemplating registration under
private
.
th
a
There
regular
the
the
arasucany.
he
ment company nor are the
pur.*+
:+.•—
chase and sale of
equity securities
done by an outside
Act, particularly where the SBIC
has not acquired any of its initial
capital from the SBA. We feel
that where capital has been
acT
'
wpii
not
SBA
loans under Section 7 of the SBA
W.J1 V VX
moamea
of
reserve
,
realistic
(2) SBIC's
participation
but
P°PU^
to
T
too
support itself in the
regions
develop-
f*
« """S
to
if nothing to
even
of
SdUion
conventional
fu ^
^tment company^^ however?^th^e ,C0UrSe'. that a. con^ded- °,f
SUdde" /nd
are,the
Most SBIC's do ^rge increase m population
operate through
does alter
relation-
shnnld ho laroor in size
should be larger in size than that
permitted for Savingsand Loan
Institutions. We believe that one
justifiable.
De
mav
SBIC'T oDeTate hf'the
However, be-
greater
reCession,
extended
an
is
19406
of
SSt'SaSS™
Loan
opinion
SweBfeel
wouid
economic
^
able
country,
Continued from
.
•
fer,
now
long maturities we xeei tiiat
long maturities,
tnat
^
the
our
mav
thinfy
grown
such
that
™raS«gbSh conlroL
an exemp-
tax deductible
similar
Associations would in
be
ment of
continued from page i
very
areas in particu-
SBlC's should be given
investment Com-
A statutory
the
to
cance
be
D
tion
era
initiated by the passage of that Act
will prove to be one of
signifi-
state-
may
AS WES SEE; IT
™khee 3c°a2plfmCs.
comments reflect the views of the
granted
we
doubt reduce the
to
Actmf^lMO,
SSSvi"S „.»SJ "t
S-.S1 S "SSS SSCaT,;
reserve
above
the
or
,■
«
is
in the nature of
way
of this type of program
.funds
the Law
in
not
now
First
B^fn^s
(1)
the
hope that
that
Qf course, there is
,
piace._ ACM1Anything tional mouths have to be
rather than the utilization of gov-
panies, to state that the following
loss
submit
We
feel
mi-
that
to grant
given
bamthtVahr:r/ssocfa«ontaS
SmaU
and
We
ever
to
S^p^so^^Se
recom-
our
changes
of
country.
an
rediscount
a
and its administration. In this con(8) With respect to the SEC and
nection I should like to point out;lts administration of the various
President
proving program for the independent
small
businessman
of
our
country if natural forces are
permitted to function there
,
changes follows:
have
be
thinking,
the
Ruvelson'*
testimony dealina with the
YOU
It
of
Division of the SBA.
Washington,'ix'c. Companies'
mended
will be able to evolve
in
Committee
loans.
Investment Co., Minneapolis, Minn., and Secretary, Na-
*
to
This
program
Business
text
be
cnnncnrpH
sponsored insurance her fV,o+ in rfonorol fV\o Kirth
insurance
that in general the birth
to cover secured term
pin~piv rPla+PH
This could be done within rate ls closeiy I Uiu OCU. to proTUDClj related 10
vv/
the framework of the Investment'nomic
conditions.
Companies. Mr. Ruvelson is
President, First Midwest Small
The
tion
** l°
,
to
ns members for their kind invitament.
-
,
Business,
We wish
appreciation to the
this
of
^
,
.
efforts
are
their
v
federally
a
.
ment
tional
chairman
...
e c
all certainly may well
hope that the advances in disway
of
attracting and holding
ease prevention and cure
may
qualified personnel.
(7) In the area of general sug- prove to be lasting and even
J" ,
v
gestions, it might be well to exam- to be followed by further adine the
feasibility of developing vances, but we must remem-
o n
behalf
Small
1
e
This would be the least expensive
attractive
sociation
S
this program.
of
Jg""-<• "•
_
,
strictetTstockT option's To teym'em We
and
National
the
Senate,
for
to express our
agency for term loans.
permission
more
of
insuring
(6)
fi¬
effective
of
Small
States
behalf
.
point has increased urgency in
view of the fact that the govern¬
legisla¬
and
established
earnings pattern, and further, the size of the
typical SBIC is not large enough
tee,
tive
does not make
program
_
money in the hands of the
n— '»
their hands. Someone, somewhere, has to produce the
goods they need if they are to
Y
1958. We did not, nor do
expect, perfection at the initial
stages of our operations under this
—
on
commended
,
them attractive to most institutional lenders because they have
Commit¬
ness
■
of
Act of
we
investments
our
members
Committee
to stimulate the flow of credit to small business.
In
of
seems to
statement
a
Should suffice.
financing companies and
M
it
more
the
assistance in your evalua-
some
» j*. «»gg g- —y-j
however,
generai
general
prospectus,
,P^
One of the earliest small investment
company licensees
of
our
,
affainst
,
lnS1®
ftha!
T/
so^ve^ by extensions
(special to the financial
asnppf.
iVV
be completely
,
With Hurd, Clegg
'
55
to defend
this
of those
Wlin xiura, uiegg & uo., du iviam
st.,
members
of
the
Midwest
stock
systenjs a good preachment,
PO^ibiy in an election year,
Exchange.
Joins Columbia Inv.
"(it hardly possessed of any
other merit- The problem of
BANGOR,
Maine
carrying
Perry'' is*
now
super-annuated
ments in the
course,
ele-
population is, of
only in part a matter
,
chronicle)
(special to the financial chronicle)
-
Charles
affiliated
H.
with
Columbia Investment
Co., Columbia
Building..
.
Number 5940
191
Volume
The Commercial and Financial Chronicle
. . .
(1545)
in
Need for Caution at
In Case of Consumer Credit
Con
"li^rauHng
part
of aU.
lated
j
i
My
On
great
a
growth
remarks
for
grief.
^
^
aci
~
lies
-
on
consumer
For ".stance
to
.
;teheralS^^itTOmSS?rTel^ilg ^ TnlTn7^ aggressi^ly advertismeas^es, do so ing for borrowers. They can only
top
basically on the grounds that any increase one type of loan
unnecessary extension of govern- expense of other types.
some
date
of
renavment
and th
tvnp.
m°st
nrwiit
other industries.
The
need
In view of our limited expert-
tVcauTe^nsumer8 toanf^are
we
both its validity or success At first
and prudence sight, it seems to provide a good
of these captive finance companies source of additional bank earnand upon the quality of their cus- mgs. although in many cases re-
should be remembered that we
have not yet experienced a major
redpients
their safety depends
itor.
m
™att®.
These are
'.
have d
may
ers
...u.vh
...
hnnlr.
?.
•
g
"/
consumer
asked
^rate o?
f.pp
y a nlgn. rate °i
the risks
weigh carefully
to
"a
consider
to
{"
financing of this sort cannot better
be handled by factors
or other
^
nrovfdf
This
brings
?*,
reiec-
OT
filtered SSEffhffig
sittine
on
"
who
a
took advice from
never
\>--s
"Shake,
old
other, "I'm
fellow,"
a
said
who
man
the
followed
onlv
Lists Precepts
bv
reces-
^ f an aaequaie answer.
Sions. There is a natural tendency
to imagine that things will always
Nevertheless, there
„.clc
C°St 18 l°
3
k'rM *
a rule are
as
as
individualists,
and
•
'
m-
they
presumably run their banks ac¬
cording to their best lights as to
safety, success, and conception of
service to the communities.
is
it
as
should
be in
This
free
a
com¬
petitive system of private enter¬
prise.
Nevertheless, being semipublic and well regulated, they
W", h3Vf high everybody's advice."
"^
of
interrupted
(6)
h®
t
'"Tt*6 by o£/enn/
-t
curable
'
had almost two decades
prosperity,
to
bankers
Bankers
(6Y
citv nark hench
a
0n 3 C"yfrt be
°
baid one to the other, "I'm
rea-
care at
m
avoTd^s^toms^of
You
anybody."
to another
me
son for exercisinS especial
L
hanirintt
poflible effert
the Z/tL
wil? Recall In oM Stw
exchangeofexnerienre Ltwein
of Us
cause
Otov^nerton^ Pr?sPer«y, interrupted only by
adeoLte answe? relatlv"1iy brlef a"d mild reees-
an
competition is impor-
in
a?* "the' fiehfof Consumer Sfon" of'credit stendlrV
man
:
Cautiousness Advised
rejee
t?0"®. al}d expensive admimstra-
whether
involved and to consider whether
con-
was
..
^^}SaPahv^finnf
this manner would .do
a
outstanding, and
really do not know what might
happen under such circumstances.
of e^ther side—satisfactory profits
are
at
we
support
eAaI"!J'ci
credit
sumer
read-
can
credit indi-
who
well
^ credit
Hy Produce examples in
stage iemuv
reedy in
ports indicate that such earnings
are slow to develop and often are
^
inslfi Lm thi\,itimata
stage removed from the ultimate
to^rovide
slump in business conditions
time when a large volume of
disappointing. Bank officers han-
dff_
j
y-
-
+anf
£ ctn^m^dluhan will uset to beTadvantege" ^
the soundness
tomers.
or
,
ing system is capable of allocating
£^00^ borrowed from banks!
,
life
own
uste^bv
• are
purpose
nf
his
iw
iender virtually
t
[hThif
way
public
running
baa™ knowledge o^purpose
f
general
seems^to be clear and substantial
S
the
prt- training experience, and knowl- spect >to the newer forms of conof 1(jcal conditions indicate to sumer credit, they should consider
frPrevents the borrower the possibility that net returns
from
it operates
SfnancfcoZpnan^C to flnaCn?e
upon
at
may prove much lower than exw,e operate primarily business'as he°
thinks"best We
Si1UM mUCn 1?1W€r tnan ex"
Wlth the funds entrusted to us by 1;" " f
-Ti P1
?
pected. Moreover, the immediate
others and because our actions so of
eredu'isadi
the^onT ®.uccfs ™aY tu™ out to be loss
Vltally affect the rest of the com- 01 crean is adjusted by the^mone- lived and may turn into a shortin
munity> banking must carry on its tar^ authorities to the legitimate the longer run.
affair much more carefully than
(5> While
even
reductioiIs
periodica,
cted
^"t'he
.ontinue^growa^dprg
interest.
revolving credit plan,
hand, a loan has no
knowledge of the
recently
nave
manufacturers
knowledge.
,
other
though
e
credit
in
the
terminal
,
,
in
innovations
techniques'
+k
a
~
possible source of dansome ol the receni
Another
per
tt
Under the
possibilities
accordingly
act
,n
during 1960, we
happen
alert to the
_
Those of
fu$
^
the
t0
be
Banking System
Federal Reserve, as at present,
us, including myself, they cannot increase their lending
.
bank managements responsible for
as
must be
S
directed
are
sharp
following
1v
intended ''"to
are
They
A Free
of"them,-
both
cautious rather than prophecies of
of
a
the contrary, I
of prosperous
deal
ahead
1955,
by. relaxation
in
stimulated
particular.
see
57
certain
^
are
are expected to
adhere to certain
precepts which arise from the accumulated wisdom and experience
standards and procedures that
tir^
and practices without
are
The cost of.j,,servicing check
deemed sound and necessary to
credit could well turn out to be be this way, and that the kind of of the
banking system that bear the orderly functioning of our
whose higher charges will more ^iSber than expected. Many par- serious depressions which we have
frequent repetition. They are im- complex
credit
economy.
This
adequately cover the higher ,risks, ticipatmg banks are seriously re- experienced in the past are now portant and
applicable to our con- means that no bank alone can de~
tbcir.polipies. They have just history. Let us hope so But sumer credit policies and
New Forms of Credit ;
pracpart for long from these standards
v
plunged into the new forms of at the same time don't let us forspecialists who are more experienced in such arrangements and
..
„
Recently
some
? new.|; Jorms
hohhtrto
of consumer credit when business has
ibeen
nnn.
good,
but
what
will
get the
happen
period
experience of
which,
the
the
at
1920's
time,
v
was
believp
;
that
uencve mat we snouia
with suspicion any form
,
_t„
the
credit"
plans.,; Some of you are
doubtlessly trying out these hovel
arrangements or thinking about
me.» w«
?!"■
regard
of lending which does
what FoWe^
be-
">= nuw xi.uw
then might prove to be heavy The kind of era it turned out to
danger of such losses is particu- disastrous for all but especially
them. Because they are so new larly great because the bank is for the banking system.
and not yet tested by experience,
normally not aware of the uses
To take continuous
prosperity
they are still uncertain quantities. to which the loan .is. put. Higher for granted would be a great mis-:
It seems to me
that we ought costs or higher losses than antici- take.k Any notion that
prosperity
not permit
aFd%n «t^fv
DCTsonallv
™,^vpfts™.a1^ a"^n£°
ourselves that the money
»» —
loaned
A >«-
* —
,
entire
banking
Tipr4pnrp
harming the
system.
nf
iqpn'Q
Our
nnH
ex-
iQ^n^
Pe™~nc® 01 ine iuzu s^ana iy^u s
pendLce oF lackS of it'"of
all
banks" Lending and investment
policies and practices of individllol
Kov,Ve
SUSS
w
m>
u*u«»»
r°wer who is unwilling todisclose monetary authorities as well. We
"1S. reason far needmg the funds must WOrk and succeed
together
p
a g0
credit analyst on Qr
hung together in matters of
to scrutinize t h e s e innovations Pated may spell inadequate net
must be permanent and undeviat- Suard. Moreover, we should keep
consumer credit as in other forms
searchingly before we get, too returns. If so, will political and ing is based on wishful
thinking in mmd that it is part of the bank- 0f credit operations
deeply involved in them. We need popular pressures
permit
the and a too optimistic
reading of the er's job to provide not only funds
^
*
to
satisfy ourselves that they
not
of
violate
sound
they
not
are
sound
cies.
traditional
bank
lending
at
banks to- increase their
do
charges
standards
.'."v"
Under the
record
ade-
Rumblings
it
of
satisfaction.
revolving credit plan,
A customer then bor-
:
is
0f
Afatast Revolving Plan Now
on
"solid
fluctuations
for
fact,
understanding
and
our
controlling
the
and
economy
may
Sa^Uate"whln "the
consider the re-
us
our
them
have Leen greatly improved in
recent vears
hut. t.hesp havp nnt
recent years, but these have not
yet been tested by a serious shock
-
Finally, let
than
that
cyclical
to
-
rather
true
techniques
in several quarters to indicate dis¬
'
spFeffle'famounto tor0findfvdtoual
borrowers.
interest
provide
luring advertising and exorbitant
charges already have been heard
with
monetary and credit poli¬
.
to
quate -earnings?
that
and
variance
enough
Let
me
hasten
to
test
prove
cSmes!
that; j do
sa
T0heSbaSnkPlytby^Vwriting checks. volvlng ^di' plan briefly from not believe a major depression is
whole
Here? agalnt our™hort imminent or inevitable. My point
T"j
a
Tho
anrp
to
Kov
renav
over a
period
can
or
w:fu
by
nian
if, rather, that
a
we erect additional
-r ^ ?XTP
Rut
thin^
can
safeguards against business del0A? ^ instalments handicap But one thing we can clineg when we conduct both QUr
of time:-In
prac'tice"; say fairly definitely is "that the Se™ and 7ublTcUr«aS" wito
in
however,
he
pvnpripnpp
o
on<-
repeated
borrowing
maintain his indebtedness
the limit,,so that the
near
pto may become
virtually
petual loan
scheme
a
period
is -not
time to introduce such
the
.
I cannot
consumer
v;
.
During
the
foresight
h
.
p
r
7
principles closely.
-.
past
circumspection
and
„°hpngwp 3
borrow-
ajWfe--.-'
of
most
ideal
scheme
a
for stimulaing
ing-
per-
help wondering if those
ankers who are
vigorously pushwg this new
plan have carefully
considered all aspects of
present
WP
Paradoxical
nine
seem,
it
particularly during the is precisely when the economic
past year and a half, our monetary skies are brightest' that the danger
authorities have pursued an in- of a sudden storm is greatest. It
creasingly restrictive credit policy
would
seem
this is
a
Practice
S0)
of '
thrift
are
living
it.
Is
and
it
the
within " one's
With the total
credit limited,
volume
at
as
of
to me, therefore, that
time not for complacency
or unrestrained optimism, but for
the exercise of good
an
I
am
not,
of
judgment.
course,
the
only
pans answer thLV1UeS7 I won't increase in consumer lending must
no longer virtues?
1 W°n t Z Z^
available for
but it j-^
it
these questionsmow, mean fewer funds- available to
does seem
one who is concerned about P08"
bankers
consumer
o
to
me
that, both
pnnoi'j
a,nd consumers
getwr. them s carefully
getting
,
.
-
should
before
...
.
other types of a lending, such as
mnrthoone
Q
n
business
loans.'
sjbie developments in the field of
renewal
f&n and the
°ther conttnm Pe^Sonal
|s difficult
discussion
of
the
Credit
ucu l*
A
good
e"uu
many
*u<tujr
mortgages a n d
lawmakers, economists, businessSince funds for commercial uses
bankers
believe
that
are.already in short supply, any me"> ana DanKers oeneve mat
banks howS/?n<iP<^t of lending
°n the other hand» if the F®d: ages
credit'plan -™6,5, ,thlS revolving eral Reserve should feel compelled ^
between
the'revolvF reLiTwoul^beTo
add
to
infla-
wasteful buying, discourages
interferes with the
normal
-
the
information
borrower's
lack
of
the
on
dependable
extent
indebtedness
nimseAt> consumer credit
of
in
the
rela-
■
member of socieiy liKe Dr
inemper ux societv like ur.
history is a record of man's
struggle to suppress the Hyde and
^ Jeky" T US'v,In the f,ieid
^onk^0^lso(cudrp^s^pmex A" °t of banking,
show
to
how
families,
under
a
bank
one
company,
stores
owe
deatorTTnd 'Fre^i
in
7oitoaees
Theie is
mortgages. There is
than
more
finance
and
and
fuel
arrears
on
lack of sat-
a
as elsewhere in life.
thls struggIe has to be fought
tinually.
spur of optimism, almost simultaneously borrow from
Jekvll
ueKyu.
All
^enTtowme"^
tton to his
I
is
should
just
like
such
meaning to
to
believe
fight
a
the
job
con~
that
it
that
gives
our
Com¬
of
mittee for Economic Growth With¬
Inflation.
out
growth
in
It
is
to
promote
S sensible,
realistic
by forced and wastewastea
manner> not
manner,
overextensions, so that
on such overextensions, so that fu| means T/.■ our aim to enful means.
It
u is
en,the lending officer really cannot
courage by legitimate means efmake a sound decision but must ficient
production, maximum'job
take a chance and hope for the
opportunities, and reasonable price
best. In the best interest of borstabiIity In this way we canhope
rowers and lenders alike, con- tQ maintain
the value 0f our dolcerted efforts by . banks,- mer- Jar
'
chants, and others dealing
sumer
credit
establish
should
,
unimpaired
in con.
made
to
comprehensive
more
a
be
«
ta-n
tain
confidence
at home
in
its
and
sus-
inteeritv
integrity
abroad
•'
^
'.u'*
,
^a^ end' we are commifte^
central clearance system of credit
inf°rmatl0n than we ow have to to provide a source of information
have, to
banks
their
customers
prevent credit abuses and to mini- t°r our ornura,
'
mivo incchc
and citizens
information than
mize losses.
/ov
xxr
(?)
we
now
?
u
u
u
x
r
for
1
x
careful to
j
making borrowing more
lent
ana
-
-
.
^
creditworthy
ld=TrXo"ei ssn? aftirs
that it contributes to economic in-
practice of tionary pressures. Hence, what- stability by permitting excessive
iand eYen ever merits the revolving credit concentration of purchases at cerdS VieV{ P13? may bave? this seems a"
tain periods. Such critics usually
borrower's
is
£Ke
nas its dangerous aspect—its Mr
,
bank
present,
re-
(2) Probably the greatest difficulty ;in
appraising
individual
risks
&0> 11Ke any gooa institution or
of
use
quires personal contacts.
on
years and
Sn<1 policy to encourage indi- for the purpose of combating inh vli?
to remam continuously in flation and boom-period excesses,
acbt
If
to the
as
iprk
time-test^:;.iXartoiy credit clearance to check
such
it may
as
—
but also counsel
such funds, and that this too
conven-
borrowers
uu«.i5
in general in
wbat
the
may
be
on^thnft^and^the
misi'nterpreted
maintenance
of
an
as
excessive
and perpetually indebted position.
ef-
we inust have tne untiagging support
and
participation
duty
be
an
fort to foster and promote better
understanding of current develop-
of
all
privilege to
agk eyeryone t0 join us in tKis
significant undertaking.
exciting
make
adventure
every
:
that
It is an
should
banker want to con-
WS BS£&Xi£gt SS5 ZZJSS. Szp&xrzst t& s^&zsrtssraz
sss^fsas ears* r-■—*»? "r
ing in general
or consumer
credit
the overall volume of credit.
volume of credit is fixed by.the
i960.
Chronicle
The Commercial and Financial
58
.
.
Thursday, April 7, 1960
.
(1546)
* IN DICATES
Industries, Inc. (5/2-6)
filed 250,000 shares of common
Aero
stock (par 25
cents). Price — $3.30 per share. Proceeds — For new
equipment, expansion of the business, and general cor¬
porate purposes. Office—Pottstown, Pa.
UnderwriterMyron A. Lomasney & Co. of New York City.
•
Agricultural Research Development, Inc. (5/2-6)
Jan. 25 filed 200,000 shares of common stock (par 10
cents). Price—$5 per share. Proceeds—To purchase land,
to construct buildings, and provide necessary equipment
and capital to engage in a hog raising enterprise. Office
—Wiggins; Colo. Underwriter—W. Edward Tague Co.,
Pittsburgh, Pa.
Note—This statement is being revised.
Allied Bowling Centers,
Inc. (5/2-6)
Dec. 29 filed $750,000 of sinking fund debentures and
300,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
stock. Price—$108 per unit. Proceeds—For general cor¬
porate purposes. Office—Arlington, Texas. Underwriter
—Rauscher, Pierce & Co., Inc., Dallas. Note
This
statement is to be amended.
Foil
,
options to purchase stock in two other com¬
panies in which Allen J. Lefferdink, President, is a
controlling person. 13,028,000 shares will be offered at
75c per share on a pro-rata basis to holders of options
to purchase the same number of shares of common stock
of Allied Colorado Enterprises and 15,837,000 shares will
be similarly offered to option holders of Boulder Accept¬
ance Corp.
Any shares unsold at the end of the 90 day
period will be offered to the public at $1 per share and
may be purchased in installments over a 12-month pe¬
riod.
(The offering to option holders is on a cash basis.)
Colorado Insurance Group Building, Boulder,
Colo. Proceeds—Primarily for working capital. "Under¬
Harn
Malkan
stock.
Price—To
be
supplied
by
amendment.
Proceeds—To reduce current indebtedness and for future
Office—Floral
operations.
Co.,
&
Park,
L.
I., N. Y.
Under¬
writers—Bear, Stearns & Co. and Allen & Co., both of
New York City.
AEterman-Big Apple, Inc. (5/2-6)
18 filed 403,310 shares of common stock
(par
S2.50), of wihch 60,000 shares are to be offered for public
sale on behalf of the issuing company. Of the
remaining
343,310 shares (all outstanding), 168,310 are to be of¬
fered by Bankers Securities Corp. and 175,000
by cer¬
lPrice—$18 per share. Proceeds—
To repay indebtedness, for
working capital and other
corporate purposes. Office—933 Lee St., S. W., Atlanta,
Ga. Underwriter—Van Alstyne, Noel &
Co., New York.
American
Feb. 25
and
Bowling
Enterprises,
Inc.
(4/14-15)
filed
100,000 shares of common stock (par $1),
100,000 class A purchase warrants, to be offered in
units of
warrant with each share.
one
The class A
give the right to purchase the stock at $7.50
share
for
the first
six
the seventh to the 24th
months, at $8.50
month, and at $9
Price—$7.50
the 25th to the 30th month.
ceeds—For
Office
the
per
construction
of
new
per
per
share from
share from
per unit. Pro¬
bowling centers.
—
Myron A.
Rochester, N. Y. Underwriter
Lomasney & Co., New York City.
—
bank
loans, payment for additional equipment and fur¬
nishings and for working capital. Office—3267 South¬
Hawthorne Boulevard,
Portland, Ore.
—Jerry A. Barfoot, Portland, Ore.
east
•
American
Nov.
30
Frontier
filed
Life
Underwriter
Insurance Co.
200,000 shares of capital stock.
American Land Co.
(4/18-22)
Dec.
14 filed 300,000 shares of class A
preference stock
($15 par) and 300,000 shares of common
stock, to be of¬
fered in units of
common,
one
share
of preference
and
one
share
subsequently amended
to 200,000 shares of
(par 10 cents). Price—$5 per share. Pro¬
ceeds—For property acquisition and
development. Of¬
fice—49 E. 53rd
Street, New York City. Underwriter—
Hemphill, Noyes & Co.
common
•
stock
American
Feb.
17
Price
Life Fund, Inc.
(4/12)
1,250,000 shares of capital stock
(par $1).
per
share. Proceeds—For investment. In¬
filed
$20
vestment-Advisor—Insurance Securities Inc., Oakland,
Calif. Underwriter—The First
Boston Corp., New York.
• American
Molded Fiberglass Co.
(4/8)
Jan. 2.9 (letter of
notification) 300,000 shares of common
stock
(par 10 cents).
Price—$1 per share.
Proceeds—
For general
corporate purposes.
Office—85 Fifth Ave. >
Paterson
N
J. Underwriter
—
Beaver St., New
York, N. Y.
t
-
Michael
Fieldman, 82
o??'nnn
u
350,000 shares
Haloid
538'°?° shares
are to be
Seaway Land Co.
of common stock, of which
publicly offered.
Price—$3
Continued
on
per
page 59
Co.)
&
Lomasney
A.
&
Telemail
Lomasney
A.
First
(Edgar B.
Baltimore
Paint
(P.
Brooks &
W.
$25,000,000
Co.)
&
Brooks
W.
Corp.—offering
(P.
Brooks
W.
(Eastman
Dillon,
Captains
87,307
Co.)
&
Circuitronics, Inc.
Miller &
(Man-on, Sloss &
■714 Schwinn & Co.;
7777k:-;'
'
'
.Common
Roosevelt1 &
Gourd;
L.
:
,
(R.
Dowd
F.
&
Inc.)
Co.,
:
&
shares
400,000
Co.)
Treat
Forest
Hills
&
Co.,
Inc.)
Country Club
77'\7\
(Sire
General
Co.)
(Bertner
General
;77
and
Bros,
Earl
Edden
(Goldman, Sachs &
(Allen
&
and
Co.
Van
Alstyne,
Chemical
&
Noel
Inc.)
Lawn
Electronics
Co.,
(Prudential
&
Co.)
Securities
Corp.)
(Mortimer B.
(Rauscher,
National Fuel
Pierce
11:30
Co.,
Inc.)
EST)
(Jacey Securities
Co.
Co.
and
First
$18,000,000
Radiant Lamp
Kentz
&
Co.)
\
Class
Treat
Seaboard Plywood
(Peter
&
Co.,
Inc.)
& Lumber
Morgan
(Peter
Morgan & Co.)
Spring
Street
Sunair
30,000
R.
(Frank
Karasik
Inc.)
Corp.;
Irving
Herzig, Farber &
Weiss
Tayco Developments,
&
Co.)
Stoltz
Taylor
Devices,
&
by
C.
Teletray
Electronic
T.
(A.
Co.)
E.
Brod
&
Inc
Co.)
Common
$450,000
(Myron A. Lomasney) $600,000
Thermal-Aire of America, Inc.,
&
Co.,
—.Common
Inc.)
$300,000
Universal-Cyclops Steel Corp
(A.
Wallson
(Russell
Wells
G.
Becker
&
Saxe
and
Industries
(A.
Whitmoyer
Co.,
&
Associates,
200,000
shares
Inc
First
Common
Broad
Street
Corp.)
Corp.—
T.
Brod
Sulzberger,
$300 000
Common
& Co.)
Laboratories,
(Hallowell,
.Common
Inc.)
&
Co.)
April 12
$510,000
(Milton
D.
Blauner
Capital
Boston
Corp.)
Co.,
$25,000,000
Inc
Common
_
&
Co., Inc.; David Finkle & Co
Gartman, Rose & Feuer) $495,000
Custom Craft Marine
Co., Inc.—
(R.
A.
Holman
&
Co.,
Mountain States Telephone
Inc.)
&
'Bids
&
11:00
Stevens
a.m.11 EST)
Chemical
Standard Motor
(Eastman
Dillon,
$40,000,000
Corp.
Union
&
(Car!
M.
Loeb,
Common
(White,
Rhoades
Lehman Brothers:
(Bids
NAFI
Co.,
&
3:45
Co.;
The
First
Sach°
p.m.
Inc.)
Boston
Corp.:
$300,000
Common
$300,000
Common
Inc.)
110,000
shares
Stanley
of)
&
Bonds
Co.)
$25,000,000
.—Class A
;__r
190,000
shares
Capital
Weld &
Co.)
204,000 shares
12
Common
DST)
noon
650,000
Corp.
shares
—„7
(Shields
&
Co.)
200,000
Capital
shares
Puget Sound Power & Light Co._____^
(Bids
Rajac
12
noon
EST)
Bonds
$20,000,000
Self-Service, Inc.—————-Common
(Walter R. Blaha & Co.,
Southern
Nevada
Inc.) $300,000
Telephone Co.——
(Dean Witter
&
Co.)
100,000
Preferred
shares
Transcontinental Gas Pipe Line Corp.
(White,
Weld
&
Co.
Stone
and
Corp.)
&
Bonds
Webster
$35,000,000
Transcontinental Gas Pipe Line Corp
(White,
Weld &
Securities
Union
Financial
April 25
Burnell
Co.
and
Corp.)
Stone
&
-Common
Webster
Corp
Weld
&
&
.
800,000 shares
Common
Co.;
The
Co.)
Ohio
325,000
Co.
and
shares
(Monday)
Co
&
-Common
(Milton
D.
Blauner
&
Co.)
$600,000
Deluxe Aluminum
Products, Inc.—-____—Common
(No
underwriting)
$350,000
Products, Inc
underwriting)
Debentures
$330,000
General Shale Products Corp
.-Common
(Equitable Securities Corp.)
Glass
Magic
Boats, Inc
A.
Glass Magic
Holman
&
220,605 shares
.Common
—
Co.,
Inc.)
68,000
shares
Boats, Inc
(R.
296,460 shares
Common
Goldman.
(Bids
Inc.)
Middle South Utilities, Inc
(R.
Capital *
Co.)
Common
Co.,
&
Microdot Inc.---—
175,000 shares
Securities
$787,500
Corp
(No
Products, Inc..
West Penn Electric Co
Co.)
Inc.——=
Deluxe Aluminum
Debentures
'
.
(Wednesday)
Common
$255,000
'77
Common
shares
Capital
(Morgan
Telegraph
Co.
Pierce
and
45,000 shares
107,290
77
Common
&
(Commonwealth
7
(White,
Fund, Inc
First
Co.)
-v
Hogle & Co.) 230,000 shares
Sanders
Electronics
Lynch)
&
Corp
(Darius,
(Tuesday)
(The
Control
.
Common
"
Debentures
(Hallowell, Sulzberger, Jenks, Kirkland & Co.)
$500,000
American Life
&
Bros.
Securities
—Common
Klrkland
Whitmoyer Laboratories, Inc.—
$12,000,000
shares
Components, Inc
300,000 shares
Inc.—
Jenks,
100,000
\(Amos Treat & Co., Inc. and Martinelli, Hindley
United
.
Common
Murphy
Co.)
Equipment Corp
Murphy
A.
Inland Credit
$537,788.75
Systems,
Debentures
(Shearson, Hammill & Co.)
Tenax, Inc.-
(Pearson,
(J.
April 20
Common
&
Netherlands
Industries
$154,962.50
Inc.
Stoltz
Straza
Australia
Common
Co.)
and
Corp.—
Tri-Point Plastics,
McKenna
$720,000
(Offering to stockholders—underwritten
$1,509,000
..Common
Inc.
:__
&
Inc
Co.)
arid C. E. Unterberg, Towbin Co.)
Instrument
'';7:7;7
$600,000
&
Common
Witter
(Pearson,
>
Common
&
Co.
Equities
7
..Common
&
(Sutro
Common
—Common
(Standard Securities
Realty
shares
Supronics Corp.
and
7
A
Common
Co.,
Sudler
___:
Leonard
(Dean
Common
&
"7;;" 7
'
Corp.,
Rap-In-Wax
3,000 shares
Co.)
$600,000
Feriner & Smith, Inc.)
Walker
Materials
Debentures
Co._
Staats &
7^
$250,000
$2,293,060
$300,000
Electronics, Inc
Capital
Factors
Service
Seaboard Plywood & Lumber Corp.
•
.
>
Corp.
H.
(Moore.
$600,000
Corp
Co.)
&
-
7
Inc.)' $600,000
Corp
Pierce,
(Lee Higginson Corp.
$300,000
$260,000
Corp
(Amos
C.
Co.,
&
Shoe
Nuclear
Inc.)
Winston
Goods
Common
Securities,
Co.)
Amos
Lynch,
Mills
120,000 shares
City
A.
(G.
Common
(H.
-.
7;
and
Co.
(Merrill
Metal
shares
___—
&
Melville
-;7y
.(Common
Co., Inc
.7
.
,
-Common
&
Securities,
.———Common
Trailer
Co.)
&
Keystone Electronics Co., Inc
......Debentures
a.m.
(Hornblower & Weeks)
Rabin
$180,000
,
,,
—
Lomasney
A.
—
(Purvis
(J.
58,337
(John J.), Inc.—
Pacemaker Boat
I C Inc.
Common
Gas Co
(Bids
Nesbitt
&
•
shares*; 77'777iy
—Common
(Westheimer
$105,000
Burnside & Co., Inc.)
shares
:Co.) 200,000 shares,
—
$300,000
Manufacturing, Inc
300,000
Co.). 300,000
&
Hutton & Co,) 20.000 shares'/
(Myron
Missile Components Corp.__
Co.)
&
Noyes
Henry's Drive-In^ Inc.———
—Common
Inc.)
Bear/-Stearns
Inc. —!
—17.—^.Debentures
7777:7 7;.
(W. E. Hutton & Co.) $5,000,000
7;' 7.-7
77>
Carolina Pacific Plywood, Inc.
*
Capital
7
(Peter Morgan & Co..) 100,000 shares
7
Figurette, Ltd.
Common
:-:_ii^i7_Common
(Glenn Arthur Co.,
by
—
(W. E.
.
$300,000
Inc
,
Avis,
$3,003,000
Megadyne Electronics, Inc.——
Monarch Tile
:
Common
Cohon
.
shares
' 7 ;7,;7
-&—-Preference
I
7(B. Fennekohl & Co., Inc.) $150,000 '7
$100,000
Kahr Bearing Corp
-
Systems,,/Inc.——Common
Avis, Inc. 1
Companies, Inc,__Com.
(Hilton Securities,
-
Co.)' 870.132
&
7,77/;(5..-'I}^ Fuller &
/
Co.)
•
Co.—i___—^————.^.Common
Land
Automation
Debentures
&
'
.
Applied Electronics Corp. of N,. J.^—j.___'.Class A
>
—Debentures
Highway Trailer Industries, Inc.Howe Plastics
arid Allen
Co.
(HernphiH,r Noyes
7
$300,000
Co.)
•
,
;
$12,555,600
Co.)
stockholders—underwritten
to
&
American
-————Common
Development Corp.—
•
Capital
'
American Land vCo.L
$300,000
Casting Corp
shares
,
,
Ltd._______—Common
(Jerome Robbins &
4,500
Inc.)
Florida, Inc7.-..._:.wCommon1
77;77177'v/7':7/'-7 (Peter Morgan & Co.) $720,000 ;7: 77-7
7v7'
•
,
Portfolios,
(Hemphill,
shares
152,698
Plan
Thermal Industries of
(Offering
77
Electronic Assistance Corp;-:.i.---.a-;i_—.Common
(Amos
Plan Portfolios, Inc,) $225,000 > 7.'
:•
7/7
Normandy Isle, Inc.^i——Preferred
7April 18 (Monday)
,<
Properties, .Inc..
Common
(Bache
Plan
$300,000
Corp..,
—Debentures
All-State
and First Albany Corp,) $235,000 7;' • !', ;
:
C. W. S. Waveguide Corp.7——_i.—^——Common
Electrada
of
Inc.)
: ,vi- ;7-\
;.
Isle, Inc
'
B.
Inc.
Luskin & Jenrette,
Donaldson,
T
(Sire
—-,-r——.Common
Inc.;
Co.,
Ralph B..Leonard & Sons,
Sire
$300,000
Co.)
Co., Inc
77
',
1 77
;
—Common
—
$5,000,000 •' 7
of Normandy
shares
$1,000,000
—-————
(Lloyd,
Computer Usage
Inc.)
and
Co.
•*'
'
Securities,
Jr.
Sire Plan
Common
(G. Everett Parks & Co., Inc. and Sulco
The-
„
Employees Corp
(G. J. Mitchell
Common
Securities
Union
.
Preferred
stockholders—underwritten by
Boston
Corp.) $3,916,500
to
(Friday)
April 13
.
Aviation
7:;7.'
Debentures
Inc
Club,
"
,
.Common
First
•
Co
stockholders)
to
—
$750,000
Co.)
&
Utilities
California-Pacific
warrants
shares
Corp.
(Offering
—Bonds
$750,000
100,000
Orange & Rockland Utilities, Inc.—*
'7,„-'.7
Corp
Co.)
&
>.
Warrants
—Common
Boston
$1,800,000
Co.)
Common
shares
(Mortimer B. Burnside & Co., Inc.) $1,031,250 * >
Preferred
Corp
Chemical
&
(P.
$1,500,000
Hunt Co.)
Chemical
&
Paint
Baltimore
Nu-Era
—.Common
Service, Inc
100,000
Co.)
Xerox, Inc
(The
(Monday)
April 11
American
(Doolittle & Co.)
An?®ric1a" * St' ^wrence
Debentures
Securities
Union
333,213
—
$1.20 per share.
of
Common
$279,664
(Michael Fieldman)
(5/2-6)
Price—$8
& Co.). $13,500,000
Corp
Bowling Enterprises, Inc
(Myron
(Offering to stockholders—underwritten by C. E.':77 v
share. Proceeds
To increase
capital and surplus.
Office—1455 Union Ave.,
Memphis, Tenn. UnderwriterUnion Securities Investment
Co., also of Memphis, which
will receive a
selling commission of
per
•
American
$285,000
Co.)
Corp.—
Transworld/ Equipment
(William
• American Convalescent Foundation, Inc.
March 31 (letter of notification)
60,000 shares of com¬
mon stock.
Price—At par ($5 per share). Proceeds—To
pay the balance on new land, retirement of short-term
Inc.—Debentures
(Thursday)
Enterprises, Inc.—
14
April
..Common
Securities
(Pleasant
war¬
rants
l.Bonds
$15,000,000
Industries,
Dillon,
(Myron
March
tain other individuals.
-
CST)
a.m.
American Bowling
Inc.) $750,000
Co.,
—
(Morris
•
&
Street
and
Inc.
Menu-Matics, Inc.
.77,•/.'/O.-777/.;/v
Properties, Inc. (4/18-22)
March 17 filed 870,132 shares of capital stock, to be of¬
fered for subscription by holders of outstanding shares
such
S. Plywood
■
All-State
Forest
(Eastman
——-Common
Corp.
(Arnold
—
writer—None.
10:30
(White, Weld
U.
Common
Corp.-
ISSUE
(Hayden, Stone & Co.) 106,000 shares
holders of
of
Common
Co
Baltimore Paint & Chemical Corp
7
if Allied Lending Corp.
April 1 filed 28,865,000 shares of common stock.
Tne
stock will be offered initially (for a 90 day period) to
Southwest
$300,000
(Michael Fieldman)
Circuit
(Wednesday)*
(Bids
Fiberglass
Molded
American
REVISED
Iowa-Illinois Gas & Electric Co
(Friday)
April 8
PREVIOUS
ITEMS
•
April 13
CALENDAR
ISSUE
NEW
11
March
Office
Registration
in
Now
Securities
AD DITION S
SINCE
A,
Holman
Greater Washington
Inc.
Debentures
&
Co.,
Inc.)
Industrial
$51,000
Investments,
Common
—
Co.) $10,000 000
(Johnston,
EST)
,
Lemon
&
&
Co.
Redpath)
and
Auchincloss,
$3,000,000.
Parker
(Hayden,
M.euOVul
,s
'
J
$300,000
panning inc.)
(Fund
(Stroud
(Dillon,
Co
Electric
c.mprior
SUpeiA
& Co., Inc.) $1,000,000
D. Blauner
(Milton
Freres
&
(H.
.
Hen.z
Co.)
150,000
Co.)
; V"
000
Co.)
_Pfd.
shares
150,000
(H. Hentz & Co.)
Sullivan
Corp.—Com.
(Thursday)
War.
150,000
Inc.
Richter
bchercK,
ana
Co.)
(PV-w-
f
'
OK
:
.
A. Lomasney & Co.) 51,000 shares
(Myron
• ;
.
(Bosworth,
y
.
/rnidman
1
'
&
Hammill
Corp.
Pearson
Weldotron Corp.
&
$199,998
Inc.)
Co.,
'
(Tuesday)
Zero
,
/
Pierce
(Rauscher,
Alterman-Big Apple,
Inc
Securities
Hibbs
100,000
Co.)
&
&
(Pistell,. Schroeder
Inc.
Co.,
&
Big Laurel,
:
and
(Pearson,
■
•,
Airlines,
Capital
■
Brothers
(Lehman
Barney
&
'
Lawrence
&
,
Brawley,
and
Sons
,
Florida Builders,
&
(Dean
&
Co.)
Securities
Gleich
and D.
Corp.;
Shields
Towbin
Co.)
&
S.
Srnithers
&
C.
S.
Srnithers
&
$1,250,000
Loeb,
Rhoades
and
Co.
&
Jaffray
Piper,
(A. C.
Co.
Oil
&
&
Co.,
&
May 24
Food
Shillinglaw,
Bolger
&
Co.,
Inc.)
May 27
1
Hammill
&
.
?te^egister CorP•
acienburg,
TV,
.
R
shares
200,000
120,000
J.
C.
&
Co.,
Thalmann
&
Co.,
Bros.)
Bear,
240,000
Reduction Co.
.(AvC* AllVn & Co.,
Buildings Corp.—•_
r>
Ulls
Buildings Corp
(Kuhn, Loeb
3
°lumbia
Npur
'
Stearns
&
and
Co.
"
Common
•
ids 3:45
Finance Co
Stearns
Co.
&
and
200,000
shares
1
Co.)
400,000
(Bids
Corp.)
Common
1,400,000
shares
110,000
(Wednesday)
'Merrill
Lynch,
1
Pierce,
317,500
Bonds
time)
420,945
and sales and service
facilities in Dallas
facilities in Los Angeles; $200,000
development; and the balance for work¬
ing capital.Office—22 Center St., Metuchen,
writer—S. D. Fuller & Co., New York.
N. J. Under¬
• Arizona Public Finance Co.
(letter of notification) $300,000 of capital notes,
year maturity with 5%
interest, with yearly in¬
creases at the rate of one-quarter of 1%
per year until
five
maturity, to be offered in denominations of $250 each.
Proceeds—For working capital.
Price—At face amount.
Office—2300
Central
N.
Ave.,
Phoenix, Ariz.
Under¬
^ Armour & Co.
April 5 filed 234,000 shares of common stock, which
have been or may be sold to certain of the issuer's key
employees, including officers, pursuant to the Restricted
Stock Option Plan. Office—Chicago, 111.
&
shares
:
Smith,
Inc.)
+ Audio Devices, Inc.
30
filed
100,685
of common stock, of
offered pursuant to the
company's Stock Option Incentive Plan and 20,685 shares
March
shares
80,000 shares are to be
of stock issued to warrant holders.
/
Ave., New York.
shares
be
Bonds
Office—444 Madison
'-'''yi;;'V/'.
(5/2-6)
shares of common stock.
Audion-Emenee Corp.
March 29 filed 100,000
To
supplied by amendment.
be
Price—
Proceeds—For working
Office—New York City. Underwriters—Pistell,
& Co., Inc., and Bertner Bros., both of New
City.
Schroeder
Debentures
a.m.
York
$45,000,000
invited)
Bonds
1961 Corporation for Oil Exploration
$5,000,000 of Oil Exploration Agreements
1961, to be offered in units. Price—$60,000 per unit.
Proceeds—For exploration purposes.
Office—630 Fifth
it Austral
March 31 filed
$12,000,000
EDT)
July 7
(Thursday)
Preferred
Gulf Power Co
$5,000,000
(Bids to be invited)
Bonds
Gulf Power Co
July 13
to
be
$5,000,000
invited)
July 19
be
der the
Co.
be invited)
.Bonds
$6,000,000
Co
Debentures
$100,000,000
September 13 (Tuesday)
& Power Co
to be invited)
thereof will be applied
borrowing program for 1959-60 approved by the
Loan Council for the Governments of the
Underwriter
—
Morgan
Automation
Systems, Inc. (4/18-22) .
(letter of notification) 150,000 shares of com¬
stock (par 25 cents). Price—$1 per share. Proceeds
12
—For-
kohl &
$12,000,000
general corporate purposes. Office—150-34 12th
Whitestone 57, N. Y. Underwriter—B. Fenne¬
Avenue,
-Bondi
lie invited)
•
mon
Bonds
(Thursday)
to
equivalent
Australian
Feb.
$25,000,000
Co
iBids
currency
capital works expenditures being financed un¬
Stanley & Co., New York.
Southwestern Bell Telephone
Georgia Power
(4/20-21)
$25,000,000 of 20-year bonds. Price—To
Commonwealth and the States.
(Tuesday)
(Bids to be invited)
(Commonwealth of)
filed
supplied by amendment. Proceeds—To be added to
Commonwealth's
international reserves; and the
towards
Jersey Power & Light
August 9
the
31
Australian
$25,000,000
invited)
(Tuesday)
to
^Australia
be
____-Bonds
Gas Co
to
Ave., New York.-Underwriter—None.
March
(Wednesday)
Northern Illinois
November 3
.Common
Fenner
Oil
owing to management officials; $150,000 for the
edness
which
$7,000,000
Virginia Electric
shares
9yS
(m
Apache
for
(Bids
4
$900,000
Common
11:30
(Bids
Weld & Co". mc.) 300,000 shares
Jersey^luminum Extrusion Co, Inc.—Capital
May
Inc.)
Y.
N.
a.m.
to
(Bids
Common
shares
Common
Co.
Co.,
underwriting)
(Bids
_____—Debentures
EDST)
(Land &
&
.....Common
Inc.)
in
capital.
shares
System, Inc
1?'
Sloss
11:00
(Bids
—
&
Common
Corp
(Friday)
(Tuesday)
Gas
$298,500
(Tuesday)
Bell Telephone Co
June 7
New
May
Dial
Ulal
\
<Kuhn- Loeb & Co.) $20,000,000
TTH
Inc.)
Washington Gas Light Co
_—Debentures
Bear,
'
•
shares
-------
anium
u"s
Co.,
&
Northwestern
Bradford
Corp.
Sutro
TTrir.
>
Common
Corp
Southern Electric Generating Co
(Bids to be invited) $40,000,000
Common
and
Sutro Bros.) $6,000,000
eregister
acienburg,
$544,810
(Thursday)
June 2
.1,
$1,500,000
Co.)
Co.
&
Co.)
Thalmann
,
-—Bonds
$22,000,000
(Tuesday)
(No
Co.)
—Common
&
Industries, Inc.—
rn
&
Debentures
Stores, Inc
Stonehill
units
March 29
North Central Co
—.Common
Co., Inc.-..
(Pederman,
Spartans
(Shearson,
120,000 shares
(Monday)
(Bids
Common
and
participating
Applied Electronics Corp. of N. J. (4/18-22)
11 filed 200,000 shares of class A stock (par 10
cents). Price—To be supplied by amendment. Proceeds—
$45,000 is to be used for the purchase of stock of Diver¬
sified Industries Corp.; $33,000 for repayment of indebt¬
for research and
Jersey Central Power & Light Co
$2,500,000
Inc.)
Fay,
$1,738,000
(Stroud
..
bmilen
$650,000
$5;000,000
Co.)
&
500
establishment of laboratory and-sales
Common
Rubin
(Marron,
.-..Debentures
Hooker
Inc.
D...
-
1
shares
Common
Co.)
filed
$450,000
Co., Inc.)
Corp
and
Mouldings, Inc.L___
Allyn
&
EDT)
a.m.
Financial
Sierra Electric
(Myron A. Lomasney & Co.) $250,000
Ritter Finance
'
—Common
112,500
Co.)
(Thursday)
19
May 23
&
(Myron A. Lomasney & Co.) 37,500 shares
Circuits, Inc.—.
Debentures
Pyramid
May
Harburton
Precision
t
.
(Simmons,
Precision Circuits, Inc
.
.Common
&
30
writer—None.
shares
461,431
(Frank Karasik
.
$1,250,000
$520,000
(Wednesday)
18
Common
Pacific Vegetable
&
Co.)
Co.)
&
Products, Inc
(Harrison
.
Common
Co
Witter
&
Inc
Lomasney
11
share.
March
Common
Common
Hopwood)
Pacific Panel
May
.,
Marquette Corp.
M.
Common
General Atronics Corp
shares
78,000
Co.)
$750,000
(Tuesday)
Gas Light Co..
.Debentures
Co.)
A.
(Bids
Unterberg,
E.
Magnin (Joseph) Co., Inc
(F.
Co.)
(Lehman Brothers )
$600,000
shares
Co.)
&
United Financial Corp. of California—-Debentures
Milwaukee
Debentures
Magnin (Joseph) Co., Inc...
(F.
Lomasney
Morgan
(Lehman Brothers)
Co.)
and
Co.
75,000
Lomasney
(4/11-15)
^Program 1961. Price—$12,000 per unit.
Proceeds—For
oil and gas exploration. Office — 523 Marquette Ave.,
Minneapolis, Minn. Underwriter—Apache Oil Corn...as
issuer, and by its subsidiary, APA, Inc. as underwriter.
$1,600,000
Co.)
Walker
United Financial Corp. of California———Capital
-
..^..Common
(Lee Higginson
v
May 17
___
Corp.
Ionics, Inc.
n
,
shares
90,000
&
Inc.
Service,
^ Apache Oil Corp.
Common
___
Witter
Hydra-Power Corp.
(Dean
;
Common
Hawley Products Co.
(Carl
Co.) '
shares
800,000
Co.)
Walker
Telemail
375,000 shares of common stock. Price—$4.00
Proceeds—For establishing airmail facilities
Office—518 Felt Bldg., Salt Lake City, Utah.
Underwriter—Edgar B. Hunt Co., New York City.
$20,000,000
G. H.
shares
purposes.
at airports.
Common
and
Hammill
(Myron
corporate
American
per
Debentures
H.
G.
of Wash¬
to working capital for
Office—734 15th Street,
with the balance added
Dec. 8 filed
,
35,000
Systems, Inc.—___i
;
Inc
(Jaffee
(Aetna
&
Inc.)
Inc.^
Precision
Trans Tech
Cathers
A.
(Shearson,
".$6,000,000
.
•
shares,
Debentures
inc.
Proceeds—
its proceeds in part to repay
incident to the purchase
non-banking assets of The City Bank
March
Industries,
Simmonds
-.--.Debentures
Farrington Manufacturing Co
(Cyru'8 J.
shares X'P\:r
shaves
200.000
Co.)
Globus,
invited)
and
A.
(Peter
.....Common
Inc
(Allen
Inc.
Hough,
(Myron
909,659
and
Development, Inc
Lite-Vent
Co.)
&
70,000
Co
Homes,,
&
-Common
Smith,
and
Inc.)
Homes, Inc
Hough,
Gulf-Tex
Co.)
&
$700,000
Inc.)
Esquire, Radio & Electronics, Inc
Co.) '
v
s
Inc.-_
Dubois Chemicals,
■
Mackay
Inc.
be
to
(Myron
^.4
Murphy & Co., Inc. and
/W:/T 400,000 shares
Globus,
1,000,000
-Preferred V.
Big Laurel, Inc.-
Globus,
(Monday)
Shell
(Beil
'
&
and
use
incurred
W., Washington, D. C. Underwriters—Alex Brown &
Sons, Baltimore, Nld.; Folger, Nolan, Fleming-W. B.
Hibbs & Co., Inc. and Johnston Lemon & Co., Washing¬
ton, D. C.; and Kidder, Peabody & Co., New York.
Jeffrey-Robert
and
supplied by amendment.
will
indebtedness
N.
Common
$287,500
and
Co.,
Price—To be
general
Bonds
$12,000,000
Corp.
Telephone
-May 16
Bevis
Bertner Bros.)*',;'.
and Mackay
&
offered
the
of
Warrants
Lyon
400,000 shares
•
shares
Corp.
(Beil &
Common
Murphy & "Cb., -Inc.
Co., Inc.
be
share of stock
one
current
Common
&
Bevis Shell
Inc
(Pearson,
*•
shares
100.000
200,000
It is proposed to offer the 100,000 shares of
Security stock and a like number of shares of
American Security
$1,650,000
Debentures
(Bids
B.
...Common
Audion-Emenee Corp.
Lyon
Wisconsin
shares
Co.
Inc.)
PST)
Inc.
,
entity.
held.
—.Class A
Co., Inc.—
Co.,
&
•-
(5/2-6)
March 28 filed 100,000 shares of capital stock (par $2).
The company is an affiliate of American Security &
Trust Co. py reason of the fact that each of their stock¬
holders owns the same number of outstanding shares of
ington,
a.m.
,
and
Lemon
$700,000
—
Common
Securities
Lyon
(Ross,
$1,600,000
Fleming-W,
jfolger,: Nolan,
Peabody
Kidder,
Goelet
Capital
Johnston,
Inc.;
Co.,
&
(Ross,
Co._____Capital
Co.)
Investment
Sons;
Brow_n_&
(Alex
(Ross,
$7,259,580
American Security Corp
9
'
to
Goelet Corp.
Common
^
Inc.)
Co.,
Co.)
shares
ir American Security Corp.
of
—Common
Corp.)
Incri)"$750,000* —r":r
American Frontier Life Insurance
(Union
(Mainland
-.Debentures
Co.,
&
additional
capital stock of the Trust Company in units
of each issuer; and the units are
for subscription by stockholders of each
issuer at the rate of one new share for each five shares
Common
$300,000
Goelet Corp.
300,000 shares
Noel & Co.)
Alstyne,
(Van
&
Co.)
Co.,
&
three
Of the remaining 22,500 shares
the $10 par
Electric Power Co
(Bids
Common
Co., Inc.)
Kletz
G.
Chemical Packaging
$1,000,000
Centers, Inc.-
$12,000,000
Uorp
&
will be
offering will be on the basis of nine snares for each
held, and all unsold shares of this block will
be offered under warrants granted in accordance with
the company's Agent's Stock Option Plan. Price—$28
per share. Proceeds — To increase capital and surplus.
Office—203 S. 15th St., Philadelphia, Pa.
Underwriter—
American
Bonds
&
stock
shares
each
'
May 10 (Tuesday)
California
Common
Pierce &
(Rauscher,
$567,000
Manufacturing Co
$825,000
Centers, Inc
Co.)
;
Bruce
.
i_.....Common
EDST)
noon
(Shields
-
(W. Edward Tague Co.)
Allied Bowling
12
Fennekohl
(Michael
Agricultural Research Development, Inc.__Common
Allied Bowling
Common
shares
50,000
Yale Express System, Inc..
'
Lomasney & Co.)
A.
(Myron
(B.
Common
Industries, Inc
Aero
&
United States Boat
Inc. and Street
Inc.)
;
(Richard
& Co.,
(Arnold Malkan
Co.,
Lomasney
A.
-Debentures
$750,000
Squan Marina, Inc.T__
^
—__
&
Corp.
(Bids
50,000 shares
—
Co.)
&
Pennsylvania Electric Co._
.•
Common
—
—
(Friday)
April 29
May 2
&
Holman & Co., Inc.)
A;
(R.
V
:__
Sullivan
Listener
(D.
Co. and Shearson, \;
Co.) .331,740 shares-'.
•
Allen
Co.;
&
Sachs
Otarion
'
Rinehart & Winston, Inc.,.--.——Common
Holt
Brooks
the
share held.
Common
Rubber, Jnc.—
•
—————Common
Inc.
nvnex '
v:
Common
& Co., Inc.) $200,000
Holman
A.
(R.
'
>
,
,
Fabrications, Inc.—.:
of
one
None.
Aeromation, Inc.-—
j( Westheimer & Co.) $253,350
Litecraft Industries, Ltd.__.
—Bonds
EST) $30,000,000
(Bidg n;00 a m
Metal
nade
°
Electric Co
Gas &
Cincinnati
Linu»««
General
and
42nd
tne
14
shares
...Common,
Co.,
&
shares
for each
-
-
International, Inc.
(Bosworth,
••
&
J.
E.
stock, to be offered for subscription by stockholders of
record on April 28, 1960.
The subscription rate on 105,-
L'--'-'N.1,-..'-.;--.150,000 shares
April 28
off mortgages, develop and im¬
acquire additional real estate.
St., New York City. Underwriter—
Gabriel Co., Inc., New York City.
properties,
March
1
$1,325,000
Realty & Construction Corp.
'
J t
Gem
Co.)
Common
&
First National Realty & Construction
. _
$15,000,000 *;v1"-tr,'
n am. est)
(bldg
Lazard
58
ic American Penn Life Insurance Co.
,
30 filed registration of 127,500 shares of capital
Common
2
and
Noel
Hentz &
First National
lWpfrooolitari
Metroy
"
Inc.
400,000 shares
Realty & Construction Corp.
(H.
*.
&
(Tuesday) .
Edison Co.---———Bcinds;:-
April 26
Co.,
Alstyne,
First National
V1'..'.
Corp.—-—.—Debentures
Industries
Tplpctro
Co.) $3,000,000
Ets-Hokin & Galvin
(Van
shares
150,000
&
.
—-—Common
-
Corp.)
Higginson
(Lee
Read
A.
Common
&
Englehard Industries, Inc
$300,000
Inc.)
Co.,
&
''
■
1*
Corp.
•
Common
Inc
„or
Rennex,
shares
28,250
59
share. Proceeds—To pay
Office—60
(Charles Plohn
Peabody & Co-
Hri
cons)
Continued from page
f
—_Common
(Monday)
Dworman
Common
Tool Industries, Inc
—Common
and McDonald & Co.) 50,000 shares
rt<,ipton
__
4
Brown
prove
May 9
j_oeb, Rnoades & Co.) $6,000,000
and Cail M.
Cq
IfunnaVLawn Service Corp
•National
(Friday)
(Alex
Broadcasting Corp..—-Debentures
rtnniitan
,
May 6
Maryland Credit Finance Corp..
specialties,
MaJeS
„
—-Common
320,000 shares'
inc.——
——-Common
Stone & Co.) 150,000 shares
„
'
peabody & Co.)
(Kidder)
-«efir
(1547)
.The Commercial and Financial Chronicle
. .
Corp
Management
•unn
HamlU01
„
Number 5940
191
Volume
Co., Inc., New York, N. Y.
n.,
Continued
on page
60
60
(1548)
Continued from page 59
Aviation
'
Employees
fice—Reading, Pa. - Underwriter — Dempsey-Tegeler &
Co., St.. Louis and New York. Offering — Expected in
early May. -:
4
'
5
Corp.t>(4/15)t
•
.
Feb. 8 filed
2,500,000 shares of common stock. Price—$2
Proceeds—Together with other funds, will be
invested
in the shares of the
company's three sub¬
sidiaries; for general corporate purposes; and the re-^
maining balance will be used from time to time for
the purchase of all or a substantial interest in or the
formation
the
of
one
business of
or
other
more
insurance
or
chell
&
Jr.
•
Avis,
•
(4/25-29)
Proceeds—To
bentures, due April 1, 1970, and 200,000 shares of com¬
stock (par $5).
Price—To be supplied by amend¬
ment.
Proceeds — The
company
anticipates that a
portion will be used for advances to or investments in
mon
Price—$2
Price—$3
loan; for
date,
shares
to
manu¬
of
of
a
part
of
its
out¬
standing long-term debt and to the temporary reduction
of outstanding borrowings under a 6% revolving credit
loan. Office—18 Irvington Street, Boston, Mass. Under¬
writer—W. E. Hutton
•
&
Co., New York.
Baltimore Paint & Chemical
Corp. (4/11-15)
sinking fund debentures,
6% series, due 1975 with eight-year warrants for the
purchase of 22,500 common shares at the fate of 30
shares for each $1,000 of debentures; (b) 90,000 shares of
Jan.
22
filed
(a)
$750,000
of
6%%
cumulative convertible first preferred stock (par
$20) and (c) $750,000 of 6V4% first mortgage bonds, due
1972, sold to New York Life Insurance Co., along with
12-year warrants granted said insurance company to
purchase 15,000 shares of the issuer's common at a price
be specified. Prices—For the debentures,
the preferred, $20 per share. Proceeds—For
to
at par; for
general cor¬
porate purposes including repayment of loan, purchase
of land, construction, purchase of machinery and equip¬
ment, and for working capital. Office—2325 Annapolis
Avenue, Baltimore, Md. Underwriter—P. W. Brooks &
Co., New York City.
•
Beacon
Life
Insurance
Co.
March 21 filed 240,000 shares of
$5
share.
per
the
conduct
rett
chell
'v
stock.
common
Price—
Proceeds—To be used by the company in
of its
insurance
business.
Office—601
Gar¬
Building, Baltimore, Md. Underwriter—G. J. Mit¬
Jr., Co., of Washington, D. C.
Note—This state¬
ment is to
be withdrawn.
Beltone
Feb.
mon
Recording Corp.
(letter of notification)
29
stock
—For
(par 10 cents).
general
corporate
150,000 shares of com¬
Price—$2 per share. Proceeds
purposes.
Street, New York 1, N. Y.
Co., Inc., New York, N. Y.
Office—4
W.
31st
Underwriter—A. J. Gabriel
(5/16)
March
9%
filed
30
$1,600,000
of
subordinated sinking
1,000,000 shares of com¬
stock, to be offered for public sale in units (200,000), at $15.50 per unit, each unit to consist of five com¬
mon shares, one $8 par
debenture, and warrants for the
fund
debentures
due
1985
and
mon
purchase of two additional
units of one common share
and one $8 debenture at $9.50
per share. Proceeds—$2,000,000 will be used to increase the company's holdings
of mortgages placed on the shell homes it
sells; and $1,600,000 to be used to increase its holding of mortgages
will be placed in escrow for that
purpose; and the bal¬
ance
for
general
corporate
purposes.
Fla.
Offiee—Tampa,
Underwriters—Beil & Hough, Inc., St.
Petersburg,
Fla. & G. H. Walker &
Co., New York City.
Bigelow-Sanford Carpet Co., Inc.
April 5 filed 130,600 shares of common stock, which
may
be delivered on the exercise of
options which have been
or may be granted under the
company's restricted stock
option plan and an option granted' to the President of
the "company in
February, 1957. < Office—140 Madison
Avenue, New York.
•
Big Laurel, Inc.
lington,
Va.
working
capital. Office—Bryson City, N. C.
Underwriters—Pear¬
Murphy & Co., Inc., New York
City, and Mackay &
Co., Reading Pa.
; /,V'■■■'.'■'
"'-",7-.
■'
-
'
Birtcher
Corp.
March 29 filed $500,000 of 6%
convertible subordinated
debentures, due April 30, 1975. Price—At par. Proceeds
pay
bank
loans
incurred
to
augment
working
Underwriter
Quincy Cass Associates, Los
Angeles, Calif.
•
Office
Bowers
—
Los
Angeles, Calif.
—
Battery & Spark Plug Co.
March 29 filed 280,000 shares of
common stock
(no par),
of which 250,000 shares
will be offered for
public sale
at $6 per share and
30,000 shares will be offered to
selected employees at
$5.40 per share.
Proceeds
tween
before
of
the
—
Be¬
$200,000 and $300,000 is expected to
be expended
1961 for
starting up costs, including initial
rents
new
plant
in
the
southeastern
portion
of
the
United States which it
hopes to obtain and open before
the end of the
year; an additional
$250,000 is expected
to be expended
either by the
company or through its
subsidiaries for the improvement
of certain of its
manu¬
facturing facilities, such as additional
mechanization
material control
connection with
and
handling and for experimental
beryllium; and the balance of
work in
the pro¬
ceeds will be added to
the company's
general funds. Of¬
Underwriter—To
•
be
supplied
by
I
C.
W.
•
S.
Dowd &
general
corporate
purposes.
Office
—
640
filed
87,307
Utilities
shares
Co.
of
stock.
Of
•/Circuit Foil Corp.
100,000 shares
the
•
common
stock, of which
public sale by the
for
will
and
be
sold
Price—To be sup¬
9
Proceeds—For
general
corporate
purposes.
/
of
per
class A
share.
-Office—121
Varick
Street, New York, N. Y. Underwriter—Lloyd,
Miller & Co., 2605 Connecticut
Avenue, N. W., Wash¬
ington, D. C. Note—This statement has been rewritten
r
and resubmitted in accordance with
the basis
SEC request.
an
|
one
Colanco,
Jan.
—
after
Proceeds—For retirement of
Carolina Pacific
•'
.(4/18-22)
Feb.
29
filed
Plywood, Inc. Medford, Ore.
100,000 shares
of
capital
stock
(no par).
Price—To be supplied by
amendment. Proceeds—To in¬
crease the
company's working capital and to aid in fi¬
nancing log inventories at peak periods.
Underwriter—
Peter
Morgan & Co.. New York.
7
'"7'-:7
• Central Vermont Public Service
Corp.
March 25 (letter of
notification) 1,432 shares of
stock (par $6).
Price—At the market
common
(estimated $19%
Proceeds—To pay for the stock.
Office—77
Grove St., Rutland, Vt.
Underwriter—None.
per
share).
Century Properties
March 31
of
a
of
San
down
payment
the purchase
price of
property in Ventura, Calif.; to
pay the balance of con¬
costs on a
building in Torrance, Calif, and for
working capital. Office—1738 S. La
Cienga Boulevard
Los Angeles, Calif.
Underwriters—Pacific
Inc. of
on
Francisco, Calif,
Burbank, Calif.
and
Coast Securi¬
Arthur B. Hogan,
:
■
'
Inc. (5/3)
- :
I
shares of common stock (par
$10). Proceeds—Together with other
available funds, in¬
cluding funds generated from operations
during 1960 and
funds to be obtained from
additional financing in 1960,
will be used to
satisfy the demands in 1960 upon such
general funds,
including particularly the 1960 construc¬
tion program of
Columbia Gas subsidiaries. Underwriters
—To be determined
by competitive
bidding.
de Pasco
Corp.
March 30 filed
28,997 shares of
Co.
29,
one
common
stock, to be of-
outstanding capital stock of
Corp., Ltd., a Virginia
corporation,
share of Cerro for each
23.50 shares
minimum of 517,059 shares of Rio stock
(63%) must be
exchanged or the offer will be with¬
drawn.
Office—300 Park Ave., New York
City. -
^
Goldman, Sachs &
on
May 3 up to 3:45
Information—On April 28 and
the company's
office, 120 East
(jointly). Bids—To be received
New
p.m.
by
York
Time.
appointment
at
Street, New York.
Commerce Oil
Refining Corp.
^
,
Dec. 16, 1957 filed
$25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,000 of
subordinated debentures due
Oct. I, 1968 and
3,000,000 shares of common stock to be
offered in units as follows:
$1,000 of bonds and 48 shares
of stock and $100 of
debentures and nine shares of stock.
Price—To be supplied
by amendment.
construct
York.
Proceeds
—
To
refinery. Underwriters-Lehman Brothers, New
Offering—Indefinite.
Computer Usage Co., Inc.
(4/11)
(letter of notification)
47,uoo shares of common
(par 25 cents). Price—$5
per share. Proceeds—For
general corporate purposes.
Office—100 W. 10th Street,
Dee. 29
excj}an8e for the
Bldnco- Copper
the ratio of
Probable
bidders: Halsey, Stuart &
Co., Inc.; Merrill Lynch, Pierce,
Fenner & Smith Inc. and
White, Weld & Co.1 (jointly);
Morgan Stanley & Co., Lehman
Brothers; Eastman
Dillon, Union Securities & Co. and
•
• Cerro
Rio
Columbia Gas
System,
March 25 filed 1,400,000
filed 75,000 shares of
common stock
struction
ties Co
•
1
42nd
(par $1).
Price—To be supplied
by amendment. Proceeds—For re¬
payment of unsecured bank
loans; for payment of the
balance
(letter of notification) 300,000 shares of
pre¬
(no par), seven cents per share dividend
paying
1, 1962, non-cumulative,
March
.
Price—$2
$52,860 of 6%
notes and the balance for
operating funds and working
capital. Office—381 Fifth
Avenue, New York City. Un¬
derwriters—G. Everett Parks &
Co., Inc., and Sulco
Securities, Inc., both of 52 Broadway, New York
City.
share.
Inc. I
non-voting stock.
Price—$1 per share. Proceeds—To purchase land and
for development and
working capital. Office—3395 S.
Bannock Street,
Englewood, Colo. Underwriier-r-Diversified Securities,
Inc., Englewood, Colo. Note—This state¬
ment is being amended.
Offering—Imminent.
Captains Club, Inc. (4/11)
Jan. 22 filed
500,000 shares of common stock.
per
19
ferred
—
in
-
offered
Inc.
(4/11-15)
(letter of notification) 75,000 shares
common
stock
(par one cent).
Price—$4
additional share for each share
held, with rights
to expire 14
days after offering date. Proceeds
To
broaden equity base. Office
Washington National
Airport, Washington 1, D. C. Underwriters '— Lehman
Brothers and Smith,
Barney & Co., New York, N. Y.
•
(4/8)
be
Circuitronics,
Feb.
Securities
on
to
plied by amendment. Proceeds—For
purchase, construc¬
tion and installation of new
machines; for the initial
financing of a new copper foil plant; and for working cap¬
ital.
Office—East Park Street,
Bordentown, N. J. Un¬
derwriter—Hayden, Stone & Co., New York.
•
of
are
company and 6*000 are outstanding
for the account of the holder thereof.
Price—To be supplied by amendment. Proceeds
—To finance a portion of the
company's construction
program. Office—405 Montgomery
Street, San Francisco,
Calif.
Underwriter—Eastman
Capital Airlines, Inc. (5/2-6)
Jan. 26 filed 909,659 shares of common
stock
Inc.
March 1 filed 106,000 shares of
thereof.
Co., New York City.
Electric
principal amount. Proceeds—For initiating
sight-seeing
Office—Washington, D. C. Underwriter—None.
sold, 40,000 will be offered for the account
of the company, and the
remaining 47,307 are presently
outstanding shares and will be sold for the holders
Dillon, Union
&
service.
(4/11-15)
common
Gas
filed $30,000,000
it Circle-The-Sights,
$9,500,000 and for the company's construc¬
Underwriter—To be determined «by^com-.
petitive bidding. Probable bidders:
Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.; White, Weld & Co. BidsExpected to be received up to 9
a.mu^PSTYon Tuesday,
May 10, in the offices of O'Melveny &
Myers, Room 90J,
433 South Spring
Street, Los Angeles 13, Calif.
7
22
March 30 filed 165,000 shares of common stock and
$330,000 of debentures (10-year 8%
redeemable). Price—For
stock, $1 per share; debentures in units of $1,000 at their
some
California-Pacific
Cincinnati
on
April 28, up to 11:00 a.m. (EST) at the
Irving Trust Co., One Wall Street, New York City.
tion program.
•
Pro¬
—
,
received
Fifch
it California Electric Power Co. (5/10)
April 5 filed $12,000,000 of first mortgage
bonds, series
due in 1990.
Proceeds—To discharge short-term bank
March
com¬
share.
Lynch, Pierce, Fenner & Smith Inc. and Lehman Broth¬
ers
(jointly); Eastman Dillon, Union Securities & Co.
and White, Weld & Co. (jointly).
Bids—Expected to be
Avenue, New York, N. Y.
Underwriter—Mandell &
Kahn, Inc., Time-Life Building, Rockefeller Center,
New York, N. Y.
loans of
per
bidding. Prob¬
Pools, Inc.
(letter of notification) 150,000 shares of com¬
stock (par 10 cents).
Price—$2 per share. Proceeds
For
Price—$2.50
bidders: Halsey, Stuart & Co.,
Inc.; Morgan Stan¬
ley & Co. and W. E. Hutton & Co. (jointly); Blyth &
Co., Inc. and The First Boston Corp. (jointly); Merrill
Lindenhurst, N. Y. Underwriter—R. F,
Co., Inc., 39 Broadway, New York 6, N. Y.
March 31
—
(par 10 cents).
For
—
able
Ave.,
• Cabana
mon
10
the company's construction program, to
repay $4,000,000
of bank notes, and for other
corporate purposes. Under¬
writer—To be determined by competitive
9
Hoffman
Packaging Co., Inc. (5/10)
(letter of notification) 115,000 shares of
16
stock
March
stock
mon
a
Co.
(4/28)
of first mortgage bonds due
May 1, 1990. Proceeds—To be used to finance a portion of
amend¬
'
Waveguide Corp. (4/11)
(letter of notification) 300,000 shares of com¬
(par one cent). Price—$1 per share. Pro¬
ceeds—For general corporate
purposes.
Office—301 W.
March
of
Utica
to the extent necessary to defray
of the Telecomputing Services acquisition,
and the balance will be
applied to "other phases of the
program."
Office—1200 Jefferson Davis Highway, Ar¬
ment.
construction
general -corporate purposes.
Office
755
Avenue, Brooklyn, N. Y. Underwriters—Mainland
Securities Corp., 156 N. Franklin
Street, Hempstead, N.
Y. and Jeffrey-Robert
Corp., 382 S. Oyster Bay Road,
Hicksville, L. I., N. Y.
supplied by amendment.
cost
son,
capital.
be
share for each
Proceeds—To be used
the full
•
(5/2-6)
March 22 filed 400,000 shares of
7% cumulative preferred
stock (par $2.80) and
400,000 shares of common stock
(par 10 cents), to be offered in units of one share
of pre¬
ferred and one share of common.
Price—$3 per unit. Pro¬
ceeds—To develop a resort
community and for
—To
Price—To
additional
Chemical
March
shares to be
(
it Bevis Shell Homes, Inc.
four shares held.
of¬
unsubscribed
an
ac¬
122,000 shares of class A voting stock.
new
for
lotte,
Offering—Imminent.
• C-E-l-R, Inc.
one
purchasing stockholders
offer
car
ceeds
of
will
May. Office—108 Liberty .Life Building, Char¬
N. C. [Underwriter—Morrison & Co.,
Charlotte.
non-voting stock, at the rate of
prepayment
'
in
race
businesses
the
underwriter
cessories. "The issuer expects ito stage its first,
stock
mon
to
v'';7V:'
"
speedway and its
The company proposes to offer this stock for
subscription
by holders of outstanding class A voting and class B
and
the
Proceeds—For
winding and testing and production equip¬
ment; and for working capital. Office—10 Pelham Park¬
way, Pelham Manor, N. Y:
Underwriter — Milton D.
Blauner & Co., New York.
filed
:
days, after which such shares may be publicly offered.
new
automatic
30
Speedway, Inc. V
share, initially; after 15 days from the
per
fering
March
more
or
purposes.
be
share of each
one
unit.
held.
bank
repay
of its subsidiaries for their general business
In addition the company may also apply a
portion of the proceeds to the acquisition of additional
one
per
,
s
i
;
250,000 shares of class A-stock ($10
par)
shares of class B stock '(20c, par), to
Charlotte Motor
;
magnetic amplifiers; for establishment
crystal filter division; for the purchase of
new
(4/18-22)
Inc.
•
share.
facture
—$20.20
Underwriter
1
'
•
Burnell & Co.
per
Co., Washington, D. C.; and Ralph B. Leonard
filed $5,000,000 of subordinated convertible de¬
250,000
offered in units of
v
,
filed
Feb; 15 filed 200,000 shares of common stock.
Washington, D. C. Underwriters—G. J. Mit¬
Sons, Inc., of New York City.
March 1
and
Credit & Thrift .'Corp.
,*va'-...-v-,.
Jan. 21 filed 304,000 shares of common stock
(par $t), to
be offered to common stockholders of
record Jan; 1 at
the rate of 2 new shares for each 3 shares
then.
plement the funds of the three subsidiaries. Office—930
Tower Bldg.,
26 filed
Thursday April 7/1960
Office—3510 Prudential Plaza, Chicago, 111.
30
—None.
to further sup¬
or
Certified
Jan.
.
class of stock. Price
Proceeds—To pay mortgages.
Office
—Columbus, Ohio. Underwriter—Commonwealth Secu¬
rities Corp., Columbus.* Offerings-Imminent.- 'o
March
companies engaged in
finance
•
<
.
.
v
V T
*
*
$1,000,000 of Co-ownership participa¬
tions in the company's Second
1960 Exploration and
Development Fund G, to be offered in units. Price—
$10,000 per unit. Proceeds—For oil and gas explorations.
^ Breuer & Curran Oil Co.
share.
per
The Commercial and Financial Chronicle
.
stock
Wilmington, Del.
-Underwriters—-Marron, Sloss & Co-,
Inc. (handling the
books), and Roosevelt:& Gourd, New
York, N. Y.: L. B. Schwinn & Co:;
Cleveland, .Ohio: Don¬
aldson, Luskin & Jenrette, Inc., New
York. N.; Y. and
First Albany
Corp., Albany* N,
19-1 ' Number 5940
Volume
The Commercial and Financial Chronicle
. . .
.colidated RealtyInvestment Corp. /
filed 2.000,OOlO : shafts .-of common, stock. Price
„
C°'ii
ar
stock
.Proceeds-—Of the proceeds, $1,226,500
for the acquisition of properties, $300,000
for development expense, and the balance
-$1 ,pe
:lSed
wih 136
e
rejrJnw
as a
Deltown Foods, Inc.
22 filed 115,000 shares
March
.,
(par
Proceeds
share.-
or
•.
city.
shares
^'first-come-first-served"
„
a
common on
100%
Ea
at
$3.25
proceeds—To <1 general^ funds.
? rfonorol -«.• ftmrlti
_
Underwriter
Norfolk, Va.
—
inc.. Richmond, Va.
Continental Electnc Co
Feb 11 filed 260,000 shares of common stock (par $1).
supplied
be
amendment.
by
vuio
*«ient
of new
—fr>r-
Mnifal
nffir»o
products, and for working capital. Office
Hamilton St., Geneva,
715
wnrlrin*
be
^
($5,921,872 outstanding at
31, 1959, including $5,199,800 of bank loans made
directly to an unconsolidated subsidiary).
It is con¬
•
Becker
&
Co., Inc., of
and New York.
t
eet
Buffalo, N. Y.
inc., New York, N. Y.
♦
i
pian^ additional tools,
•
S'
and
equipment,
and
for
other
Dalto Corp.
'
k
working
-•
the retirement of notes and addi-
the scope
^er share- Proceeds—For repayment
ttodgdnn i
sa°n &
be
Office—123 Eileen
Underwriter—Myron A. Lomasney
filed
160,000 shares of capital stock (par 10c),
publicly offered. Price
of which 100,000 shares are to be
— To provide funds for the
vending machines which-will be used to
distribute automobile breakdown insurance policies on
—$2.50 per share. Proceeds
purchase
"
of
thruways, parkways and highways m the amount of $25
of such breakdown insurance for the purchase price of
/-.
Co., Washington, D. C.
25
cents, and for
a
Co., both of New York City,
y '
\
•
Washington, D. C.
Ets-Hokin
Offering—Imminent,
v
;■/■
&
Galvan, Inc. (5/9)
March 28 filed 250,000 shares of common stock (par $1).
Price—$5.30 per share. Proceeds—To be added to com¬
pany's working capital and will be used principally to
$1,000,000 of its accounts payable. The bal¬
reduce notes payable to the Bank
of America National Trust & Savings Association. Office
—551
Mission St., San
Francisco, Calif. Underwriter
—Van Alstyne, Noel & Co., New York.
some
will be used to
• FXR,
Inc.
filed
30
$2,000,000
of
subordinated.
convertibel
debentures, due 1970. Price—To be supplied by amendment.
Proceeds—$950,000 will be
used
to
repay
short-
term notes and up
to $375,000 is to be invested in MicroCorp.; the balance of the proceeds will be used
mega
to
acquire new facilities, to maintain necessarv inven¬
tory to meet current and anticipated sales requirements,
to
supplement working capital and for other general
corporate purposes. Office—26-12 Borough Place, Wood-
side, N. Y.
Underwriter—C. E. Unterberg, Towbin Co.
if Family Fund Life Insurance Co.
30 filed 116,800 shares of common stock, to be
; March
offered
one
for
new
subscription by stockholders at the rate of
for each 5 shares held.
Price—$9 per
share
share; unsubscribed shares at $10.25 per share. Proceeds
—To increase capital and surplus and expand the busi¬
Office—1515
ness.
Spring St., N. W., Atlanta, Ga. Un¬
Co., Inc., Atlanta, Ga.
derwriter—J. H. Hilsman &
Farmers'
/
Educational & Cooperative
Union of America
of registered debentures, series
maturing from 1969 to 1980. Price—To be offered
in units of $100. Proceeds—To pay notes maturing be¬
fore Dec. 31, 1963, with $1,107,000 to be contributed to
surplus or loaned to subsidiaries. Office—-Denver, Colo.
March 29 filed $2,500,000
D,
E. H. P. Corp.
Aug. 31
reduce
Inc.
200,000 shares of class A common stock.
Price—$5 per share. Proceeds—For purchase of various
properties, for development and subdivision thereof, and
to meet operating expenses, salaries and other costs, but
principally for the purchase and development of large
tracts of land.
Office—3636-16th Street, N. W., Wash-?
ington, D. C. Underwriter—Consolidated Securities Co.
of the company's business.
Way, Syosset, N. Y.
& Co., New York.
.
Indebtedness and for working canital. Office
'
® ' Washi^gton, D. C. Underwriter—
are
to finance the starting of inventories and adver¬
tising incident to new products, to purchase additional
equipment and inventory for the manufacture and pro¬
duction of contracts for other concerns,, and to expand
2°9,000 shares of class A common stock,
°n behni/
?hai:es are to be offered for public sale
ing onto/ j.the issuing company and 30,000 shares, bethereof P *
ulereof p.'ng stoc'k> uu behalf ox the picsciu holders
• v-»
on uvuan of uitj present ijuiuois
+
warrants
cerns,
Drug Corp.
~-~545r
5,000
(5/9-13)
Inc.
filed
24
ance
;
being
Matronics,
supplied by amendment. Proceeds—
The
Industries,
outstanding
to
&
reduce
*
and
To finance the activities of the two newly-acquired con¬
oLwhLi?
°tcornnr
-
additional 5,000 shares of this stock. The
Corp.
Price—To
Inc.
^iter^None8 Capita1, Office—Norwood, N. H. Under-
JDart
V,
Co., Minneapolis,
increase
March
(4/28)
&
if Esquire Radio & Electronics, Inc. (5/16-20)
March 30 filed 150,000 shares of common stock. Price—
$5 per share. Proceeds—$73,000 will be used to replace
funds used by the company for payment of subordinated
notes; $50,000 to repay short-term honk ovoirrctio--* onri
the balance of approximately $477,000 will be added ta
working capital and used for general corporate purposes,
including financing of finished and raw material inven¬
tory. Office—39 Broadway, New York.
UnderwriterMyron A. Lomasney & Co.
of
Underwriter—Morris Cohon
issued to stockholders and certain creditors of
134>739 shares of common stock, to be
r
« for subscription by holders of such stock of
twn cu
at the rate of one new share for each
ment
oes
Price—To be supplied by amend-
rro<*eds-For
an
Manufacturing
offpi2? filed
tionni
•
300,000
Inc.
Elwood
Estates,
share.
Dynex,
reduce
"Dec.
30,000
being
resold
by, the holders of capital stock and certain creditors of
Matronics, Inc., after July 22, 1960 at the then prevailing market price; and 4,000 shares for the account of
C
the holders of the common stock and a creditor of Optics
Office—4798 Tenth Lane, Hialeah, Fla. UnR. A. Holman &
Co., Inc., New York, N. Y.
ter
filed
company proposes to make a public offering of
shares.
Of the additional 24,000: shares,'20,000 are
issued in escrow for the account of, and may be
of corn-
(par 10 cents)..Price—$1 per share. Proceeds
opurchase jand and erect a
15
per
warrants for
v
Fabrications, Inc. (4/28)
(letter °f notification) 200,000 shares
V'
■
March 15 filed 54,000 common shares (25 cents par)
Office—1700 Niagara
Underwriter—R. A. Holman & Co.,
purposes.
Marchw1*!?
stock
*
.
•
-
mhn
V-■
-
—
(5/9-13)
Corp.
Avenue, New York, N. Y.
& Co., New York, N. Y.
(4/12)
larch 28
(letter of notification) 85,000 shares of comon stock
(par'25 cents). Price—$3 per share. Proceeds
general corporate
Englehard
Freres
(5/2-6)
filed 200,000 shares of common stock to be
Films, Inc. .
March 29 (letter of notification) 100,000 shares of com¬
mon stock (par 10 cents).
Price—$3 per share. Proceeds
—For
general corporate purposes.
Office — 405 Park
•Custom Craft Marine
Co., Inc.
or
:
Woodard
amount of term notes, and the
outstanding short-term indebtedness
working capital.
Office—Newark, N.i ,J.
Underwriters
Dillon. Re?^
^
Inc., and Lazard
■
* Dynamic
Office—7111 Florida Boulevard, Baton
Underwriter—AG.
'
—
March 30 filed 400,000 shares of common stock. Price—
To be supplied by amendment.
Proceeds — $2,000,000
and
shares of common stock. Price-—
Proceeds—For general corporate pur¬
poses.
Office—400 Park Avenue, New York City. Un¬
derwriter—Charles Plohn & Co., New York City.
$10
area, and the possible manufacture and
erection, in cooperation with builders, of "shell" house
packages for completion
by the home owner on a "do-itbasis.
V*
..
Dworman
Jan.
.
pany s market
Chicago
common
Minn.
•
'
Mott Associates,
30
Vv v.subordi¬
debentures
Underwriter
■
publicly offered and 125.000 shares issuable under the
company's Restricted \Stock Option Incentive Plan for
key employees. Price—To be supplied by amendment.
Proceeds—To reduce a bank loan in the amount of $2,681,000. Office—634 Broadway, Cincinnati, O.
Under¬
writer—Allen & Co., New York.
Dec.
«ouge, La.
(letter of notification)
due April 1,
H ^
$100,000 of 7%
1970 and 20,000 shares
stock (par 20 cents) to be offered in units,
consisting of $1,000 debenture and 200 shares of
common
stock.
Price—$1,300 per unit. Proceeds—For
payment of an outstanding mortgage note and working
capital. Address — East Highway 50, Vermillion, S. D.
of
^
.
.-/V.FiZY'.' V
Don
;;:
A-CifA
each
/
,
1
nated
to
March
ally adaea 10 wording capital and used for
general cor¬
porate purposes,
including but not limited to the reduc¬
tion of short-term
bank loans
yourself
Feb.
it Dubois Chemicals, Inc.
Proceeds—To be initi¬
templated that the additional funds will be used to ac¬
quire land for
development or resale to dealers, con¬
struction loans to
builder-dealers, expansion of the com¬
;
April.
,
issuing company and the balance, being
outstanding stock, by the present holders thereof. Price
by amendment.
New York.
Communities, Inc.
.
Ave.,
Bank, N. J. Underwriter—Amos Treat & Co., Inc.,
Electronic's Inc.
Inc.
Oct. 27 filed 161,750 shares of class B, non-voting, com¬
mon
stock (par $5). Price—$10 per share. Proceeds—
For general corporate purposes, including payment on
a building and the financing of loans.
Office—Orlando,
Fla. Underwriter—Leon H. Sullivan, Inc., Philadelphia,
Pa., on a "best efforts" basis. Offering — Expected in
(par $1),
public sale
f
,
will be added to working capital. Office—20 Bridge
Red
•
balance
•
"
Crawford Corp.
March 28 filed
200,000 shares of common stock
of which
100,000 shares are to be offered for
■—To be supplied
.
(4/11-15)
development, and $20,000 for advertising and promotion.
The balance of the proceeds of approximately
$594,750
^
' v;'.-'
2,221,017 shares of class A common stock.
1,736,943 /shares are to be exchanged for the
Neb.
.
•
for account of
Moines, Iowa, Underwriter—White,
:'x' ■■
Inc., New York,
ment;^ to retira equipment obligations, and for working
capital. Office—502 First National Bank Bldg., Lincoln,
Neb.
Underwriter—First Trust Co. of Lincoln, Lincoln,
consisting of 10 shares of common and five shares of
preferred. Price—$1,500 per unit. Proceeds—For work¬
ing capital. Office—2740 N. Clybourn Ave., Chicago, 111.
1
•
Corp.
remaining
50,000 shares, now outstanding, by Robert Edwards, com¬
president. Price—To be supplied by amendment.
Proceeds—$20,000 will be used to further equip its en¬
gineering department and office, $60,000 for research and
equipment notes to be offered in denominations of $1,000
each. Price—At. par. Proceeds—For construction equip¬
Underwriter—Mortimer
(letter of notification) 1,400 shares of class A
(par $100) and 700 shares of non-cumu¬
lative preferred stock (par $100) to be offered in units
'
y
Assistance
17 filed 122,500 shares of common stock
(par 10
cents), of which 72,500 shares are to be offered for public
★ Dobson Brothers Construction Co.
York, N. Y. Offering—
Office
March
March 30 (letter of notification) $300,000 of subordinated
March 28
Underwriter—None.
Ninth St., Des
ing—Postponed.
general corporate purposes.;? Off ice—315 W.
stock
.
Electronic
Sept. 25 filed 367,200 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—For ac¬
quisition of Hope Homes, Inc., Browntown Water Co. and
Cantor & Goldman Builders, Inc., with the balance to
be used as working capital.
Office—29A Sayre Woods
Shopping Center, Madison Township, P. O. Parlin, N. J.
Underwriter—Lee Higginson Corp., New York.
Offer¬
ic Cotter & Co.
common
-
number
of shares of
offered in connection with the com¬
—None..
(no par),
outstanding and will
•
Distributing Corp.
(letter of notification) 75,000 shares of class A
stock (par 10 cents). Price—$4 per share.- Pro¬
Street, New York, N. Y.
& Co., Inc., New
Expected sometime in April. /
corporate
.
■■
Burnside
Price
public sale by the holders thereof, and
Diversified
in
47th
;,
,
undesignated
an
★ ESectro-Metic Steel/ Inc.
March 29 (letter of notification) 7,680 shares of class A
stock. Price—At par ($10 per share). Proceeds—To
pur¬
chase equipment and for
working capital. Office—c/o
Cary Wang, 727 Spring Rd., Elmhurst, 111. Underwriter
,
capital interests in certain promissory notes, mortgages,
real estate, and joint ventures, with the balance to be
sold / for the account of the present holders thereof.
Price—To be supplied by amendment.
Office—Wash¬
ington,- D. C. Underwriter—None.
V'S-V--'-
-
Cosnat Record
B.
filed
pany
About
(4/12)
common
Proceeds—To
pany's Amended Employee Stock Purchase Plan.
-—215 North Stanton St., El Paso, Tex.
(5/3)
Disc, Inc.
Station, N. Y. Underwriters—Milton D. Blauner & Co.,
Inc., David Finkle & Co. and Gartman, Rose & Feuer, all
of New York.
v-.',r!
-V "'V*
common
30
common stock to be
March 29 filed
the Chicago areas; and $50,000 to
of delay lines, filters and micro¬
wave devices.
The balance of the proceeds will be added
to working capital.
Office—10 Stepar Place, Huntington
ceeds—For
share.
per
sale for the account of the company and the
Weld & Co.,
further development
Feb. 29
for
Price—$2.50
★ El Paso Electric Co.
March
,■:
are
$1).,
payable, reduce equipment purchase obliga¬
tions, accounts payable and for working capital. Office
M Street,
Anniston, Ala. Underwriter—First In¬
vestment Savings Corp., Birmingham, Ala.
remaining 150,000 will be offered for the company's
Price—To be supplied by amendment. Pro¬
—207
Proceeds—To repay $80,000 of bank
loans; $50,000 to replace working capital expended for
equipment and machinery; $50,000 to increase sales ef¬
forts, including the organization of sales offices on the
and
general
(par
■,
ceeds—To be added to the company's general funds and
will be used initially to reduce short term debt. Office
Price—$3 per share.
Coast
For
Troy; Nevir York.
Co., Inc., New York.
&
account.
Dec. 23
West
offered
the
Proceeds—For general corporate purposes.
Address—Harmony Hollow, Harbourton, N. J. Under¬
writer—None,
•;
y
"...
■■ ■\;vy;,yy yy
Inc.
-
Boland
>—109
.
share).
filed 165,000 shares of common stock (par $3),
subsequently reduced to 150,000 shares (par 10 cents).
—
/including 150,000 shares which
111. Underwriter—Old Col¬
Control Electronics Co.;
Proceeds
Underwriter—None.
Dial 'Finance Co.
Investment Co., Stoneham, Mass.
4, Continental Management Corp.
March 31 (letter of notification) 400,000 shares of class
A common stock—non-voting.
Price—At par (one cent
t
stock.
Troy Building,
R.
-repay notes
(4/25-29) v
debentures, and 70,Price—For the debentures,
March 25 filed 300,000 shares of common stock
ony
ner
share.
per
purposes.
Proceeds—To
outstanding bank loans, for expansion and devel-
common
stock
: v
of
—$1.10
'
__To
/
•
■
...
a
Office—Hotel
gram.
61
:if East Alabama Express, Inc.
April 1 (letter of notification) 77,000 shares of
-
Co., Inc., New York
March 29 filed 2,000,000 shares of common stock.
.
iire
reure
selling
Development Credit Corp. of Maryland
Willis, Kenny &
S'res,
price
supplied by
stockholders.
Office—Yonkers,
Underwriter— R. A. Holman &
Co., Inc.
I. fir A/too rl o
_1
r-er. share
be
principal amount; for the stock, $5 per share.
10,000 shares of the common stock, to
the present holders
thereof; from the rest of the offer¬
ing, to the company to be used for expansion and as
working capital. Office—6810 S. W. 81st St., Miami, Fla.
850,000 shares will be publicly offered.
and
we
per sharsna >
basis
/
•
■
commonr: .Underwriter—John
amendment.
Proceeds—From
the i outstanding
to holders of
offered
be
;
000 shares of
#»n««tellat1on til© Insurance Co.
i?9Q filed 1,350,000 shares of common stock, of which
^Sn' chares will be reserved for stock options, 150,000
will
'
;VL
y*
outstanding
Deluxe Aluminum
Products, Inc.
Oct. 15 filed $330,000 of convertible
V
;
c
To
—
Ave., Little Hock, Ark.; Underwriter—
^Huntley
Price—To
$1).
"'.;v
of
N. Y. Underwriter—A. G. Becker &
capital and; other corporate purposes. Office
for09?"Lincoln
<1549)
public, relations and publicity pro-
Underwriter—None.
•
Farrington
March
25
.
Manufacturing
filed
$6,000,000
of
Co.
subordinated
debentures due 1970. Price—To
I
.
,
>
;
(5/2-6)
convertible
be supplied by amendContinued
on
page
62
Chronicle.-.
Commercial and Financial
The
.
Thursday, April 7, 1960
(1550)
62
Continued from page
Ave.,
61
Jamaica* 33,
Robbins & Co., 82
Proceeds—$2,000,000 to be applied to the pay¬
ment of bank loans; $2,800,000 to the scanner program
in 1960, including
(a) $1,000,000 for expenditures by
Farrington
Electronics, Inc., a newly-formed date
processing subsidiary, for inventory, 250,000 to pur¬
chase and test equipment for producting scanners and
$250,000 as working capital; and (b) $1,300,000 for re¬
search and development. Office—77 A St., Needham,
Mass. Underwriters—Cyrus J. Lawrence & Sons, New
York City; and Brawley, Cathers & Co., Toronto, On¬
it Founders
ment.
unit.
at par; of stock, $102 per
debentures,
I., N. Y. Underwriter—Jerome
Wall St., New York City.
L.
Proceeds^
off current accounts payable; purchase of raw
materials and for
expansion.
Office —2730 Ludeile
To
Investment Co.
pay
Underwriter—R. A. Holman
Y. Note—The name has been
Glass Magic, Inc.
'y/ :/y
Worth, Texas.
Street, Fort
association with Inland Life Insurance
Co.
320,000 shares of Founders common and 450,000
shares of Inland common.
The shares are to be offered
at $1 per share and in units of 1,000 shares (and halt
units of 500 shares) on the basis of 640 shares of Found¬
ers common and 360 shares of Inland common. Accord¬
March 30 filed in
Inc., New York, N.
& Co.,
changed
from
(5/10)
$700,000 of 8%
Goelet Corp.
rny'-/ y
,
subordinated Installment
debentures, rdue in March; 1970, 70,000 shares of com¬
mon stock (10 cents par) and 35,000 common stock pur¬
ing to the prospectus the shares (units) are to be offered* •
chase warrants (exercisable at $4.3,0 per share until May
for sale only to the 42 organizers of the company. (Mice 15, 1965), to be offered in units consisting of $100 of
*—Chicago, ill.
//'.
debentures, 10 common shares, and five warrants. Price
tario, Canada.
■
V- '•
if; it Founders Mutual Depositor- Corp. <
-i^yy/, •///; —$143 per unit. Proceeds—To be applied toward the
"March 25 (letter of notification) 60,000 shares of com- <
it Fidelity Acceptance Corp.
f
company's general business activities. Office—292 Madimon stock, class A
(no par). Price—$4.87V2 per share.
March 24 (letter of notification) 12,000 shares of- class H
son
Avenue, New York.
Underwriters—Ross, Lyon &
Proceeds—To go to selling stockholders.
Office—2401
6% cumulative preferred stock. Price—At par (25) per,
Co., Inc. and Globus, Inc., both of New York.
First National Bank Bldg., Denver, Colo.
Underwriter
share). Proceeds—For working capital. Off ice—820 Plym¬
—Hecker & Co., Philadelphia, Pa.
Gold Medal Packing Corp.
outh Bldg., Minneapolis,
Minn. Undervyr iter—Ray F.
June 18 tiled 572,500 shares; uf common stock (par one
it Friendly Frost Inc.
Kersten, 3332 E. Orange Dr., Phoenix, Ariz.
cent), and 50,000 common stock purchase warrants Of
April 5 filed 150,000 shares of common stock. . An addi¬
• Figurette, Ltd.
(4/18)
the shares 400,000 will be sold for the account of the
tional 96,500 shares included in the registration state¬
March 3 filed 100,000 shares of class A common stock,
-company; 110,000 by certain stockholders; 12.300 for the
ment are reserved for the company's Employees' Stock
(par 50 cents) Price—$6 per share. Proceeds—For gen¬
underwriter; and the remaining 50,000 shares are purOption Plan. Price—$7.50 per share. Proceeds—For re¬
eral corporate purposes. Office—514 N. E. 79th Street,
chasable upon exercise of the warrants. Price—$1.25 per
payment of bank loans, for company's expansion pro¬
Miami, Fla. Underwriter—Myron A. Lomasney & Co.,
shr re.
Proceeds—For repayment of debt; purchase of
gram, and the balance for working capital.
Office—123
New York.
Frost Street, Westbury, L. I., N. Y. Underwriter—None.
equipment and- facilities and other general corporate
Finger Lakes Racing Association, Inc.
:
purposes. Office—614 Broad St., Utica, N. Y, Under¬
it Futterman Corp.
Dec. 28
filed $4,500,000 of 20-year 6% subordinated
writer—Mortimer B
Burnside & Co., New. York \arti8
sinking fund debentures due 1880 and 450,000 shares of/ April 1 filed 660,000 shares of class A stock. Price—To
.Change—Formerly -Eastern Packing Corp.. Offering—
be supplied by amendment.
Proceeds—For acquisition
class A stock (par $5) to be offered in units, each con¬
-Indefinitely delayed, > yy/y:
of properties. Office—580 Fifth Avenue, New York. Un¬
sisting of $100 of debentures and 10 shares of class A
derwriter—Reynolds & Co., New York.
Gorton's of Gloucester, Inc.
>
'
'
stock. Price—$155 per unit. Proceeds—For purchase of
• Gem 'International,
March 22 (letter of notification) 10,100 shares of comInc. (5/9-13)
land and the cost of construction of racing plant as well
mon
stock' (no par): Price—At-the-market, estimated
March 29 filed 150,000 shares of common stock. Price— /
as other organizational and miscellaneous expenses. Of¬
To be supplied by amendment.
at: $24V2 per-share./Proceeds—To: go to selling stock¬
fice—142 Pierrepont Street, Brooklyn, N. Y. Underwriter
Proceeds — $125,030 to
holders. Office—327 Main St., Gloucester, Mass* Under—Stroud & Co,. Inc., New York and Philadelphia. Offer¬
open, furnish and equip the new Wichita store being
writer—Kidder, Peabody & Co., Inc., Boston, Mass.
built for the company by others; $75,000 to open, fur¬
ing—Delayed.
nish and equip the second store in St. Louis, similarly
First Midwest Small Business Investment Co.- »
• Great Southwest Corp.
being built by others; $128,600 to purchase the assets of
March 7 filed 110,000 shares of common stock. PriceDec. 10 filed *$11,500,000 of cumulative income deben¬
Embee, Inc., and Garrol, Inc., who now hold the basic
To be supplied by amendment. Proceeds—For invest¬
tures, due Jan. 1, 1975, and 575,000 shares of common
ment. Office—512 Nicollet Avenue, Minneapolis, Minn. ?; lease on the premises used by the Kansas City operating
stock (par $1), Via a prospectus dated March 16, the
company and who sublease the premises to that company:j
Underwriter—None.
*
entire offering has been reduced to 514.293 shares of
/ $208,000 for advance to the Honolulu subsidiary to en¬
• First National
Realty & Construction Corp. *
common stock, of which 457,150 shares will be publicly
able it to purchase the assets of Honden, Ltd., Honla
(5/9-13)
i
offered and 57,143 shares will be exchanged for the
Ltd., and Dacat, Ltd., which now hold the basic leases
March 28 filed 150,000 shares of cumulative preferred
issuer's 6%
debentures. Price — To be supplied by
on
the store building; $105,000 for
advance to Gem
stock first series, $7 par, 150,000 shares of common stock,
amendment,:: Proceeds — For debt reduction and the
Stores, Inc., and Gem of St. Louis, Inc., to enable those
and
150,000 shares of common stock purchase war¬
building of a/recreation park.
Office—3417 Gillespie
corporations to repay loans; and the balance for general
rants, series B. It is proposed that these securities will
Street, Dallas 19,,Texas, Underwriter—Glore, Forgan &
corporate purposes and as needed to expand existing
be offered in units, each unit consisting of one share of
F,jCo., New York City. Note—This offering has been post¬
facilities and to establish new locations.
Offk5e^418
preferred, one share of common, and one warrant. Price
poned/
'
'
Empire Building, Denver, Colo.
Underwriters — Bos—To be supplied by amendment.
Proceeds — $182,000
Greater: Washington Industrials Investments; Inc.
worth Sullivan & Co.,-Inc., Denver, Colo.; and Scherck,
will be used to repay loans made by an officer and di¬
(4/25-28) y./vCyyV:.y;yy,,/y ; y/y.yy:.y;y
Richter Co., St. Louis, Mo.
•* :
•
rector of the company and a corporation controlled by
March 21 filed 300,000 shares of common stock./Price—
• General
him to provide funds for apartment house construction;,
Aeromation, Inc.
(5/9) $10 per share. Proceeds—To be added to other general
March 3 (letter of notification) 84,450 shares of common
about $500,000 will be used for the repayment of a por¬
funds of the company, and will be used to finance the
stock (no par). Price—$3 per share: Proceeds—For con-.;
tion of bank notes; and the balance will be added to
principal ., small: business investment..com¬
struction of additional vehicles, a demonstration and / company's
working capital for use in the acquisition of new prop¬
pany activities - of providing equity
capital, long-term
automation test center and working capital.
Office —
erties and for the company's construction program,
6011 Montgomery Road, Cincinnati, Ohio.
Underwriter / funds, and management services to scientific and indus¬
c Office—630 Third Avenue, New York.
Underwriter—H.
trial small business concerns in the greater Washington
—Westheimer & Co., Cincinnati, Ohio.
Hentz & Co., New York.
■
area.
Office—1625 Eye Street, N, W. Washington, D. C.
General Atronics Corp. (5/18-22)
v
/
Flick-Reedy Corp.
Underwriters—Johnston Lemon & Co. and Auchincloss,
March 14 Lied $691,800 of registered subordinated de¬
March 18 filed 155,660 shares of common stock.. Price
Parker & Redpath, both of Washington, D. C.
•
bentures, 6%, due February, 1972, and 69,180 shares.*of
—$3.50 per share. Proceeds—$60,00.0 for additional lab¬
common
stock.
The company proposes to offer these
oratory and production equipment, $80,000 for additional..
it Gulf-Tex Development, Incr (5/16) v/,
securities in units, each consisting of a $100 debenture
developmental engineering and sales promotion of ma-/ March 30 filed 250,000 shares of common stock. Price—
and 10 common shares- Price—$115 per unit.
Proceeds
terials handling' equipment, $80,000 for investment in
$5 per share. Proceeds—For purchase of Pelican Island;
—For reduction of accounts payable and corporate in¬
Atronic Learnings Systems, Inc., $93,000 for repayment
for improvements1 on said property; and for working
debtedness. Office—Bensenville, 111. Underwriter—None.
of bank loans, and $157,859 for working capital. Office
capital and other general corporate purposes, including
the general development of the property. Office—714 i
Bala-Cynwyd, Pa. Underwriter — Harrison & Co.,
* Flintkote Co.
March
1
filed
,
^
"
.
*
"
*
•
"
-
..
■■
w
.
.
,
.
,
.
v
-c
•
.
,
-
-
—
March 31 filed 375,000
Philadelphia, Pa.
shares of common stock. The com¬
of
entered
(4/11-15)
convertible subordinated
debentures, due May 1, 1975, to be offered for subscrip¬
tion by holders of the outstanding common in the ratio
of $100 principal amount of debentures for each 50
Harry T. Campbell Sons' Corp. Flintkote has
an agreement with stockholders of Camp¬
bell, whereby each Campbell stockholder will exchange
all of his shares of Campbell stock on the basis of 15
shares of Flintkote common for each one share of Camp¬
General
/
March 30 filed 800,000
it Florida Home Insurance Co.
March 30 filed 17,500 shares of common stock to be of¬
fered to holders of the company's 85,995 outstanding
common
shares
shares held.
dt the
of
share
each
Unsubscribed shares will be offered to
company
who
for
are
of
Corp.
fered
common
date
of
held
with
rights
to
expire
ord
and
and
& Co., New York City, will head a
which will purchase any unsubscribed debentures.
•
General
Shale
Products
stockhold¬
—To
plied by amendment. Proceeds—To be added to the com¬
pany's general funds to be held in cash or invested in
-
—
Haloid
11
each 10 shares
com-
•
held; rights to expire
on
April 25. Price—
be supplied by amendment. Proceeds — To retire
some $4,000,000
of bank note indebtedness incurred to
replenish working capital which has been reduced primarily by expenditures for tooling and development
engineering 'in connection with the Xerox 914 Office
'Copier, and for inventories'of equipment for leasing.
The
Corp. (4/25-29)
March 29 filed 220,605 shares of outstanding common
stock.
Price—To be supplied by amendment. Proceeds
ers-without further offering of such unsubscribed shares
to other stockholders of the company. Price—To be sup¬
Street, Birmingham, Ala.
Underwriters
Underwriters, Inc., also of Birmingham.
18th
To
;
pany's Savings Fund Plan for Salaried Employees, to-'
gether with 22,222 shares of capital stock which may
be acquired pursuant thereto.
Office—1520 Locust St.,
Philadelphia, Pa.
/
•
supplied by amendment. Proceeds—To repay
$450,000 owed to Foundation Investment Corp.
additional working capital.
Office—First Avenue
be
of
March
•
it General Refractories Co.
30 filed $600,000 of participations in the
each
Price
Xerox, Inc. (4/14)
///
filed 333,213 shares of common stock (par
$1.25),to be offered for subscription by thq.company to
its common stockholders at the rate of one new share for
•
offering.
Proceeds—For
March
Insurance Co.
I960, at the rate of two shares for
expire on April 11.
1,
Southern
—Goldman, Sachs
group
April
debt
days
16
Life
1,000,000 shares of common stock, to be of¬
for subscription by common stockholders of rec¬
share then held with rights to
of
$12,555,600
States
Gulf
Price — To be supplied by
general corporate purposes.
Office—2828 S. W. 22nd Street, Miami, Fla. Underwriter
-
A.
Feb. 26 filed
Development Corp.
amendment.
em¬
ployees and officers of the
one
Casting
filed
2
shares
from
•
five
rate
—To
General
March
and an aggregate of two shares of either
Campbell class A or class B common stock. Office—30
Rockefeller Plaza, New York.
/ :
bell preferred
Price—
To be supplied by amendment. Proceeds—Between $200,000 and $250,000 will be used to establish or acquire a
Federal
Housing Administration
approved
mortgage
financing and service company; $200,000 will be used to
pay off bank loans; and the balance for working capital.
Office—700 43rd St. South, St. Petersburg, Fla. Under¬
writer—Jaffee & Co., New York.
Galveston, Tex/ Underwriter—Myron
Rosenberg St.,
Lomasney & Co., New York.
•
into
★ Florida Buikders, Inc. (5/2-6)
shares of common stock.
-
(4/11-15) •
March 25 (letter of notification) 100,000 shares of com¬
mon stock (par 10 cents).
Price—$3 per share. Proceeds
—For general corporate purposes.
Office—1000 N. Di¬
vision Street, Peekskill, N. Y.
Underwriters—Bertner
Bros, and Earl Edden Co., New York, N. Y.
to offer this stock in exchange for 25,000
shares of 4% second preferred stock, 5,000 shares of class
A common stock and 45,000 shares of class B common
pany proposes
stock
T
will be added to the comwill be used primarily for
balance of the proceeds
pany's, general
-
,
increased
leasing,
funds: and
inventories
principally
xerographic equipment for
the. new ? copier.
Office — 6
of
for
Tenn.
-
securities.
Office
—
1335
Biscayne
Blvd.,
Miami, Fla.
Underwriter—None.
selling stockholders. Office—Johnson City, .Tenn. /Haloid St., Rochester, N. Y.- Underwriter
—
Boston Corp., New York.
Equitable Securities Corp., Nashville,.
••*/..4
★ Forest City Enterprises,
To be
Inc.
loans
8nd
f°r
17903 St. Clair
&
common
stock. Price—
supplied by amendment. Proceeds—For the
working capital.
Ave., Cleveland, O.
Co., New York.
Underwriter—Bache
^Ir General Transistor Corp.
of
75,000 shares of
Pnce
in
common
stock
(par 100).
to
be
•'
common
offered
stock, of which
•
are
pursuant
$51
First
The
fice—375
Morton &
Magic Boats, Inc. (4/25)
(letter of notification) $51,000 of six-year 6V2%
debentures to
each.
Debentures
be
are
offered
in
convertible
•
denominations
into
per
Avenue, New York. Underwriter—B.
Company, Inc., New York.
/
Park
Hamilton
March 21
common
stock at $1.50 per share. Also, 68,000 shares of common
stock (par 10 cents) to be offered in units of one $51
debenture and 68 shares of common stock.
Price—Of
Interests,
unit. Proceeds—
purchase of the fee title to a garden type apartment
community (Hampshire Gardens) consisting of 14 build¬
ings with a total of 134 apartments in Chillum, Md. Of¬
Price—$500
For
to
Glass
Dec. 30
it Hampshire Gardens Associates
/
April 1 filed $376,000 of Limited Partnership
to be offered in units..
•
the com¬
pany's savings-stock purchase program for salaried em¬
ployees and 14,500 are reserved for issuance upon exer¬
cise of options. Office—91-27 138th Place, Jamaica, N. Y.
of
$4 per share. Proceeds—To build a country club
Forest Hills, L. I., N. Y. Office—179—45 Brinckerhoff
shares
convertible
? For®s* Hi£,s Country Club Ltd. (4/11)
29 filed
Jan.
repay-
Office—
—
-
March 30 filed 64,500 shares
50,000
March 29 filed 450,000 shares of
*
Underwriter
non-voting
,
Management Corp.. (4/25-29)
320,000 shares of class A common
filed
777
stock,
supplied by
selling stockholders. Office—
(par 10 cents). Price
amendment. Proceeds—To
C.
Grant Street, Denver,
Peabody & Co., New York.
—
To be
Colo.Underwriter—Kidder,
y—
y
)
The Commercial and Financial Chronicle
,
(5/19)
notification) 298,500 shares of class
inn'stock—non voting (par one cent). Price—$1
^arch
A
.
netter ol
o
c01,
per
vvrl
el
'
generai
Proceeds—For
*
share
56
short-term
proceeds—To
.
bank
pay
debts
•
111. Underwriter—Dean
New York.
Charles,
and
(letter of
March 23
stock (no
nn
mon
111 d 11 ^
% v-*
11 nn v\
SaIe
sale
°3430
proceeds of
sale
of
additional
stock
The company expects
to
of
offering will be used
a
permanent basis for
such
Office—152
purpose.
Avenue, Chicago, 111. Underwriter
& Co., 326 Walnut Street, Cincinnati, Ohio.
Hershey Chocolate Corp.
March 29 filed 95,735 shares of common stock, reserved
fnr issuance
under the company's Restricted Stock Op¬
tion Plan for Officers and Key Employees. Office—Her¬
N. Harlem
for
be
Pa-
shey,
•
Trailer Industries, Inc. (4/11-15)
$3,000,000 convertible subordinated deben¬
due August, 1975. Price—At'par. Proceeds—For
March
A
purposes
ovnansion
and the discharge of debts.
Park Ave., New
—250
City."'
•
Winston Inc. (4/28)
outstanding shares of its common
$1). Price—To be supplied by amendment.
stock (par
Proceeds—To
Plastics & Chemical Companies,/Inc.
(4/11-15)
'
Dec. 14 (letter of notification)
100.000 shares of com¬
mon stock (par one cent).
Price—$1 per share. Proceeds
—For general corporate purposes.
Office—125 E. 50th
Street, New York, N. Y. Underwriter—Hilton Securi¬
ties/ Inc., 580 Fifth A:yehue, New York, N. Y.
with
1970,
due
tures,
shares for
mon
similar
purposes
with
mon
advertising
of
its
'
supplied
pro¬
of
by
outstanding
I4 filed $1»000»000
://
A stock (par $1).
Electronics Co., Inc.
(4/11-15)
(letter of notification) 70,000 shares of common
(par one cent). Price—$1.50 per share. Proceeds—
For
general
corporate
Office
purposes.
—
Woodward
Road, Englishtown, N. J. Underwriter—Prudential
curities Corp., Staten Island, N. Y.
S. Flower
i meet
increased
demands on working capital.
Office—
Boulevard, Los Angeles, Calif. Underwriter
—Crowell, Weedon & Co., Los Angeles, Calif.
6920 Sunset
•
Litecraft
March
fund
per
Industries, Ltd.
filed
29
(5/9-13)
$750,000 of 6Y4% subordinated
sinking
debentures, due 1980, and an undetermined num¬
common shares, to be offered in units.
Price—$500
unit plus accrued interest from May 1, 1960. Pro¬
ceeds—For general corporate purposes.
N. J. Underwriter—P. W. Brooks &
Office—Passaic,
Co., New York.
St.,
•
March 25 filed 100,000 shares of common stock
Y.
notes,
Underwriter—First Philadelphia Corp.,
Kratter
Feb
15
vertible
Corp.
1,300,000 shares of $1.20 cumulative con¬
.
filed
' preferred
stock
(par
$1)
to be offered for subscripcornpion stockholders on the basis of one new
preference stock for each four shares
held, with
•
Industries, Inc.
(5/16-20)
,
(par $1).
Price—$5.20 per share. Proceeds—To be added to com¬
pany's general funds, of which $200,000 will be used for
repayment of indebtedness, $45,000 to acquire additional
|
roll forming machinery and equipment, $74,000 to re¬
pay advances by two officers, and the balance for work¬
ing capital and other corporate purposes. Office—14637
Meyers Road, Detroit, Mich. Underwriter—Peter Mor¬
& Co., New York City.
gan
Litho-Web,
7^Tietter
March
Inc.
of notification)
130,000 shares of com¬
Price—$1 per share. Proceeds
—To purchase machinery and equipment and for work¬
ing capital. Address—P. O. Box 168, Leaksville, N. C.
Underwriter—Smith, Clanton & Co., Greensboro, N. C.
mon
•
stock (par 50 cents).
Little
Dude Trailer
Co., Inc.
(letter of notification) 150,000 shares of com¬
(par 20 cents). Price—$1.10 per share. Pro¬
ceeds—For working capital. Office—802 Northeast 29th
mon
18
stock
St., Fort Worth, Texas.
Co., Inc., Dallas, Texas.
Underwriter—Parker, Ford &
Loveless
Jan. 20
stock
Properties, Inc.
(letter of notification) 75,000 shares of common
Price—$4 per share. Proceeds—To pay
(par $1).
bills, for acquisition of Lacey Shopping Center, and for
working capital. Office—603 Central Bldg., Seattle 4,
Wash.
Underwriter
Andersen, Randolph & Co., Inc.,
—
convertible
at
the
of the holder on or after Sept. 30, 1960, being
offered for subscription at $20 per share by holders of
outstanding class A and class B common at the. rate of
one share
of preferred for each three common shares
held of record March 25, 1960, with rights to expire
option
-
Lite-Vent
March
Products, Inc.
March 15 (letter of notification) 60,000 shares of com¬
mon stock
(par $1). Price—$2 per share. Proceeds—To
increase inventory and for working capital. Office—836
W. Front St., Covina, Calif. Underwriter—Keon & Co.,
Los Angeles, Calif.
F°rt Morgan'Col°* °ffer"
Se¬
it Liberty Records, Inc.
April 1 filed 150,000 shares of common stock. Price—To
be supplied by amendment Proceeds—To be added to
the company's general corporate
funds, substantially to
Pro¬
Kingbird
^onvertiBle ($20 par),
working capital. Office—812
share.
Securities, Inc., both of New York.
tion I
t
per
tory; for research and development; and the balance for
working capital. Office—65 Seventh Ave., Newark, N. J.
Underwriters—J. A. Winston & Co., Inc. and Netherlands
stock'
ot
Price—$3
standing stock, by the holders thereof. Price — $3 per
Proceeds—For additional equipment and inven¬
led. 165»000 shares of cumulative preference
^0nverHble ($20 par), being offered for subscrip¬
sharp
cents).
share.
.
of 5V2% collateral trust bonds,
Co.
10
Keystone Electronics Co., Inc. (4/18-22)
12 filed 200,000 shares of common stock.
Of this
stock, 133,334 shares are to be offered for public sale
for the account of the company and 66,666, being out¬
Aspirin Corporation
their r/
shares of common stock constituting
3
Oon ou
Public offering, subsequently reduced to 300,exnan •les ^par
Price—$1 Per share. Proceeds—For
fice
fSe
sales and general corporate purposes. OfUnrinJ
Denver U. S. National Center, Denver, Colo.
Febnt9QSJm1?' Securitiies
/
(4/11)
Feb.
De!?l*e!?!aV0,,a'
stock
(par
Lawn
stock
notification) 100,000 shares of com¬
•
100 °1° of Principal amount. Proceeds—To repay^
surpri°rar^+ karik loans and to purchase additional inOffi
morlgage loans, and for other corporate purposes.
None
Colraan BldS-> Seattle, Wash. Underwriter—
-
stock
St., New York.
tpm
-
(letter of
$115,000 for new plant facilities and equipment; and the
balance for general corporate purposes. Office—120 Wall
amendment.
accounts of
in^Immine^Paynter & C°''
$670,015 and 1,500,000 shares were issued to
Chibougamau Mining Corp., Montreal, Quebec,
satisfaction of $300,000 owing by the
company for
ber of
New York.
Insured Mortgages of
America, Inc.
Prv
•
of
will be applied towards the repayment of demand
Proceeds—For
Ardisco (affi¬
le); and the balance for additional
working capital.
w!ce 11 West 42nd Street, New York 36, N. Y. Under¬
writer—Shearson, Hammill & Co., New York.
acquisition
amount
it Kenrich Petrochemicals, Inc.
March 29 filed $175,000 of 7% convertible subordinated
debentures due 1970, and 55,000 shares of class A com¬
mon
stock.
Price—For debentures, 100% of principal
amount/and $3.50 per class A share. Proceeds—$10,000
and where
nectary to make loans to such bottlers, etc. Office—
704 Equitable
Bldg., Denver, Colo. Underwriters— Pur¬
vis & Co. and
Amos C. Sudler & Co., both of Denver.
Colo.
like
it Kaiser Industries Corp.
April 6 filed 645,161 shares of common stock, represent¬
ing the maximum number of shares issuable upon ex¬
change (conversion) of the series B 6% collateral trust
bonds of Henry J. Kaiser Co., due Jan. 5, 1972. Office—
Oakland, Calif.
com¬
beverages,
'•Inland. Credit Corp. (4/20)
p. • 12 filed 190,000 shares of class
nee—t° be
Maryland, Baltimore, Md.
York, N.
per share. Proceeds—To further the corpo¬
purposes and in the preparation of the concentrate
and
Office—65 E.
Underwriter—Invest¬
Burbank, Calif. Underwriter—Morris Cohon & Co., New
(par $1).
enfranchising of bottlers, the local and national
(Dorothy), Inc.
(letter of notification) 100,000 shares of class
stock (par 10 cents).
Price—$3 per share.
Nov. 25
.
ceeds—For
Price—$2.50
motion
a
Kahr Bearing Corp.
($1 per share). Proceeds—For
development of oil and gas properties. Office—306 Judge
Bldg., Salt Lake City, Utah. Underwriter—None.
I C Inc.
(4/18-22)
June 29 filed
duu,uuu shares of common stock
of
March 10
stock. Price—At par
pur¬
ronto
(managing the books), Salomon Bros. & Hutzler
Merrill Lynch, Pierce, Fenner & Smith (jointly).
Bids—Expected to he received up to 11:00 a.m. (New
York Time) on May 24.
general
corporate
option and sell the shares from time to time on the To¬
Stock Exchange. "Office—145
Yonge St., Toronto,
Ontario, Canada.
19,940
8,608
Co.
respect
Corp.
March 30 (letter of
notification) 300,000 shares of
and
and
•and
• Hyland Oil
rate
(par $1.25)
Proceeds—$5,800,000
—
corporate purposes. Office—10 Pine
Court, New Rochelle, N. Y. Underwriters—Aetna Se¬
curities Corp. and D. Gleich Co., both of New York.
mon
stock
common
will be applied to the pay¬
outstanding notes and the
balance to
1960 construction expenditures
(or reim¬
bursement ,of Jhe company's treasury thereof). Under¬
writer
To be determined by competitive bidding.
Probable bidders: Eastman Dillon, Union Securities &
operations of Electro-Powerpacs, Inc., a subsidiary
engaged in the design and production of photographic
and emergency lighting
equipment; $100,000 for reduc¬
tion of a portion of a $200,000 bank
loan; and the bal¬
for
A
1990.
to the
ance
class
ment
work-in-process
and
finished products for
Systems, Inc., a subsidiary engaged in
research and development of a new line of products such
as voltage regulators
and regulated power companies;
general
1,300,000 shares, exercisable at 30 cents on or before
March 20, 1961. Brewis & White intends to exercise the
Jersey Central Power & Light Co. (5/24)
March 24 filed $10,000,000 of first mortgage bonds due
Power-tronics
$225,000 to be used for
of
working capital. Office—26 Farwell St., Newtonville, Mass. Underwriter—None.
finance
Any excess
comparty to
the
Brewis & White exercised the
option on 100,000
shares at 20 cents and retained the balance of the
option,
—For
principal amount.
the purchase of capital equipments raw material and to
of
Ltd.
common stock (par $1.25) to be offered
employees pursuant to employees stock option plan.
*Pri©e&44fl?o range from $6.65 to $8.26 per share. Proceeds
to purchase 150 com¬
debenture. Price—100% of
Proceeds—$175,000 will be applied to
mortgages.
for
1958, to Benjamin Milrot for 1,400,000 .shares, which
option was assigned in January, 1959, to Brewis & White
shares of class B
warrants
time
funds advanced for the acquisition of
properties and for
exploration, development and general corporate pur¬
poses.
Signal Chibougamau granted an option in March,
to
each $1,00,0
certain
general funds
to
Signal
shares
deben¬
of
pertain¬
sideration of
•
subordinated
of
the
time
Street, New York 22, N. Y.
in
if Jarrell-Ash Co.
March 22 (letter of notification). Not to exceed
Howe
Hydra-Power Corp. (5/2-6)
March 21 filed $600,000 of 6J/2%
competitive bidding. Probable bidders: HalStuart & Co., Inc.; The First Boston Corp.; White,
Ltd., of England
March 30 filed American Depositary Receipts for 60,000
"A" ordinary registered shares. Depositary — Morgan
Guaranty Trust Co. of New York.
selling stockholders.
interests
it Langis Silver & Cobalt Mining Co. Ltd.
March 30 filed 3,800,015 shares of
outstanding capital
stock, representing all the outstanding stock of the com¬
pany issued since its organization in 1951.
Of these
shares, 2,300,015 were issued for an aggregate cash con¬
-k Jaguar Cars
Office—New York
City.
Underwriters — Goldman, Sachs & Co., Allen &
Co. and Shearson, Hammill & Co., all of New York.
,
/
Dillon, Union Securities & Co.
Ripley & Co. (jointly); Lehman Brothers
and Glore, Forgan & Co. (jointly); Equitable Securities
Corp.; Blyth & Co., Inc. Bids—Expected to be received
on
April 13 up to 10:30 a.m. (CST) at First National
Bank of Chicago, 33 South Clark
Street, Chicago, 111. .
Holt, Rhinehart &
March 29 filed 331,740
•
30
and Harriman
York City. Underwriters—Allen
Noel & Co., both of New York
the
common
Weld & Co. and Eastman
Office
to
from
ment Securities Co. of
$15,000,000 of first mortgage bonds, series
April 15, 1990. Proceeds—To retire $3,000,000 of bank
sey,
and Van Alstyne,
& Co.
(4/13)
acquire
Proceeds—For general corporate purposes.
termined by
29 filed
tures
Co.
added
* Lamour
on
Sixth
loans incurred to finance construction costs and for addi¬
tional construction expenditures. Underwriter—To be de¬
Highway
Tan
Electric
$2,587,500 for the exercise
to
Office—521 Fifth Avenue, New York City. Un¬
derwriters—Hirsch & Co. and Lee Higginson
Corp.
March 14 filed
-
,
&
use
subsidiary
a
prepayment
be
used
55th
Gas
by
Stock
poses.
.
due
of
ventures in and to leases and
mortgage
the
will
all of New York.
Iowa-Illinois
resold
in
Street, Cambridge, Mass. Underwriters—Lee Higginson
Corp., Shields & Co., and C. E. Unterberg, Towbin Co.,
^Sheimer
be
the American
on
ing to the Kratter Building, and 112-122 W. 34th
Street,
near
the company does not anticipate that in excess of
$400,000 of the net proceeds of this
r
from time to time
New York; $2,500,000 for the
development of its
Ebbets Field housing project in
Brooklyn; and $800,000
larger
Waltham, Mass., and it estimates that re¬
quirements for new equipment and other costs, includ¬
ing moving expenses, will amount to at least $300,000.
A portion of the proceeds of the stock sale
may be ap¬
plied to the cost of constructing the new building, but
for
Of-
statement
130,000
also intends to
right
a
certain
to
move
company
company
and
quarters
and
Exchange. Proceeds—$8,000,000 to acquire the Ameri¬
cana
Hotel, Bal Harbour, Fla., and in the amount of
$3,000,000 for repayment of unsecured bank loans. The
to
fuel cell field.
par). Price—$2.50 per share. Proceeds-3
aI
V»r\r,4ri
4£
—
the
.
efforts, and toward expanding and broadening
development, including activities in the
research
notification) 10u,u00 shares of com¬
• J
net
shares
quired, which securities would thereafter
-
working capital to be applied toward
increasing volume of business and intensi¬
an
fied sales
Witter & Co., Chi-
.jrchase new sites and build drive-in restaurants
To pi
Top
lease to operators for expansion of locations.
added
be
financing
Products Co. 15/2) ,<
*
I
29 filed
90,000 outstanding shares of common
^ar? price To be supplied by amendment. Proceeds
stiC cpHine stockholders. Office—333-39 North Sixth St.,
ct
of the
will
uawlev
i
■
Proceeds—Major
portion
Street' & Company, Inc., both of New York
and
/<
(5/2-6)
63
also includes 130,000
class A common shares
which may be acquired by the
company in stabilizing
transactions during the offering of the
preferred, and an
indeterminate number of rights which may be so ac*
Underwriters—Harriman
Ionics, Inc.
The registration
preferred
/ -■;;
/ * ■
March 29 filed 75,000 shares of common stock
(par $1).
Price—To be supplied by amendment.
Co.,
&
erties.
Office—3430
ing—Imminent.:. '
and', for
Underwriter—Arnold Malkan
mmtal.
rx
^
Beaver
Simmons,
Feb. •*>
notes.
Broadway, Kansas .City,
Ripley & Co., Inc., New
York; and Stern Brothers & Co., Kansas City, Mo. Offer¬
Mo.
corporate purposes/
Street, New York 4, N. Y.
UnderRubin & Co., Inc., New York, N. Y
Corp., Cleveland,
Ohio (4/8)
;
o? filed 187,500 shares of common stock/ Price—
#
(1551)
rights to expire 15 days from date of offering. Price—To
be supplied by amendment. Proceeds—For reduction of
Financial Corp.
Kurton
Har"a
•
Number 5940
191
Volume
April 12 1960. Shares not purchased by stockholders
may be offered for public sale or in exchange for prop¬
Salt Lake
City, Utah.
Magnasyc Corp.
Feb. 26 filed 200,000
shares of capital stock. Price
$5
Proceeds—To repay interim loans up to $100,000 to Taylor & Co.; $100,000 for expansion of labora¬
tory facilities and personnel for research and develop¬
ment; $100,000 to increase plant production facilities;
$116,000 for tooling and production of proprietary items;
per
—
share.
$110,000 for increase of inventory; $75,000 for research
and development; and $2,000 for
documentary stamps;
$110,000 will be added to working capital; and the re¬
maining $88,400 is unallocated. Office—5546 Satsuma
Ave., North Hollywood, Calif. Underwriter—Taylor and
Company, Beverly Hills, Calif.
.;V:
.
■
/
/
Continued
on page 64
64
The Commercial and Financial Chronicle
(1552)
Continued from page
•
March
Inc.
35,000
and
debentures
additional production equipment, inventory, and
publicity, research, marketing, and additional work¬
ing capital. Office—176 Oak St., Newton, Mass. Under¬
writer—Pleasant
•
Proceeds—To
ment.
130th
Hay-
—To
for
corporate purposes.
Office—South Kearny, N. J.
Underwriter—Hill, Thompson & Co., Inc., New York.
•
u.
(5/2-6)
March 28 filed 461,431 shares of common stock, of which
to
be
be
offered for
count
to
are
plan.
of
holders
thereof.
The
Proceeds—$400,000 will be expended for
acquisition of land, construction of a new plant, and
installation of machinery and equiment for the enlarge¬
ment of the company's welding electrode manufacturing
Miami
Avenue, Minneapolis, Minn.'
Rhoades & Co., New York;
Piper, Jaffray & Hopwood, Minneapolis, Minn.
eral
the
present
and
the
holders
thereof.
indebtedness.
Plymouth
Offering—Imminent.
Terrazzo, Inc.
purposes.
—
N.
E.
4th
in
the
amount
Office—
•
I
'
stock
(J. W.)f Inc. (5/4)
filed 317,500 shares of
outstanding common
(par $1). Price—To be supplied by amendment.
Middle
29
Proceeds
Y.
—
To
selling
Underwriter
Smith
—
stockholder.
Merrill
Office
Lynch,
—
Pro¬
(Desota B.)
McCabe
&
$6,000,000
Enterprises, Inc.
125,000 shares of
common
H.
stock, of which
common stock will be issued to Desota
B. McCabe Jr., in return for transfer of
certain proper¬
ties to the company. Price—$10
per share for public
Proceeds—For property lease payments on the
Desota Lakes property, as reserve for future
leases on
said property; for additional
improvements on the prop¬
erty; for balance due on imnrovements; to provide addi¬
corporate
purposes.
bidding.
Merrill
Blyth
Hallandale
Beach
con¬
vertible
subordinated debentures due March
30, 1968.
100%. Proceeds—For general
corporate pur¬
Office—200 W. 57th
Street, New York 18, N Y.
•Jao* 7
istock
shares.
Price
York
N
$1
purposes.
Y
reduced
to
share.
Proceeds—For
Office
100 W. 10th
per
-
Melville Shoe Corp.
common
269,000
Mills
(4/18-22)
Proppe^_TTnr* Pnce—"T.° J5®
Factors
due
amendment.
:
equipment
Wayne,
Ind,
Corp.
standing stock and for the general
fund
York City,, Underwriters—Lee
Hmmr^nn
Unterberg, Totobin Co.,;both
of
Office
-
N#»w
n
£
Corp.
Nalley's,
liabilities
per
and
share.
other
com¬
Proceeds—
debts
and
for
Under-
(4/20)
25
Inc.
filed
$1,000,000 of convertible subordinated
April 1, 1975. Price—To be supplied
due
of
be invested
or
notes
in
payable
to
banks
subsidiaries, either
in the form of
ceeds
as
and
$150,000 will
additional
advances, and the balance
will be used
equity
of the pro¬
to
augment the company's working
capital position. Office—3410 South
Lawrence St., Taeoma, Wash. Underwriter
Dean Witter & Co., San
Francisco.
—
National Fuel Gas
March 2 filed
due 1985.
bentures
Corp. (4/11)
$18,000,000 of sinking fund debentures,
Proceeds—Net proceeds of the sale of the de¬
will
be
used
bank
loans, and the
aries
-
and
used
construction
New
York
by
in part to
prepay $10,800,000 of
balance will be loaned to subsidi¬
them to finance in part their I960
program.
Office—30 Rockefeller Plaza,
City.
Underwriter— To be
bidding. Probable bidders:
competitive
^ Co. Inc.; White,
determined
Halsey,
by
Stuart
Weld & Co.; Eastman Dillon, Union
Securities & Co.; Stone &
Webster Securities Corp.; The
First Boston
Corp. Bids^-Expected to be received on
April 11 up to 11:30 a.m.
(EST). Information MeetingApril 7 at 11:00 a.m.
•
common stock ($2.50
Proceeds—To purchase out-
NAFI
reduction
Under¬
of
current
repay
Price—$1.50
by amendment. Proceeds—$300,000 will be used for the
for
(4/18-22)
(par $1).
debentures
March
and
due
repay¬
Office—Kansas City, Mo.
working capital.
Office —1055
Hialeah, Fla.
writer—Frank Edenfield & Co., Miami, Fla.
March
v
par).
-
and
Address—Fort
nflr^Chpri/^le 11208,460 shares
Price—$11 per share.
20~year debentures,
supplied by
inventory, tools
25
.
ra^°
capital.
writer—None.
toward
Co., New York.
(jointly);
purchase
debentures
applied
March 14 filed 200,000 shares of
capital stock (par $1).
Price—To be supplied
by amendment. Proceeds—To re¬
pay bank loan incurred in connection with
acquisition of
Chris-Craft Corp. and the balance to be
added to the
company's general funds. Office—527 23rd
Ave., Oakland,
Calif. Underwriter—Shields &
Office—2 Broadway, New
on
be
Employees Trademart, Inc.
(fetter of notification) 200,000 shares of
stock
•
prom¬
Co., Inc.; Lehman Brothers; The First Boston
Eastman Dillon, Union Securities & Co. and
working
Co., Inc., New
For
repayment °f bank
loans, increased work¬
ing capital, and general corporate
purposes. Office—New
—To
general
•
/SffihiK5 ifQoend Si?'000'!?00 u0f
;
if Midwestern Industries
Corp.
30 (letter of
notification) 136 shares of voting!
common stock
(no par) and 964 shares of
non-voting
common stock
(no par). Price—$150 per share.
Proceeds
Street, Wil-
Underwriter—-Glen Arthur
a
March
(letter of notification) 300,000 shares
of
(par 10 cents),
corporate
full
one share for each three shares
Offering expires on May 5, 1960.
Price—$17 per
share
Proceeds—For working capital.
Address—Cin¬
cinnati, Ohio. Underwriter—W. D. Gradison
& Co
Cin¬
cinnati, Ohio.
'
'
(4/11-15)
subsequently
in
determined by competitive
Probable bidders: Kidder,
Peabody & Co. and
Lynch, Pierce, Fenner & Smith Inc.
Z't?9Lj?
held.
Price—At par ($1 per
share). Proceeds
reserve for medical
loans and operating
capital.
Office—508 Security Bldg.,
Denver, Colo. Underwriter—
Equity Investment Corp., same address.
Megadyne Electronics, Inc.
(par $10).
$16,000,000
stockholders of record at the close of
business
—For
•
repay
40-year
of
To
March 25
class A
stock.
to
of
Mutual
mon
Underwriter—Hancock Securities
Corp., New York, N. Y.
Medicard, Inc.
March 9 (letter of
notification) 300,000 shares of
common
used
$40,000,000
Proceeds—To
Mutual Trust.
★ Midwestern Indemnity Co.
(letter of notification) 15,832 shares of
com¬
stock (par $5) to be
offered for subscription
by
Price—At
poses.
be
Telephone & Telegraph Co.
-A* Mutrusco Management Corp.
$2,400,000 of periodic purchase plans for
the Accumulation of Shares of
Beneficial Interest of
Equitable Securities Corp. (jointly).
Bids—Expected to
be received by the
company, at its Board Room, 28th
Floor, 2 Broadway, New York 4, N. Y., up to 12 o'clock
noon, DST, on April 20, 1960 or on such
later date as
may be fixed by the company.
Underwriter—None.
if Medallion Pictures Corp.
March 29 (letter of
notification) $300,000 of
of
&
Corp.,
Associates; and other
Office —3196
will
for other corporate
purposes.
York.
Underwriter—To be
offering.
Boulevard, Hallandale, Fla.
proceeds
filed
2000.
mon
stock
States
March 29 filed
(4/20)
common
general
Broadway, New York City.
issory note due in January, 1961; and the remain¬
ing proceeds will be held in the company's
treasury for
further investments in
system operating companies and
63,826 shares of
tional working capital to McCabe
Utilities, Inc.
for
Halsey, Stuart & Co., Inc.; The First Boston Corp.;
Morgan Stanley & Co. Bids—Expected to be received
on April 12
up to 11:00 a. m. (EST) at room 350, 195
the company proposes to invest
$7,500,000 in additional
stock of its
subsidiary, Arkansas Power & Light Co.;
Inc., New York City.
Feb. 26 filed
South
and
ders:
of
March 11 filed 650,000 shares of
Proceeds—From the estimated
Brooklyn,
Pierce, Fenner
18
1,
Feb.
Mays
March
N.
Underwriter—Alex Brown & Sons, Balti¬
Md.
loans
advances from American
Telephone & Tele¬
graph Co., parent, which are expected to approximate
$91,000,000 at the time the proceeds are received. Office
—931
Fourteenth St., Denver,
Colo. Underwriter—To
be determined by
competitive bidding. Probable bid¬
$78,732, and (together with a
portion of the proceeds from a bank loan) for the pur¬
chase of machinery and equipment
costing $200,000, for
property additions and improvements, and for working
capital. Office
220 Pasadena Ave., South
Pasadena,
Calif.
Underwriter—White, Weld & Co., Inc., Los An¬
geles and New York.
be
bank
of
(4/12)
March
issory notes held by Trustees under the will of M.
repayment
Mountain
Share
by amendment.
(4/11-15)
Office—Oakes Street at Avenue B,
Angelo, Texas. Underwriter—Rauscher, Pierce &
Co., Inc., Dallas, Texas.
ment
supplied
Manufacturing, Inc.
corporate purposes.
April
be
Corp., Miami, Fla,
San
(4/20)
Price—To
Share
Price—To be supplied by amendment. Pro¬
ceeds— For
Ave.,
&
&
selling
stockholders.
Price—
Plymouth Bond
Bond
March 22 filed 58,337 shares of common stock
(par $5) of
which 30,000 shares are to be offered for
public sale in
behalf of the issuing
company, and the remaining 28,337
shares are to be offered for the accounts of certain
y
Office—6454
—
Monarch Tile
—
more,
be
writer
11
Lewis
Proceeds—For working capital
reduction of short-tenn
Easton, Md.
St., New York City. Underwriter—Pleas¬
of Newark, N. J. Note—This
offering
delayed.
shares of common stock (par 50
Price—$4 per share. Proceeds—For debt reduc¬
tion and working capital.
Office—Sarasota, Fla. Under¬
which
thereof.
the
Price—To
Proceeds—For general corporate purposes.
Office
Mobile Corp.
Jan. 18 filed 250,000
ceeds—To retire bank loans incurred for
working capital
purposes in the amount of $406,000; to pay in full prom¬
Credit Finance Corp.
(5/6)
March 29 filed 28,250 common shares, of which 25,000
shares are being sold for the account of the
issuing
of
for
•
filed 204,000 shares of capital stock (no par)
60,000 shares will be offered for public sale
by the issuing company, and 144,00,0 shares are presently
outstanding and will be offered for sale by the holder
of
Maryland
supplied by amendment.
will
loans,
corporate
March
—
account
bank
Microdot Inc.
5132 Baltimore Ave., Chamber of/Commerce
Bldg., Hyattesville, Md. Underwriter—E. A. Burka, Inc.,
Washington, D. C.
being offered for
&
Miami, Fla. Underwriter
Corp., Miami. Fla.
if Maryland Acceptance & Finance Co.
March 25 (letter of notification) 100,000 shares of com¬
mon stock, class A
(par 20 cents). Price—$3 per share.
Proceeds—For the purchase, holding and sale of notes.
are
sold
ant Securities Co.
Proceeds—$150,000 as reduction of tem¬
$140,000 in reduction of accounts
payable, $65,000 to repay notes and loans payable to
Barney B. and Nathan S. Lee, and the balance for gen¬
Hennepin
/and 3,250 shares
be
—89 West 3rd
$4 per share.
porary
Underwriters—Carl M. Loeb,
company,
Tile
March 11 filed 125,000 shares of common stock.
capacity; an additional $100,00,0 will be used to retire
notes payable to officers; and the balance will be added
to working capital and approximately $1,000,000 may
be used to reduce temporarily present bank borrowings.
•
account
share.
common
stock, of which
the company's
account
remaining 14,500 shares will be offered for the
of certain selling stockholders.
Price—$3 per
shares will
and the
$6,000,000
Electronics, Inc.
214,500 shares of
filed
200,000
Metropolitan Edison Co. (4/26)
$15,000,00 of first mortgage bonds, due 1990.
1960 construction program. Underwriter
—To be determined by competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc.; White, Weld & Co.,
Blyth & Co., Inc.; Kidder, Peabody & Co. and Drexel &
Co. (jointly). Bids — Expected to be receved up to 11
a.m. on April 26.
the
Office
626
18
Feb. 5
Feb. 29 filed
remaining 70,000 shares
be reserved for issuance under a new stock option
Price — For public offering, to be supplied by
Office—307 East
filed
reim¬
—
Missile
Missile
Underwriter
Proceeds—For
amendment.
and
10
expenditures or
therefor. Office
treasury
cents).
the company
of
Page Blvd.,
both of New York.
and 116,4C0
outstanding and will be offered for the ac¬
are
of
corporate purposes including the
additional inventories and
receivables.
The shares
public sale include 275,031 shares to
offered for the account
which
Price
other
8800
—
additional
construction
Components Corp.
(4/11-15)
(letter of notification) 60,000 shares of common
stock (par 10 cents).
Price—$3 per share. Proceeds—
For general corporate purposes.
Office—2300 Shames
Drive, Westbury, N. Y. Underwriter—Mortimer B. Burnside & Co., Inc., New York, N. Y.
Broadcasting Corp. (4/25-29)
of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds—For repayment of a temporary bank
loan and interest thereon, and for working capital. Office
—205 East 67th St., New York City.
Underwriters—
Kuhn, Loeb & Co. and Carl M. Loeb, Rhoades & Co.,
Office—1359 Bread-
391,431 shares will be offered for public sale.
•
Louis and
St.
at
company's
to be received on May 17 at 10:30
a.m.
(EDST) at the offices of the American Natural Gas Co.
Suite 1730, 165 Broadway, New York City.
Information
Meeting—Scheduled for May 16 at 11:00 a.m.
(EDST)
18th floor, 70 Broadway, New York City.
Metropolitan
Underwriter—None.
Corp.
Marquette
for
and
March
investment lease¬
purchase options in the Hotel Manhat¬
New York.
way,
of warehouse facilities
expansion
current
the
Jan.
stock.
.
—Tentatively
Street
St. Louis, Mo.
—G. H. Walker & Co., St. Louis, Mo.
of purchasing for
New York.
Price—$3.50 per share. Pro¬
corporate purposes.
Office—8608-
general
supplied by amendment. Proceeds—To be used
financing
April 1 filed $5,650,000 of Limited Partnership Interests,
to be offered in units. Price—$25,000 per unit. Proceeds
tan and Hotel Astor in
be
Office
Associates
hold estates and
t
(par 10 cents).
Goods Corp. (4/18-22)
18 filed 100,000 shares of common
Dallas
eral
purpose
"
;
Ave., Milwaukee, Wis. Underwriter—To
be determined by competitive bidding. Probable
bidders;
Halsey, Stuart & Co., Inc.; Kidder, Peabody & Co.*
Kuhn, Loeb & Co. and Blyth & Co., Inc. (jointly). Bids?
(letter of notification) 85,700 shares of com¬
Broad
March
Major Pool Equipment Corp.
(letter of notification) 117,000 shares of com¬
mon stock.
Price—$2.50 per share. Proceeds—For gen¬
the
'
Inc.
(5/17)•
East Wisconsin
Metal
•
—For
New
St.,
Street,
First
March 21
Manastor
Liberty
117
for
burse
Richmond Hill 18, N. Y. UnderwritersCorp.; Bruno-Lenchner Inc., Pitts¬
burgh, Pa.; Russell & Saxe; V. S. Wickett & Co., Inc.
and Street & Co., New York, N. Y.
of common
of the pres¬
Underwriter
Superior Avenue, Cleveland, Ohio.
den, Stone & Co., New York.
;
28
stock
mon
by amend¬
Office—2o30
stockholders.
selling
Meiaicraft
March
•
stock, (no par) to be offered for the account
ent holders thereof.
Price—To be supplied
Co.,
Light Co.
funds
York, N. Y.
ceeds—For
Majestic Specialties, Inc. (4/25-29)
March 25 filed 150,000 outstanding shares
Securities
Thursday, April 7, 1960
ceived from the sale of additional common
stock to
American Natural Gas Co. Jparent) and
treasury funds "
will be used to pay off $11,115,000 of bank
borrowings
for construction
purposes
and to provide
for
purchase of the
Gas
.
mortgage bonds, series
Proceeds—Together with $4,000,008 to be re¬
1985.
due
—For
Blum's interest in
Specialty Shops, Inc., and the balance for general cor¬
porate purposes. Office—Stockton and OFairell Sts.,
San Francisco, Calif. Underwriter—F. S. Smithers
&
Co., New York City and San Francisco.
the
Milwaukee
.
March 25 filed $22,000,000 of first
.
Menu-Matics, Inc. (4/8-11)
17 (letter of notification) 285,000 shares of com¬
mon stock
(par 10 cents). Price—$1 per share. Proceeds
public sale by the issuing company and the
remaining 43.000 common shares by the present stock¬
holders thereof. Price—To be supplied by amendment.
Proceeds—For
.
•
for
offered
•
Lynch, Pierce, Fenner
(managing).
Inc., New York City
March
shares of common stock.
common shares are to be
ordinated debentures and 78,000
The
Smith
&
(5/2-6)
$1,250,000 of 15-year convertible sub¬
filed
25
\
Co.,
(Joseph)
Magnin
York City. Underwriter—Merrill
63
,
National
Jan.
mon
Lawnservice Corp. (4/25)
(letter of notification)
100,000 shares of com¬
stock, (par one
cent). Price—$3 per share. Pro¬
11
ceeds—For
T—° ~V
general
A
senerai
corporate
corporate
purposes.
Office
-
nmoep
>mmerciai and Financial
o
Chronicle
(1553)
Packaging Corp.v *
60,000 shares of common capital stock.
«fi oer share. Proceeds—To retire $87,000
of iniipas to purchase- $18,000 of additional machinery
leDl
nioment,' to. set up a small plant (at cost of
nd e9u
the west Coast to service the fruit tray and
;28,0? v;ia trav-business in that area, and for working
egetabie^.^
3Q02 Brookiyn Ave., Fort Wayne, Ind.
share.
•rttial
to
filed
[•Willie*
N<
larc
tock
10
ion
the operation
in
*vnpn«?es
^
^
-Fo:
-n
/r
A
_
of
A In
Avitf
by
insurance
of
L.
thus
far
subscription date
services
OK
corporate
Rubber,
To
for
are
poses, principally to finance
inventory and for othe*
manufacturing costs. Office—1 Constitution St., Bristol,
R. I. Underwriter—R. A.
Holman & Co., Inc., New York,
share in
per
rendered.
f
^
of
stock,
common
share.
per
be
•
stock.
supplied
of its business and
Dayton Way,
assets, and the remainder
the net proceeds will be added
Office—2209 Santa Fe
Ave., Los
to working capital.
Angeles, Calif. Under¬
writers—Kidder, Peabody & Co., New York; and Mc¬
Donald & Co.,
Cleveland, Ohio.
*
(5/9-13)
50,000 shares of common stock. Price—
supplied., by amendment.
Proceeds
Together
be
certain of its
of
Underwriter—None.
Inc.
Tool
March 25 filed
Proceeds—For
Office—9489
Pendleton
Industries, Inc. (4/25-29)
50,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—To re¬
tire a 5% note
given to the V-T Co. in partial payment
be
to
common
record date will
purposes.
March 29 filed
com-
TTti/lo vtirvi Inn
and
Price—$2.50
Beverly Hills, Calif.
•
unaccounted
Appelbaum at $.10
certain
amendment.
general
an
shares
John
outstanding
The
Life Insurance Co.
(letter of notification) 50,000 shares of com(par 50 cents). Price—$4 per share. Proceeds
99
h
to
• Oil Shale Corp.
March 30 filed 300,000 shares
offered to the holders of its
u.tional Union
\
25,000
sold
consideration
_
_
The
be
65
—
^tTmanvItd., Palm
j.)
i.
,
St., Chicago,
—To
bidders:
&
Co. Inc. and Blyth &
Co., Inc. (jointly); Equitable
Securities Corp. Bids—Expected
May 9 at 12 noon New
York time at the offices of General
Public Utilities Corp.,
67 Broad St., New York
City. Information Meeting —
Scheduled for May 6 between 10:00 a.m. and 12
noon.
Orange & Rockland Utilities, Inc. (4/14)
17 filed 39,165 shares of convertible cumulative
preferred stock, series E (par $100), to be offered for
subscription by holders of its outstanding common stock
Peoples Telephone Corp.
March
of
record
March 29 filed
fered
rate
April
14, 1960, at the rate of one share of
preferred for each 50 shares of common then held; rights
expire at 5:00
notes
and
the
struction.
balance
Office—10
will
be
North
used
Otarion Listener Corp.
Price—$4
000
^
to
per
repay
common
and
60,000 shares are outstanding and will be offered
by the holders thereof. Price—To be supplied by amend¬
ment. Proceeds—To be added to the general funds of
the company and be available for general
corporate pur¬
New Brunswick, N. J. Underwriter —
New York and Wilmington.
production'ahd sales facilities
aid in the European
of
Proceeds
two
to
shares
then
be
—
repay
expansion; the balance of the proceeds
added
to
its
funds.
general
Office—218
South
Underwriter—None.
• Philippine Oil Development Co., Inc.
v
103,452,615 shares of capital stock, to be
for subscription by stockholders at the rate of
one new share for each
5V2 shares held. Price
To be
—
supplied by amendment. Proceeds—To be added to the
company's working capital. Office — Soriano
Bldg.,
Manila, Philippines. Underwriter—None.
•
Phillips Developments, Inc.
21 filed
400,000 shares of common stock (par $1).
be supplied by amendment.
Proceeds—Fo^
property development, possible acquisitions, and working capital. Office
1111 West Foothill
Blvd., Azusa,
Dec.
Price—To
;
$35,000
for research and development of subminiature
j.
products; and the balance of approximately $100,000 to
each
offered
a
market;
common
share.
per
stock, to be of¬
May 13, 1960, at the
on
for
March 30 filed
stock (par 10c).
Proceeds—Company will apply $150,existing short-term obligations to banks;
the establishment of
$75
—
share
Washington Street, Butler, Pa.
share.
low-cost hearing
used
will
Y.
$60,000 in payment for the net assets and name of Taconic
Factors, Inc. ,the stock of which is presently owned by
Leland E. Rosemond, President and Board Chairman of
Otarion; $100,000 for dealer and consumer advertising
of the company's new model
hearing aids; $40,000 for
Jersey Aluminum Extrusion Co., Inc. (5/3)
March 10 filed 110,000 shares of class A capital
stock,
of which 50,000 shares will be issued by the
company
New
additional
one
provement and
con¬
(5/9-13)'
March 28 filed 141,750 shares of
Underwriter—None.
further
Nyack,
N.
Corp., New York
Underwriter—The First Boston
•
for
Broadway,
of
common
$1,100,000 will
in part short-term bank loans of $1,600,000 incurred during 1959 to provide funds for the
company's continuing program of modernization, im¬
be
p.m.
(the
tion)
15,250 shares of
stockholders of record
to
held .Price
(EDST) on May 2. Price—$100 per
Proceeds—To be applied to the reduction of bank
proceeds of which were used for construc¬
share.
be
determined by competitive
bidding. Probable
Halsey, Stuart & Co. Inc.; Kidder, Peabody &
Co., Eastman Dillon, Union Securities & Co., Merrill
Lynch, Pierce, Fenner & Smith Inc. and White, Weld &
Co.
(jointly); The First Boston Corp.; Harriman Ripley
working capital. Office
29
payments. Office—140 Hamilton St., New Haven, Conn.
—
$1,300,000; to repay other indebtedness
$228,600; and the balance of approxi¬
to
(5/9)
March 10 filed $12,000,000 of first
mortgage bonds, due
May 1, 1990. Proceeds—To be applied to the
company's
I960 construction
program, or to partially reimburse its
treasury for previous expenditures for that purpose.
Office—222 Levergood
St., Johnstown, Pa. Underwriter
Holding Co., Inc.
¥
(letter of notification) 75,000 shares of com¬
(par $1). Price—$2 per share. Proceeds—For
working capital. Office—901 Marion Bldg., Augusta, Ga.\
Underwriter—None.
;;
general corporate purposes, including reduction of
indebtedness, development of a division, and mortgage
Office
company
its
stock
mon
For
poses.
Pennsylvania Electric Co.
Old South
Clock & Watch Co.
Jan 29 filed: (1) 1,462,320 shares of common stock to be
offered for subscription at $2 per share by common
stockholders at the rate of three new shares 'for rach
five shares held on the record date; (2) 250,000 shares of
common stock for public sale. Price—To be supplied by
amendment; (3) 700,000 of outstanding shares which
may be offered for sale by the present holders thereof;
(4) 719,667 shares to be offered to holders of warrants
and convertible short term notes; and (5) 92,500 shares
for use in the company's stock option plan.
Proceeds—
.
insurance
Rio Grande
March
111. Underwrlter-H. M. Byllesby
111.
,
$1,100,000
Avenue, Littleton, Colo. Underwriter
—Bosworth, Sullivan & Co., Inc., Denver, Colo.
Haven
New
a
mately $800,000 will be added
—551
rn
Inc., Chicago,
to
in the amount of
in the amount of
will be
Weeks, New York.
Newark Electronics Corp.
March 17 filed 200,000 shares of common stock. Price—
hp cuDDlied by amendment.
Proceeds—To be added
I the company's working capital. Office—223 West
& Co.,
of
$700,000 realized from the sale of installment
wholly-owned, susbidiary finance company,,
OK Acceptance
Corp., will be used to reduce bank loans
&
Madison
proceeds
and
notes
Philadelphia, Pa. Underwriter—Hornblower
St.,
the
loan
(4/11-22)
000 shares
,oace
iRhawn
Beach, Fla.
Nesbitt, Inc.
sold for the company's account
will be sold for the holders thereof.
^ suppiied by amendment. Proceeds—For
of working capital. Office — State Road &
chares
Vnnnft
I Tip 80
Iv/tuie
with
—
Calif.
Del.
be added
* New Jersey Natural Gas Co.
eral
Underwriters—Allen & Co., Bear, Stearns &
Co.,
and Sutro Bros. &
Co., all of New York City. Note—
This statement is to be withdrawn.
series due 1970, to be offered to holders of its outstand¬
Ossining, N. Y.
Pierce & Stevens Chemical
Corp.
March 9 filed
175,000 shares of
ing
New York.
&
Laird
March
Company Corp.,
29
filed/$3,830,000
of
convertible
initially to working capital and used for gen¬
corporate purposes, including financing of finished
and semi-finished inventory.
Office—Scarborough Park,
debentures,
common stock at the rate of $4 principal amount of
convertible debentures for each share held.
The deben¬
Ott
principal amount in denominations
$500, $1,000 and multiples of $1,000. Pro¬
March
tures will be sold at
I of $50, $100,
ceeds—To be applied to the
partial payment of short-
term bank loans
and
North Central Co.
|
I
March 11 filed 420,945
common
stock
of
at"6}u
,
•
the
rpmai
suppS
a
hv
expansion
for
8
Panel
filed
new
a
Inc.
.
debentures
subsidiary.
..
lories
of
Mester
side &
the
balance
of
New
Price—To
stock
at-
6V4%
the
promissory notes; $431,250 to pay
negotiated price for the minority
t
Mining Co. in Stockton
Witter
&
balance
for
working
San Francisco,
Calif.
Co.,
Feb.
19 filed 68,676 shares of common stock
(no par),
being offered for subscription by common stockholders
of record March
29, 1960, at the rate of one new share
for
1
each 2V2
3:30
shares then held; rights expire April 12 at
(EST).
p.m.
Price—$20
per
share.v Proceeds—For
construction program.
Plainfield,
N.
J.
New York.
Office—120 West Seventh Street,
Underwriter—W. C. Langley-& Co.,
'
Plastic &
Jan.
Fibers, Inc.
(letter of notification) 85,714 shares of
18
stock
common
(par 40
cents). Price—/|3.50 per share. Proceeds
corporate purposes., Off ice — Whitehead
Ave., South River, N. J. Underwriter—Arnold Malkan
& Co., Inc., New
York, N. Y.
—For general
•
Precision Circuits,
March
7
Inc.
(5/2)
filed
$250,000 of convertible subordinated de¬
bentures, due April 1, 1970, and 37,500 shares of common
stock (par 20 cents) to be offered in units
consisting of
$100 debenture and
one
15
common
shares.
Price—$150
unit. Proceeds—For equipping of new facilities, and
for general corporate purposes. Office—705 South
Fulton
Avenue, Mount Vernon, N. Y. Underwriter—Myron A.
per
Lomasney & Co., New York.
•
Premier
March
28
Industrial
filed
Corp.
212,500
outstanding shares of common
(par $1) of which 200,000 shares will be offered for
public sale and 12,500 shares to employees of the com¬
by the holders thereof.
Price—To be supplied by
selling stockholders. Office
Avenue, Cleveland, Ohio. Underwriter—
—A. G. Becker & Co. Inc., New York and
Chicago.
pany
amendment.
—4415
Proceeds—To
Euclid
Premium Acceptance
Corp.
notification) 200,000 shares of com¬
stock (par $1). Price—$1.15 per share. Proceeds—
For working capital. Office—212 S. Tryon
Street, Char¬
lotte, N. C. Underwriter—R.L.Hoffman, Charlotte, N.'C.
Feb.
17
(letter
of
mon
Professional Life & Casualty Co.
per
Jan. 29 filed 180,000 shares of common stock.
Price—$10
Price—
the payment
share.
Proceeds—About $162,000 will be applied
of certain indebtedness; $25,000 for ad¬
machinery and equipment; and $118,752 for
working capital, promotion and advertising.
Office—
52 Broadway, New York.
Underwriter — G. Everett
Parks & Co., Inc., New York.
n
$.10 per-
subordinated
be
ditional
?lc?higan. .Underwriter—Mortimer B. Burnunrw'J°n an "all or nothing best efforts" basis.
1975.
—
stock
Patrick County Canning Co., Inc.
March 25 filed 140,000 shares of common stock.
per share,
ovnoncoc
working capital
West
—
Underwriter—Doolittle & Co., Buffalo 2, N. Y.
Pfainfield-Union Water Co.
Calif.
u?e indebtedness and increase invenMySufnd mufflers. Office — 342 South St.,
$.75i »,_. e.rwrher will " receive 's nnn for expenses, a
rerpivp $15,000
Psr'
iCOrnPrisimr *u,?,g commission on the 200,000 shares
"basing
cTAl? Public offering, and the privilege of pur4'
stock,
San Francisco and
York, and Hooker & Fay, Inc., of San Francisco,
to
shares of ..the .common
April
Underwriters—Dean
stock, of which
;
common
26th Street,
Underwriter—Frank Karasik & Co.,
Elevators, a subsidiary; and the
capital. Office—62 Townsend St.,
Cn
•'*•
Office—1212
interest of Utah Construction &
^roceeds-—T° beJ?ublicly offered. Price—$3.75
A
supplied by
Proceeds—$600,000 will be used to retire a
like amount of
(4/14)
common
class
/•'
$3
of
of
..
due
amendment.
Chemicals, Inc.
? 2»500 shares
(5/2-6)
shares
Pacific Vegetable Oil Corp. (5/2)
March 24 filed $2,500,000 of convertible
r\i
arp+
Proceeds—
•
notification) 20,000 shares of common
i-To'r5w£ipar $1)* Price—$10 per share. Proceeds
supniipc
f 8' *° Purchase laboratory equipment and
Lakennto
working capital. Office—100 N. Crystal
ciates Tnn
do, Fla. Underwriters—Security AssoInc, Miami Winter Park, Fla.; George O'Neill & Co.,
dale, Fia
and Roman & Johnson, Fort Lauder-
2°0,6oo
Co.
100,000
Vancouver, Wash.
u— AP°llo> Pa. Underwriter — Moore,
Lynch,. Pittsburgh, Pa., and New York
City.
niL■
share.
tional outlets and to provide additional
and for certain expenses
Offices—366 Bay Street, Toronto,
Leonard ?
ard &
stock
per
common
To be supplied by amendment.
To selling stockholders.
Office
Buffalo,
—
N. Y.
',y.
-
subsequently increased to 150,000 shares (par 50 cents).
Price—$3.
Proceeds—For redaction of indebtedness,
for working
capital; for establishment of three addi¬
& Equipment Corp. (4/18-25)
45,000 shares of common* stock (no par)'
^re to be offered to warrant holders and
18 1° be offered Puhlicly. Price-To be
dment- ' Proceeds—For equipment and
AprilCienLfRes®arcb
vVT;.;V
equipment, raw materials and working
Office—622 E. Glenolden Ave., Glenolden, Pa.
Pacific
Feb.
Underwriter—None.
whin?. 5cfok
to
Underwriters—Jacey Securities Co., and First City Secu¬
rities, Inc., New York, N. Y.
Mar,UhCl9a/iM,a!?rials
Of
Price—100%
'
»
dging operation
then held.
improvements
Price—$1
-
hf offenng.
shares
For purchase of
GoldfieSds, Ltd.
Vded 207,800 shares of common stock. The offer.nf n!1
des 200,000 shares to be offered for the account
i dm!,
cSmJ?any. and 7>800 shares for the account of a
1<LUF
e ^dividual stockholders. Price—$5 per
pnmnL
,°®eeds—To be used in connection with the
T
3.11
and
■
caiptal.
★ Northshore
reiawfy S*,
for each
..
(4/12-15)
outstanding
(par $2). Price
Proceeds
Co.
.
.
stock
Pacemaker Boat Trailer Co., Inc.
(4/11-15)
Feb. 29 (letter of
notification) 300,000 shares of common
stcok (par 10 cents).
offered in exchange for outstanding shares of
Central Life Insurance
Co., of St. Paul. The rate
exchange is to be supplied
by amendment. Proceeds
nfp.°
added to the general funds of the company.
\Cunl ?
Co.,
filed
additional
Illinois.
Worth
I Canada.
&
—
(par $1).
Paul, Minn. Underwriter
Lomasney
a
note,
properties, for
equipment and the balance for working capital and
other purposes.
Office
500 Agard Road, Muskegon,
Mich. Underwriter—H. M.
Byllesby & Co., Inc., Chicago,
ot
Minnesota St., St.
17
A.
ZT-v":-./
principal amount. Proceeds—For retirement of
for
j 1 he company proposes to offer 142,860 shares for cash sale
I at $7 per share. Additional shares (amount unspecified)
—None"
Chemical
debenture
,
(5/27)
shares of
:'/•'/
$450,000 of convertible subordinated
debentures due May 1, 1970. The company proposes to
offer the debentures for subscription by common stock¬
holders of record May
1, 1960, at the rate of a $100
;
outstanding in the amount of $5,000,000
obtained in connection with the
company's con¬
struction program. Office — 601 Bangs Ave., Asbury
Park, N. J. Underwriter—Allen & Co., New York.
<
Underwriter—D.
u
★ Pearson Corp. (4/28)
March 30 filed 50,000 shares of common stock. Price—To
be supplied by amendment. Proceeds—$60,000 will be
utilized to repay* the company's indebtedness to Busi¬
ness Development Co. of Rhode Island; the balance will
be added to-working capital-for general corporate pur¬
per
share.
ness
and
curement
Proceeds—For the company's insurance busi¬
and working capital for the pro¬
expenses,
of
business.
Office—720
N.
Michigan
Ave.,
Chicago, 111. Underwriter—Professional Casualty Agency
Co., Chicago, 111.
•
Public Service Co. of New
March 2 filed
Mexico
102,231 shares of
common stock (par $5)
97,231 shares being offered for subscription
by holders of the company's outstanding common stock
of
which
at
the
rate
of record
of
one
new
March 28 with
share
for
each
rights to expire
20
shares
on
Continued
held
April 20 at
on
page
66
*
3 30 p.m. EST. The
remaining 5,000 shares
will be offered
employees of the company. Price—$28.25 per shareProceeds—Together with bank borrowings, will be ap¬
—Glore, Forgan & Co., New York.
to
plied toward the company's 1960 construction program,
for other corporate purposes including the repayment of
a short-term bank loan in the amount of $2,000,000, and
Office—819 Simms Building, Albu¬
Underwriter—Allen & Co., New York.
capital.
N. Mex.
working
querque,
Puget Sound Power & Light Co. (4/20)
15 filed $20,000,000 of first mortgage bonds
due
Apr. 1, 1990. Proceeds—To be applied to the payment of
a $15,000,000 3%
promissory note due May 1, 1960, and
the balance to the payment of outstanding bank loans
March
incurred for construction purposes,
(5/23-27)
of common stock, of which
80,000 shares are to be sold for the account of the
issuing company and 20,000 shares are to be sold for
the account of the present/holder thereof.
Price—$9
per
share.
Proceeds—To reduce bank loans and for
•
Inc. (4/25-29)
(letter of notification)
Renner,
75,000 shares of com¬
Price—$4 per share. Proceeds
—For
working capital.
Office — 1530 Lombard St.,
Philadelphia, Pa. Underwriter — Stroud & Co., Inc.,
March
11
stock
mon
Sierra Electric Corp.
March 29 filed 100,000 snares
Office—350
debt.
bank
•
Proceeds—For repayment of short-term
Fifth Ave., N. Y, Underwriter
amendment.
65
Continued from page
(par 50 cents).
Office—Gardena, Calif., Underwriter—
Inc., New York City.,; :
working capital.
Marron, Sloss & Co.,
Sierra
Philadelphia, Pa.
Pacific Power Co.
being offered for
by Stock Option Plan for
share for each 15
the
of
subscription by holders of the outstand,:
record March 14 on the basis of one new
then held, rights to expire on April 4.
Price—$33.50 per share.
Proceeds — To be applied to
covered
executives and key employees
Office—6601 Broad Street Rd., Rich¬
company.
ing common of
mond, Va.
which loans are ex¬
payment of loans. Office-—Reno, Nev»
Agent—Stone &
Corp., 49 Federal' St., Boston, Mass.
Co., Inc. (5/2-13)
$1,500,COO of 6V2% debentures due May 1,
warrants for the^purchase of 75,000 class B
Finance
Ritter
pected to aggregate $10,560,000 at the time of the bond
sale. Underwriter — To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc. and
Lehman Brothers (jointly); Stone & Webster Securities
to April 30, 1970. It is proposed to
offer these securities of public sale in units, each con¬
Corp., Smith, Barney & Co. and The First Boston Corp.
(jointly); Merrill Lynch, Pierce, Fenner & Smith Inc.
Bids—Expected to be received on April 20 at 12 noon
at 90 Broad St., 19th floor, New York City. Information
Meeting—Scheduled for April 14 at 11 a.m.
sisting
Webster Service
March 16 filed
Inc.
March 28 filed 110,000 shares of its capital stock, to be
offered to certain employees of the company and its
i Pullman
Stock Option Incentive Plan.
Wilmington, Del.
subsidiaries pursuant to its
Office—827
Washington
St.,
^ Pyramid Electric Co.
April 1 filed 89,675 shares of common stock to
to
holders
of the
the rate of
warrants at
one
and
1975
share for each warrant at a
The warrants were issued in
May, 1954, in connection with a previous pub¬
lic offering and included 46,000 to the underwriter, S.
D. Fuller & Co., and 46,000 to the company's officers
and employees.
At present there are 89,675 warrants
outstanding. The warrants are exercisable until June 25,
1960. Office—52 Broadway, New York.
price of $3.25 per share.
and after
bank loans.
to reduce
wood
Underwriter—Stroud & Co.,
Wyncote, Pa.
Ave.,
Inc., Philadelphia, Pa.
^ Roller Derby TV,
Inc.
additional funds
of common stock, of which
117,000 shares are to be offered for public sale by the
issuing company, and the remaining 145,000 shares will
be sold for the account of certain selling stockholders.
March 30 filed 277,000 shares
be
supplied by
amendment.
purposes relating to
general
and
picture films of the Roller Derby,
and
the
working capital.
14th
balance
for
St., New York. Underwriter
filed
112,875
•
Rabin Co.
March
21
(4/11)
80,000 shares of com¬
Price—$3.25 per share. Proceeds—
To pay unsecured notes,
to purchase machinery and
equiment, and for working capital. Office — 700 N.
Sepulveda Blvd., El Segundo, Calif.
Underwriter—H.
Hentz & Co., New York, N. Y.
(no par).
Radiant
Feb.
Lamp Corp.
filed
10
(4/11)
Price—$5
bank loan, and for
share. Proceeds — To renav a
working capital. Office—300 Jelliff Ave., Newark, N. J.
Underwriter—Amos Treat & Co., Inc., New York.
per
Rajac
Self-Service, Inc. (4/20)
(letter of notification) 100,000 shares of com¬
March 18
stock (par 10
mon
cents). Price—$3 per share. Proceeds
general corporate purposes. Office—11 E. Second
—For-
Street, Mt. Vernon, N. Y. Underwriter—Walter R. Blaha
& Co., Inc., Long Island City, N. Y.
•
Rap-in-Wax Co.
(4/18-22)
March 13 filed 107,290 shares
of which 70,000 shares are to
of common stock ($1 par),
be offered for public sale
by the issuing company. The remaining 37,290 shares
are
now
outstanding and are to be offered by the
present holders thereof.
Price — To be supplied by
amendment.
Proceeds—For additional working capital.
Office
150-26th Ave., S. E., Minneapolis 14, Minn.
Underwriter—Dean Witter & Co., New York and Minne¬
apolis.
are
elect
if
95%
common
It
stock.
•
Savannah
(par
for
the
outstanding
each
shares
13
shares
the
held
of
on
one
per
bank
loans
27
West
Bay Street, Savannah,
made
for
construction
Ga.
new
March
expire on April 18 at 3:30
share. Proceeds—To repay
of
stock
common
basis
record
of
p.m.
porticn
a
purposes.
29,
EST.
Office—
Underwriters—The
First Boston Corp. and Stone & Webster Securities
Corp.,
both of New York.
it Sckaevitz
A
Engineering
(letter of notification)
29
common
stock
(par
10
100,000 shares of class
cents).
Price—$3
Proceed:—For general corporate purposes.
S.
Route
130
and
Schaevitz
Boulevard
per
share.
Address—U.
Pennsauken
Township, N. J.
Underwriter—Woodcock, Moyer, Fricke
French, Inc., Philadelphia, Pa.
&
•
Scott Aviation
Corp.
March 29 filed 169,680 shares of common
stock, of which
be offered for public sale by the
issuing company and 107,680 shares, being outstanding
stock, by the holders thereof, 8,000 shares are to be
reserved for allotment to directors, officers and em¬
ployees of the company. Price — To be supplied by
amendment. Proceeds—To pay off $300,000 of bank in¬
debtedness and for general working capital purposes.
Office—225 Erie St., Lancaster, N. Y. Underwriter—The
First Cleveland Corp., Cleveland, Ohio.
Offering—Ex¬
pected in mid-May.
62,000 shares
are
to
—
nlaymond
Corp.
(letter of notification) 15,000 shares of com¬
mon
stock
(par $5). Price — $20 per share. Proceeds
For general corporate purposes. Office —
Village of
March
22
—
Greene, County of Chenango, of New York. Underwriter
—George D. B. Bonbright & Co., Rochester, New York.
Realty
Equities Corp.
(4/18-22)
Feb. 2 filed 150,000 shares of common stock.
Price—
$5.25 per share.
Proceeds—For general corporate pur¬
poses.
Office—New York (fity.
Underwriter—Sutro
Bros.
&
Co., also of New York City.
•
Seaboard Plywood & Lumber
Corp. (4/11-15)
$300,000 of 6%% subordinated convertible
debentures, due April 1, 1970, and 30,000 shares of com¬
mon
stock, to be offered in units, each unit consists of
$50,0 principal amount of debentures and 50 shares of
Feb. 25 filed
loan, and for
working capital. Office—17 Bridge St., Watertown, Mass.
Underwriter—Peter Morgan & Co., New York.
Service
Instrument Corp.
(4/18-22)
(letter of notification) 200,000 shares of com¬
stock (par 10 cents).
Price—$1.50 per share. Pro¬
March 23
mon
ceeds
—
For
general corporate purposes.
.
Office
—
693
Feb. 25 filed 76,600 shares of common stock
(par $1) to be
offered for subscription by common stockholders at the
rate of one new share for each five shares
per
share
and
stockholders.
purchased
distributed
Price—$5
by Christiana Oil
as
per
a
dividend
share.
$4.75
its
to
at
2,800
Proceeds—To
pay
$110,000 bank note and for general corporate purposes.
Office—304 East 44th St., New York.
Underwriter—
Laird & Co. Corp., New York.
a
• Reeves Soundcraft Corp.
March 30 filed 125,000
outstanding
stock.
change
at The
shares
of
common
Price—To
or
be sold on the American Stock Ex¬
otherwise from time to time at
prices current
time
of
sale.
Proceeds—To selling stockholders.
Office—15 Great Pasture
Rd., Danbury, Conn.
.
•
Reliance
Manufacturing Co.
(5/2-6)
March 28 filed 150,000 shares of
common stock (par $5),
of which 40,000 shares are to
be offered for public sale
for
are
the
account
now
of
company.
outstanding and
present
holder
The remaining 110,000 shares
are
thereof.
to
be
offered
Price—To
be
New York, N. Y. Underwriter
Murphy & Co., Inc., New York, N. Y.
—
Pearson,
Servonics, Inc.
held, rights
expire in April. Price—To be supplied by amendment.
Proceeds—To retire bank note
indebtedness; for the pur¬
chase of additional
machinery, equipment and facilities;
to provide additional
working capital; to finance the
purposes.
tract of land to be used for
possible
and the balance for general corporate
on a
plant construction,
Office—822 North Henry St.,
Alexandria, Va.
Underwriter—None.
Proceeds—Smilen
will
use
>$95,000
of
common
sale
by
supplied
by
only; otherwise will
sold
without underwriting).
share
of the
in Franklin Square, L. I., to be leased to Smilen;
$500,000 to purchaie fixtures and equipment to be leased
Smilen for
structed
for
in
use
the three
Smilen
supermarkets to be
con¬
by
others; $25,000 to pay an in¬
Smilen; and the balance for general
corporate purposes. Office — 47-02 Metropolitan Ave.,
Brooklyn, N. Y. Underwriter—Federman, Stonehill &
Company.
debtedness
due
Sottile,lnc. (Formerly South Dade Farms, Inc.)
July 29 filed 2,000,000 shares of common stock (par $1);
which 1,543,000 shares are to be issued and sold for
the account of the company, and 457,000 shares, repre¬
of
senting outstanding stock, to be sold for the accounts
of certain selling stockholders. Price—To be
supplied by
amendment.
Proceeds—To
retire
70%
of
the
common
stock
outstanding at the date of the stock offering; to
invest in the capital stocks of six of the company's
seven bank
subsidiaries; to repay a bank loan of $6,400r
000: to add to working capital; to retire certain longterm indebtedness: and to
develop citrus groves. Office
—250 South East First Street, Miami, Fla.
Underwriter
—Bear, Stearns & Co., New York. Offering—Indefinite.
Southeastern
000
25
Security
Insurance
Co.
filed
2,133,333 shares of common stock, of
1,633,333 shares are to be publicly offered; $500,-
of
these
shares are reserved for the granting of
stock
options to management officials and
employees. Price — $3 per share for public offering.
Proceeds—To increase capital and surplus. Office—707
Market St., Knoxville, Term.
Underwriter—Lucien L.
Bailey & Co., Knoxville, Tenn.
restricted
•
Southern Nevada Telephone Co. (4/20)
16 filed
100,000 shares of $25 par cumulative
March
preferred
stock.
supplied by
$2,000,000 of
companv's continu¬
Price—To
amendment.
Proceeds
To retire
bank loans and to finance in
part the
be
some
ing construction
program.
Office—125 Las Vegas Blvd.
South, Las Vegas, Nev.
Underwriter—Dean Witter &
Co. of San Francisco and New York.
Southwest Forest
Jan.
29
filed not to
of subordinated
Industries, Inc.
exceed
an
(4/13)
aggregate of
$13,500,000
income
debentures, due 1985, and com¬
stock, to be offered in units of such debentures
and
such common
stock.
Price—To be supplied by.
amendment.
Proceeds—For working capital anB the
mon
Weld
Connecticut,
capital.
its
for
ket
to
Bank
$251.50 per share. Proceeds—For construction and work¬
be
and
remainingpayments under a
contract
for
purchase of two supermarkets
and
commissary
from
Windmill
Food
Stores,
Inc.;
$300,000 for in¬
ventory and supplies for the opening of three new;
supermarkets;
$300,000
to
repay
bank
loans;
and
the
balance
for
general
corporate
purposes.
Heri¬
tage
will
use
its
share
of
the
stock
as
follows:
$175,000 for construction and equipping of a supermar¬
proceeds
construction
^ Sherburne Corp.
March 28 (letter of
notification) 160 shares of
stock (par $100). Price—$250
per share; in
ing
{par^ $1)
common
public
—
to
initial payments
for.
sale ,in units,:, each unit
consisting cf one share of Smilen and o:ie share of
Heritage stock. Price—To be supplied by amendment.
convertible
Office—Sherburne, Vt. Underwriter—Ken¬
nedy-Peterson, Inc., Hartford, Conn, (for Conn, sales
for
securities
which
•
of Smilen
200,000 .shares
Corp.
March
stock (par $1). Price—To be supplied
by amend¬
Proceeds—To retire a term bank
shares
be
Smilen Food Stores, Inc^ (5/2)
v
filed in .association -with Heritage. Industrial
March, 25
ment.
Broadway,
to
•
.
common
ir Reeves Broadcasting & Development Corp.
March 30 filed 487,392 shares of common
stock, of which
300,000 shares are to be publicly offered and 187,392
are
,
these
Power Co.
on
share.'Price—$100 per unit; Proceeds — To fi¬
acquisition.^: Office—Ingraham Bldg-., Miami, Fla.
Uriderwriter-rfSire Plan.Portfolios, Incr/New York.
200,000 shares of Heritage (par:$l). It. is proposed to offer,
The offer will
Frice—$24.50
(4/15)
i$225,OOQi bf lO^year~ 7%, ^debentures andi
9 filed
nance
of
i
is offering 87,950 shares of
its stockholders
$5),-To
share
&
pur-
ferred
The exchange offer will be
of
St., New York,
Electric
The company
stock which may be purchased
plan.. Office—^00, Jfift^ Ave.,JNew, York.
Plan of Normandy Isle, Inc.
Sire
com¬
150,000
shares of $3.50 cumulative, non-callable, partici¬
pating preferred stock (par $5), to be offered in units,
each unit consisting of one $50 debenture and one pre¬
is
deposited for exchange, and the com-r
to do so if only 80% are deposited.
Office—150 East 42nd
March
120,000 shares of class A stock.
effective
may
pany
1960.
(letter of notification)
stock
mon
of
proposed to offer this stock in exchange for outstanding
shares of capital stock of Central Waxed Paper Co. on
the basis of .8209 of one share of St. Regis common for
declared
of common
/
-
4,500
shares
Central stock
be
shares
it St. Regis Paper Co.
29
Employee
suant to said
T
Savings.Plan; together,.with
pany's
i
,
$12,000,000 of participations in the
29 filed
March
March
offered for public sale by the
issuing company and the balance, being outstanding
stock, by the present holders thereof. Proceeds—To be
added to the company's working capital and used for
general corporate purposes. Office — 5353 West Arm¬
strong Ave., Chicago, 111. Underwriters—A. C. Allyn &
Co., and Shillinglaw, Bolger & Co., both of Chicago, 111.
to
are
+ Sinclair Oil Corp.
amendment.
March
Hammill &,Co., New York.
writer— Shearson,
Office—125 West
To be supplied by
—
be required from time 1o time.
Tarrvtown, N. Y. Under¬
may
as
Office—105 White Plains Rd.,
Proceeds—For
the production
corporate
sales of motion
each share of Central stock.
shares
..
and used initially
Office—Church Road and Green¬
^ Pyramid Mouldings, Inc. (5/2-6)
March 30 filed 158,000 shares of common stock, of which
3,588
public sale by issuing
outstanding stock, by
Geoffrey R. Simmonds, President.
.Price—To be sup¬
plied by amendment. Proceed-—To be added to the com¬
pany's working capital, thereby reducing the amount
of funds required to be borrowed under its revolving
credit agreement and putting the company in a more
favorable position to secure, through borrowings, such
1C0,000 shares are to be offered for
and 12,500 shares being
company
one
the company's general funds
added to
shares of common stock,, ox which
March 30 filed 112,500
$1,000 debenture and a warrant for 50
class B shares. Price—$1,000 per unit. Proceeds—To beof
Products, Inc... (5/16)
^ Simmondfc Precision
shares up
common
Price—To
be issued
company's outstanding stock purchase
..•;:-v% -vc;/
shares of common stock (par $7.50)
23 filed 49,714
Feb
^ Reynold's Metals Co.
March 30 filed 782,500 shares of common stock,
of
new
plant.
Office
444 First National
Underwriter—White,
—
Building, Phoenix, Ariz.
& Co., New York
City.
Southwest Indemnity & Life Insurance Co.
29 filed 238,590 shares of common stock.
March
company
by
proposes
common
rate
of
one
to
offer- this
stockholders
new
share
of record
for
each
The
subscription
May 1, 1960, at the
stock
2J/2
for
shares
then
held.
Number 5940
191
Volume
. . .
The Commercial and Financial
Chronicle
(1555)
■
■,
will be offered to certain persons,
directors and stocknoluers of cue
together wnh stock p^rcnase warrant for
°*m;^ior purchase for investment. Price—fo be
3,859 sna
'amendment. Proceeds—To be used for the
upp
v's general insurance business, thus enabling the
•°mPan^
aCquire additional reinsurance agreements
'°mpa!her insurance companies, service such agreements
ribed shares
ns
v
ad
requirements
reserve
5®®,
with
respect
March 21 filed $1,000,000 of 6lk %
ate
nnn
11
^
general corporate purposes.
Office—119 W. 26th
Street, New York 1, N. Y. Underwriter—Michael Fieldman, 82 Beaver Street, New YorK City.
convertible subordin¬
Tri-Poiiit
Price —100%
be
used
to
of principal
eliminate an out¬
mon
payable. Office—35-16 37th Street, Long
City, N. Y. Underwriter—Milton D. Blauner &
-:
Underwriter—H. P. Pratt & Co., Inc., Seattle, Wash.
are to be offered for sale in
units, each consisting
$1,000 debenture (with 5-year warrants to purchase
common
shares initially at $15 per share) and 40
a
20
shares
of-
stock.
common
Price
To
•—
be
supplied
Union
Marina, Inc. (5/9-13)
of notification) 150,000 shares of class
A common stock (par $1)^ Price—$2 per share- Proceeds
—For general corporate purposes. Address—Route 70 &
Upper Manasquan River Bridge, Brielle, N. J. UnderSquan
of
Park
sale
business.
United
March
fered
Union Securities & Co.,
in the ratio of one new share- for each five shares held
Price—To be supplied by amendment. Proceeds—To in¬
capital and
crease
Underwriter—Myron A.
Co.
filed
29
United
Bldg.,
'i teetnial-Aire of
America, Inc. (4/11-15)
(letter of notification) 200,000 shares of
16
stock
(par 10 cents).
Price—$1.50
per
share.
/
-7.77
amendment. Proceeds—For
general corporate purposes and working capital. Office—
Drive, El Cajon, Calif. Underwriter—J.
Hogle & Co., of Salt Lake City and New York.
6%
of
subordinated
due
April 1, 1975, and 100,000 shares of
(no par), to be offered in units of $100
and
10 shares
of
Proceeds—To be
Fairview Ave.,
stock.
common
used
in
•
Co., Cleveland, Ohio.
Sunair
of
stock
unit.
per
Underwriter—McDon¬
,
„
,
7„.
-;
200,000 shares of
common
•
stock
(par $.10).
Price—$3.00 per share. Proceeds—For new
equipment,
construction, and working capital. Office — Broward
County International Airport, Ft.
Lauderdale, Fla. Un¬
derwriter—Frank Karasik & Co., Inc., of New York City.
Superior Electric
March 17 filed
Price—To
be
Co.
(4/25-29)
150,000 shares of common
supplied by amendment.
stock
(par $1).
Proceeds—For
Underwriter—Lee
construction.
Office—Bristol, Conn.
higginson Corp., New York
City.
\
common
stock.
working capital. Office—Fairfield, N. C. Under¬
writer—Participating dealers will receive 15 cents per
share.
;■:•••
Inc.
/*
March 28 filed 200,000 shares of class A common stock,
of which 100,000 shares are to be offered for public
sale by the issuing company and the balance by H. M.
Carpenter, President. Price — $3 per share. Proceeds —
used
additional working
as
business
and
expansion
capital for inventory
Office—121 South
purposes.
Water, Tampa, Fla. Underwriter—Donald V. Stabell, of
St. Petersburg, Fla.
lrm bank loans, and the balance to be used for
h,,ef
cSTE?ra*e PurPoses, including expanding the
N
T^rr'
?—224 Washington Street, Perth Amboy,
Feb.
D
Tip Top Products Co.
epn
j
l"®rwr**ers—Amos
Pittsburgh,
&
Co.
and
Standard
New York City, and Bruno-Lenchner,
Inn
•»
Treat
Pa.
Offering—Expected in April.
J8zemco»
Inc.
7-''77, ■
(letter of notification) 200.000
mn[c
shares of
com-
r 10 cents).
*
i
for'suhcntlf
ten-spvov,flp iE1?,
i
sbares
lnc-
(4/11-15)
common stock to be offered
y common stockholders at the rate of
—$28 7^
of a share for each share held. Price
Serine h +
1£LFe> w*th rights to expire 14 days from
atJditionai
Proceeds — For capital and to secure
a'id exnanJ?3
on Present inventions, and to continue
of liauirt
research and development work in the field
-188 WpK°<mproesslbility devices and other areas. Office
-C E Qf«uer
'* North Tonawanda, N. Y. Underwriter
«
Dec.
*ered for
^asis of sMvt
""$28.75
o
Bering
loatl. for
h
k
*+
panded expf
a^tocnn<i
ariCe to
New York.
lnc" (4/11-15)
18,705 shares of
common
stock to be of-
SCA!ption by
comm°n stockholders on the
°.ne share for each share held. Price
u
a^' with rights to expire 14 days from
Proceed8 — To repay
r119^ w°rking capital, and
a
short
-
term
to establish
ex-
sales and manufacturing personnel
w"Ue research and development, and the baldse
or
purchase additional factory and
Industrial
mortgage
sinking fund
bonds, series B, due December, 1969, (with warrants).
Warrants attached to each $1,000 bond will entitle hold¬
ers to purchase 20 shares of class A common stock at an
initial price of $11 per share. Price—100% of principal
amount.
Proceeds
To pay $420,000 due to Western
Electric Co., Inc.; and the balance for general corporate
purposes.
Underwriters—J. Cliff Rahel & Co., Omaha,
Neb.
The
and
First
Tourist Industry
Trust
Co.
of
Lincoln, Neb.
of
March 22 filed $2,250,000 of
7% subordinated debenture
stock, due July 1, 1978, to be offered in denominations
of $500 and $1,000 and multiples of $1,000.
Price—At
100% of principal amount. Proceeds—For general corpo¬
rate purposes, including hotel and restaurant loans se¬
cured by real estate mortgages. Office—Jerusalem, Is¬
Underwriter—None.
rael.
Transcontinental Gas Pipe Line Corp.
March
filed
14
(4/20)
$35,000,000 of first mortgage bonds due
1980 and 800,000
Prices—To be
shares of common stock (par 50 cents).
supplied by amendment. Proceeds—To re¬
office
one
Tech
29
filed
Systems, Inc.
65,000 shares
common
cent). Price—$10 per
corporate
purposes.
stock (par
share. Proceeds—For general
Office
—
5505
common
Wilshire
Blvd.,
Los
Angeles 48, Calif. Underwriter—Myron A. Lomasney &
Co., New York.
• Transwortd Equipment Cor.
(4/8)
Jan. 25
stock
(letter of notification) T39,832 shares of common
(par 10 cents).
Price—$2 per share.. Proceeds—
34,978
a
preferred
and
rants
shares by B. S. F.
Co., 13% of whose stock
Federman
Herman
and
Yaras
in
payment
of
fee incurred in connection with the merger.
chase warrants
the basis of
each
warrant
share of
for
stockholders
to
now
at
option plan.
evidences
$17
issuance
common
debentures
finder's
pur¬
distributed prior to the merger on
warrant for each share of the company's
common
reserved
a
Stock
were
one
stock
common
of
common
Director, and 53,039 preferred
by Maurice Goodman, a Director, 16,500 war¬
and 16,500 common shares are issuable to H. L*.
and
per
upon
shares
of
the
record
right
Oct.
to
28,
1959;
purchase
Vz
share, and 509,613 shares are
exercise of these warrants.
issuable
are
preferred
Office—5221
stock
upon
and
conversion
under
stock
a
West 102nd Street, Los An¬
geles, Calif.
•
United States Boat Corp.
March
filed
28
shares
350,000
(5/9-13)
of common
stock
to
be
publicly offered. Price—$2 per share. Proceeds—$221,826 will be applied to the repayment of loans to United
States Pool Corp; which were used for general corporate
and the balance will be utilized for working
capital, including a later repayment of $45,000 to U. S.
Pool
Office
Corp.
27 Haynes Avenue, Newark, N. J.
—
Underwriter—Richard Bruce & Co., Inc., New
York.
U. S. Plywood Corp.
(4/13)
March 7 filed $25,000,000 of sinking fund debentures due
1985. Price—To be supplied by amendment. Proceeds—
To repay bank loans and for general corporate purposes.
Underwriter—Eastman, Dillon, Union Securities & Co.,
New York.
Office—55 W. 44th Street, New York City.
•
Universal-Cyclops
Steel
Corp.,
shares
of
BridgeviSSe,
Pa.
(4/11)
1
filed
ceeds—To
200,000
common
capital stock
Price—To be supplied by amendment.
be
added
Underwriter—A.
(5/16)
of
warrants.
owned
(par $1).
Trans
namely
Fein,
shares by Bernard
March
•
Corp.
purchase
thereof,
fund debt incurred for construction. Office—3100 Travis
March
Office—425 "South "La
Underwriter—Lehman
stock may be offered for sale by the present
common
holders
purposes,
Development Corp.
units.'
the
stock, and 16,500
According to the
prospectus, 88,017 shares of preferred and 88,017 shares
stock
common
St., Houston, Tex. Underwriters—White, Weld & Co. and
Stone & Webster Securities Corp., both of New York.
o
t0ltz& Co->
230fn?f^JP5s'-
Tavi
United
Additional
first
of
•
Deca2'!CfiiD^e)?pn,ents'
•
$600,000
of
March 21 filed 88,017 shares of series A convertible
pre¬
ferred stock, 614,130 shares of common
—
Price — To be supplied by
—-Fnr« e
anc* n?*
exceed $1.50 per share. Proceeds
112 Wacf^ capital. Office—c/o Otto Edward Szekely,
B Rate
g ?n
Commerce, Ga. Underwriter—Frank
°;Bateman,;Ltd., Palm Beach, Fla.
ampnrfn
filed
11
sale
and
Avenue, Inglewocd, Calif.
Brothers, New York City.
and
•
Electronics,
(4/11-15)
r>fn+ f
120,000 shares of common stock (par 25
cents). Price—$6 per share.
Proceeds—$50,000 to reduce
t
issuance
Brea
■
is
ie Thurow
new
stock, to be offered in units of $100 of debentures
capital shares. Price—To be supplied by amend¬
ment.
Proceeds—Approximately $1,000,000 will be used
for general corporate purposes, and the balance will be
distributed to holders of the capital stock prior to the
Price
tional
For
—
corporate purposes.
and two
share,* Proceeds—$46,098 will be applied to
acquisition of 493 acreas of land in Fairfield Town¬
machinery, equipment and saw mill and $75,000 for
working capital in connection with lumber operations;
$65,000 for January^T&61 instalment payment on the
12,726 acres; and%1^^balance to purchase livestock,
planting feed arid 'picture, raising livestock, and addi¬
stock, of which
Leighton, a,
Sheldon
to
ital
per
To be
Su£ro,nics CorP-
shares of
common
offered
United Financial Corp. of California (5/16-20)
30 filed $6,000,000 of convertible subordinated
debentures due April 1, 1975, and 120,000 shares of
cap¬
Un¬
ship, Hyde County, and $15,000 for payment of the
July instalment on acquisition of about 12,726 acres in
Hyde County; $500,000 for purchase and installation of
Office—366
Electronics, Inc^ (4/11-15
Dec. 28 filed
the
debentures
reorganization.
Barberton, Ohio.
ald &
—$1
debentures
Price—$100
Office—Miami, Fla.
be
to
are
March
ic T\'iree-L-Corp.
March 24 filed 3,500,000
<
common
reserves.
(4/18-22)
110,000 shares of
•
Industries of Florida, Inc.
(4/15)
120,000 shares of common stock (par $1).
per' share.
Proceeds—To be added to the
general
Components, Inc.
equipment, advertising, and other
Office—Orange, N. J. Un¬
derwriter—Darius, Inc., New York City.
derwriter—Peter Morgan & Co., New York.
790 Greenfield
St., Hutchinson, Kan. Underwriter
per share and the remainder is to be
publicly offered. Price—To be supplied by amendment.
Pro¬
filed
Price—$6
company's
by
v
26
20th
director, at $2.50
com¬
Tteermai
Feb.
W.
10,000 shares
engineering, design, advertising and working
Office—1060 Broad St., Newark 2, N. J. Under¬
writer—Pearson, Murphy & Co.',"flnc.y New York, N. Y.
230,000 shares of capital stock (par $1).
Sun Rubber Co. ;
Feb. 26 filed $1,000,000
St.,
March 2 filed
Office—214
Proceeds
A.
California
it United Bankers Life Insurance Co., Inc.
(letter of notification)) 114,4uu shares of com¬
stock (par $1). Price—$2.05 per share. Proceeds—
For expenses in the operation of an insurance
company.
general
supplied
surplus. Office—1717
Underwriter—None.
Denver, Colo.
Office—375
capital.
Underwriter—None.
'
Co.
filed 50,000 shares of capital stock, to be of¬
subscription by holders of outstanding stock
11
ceeds—For
be
Insurance
—National Fidelity Life Insurance Co., Kansas
City, Mo.
mon
(letter of notification) 7,500 snares of common
(par $1).
Price—$2 per share.- Proceed?—For
operation of the business. Office—873 Peachtree Street,
Price—To
Life
mon
March
(4/18-22)
American
for
stock
March 14 filed
added
March 23
©
v'
Accounting Bureau, Inc.
W., Atlanta, Ga.-
be
quired pursuant thereto. Office — Tennessee
HoUston,?■>* 7 vAT:- vy ■' y
1-
Office—Long Island* fCity^-N-1;. Yr
Straza Industries
($1 par).
Proceeds—To¬
r an
on
will
March 31
N.
stock
common
$2,150,000 of Contributions by Partici¬
pating Employees to the company's Thrift Plan, together
with 61,648 shares of common stock which
may be acv
• Staiisticai-Tab
food
balance
balance
ic Tennessee Gas Transmission
Inc.
7: V-,;'
and
Avenue, New York City.
March
(4/12)
March 7 filed 296,460 shares of class A capital stock.
Price—To be supplied
by amendment.
Proceeds—To
Underwriter—Eastman Dillon,
freezer
(4/20)
repay a $6,075,outstanding bank loan, and the
to working capital.
Office—232
Superior Ave., Cleveland, Ohio. Underwriters—White,
Weid & Co. Inc., Chicago and New York; The Ohio
Company, Columbus, Ohio; and Sanders & Co., Dallas;
Texas.
■
:
V%:V
•'
'."''7-
,000
Lomasney, New York City.
Fennekohl & Co., New York, N. Y.
Standard Motor Products,
issuer's
CGrp.
be
supplied by amendment.
gether with bank loan, will be used to
150,000 shares of common stock (par 10
Price—$4 per share.- Proceeds—For expansion
cents);
Financial
Price—To
—
March 18 (letter
the basis of one new share for each eight
Price—$2 per share. Proceeds—For mining
Office—511 Securities Bldg., Seattle, Wash.
on
March 11 filed 325,000 shares of
by
filed
*.-'..7
,
operations.
stockholders
V
A
Martinelli, Hindley & Co., Inc.,
Tungsten Mountain Mining Co.
15 (letter of notification) 50,000 shares of common
stock (par $1) to be offered first for subscription by
■
New York.
Co., Inc. and
York, N. Y.
Feb.
;
selling stockholders.
&
Office—175 I. U. WiN(
Underwriters—Amos
I., N. Y.
shares held.
.
B.
general corporate purposes.
Road, Albertson, L.
New
stockholders. Office—1 West 34th St., New
amendment. Proceeds—For repayment of current credit
rk
Underwriters—Shearson, Hammill & Co., and J.
agreement with bank and the balance will be applied to
Bradford & Co., both of New York,
the company's construction
program.
Office—445 Fairfield Ave., Stamford, Conn. Underwriters
coring Street Capita! Co. (4/11-15):
Ladenburg,1
Thalmann & Co., Bear Stearns & Co. and Sutro
torch 1 filed 3,000 shares of common stock (par $100)
Bros.,
all of New York.
I be offered in units of five shares at $1,000 per share.
°rocee(js__For loans to. and the. purchase of securities
Teletray Electronics Systems, Inc. (4/11-15)
nf certain business concerns. It may also use d-portion
Jan. 27 filed 150,000 shares of class A common stock.
of the proceeds to pay the costs and expenditures inci¬
Price—$3 per share.
Proceeds—For general corporate
dental to its operatons until such time-as. it has an irw / purposes.
Office—880 Bonifant Street, Silver Spring,
rome from its loans and investments. Office—650 South
Md.
Underwriter—A; T. Brod & Co., New York City.
Spring St., Los Angeles, Calif. Underwriter—William R.
•
Tenax,* Inc. (4/11-12)
Staats & Co., Los Angeles, Calif.
, J
Feb. 16
writer
15
Treat
lets
accounts
selling
Tn
Plastics, Inc. (4/18-22)
(letter of notification) 150,000 shares of com-,:
stock (par 10 cents). Price—$2 per share. Proceeds
March
of
be supplied by amendment, v Proceeds
Price—To
For
ic Teleregister Corp. (5/2-6)
March 30 filed $6,000,000 of 6% subordinated
sinking
fund debentures, due May 1980
(with attached war¬
rants) and 240,000 shares of common stock. These secu¬
Industries, Inc. (5/2-6)
filed 120,000 outstanding shares of common7
31
h
1970.
Co., Inc., N. Y. C.
romm
cnarlans
i
due
Proceeds—To
67
vn'
—For
Island
capital. Office—2720 West
b-—balance for._working
lockingbird Lane, .Dallas.
I
i'-
rities
nf
cl-mrps
sh
the
ncfthe
'
ing
to
chare
*
per
.
standing bank loan of $700,000 and to provide additional
working capital, to be used in part to reduce outstand¬
^'• springs, Dallas, Tex. Underwriter-None.
clthwestern Oil Producers, Inc.
S>out»
arch 23 filed 700,000 shares of common stock. Price
Proceeds—For the drilling of three wells
rrnn
debentures
amount.
in force thus acquired. Office—2013
insurance
* t
Underwriter—C. E. Slollz & Co., New York.
Telectro Industries Corp.
(4/25)
onl
vithoint
,
Office—188 Webster St., North Tonawanda, N. Y.
space.
are
wnom
*
i
Chicago.
to
the
G. Becker
'
company's
8c Co., Inc.,
current
Pro¬
funds.,
New York and
*
Universal
Fabricators, Inc.
Feb. 29 (letter of notification) 60,000 shares of common
stock (par $1).
Price — $5 per share.
Proceeds — For
general corporate purposes. Office—1827 Boone Avenue,
Bronx 10, N. Y. Underwriter—S. Schramm & Co., Inc.,
New York, N. Y., has withdrawn as underwriter.
Continued on page 68
67
Continued from page
purchase of 10,000 additional common shares at
share.
Price —For the debentures, 100% of
principal amount;\forT the 85,000 common shares,' $6
per share.
Proceeds—For general corporate purposes,
including the reduction of indebtedness, sales promo¬
tion, and equipment.
Office—Myerstown, Pa.
Under¬
writer—Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia, Pa.
*vV'v
for the
'
,
$5
Universal Marion Corp.
March
shares of 4 y2%
31,361
filed
29
^ulative ^ale
°f^d for sa e
othe™lsf
p.^
($100 par). Price—To be
in the over-the-counter market, or
stock
ferred
private sale at $95 per share, or such
or prices which may be obtained.
stockholders.
Office—602 Florida Bldg„
lesser^ price
pTFP®eeds"^° ^el;| Lg
or
Underwriter—None.
Fla.
Jacksonville,
•
stock
shar^ for each 10 shares held. PriceProceeds—To be used to
per
share.
Westfield Ave.,
City Gas Co.
March 10 it
& Co., Inc.
25
(Lyle A.)
ing
•
(letter of notification)
75,000 shares of
com¬
stock (par $1) to be offered first for subscription by
and the balance to the public.
Price—To
capital. Office—142 W. 5th Ave., Denver, Colo. Un¬
Shoe
&
Tanning Corp.
March 28 filed 100,000 shares of common stock (par $5).
Price—To be supplied by amendment.
Proceeds—For
working
capital.
Office
—
Rockford,
Mich.
Underwriter—A. G. Becker & Co., Chicago, 111. and New
York.
Price
•
Yale
March
Proceeds—
April
expansion. jqL.the..freight ,forwarder operation; $150,000
to restore funds advanced in connection with the ter¬
minal recently constructed in North
Bergen,
attached,
12th Avenue, New York.
Kletz & Co., Inc., New York.
and
dues
warrants for the purchase of 50 common shares at an
initial exercise price of $3.50 per
share, will be offered
for sale at
$1,000;
on
Chicago, 111. Underwriter—None.
Weldotron Corp. (4/29)
23 (letter of
notification) 66,666 shares of com¬
stock (par 10 cents). Price—$3
per share. Proceeds
March
huysen
Ave.,
Malkan
&
N.
Newark
purposes.
12,
N.
J.
Office—841
FrelingUnderwriters—Arnold
Industries Corp.
v
—
To
(4/11-15)
will
war¬
be
remainder to
used
for
construction, equipment, and
up
corporate purposes.
mined by competitive
M.
Loeb,
Lehman
April 12,
®
up
To
be
p.m.
deter¬
subscription
stock
on
the
to
2
was
holders
basis of
one
of
it
422,030
common
■
was
was
spray
of
by J. Theodore Wolfe, Presi¬
plans record construction expen¬
company
$50,000,000
of
during 1960, probably financed
first mortgage bonds.
Offering—Ex¬
Bank of California
March 29 this bank authorized the
sale of 256,930 addi¬
tional shares of
capital stock
(par $10), being offered to
shareholders of record March 29 at the
rate of one new
share for each five shares
then held; rights
expire April
19 at 3.00
p.m. (PST).
^—
City.
Price—$40
To
• Westinghcuse "Electric
Corp.
^fflrL28 ^led
Pa.
Laboratories, Inc. (4/11-15)
'
fliedJ§5'G°0 shares of common stock and $500,000
of 6%
subordinated
debentures, due 1977,
with warrants
capital and
surplus.
per
share. Proceeds—
Underwriter—Blyth
&
Black Hills Power &
Light Co.
Feb. 11 it was announced
that the Federal Power Com¬
mission has authorized
this utility, of
of the company and its various
Whitmoyer
increase
Co., Inc., San Francisco, Calif.
6,47'7G6 shares of common stock, to be
offered under and pursuant
to the
company's "Employee
to
'
2%
issue
that
containers
to combat ice, snow, and fog.
expansion. Office—1184 Chapel St., New
Haven, Conn. President—Marvin Botwick.
Consumers Power Co.
March 2 it
reported that this company is planning
probably from the sale of first mort¬
gage bonds and debentures. Underwriter—To be deter¬
mined by competitive bidding. Probable bidders:
Halsey,
to raise
7,727
dividend
shares
to
its
•
of
common
present
Rapid City, S. D.,
(par $1) as a
stock
common
holders.
No
was
funds
new
Stuart & Co. Inc.; Morgan Stanley & Co.;
White, Weld
& Co. and Shields & Co. (jointly); First Boston
Corp.
and Harriman Ripley & Co. (jointly).
~
Deckert
Dynamics,
16 it
expected
are
—
Inc.
announced
was
stock
For
general
that
to
100,000 shares of
be
filed
corporate
•
E.ectrada
April 5 it
Corp.
corporation
Actual
early
com¬
May.
Office
Securities
—
Corp.,
(4/11-15)
announced, due to
filed 400,000 shares
was
March 29.
in
purposes.
Palmyra, Pa. Underwriter—Plymouth
New York City.
SEC
an
of
error
common
that this
stock
filing of the issue is expected to
during the week of April 11.
York.
"
on
occur
Underwriter—Bache & Co.,
New
-
*
-
Equitable Gas Co.
March
16 stockholders approved a
proposal to increase
company's number of authorized preferred shares to
300,000 from 100,000 and to issue a new non-convertible
preferred series. Proceeds—To be used to repay ap¬
the
★ Federal Steel Co., Inc.
April 6 it was reported that the company expects to file
in about two weeks 59,500 shares of its common
stock.
Proceeds—For expansion.
Office—Dayton, Ohio. Under¬
writer—Westheimer & Co., Cincinnati, Ohio.
Florida
frac¬
tional shares will.be
issued, and stockholders will have
the option of
buying the additional fractional interest re¬
Power
Corp.
;
reported that $25,000,000 of first mort¬
.
March 10 it
was
bonds will be sold by this
utility, possibly in the
fourth quarter of this year. Proceeds — For new con¬
gage
struction and repayment of bank loans. Underwriter—To
be determined by
competitive bidding. Probable bid¬
Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.
Lynch, Pierce, Fenner & Smith Inc. (joint¬
ly); First Boston Corp.; Eastman Dillon, Union Securi¬
ties & Co. and Harriman
Ripley & Co. (jointly); Lehman
Brothers and Blyth & Cq,t(jointly).
ders:
and Merrill
,
Florida
March
15
Power
it
&
,
-
Light Co.
was
reported that the company will need
about $25,900,000 of new
money. The nature of the secu¬
rities to be issued has not as
yet been determined.
Ford
announced
through the sale
each five shares held of record
March 30; rights to ex¬
on April
18 at 12:30 p.m. PST
(3:30 p.m. EST).
Price
$23 per share. Proceeds—For
general corporate
purpo es.
Office
Lcs
Angeles, Calif.
Underwriter
Merrill Lynch,
Pierce, Fenner & Smith Inc., New York
subsidiaries. Office—3
Gateway Center, Pittsburgh,
are
pected during the first half of 1960.
share for
pire
St!>c!c,Plan to employees
shares, which
Baltimore Gas & Electric Co.
March 3 it
(par $1), to
outstanding
new
announced that the company will issue
,
ditures
Research &
reported
was
—
from
maximum of
a
dent, that the
filed 200.000 shares of
capital stock
offered for
p.m.
proximately $5,000,000 in short-term bank loans and to
help finance 1960 construction. Office
Boulevard of
the Allies,
Pittsburgh, Pa.
reported that in April this" company is
expected to file approximately v $500,000 of common
stock.
Underwriter—Michael G. Kletz & Co
of New
York City.
^4:-,.
Airlines, Inc.
shares of such
to
March
(EST).
1
container
Brothers, Inc., of Los Angeles.
bidding. Probable bidders: Carl
Co., W. C. Langley & Co., and
Bids—Expected to be received on
to 3:45
forthcoming'
Arco Electronics
&
Brothers.
Western
.March
be
Rhoades
Underwriters—
modular
to be used in connection with the
recent acquisitions by
the issuer of M. F.
Hickey & Co. Inc. of New York City
and Graham
Co., to retire West
maturing June 1, and for gen¬
eral
be
March 14 it
West Penn Electric Co.
(4/12)
March 4 filed 300,000 shares of common
stock. Proceeds
-^To purchase about
$5,000,000 ,of additional common
stock from the
Monangahela Power
Co. bonds
the
American Cement Co.
working capital.
Office—6505 Wilshire
Boulevard, Los
Angeles, Calif,
Underwriter—A. T. Brod & Co., New
York City. /rW; Vv
;V-'.V>
Penn Traction
in
depreciation and retained
earnings. In addition, the sale of $10,000,000 of preferred
stock in 1960 is planned to
supply a part of these over¬
all capital requirements.
Office—Chicago, 111.
—
be
development
improvements during 1960-63, inclusive, have been
proj¬
ected to cost between $40,000,000 and
$45,000,000.
It is
anticipated that a substantial proportion of this money
100,000 shares.
supplied by amendment.
Proceeds
$350,876 will be used to retire certain debts, with the
Price
and
March 25 the company's annual
report stated that capital
Co., Inc. and Street & Co., Inc., New York,
Jan. 29 filed 300,000 shares of common stock and
rants for the purchase of an additional
foot
square
• Acme Steel Co.
Y.
rWells
used for the construction of
Prospective Offerings
mon
general corporate
stock, of which
being issued and sold by the company
being sold by certain stockholders.
field; and the balance will be added to working capital.
Office—1121 Chestnut St.,
Burbank, Calif. Underwriter
—Shields & Co., New York.
St.,
—For
33,600.
new
research
May 2, 1960, for
Thereafter the unsubscribed deben¬
tures and stock will be offered to the
public. Proceeds—
For working capital. Office — 231 South Jefferson
:
(5/9-13)
industrial building in Burbank, Calif., $250,000 for the purchase and installation,
of new machinery and
equipment; $150,000 for further
period of 30 days.
a
are
Proceeds—$250,000 will be
a
at 3:00
it
Proceeds
Manufacturing Co.
125,000 shares
total of 75,000 shares being reserved
for issuance upon exercise of the warrants. The addi¬
tional 200,000 shares of common stock will be offered
for subscription at $3.50 per share.
The offer will be
made first to stockholders of record
Zero
Office—
Underwriter—Michael G.
and 75,000 shares are
a
capital
Proceeds—For
N. J. and
March 28 filed 200,000 shares of common
A $1,000 debenture with
■
42,023
approved
Mfg. Corp.
this firm, founded last
August as a Delaware corporation, plans its first pub¬
lic financing in the form of a common stock
offering
scheduled for next spring. Business—The company
pro16
March
stock.
14
Consolidated
mon
common
stockholders
21
29; rights to expire
(EST). Price—$24 per share.
Proceeds—To increase capital and surplus. Underwriters
—Lee Higginson Corp., Francis I. duPont & Co., E. F.
Hutton & Co. and Allen & Co., all of New York.
System, Inc. (5/9)
300,000 shares of class A stock
filed
Proceeds—$400,000 to restore working capital expended
to acquire American Freight
Forwarding Corp. and for
•
Co., and Goldman, Sachs & Co. (jointly).
Express
25
(par 25
cents) of which 150,000 shares are to be offered for pub¬
lic sale by the issuing company and the balance
by the
company's board chairman.
Price — $5.50
per
share.
common
financing
each 12 shares held of record March
on
the0halapce for expansion and improvement.
275,000 shares of
that further debt
Commercial Bank of North America
Dec.
Wolverine
additional
Securities &
460
warrants
Inc.
System,
announced
was
Stuart & Co., Inc., Merrill Lynch, Pierce, Fenner &
Smith, Inc., and White, Weld & Co. (jointly); Morgan
Stanley & Co.; Lehman Brothers., Eastman Dillon, Union
• Waltham Watch Co.
purchase
stock some¬
common
May.
shares
(par $5), being offered on the basis of one new share for
derwriter—None.
Elizabeth, N. J. Underwriters—Rus¬
stock
or
Gas
it
11
March
stockholders, $2.25 per share; to the public, $2.50 per
share. Proceeds—For manufacturing, research and work¬
Saxe, and First Broad Street Corp., New York/
common
April
sey,
March 30 filed $1,500,000 of 7% sinking fund subordi¬
nated debentures series A due April 30, 1975, with fiveyear
reported that this company is expected
was
undetermined amount of
an
Underwriter—Kidder, Peabody &
Co., New York City. ' '
*
V
" /
■
Underwriter—
stockholders
Associates, Inc. (4/11)
Price—$4
Milwaukee, Wis.
mon
indebtedness, for development of additional
proprietary products for the semi-conductor electronics
industry, and for general corporate purposes. Office—
912
one
supplied by amendment.
March
To discharge
sell &
the basis of
West Michigan Street,
None.
supplied by amendment. Office—Dallas, Texas,
Ripley & Co., Inc., New York.
(par 10 cents).
Co., Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointly).
and Stone & Webster Securities Corp.
is planned for later in the year. Underwriter—To be de¬
termined by competitive bidding. Probable bidders: Hal¬
$12,000,000 of shortrterm bank loans incurred in
connection
with the
company's construction program,
and for further construction expenditures.
Office—231
■lisderwriter—Harriman
(letter of notification) 75,000 shares of
Halsey, Stuart & Co. Inc., Kidder, Peabody & Co.,
White, Weld & Co. (jointly); First Boston Corp..
Columbia
repay
Inc.
April 5 filed $12,000,000 principal amount of 6% con¬
vertible subordinated debentures, due June 1, 1975 and
360,000 shares of common stock (par $2), to be offered
only in units, each consisting of $100 principal amount
Feb. 26
and
Blair &
Co.
• Wittney
three shares of common stock.
$10,000,-
bonds will be filed. Underwriter—
To be determined by competitive bidding. Probable bid¬
000 of first mortgage
March
To be
-^ Wallace Properties,
Wallson
Power
stock (par $10)
be offered to holders of its outstanding common stock
on
(letter of notification) 100,000 shares of com¬
(par $1). Price—$3 per share. Proceeds—To
set up a plant and equipment, to purchase machinery
and equipment, and for working capital. Office — c/o
William L. Berger, 209 Washington St., Boston, Mass.
Underwriter—P. de Rensis & Co., Inc., Boston, Mass. Of¬
fering—Expected in April.
•
Electric
X
reported that around July about
was
to
11
—To be
Wisconsin
*'**'V'*?VV1
March 22 filed 561,005 shares of common
stock
of debentures and
it
time in
statement is to be amended.
also filed for FPC
company
':■'.■'*****
*
Feb. 3
,
Note—This
the
11
Central Illinois Electric & Gas Co.
curities
Vulcatron Corp.
March
1990.
to file
Co., 11 Broadway, New York City.
March
On
approval to issue $1,000,000 of first mortgage bonds, due
ders:
Inc.
System,
quired to make full shares, or to sell their fractional in¬
terests.
(letter of notification) 86,403 shares of common
stock
(par $1).
Price—$3 per share.
Proceeds—For
general corporate purposes.
Office—151 Qdell Avenue,
Yonkers, N. Y.
Underwriter—Investment Brokers of
N. J., Inc., 844 Broad Street, Newark, N. J., has with¬
drawn as underwriter. New underwriter is Equity Se¬
..
mon
Wilier Color Television
Jan. 29
(5/2-6)
March 31 filed 558,380 outstanding . shares of common
stock, of which 200,000 shares will be publicly offered.
Price—To be supplied by amendment. Proceeds — To
selling stockholders. Office—557 First Security Bldg.,
Salt Lake City, Utah. Underwriter—A. C. Allyn & Co.,
Inc., Chicago, 111. ♦ • . ' • «♦ * * * .
..
• Uris
Buildings Corp.
(5/2-6)
March 29 filed $20,000,000 of sinking fund debentures
(with attached warrants to purchase 800,000 common
shares) and 400,000 shares of common stock. The otter¬
ing will be made only in units, each unit consisting of
(a) $100 principal amount of debentures with an at¬
tached warrant to purchase four shares of common stock
(b) two shares of common stock. Price—To be supplied
by amendment. Proceeds—To repay loans, defray con¬
struction costs, and general corporate purposes. Under¬
writer—Kuhn, Loeb & Co., New York.
•
:■
.
•
■
Reduction Co.
ir Uranium
per
Motor
March 28 it
Credit
was
Co.
reported that this company is
develop¬
ing plans for borrowing
operations, which may include
the issuance of debt
securities, and possibly occur later
this year.
Office—Detroit, Mich.
Georgia Power Co.
Dec. 9
it
tration
with
was
of
the
(11/3)
announced
$12,000,000
SEC.
of
that
the
plans regis¬
mortgage bonds
be
determined by
company
30-year 'first
Underwriter
—
To
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Morgan
Stanley & Co.;. Equitable Securities
Corp., and Eastman Dillon, Union Securities & Co.
(jointly); Blyth & Co., Inc., and
(jointly); The First
uled
Nov. 3.
Corp.
Registration—Sched¬
Sept. 26,-. Bids—Expected to be received on
Information Meeting—Scheduled for Oct. 31.
Gulf
Dec. 9
tration
year
Kidder, Peabody & Co.
Boston
for
Power
it
was
with
bonds
Co.
(7/7)
announced
the
SEC
of
that the company plans regis¬
$5,000,000 first mortgage 30-
Underwriter—To be determined
petitive bidding.
by
Probable bidders: Halsey, Stuart
com¬
& Co.
191 yNumber 5940
Volume
,
.
.
The Commercial and Financial
(1557)
rrhP First Boston Corp.; Equitable Securities Corp.;
InC,ii
peabody & Co,, and White, Weld & Co. (joint¬
Kidd^:,,VA Co., Inc.; Merrill Lynch, Pierce, Fenner &
ly1&
Fenner
Jy)5
l;..r
&■
anri nr.v.i x, rn
& Hutzler, and Drexel & Co.
inn • Salomon Bros.
Sm Vitrv Fastman Dillon,
jintiyL
.
JtoUy);'Eastman Dillon Union Securities & Co. In(J0
iin Meeting—Scheduled fnr July 5, IQfift Bidsfor .Tulv
1960.
'■nation Meeting—Schedu
form^0" Jq b™ received on July 7. Registration
H
be received
Expected to
Ride-
-
,
Scheduled for June 3
Co. (7/7)
q i+ was announced that the company plans regisPef,:nn of 50,000 shares of preferred stock (par $100).
Kprwriter—To be determined by competitive bidding.
£ vfahlp bidders: Harriman Ripley & Co.; Eastman DllP° Union Securities & Co, and Salomon Bros.
ffl/ler (jointly); Equitable Securities Corp.; Kidder,
By & CO, and White, Weld & Co. (jointly). Inruif Power
Lrmation Meeting—Scheduled
Ivnected
received
be
to
for July 5, 1960. ' Bids—
July
on
7.
Registration
—
Scheduled for June 3.
Harvey Aluminum Co., Torrance, Calif.
It was reported late last year that this firm—the old
Harvey
Machine Co. — is planning its initial public
financing for the Spring. Underwriters—Kuhn, Loeb &
Co. (managing) and Tucker, Anthony & R. L. Day, both
of New York City.
Hayes Aircraft Corp.
Feb 12 it was reported that an issue of convertible de¬
bentures is being discussed and may occur in the next
few months. Office—Birmingham, Ala. Possible Underwriter—Sterne, Agee & Leach, Birmingham' Ala.
Henderson Portion Pack, Inc.
March 16 it was reported that this company is consider¬
ing some financing. Underwriter—Burnham & Co, New
York.
' '.'-i-
''
Power Co.
March 22 it was announced in the company's annual
report that it anticipates approximately $35 million in
new
money will be required
in 1960 to .support the
Houston Lighting &
year's construction program, and to repay outstanding
bank loans. Studies to determine the nature and timing
of the issuance of additional securities are presently
under way. Last August's offering of $25,000,000 of 4%%
first mortgage bonds was headed by Lehman Brothers,
Eastman Dillon, Union Securities & Co. and Salomon
Office
& Hutzler.
Bros.
Electric
—
Building, Houston,
'
Texas.
Power Co.
Idaho
it
30
March
sell
1
reported
was
issue
and
1990.
Proceeds—For
$15,000,000
that
of
the
1st
capital
company
mortgage
plans
bonds
to
To
—
due
Inc.; Kidder, Peabody & Co. and White, Weld & Co.
(jointly); Salomon Bros. & Hutzler and Eastman Dil¬
lon, Union Securities & Co. (jointly); Equitable Se¬
curities Corp.vr
:■ '
Illinois Bell Telephone Co.
March 24 directors authorized
plans
for
a
$61,000,000
issue of new common shares. The
stockholders will
have subscription rights on the basis of one new share
for each 10 held at the time of issue.
Proceeds—To help
finance the company's construction
program. Offering
—Expected in June.
V-
Iowa EEectric Light & Power Co.
March 11 President Sutherland Dows stated that bonds
would be sold in order to
supplement money to be ob¬
tained from
temporary bank
loans, to acquire the $10,-
Cedar
to
finance
Rapids, Iowa.
Mac Panel
March 23 it
1960
...
Co.
,
■'
Office—
.
v'
■
construction.
;
/./
..
was
Office—High Point, N. C.
New York
City and
Underwriter—Bache
Charlotte, N. C.
1
&
Co,
V
Michigan Wisconsin Pipeline Co.
March
time
11
it
was
reported
in
May. Underwriter—To
bidding. Probable
Inc. and
Blyth & Co.
plans to
of pipeline bonds some¬
be
larch 9 it was
/wl
the
company
determined
by
com¬
bidders: Halsey, Stuart & Co.
e
reported that this company contemplates
175,000
ith
poses.
SEC.
Office—Paterson,
&
Co, New York
N. J.
and
general
corporate
pur¬
Underwriter—Whitmore,
.was announced that the company expects to
offering on or about April 15. The
ing will
consist
Jw5er s^are-
of
75,000
common
shares.
Proceeds—For expansion.
Price—
Office—198
adway, New York City. Underwriter—R. F. Dowd
Inc-> 38 Broadway, New York City.
'
No?e?9C!fs
stores» Inc.
Was FeP°rted that the
company is contemregistration of 17,000 shares of
66% of the issue will be sold
anne wriu(?lpany,s account and the remaining 34% bal°Underi,i-i S0Jd for the account of a selling stockholder,
naerwriter—Van Alstyne, Noel & Co, New York.
PlatinrT+u
comm?
? placing in
for tv,2n s*ockAbout
Febi? J.ersey Power
& Light Company (7/19)
that this utility is planning the
tinder™,?-/
'000 of first mortgage bonds, due in 1990.
tirohnhi^
ke determined by competitive bidding.
& Co
T
uldders: Halsey, Stuart & Co..Inc.; Kuhn, Loeb
(jointivvn3.11 Brothers and Salomon Bros. & Hutzler
Merrill t
^table Securities Corp.; First Boston Corp.;
Lynch, Pierce, Fenner & Smith Inc.; Eastman
sale
nf
«S Ssrtreported
new
by
competitive bidding. Probable bidders:
Stuart & Co. Inc. group. Bids—To
be received
Northwestern Bell Telephone Co.
March
24
Registration—Scheduled for April 29.
not
such
of
strong demand for service
service
long
by
improvements
distant
calls.
and to
direct
as
Halsey
July 13.
—Birmingham, Ala.
$45,000,000
maturity in
a
with
than 40 years. Proceeds—The funds
more
to meet
1960,
Southern Natural Gas Co.
was stated in the
company's annual report that
the company expects to
provide for the payment of
certain outstanding notes
through the issuance of first
mortgage bonds and other debt securities.
The timing
of the issue or issues was
not stated in the
report. Office
April 4 it
(6/7)
directors authorized the sale of
issue dated June
1,
debenture
A
on
are
Southern Union Gas Co.
needed
Feb. 5 it
put into effect
customer
Underwriter—To
be
mined
corporate
Pacific
Office
purposes.
A.
Power &
Lomasney
&
Stanley
issued
tion
of the issuer's
Electric
Power
Proceeds—To
1960-61
$15
million
of
an
Feb.
& Webster
Service
it
24
the
fall.
Co.
&
Power
that
this
will
company
file
Proceeds—To
construe-'
finance
Financing Officer: G. O. Wessen.
,
,
Eastern Transmission Co.
was
of
securities
senior
reported that this company plans the sale
in
the
amount
$30,000,000, sometime in the
of
approximately
second quarter of the year.
Underwriter—Dillon, Read & Co, New York City.
(jointly).
Union Electric Co.
Electric & Gas Co.
March
tive
of
16 it
announced
was
Vice-President, that the
debt
securities
in
by Dudley Sanford, Execu¬
company plans an offering
the
range of $30,000,000 to $35,000,000. Proceeds—To meet construction expenses. Office
—315 No. 12th
if Public Service Co. of New Hampshire
April 4 it was stated in the company's annual report
that short-term borrowings will increase progressively
during 1960 until further permanent financing is under¬
in
in
March 2 it
was
later
reported
new
Texas
$85,000,000, sometime this year.
Underwriter—Merrill
Lynch, Pierce, Fenner & Smith Inc.
taken
was
Financial Advisor: Lehman Brothers.
auer.
Union. .Securities & Co.
Securities Corp.
of
Freres
type.
reported that this company ds!>planning
undetermined type of financing of approximately
an
or
generating capacity.
Probable bidders:
First Boston Corp. (managing), Salomon Bros. & Hutz¬
ler; Eastman Dilion, Union Securities &
Co, and Lazard
financing
yet undetermined
Brothers and Eastman Dillon
it
18
sometime
Hon
Dillon, Read & Co. and Johnston, Lemon
& Co.
(jointly); Kidder, Peabody & Co. and Merrill
Lynch, Pierce, Fenner & Smith (jointly); Lehman
Public
on
August, 1959, au¬
$750,000,000 of rev¬
enue bonds
outstanding at any one time, it plans its first
public offering, expected to be about
$50,000,000, for
construc¬
Corp.;
and Stone
received
Tennessee Valley Authority
20 announced that, pursuant to
thorization from Congress to have
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart &
Co, Inc.; First Bos¬
ton
be
to
„
•
Co.
as
Bids—Expected
9.
Jan.
company's annual report it
1960 construction program will
amount to $39 million and there will be further
about
bidding.
Co.
$1,000,000 of common stock. Underwriter—Purvis
Co., Denver, Colo. Registration—Imminent.
'
&
March 21 it was stated in the
of
a
about
expenditures, which are expected to total about
Office—Portland, Ore.
is anticipated that their
(8/9)
recommended
company
System Meat Co.
$61,000,000.
^Potomac
this
bidders^ Halsey, Stuart & Co. Inc.; Morgan
&
March
promissory notes, to
prior to July 31, 1961. The notes will be
finance part
to
Telephone Co.
of
debenture
about Aug.
plans to issue
which will be announced at a later date.
retire
$20,000,000 of unsecured
or
Bell
directors
Probable
securities, the date and form of
on
financing
sion and improvement
program over the next five years.
Underwriter—To be determined by
competitive
Light Co.
Jan. 29 it was announced that the
company
at least $20,000,000 of
mature
A.
—
issue, subject to approval by
regulatory authorities. Proceeds—To finance an expan¬
Norwalk, Conn.
Co, New York.
—
28
$100,000,000
NorwaCk Co.
general
Underwriters
Southwestern
March
March 30 it was reported that the
company plans to file
an
undetermined amount of common stock around the
end of April. Proceeds—For
expansion of business and
Underwriter—Myron
type.
new
year, of an undeter¬
C.- Allyn &
Co, and
Snow, Sweeney & Co, both of New York
City.
determined
competitive
bidding.
Probable
bidders:
Halsey,
Stuart & Co, Inc.; The First Boston
Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.
Bids—-Expected to be opened on or about June -7. •;
V
was reported that
$11,000,000 in
planned for the late Spring of this
is
dialing
in
the
latter
Blvd., St. Louis, Mo. Offering—Expected
part of this year.
Universal Marion Corp.
March
the year.
it
15
*
V.
reported that stockholders will vote at
was
their annual
The timing, type, and amount
of this financing has not been determined as the annual
report went to press.
"
meeting to be held on April 12 on a pro¬
posal to change the common stock from shares with par
shares
of
★ Republic Graphics, Inc.
April 6 it was reported that the
rights offering,
on
istration
ket
value to
.
four
company plans the reg¬
75,000 shares of common stock. Price—To
be supplied by amendment.
Proceeds—For the expan¬
sion of the company's
business, for purchase of addi¬
tional equipment, and for general corporate purposes.
Office—134 Spring Street, New York City. Registration
—Expected during the middle of next week. Underwrit¬
of
of
-
Rochester
March
it
1
Gas
&
in
the
*
$10,000,000 of
be
bidders:
determined
Halsey,
&
Co.
Kidder,
Inc.;
Schlitz & Co.
was
Vbe made this
V-
Underwriters
summer.
Merrill
—
Lynch,
South
March
v
S.
C.
McMeekin,
President, informed this
paper of plans to sell an undetermined principal amount
of bonds, the timing of which will be subject to market
conditions.
Proceeds—To repay bank loans incurred for
current construction program.
Previous issues have been
Southern
March
that
15
it
besides
Edison
California
was
stated
in the company's annual report
the $3,0,000,000
bonds
sold
tional
$51,000,000 will be
needed
to complete its
esti¬
$120,000,000 construction program for 1960. This
financing is dependent upon market condition, and will
mated
probably be some type of debt security.
Electric
Generating Co.
Dec. 9 it was announced that this
tration
with
the
SEC
of
•
(6/2)
plans regis¬
30-year first
company
$40,000,000
of
bonds.
Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce. Fenner & Smith Inc.,
mortgage
and
Phoenix, Ariz.
Blyth & Co, Inc.
Underwriters—William
(jointly); Morgan Stanley & Co.;
R.
Staats
&
Co.
of Los
Angeles, Calif, (managing the books), and Blyth
City (jointly).
Virginia Electric & Power Co. (9/13)
& Co.
of New York
5 it was reported that
approximately $25,000,000
mortgage bonds will be offered for sale. Under¬
first
writers
—
Probable
To
be
determined
by
competitive
bidders:
bidding.
Halsey, Stuart & Co. Inc.; Salomon
Bros. & Hutzler;
White, Weld & Co.; Eastman Dillon,
Union Securities &
Co.; Stone & Webster Securities
Bids—Expected to be received
Washington Gas Light Co.
Co.
issue of series L mortgage
to underwriters in January, 1960, an addi¬
Southern
shares
held of record March
11; rights expire April 8. Price—
$43 t per share.
Proceeds
For expansion. '' Office —
Corp.
placed privately.
about
Valley National Bank
March 15 it was reported that the bank is
offering share¬
holders rights to purchase
139,988 additional common
shares on the basis of one new share for each 15
Feb.
Carolina Electric & Gas Co.
25,
this
& Co.
•
ruMDi
of
by
Hutzler; Kidder, Peabody & Co.; East¬
Dillon, Union Securities & Co. and Smith Barney
(jointly); Lehman Bros.; Bear, Stearns & Co.
man
Peabody
reported that a secondary offering might
end
(jointly); White,
Corp.
(Jos.)
the
financing
Weld & Co.; Stone & Webster Securities
Corp. (jointly);
Salomon Bros. &
&
March 11 it
properties.
this
$25 million of bonds and common
Underwriter—To be determined by
competitive
bidding. Probable bidders: Halsey, Stuart & Co.
Inc.;
Blyth & Co. and First Boston Corp.
of
company
preferred stock. Underwriter
competitive bidding. Probable
Stuart
other
stock.
Corp.
company's annual report
Co, White Weld & Co. and Shields & Co. (jointly);
Kuhn, Loeb & Co.; Salomon Bros. & Hutzler, Eastman
Dillon, Union Securities & Co, and Equitable Securities
Corp. (jointly); Blyth & Co, Inc.; The First Boston
of
Power & Light Co.
3
it was reported that toward
there is expected to be some
year
new
by
possible acquisition
Utah
Feb.
that the company has filed an application with the New
York State Public Service Commission for the right
—To
funds, for use in developing the corporation's
near
Tampa, Fla, for working capital and
tract of land
Electric
stated
was
held.
Proceeds—To be added to the general funds
corporation and will be available, with other
the
for
Co, Inc., 82 Beaver Street, New
City (handling the books) and T. M. Kirsch & Co.
(jointly).
V
\
F
shares
par value to clear the way for a
the basis of one new share for each
Price—Below the then existing mar¬
no
price.
company
ers—Theodore Arrin &
Ine, both of New York City.
^S.^rs-t public
offer*
Gas Co.
(7/13)
company's annual report stated that $120,capital will be needed to meet its five-
the
Pierce, Fenner & Smith Inc. and Harriman Ripley & Co.
Washington, D. C.
lnsurance Co.
nJiot
White, Weld & Co. and Kidder, Peabody & Co,
(jointly);
Dillon, Union Securities & Co.;^ Equitable Secu¬
Corp, and Drexel & Co. (jointly); The First
Boston Corp. Information
Meeting—Scheduled for May
31, 1960.
Bids—Expected to be received on June 2.
rities
year construction program.
April 5 it was announced
that the company will sell
$25,000,000 of first mortgage
bonds. Proceeds—To finance a
portion of the 1960-1964
construction program.
Underwriter—To be determined
common shares via a "Regulation A''
Proceeds—For
16
000,000 of
to issue
& Van Winkle Co.
M
w
that, this
approximately $30,000,000
petitive
Feb.
69
Eastman
Northern Illinois
York
reported that negotiations are still pendregarding the filing of an issue of common stock.
sell
•
determined
be
000,000 required
Dillon, Union Securities & Co. and White, Weld & Co.
(jointly). Bids—Expected to be received on July 19. :
expenditures,
etc. Under¬
by competitive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth &
Co., Inc., Lazard Freres & Co. and The First Boston
Corp. (jointly); Merrill Lynch, Pierce, Fenner & Smith
writer
Chronicle
March
30
it
was
reported
on
Sept. 13.
(6/7)
that
the
plans
company
to
issue and sell
$12,000,000 of refunding mortgage bonds.
Underwriter—To be determined by competitive
bidding.
Probable bidders;
Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; Eastman Dillon, Union Securities & Co.;
Equitable
Securities
Corp. Information Meeting —
Scheduled
for
June
3
in
—Expected to be received
New
up
Wisconsin Telephone Co.
March
sale
of
2
it
was
reported
that
York
to 11:30
at
a.
11
a.
m.
on
m.
Bids
June 7.
(5/10)
this
company
plans
$20;000,000 of debentures* "Underwriter—To
determined
by
the
be
competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp.; Morgan
Stanley & Co. Bids—Expected to be received on May 10.
70
The Commercial and Financial Chronicle
(1558)
Indications of Current
The following
Business Activity
statistical tabulations
latest week
month available.
week
or
month ended
or
Thursday, April 7, I960
.
production and other figures \for the
cover
Dates shown in first column
that date,
on
.
.
in
or,
of quotations,
cases
either for the
are
of that date:
are as
*
Previous
IRON
INSTITUTE:
STEEL
AND
Week
Indicated Steel
operations (per cent capacity)
Equivalent to—
>1
'■>
-
Steel
ingots and
AMERICAN
Crude
42
Ago
and
gallons
condensate
§2,447,000
April 9
2,654,000
*2,527,000
;
(bbls.
COKE
~
Mar. 25-
«•»•
8,007,000
28,060,000
2,511,000
2,032,000
1,802,000
12,846,000
12,874,000
13.188.000
7,025,000
6,980.000
6,867,000
225,987,000
224,464,000
215,623.000
212,954,000
18,099,000
18,784,000
21,878,000
17,883,000
In
consuming
78,012,000
82,442,000
108.815,000
76,672,000
In
public
Mar. 25
2.630,000
Mar. 25
Mar. 25
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at
Mar. 25
(bbls.)
oil
Mar. 25*
(bbls.)
output
Residual fuel oil
Kerosene
(bbls.)
Distillate
fuel
:
—
(bbls.)
output
at
oil
(bbls.) at
Residual fuel oil (bbls.) at
ASSOCIATION
OF
AMERICAN
freight loaded
Revenue
freight received from connections
ENGINEERING
Oven
(no.
U.
40,991,000
45,299,000
Private
Public
581,477
604,392
of cars)—Mar. 26
566,501
552,600
553,153
526,006
,$505,600,000
$338,300,000
Mar. 31
(U.
coal
storage
Feb.
$453,500,000
and
-viar- -*1
,179,900,000
240,100,000
266,200,000
121,600,000
213,400,000
239,400,000
216,700,000
Crushed
164,400,000
175,100.000
202,200,000
144.500,000
Stocks
39.400,000
38,300,000
37,200,000
72,200,000
Mar. 26
8,710.000
8,720,000
8,235.000
8,121,000
Mar. 26
361,000
388,000
370,000
310,000
SYSTEM—1947-49
AVERAGE
110
129
131
-Mar. 26
100
=
Stocks
*
ELECTRIC
Electric
FAILURES
(COMMERCIAL
April 2
,
DVN
INDUSTRIAL)
AND
13,54% 000
13,951,000
14,262,000
12,618,000
356
286
318
284
113,000
165,500
613,000'
862 492
17,642 000
87 206
>
v
661,300
1;445,400
1,945,400
.
468,400
1,126,200
',
149,500
1
,
f.
131,600
.103,800
283,900
302,700
214 200
266,000
29———---—^--.^—-
—
Feb.
(tons)
281,500
190,000
v-
29—
55,90ft \ "
.
-
. -
(bales)
-
————-.
(tons)
——-—--—i—
.
'69,200
143,900
■
112 200
155 600
.157,100
-
•
'
109,100
153,900
.
.,
10.9,300
Linters—
Stocks
Jar. 31
101*922
■'
of
'
Shipped
«.
BRADSTREET, INC
114.880
609.215
_
__—.———11.—
(tons)
Stocks
141
INSTITUTE:
(in 000 kwh.)
output
"■
-
(tons)
Produced
EDISON
11,521 576
PROD¬
■_
Hulls—
INDEX—FEDERAL RESERVE
SALES
1,539*,663
/
17,678,000
29_—*—
Feb.
(tons)
Produced
■
DEPARTMENT STORE
107,573
632,689
17,665,000
.—
Cake: and Meal-—
Stocks
Pennsylvania anthracite (tons)
696 729
1,791,660
12,3 30,114
(tons) ——1.
,
734,652
1,948,317
11,167,561
,
^
Feb.
'3,709 108
"
OF MINES):
(tons)
730,914
—
SEED
'
*
(tons)
(tons)
617
91*730
'■
*4,037,868
27
COMMERCE—Month
mills
at
•3,656,03.3
February—1_
COTTON
\
5 436
*110,097
—.—■—
Feb.
of
as
of
' '
Received
203,800,000
Mar. 31
lignite
•
5 528 347
*6,186,585<;v:
118,087''
„——~—
OF
Seed—■
Cotton
5,911,533
>.
BALES:
month
AND
SEED
COTTON
1.557|ooo
>6,296,682
DEPARTMENT OF
—
27——
574,405
Mar. 31
BUREAU
S.
$383,700,000
(net tons)
of Feb. 27
as
34 139 000
1,634,000
6,029,620
spindles active as of Feb. -27-—
Cotton
Mar. 31
construction
—J—
February—.
of
establishments
UCTS—DEPT.
construction
Bituminous
month
35,825,000
'
1,567,000
tons—4———:—
tons):-!—i—'
Linters—Consumed
Stocks
33,910,000
(net
February:
State and municipal.
Federal
COAL OUTPUT
(net.
coke
Consumed
55.917,000
600,926
Ago
Feb:
of
——'
COMMERCE—RUNNING
39,852,000
construction
S.
tons)
COTTON AND LINTERS
NEWS-RECORD:
Total
tons.
tons
Oven' coke stock at. end of month
ENGINEERING
—
ccke
.
Beehive
.
(number of cars)
CONSTRUCTION
v
Mar. 26
RAILROADS:
Revenue
(net
(net
13,281,000
7,278.000
27,712,000
output
lignite
MINES)—Month
OF
(net
8.108.000
28,003,000
fuel
Production
28,633,000
7,857,000
(17,945,000^,
Mar. 25
Distillate
and
anthracite
Mar. 25
(bbls.)
(bbls.)
Kerosene
coal
(BUREAU
Mar. 25
stills—daily average
output
7,193.620
7,318,210
7.116,010
7,077,810
Year
,
Month.
-
OF -MINES)—Month
February:
Bituminous
of
Mar. 25
CIVIL
2,641,000
.
(BUREAU
Previous
c
Month
COAL OUTPUT
Pennsylvania
output—daily average
each)
to
runs
Gasoline
■
Latest
93.3
93.1
of
tons)
(net
Year
Ago
*88.7
PETROLEUM INSTITUTE:
oil
Crude
castings
•:
§85.9
April 9
Month
Week
Latest
AMERICAN
(bales)
Feb; -29_i£——:
Produced
(bales)
J
.196,800.
-
(bales)- —_L—I—1,—r
Shipped
•
228,700
184,700
'
-
198,900
216,600
207,300
309,400
140.100
•
IRON
AGE
COMPOSITE
Finished
steel
Pig iron
(per
Scrap
steel
PRICES:
Mar. 29
ton).
gross
(per
6.196c
6.196c
29
$66.41
$66.41
$66.41"
$33.17
$33.33
$34.50
uar.
.
ton)
gross
6.196c
Mar. 29
(per lb.)
PRICES
(E.
M.
&
J.
QUOTATIONS):
Electrolytic copper—
32.600c
32.600c
Export
(New
(St.
York)
30.850c
30.650c
.Mar. 30
Zinc
(East St.
Aluminum
Straits
MOODY'S
U.
12.000c
12.000c
11.800c
11.800c
11.800c
11.300c
OF
13.500c
13.500c
13.500c
11.500c
(New
BOND
pig.
York)
.Mar. 30
13.000c
13.000c
13.000c
11.000c
PRICES
.Mar. 30
at
26.000c
26.000c
26.000c
99.750c
100.750c
April 5
85.75
84.63
April 5
85.46
85.46
84.68
85.52
84.17
7:v
89.78
April 5
Railroad
Public
Industrials
Group
80.08
80.08
82.65
82.90
82.15
86.38
85.98
84.17
89.51
87.59
87.59
86.24
91.48
3.96
4.08
4.07
3.90
'
78.78
CAN
,.
,
,
corporate
4.75
4.75
April 5
4.45
4.44
Aa
April 5
4.'56
April 5
4.80
A
.
Baa
April 5
Railroad
Public
Industrials
MOODY'S
4.85
4.43
7
4.54
4.20
4.56
4.67
4.27
4.82
5.18
-
4.89
4.42
LIFE
Group
Percentage of
Unfilled
5.18
5.29
4.84
5.01
4.54
4.85
4.45
Matured
4.59
4.59
4.69
4.31
381.5
380.7
369.8
390.0
activity
orders
(tons)
of period.
302,307
307,798
320,721
308,026
INSURANCE—Month
93
94
91
Mar. 26
_
ROUND-LOT
—
TRANSACTIONS
FOR
ACCOUNT
Policy
418.526
441,526
441,069
April 1
110.85
433,180
110.72
110.77
"
dividends
LIFE
110.79
216,127
$307,400,000
$244,500,000
$264,500,000
60,000,000
^
.-
a;
—
49,900,000
188,800,000
10,100,000- "
i—
_
244:400,000
116,600,000
purchases-
Short
sales
Other
sales
Total
Other
,
.
sales
,
transactions
Total
initiated
116,3 00,000
1 99,900,000
$746,200,000
$3,418
-
INSTITUTE
—
of
January
omitted):
^
1
$3,521
527
490
847
'
$4,770
487
-Group
purchases.
,
sales
.
Other
sales
.
Total
sales
Other
Total
Total
on
2,487
780
$7,784
$4,791
sales
.
397,150
548,370
Mar. 11
70,600
49,900
34,700
—
SECURITIES
by
443,240
340,700
Customers'
375,400
dealers
EXCHANGE
(customers'
$32,600,000
$31,100,000
704,910
940,450
Silver
237,170
206,430
Copper
697,230
>
769,910
1,007,080
3,655,695
3,145,270
4,509,510
616,875
534,290
549,520
801,340
3,801,470
3,425,120
1,951,277
2,000,156
1,760,240
$83,328,951
from
end
at
1,559,105
1,648,132
1,294,343
22,048
17,396
18,227
1,981,563
SALES
ON
THE
N.
Y.
1,276,116
$62,103,373
$99,242,727
Mar. 11
409,190
419,270
274,810
536,890
DEPT.
OF
Of
AGRICUL¬
Feb.
419,270
274,810
536,890
790,210
fresh_
Feed,
grains
Food
hay
770,350
,
Meat
products
and
;
—111111
"III
-__IIIIIII_
IIIIIIII
;~IIIII_IH.
15,577,520
777,960
13,032,960
16,442,660
21,413,570
16,826,370
13,810,920
22,337,980
_Mar. 29
120.1
120.1
119.4
„Mar. 29
119.5
91.0
90.9
87.7
Mar. 11
Total sales
WHOLESALE PRICES, NEW SERIES
LABOR — (1947-49 = 100):
924,410
U. 8. DEPT. OF
commodities
products
foods
Meats
„Mar. 29
and
foods
"
107.1
107.2
96.2
96.8
94.6
Mar. 29
128.6
90.9
106.7
Mar. 29
I...!
other than farm
128.7
128.5
beginning
Stocks
at
end
Total
100.4
Intercompany
127.9
Consumed
ifo!nre* ^In.clu,d<;s 969.000 barrels of foreign crude runs. fBased on new annual capacity of 148 570 970 tons
Monthly Tnvc!tm!nfpbn
' \ir1959 basis of 147-633.670 tons.
tNumber of orders not reported since introduction of
one-half cent
pound!
Western Zinc sold 0D delivered basis at centers where freight from East" St. Louis exceeds
oc
221
123
188
486
244
'.
260.->'ts>>v
'f
286"
142
505
265
34fV,/
258
322
278
144
240
159
239
•
197
PRIMARY AND SEC¬
of
!_____
period.
Receipts
Supply
107.3
■■■■
216
ONDARY TIN IN THE UNITED
STATES
(BUREAU OF MINES)—Month of
December
(in long tons):
Stocks
Commodity Group—
OF
2?5
189
I—IIIIIII
TIN—CONSUMPTION
203
202
493
!_
eggs
Wool
865,140
735,370
16,091,000
Mar. 11
154
206
216
■;
animals
Poultry
238
151
208
crops
Livestock
Dairy
TRANSACTIONS
268
248
-,.•
222
;
Potatoes
733,960
~~
;
Fruit
STOCK
218
237
;
grains
and
243
■
264
250
1
''
231
219
153
Tobacco
Mar. 11
15:
233
vegetables,
Oil-bearing
409,190
Mar. 11
sales
54
49
INDEX
—
;
1,630,736
$79,320,887
716,730
53
.:
-
FARMERS
Cotton
1,537,057
sales—
commodities
S.
14,785,000
36,680,000
219
Mar. 11
shares
U.
Commercial
$72,378,735
.Mar. 11
of
cent)
BY
16.710 0°9
12,766,000
37,G88,000
■
products
11
by dealers—
sales
(per
—
—
(barrels)
18,699,000
14,576,000
38,666,000
(barrels)
month
TURE— 1910-1914=1(10—As
6,375
1,975,188
Mar.
35,166
16,080,000
mills
of
RECEIVED
farm
23,507
MINES)—
(barrels)
Stocks
All
OF
99,795
19,856
35,472
February:
Mar. 11
,
(BUREAU
25,860
20,805
Crops
Mar. 11
sales
All
CEMENT
of
Shipments
$111,268,421
143.374
2,868.648
tons)
Month
2,220,551
$97,087,182
*106,525
*1,825,198
48,268
.
tons)
NUMBER
Mar. 11
sales
Processed
short
short
PRICES
$86,691,148
87,765
1,962,523
36,983
(in
Capacity used
COMMISSION
>
tons)
(in
Production
4,856,700
the
ounces)
(in short
..
(SHARES):
Farm
fine
(in
PORTLAND
3,823,023
Mar. 11
recoverable metals in
ounces)
Lead
1,180,780
Mar. 11
of
fine
Zinc
974,350
800,040
$31,600,000
MINES)—
States:
(in
102,810
OF
;
DEPT.
omitted)
(BUREAU
V
January:
United
730,305
3,783,406
other sales
round-lot
(000's
Mine oroduction
4,055,360
short sales
EXCHANGE AND ROUND-LOT STOCK
FOR ACCOUNT OF MEMBERS
All
of
122,005
Mar. 11
purchases by dealers—Number
Other
31
OUTPUT
Month
purchases)—t
shares—Total sales.
Short
METAL
825,013
Mar. 11
TOTAL ROUND-LOT STOCK
Total
CIRCULATION—TREASURY
Jan.
of
623,010
2,875,600
value
Round-lot sales
As
580,510
493,140
3,267,180
shares
Customers'
MONEY IN
42,500
389,050
459,650
:v,
3,166,531
value
Other
395,680
Mar. 11
Odd-lot purchases by dealers (customers'
sales)—
Number of orders—Customers' total sales
Short
474,760
Mar. 11
..Mar. 11
EXCHANGE
Round-lot
Mar. 11
797,676
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT
DEALERS AND SPECIALISTS ON N. Y. STOCK
of
3,052,910
675,671
,
sales
Number
2,500,500
2,042,640
Mar. 11
.
Dollar
1,764,990
2,508,290
for account of members—
sales
of
2,126,710
2,526,080
.Mar. 11
transactions
sales
Dollar
552,410
2,101,810
Jar. 11
$4,752
Mar. 11
purchases
Number
277,650
Ai.r. 11
Total
Mar. 11
sales
Other
Odd-lot
381,580
3,020,690
Gold
sales
Short
Total
424,270
2,043,210
the floor—
sales
round-lot
Total
initiated
purchases
Short
11
Mar.
Mar. 11
transactions
Total
2,529,710
off the floor—
Short
Other
2,523,250
125,800,000
$591,500,000
Industrial
Mar. 11
;
$814,200,000
"
Total
9,700,000
54,800,000 -..•...47,500,000
144,200,000.
—
PURCHASES
1
9,4 00,000
48,100,000
_.
INSURANCE—Month
Ordinary
■
294,367
r
209,031
December:
•—
'
(000,000's
221,222
LIFE
•
LIFE* INSURANCE
~
specialists in stocks in which registered—
of
of
-
240,850 >'
TO
95
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions
OF
—
■Total.
MEM¬
OF
y
endowments
payments
Surrender values
OF
AVERAGE= 100
288,825
'
PAYMENTS
Annuity
318,345
6,711,000
> '11
306,512
316,264
Mar. 26
__
at end
300,817
9,060.000
* 6,822,000
(AMERI¬
Disability: paymentsI—:
Mar. 26
..
* 9,64 5,00 0
6,828,000
CONSTRUC¬
m
INSTITUTE
—
4.95
OIL, PAINT AND DRUG REPORTER PRICE INDEX1949
BENEFIT
4.71
Mar. 26
„
1 5,771.000
9,671,000
v
(tonnage)—estimated
4.97
■-
(tons)
(tons)
STEEL
STEEL
4.68
;>
*16,4 67,000
manufac¬
—1
February:
POLICYHOLDERS
NATIONAL PAPERBOARD ASSOCIATION:
Production
OF
of
April 5
INDEX.
in
(tonnage)—estimated
benefits
160.4
;"
.
STRUCTURAL
INSURANCE
-Death
*1.75.5
—
_.jt
April 5
_
COMMODITY
Orders received
.<
April 5
Group.
96.8
173.4
16,499,000
3
——
closed
Shipments
5,143,000
*101.4
_
employees
April 5
Group
Utilities
Contracts
•
April 5
Aaa
6,794.000
*5,215,000
101.3
Average=100»
_
of
INSTITUTE
11,937,000
-•*7,237,000
5,219,000
—
goods
TION)—Month
*12.4 52,000
7,261,000
Avge.—100)—
:
goods
FABRICATED
.100
12,480,000
——
(1947-49
industries—
Nondurable
'
of
manufacturing
Durable
88.27
90
108
127
—
(1947-49
number
turing
All
84.30
U
indexes
106
.135
DEPT.
—;
goods
indexes
manufacturing
Estimated
AVERAGES:
Government Bonds
Average
89.92
April 5
Group.
MOODY'S BOND YIELD DAILY
U. S.
92.06
83.66
All
S.
workers):
manufacturing
Payroll
-"93.08
96.51
April 5
Group
Utilities
88.27
84.55
April 5
Baa
89.64
87.99
84.81
April 5
.
87.99
April 5
April 5
A
89.51
April 5
Aa
All
96
102
130 :
-V~
(production
goods
Employment
corporate.
FEDERAL;
SERIES—Month
:
Nondurable
AVERAGES:
DAILY
REVISED
manufacturing
148,000
YORK—1947-49
NEW
PAYROLLS—U.
AND
LABOR
Durable
102.750c
2
Aaa
All
24.700c
99.875c
S. Government Bonds
Average
11.500c
.
.Mar. 30
99.5% )
at
DISTRICT
OF
"
FED¬
SECOND
February:
.
(primary
tin
BANK
EMPLOYMENT
12.000c
Mar. 30
at
at.
SALES
RESERVE
Mar. 30
.
Louis)
31.175c
'
at
(delivered)
,
STORE
Average=100—Month of February: ; Sales
(average
monthly), unadjusted,.
Sales (average dailyi, unadjusted.—;1
1
Sales (average daily), seasonally adjusted—
■
31.175c
Mar. 30
,
at
Louis)
RESERVE
•«
32.625c
.Mar. 30
refinery at
refinery at
Lead
*-,«
ERAL
'
Domestic
Lead
.
$66.41
,
DEPARTMENT
$37.83
I
*.
METAL
tZinc
6.196c
——z—>,——1 -
of
period
^
processed
in
scrap
transactions
IIIIII
'"I
II
_IIII
IIIIIII
"
manufacturing
Primary
tSecondary
+d
—III"
:_IIIII
35.890
35 090
79
909
72,757-
6,785
*41,665
35,510
'
*6,575
42,675
*35.890
104.787
30.003
7.165
>5,775
74,784
180
wS
130
2,199
6,985
5.645
72.585
4 470
3.235
47.998
2.515
2,410
24,587
a
usedand
2!?3oTnSl59™POrted tU,*bMed ""oW
2,300 long tons wer
191
Volume
Number 5940
.
.
The
.
Commercial
and Financial Chronicle
(1559)
71
V
Baltimore
Security
Traders
f
..
,
j
Association*
Stein Bros. &
Boyce, 6 South Calvert
Bond
Club
of
Denver:
Bond
Club
of
\
Charles A. Bodie,
Jr.,
Street, Baltimore 2, Md.
Louisville:
Gerald
P.
Peters, Jr., Peters, Writer &
Christensen, Inc., 724 Seventeenth Street, Denver 2, Colo.
NOTES
321 South Fifth
Robert Koehler, Walston
Street, Louisville 2, Ky.
&
Co.,
Inc.,
With Dean Witter
OAKLAND, Calif.
—
William F.
Balch has become connected
with
Dean
Witter
&
Co., 409 Four¬
teenth
Bond
Club of Syracuse: Everett W.
Snyder, E. W. Snyder & Co
University Building, Syracuse 2, N. Y.
Boston Securities Traders
Association:
ATIONAL
security traders association
John L. McDonough, H
Cincinnati Stock and Bond Club:
and
E. F. Hutton Adds
SANTA
C
Wainwright & Co., 60 State Street, Boston
1, Mass.
Street.
P.
Richard P.
Strubbs, Westheimer
Company,.324 Walnut Street, Cincinnati 2, Ohio.
;:
\
Security Traders Association: Everett A.
King, j. N.
& Co.,
Inc., Union Commerce Bldg., Cleveland'
14, o!
Dallas Security Dealers Association:
James Walker Davis Davis
Russell
Securities
Company, National Building, Dallas 1, Texas.
Georgia Security Dealers Association: John B.
Ellis, Courts &
Marietta Street, N.
W., Atlanta
1
Co,
Joins Bache Staff
Alfred F.
Tisch
&
Co., 140 South Dearborn Street.
was previously with First Mid¬
He
American Securities
DIVIDEND NOTICES
Lincoln, E. F.
•Nashville Security Dealers
Hutton &
Association: Joe E. Hutton,
Equitable
Corporation, 322 Union Street, Nashville 3, Tenn.
Security Traders Association: Donald M. Willem, E. F.
Company, 233 Carondelet Street, New Orleans 12, La.
CAN COMPANY
COMMON
On
William A.
Lynch, Pierce, Fenner & Smith,
Avenue, St. Petersburg 1, Fla.
San Francisco
bacher &
James A. Traviss
Edward D. Muir
Homer J. Bateman
Emerson, Merrill
Incorporated,
568
Central
Security Traders Association: Homer J. Bateman, Pacific
Northwest Company, Exchange
Building, Seattle 14, Wash.
G. H. Walker &
A. Maurits
quarterly dividend
a
May 25,
1960 to Stockholders of record at
the close of business April 22, 1960. Transfer
will remain open.
Checks will be
mailed.
JOHN R. HENRY, Secretary
THE
ATCHISON,
SANTA
New
The
TOPEKA
RAILWAY
FE
AND
COMPANY
York, N. Y., March 29,
Board
declared
Directors
of
dividend
a
of
1960.
has
this
Thirty Cents
day
(30c)
share,
being Dividend No. 196, on the
Capital Stock of this Company,
Common
payable
June
Common
business
1960,
1,
the
at
said
of
registered
Company
April
holders
to
Stock
Capital
of
on
the
close
the
of
1960.
29,
M.
R.
..
SWEARINGEN,
Assistant Treasurer
Security Traders Association of Chicago, Inc.: Howard S. Levine,
Dempsey, Tegeler,& Co., 209 South La Salle St., Chicago 4, 111.
Security Traders Association of Connecticut:
STOCK
1960
books
books
Seattle
29,
fifty cents per share was declared on the
Common Stock of this Company, payable
per
Security Traders Association: Frank Notti, SchwaCo., 100 Montgomery Street, San Francisco 4, Calif.
March
of
Pittsburgh Securities Traders Association: John C.
Loos, Walston
& Co., Inc., First National
Bank Building, Pittsburgh
22, Pa.
St. Petersburg Stock and Bond Club:
Group.
AMERICAN
Keith D.
Memphis Security Dealers Association: Robert M.
Saunders M A
Saunders &
Company, Inc., Union Planters Bank Building!
Memphis 1, Tenn.
New Orleans
Horo¬
witz has joined the staff of
Bache
Company, 920 Baltimore Avenue, Kansas City 5, Mo.
Securities
A'
A.
1, Ga,
Kansas City Security Traders
Association:
Hutton &
Company, 427 Wil-
CHICAGO, 111.—Gerald
Investment Traders Association
of Philadelphia: John C. Carothers
Jr.
Janney, Dulles & Battles, Inc., 1401 Walnut
Street, Phila¬
delphia 2, Pa.
William Nelson, II
Calif.—Robert
joined the staff of
has
shire Boulevard.
Cleveland
11
MONICA,
Crowe
E. F. Hutton &
120 Broadway,
New York
5,
N.
Y.
Johnson,
Co., 118 Bank Street, Bridgeport 3, Conn.
LONG ISLAND LIGHTING COMPANY
Securities Traders Association
of Detroit and Michigan, Inc.: Don
Miller, Don W. Miller & Co., Penobscot Building, Detroit
26,
Michigan.
QUARTERLY
Security Traders Association of Los Angeles: James Beebe, William R. Staats & Co., 640 South
Spring Street, Los Angeles 14,
Calif.; Clemens T. Lueker, Hill Richards & Co., 621 South
Spring Street, Los Angeles 14, Calif.; Richard E.
Owen, Crow-
)
DIVIDEND
STOCK
COMMON
ell, Weedon & Co., 650 South Spring Street, Los Angeles
14,
Calif.
Ludwell A. Strader
Allen L. Oliver,
[Alfred F. Tisch, Fitzgerald
& Company, New York City, Chairman
[of the National Advertising Committee
[Traders Association, Inc., has announced
[affiliate
of the National Security
the appointment of local
chairmen to the 1960 Advertising Committee...
Assisting Mr. Tisch
[Northeast: George
as
*Security
& Co. (209 Church
Traders
Schmelzle &
business
of St. Louis: Eugene T. Burns, FuszCo., Inc., Boatmen's Bank Building, St. Louis 2,
Treasurer
Edward- D. Muir, Dempsey-Tegeler & Co. (101 North
Marys Street), San Antonio, Texas.
{Canadian: James A. Traviss, Davidson & Company (25 Adelaide
Street, West), Toronto, Canada. !
{Delegates
at Large: Ludwell
A.:Strader, Strader and Company, Inc.
(Peoples National Bank Building), Lynchburg, Va.
Council: Allen L. Oliver, Jr., Sanders
Washington,
D.
C.
^
Security
.
necticut
-
DALLAS
Dallas
NOTICE
r
The Board of Directors of The Chase
RE D
1799
^
THE
.Chase
Manhattan
declared
a
share on the
13,430,340 shares of capital stock of
the Bank,
payable May 13, 1960 to
per
holders of record at the close of busi¬
ness
April 15, 1960.
The
closed
ment
BANK
transfer
connection
in
will
not
be
with the pay¬
of this dividend.
:
,
,'v
I
10
record
the close of busi¬
at
May 24, 1960.
Wm. M.
.
Hickey,
THE CONNECTICUT LIGHT
Ended
February 29,
-
;
\
1960
has made generally available to its
security holders an Earnings Statement for
the period of March 1, 1959 to February
29, 1960, such twelve-month period begin¬
ning after the effective date of the Com¬
pany's Registration Statement (2-14688)
covering 762,565 shares of common stock
(without par value), which was filed Jan¬
uary
16, 1959 with the Securities and
Exchange Commission under the Securi¬
ties Act of 1933, as amended, and which
pany
effective February 6,
1959.
Copies of such earnings statement will
be mailed upon request to holders of the
Company's securities.
MORTIMER J. PALMER
Vice President and Secretary'
COMMON
COMPANY
DIVIDEND
Hjjl
108
No.
The Board of Directors to¬
day declared the following
dividend:
share on the
Stock, payable
22 >/2 cents per
Common
15, I960 to stock¬
holders of record at the
close of business May 16,
Dividend No. 241
June
I960.
The Goodyear Tire & Rubber Ce.
By Arden E. Firestone,
per
share
on
Company
twenty-five
the
capital
has
been
cents
stock of
declared
payable May 2, 1960, to sharehold¬
ers
of record April 8,
1960.
'
Secretary
of
dividend
A
this
Berlin, Connecticut
April l, 1960
J
UNITED FRUIT
Light and Power Com¬
THE CONNECTICUT LIGHT AND POWER COMPANY
;
of
the COM¬
April 6,1960
became
books
on
STOCK, payable June
DIVIDEND NOTICE
NOTICE
Income
share
1960 to stockholders of
10,
.
has
dividend from Net
Notice to Security Holders of
,
Months
;HARTE
MON
The annual Field
ness
The Connecticut
has
a
Investment
Security Dealers Association will hold their Annual
Earnings Statement for Twelve
\k/r\r\f^
60c
The Board of Directors
declared
SECURITY DEALERS ASSOCIATION
AND POWER COMPANY
Bank
The UNITED Corporation
Company, 3402 Con-
President
DIVIDEND NOTICE
of
Admiral
Avenue, N. W., Washington 8, D. C.
FINANCIAL
Security Dealers Association: Thomas K. Yardley,
Hendricks &
Mayes, First National Bank Building, Birming¬
ham 3, Alabama. "Viv/:. v
-A;-*
Manhattan
Rear
Day will be held in October, dates to be announced later.
IAlabama
dividend
Weekley &
Spring Party May 28 at the Northwood Club.
NSTA 1960 Advertising Committee Chairmen
DIVIDEND
Association:
cents per
The
Industries: John S.
Barker, Lee Higginson Corporation (20 Broad
Street), New York City.
WORLD-WIDE BANKING
Dealers
George B. Peckham, H. E.
& Com¬
Building), Dallas, Texas.
Building, Minne¬
apolis 2, Minn.
jSouthwest:
Bank
MILES
VINCENT T.
March 30, I960
son-Williams Company, Northwestern Bank
J. Bateman,- Pacific Northwest Company (Ex¬
change Building), Seattle, Wash.
(Republic National
April 8, 1960.
on
Club
Twin City Security Traders Association: Oscar M.
Bergman, Alli¬
Casualty Tower), Nashville, Tenn.
\Cudson-Execntive
May 1,1960, to share¬
holders of record at the close of
Missouri.
|Northwest: Homer
pany,
of Portland, Ore.: Dan V. Bailey,
Marshall, S. W. Sixth Avenue at Oak Street, Port¬
William Nelson, II, 'Clark, Landstreet & Kirkpatrick,
Inc. (Life &
St.
the Common Stock of the Com¬
land 5, Ore.
Security
quarterly dividend of
per share payable on
a
cents
pany on
Traders Association
Foster &
-
Street), New Haven, Conn.
[Southeast:
35
York 5, N. Y.
Area Chairmen of Advertising are:
H. Angelos, Chas. W. Scranton
The Board of Directors has de¬
clared
Security Traders Association of New York, Inc.; Stanley E. Daw¬
son-Smith, Cruttenden, Podesta & Co., 37 Wall Street, New
John S. Barker
Jr.
EDWARD
D.
TOLAND,
Jr.
Secretary and Treasurer
April 4, I960
THE GREATEST NAME IN RUBBER
Boston, Mass., March 28,
1960
4*
Chronicle
The Commercial and Financial,
72
(1560)
,
;
WASHINGTON AND YOU
The B^®ug,as Credit Disclosute
Senator Paul H.
•
Douglas, Lib
oral; Democrat- of Illinois
pushing his bill that would rl
quire merchants
BEHIND-THE-SCENES INTERPRETATIONS
;
and-lenders
CAPITAL
FROM THE NATION'S
Thursday;, April:7r 196a
money
to
provide
with
complete
nf
customer
knowledge
finance
nf
charges in advance
charges.
o
installment
of
the
better
hotels
known
law-makers
The
Senator Douglas
declares that
past decade the person*
the United
States
increased 160%. By the
turn out new laws at a fast
can
in
clip if the pressure is on to quit.
Unfortunately for the American
the laws that have been
in
recent years
for that matter
year
have
never
Most of the people are stream-
in
and
of
out
the
city
into
der way
not
alizing
only the capital of the fifty,L
States and Territories, but it is
in
the
posal
the
of
Western
World.
the
Columbia
city
(District
proper)
from
the
minimum
which
ate
be
Also hearings
on
farm bill.
a
of
would
and
it
per
has
than any
person
of the
world, has
in
system
its
anytime in
the
this
big election
thing
can
The
city:
other
spring
than
bill
This is
[This
Ways
has
the
that
and
out
Depart¬
Treasury
year
happen.
more.
or
The
the AV\%
wants
months
it
has
fact that the pressure has lifted
part
a
general
and
ington.
of
the
building
column
is
intended
what
the
has
has
been
fancy politics.
the
Senate about six
weeks
the
Senate
of
has
to
can
change over night. After
is reported favorably by a
a
bill
the
Com¬
mittee
must
a
pro¬
to eliminate the poll tax in five
fill
allow
certain
the
governors
vacancies
interest
the bill looks
now,
to
in
the
Representatives,
and
in
amending
on
Committee, but the picture
gram, and a resolution calling
for
constitutional
amendments
states,
to
ceiling
As of
the
House
House
Rules
hearings have been
ducted thus far
of
the
corporate
which
taxes
wartime
excise
and
enacted
were
measures.
However,
is familiar with the
workings of these laws. It will
be
simple to extend the laws for
As
be
of
there appears
now,
chance
no
creasing
the
of
Congress
gasoline
postal
in
certain
in¬
stances.
chance
of
the
The
best
or
the
Transactions
call option, risk limited
option (maybe a few
proposal
the
Department
of
Justice would have to be noti¬
fied
advance
in
proposal
of
a
banking
of
Harrison
measure
would
hundred
dollars), you can make unlimited
profits (possibly thousands of dollars in
days) is explained in this clear, simple
90
book
person must be over 50 to
qualify for social security dis¬
ability benefits.
a
merger
institu¬
A social
tions.
security bill by Sen.
John F. Kennedy, a Democratic
Forand Bill and Social Security
PUT and CALL
Options
by HERBERT FILER
ing in the Senate Finance Com¬
The
House Ways and Means
Committee voted against in¬
mittee.
It would give social se¬
curity recipients
cluding the Forand bill in the
social security picture this year.
up
to 120 days
of combined hospital
provide
nursing
care
per
and home
year.
In ad¬
the
zens
care
how
patient clinics. To pay this cost,
the social security tax would be
to
extend
raised three-eighths of
so¬
shows
how
|
j
]
sell
options on your own
where and how
to buy and sell puts and calls, how to use
them
to
make-capital, gains instead of
short-term profits, how to use options to
protect profits on your stocks, etc.
you
stock
vote
book
nostic treatment in hospital out- ;
security program.
did
the subject.
they do it and
how you too can make maximum profits
on
minimum investment:
It shows also
On the other hand* the Com¬
mittee
authority on
traders and pro¬
purchase
"buy"
and
"sell"
options (call and put) because they know
these options
can
make big profits for
them
and
also
can
protect
unrealized
"paper" profits on the stocks they own.
fessionals
dition, it would provide diag¬
for the senior citi¬
of the country covered un¬
der the social
#1
Thousands of successful
This
health
y:;-:
Understanding
Presidential candidate, is pend¬
Extension
The Forand bill would
;;
eliminate the requirement that
Under this
passage.
1%.
to
This
can
increase income,
book
you
costs
make
you
and mail
cer¬
tain
vote
of
$3.00.
it
examine
It can
Free.
you only
fortune.
a
can
Fill in
this coupon today.
fur¬
creased again this election
It might be different next
to
merger
has
to
tax
lumbia
permit the
put
a
cost
in¬
(960 session.
appear likely that
residents of the District of Co¬
would
banks
time the committee
And
it
that
Stock Market
the
help
does
another
Perhaps the
affecting
passed
same
another year.
at
of
as
Congress
'
ther
House
con¬
the extension
on
legislation
much
be
com¬
Rules
give it the right of-way for floor consideration.
No
will
there
are
mittee,
bill,
education
the
stymied
major bills is still
pending in the House. The bills
that passed the Senate are the
aid
in
Senate
the
opposed
4(4%
rate.
Each of these
elections
Democrats
and
strongly
During the other six weeks,
only three major measures other
than
the
appropriation
bills
have been passed by the Senate.
Federal
Harrison, Democrat of Virginia.
the
Legislative Progress
so-called clean
bill
banking
year.
House
session this year have been de¬
voted to civil rights.
Slight
cial
close¬
follow
who
this
in
been
views.]
own
tentatively voted favorably on
a bill by Representative Burr P.
12
the
Observers
to
unlikely
of
on
Liberal
just plain and
For instance, in
the "Chronicle's"
How with
security protection to some
doctors, policemen and firemen.
of
going on under
Capitol dome this
i
on
At the
first
the
lifted.
fourths
-
been
reddish
year
three
about
re¬
Limited Risk-Unlimited Profit
ing committees say that it seems
since
ities market,
In due time the dome
to
to work!"
ly the Senate and House bank¬
year
most
will look white again.
Just
breaks—
coffee
the
little
a
Wash¬
in
time—for
the government secur¬
the Treasury De¬
partment
wants
the
ceiling
is
refurbishing
rehabilitation
impressive
It
on
the government debt
orderly fashion. Despite the
in
red.
always
extend
to
these days. For several
been
you're
statutory limit
strange
im¬
periods—quitting time—you're only late getting
government bonds raised so
that it will be in better position
tol, which occupies the plateau
known
as
Capitol Hill, looks
of
"Yes,
lunch
Treasury
on
great dome of the Capi¬
and
and may or may not coincide
with
a
been advocating for a
Mid-
pretation from the nation's Capital
Means
reported
ment has
and any¬
year
House
Committee
the
flect the "behind the scene" inter¬
414% Debt Ceiling Proposal
The
politics
more
long time.
a
The
telephones
more
ad-
going
empower the
regulations
talkingest city of them all, be¬
cause
it is
plement arid enforce the' lend¬
ing provisions.
under
are
proposal
rules
in the House and the Sen¬
way
the
of
in
Federal Reserve Board to
draft
another that would
provide health insurance for the
aged.
to
under
much
Westerner
and
wage
living outside in Maryland and
Virginia. This government city,
supposed
The
hour
an
millions of
persons
900,000 people living within its
borders
and
another
1,250,000
is
$1.25
$1 to
pro¬
a
merchan
know
minimum
the
and bring additional
of
about
has
another;
or
raise
to
wage
Today
form
one
his
to
to cost him in dollars and
cents
by the time that he pays off
the
debt.
benefits
security
buys
credit
how
vance
for sometime on liber¬
social
who
on
the
of
Capitol hearings have been un¬
business missions. Washington is
capital
side
House
the
On
>
the
pUr
chaser
dise
on
said
personal
debt will be about
$200,00 0 000
said it would
be
to the interest of the small
law.
trees.
he
year
Therefore, he
should
—
ha!
end
any
enacted
been
in
this
passed
or most
—
the
debt
of
people a substantial portion
on
short notice.
Many people are
arriving in their Capital City
for
Spring vacations and the
blossoming Japanese cherry
ing
session.
the
WASHINGTON, D. C. — Wash- ;
ington is crowded with visitors ~
these early Spring days.
It is ■difficult to get a room in one
the
rates
will
To your favorite bookseller, or
CROWN Publishers, Dept. A-7,
Park Avenue South, New York
Nor
be
419
in¬
Please
THIRTIETH
year,"
year.
send
Herbert
rae
16, N.
free
1.1
Under¬
Filer's
days
standing Put at)d Call Options for 10
«"%'•' 'lyS X
examination.',,
I
it cair pay for itself
times over, I may return it and pW
nothing.- Otherwise.I will pay you••$3.00
plus the postage charge within 10 days as
payment in full."
- V
~
If
not convinced :that
many
If
Congress adjourns before
big political conventions in
July, and it is just about cer¬
Bank
the
tain adjournment will
fore
the
Los
come
The
be¬
House
Ways and
of
^
Means
one
committees, as is
the case, on Capitol
this
year.
been
studying
posed
come
Traditionally
that
The
a
series
no
law,
but
to
it
of
Name...
Address,
1930
Hill
has
★
1960
pro¬
the
Zone.... State..
City
Q Save postage. Check here if you prefer to I
enclose check or money order for $3.00. Then j
we pay postage. Same moneyback guarantee.
in¬
appears
broad program will
passed this
be
year.
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,
usu¬
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amendments
tax
SSnnimer-iafU,-' /
of the
ally
Haste Makes Waste
the gas
Likely
busiest
the completion of the legislative
work.
Congress steps
in the closing days of
Bill
Committee has been
Angeles
shindig
starts for the Democrats, there
are only 14 weeks or so left for
on
Merger
Approval
10 Post Office Square,
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