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TJF rqiurnvarux
'AUG
13 195*
MJIHBS
MWWSJttHM
ESTABLISHED 1S39
1
Commercial
e
Reg. U. 8. Pat. Offlee
EDITORIAL
wholesome food for
operations of
the
where
even
degree of "management" falls
far short of the state socialism which has
made
countries of the world,
of
our
would like to
and
Executive in
done to turn the nation back towards
tried
of
path
which
nation
to
economic
forefathers
our
Eighty
A
and sanity
bringing this
always be¬
system of "managed economy"
doubly dangerous when it is married to
political fortunes of those who make politics
profession—and such marriages are so common
as to warrant an assumption that they will occur
whenever a nation undertakes to introduce and
the
a
continue
a
system of "managed
a
long time for
a
economy." Pos¬
the most conspicuous instance in this
country of an impasse traceable to the follies of
political management of things economic is today
found in agriculture. A long history of agricul¬
tural subsidies was brought to a climax by the
late Franklin D. Roosevelt and his coterie of New
famine.
I
have taken
considered fairly vulnerable to cyclical
economic fluctuations. Thus, the oils
;
and rails were top favorites along
dustry
kinds
with
least the
At
system was brought to a
point of unsurpassed barefacedness in its fawning
to farmers and in its demand upon the rest of us
Continued
on
page
18
the
and
steels
metals,
super¬
ceding the long favored utilities in
which there was profit taking, es¬
Fun¬
pecially among such funds as
S.
U.
Funds.
Steel,
of
absence
for
heavily
more
Affiliated
and
Investors
damental
price
scarcely noted
volatility, was
during
bought
the
quarter than any individual issue in
some
time. Natural gas stocks con¬
phy of that anti-Christ, Karl Marx.
Electric and
their
tinued
also
pulp shares.
While electrical
equipment and radio and electronic
shares were in general well bought,
profit
continued in General
Henry a. long
also apparent in McGraw. The extreme
in the aviation issues also prompted selling in
taking
run-ups
Problems
of Freedom and
this
Progress
Herbert Hoover
After
these
all these
long
and
years
the forces which make for progress and those which may
corrode away the safeguards of freedom in America.
I
something about these forces but I shall
Continued
•An
on
also sold
80th
10,
1954.
SECURITIES NOW IN REGISTRATION
a
—
Underwriters,
complete picture
of issues
dealers and
now
pace—there
same
was
no
tobacco
of
shares
the
to
Retail issues were
was
on
the
over
the
divided
continuing at about the
noticeable addition to defen-
Continued
5
'
of
balance, while opinion
March quarter—with purchases
by Mr. Hoover at the State of Iowa's celebration of
birthday at his Birth Place, West Branch, Iowa, Aug.
porate securities are afforded
on
future
the
over
sales
caused
Although total selling increased about 12%
18
address
his
pessimism
while
industry
foods, chemicals, and metal and glass containers.
en-
page
was
double those of the previous quarter.
mind
my
group,
cigarette
from
experiences, there rises constantly in
want to say
popularity and buyers
machinery and paper
favored
and
sibly
Dealers.
groups
remedy of their terrible aftermaths.
I have participated in the search for
a healing peace.
I have witnessed the legacy of war
in doubting minds, brutality, crime
and
debased
morals.
Moreover, I
have witnessed on the ground in 20
nations the workings of the philoso¬
The
for in¬
preferences during the June quarter were
folio
in
part
some
in the tobacco stocks.
up
companies in general evidently see fair
weather ahead on the business horizon, as most port¬
Mine
to live.
man
life of work in many lands under many
electrical equipment, machinery
Investment
both good and bad. I have been honored
by my countrymen in many public offices and with
many opportunities to serve outside
~
the government. I have watched the
two
great;, world wars with their
holocausts of death, destruction and
world.
comes
a
gas,
Selling picks
aviation group.
the Legislative
State," poison
of governments,
point where it is the envy of the
a
is
years
has been
the true and
soundness
trod while
upon
LONG
choice during last quarter. Non-fer¬
and pulp issues also favored. Less enthu¬
siasm shown for the more stable groups as opinion
divides on the foods and utilities while merchandising
shares are sold on balance. Profit taking is noted in the
creative facilities,
thoughtful elements of the general public
be led to read the signs of the day carefully
realistically, a great deal will have been
and
foreign relations
top
and paper
Concludes American people still possess dynamic
and "we are not at the bedside of a
nation in death agony."
gas.
more
can
our
was
metals, natural
rous
Sees special encroachment of the
Branch and calls cult of the "Welfare
advocates of "creeping socialism"
have in this country. If only the
U. S. Steel
and local governments
groups
pressure
for Federal subsidies.
short of what
even
years,
bureaucracy in large part to be-
Federal
guilement by
conspicuous by the so-called Communist
so
many
centralized
been
last 80
Copy
a
Oils,
By HENRY ANSBACHER
points out the forces
which either make or destroy our national welfare. As¬
serts the progress of freedom is a never ending struggle
to prevent abuse of power, and lays cause of our huge
and progress over
na¬
"managed economy"
a
of freedom
Hoover, reviewing problems
Cents
Rails and Steels
of the United States
Former President
;
thought about the
HERBERT HOOVER*
By
Ex-President
have supplied
Events of the past year or two
ture of the
'
I
We See It
As
some
Funds Prefei
The Protection of Freedom
'■
40
Price
7, N. Y., Thursday, August 12, 1954
New York
Number 5350
Volume 180
investors
registered
with
in
cor¬
the
SEC
on
page
22
and potential undertakings in our "Securities in Registration" Section, starting on page 30.
State and
'
********
U. S. Government,
State and
Municipal
ALL
*
Securities
I
MARKETS
U. S. Government
telephone:
HAnover 2-3700
^
Chemical
—
+
All Corporate
New
bond
Chicago
& Foreign Bonds
Preferred and Common Stocks
^
«
MABON & CO.
*
THE NATIONAL CITY BANK
Members N. Y. and Amer. Stock Exchs.
115 Broadway, N.
Bell
★
System
Y. 6
99
WALL
Teletype NY 1-2152
Bond Dept. Teletype:
Active
To
Dealers,
Markets
Banks
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CANADIAN
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Company
COMMON
Analysis
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NEW
YORK
upon
request
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Do>u?ao?f Securities
Orporatioti
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Place, New York b.N.Y.
IRA HAUPT & CO.
Members New
and
1 NORTH LA SALLE ST.
r
CHICAGO
Teletype NY 1-702-3
WHItehall 4-8161
111
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York Stock Exchange
other Principal Exchanges
Broadway, N. Y. 6
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Goodbody & Co.
MEMBERS
CHASE
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Members N. Y. Stock Exchange
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Inc.
Maintained
SECURITIES
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Trade
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and
Canadian Exchanges At
Raw
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j
Exchange
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Our Customers
NEW YORK 5, N. Y.
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Exchange ;
Exchange,
NEW YORK 4,
Net
LAMBORN & CO., Inc.
Cotton
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f
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2
The Commercial and Financial Chronicle
(586)
The
Specialists for over
30 years
Security I Like Best
a different group of experts
field from all sections of the country
in the investment and advisory
participate and give their
Bank
reasons
for favoring
(The articles contained in this forum
and
they to be regarded,
are
offer
as an
to
Alabama &
Participants and
i
Their Selections
particular security*
a
S.
Merton
are not intended to be, nor
sell the securities discussed.)
—
Francis
Allen,
I.
Co., New York City.
&
duPont
Louisiana Securities
Company
Chemical
Harshaw
Bought—Sold—Quoted
(Page 2)
Insurance Stocks
MERTON
Comparison of Leading Banks
of New
and Trust Companies
York Available
on
Request
the
coming atomic
is
currently traded
Broadway, New York
5
WOrth 4-2300
BOSTON
OFFICE:
State Street
84
Direct Private Wires to
Houston,
Hartford,
Cleveland,
Chicago,
Boston,
is
that
disclose
long
Me,
is
real
mixtures
celerate
not to
for
category
and
a
what
see
we
History
Incorporated in
Price
H.
Co.,
the C.
as
and - in
1898 suc¬
of
the' business
to
ceeded
.
1897
the
Rights & Scrip
Cleveland Commercial Co. formed
Since 1917.
the Harshaw Fuller and Goodwin
in
Name
1892.
in
Co.
and
1899
in 1929.
name
changed
was
the
to
to
present
1941 purchased
In
Cincinnati Scientific Co. and Me-
ffiPONNELL&CO120
Stock
formed
Exchange
York .Stock
Exchange
Co., also the N. Y.
Chemical Co. was
Ohio
and
Members
American
Metals
nardi
BROADWAY, NEW YORK 5
1942 Har¬
In
shaw, together with Stauffer and
TEI. REctor 2-7815
Indus¬
Chemical
Consolidated
the
tic
Co.
under
formed
Trading Interest In
Lake Chemical was
1945
In
ownership
equal
with the Calumet & Hecla Copper
American Furniture
Co.
Bassett Furniture Industries
1953
Harshaw
assets of Rufert Chemical Co. and
Laurel Products
Camp Manufacturing
was
formed
a
Among the directors
Life Insurance Co. of Va.
W. J.
are:
Harshaw, President; J. H.
idge,
STRADER,TAYLOR & CO., Inc.
of
surer
Lynchburg, Va.
TWX
Vice-President
Corp.;
LY 77
B.
CoolTreas-
and
Thompson
E.
Products
Green,
Honorary
Chairman of Cleveland Cliffs Iron
Co.; E. R. Lovell, President Calu¬
met & Hecla
Since 1932
Specialists in
Executive
Copper; H. Stauffer,
Vice-President,
Fields of Operation
NORTH and SOUTH
Electroplating
CAROLINA
MUNICIPAL E
developed
petrochemical
industry is particularly dependent
on
catalysts in their highly com¬
of
primary
shaw's
the
CRAIGIE&CO.
as
and
well
used in the
dustries
are
Harshaw's production
.
manufacture
and
ap¬
host
a
of
These
are
frosting
Harshaw has
in
some
This
uses,
been
a
malleable
of
and
product
few
a
the pickling of
electric
which
substances
paints
are
when
varnishes
and
re¬
stainless
minerals,
polishing
processes
of
castings, the
light
ical
crystals
widespread
the Atomic Energy
chandised
tion
Harshaw:
by
terials
such
50
such
as
oilcloth.
Cadmium
also used in
for
driers, Harshaw produces
both
the
lithopone
com¬
through
the
reds
and
light primrose
are
extreme
by
and
and in
Their
strength.
is
and
use
in
lacquers
high grade industrial paints
due
sion
enamels
char¬
stability,
acceptance by industry for
automotive
P.
from
the
very
C.
range
yellows. These pigments
to
glass,
facture of high octane gasoline. A
and
These colors
tensive
and
a
plete line of cadmium pigments in
ties.
manu¬
con¬
junction with the manufacture of
bulbs, for
for the
In
these
desirable
They have
use
in
paints.
pigments
are
proper¬
also found
latex
water
wnicii
materials
used
Brokers
111
&
ex¬
emul¬
Tokyo
Ltd.
1897
—
Branches
70
Investment
Bankers
Broadway,N.Y.6 COrtlandt7-5680
Tennessee
Gas Transmission
Eastern Transmission
Mer¬
addi¬
In
Texas Gas Transmission
Transcontinental
Gas
Pipeline
industry.
.
Bought
of
Members New York Stock Exchange
ir
ROBERT W. PAYNE,
Unlisted Trading
Apparatus,
Instru¬
the
during
industry
of
growth
a
New York 5
15 Broad Street,
Telephone
Teletype
*
Dlgby 4-1680
...
NY 1-2262
laboratories
These
requirements for
chemicals
reagent
Dept.
ac¬
tremendous
research and testing
by
Manager
☆
last
three decades has been
or
Sold
Burnham and Company
.
Laboratory
—
available
are
scientific
and
Specialists in
To serve
the demands of this phase of in¬
dustry, Harshaw established the
equipment of all types.
Scientific
cupies
field
in
LOW-PRICED
Division, which now oc¬
leading position in this
a
with
Scientific
cities
major
URANIUM STOCKS
offices
sales
Inquiries Invited
the
throughout
country.
Defense Effort: Harshaw is just¬
as
a
tional
defense.
The
WELLINGTON HUNTER
sup¬
plier of products necessary to
ASSOCIATES
15
Exchange PL, Jersey City 2, N. J.
HEnderson 5-6005
for
mand
for
the
in de¬
are
,
na¬
company's
electroplating chemicals
•
Direct N. Y. Phones:
Teletype J Cy 698
WOrth 2-4578-9
protection of parts
airplanes and warships.
The
Atomic Energy field is extremely
dependent
and
its
on
hydrofluoric
compdunds,
tion of aviation
quires
the
acid.
acid
produc¬
and
gasoline often
use
Glycerine
of
is
re¬
hydrofluoric
used
in
the
Over-the-Counter
Quotation Services
for 40 Years
production of synthetic resins and
in
the
manufacture
both of which have
lets.
of
•
of
dynamite,
military out¬
Antimony oxide is the basis
flameproofing
National Quotation Bureau
Incorporated
compositions
Established 1913
used
in
military fabrics
cadmium
fire resistant paints.
in artists' oils
Continued
Harshaw
Office
in
Harshaw's
of
ly proud of its position
'
Pigments:
Established
Home
photographic, pyrotechnic,
pharmaceutical, textile,
insecticides and many others. The
companied
in paints and var¬
are
Yamaichi
as
added
To meet the vary¬
write
or
Securities Co.,
leather,
two
large number of
Driers
essential.
knowledge
Japanese potential.
Call
These ma¬
supplied to industries
are
sion
ing demands of industry, Harshaw
manufactures many types of driers
in both liquid and solid form. Be¬
uses
of
years.
have very large
uses.
investors with
field, the med¬
chemicals
to
own
group they are known as metallic
industrial
have unusual appeal
investors with vision—
Texas
laboratories.
a
may
to
ac¬
use
Commodities
Chemical
shorten the time of drying.
and have
JAPANESE
field, and for the accurate lo¬
oil
as
materially
As a
offices
cation of oil bearing strata in
chemical
to
branch
our
SECURITIES
ments and Chemicals: The expan¬
commodities,
implies,
name
oranges to
.
variety of
and
such
nishes, they find extensive use in
printing inks when rapid drying is
fixtures, electric
concentration
Tele. NY 1-3222
Driers:
the
brilliance,
steel
of
kitchenware, stoves,
frigerators and bathtubs.
for
a
enamelling
as
acterized
etching
Phone: HA 2-9766
items
sides their
They find addi¬
Exchange
25 Broad St., New York 4, N. Y.
the
in
used
coverings and other coated fabrics
years.
count for their
bottles, for glass from other well known chemical
signs, for the decoration of house¬ manufacturers supplement the list
hold glassware, and for coloring of manufactured items so that Harcan
electric light bulbs. Harshaw also' shaW
supply chemicals for
produces
colors
and
opacifiers practically every phase of modern
manufacturer of hydrofluoric acid
which
@M>mhwrwi &
pottery.
In addition,
supplies colors for
the decoration of glassware. These
glass enamels are used for label¬
company
maroon
has
tile,
as
and
ware
the
kitchen
40
scintillation
these
of
than
floor
well
as
to
The properties
detection.
diation
chemical manufacturers for
tile,
ware,
wires
company
other
grades.
over
soon
more
wall
the manufacture of linoleum floor
utensils,
the
developed
others that today find use in in¬
fra-red spectrometers.
Synthetic
calcium fluoride crystals are used
in microscope objectives and are
incorporated in the lens systems
of practically all of the better mi¬
croscopes
manufactured
today.
Other synthetic crystals, known as
scintillation
crystals, are
being
manufactured by Harshaw for ra¬
but
and
of
Birmingham, Ala.
Mobile, Ala.
Direct
first
The
detection.
for the
decoration of all types of dinner-
variety of colors for the decora¬
tion
sanitary
N. Y.
NY 1-1557
started
1936, boasts some of Harshaw's
newest products.
These synthetic
crystals are used for infra-red and
ultraviolet optics, and short wave
manufacture, Harshaw has
distributing products of
wide
a
for
These
the
Division,
Crystal
in
been
produces
in¬
other objects.
Firm Markets
important product line is
Harshaw
cals.
pliances, tools, tubular furniture,
Fluorides:
Chemicals:
pro¬
tional outlets in
Companies
program.
and
that of ceramic colors and chemi¬
electroplating of bum¬
of plumbing
Colors
Ceramic
HAnover 2-0700
well logging.
Harshaw's Bright
for automobiles.
I.G. FARBEN
make this one of the
commodity groups in
necessary
important
anodes
lead.
as
these materials
which
in
program
and
grills, trim and accessories
pers,
York Stock
Har¬
Nickel and Perflow processes, are
Telephone 3-9137
Members New
in
electroplating of zinc, nickel,
ducts,
RH 83 & 84
importance
chemicals
cadmium
RICHMOND, VIRGINIA
Successor
Chemi¬
Anodes,
manufacturing
cludes
The variety of in¬
plex reactions.
soaps
cals and Processes: A product line
IDS
■F. W.-
Bell System Teletype:
Stauf¬
fer Chemical Co.
VIRGINIA—'WEST VIRGINIA
The
intermediates.
rubber
Stock Exchange
Stock Exchange
New Orleans, La.-
Synthetic Optical Crystals: The
Optical
ling returnable
Management
Dan River Mills
LD 39
as
subsidiary.
100%
Commonwealth Natural Gas
I
the
absorbed
are
newly
Another
tries, formed the Nyotex Chemical
and
York
American
Rector St., New York 6,
fabrics.
large crystals were used for ultra¬
violet
spectrometer applications,
used
gasoline,
permanent antifreeze, and synthe¬
in
the
are
radiation
oils
Other catalysts
preparation of
today.
pigments
19
plastics industry and manufacture
of
artificial leather and
coated
these
The company
products for the
edible
cadmium'
for'
reac¬
shortenings and for the production
of synthetic detergents in common
use in practically every household
with
basis
50-50
a
on
Stauffer Chemical.
produces
of
manufacture
Specialists in
ac¬
large and growing
a
such
produces
find
can
out.
are
of industries.
group
close look at Har¬
chemical
Harshaw
materials for
take
us
-
special
or
New
Members
Cata¬
Catalysts
compounds or
which promote
desirable
tions.
too
period.
a
shaw
chemical
a
Catalysts and
Steiner,Rouse&Co.
Members
other
and
This
Chemicals:
will
is destined
that
in
lytic
factors
Harshaw
"sleeper" and
remain
Let
New
compounds constitute an
Preformed
of operation
area
relevant
other
and
Philadelphia, Providence,
Portland,
fluorine
alysis of the company, its manage¬
ment, finances,
1-583 and NY 1-40
Teletype NY
the over-
careful study and an¬
a
bombs.
Co., Hudson, N. Y. (Page 12)
ing of boiler tubes, and even in
the revitalizing of oil wells.
This
diversity of use is expanding con¬
tinuously and offers a bright fu¬
ture for these products.
relatively unknown to the public.
Exchange
aerosol
synthetic floor tile, in the clean-
Largely be¬
of this fact the company
cause
and
Helbig, Baron G. Helbig &
eric
refrigerant in refrig¬
as
a
propellent in
a
erators
important and expanding group of and water colors and are em¬
manufactured
by ployed in printing inks because
Harshaw.
Fluorine
compounds" of their color strength and alkali
Other major outlets
find outlets in the manufacture of resistance.
era.
on
market.
the-counter
1920
as
Sanborn Map Company—G. Fred¬
commodities
stock of Harshaw
common
However
120
a
widely diversified, rapidly grow¬
The
Member
Stock
is
for
use
is used
Co.
this
product is in
manufacture of freon, which
the
Co.,
ing concern with an excellent out¬
look and an assured participation
Corporation
American
&
City
Chemical
Harshaw
New York Hanseatic
Associate
Pont
Harshaw Chemical
in
Established
further
ALLEN
York
New
Quarterly
Our 89th Consecutive
du
I.
Francis
S.
Thursday, August 12, 1954
Week's
This
Forum
A continuous forum in which, each week,
in
...
for
and
Copper
me-
46 Front Street
CHICAGO
on
page
12
NewYork4,N.Y.
SAN
FRANCISCO
'
Volume 180
I
.
,
NumJber 5350
The Commercial and Financial Chronicle
...
(587)
Workingmen-Capitalists of Cuba
IN DEX
»licHTinsTtm
By S. RAYMOND DUNN
1
Mr. Dunn describes
;
a
lock
new
Cnba's
in
economic
history
represented by the construction of the Habana-Hiiton Hotel in
Havana, having stockholders comprising, through their unions,
.
!
—Henry
the whole force of the hotel workers. The investment is made
.
by the Hotel Workers' Retirement Fund.
Havana
"new
skyline will
look"
will also be
next
have
the
There
year.
.
.
and in
.
nomic
eco¬
business
new
look in the
skyline
of
of
Directors.
of
six
-
28
investment
of
over
tory
look
dent
block
the
are
-
the
will
the
at
of
\
the
hotels.
Havana
waiters, the cooks,
(down
The
rest
here
has similar needs.
be
of
Cuba. For the Habana-Hilton will
del
Cuba went into business, because
they know that good profits are
available. (As has been indicated,
there are things "cooking" down
to
brush
up
on
Fund
handles
ment and widows'
hotel
and
the
the
here
retire¬
restaurant
croupiers
employees.
All
La
to
come
tourist
make
of
the
charming
coffee-bars—one
most
(One
of
the
picturesque
of
proved
line
the
that
whole
world's
the
best possible con¬
tributions to international friend¬
decision
of
Havana's
New York
dresses
from
velopments
salesgirls to
good will ambassa¬
Latin
America.
this
of
the
future.
near
Cuban
a
the
to
dynamic,
isneeded.
country
are
So
constructive
that
program
For example,
"Carteles,"
one of the leading magazines, has
devoted considerable space to this
subject.
As
this
gathers
mo¬
mentum, the results are going to
be very considerable.)
And the
bathing attendants at Varadero,
La Concha, Guanabo and all the
other beaches are also covered by
the Fund.
Each
of
these
major groups of
employees has its own union, and
each
gate
union
in
turn
has
its
the Board of Directors of
on
Under
ployee
Cuban
pays
3%
and
Gas
v—___,
dis¬
Bank
and
American
•
Trading
Dept.
<§>
Telephone
Teletype
WHitehall 3-2900
(Editorial)—
NY 1-576
Insurance
Man's
GIVEN
MANUFACTURING*
__^____-L_-__^___—Cover
-
■
——
Stocks
HYCON*
27
J. RAY McDERMOTT
Bookself
36
DAN RIVER MILLS
13
;
Recommendations
PAN AMERICAN
8
Washington Ahead of the News—Carlisle Bargeron
Mutual
SULPHUR
ULTRASONIC
GIANT PORTLAND
7
CEMENT
29
-
___
Literature
Funds
the
actual
lot
the
and
operation
of
We
NSTA Notes
Hotels
and
International.
own
-
The
business
The
Fund-
I ' ' I
v ■
Observations—A.
'
-
..
■
•
.
Wilfred
assured income of $250,000 per
even if there should be no
profits, this is underwritten by the
operating
The
National
and
Hotel
Federation
Workers'
already signed a
bargaining agreement
President
Our
Reporter
Our
Reporter's Report
stated:
Latin
America
in
"The
'
'
1
Governments
on
5
j
16
HA 2-0270
40
Exchange PL, N. Y.3
Teletype NY 1-1825 & NY 1-1826
34
.
Public
Utility
Securities
:
27
^
Railroad Securities
1^
,_t
Securities
Now
in
Dan
Registration
30
on
Prospective
Securities
Security Offerings..
33
Salesman's
Corner
River
Mills, Inc.
Market..
The
Security
page
.
.
and You—By Wallace Streete
The
State
Trade
of
Washington
and
*See Henry
21
Best
•
Worcester
i
■
2
and
Industry
You—
4
Ansbacher Long's article starting
Twice Weekly
COMMERCIAL
B.
DANA
Place,
Reentered
COMPANY, Publishers
New
2-9570
York
to
7,
N.
cover
page.
E.
C.,
Vitro
*Prospectus available
as
second-class
matter
Y.
Subscription
Subscriptions
Presfdent
Thursday, August 12,
f
Every
Thursday
(general
1954
news
and
Possessions,
O.
Febru¬
in
W" V. FRANKEL &, CO.
Rates
United
Territories
States,
and
U.
S.
Members
of
Union, $48.00 per year; in
Dominion
of
Canada,
$51.00
per
year.
Other Countries, $55.00 per
year.
Other
ad¬
issue) and every Monday (com¬
statistical issue — market quotation
Bank
vertising
records,
state
corporation
and
Other
Chicago
city
news,
Offices:
3,
HI.
135
news,
bank
South
(Telephone
La
STate
Salle
St.,
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and
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Record
—
Monthly,
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Wire
to
PLEDGER & COMPANY, INCc,
fluctuations In
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eign subscriptions and advertisements must
be
INCORPORATED
39 BROADWAY, NEW YORK 6
Teletype NY 1-4040 & 4041
Publication
Quotation
$33.00 per year.
clearings,
etc.).
request
25,
Pafn-American
SEIBERT,
on
1942, ait the post office at New
York, N. Y., under the Act of March 8,1879.
9576
HERBERT D. SEIBERT, Editor & Publisher
DANA
Corp. of America
Eng¬
Copyright 1954 by William B. Dana
Company
Reg. U. S. Patent Office
Park
on
\ Drapers' Gardens, London,
land, c/o Edwards & Smith.
and
Tracerlab, Inc.
36
j.
FINANCIAL CHRONICLE
REctor
TELETYPE N. Y. 1-5
Schenectady
Magnolia Park, Inc.*
14
_
I Like
(
Glens Falls
Mine, Inc.
Rohr Aircraft
WILLIAM
•
Getchell
12
-
The
are
workers.
Stock Exchange
•
mor ■■
with
as
Aguirre
Continued
Chicago
in
securities
mmmmmmmmmmrmmammmmmmmammmmmmmm
of
They
are
trying to show their confidence, in
•
over-the-counter
Unions
collective
with the
operating company—just
any other hotel.
•
markets
company.
has
workers
250
trading
Singer, Bean
& MACKIE, Inc.
16
'•
May
year,
Food
than
14
this
operating company will
share the profits. The Fund has
an
viaintain
doing
hotel.
the
Request.
on
*
__u
-
will be in the hands of the Hilton
York
Nashville
Reilly, Manager
21
Indications of Current Business Activity
plete
Manchester, N. H.
F.
..
Einzig: "Britain Foresees More Trade With Communist Bloc" 11
interests
ST., NEW YORK 4, N. Y.
Boston
j
News About Banks and Bankers_J
both
TELEPHONE HAnover 2-4300
•
^
and New Tax Bill Discussed by
Dealer-Broker Investment
From
Spencer Trask & Co.
Albany
"
John
20
Coming Events in Investment Field
25
BROAD
Trinity Place, New York 6
21
26
See It
Business
WILLIAM
25
<<
Gearhart & Otis, Inc.
11
Regular Features
As We
PREFERRED STOCKS
New
10
__
(Boxed)
ary
Members
"j
*
Companies Up 20% in Year
30
Commerce
The
have specialized in
Bought—Sold—Quoted
•
•
Continuance of Building Boom Forecast by U. S. Chamber of
Published
For many years we
Sulphur
10
unanimously
Retirement Fund will
democratic
law, every em¬
of his wages to
Standard
8
Guaranty Trust "Survey"
large
the workingham are
now
The
dele¬
the Retirement Fund.
Stocks of Natural
Ended July
"Trickle-Down Theory"
it.
Cubans
and
5
Acts.
are
for three years, but they had been
to raise sufficient money.
are
harmful
i
SEC
Congress Group Urges Improved Economic Data
unable
becoming increasingly aware
of the fact that unwise practices
regarding
tourists
have
been
Pan American Sulphur
"
'
of
quite likely to start taking place
within
i
Mexican Gulf Sulphur
:
!
How Can It Be Done?
Aguirre stated that
the project had been in the hands
De¬
nature
■«
Reports Electric Consumption at Peak; New
world
involved
made
was
v
President
coffee
as
Lone Star Sulphur
74
by the Board of Directors.
ship would be the sending of a
typical group—say, two or three—
9
13
Life Companies Invested $2.8 Billion in First Half of 1954
the
institutions.
Gulf Sulphur
,
notice!) They de¬
in stocks
unions
by the
Brooks
Common
.
majority of
employers,
acting
through
their respective associations.
And so, in November, 1952, the
Havana's fascinating
at
7
<s>
cussed the project in general as¬
Tropicana, Montmartre and Sans
Souci, are covered. So are the semblies, and it was approved by
large majorities. It was also ap¬
coffee salesmen and the
salesgirls
4-6551
6
..
Hagemann, Jr
r
v. \''
Vitality
cided to put their money
instead of bonds.
and
you
the
to
sit up and take
dealers,
will watch with eager
whom you
interest when
in
going
pensions of the
4
Unlisted
for
like
Telephone: WHitehall
Graham B. Blaine Expresses Confidence in Europe's Economic
"the1 rest")
(Caja
Gastronomico,
D.
"the
Retirement Fund
Food
their Spanish.)
Even
of
it
Hotel
who
This
country
call
and
Re tiro
readers
instead
Dept.
WALL STREET, NEW YORK
99
*
*'
President Signs Amendments to
-more
modern
the
*
■
Homes Major Factor___
both
years,
Therefore, instead of investing
in
bonds,
the
workingmen
of
the
Paul
.
PresL
needs
they
employees and the bartenders
Workers'
by
more
of
interior"
by
*
and
employees have
requesting more attention to
development of the tourist
stock
___
__
Sound Economy—H. Frederick
a
"■"
Fund,
Francisco
the story behind
many
the hotel clerks, the soda-fountain
built
The
hotels. Havana needs
the
by
us
For
business.
economic his¬
6
Profit Margins of American Manufacturers—Morris Budin___
employers
been
These
the
news:
Streets, two
supplied
stockholders.
holders
business?
Aguirre, tells
a
Taxes and
•
employees decide to go into
hotel
n
a
NETY NINE WALL ST.!
Obsolete Securities
1
The New Tax Law—Roger W. Babson__
through general elections
The
b
a
Nixon
"Kungsholm"—Alexander Wilson
-
six
H
in
be
$10
4
members
million.
entire
will
hotel's
rant
CER what you get at
.
employers respectively.
? '
Why did the hotel and restau¬
the
3
/...
—Hon. Richard M.
consists r
conducted by the workers and
L and 23rd
new
Board
the
rooms,
i
by the Board !
630
of Havana's busiest.
The
The
stories and its
an
Dunn
an
made
,
elected
a
the way
_._Cover
Impressions of Sweden, Swedish People and the S. S.
Hotel,
n
CE to get them out of
Cover
We Must Face the Communist Challenge
.
its
a
Hilton
of
em¬
with
b
a
representing
occupy
every
Hilton
H
corner
was
employees,
will be the
Raymond
Likewise,
representing the
representing the
employers and the President, whb
is employed by the President of
the Republic. The delegates are
Havana
S.
Fund.
i
The decision to go into the hotel
The1
Ansbacher" Long__,
'Trust in the West—Ira U. Cobleigh_L _____'
history cially allocated to this Fund.
well.
as
AND COMPANY
Steels
Workingmen-Capitalists of Cuba—S. Raymond Dunn___
>
ployer pays 3%. And the Cuban
Government has placed a 5% tax
on
all alcoholic beverages, spe¬
"new look" in Pan-
a
American relations
page
Says Cuban Govern¬
helping project in many ways, and the new hotel when
completed will attract a great number of tourists.
The
-
The Protection of Freedom—Herbert Hoover
ment is
a
Articles and News
Funds Prefer Oils, Rails and
3
jgiade in New York fundi.
LOS ANGELES
"
i
4
The Commercial and Financial Chronicle...
<588)
Bank of N. Y., followed in
of
magnitude
by
65,594
City
Trust in the West
oraer
shares
Enterprise Economist
A swift survey
not
of the underlying elements giving strength and
Corporation.
with
much
america's
holdings,
necessary
to
but it was
them down to
present the range and direction of
the company's asset and earning
.
"
Ira
U.
Cobleigh
tion
such
situated
in
fastest
the
of
one
and now offers in
growing population areas in the
Oregon a complete banking serv¬
IT.
S.
TA
was,
a
while back,
Corporation
and
the topic for ice with 67 branches, and total
charged
with being a banking
today, Transamerica Corporation. assets of above $800 million. First
monopoly by the Federal Reserve
Further, since the biggest hold¬ of Portland is, today, the largest
Board.
These charges have since
ing of Transamericg is in a life bank in the Pacific Northwest,
been withdrawn and, of course,
insurance company, a number of and 25th in size in the U. S.
TA did divest itself of its Bank of
security savants, impressed with
Other large affiliated banks in¬
America holdings
back in 1952.,
the dazzling upswings in Aetna, clude the Central Bank of Oak-,
Should further holding company
Connecticut General, Continental
land, The First Trust and Savings
Casualty, and the 100%-f gains, Bank of Pasadena, The First Na¬ legislation be enacted, requiring
sale of certain presently held bank
in
the
past
12
months,
of tional Bank of Arizona, The First
shares,
TA
would undoubtedly
Travelers and Lincoln, have been
National Bank of Nevada, and The
busy reappraising TA as a major National Bank of Washington. If realize a handsome capital gain
for
its
shareholders.
Assuming,
life stock. This may prove a re¬
you want to borrow money on the
however, continuance of the bank
warding pastime.
West Coast, or salt away a few
share portfolio intact, the growth
Transamerica,
an
investment million in deposits, Transamerica
in earnings and eqhity flowing to
has a bank or a branch just wait¬
holding
ones
company
above
with book value
quarter billion, and valued
in the market at around $350 mil¬
a
its
has
lion,
Occidental
It
California.
While
major
Life
trolled by TA)
Atlas
ps
in
stake
owns
Occidental
the
Co.
Insurance
of
all
the stock.
is
not
TA
ing
to
They're
you.
serve
very
well managed banks too and prob¬
ably worth
considerably
sold, than their values
on
well
TA
balance
Well,
if
carried
more
as
sheets.
we've
catalogued
the
the
another
still
is
vision
to
reason
en¬
higher prices for TA over
years.
Thirdly, there's a tax gimmick.
In
addition to capital
gains in
most investment
portfolio, which
trusts
realize
will
time
from
to
on
the
East
Coast, it's banks and insurance, companies.
time, up to $10 a share, spread
going great guns west of »the What else have they got?
Well, over a number of years ahead,
Rockies, and probably ranks they've got General Metals Corp.
may be classified as tax exempt
among
the fastest growing life which turns out iron and steel
as
"a
return
of
capital." This
companies in America. For exam¬ castings and diesel engines. This
feature is of importance to large
ple, at the end of 1949, it had but company netted over a million last
investors.
known
billion
$2,168
force.
of
Only four
(Dec.
insurance
years
in
pany
31,
in size in the U. S., and it is
rapidly expanding in accident and
coverage, '* as well
as
in
health
standard
life
insurance
under¬
writing.
In
appraising the worth of Oc¬
cidental
carried
and
to
on
Transamerica,
it
is
the books at $6,507,600
yet is given
an
year.
later, how¬
1953) this figure
had grown to $4,582,000,000
(up
16% in 1953 alone). Occidental is
now the
13th life insurance com¬
ever
equity value
The
Maybe
lumbia
Inc.
you
never
heard of Co¬
River Packers Association
Well, they
own
that too; and
america
the
yield
present
return is
a
is
36
at
current
assuming
3.6%
dividend. This
bit low for good bank
$1.30
though you don't know the stocks which average today from
company,
you've
surely
had a 4 to 4.15%, but it's high for a life
or
a
sandwich
made
from
insurance
addition,
the
"Bumble
Bee"
brand
of TA enjoys listing and active trad¬
canned tuna and salmon. That's a
ing on the New York Stock Ex¬
Columbia River Packers product,
change, a feature not found in
although I confess the connection other life insurance companies,
between
mon
;
bumble bee
a
seems
and
a
sal¬
and
pretty remote!
TA also has
a
real estate
In
company.
rarely in bank stocks.
there you have it—Trans¬
So
com¬
america,
a
magnificent package of
bank and insurance
interest, a di¬
in
the
financial
statements
of
of versified investment portfolio and
Dec. 31, 1953 of $47.6 million.
A property and also boasts 113 pro¬ many facets leading to larger div¬
number1 of
analysts think that, ducing oil wells and a sizable idends and increasing book value.
judging by current market prices hunk of hopeful oil acreage. Re¬ (Book value has grown from $9.43
of other life companies, this $47
lated to real estate also is Allied in 1941 to $26.71 at the 1953 vearmillion figure is low. Some value
Building Credits Inc., a $56 mil¬ end.)
9,853,200
capital
shares,
Occidental as equal to at least $20 lion
company, which loans money sole capitalization, give you an ac¬
per share of Transamerica. Of the to builders and then sells the loans
tively traded and highly market¬
$2.82 TA earned last year, Occi¬ it creates to banks.
able equity in a ;uniquely pros¬
called Capital Company.
develops and improves a lot
pany
dental alone contributed $1.06.
It
Finally, TA has a cozy list of
Other insurance subsidiaries in¬ high grade
marketable securities
clude Pacific National Fire Insur¬ which it keeps in a $25 million
ance Co., Manufacturers Casualty
portfolio. Plushest of these is a
Insurance
Co., Paramount Fire paltry 252,692 shares of National
enterprise.
perous
the West.
in
It's
Tower, Starbuck Formed
in
securities
a
offices
Street.
Telephone Number has been changed to
at
4
Partners
business
Carrillo
East
are
Richard
L.
Kenneth D. Sarles
Kenneth- D.
August 9, 1954
Sarles passed away
hospital
Thursday,
July 26, after a short illness. He
in
a
had
New York Hanseatic
corporation
Broadway
New York 5, N. Y.
week
been
a
resident
Florida, for
the
Mr.
had
Sarles
with
past
been
of
Tampa,
two
years.
affiliated
of the large invest¬
houses,
specializing "in
municipal bonds, for many years
several
ment
and
at the time of his death was
C.
MCClure & Co.
is
survived
by
of Tampa.
his
Florence H. Sarles.
r.
in
ended July
17 were unchanged from that of the pre¬
while new claims in the week ended July 24
. Many
of the. new claims, it was reported, were
due to unpaid vacation layoffs.
/
In the steel
industry, steel producers are encouraged by
grass roots reports from their salesmen that promise a pickup
in orders, states "The Iron Age," national metal working weekly,
vious
period,
dropped 5%.
.
this week.
the
So far
promises outweigh the orders, as the summer lull
who have been beating the bushes for
business all summer are receiving more encouragement than they
have for months, it adds.
While steel people are noted for their caution, here are some
positive reasons they believe their business will improve; declares
this trade authority.
The number of customers who expect to order more steel
soon is increasing. This includes automotive industry, steel's big¬
hangs
but salesmen
on,
gest customer, which takes about a fifth of all steel produced.
However, the pickup in automotive orders probably won't opme
so
had
as
soon
changeovers
been
may
Word from Detroit is that
expected.
model
take longer than anticipated.
have virtually completed inventory
will have to increase their steel
buying merely to support production at the present rate. Any
improvement in their business will raise steel buying at least
A
majority of steel
reduction.
that
This
much
ventories
they
Some
more.
the
to
users
means
bone
who
manufacturers
have
steel
cut
in¬
actually find it necessary to rebuild
inventories a bit to support expanded production schedules.
The steel market has been getting unexpected support in the
form of miscellaneous orders from a variety of small manufactur¬
ing plants and parts makers, in addition to construction and oil
industries.
If this support can be held, foreseeable gains from
other big users should give the market a lift and finally, this
trade weekly concludes, the overall economy has absorbed the
shock
of
seems
favorable
may
readjustment plus the summer slump and the climate
for general business improvement.
Government
defense and "nudge" programs will furnish an assist.
Domestic car and truck production dropped 2.5% last week
for the lowest five-day volume of the year.
The previous low
set
was
July 19-24, at 122,789 units.
Automotive Reports'" counted
"Ward's
in
States
United
the
120,392
completions
123,482 the preceding week.
plants against
1953 week volume
same
In
135,482.
was
of operations at Hudson and Studebaker last
dip at Plymouth (prior to its mid-August shutdown)
hold United States passenger car assembly to a 104,000-unit
Resumption
week offset
to
a
level.
month-end production respite at Chevrolet plus
vacation shutdown at Willys pulled truck
building down last week to 15,672 from 18,878 the week before.
The statistical agency, meantime, totaled domestic July out¬
; However,
p
of
start
a
14-day
a
to 441,607 cars and 76,502 trucks, witjj 431,000 and 74,000,
respectively, being lined up for completion in August.
Thus, it said, August truck output will represent the in¬
dustry's fifth straight monthly decline and dip to the lowest level
put
since November of 1949.
"Ward's"
added
late July
the
that
Dodge Main Plant strike
has evidently extended 1954 model output at the various Chrysler
a week.
1
commented, however, that Plymouth
should end its run this week, with Dodge-DeSoto-Chrysler fol¬
lowing a week to 10 days later.
Corp.
lines by several days to nearly
car
The
reporting
"Ward's"
at
said
service
Aug.
16, will mark resumption of car output
Kaiserp Nash and Willys after two-to-six week vacation and
inventory shutdowns.
Steel
Output Scheduled to Ease
let
today's
easy
says
a
Trifle in Latest Week
lull you into a
"Steel," the weekly magazine Of
steel
procurement
you can
get all the steel
you
want; but
deliveries could be less prompt in October.
;
largest single user of steel, the automobile industry, is
poised for heavy production starting in November after model
changeovers, it states. This would mean that steel would have to
start flowing into the
auto producers and their suppliers in
October.
He
Orders
for
October
deliveries
would
start coming out
buying by the auto
industry might easily lengthen delivery times on some forms of
finished steel several weeks, declares this trade weekly.
For December, auto production is being geared for nearcapacity rates. This would mean an all-time peak for that period.
Heretofore, December has been marred by model changeovers
and factory shutdowns.
next month.
Right
local
Executive Vice-President of Louis
120
below the level of last year at this time.
claims for unemployment insurance benefits
Continued
the
The
B. Starbuck, Jr.,
Anthony Zozzora.
and
WOrth 4-2300
Effective
about 8%
was
Don't
Tower, Edward
our
Despite appreciable gains in construction activity, total in¬
output for the nation-at-large for the period ended on
Wednesday of last week held at the previous week's level and
this coming fall,
metalworking. Right now
from
Business Failures
dustrial
big trust
a
SANTA
BARBARA,
Calif. —
Tower, Starbuck & Zozzora is en¬
That
Industry
squeeze
gaging
Price Index
Auto Production
and
'
(Special to The Financial Chronicle)
c.Announcing
Food
Trans¬
on
even
salad
Carloadings
Retail Trade
Commodity Price Index
jot
markets
months, special attention has been 45% of Transamerica's 1953 net
power.
TA is big in insurance,
given
recent- profit.
Three things rather stand out in
1 y
to
the and getting bigger.
review. First, Occidental Life, the
closed
end
Second in magnitude in its con¬
major holding, has a value today
/ trusts.
These trol and ownership of financial
and
a
potential for growth not
are
generally corporations, is a chain of banks on
extravagantly valued today either
of two orders, the West Coast having currently
on
the Transamerica report or in
<>the* diversi¬ 158 offices in the most; important
the market price of its shares. Life
fied, or gen¬ areas of Washington, Oregon, insurance stocks have
only quite
eral market California, Nevada} and
Arizona.
recently become popular with the
ones,
such as Total deposits in these controlled
general run of investors and Oc¬
'Adams Ex¬ banks are now almost $1.6 billion.
cidental, by any standard is a very
Of these, the biggest single one
press,
Leh¬
good life stock with a demons¬
man
Corp. or is the First National Bank of Port¬
trably rapid expansion curve in
Tri-Contin- land which, in February of this
the stockholder's equity.
ental, and the year, acquired by merger 15 other
Second, the string of banks is
special situa¬ banks (heretofore majority con¬
eager
Electric Output
State of Trade
of Trans¬
details
the
Steel Production
The
An¬
TA seems always to be at¬
by banks.
We've tried not to bore you too
equity values Insurance Co. and the Automotive
These
important
the roof of the Insurance Co.
of the last few holdings, plus Occidental, provided
to
carried
Los
of
tracted
for
search
the
Trust
geles.
substance to the shares of Transamerica
In
Insur¬
Fund
25,000 shares in Citi¬
National
zens
,
Firemen's
of
Co. and
ance
U. COBLEIGH
By IRA
Thursday, August 12, 1954
A substantial
now,
increase
in
steel
this trade magazine continues, the booming con¬
is a big support to steel demand. By late this
struction industry
year
it may have some company. In addition to projected strength¬
ening of
demand
substantial
orders
from
from
the
automobile
railroad
industry
there may be
shipbuilders.
Notable is one order for
carbuilders
Ordering of railroad cars has picked
up.
and
Several ships for the Navy have been ordered,
part of the hull steel for them will be bought in the fourth
1,000 box cars.
and
quarterWhile
United
the
States,
current
demand
demand
is
for
rising
in
steel
remains
foreign
slow
countries,
in
the
notably
widow, Mrs.
Continued
on
page
28
Number 5350 —The Commercial and Financial Chronicle
Volume 180
Electric
Consumption
Joseph A. Thomas Director rector of
Joseph
At Peak; New Homes
Observations...
Termed Major Factor
elected
ciated
System is at its highest peak
the history of the system.
Midst
According
to
A New
Paul
D.
Brooks,
com¬
mercial
Vice-
President
Long-Term Look at Common Stocks
this
new-New
In
booklet
a
'Common
search
of
each
Stock
and
D.
the
Brooks
New
increased
record
pumps
sale
home
of
first
Brooks
time
stated
in
that
for
average
sents
an
same
month
an
a
the
or a
the
and
year
gain of 122 kwh.
9.3% increase
over
year.
1946, when a
$694-million v postwar
expansion
program was begun on the AGE
since
Wilfred
A.
New
including all of the
Exchange common stocks
and
of
"Various."
excluded
"Coal
and
and
number
of
has
customer
cus¬
dropped
28%.
During this period annual usage
increased from 1,308 to 2,516 kwh.,
number
residential
of
from
went
while
741,585
the
total
The
a
end of 1953—the
equivalent of
pounded annually.
residential
held
declined
kwh.
■
a
have
initial
investment
return of 12%
of
per annum,
staff
Walter
of
J.
Hood
Co., 415
Congress Street. Mr. McKenney
was
formerly with Clayton Se¬
curities
Corporation-and
with
past
Arthur
J.
in
Warner
the
&
Beane,
Montgomery Street.
of
1953, the purchasing
to
$1,361,250,
gain
a
power
of
than
5M>
equity investor
our
fully adjusted for the cost of living change.
more
times
of
the
101
the
initial
which
was
total,
The results
all the
vary
in
net
some
10 would have shown
gain to the investor
The results varied from 5%
Co.
■
Jf
'%
AUTOfSTOCKS?
as
"Never before has the industry had such
high production under conditions
sustained
100%
since then.
more
or
the question is, to
avoid.
to
of
the
at
loss
net
a
glance which stocks to buy, hold
a
up,
or
sell.
Afso See SUMMARY OF RECOMMENDATIONS
a
613 Stocks
on
the
on
the
paid enough dividends
special 16-page Summary brings
Line
Value
and
of
estimates
1954
for each stock
you
and dividends
earnings
recommendations.
Also, in handy reference
yields, Value Line Quality Ranks, long-term
specific
form:
the period).
over
are
way
loss below
a
profits
profits tax, earnings prospects
excess
Furthermore, of
original investment and 34 companies in 1953 showed
result
Survey
reflecting the end
for the auto
manufacturers as a group are poor. Production is declining,
inventories are excessive (including GM's), price cutting is
widespread, steel costs are moving higher. The latest VaLe
Line Report analyzes both the favorable and unfavorable
prospects for the key automobile, industry, brings you spe¬
cific earnings and dividend estimates, rates each stock on
its investment value at current prices, so that you can see
year's
by General Motors, down to
the original 1913 cost (although 24 of them
'
■%
While General Motors'
of going off the
way
five of the included companies.
company
of
—
This
to
Investment
prices discounted the expected results?
deep end in making enthusiastic pro-equity conclusions from this
on
"i
■
what extent have the higher
And how will-indi¬
be affected by renegotiation, emphasis onnewer planes and
guided missiles, cutbacks on older models?
Every investor should see the new 48-page edition of Value
Line Ratings & Reports which analyzes current and long-'
term trends in the aircraft industry, gives full page analyses
of each company, shows which two stocks to buy now and
Now
Negative Factors
factors, at least, should stand in the
from the miraculous record shown
'
'>
predictable so far into the future." In recognition of (these,
favorable conditions, nearly all the aircraft stocks have
advanced
Purchasing Power
income,
to
V
vidual companies
increased,
complete loss
.•
£»fllr*S:
Industry,
assurances
;
materially
Two
jfc
power
First, there is the revealed divergence in results from selections
PORTLAND, Maine—Charles R.
Merrill
&
military strength. In these very columns, the Value Line
Survey, exactly one year ago, said of the Aircraft Manufac¬
com¬
concerned, General Motors
grown
within the group of issues surveyed.
McKenney has been added to the
Fenner
NEW
international
to emphasize
importance
of air tensions continue
the cornerstone
of, U. the
S.
$1,014,855
turing
are
gain of 8,642%.
a
Preservation
as
•»
/
AIRCRAFT &
study.
(Special to The Financial Chronicle)
Pierce,
Calif.—Al¬
with
Which Way
The equities' record of
Now With W. J. Hood
.,
is
C.. Pon
un¬
A 1913 stake of $9,900 paid for 300
would
Trust
13,000%, and in Kresge
in
-I
in each of
were
grown to $7,131,695 in total market
rights received; a gain on the investment
Similarly—an investment of $10,340 in Texas
of about 72,000%!
1,132,020,
to
the
customer
FRANCISCO,
Lynch,
301
Lynch Adds
to The Financial Chronicle)
(The other three
value and dividends and
cost
to 2.58 cents per
from 3.3
'$■ *'•> :;'v.'
market value of $10,141,731 at the
the individual issues
the premier performer.
shares would have actually
was
Land
v.
"Railroads,"
Mining"). It was
that $10,000 was invested
made in 1913 would have had
as
•.
Results
customers
to
average
SAN
exander
di-
a
Air¬
were:
and
cents
92%
rose
(Special
| The VALUE LINE
10, 1914 issue of The Com¬
Financial, Chronicle ,under the
May
As far
<•
Jan.
residential
year,
is
He
York
tomers increased 53%. Cost to the
through December last
average
residential
usage
bankers.
National
1913
preserving purchasing power over this
period is most important, particularly in view of the present gen¬
eral worry over long-term inflation. In the face of a rise of 267 %
in the cost of living, meaning that the 1914 dollar was worth 37V2
System,
T.
and
Merrill
investment
by
stocks, and that they
disturbed during the 40 years.
Pacific
end--of
an¬
D.
utility issues
the
on
these 101
the
Figures
months this
period last
same
From
repre¬
over
ago.
year
average
home
per
homes
increase of 9%
for the first six
show
The 217 kwh.
was
of Yale
University and Harvard Business
School, and a resident of Old
Brookville, New York, is a part¬
ner of
Lenman Bros., New York
the
kilowatthour mark.
Company, it
by
President
Co.
/
Stock
the
assumed
the
history of the
AGE System, average residential
usage in June went over the 200
June
in
"Express,"
ap¬
for
holding
listed
done
was
classifications
pliances set in 1953.
Mr.
then
were
classification
ance
heating,
Flintkote
Lines,
Export
lines Inc.
Asso-j
Exchange.
mercial
air
heat
and
industrial
101
York
listed
resi¬
home
buying
the
This
conditioning,
Paul
Water
,
-
electricity
is
being caused
resist
as Investments,"
Capital Re¬
Management Company of Los An¬
from
of
which
of
recently-
a
Stocks
and
results
home usage of
dential
stock,
Tide
in*
many corporations
American
geles has traced the hypothetical individual's
Electric,
sales
common
.
the "boom" in
by
the
eluding
been
Mr. Thomas, a graduate
issued study of its long-term performance carries some
significant
connotations.
American Gas
and
of
Era
of
Oil
Staples.
in
has
member of the Board of
a
nounced
the American Gas and Electric
on
Thomas
A.
Directors
By A. WILFRED MAY
Use of electric energy in homes
5
(589)
dividend
(1956-58) estimates of earnings, dividends, normal prices,
of the companies which afforded
relative
return
no
whatever, to the 8% which showed
accomplishment
35%
4,000%
over
of the issues showed
plishment of
a
of
an
total investment
a
the 40-year
for
period.
your
While
698-page Value Line Survey.
aggregate total investment accom¬
SPECIAL:
1,000% for the period, 24% of the group showed
over
throw-off of less than 160%
4 weeks
for the 40 years.
In
Excluding General Motors, this "fund" grew 650% in market
value,
versus
strated,
well
as
citation
by
of
as
is
study,
a
period
importance of the
conducted
previously
performance of the 20 most popular
C..in the breast or elsewhere
measured
I—is the second of the
between
seven
danger signals
commonest
that may mean
cancer...but
visit to
should always mean a
doctor.
your
-
.,
1938.
Industrial
market
as
0 (aboveT u Unusual
or discharge <3 Any
Change in a wart or mole Iff
bleeding
indigestion
or
diffi¬
culty in swallowing 0 Per¬
hoarseness
cough
or
Co., of the price
measured
American Motors
General Motors
Republic Aviation
Boeing
Grumman
Studebaker
Int'l Harvester
United
Aircraft
Chrysler
Douglas
Lockheed
United
Airlines
port, would seem to be two-fold, as follows:—(1)
$5 INTRODUCTORY OFFER*
offers
the
possibility of
Situation
letters and
subscription $120.)
or
write to "Cancer"— in care
of your
,
:
local Post Office.
•
•
American Cancer
"
tainty,
be
Plus
studies sup¬
1
Society
Weekly
That
the
16-page
Summary
of
the
Charge
Recommendations and
48-page Aircraft & Auto stock edition at No Extra
common
in¬
gain,
satisfactory
Address
or
even
Send $5 to Dept.
ert S.
sen
SAN FRANCISCO,
Burkholder, William C. Ol-
and
James
K.
McCormick
have become associated with Rey¬
Street.
&
Co.,
425
Montgomery
Mr. Burkholder was for¬
INVESTMENT SURVEY
(Special to The Financial Chronicle)
SAN FRANCISCO, Calif.—Rob¬
Calif.
—
Published by ARNOLD
La
THE VALUE
Faun
Williams is
ston
&
Wal¬
with
now
Co.,
265
Montgomery
Street, members of the New York
# <
-
*1
and
'
San
merly with Paul C. Rudolph and
Company. '
;
.
•: changes.
,
*
Francisco
-
,
,
J
Stock;
.
CF-9
THE VALUE LINE
Joins Walston Staff
Reynolds
State.
Zone
City.
probability, of such advantage definitely cannot
assumed.
nolds
'
4
Report, 2
Supplements.
(Annual
*New subscribers only.
Supervised Account
Recommendation,
Fortnightly
cluding the offsetting of cost-of-living rises; but (2) That the cer¬
save your
you,
weekly editions of Ratings & Reports—covering
stocks in 14 industries.
It includes also a Special
Name
investment
stock
Three With
Society office nearest
and IT others
(Glenn L.)
The Conclusions
(Special to The Financial Chronicle)
life, phone the American Can¬
Martin
Includes 4
concur¬
overall decline of
The conclusions which the two above-mentioned
For other facts about cancer
cer
Amer.'Airways
J. I. Case
by the
in price,
Amer.
Aviation
Pan
(as
This
full-page analyses of:
North
B Any change in normal
day
200 stocks and 14 industries.
48-page issue analyzing 37 leading Air¬
Eastern Airlines
39%, one-half of the issues shrinking by 50% or more.
bowel habits.
that may some
new
Fairchild Engine
200
an
on over
extra charge, the 16-page SUMMARY OF RECOM¬
American Airlines
-
heal
sistent
the
rently these 20 most popular issues suffered
Any sore that does not
Persistent
While
no
Allis Chalmers
aegis
dividend-paying issues
Average almost trebled
The other six danger signals
ire- SS
the
—
by their trading volume at the beginning of the period)
1901 and
Jones
Dow
selected
under
of Robert Lovatt of Brown Brothers Harriman &
addition, at
craft, Auto, Airline, Agricultural Equipment and Truck stocks.
issues and others—This is well demon¬
the
Under this Special Offer you will receive in the next
Ratings & Reports
edition includes
place, there is the divergence between the per¬
formance of this group of
new
MENDATIONS and the
by the Dow Jones Industrial Average.
700%
In the second
long-term growth expectancies. You will have at
finger tips a summary of the conclusions reached in the
5
i
BERNHARD & Co.. Inc.
LINE SURVEY
EAST 44TH STREET,
BUILDING
NEW YORK
17. N.
Y.
|g||
4
Ex¬
M
6
The Commercial and Financial Chronicle
(590)
...
Thursday, August 12, 1954
We gave
the Philippines theirs.
Indonesia get hers.
We suffered 150,000 American
casualties aiding Korea to defend
We Must Face the
Communist Challenge!
hers.
By RICHARD M. NIXON*
hers.
Vice-President of the United
done,
in Indo-China.
as we
ultimate
Lists what the
the
world
if
even
the!
other
peoples of Asia want, and out¬
should be supported.
they
order
deal
not have effected the outcome. As
Communism in the United States,
the
much
and
and
words
absorbed
of
the
Commu¬
China
nist
leaders
of Dien
We
have
never
deviated
from
this
ob¬
jective.
This
not
they
talk
not
Richard
M.
Nixon
la nguage
when it serves their purpose. For
today
hear
we
great
a
deal
of talk about peaceful co¬
existence emanating from behind
the iron curtain. We could make
no
greater mistake than to
that
the
they
Communists
unless
say
produce
words.
time
deeds
We
after
what
mean
and
to
until
back
must
assume
they
their
up
remember
time
in
that
the
past 37
the Communists have talked
peace at a time when they have
years
planned to wage
Shooting down
ports
is
devotion
to
the
co-existence. I
I
war.
unarmed
strange
a
idea
President
of
that the
if
firm
language
with orders to
scene
attack
fired
action
that
the
This
upon.
is
the
only
Communists
understand.
of
Indo-China
to preserve the American
way
of life?
*
is
generally agreed that
must take the
(1)
that
at
the
deterred
a
our
military
sufficient
level
so
will
be
beginning and
ag¬
Communists
from
gressive war;
(2) Enter into
treaties with
we
following steps:
Maintain
strength
our
allies
defense
so
that
we
Commiunists against nations which
individually have the will but
the strength to resist such
lack
aggression but who can resist
gression provided they have
ag¬
as¬
sistance from other nations;
(3)
principle in
where
Provide
nomic
stopping
to
and eco¬
the weaker
nations
so that they can be
strong
enough to resist aggression from
side
was
army
of
people,
however, were against the Com¬
munist government and
it was
only a matter of hours after the
revolt against the government be¬
gan before the Communist leaders
strong
as
had
to
In
for
run
other
as
of
90%
the
army
the
their
words,
military and
lives.
Indo-China?
been
as
the
assistance
all operating together will not do
the job alone unless the people
are
on
side.
our
it
they
10 times
we
it
were
affected
as
the
States
had
strong militarily
would
outcome
not
in
have
Indo-
China.
(2)
A
traditional
mutual
de¬
the NATO agree¬
ment would not have saved IndoChina. Such
a
effect, drawn
"Excerpts
pact would have, in
a border line over
from
an
address
by
Vice-
president Nixon before the National
Con-
y^ntion of Veterans of Foreign
i nuadelphia, Pa., Aug.
2, 1954.
Wars,
example,
We
don't
They
want
independence
they don't have it now.
they want to keep their in¬
dependence where they have at¬
tained it recently.
(2) They want recognition of
their
equality as races and as
peoples.
(3) They want economic pro-r
Alexander Wilson
*
the "Kungsholm
making
have
the
reason
succeeded
in
.
Cotnmunists
Asia
that
is
they have aligned themselves with
these
causes.
the
'But
r,
:
.
shows
record
that
they
have
pome
tq
power they produce the opposite
from what they promise.
can
can
we
do about it?
idea.
But
exposure
.and
opposition alone is
enough. If the choice of the
not
un¬
committed
question, but .that they:
no
will turn toward those who prom¬
ise a change.
What
we
must do
is
to
offer
a
postive alternative. The people in
uncommitted
world
must
there is
be
areas
of
convinced
the
and
world
to
on
our
our
free
the
that
which
States
in
turning toward dictatorship and
of any type but in the
development of a society in which
nations can be independent, men
can be free, and peoples can live
together in peace and friendship.
tyranny
Granl D. Shanklin is
With Gruttenden & Co.
Grant
D
associated
has
for¬
Swedish
American
of
sick
and
maimed
Theatre of
pean
So
war
to
our
shores?
the writer
wishes to* say to
his fellow Americans that Sweden
ranks
as
and
foremost
of U.
nation
stands
of
for
S.
and
Peace
Sweden's
ate
a
A.
a
and
practices
and
peace¬
none
in this
world
upset
calm
re¬
spirits;
which
pursuits second to
troubled
brave,
patriotic
friend
staunch
and
nation
a
sourceful
today.
dispassion¬
and
judgments and peaceful en¬
during the past century
deavors
the
race,
betterment
of
qualities
are
the
human
sadly
but much needed in
lacking
world beset
a
hate/and misunderstanding.
This then is the humble tribute
of
a
an American
newspaper man to
wonderful nation of Peace lov¬
and forward
ers
God's
ters
best—the
of
If
looking people—
and
sons
daugh¬
Sweden! !!
there be
a doubting Thomas
reading
this
article,
the
concluding advice to him
after
writer's
is
what
said
about
above
friendly people is not an ex¬
would
be:
quainted
ple
and
visit
with
see
Sweden,
get
Swedish
the
things
for
ac¬
peo¬
yourself.
F. E. Sweelser With
Dreyfus Corp.
for
this
palatial
conceivable
The
was
finest
of the
one
ships afloat.
.
every
marine
gad¬
constructively is consid¬
get and
ered
has
ship
modern
.
.
passenger
,
.
American
Swedish
the first line in
service
:
to
'
iThe world
owes
the creaip
.
the
Dreyfus Fund
Vice-Presi¬
as
dent, it is announced by The Drey¬
fus
New
was
Line
the Atlantic
pioneer
driven ship.
Frank Eliot Sweetser has joined
the
Corporation,
York City.
formerly
Value
Line's
50
Broadway,
Mr.
Sweetser
Vice-President
Ihvestors
of
Counsel,
Inc.
motor
:
the inventibn of
Southeast^ IDA Group
separatqr (by De Laval
To Hold Annual
Mtg.
,1880) and the- improved - screw
propeller (by Ecicksson 1837), the
BALTIMORE, Md.—The South¬
depth bomb (by Unge 1903) and
eastern Group of the Investment
dynamite (by Nobel 1867) to the
Bankers Association of America
inventive
genius
of
Swedish
will hold their annual meeting
minds.
Dynamite, the product of and
conference at the Homestead,
Nobel's brain, has been one of the
Hot Springs, Va., Sept. 24 through
world's
great
peacebuilders in
Sept. 26. Harvey B. Gram, Jr.,
tunneling mountains and under¬
Johnston, Lemon & Co., Wash¬
ground passages, foundations for
ington, D. C., and W. Wallace
lgrge and. small buildings and
Lanahan, Jr., Stein Bros. & Boyce,
highways and in removing diffi¬
Baltimore, will serve as Co-Chaircult
obstructions
of
all
kinds
men of
the meetings and enter¬
which impeded man's engineering
-
.
construction progress.
tainment committee.
'
Collectively speaking, we Amer¬
icans are somewhat of a provin¬
Joins Stone & Webster
'
a
better way to get what
with Cruttenden & Co., 209 South
La Salle Street, members of. the
they want than through following
Communist leadership. We have New York and Midwest Stock
an outstanding case to sell. Take
Exchanges. Mr. Shanklin was for¬
for example, the issue of inde¬
merly Vice-President
of
Franpendence.
We
the
thousands
initiative and mechanical progress
and
(Special to The Financial Chronicle)
become
this delightful
ple's especial pride because it ex¬
emplifies in a big way Swedish
what
say and what we do tiiat the;
best hope for the world lies not
has
on
The government subsidized ship
"Kungsholm". is the Swedish peo¬
to
Shanklin
Swedish
the
.
we
who
people's traits, either at rest or in
their active pursuits.
We cannot expect other peoples
adopt political and economic
systems exactly like our owfi. But
we are.
anyone
American soldiers from the Euro¬
ob¬
aggerated picture of the Swedish
uals and economic progress and a
better way of life.
—
passengers
So
we must do it to recapture
spirit of the American revolu¬
tion. In the early days of the Re¬
public, America was a symbol for
men everywhere
who wanted in¬
dependence
for
their
nations,
equality and freedom for individ¬
111.
and
these
What
CHICAGO,
as a
dance
that
with
.
this
to
cruise.
the
by
people
low
are
.
II
happiness and fun with their fel¬
evidences of
in
the
them
%
.
or
class love to eat, drink,
sing to their hearts
content aboard ship, they went
out of their way to share their
out of all proportion by
Communist propaganda agents.
convince
race
any
as
while
that
server
blown up
can
civilization
nationality extant.
It was noticeable
help to
which
to
for
and
Americans presump¬
we
ships, the old "Kungsholm"
"Gripsholm" rendered
this country during World War
in safely
convoying tens of
social
activities and as
proud of their traditions, culture
occur
and
the "Kungs¬
cruise
he found to his
tions,
country the symbol of
of freedom by
tion
ful
spend
adequate
information,
can
opportunity to ob¬
characteristics of his
recent
—
and the old
to Bermuda
surprise that
the Swedish people aboard ship
as
a
class were as warmhearted
and vibrant in their family rela¬
holm"
be
Every American
United
we
and oppose the
expose
Communist
the
and
not
of
fellow passengers on
equality for all our citizens re¬
gardless of race, creed or color. It
is simply impossible to estimate
the damage which is done to the
wherever
What
in
modern times.
these lines had
these
the
serve
fellow
Line
enviable
an
skin"
the
under
other
gotten the humanitarian contribu¬
daily.
writer
The
as
there
Is
c a n s
for
tive
peoples who are being
subjected to a tremendous propa¬
ganda barrage by the Communist
leaders. Nothing could be more
penny-wise and pound-f o o 1 i s h
than
to
refuse
on
grounds
of
prejudice
-
the
not
to
cause
-
essential
is
must
Communist
(3)
(1)
-
on
are
niggardly
in supporting the programs which
will get across the truth about the
(2)
where
.
nations
of Japan.
case
And
the
fense pact like
for
make
they have—they want
better.
gress.
remain
to
free
the'
tuously think
American
many
for
economic necessity to
become unwilling satellites of the
Communist world. Such a policy,
"economy"
simply
have
we
library and exchange programs.
What do the people in the great
uncommitted areas of Asia want?
what
want
the
amounts
What the Peoples of Asia Want
there is
United
i
r
in
live
by
world
military
economic
of
forced
-
(1)1 If
satile
the
most
Before
before they
a
cruise to Bermuda,
category
ple who
this
saw
peoples
is
between
abroad and deal more
effectively leadership which offers something
with
internal
subversion
from different, even though they are
within. However, we can do all
'skeptical of the offer, against
these things and still lose. What is
leadership which offers only a
the great lesson we should learn
continuance
of
the
status-quo
from
Ame
the
aimed at
are
revolutions
this
In
in Guatemala
reverse
liberation.
We
military
assistance
We
Communist
the
10 times
The
mutual
deter overt aggression
by the
can
domination.
munist
something
are
the heart of
with
and which
get started.
people from coming under Com¬
Putting
Lesson
What must American
policy be
if we are to have
peace and if we
It
a
which deal
brothers
that
Swiss,
Frenchmen,
Englishmen,
Germans, Belgians and all other
Continentals—are just as smart,
resourceful, enterprising and ver¬
world
which
all
and
tempo
hurried
sup¬
discover that
we
Swedes and Americans alike,
are
re-
in
than
port to, additional course of action
problem
our
at
ap¬
objectives at face value.
we,
the writer, like
correspondents,
But even then we would not be
thought the Swedish people were
example.
a
passive, undemonstrative, slow
getting at the heart of the trouble.
(1) An economic program rely¬ speaking, slow moving, slow
What Indo-China proves is that
ing on trade where possible and thinking, a too mild mannered
where the will to resist does not
exist it is not possible to save the aid where necessary so that peo¬ race lacking in fervor and objec¬
want
The
over
peaceful" strength/ mutual defense -treaties,
of
confident that
am
exactly the right
sending
our
rescue'
planes to the
kind
show
took
in
resist
trans¬
to
way
all Americans will
agree
course
take
to
well
another
example,
attempts
of
thoroughly
we can
It is then that
Bermuda
in
for, and give the same
asm
Americans
we
and
perspec¬
proceed
enthusi¬
same
in his earlier days, that
actually have to
Europe
preciate and appraise their views
quireme nts.
For
things
Outlined
Program
sincerity he possesses
vlmo traveled
newspaper man
ities before
humdrum
tives
as many of our allies as are
willing to stand with us.
A
of
a
live arid mix with other national¬
earthly
with
.
out
perplexities
develop mutual defense pacts
We must have the
be
with all the
as
singularly free
from many of
and
effectively with the threat of
,
as
be said to
may
slower
country by internal revolution as
as by overt aggression.
that
will
could,
new,
this world and
the
Bien Phu.
munist
does
mean
the fall
before
months
Under-Secretary of
State Bedell Smith suggested yes¬
terday, negotiate mutual defense
pacts with our allies which would
come
into play in case of Com¬
that
they
was
for
What then is the answer?
today clearly
prove
possibly could be
being sent to Indo-
as
muda
past most Americans
have recognized the necessity to
support a
policy which would
keep America strong militarily,
aid to Indo-China would probably
something differ¬
locale and atmosphere, Ber¬
ent in
the
Marx, Lenin
a
"Kungsholm," famous
striking tribute to Sweden,
pays a
To world travelers in search of
something
homeland.
In
on
passengers
the S. S.
on
Swedish character and achievements.
exploited every
occupied
in
up
the Soviet
build
to
Bermuda
Swedish American liner, and
t
affiliated with the "Chronicle,"
personal impressions of his fellow
recent cruise to
have
and Stalin and
aid
records
economic
of
issue
have
hand
nation
have dared to march. But in Indo-
actions
A New York newspaper man,
The Communists on the
attached.
conquer
necessary
other
Our aid programs have
provided over $30 billion to na¬
tions
abroad
without
strings
China, they did not march across
the border, they went under it.
(3) More economic and military
if
war
By ALEXANDER WILSON*
the
Take
and by other means if possible.
The works of
by
'
.
Rico
progress.
which the Communists would not
of
,
from every nation they have
occupied.
the
objective
Communist leaders is to
still lose,
we can
• |
Puerto
away
have already learned from affairs
lines program which
The
Says
'
/
_
offered
hand, the Com¬
munists have taken independence
(2) mutual defense treaties, and (3) military and economic
are
V
•
.
have
On
States
ultimate objective of Commu¬
nist leaders is world conquest, outlines as a policy to preserve
peace and the American way of life: (1) military strength;
assistance to weaker nations.
„
We
Vice-President Nixon, asserting
these things
Impressions of Sweden,Swedish
People and the S.S."Kungsliolitt"
We helped
fought for
pendence.
coeur
our
own
inde¬
&
Company,
Inc.,
with
which he had been associated for
many years.
cial
people in
(Special to The Financial Chronicle)
assuming that all
foreign nationals are secondary
and inconsequential compared to
CHICAGO, 111.—Roy W. Michel,
Jr. has become associated
with
the
Stone
citizens
of
our
beloved
country.
But
current
& Webster Securities Cor¬
poration, 33 South Clark Street.
the
"Writer
-
on
writer
wishes
to
say,
international problems and
political
questions.
Mr.
Michel
was
formerly
with
Blyth & Co., Inc., in Chicago and
Houston. Texas.
Volume 180
Number 5350
.The Commercial and Financial Chroniclt
..
(591)
7
the full
11
From
*
•>».-*
*
The New Tax Law
Washington
Ahead
Asserting the
of the News
remarked several months
ago,
at a
conference, that he was being frequently advised that a
particular proposal might be the right thing to do, but it was
not the political thing to do.
He had about decided to do what
new
belief
that
to
this
the
be
would
right
also
thing
be
the
posed
The
tax
test
November
of
his
the
on
theory
issue
of
should
his having
More
specifically,
the
him
at
up
time
a
when
that
the
we
all
get
easier
tax
•
This
were
would
rigid 90%
call
of from 82 %
gram
the
support
crop
.
to
Carlisle
right thinking
thing. For the
right
have
we are now to
Bargeron
I
agreement
either
rhyme
that
.
-
.
•
,
.
;
in
were
shall
The
of
Mr.
what
see
Democrats
will
Eisenhower's
shall
we
to
go
cabinet"
and that what has been done
In
the
shining
controversy
light
of
Ezra
honesty
Taft
town
and
is in
stead
you
now
sums
it
he
and
not
the
pass
two
strongest
first
grade in
assets.
what
Indeed,
against
Humphrey
Benson
is
stand
(
out
as
a
even
those
him,
agree
known
on
Humphrey has dealt with politicians for
practical
long time.
a
deduct
that
from
Although
luck,
greater
a
for
expenses
medical
ex¬
3% of income, in¬
as at! present.
But,
remember
you
that
only
may
from
deduct
spent for drugs ^nd medicine
widowers,
who must work
or
of young
case
to
other
wholly dependent
should
your
of
If you miss work be¬
...
an
illness
or
injury,
an
entitled to tax .exemption
|
...
■
...
v,
for
cut-off date of April
a
when
it
corporation
automatically
If you are a farmer
to 25%
up
of your gross
help
business, installment
buying is being encouraged by
allowing you to deduct the carry¬
ing charges on all such purchases.
are
dividends
total relief, but not
In fact, the discrimina¬
To
help
churches, hospitals,
tion should perhaps be by ages,, colleges, we can. deduct, as
rather than by the total dividends- exempt
income,-30% of our
received,
same
when
expect
reinvested
they
in Uhe> stock
You
company.
of
won't
are
tributions
the
former
of
have
$1,200
of
after
are
retirement
you
retired
a
ployee such
benefit
65.
If
65.
the rich
you
list
to
him
as
a
$600 exemption
a
child
15 to
is
who
support.
dies,
main
laws
tax
are
Big
business
is
extended
from
This announcement is
you
continue for two years to get
estimate
of
their
tax.
This
plifies filing for millions of
ple.
For these changes we
thank
both-, the
Republicans
Democrats.
>r
offer to sell or a solicitation of an offer to buy these securities.
offering is made only by the Prospectus.
not an
The
he has never, of course, run for office he has
acquired consider¬
able
sophistication about the
Benson;
Mormon
the
knows
nothing
game?
about
it.
A
high
apostle
$30,000,000
the
of
Church, he does know agriculture, farm problems and
economics
of
the
farm.
He
the need of dropping
the rigid
the
Ons this
need\of
prayer.
gressional leaders
firmly
as
convinced
support program
latter
at first
were
is* just
crop
subject .Senators
somewhat taken
back
of
Pacific Power &
he is in
as
when
First
upon
ask permission to pray.
They got used to it and it
-
and
large
igbt used
to his firm
lem.
'
.
There
was
Vermonter
than
now
not the
in
time
a
ignored
the
.
/
belt
Administration
agitation,
to be the case, and his
seems
far
But
the
Democrats
Hoover.
No
ran
farm
A1
Republican party suffered
Smith
discontent
as
his
against
successor,
showed
paign far afield from farm economics
1948.
up
in
the
or
the
pocketbook.
Dewey
in
of
that
instance
the
Democrats used
the
shabbiest
the farmers.
on
Prospectus may be obtained in any State in which this announcement is circulatedfrom only such
of the undersigned and other dealers as may lawfully offer these securities in such State.
cam¬
And
in
The
Hoover
healthy respect for the farm vote after his experience
propaganda
HALSEY, STUART &, CO. INC.
'
DICK
Such
-Benson.
and
The
\
then
stronger
victory but A1 Smith's candidacy injected matters into the
a
Price 102.824% and accrued interest
the
when
slightest ill effect.
Herbert
has
1, 1954
approach to the farm prob¬
Coolidge's
farm
Dated August
that by
seems
any
Mortgage Bonds, 33^% Series due August 1, 1984
.having* luncheon wi^.^e^^icvilture^Secrjetary he would first
-
Light
Con¬
and
demagoguery
they used
as
virtues
Republicans
Congress.
This
in
time
may
the
win.
STROUD
Coolidge
had
days
LADENBURG, THALMANN & CO.
PAINE, WEBBER, JACKSON & CURTIS
figures
There is this difference, though.
they can's afford
MERLE-SMITH
not be effective against
may
His honest stubbornness is fortified with facts and
the three
&
to
a
lose
wide
a
margin
single
in
member
&.
COMPANY
WEEDEN
'
INCORPORATED
BACHE
&.
&
R. W. PRESSPRICH &, CO.
CO.
AUCHINCLOSS, PARKER &
REDPATH
INCORPORATED
BAXTER.
BAXTER, WILLIAMS
WILLIAMS &
&
CO.
WILLIAM
CO.
CO.
BLAIR
&
COMPANY
to maintain their control of the House.
It
,
would
someness
be
Now With
mighty interesting,
to catch
were
though,
if
Benson's
whole-
on.
COOLEY
&,
Y
COMPANY
&. SON
NEW
YORK
HANSEATIC
IRA
HAUPT
&
STERN
& CO., INC.
CO.
H. HENTZ
&,
BROTHERS
CO.
&
CO.
VAN
Beer & Co. Adds
Draper, Sears
BURNHAM
(Special to The Financial Chronicle)
CORPORATION
i
INCORPORATED
WM. E. POLLOCK
(Special to The Financial Chronicle)
GRE<
GREGORY
AND
COMPANY
COURTS &
CO.
ALSTYNE, NOEL &. CO.
R. S. DICKSON
&
COMPANY
INCORPORATED
PORTLAND, Maine—Carlyje A.
MacDonald has become associated
with Draper, Sears & Co., of Bos¬
ton. He was formerly with du
Pont,
Frost
Homsey
&
Co.
&
and
Cb.,
Clyde
F.
Bowers & Com¬
pany.
http://fraser.stlouisfed.org/
4
Federal Reserve Bank of St. Louis
NEW
ORLEANS, La.—Nash O.
Wickliffe
has
with Beer &
delet
become
FIRST OF MICHIGAN CORPORATION
connected
Company, 233 Caron-
PUTNAM
&
CO.
p
FREEMAN &, COMPANY
KEAN, TAYLOR & CO.
SINGER, DEANE & SCRIBNER
Street, members of the New
York and New Orleans Stock
changes.
Ex¬
March
April 15.
..
Although
and
benefited very little.
we must file our
would
politics.
purpose
is
Furthermore, mar¬
ried couples filing joint returns
and who have a family annual
income of less than $10,000 (most
of it subject to withholding) no
longer need* to file an advance
dependent with
on your return
if you pay half of his
If your husband or wife
•may
returns
teacher, fireman,
can
get the
though you're under
a
The
new
The date when
em¬
you
have
20%.
these
con¬
such, instead of the
businessmen.
re¬
If
as a
even
you
income
government
policeman,
or
pass
to
and
tax-.»
to help*
struggling parents and struggling
the basic 20% tax rate on the first
ceived
re¬
Installment Buying
To
people. Older
than $600 a year, you can continue
care.
rate,
outlays
working couples with combined
family income of less than $4,500
deduct up to $600 spent for
including:
treatment
business income.
dependents*
and
any
woman
whose husband is incanacitated, or
child
liberal
A corporation
relief,
putting a lot of money into soil
rebuilding, you may deduct these
have
everyone.
item.
other
drops to 47%.
under .19 or is in college and who
has a job which pays him more
may
get
1955, for the 52%
1,
tax
the dou¬
upon
amount
allowed;
the Ad¬
are
admittedly
as
hard
year's
deduct
5%
and
of the
use
companies;
take
people who cannot work and
.
Ro*er w- B,bSo„
support children under 12
cause
voted
Secretary of the Treasury,
ministration's
will
_
„r
above 1%of your income. Mothers,
allegedly
interest.
of
must
pay
$50 of income in divi¬
payment.
in the
„
against
above
and
you can
the
now
expenditures; greater free¬
dom to set aside surpluses; tha
right to offset a loss against prof¬
its of two prior years instead of
one as
now; greatly expanded de¬
pletion
allowances
for
mining
Money
Furthermore,
twice
search
stockholder, you
any tax at all
a
to
depreciation
badly that the President's request
was
not fully granted,
especially
child-care
you are
Republican members of Congress who
that
their
genuineness.
$50
previous years' gains.
may
are
write-off
More
un¬
ble taxation of dividends is wrong
and dishonest, I
do not feel so
also allowed to charge
of
you
the first
tax
losses
You
issue;
the
on
how
and
Benson
If
this
are
Dividend
For
won't have
al-
for
we
penses
thinks only of adding to the wealth of the
already rich. It is an
old and familiar theme.
The problem of the
Republicans is to
convince the farmers that they were
living in an impossible
economy
illness,
a
can
may
hospitalized.
are
Retirement
S
Not
are
Limited
or
unquestionably
?
low-income parents are exempted.
see.
"automobile
J
e.
sickness
number
pretty
ground that the right thing and the political thing are synonymous.
we
an
are
for
of
4% of any dividend income above
accident
these
:
Republican party in the Midwest.
This is what most of the
Republican Midwest Senators and
members of, the House pleaded with him would
happen.
His
Secretary of Agriculture argued that it would not and he was
mostly alone in this respect. The President stood by him on the
Now
'•
dends.
and
but
rout of the
a
days of
seven
Relief
/
on
from
made
present farm program was without
But that is not the political problem that
The question was whether his flexible
faced.
meapt
first
...
lowances
our
or reason.
Eisenhower
program
r
the economists and the "thinkers"
suppose
much
Mr.
:
.
payments made to you by your
employer up to $100 a week. The
exemption does not apply in the
•
everythin g
only
but the compromise is unquestionably an Administration
victory, and something that a few months ago, most Washington
observers would have predicted it had little or no chance of at-"
-
place
tobusiness
a
to 90%
taining.
taken
includes
losses.
flexible support pro¬
The Administration wanted from 75
90%.
has
Federal
for
misfortun
demanding that he resign.
accomplished
by
the
been
President and his stubborn
Secretary of Agri¬
culture is undoubtedly what "all
people"
the
you
thus you can concentrate most of
the write-off in the early years
on
less you
should
of
has
all
the
of
treatment
What
of
which
Washington political prognosticators were say¬
ing that he couldn't possibly last long in the
Cabinet, and when some Republican Senators
influence
com¬
things
recognized
is
Secretary of Agriculture, Mr. Ben¬
has brought an end to it. But the Presi¬
backed
help
first
first
devout
Mormon
son,
dent
will
the
many
One
last brought an end to the rigid farm support
program.
law
is
tax set up.
years.
long
at
laws
for
in
- come
It
plete revision
thing to do.
A
tax
new
everybody.
in the
political
new
Businessmen
businessman or
farmer, you may use the new dou¬
ble declining-balance method of
quick depreciation on a plant or
piece of equipment. This means
that in the first years of life, you
tax law will
help everybody, Mr. Babson
reviews its provisions to ease "hard luck" and
"baby sitting,"
as
well as relief for dividend and retirement
money.
Calls
attention to more liberal allowances for
depreciation, and holds
big business and the rich are benefited very little in the pro¬
Eisenhower
considered
Help For
If
press
he
benefit of income splitting
joint return.
a
By ROGER W. BABSON
By CARLISLE BARGERON
President
by
August 10, 1954
^5
sim¬
peo¬
can
and
f
8
The Commercial and Financial Chronicle
(592)
Sinclair
Oil
Corporation—Analysis—Peter
P.
McDermott
Sterling Drug, Inc.
Dealer-Broker Investment
Recommendations & Literature
their shares, to
First National
Bank Building, Denver 2,
Life
Coast
Insurance
Sudler
&
Co.,
rities
Colo.
Western Kentucky
Stocks—Analysis of prospects—plus 4 weekly
editions of ratings
& reports on over 200 stocks and 14 in¬
dustries, and a 16-page summary of recommendations—$5—
Dept. CF-9, The Value Line Investment Survey, 5 East 44th
Street, New York 17, N. Y.
tries—Bache & Co., 36 Wall
,
R.
Measure provides for wider
new
Shares—Analysis with particular emphasis
Macy & Co.-rJacques Coe & Co., 39 Broadway,
New York
President
Eisenhower on Aug.
signed into law the measure
passed by Congress which made
several changes in the Acts ad¬
10
Listed Stocks—In current
Stock Bulletin"—The Nikko Securities Co.,
Ltd., 4,1-chome, Marunouchi, Chiyoda-ku, Tokyo, Japan.
Earnings Performance of Japanese
issue of "Weekly
German
Bonds—Bulletin—New
Dollar
ministered
Cor¬
Hanseatic
York
poration, 120 Broadway, New York 5, N. Y.
Japan—Circular—Yamaichi Secu¬
rities Co., Ltd., Ill Broadway, New York 7, N. Y.
Japanese Plastics Industry—Analysis in June issue of "Monthly
Stock Digest"—Nomura Securities Co., Ltd., 1-1 Chome, Nihonbashi-Tori, Chuo-ku, Tokyo, Japan and 61 Broadway,
Investment Opportunities in
.
Robot
It"—2nd
and
Exchange
new
the
to
printing of "Highlights" on automa¬
the
market performance
York
4,
Bureau,
over
Inc.,
a
46
Sulphur Stocks
♦
—
Com¬
in
a
of
.
The
provi¬
years. :■
13-year period —
Front Street, New
chief
Bush
Prescott
sions
to
Card Memorandum
—
the
number
♦
*
Act
pany
of
1940
is
amended
to
provide for mandatory
of prospectuses over a longer
Vickers Brothers, 52
Wall Street, New York 5, N. Y.
as
the
of
fective
date
that
more
member of
a
Conference Committee
on
Broadcasting-Paramount Theatres, Inc. — Analysis—
Joseph Faroll & Co., 29 Broadway, New York 6, N. Y.
;
&
&
Ohio
Railroad—Memorandum—Eastman,
Co., 15 Broad Street, New York 5, N. Y.
During Waiting Period
Dillon
&
Ohio
California Pacific Utilities Company
Indiana
Gas
Company—Analysis—Sutro Bros. & Co.,
Chattanooga
to
Gas
Company—Analysis—Ira
Broadway, New York 6, N. Y.
.
Haupt
&
Co.,
Diana
120
Stores
a
prospectus is
than nine months after
date, the information
contained therein shall be
as
of
a
witxiin 16 montns of such use.
Eastern
&
Ill
,
Broadway, New York 5, N. Y.
Utilities
Associates—Memorandum—Robert
W.
Baird
Co., 110 East Wisconsin Avenue, Milwaukee 1, Wis.
Thomas A. Edison,
Inc.—Analysis—Cohu & Co., 1 Wall Street,
Also available are analyses of National
Cylinder Gas Co. and Girdler Corporation, and S. Morgan
New York
5, N. Y.
Smith Co.
International
Nickel
Company
of
Canada
Ltd.—Bulletin—
Nesbitt, Thomson and Company, Limited,
Street, West, Montreal, Que., Canada.
355
St.
James
Kentucky-Utah
&
Mining Company—Special Report—Whitney
Company, 10 Exchange Place, Salt Lake City, Utah.
Madison Gas & Electric Company
— Analysis
Stret, Milwaukee 2, Wis.
225 East Mason
—
Loewi & Co.,
Manning, Maxwell & Moore, Inc.—Card Memorandum— G. A.
Saxton & Co., Inc., 70 Pine Street, New York 5, N. Y.
McDonnell Aircraft
17 Wall
Revere
Wall
—
Memorandum
—
Kidder, Peabody & Co.,
Street, New York 5, N. Y.
Copper &
Brass—Analysis—Harris, Upham & Co., 14
Street, New York 5, N. Y.
Riverside
Cement
Analysis
Square, Boston 9, Mass.
—
—
Lerner & Co., 10 Post Office
its
the
use.
It
Commission
would
prior
remove
the
The
prohibition against extend¬
ing credit to purchasers of
issue
by
after
the offering period
a
new
inclusion
•
which
led
to
of this provision in
the Senate bill.
The amendment of section 3 (b)
designed to make the capital
more readily available to
and
less
small
businesses
pense,
in accordance with the rec¬
at
ex¬
of the President
in
Economic Report to the Con¬
It
gress.
was
thus conceived
as a
part of the securities law amend¬
ment program
for the purpose*
"while fully protecting the inter¬
2d session, House Document
289, Jan. 28, 1954, page 88,
Incidentally, I would like to point
gress,
No.
out
that
the amendment increas¬
ing the exemption for the smaller
securities issues was very strongly
advocated by
Committee
the Chairman of our
Banking and Cur¬
on
Senator Capehart, as well
by the ranking member on the
Democratic
side, Senator May-$
as
months bank.
is con¬
It should be emphasized that
sidered
unnecessarily long.
The the proposed amendment of sec¬
amendment
reduces
the
six tion 3
(b) would not have made
months' period to 30 days.
the
increased
exemption
auto¬
matically available. It would have
When-Issued Trading
served only to increase the per¬
dealers
for six
,
This
is
a
technical
amendment
practice, that it is permissive for the purpose of removing an
—obligator under SEC rules—for, ambiguity in the present law.
an
underwriter during the wait¬ This is accomplished by eliminat¬
ing period to disseminate infor¬ ing the last sentence i of section
mation but. illegal to solicit offers. 12 (d) of the Securities Exchange
The amended act, however, con¬ Act of 1934 which is unnecessary
tinues
the
to .make .unlawful4 sales, for
accomplishment of its
contracts to sell, and contracts of stated purpose. The current regu¬
sale before the registration state¬ lations of the Commission plus
ment becomes effective.
the overall rulemaking authority
ent
,
Corporation—Analysis—Laird, Bissell & Meeds,
purpose
1933—to
difficult concept, inherent in pres¬
*
.,
with
filed
Utility Corp.—Memorandum—H. Hentz & Co.,
60 Beaver Street, New York 4, N. Y.
Also available is a
Federal Paper Board Co:
of
it
rency,
basic
Act
investors with adequate
concerning securities
publicly offered—the bill permits
written offers during the waiting
period by means of a prospectus
Central Public
on
the
Securities
agree
<
,
information
—
120 Broadway, New York 5, N. Y.
memorandum
the
recommend
to
the
by the House, I
important to indicate
ommendation
Extension of Credit by Dealers in
New Issues
provide
Analysis — First Cali¬
fornia Company, Inc., 300 Montgomery Street, San Francisco
20, Calif.
Central
with
line
In
of
Railroad—Memorandum—Hirsch & Co., 25
Broad Street, New York 4, N. Y.
Baltimore
the
his
of
where
the effective
date
Disseminating Information
Senate
considerations
market
American
Baltimore
the
pe¬
ments the act is amended to pro¬
used
the Bill, were as follows: 1
provision from
now
vide
Conn.,
this
passed by the Senate.
amendment made
was
used
are
provided by
Representa¬
the registration
require information ests of investors," of "making the
more recent than the information
capital markets more accessible
in prospectuses'used prior thereto. to businesses of moderate size"—
In order to equalize the require¬
report of the President* 83d Con¬
statement
of
the House-
Senate
as
the
that
so
than 13 months after the ef¬
reported July 28
Congress by Senator Bush
which
Prospectuses
more
maximimi
from regis¬
While your managers
use
riod.
Acts
to
mission
Amendments
~
fer securities the Investment Com¬
Simplification of Information
Requirements for Prospectuses
by
N. Y.
.
types of investment
companies which continuously of¬
as
bill
believe
For certain
Used for More Thau 13 Months
administered
Quotation
long
unrealistieally
long.
press,
Amend¬
ment
and
as
represents the
New York.
National
the
of
House
deleted
tives
first
tion—Troster, Singer & Co., 75 Trinity Place, New York 6,
yield
recognized
tlie
$500,000
of exemption
The
SEC has stated
parison between the listed industrial stocks used in the DowJones Averages and the 35 over-the-counter industrial stocks
used in the National Quotation Bureau Averages, both as to
-
Securities
This
Over-the-Counter Index—Folder showing an up-to-date com-
the
measure,
6, N. Y.
Do
by
Commission.
*.
New York
sion.
from actual distribution—has
been
com¬
appropriate rules of the Commis¬
use
the interval between filing and effective date of registration.
1
6, N. Y.
to
tration which may be
of offering prospectuses for
issues and permits greater use of advertising in
securities
such
permit
a
amount
Signs Amendments to SEC Acts
quarterly comparison of lead¬
Secu¬
as passed
tained
000
President
Store
II.
would
the
the amend¬
year,
by the Senate, con¬
provision which would
amend section 3 (b) of the Secu¬
rities Act to increase from $300,bill,
— Analysis —
Thomson &
McKinnon, 11 Wall Street, New York 5, N. Y.
securities in 34 basic indus¬
Street, New York 5, N. Y.
Stocks—89th consecutive
Department
"Let
Hough, 33
Westinghouse Air Brake Company
ing banks and trust companies of New York—New York
Hanseatic Corporation, 120 Broadway, New York 5, N. Y.
on
&
Petersburg, Fla.
Selected List—Analysis of
Bache
Bank
Gas Co.—Memorandum—Beil
Fourth Street, North, St.
each
panies to increase the number of
their registered shares by amend¬
ing their registration statements.
In addition to these matters, the
&
Meeds, 120 Broadway. New York 5, N. Y.
Aircraft & Auto
Act
ment
Co.—Bulletin—Laird, Bissell
under
statements
tion
C.
the
continuous offerings of
file new registra¬
in
gage
Trust—Analysis—Bruns, Nordeman & Co.,
Corp.—Memorandum—Amos
The
simplification of prospectuses.
Instead of, in effect, requiring
investment companies, which en¬
E. F. Hutton & Company, 61
In the same bulletin is also an
Street, New York 4, N. Y.
Uranium
West
the following literature:
send interested parties
to
Beaver
Utco
pleased
understood that the firms mentioned will he
is
60
unnecessary.
should facilitate
amendment
—
Broadway, New York 6, N. Y.
analysis of Oils.
Texas Pacific Land
It
Analysis
—
is
quirement
&
Co., 44 Wall Street, New York 5, N. Y.
1954
Thursday, August 12*
...
missible and maximum amount of
from the registration
of the act subject to
the terms and conditions provided
in
relevant
regulations of the
exemption
provisions
Commission.
;
;
regulations under section
3 (b) of the act, the Securities
and
Exchange
Commission re¬
In its
quires an offering circular to be
delivered to the prospective pur¬
(d), chaser and may by order suspend
Use of Prospectuses After
and retained by the bill, afford
or deny the exemption because of
Effective Date of Registration
adequate means for dealing with fraud, threatened fraud, or other
The Securities Act of 1933 re¬ future problems as to "when-is¬ violation of the regulations. Per¬
quires that any dealer must de¬ sued" trading.
sons
using the offering circular
•
liver a prospectus in the initial
are subject to
civil liability and
The
Offering of Institutional Type other
distribution of a security—regard¬
sanctions
for
fraud and
of
Debt
Securities
less of how long the distribution
other inaccuracies under sections
The Trust Indenture Act of 1939 12 and 17 of the Securities Act of
takes.
It
further
requires the
Under present regulations
delivery of a prospectus in trad¬ seemingly requires inclusion in a 1933.
ing transactions for one year after prospectus of a summary of cer¬ these
offering
circulars
which
tain
commencement
of
an
specified indenture provi¬ contain financial statements are
offering.
This latter provision is amended sions. Since the Commission can examined in the Commission's re¬
now
to
reduce the
40
days after the effective date
the
one-year
commencement
period to
of the
or
public
offering, whichever expires last.
The one-year period for trading
transactions
as
distinguished
—
deal
provided by section
with
through
and
since
disclosure
its
problems
rulemaking
the
12
substantive
power,
gional offices before they may be
used.
It is the opinion of your
provi¬
Committee on Banking and Cur¬
required to be included in rency that the filing with and the
indentures qualified under the act scrutiny of the Commission of the
would not be changed, this re- literature employed under the ex¬
sions
emption affords substantial safe¬
guards.
I
As
Available—
2nd
Printing of "Highlights"
on
3Jmntra* jlccmiltcs
ltd.
automation
Member
DEPENDABLE MARKETS
N.A.S.D.
74
Trinity Place, New York 6, N. Y.
wag
the
After care-1
of witnesses who
appeared before
committee and urged.an in¬
crease
in the exemptive amount
and of the considered views of
the members of the Securities and
your
Material and Consultation
Troster, Singer & Co.
Members: N. Y. Security Dealers Association
increasing
for
amount
ful consideration of the testimony
on
g-
exemptive
tion for small issues.
Japanese Stocks and Bonds
2400
the
already indicated, a
reason
disproportionate cost of registra¬
Broker and Dealer
"Let Robot Do It"
have
principal
without
NY
1-
376
61
Exchange Commission, your Com¬
mittee on Banking- and Currency
was of the view that an increase
obligation
Broadway, New York 6, N. Y.
Tel.:
BOwIiny Green 9-0187
Head
Office
Tokyo
DEMPSEY-TESEUER & CO.
of the
to
Ko
exemptive amount, subject
appropriate safeguards, would
in
fhf»
nnhlir
interest.
Volume 180
Number 5350... The Commercial and Financial Chronicle
Taxes and
Sound
a
Economy
By H. FREDERICK HAGEMANN, JR.
President, Rockland-Atlas National
.
Bank
(593)
nearly as possible in (direct) proportion to their respective abilities, that is in proportion to the
revenue which they respectively
enjoy under protection of the
Boston, Mass.
.
...
Deficit Financing
►
j
the income of the
/of'«T?in ai\
u?'
printing
Jery
ought^to be levied money.
v? tlme> hhd in the manner through
wnicn is most
single
where this "Santa Claus" principle has made every¬
equally happy. Describes various kinds of taxes, and the
one
case
likely
at
The
spending.
-
reasonable level will permit
a
burden
of
taxes
rests
Concludes
~!»Very4.
contrived as to
*
•
keep
out
people
of
both take out and
the
little
as
pockets
as
of
possible
when
the
Those,^ principles i stdl
mriH
Kiif
_
sponsibilities
such
as
some
shifts
the
wl
n
i
the
seem
burden
pay
...UU
there
by
bonds
one
taxation
its
deposits
the
bins,
dollars
'
police protection, the ad-
earned dollars
ministration
raised .by
the
of
*nore-than it
benefits
rates
on
sound
ar-
govern^
abie
circula-
iL
1
higher incomes.
At the
new
-
•
{
■
_
in taxes the exact amount
-
neces-
erpnient
govern-
individual incomes has
on
that
-
sary to cover tbe cost °f the gov-
"through
the rate
-
tion of all the
the
H. F. Hagemann. jr.
ac
citizens work-
"ing
have
duties
more
assigned
ment, the larger its
the
to
There
been set just
tunas or taxes
#
In
are
Government
as
high
as
inflation
and
«
possible ^ dollars, are.not
this
country
have what
we
to government
and
are
tively
levied
As
in
we
this
di-
on
the
concerned,
it
should
be
our
en-
deavor to see that the arbitrarily
protection of the indiprogressive rates are as equitable
vidual citizen from "fraud" and
as
possible.
We should realize
•force," both domestic and forthat the overall economic condieign. But today the great majortion of the country is improved
ity of the people feel that, in ad- calls, taxes on cigarettes, taxes on through capital formation out of
dition to these original functions, gasoline are all direct taxes.
They earnings and savings. It has been
the government should extend its are
paid at the time of purchase through retained earnings of coractivities to modify the ups and by the person that is
buying the porations and through individual
downs of business conditions, and
service or article taxed. This type savings that capital has been acto enforce what the majority con—
conof dir*""**
direct tax when applied to the pnmnigfo^
in thic
cumulated in
this nnuntw
country and insider 'fair play." In recent years
great bulk of the articles pur- vested in new factories and mathe idea of fair play has been exchased is termed a "sales tax." chinery.
These facilities in turn
tended to making provisions for Taxes on real ana
and personal
personal prupprophave been
«avc
uccn ail
an uupuitaiH
important mtwi
factor in
in
sorts
many
of
welfare
activities
contemplated by the people
founded
our
government,
never
enjoying
income
from
wages, rents, dividends, interest,
or the profits of partnerships carrying on business or professional
operations.
Taxes on telephone
person
erty of the individual
also di-
are
rect taxes.
Government today is requested by
the majority to carry on certain
Probably the simplest
direct tax is the poll tax as a
man only has to be alive to be
subject to it. The individual in-
additional activities that
come
who
sidered
the
be
to
people
which
for
as
the
con-
benefit
of
be
performed
as
well
by the individual or which
beyond the financial reach of
the individuals who comprise the
majority.
are
Once the
indicated
majority of the people
at
the
polls that they
to enlarging the
were
agreeable
scope
of government activities to
limited
most
whole—activities
a
cannot
are
levied
analysis must
and
by
an
enjoy the pursuit of
it must be supported
in
necessary.
or
taxes
such
These
reduce
amounts
as
it
on
pays
are
compatible
ment that he otherwise would pay
directly.
\r
a
cm
a
KicnMUJNU, va.—A.-A. bulli-
-
van nas become associated witn
irredeemable
Mason-Hagan,
with
Inc.
1110 East
Main
Street,
members
the
of
production
per
worker,
and
in
the
increased
wages and higher standard of living of the American workman,
High individual tax rates should
be guarded
income
and
taxes
the
on
effects
the
other
phia-B
keeping
his
Those
have
who
the
from
us
programs
are
how mm-w
much
our
uui
desirable
in
to
undertake
Rut
nrncrrnmc
and programs.
how
matter
come
increased,
But
these
themselves,
or
elected representaitjjAcocin,acivncu
do for the people in order to keep
the government solvent and to
A- A- Sullivai1
\yei(l
was
&
Co
Cq
and
0fficer
an
curities
0f
an(J Wjjite
prior
Two With Hooker & Fay
(Special to The Financial Chronicle)
„
ANCJ^m
r
c^itu ^
F
£*
q?
by
the
persop
who
2
wjfh
y
w
Proportional
vs.
&
ocnwaodcner
«
Straus, Blosser Branch
BELOIT,
the
To deceive the
economy.
Wis.—Straus, Blosser
& McDowell have opened a
branch office at 405 East Grand
mass
of the peo-
This is not, and is under
as a
no
circumstances
to
be construed
as, an
offering of these Shares for sale,
economist,
Adam
gar(j to taxation which
as
or
solicitation of offers to buy, any of such Shares. The offering is made only by the Prospectus.
-
.
'
'
:
August 10, 1954
186,683 Shares
Harrisburg Steel Corporation
Common Stock
$2.50 Par Value
Price
$22
per
share
the
writers,
including the
may
be obtained in
undersigned,
as
may
any
State only from such of the several Under¬
lawfully offer these
securities
Taxation
The
are
I
Smith,
re-
briefly
/
pie through inflation is dishonest, Avenue under the direction of H.
and the deception in time will do John El^is.
to
Copies of the Prospectus
suggested certain principles in
i
Productivity, and ultimately
harm the entire economy, f
wrecking
on
Progressive
tt
f~h
«:ioSL
Srhwnharhpr
direct
enjoys
f
st® k' Fxchan^' m?w»q
?
~mPn7
formeriv
con-
thing that is taxed,
i
a"? £™esr cient nave
uecome associated wim xiooKer &
n pfL '
"J
&
a™? q™'
indirect the tax is always paid
or
Se-
Corporation
consumer
are
thereto
Equitable
avoid
AU taxes ultimately are paid by
Whether taxes
asso¬
with
against, as they tend
to discourage thrift and cut down
by it.
If
prices must
Thus the
was
formerly
tives would like to say yes rather
than no, they also are restrained
from doing all they would like to
all
return
Mr.
ciated
final
from the
departt.
Sullivan
receive
citizens
government
manu nmientc
many
projects
no
govern
municipal
within
expenses
requests
of
m e n
bounds and the family's financial
condition solvent.
many
as
manager
bond
hand,'»
many desirable things
for his wife and children, but he
is restrained from doing all he
would like to do by the necessity
11 i-
Exchanges,
the
,
a
Stock
more
like to do
of
Philadel-
and
*
inflationary deficit
on
Richmond
these taxes indirectly,
people.
individual's
living to the extent that he is
not given services by the govern-
Mason-Hagan, Inc.
rur'tnvrrmvtr*-
be solved only by a reduction^
in government spending.
The head of
a
family would
it
and
the
in
management
"contributions"
the
econ-
A. A. Sullivan With
can
charge for its bread
that will cover materials,
prices
are
spendable income, but in theory at
least only reduce his standard of
for
what
"contributions" from the in¬
dividual
lasting
v
must
be increased.
is
agency whose activities are not
designed to produce wealth, but to
permit the individual to produce
wealth
but
consumer
A baking company, if it is
to be successful and stay in busi-
taxes
Expenditures
happiness,
increased
aging
capital and taxes paid
Taxation and Welfare
government
tax
America strong and free
other
no
sumer.
wages,
the
and
become
It has
revenue
the
levied
cifically to do
the people.
by the majority
of
taxes
ness,
of
corporations
consumer.
from
without waiting to be asked spe-
Since
normal
financing with its ultimate dam-
management
which
transforms
raw material into articles desired
gets
additional activities and functions
corporations
indirect taxes. Taxes
on
form part of the retail price of
such articles. A corporation is an
organization of capital, labor and
source
so
their
more
a
"
part of the cost of the article produced
by
the corporation and
ing their
On their own initiative or urged on by minority
groups,
bureaucrats have expanded their scope and taken over
are
on
have not been bashful about takcue.
levied
however,
by the
extent,
above is the
complex direct tax.
Taxes
politicians
a
the
tax mentioned
the
high
hand
one
are
called "indirect taxes."
taxes
so-
country have
abandoned
the
principle
of
straight proportional taxation as
far as* Federal Income Taxes are
called "direct taxes" and what
rect
individual income taxes for
cial reform purposes..
Individual income taxes
time when the only
was a
on
.
and
the
were
reason-
a
structure;
'
the
re
functions assigned
a
.
govern-
expenses
the people in the form of taxes.
Functions of the
tax
permit
services he receives, so as to get as much revenue as1 true progress and lasting prosper- '
History fails to reveal a single possible without completely de- ity. Inflationary programs emcase where through the pursuit o£ stroying incentive and thus killing. barked upon to create jobs and
it will have to take from
more
will
at a
reasonable level will help to keep
money or new de-
"Santa Claus" principle of the goose that lays the golden egg. bring about full employment in
the government has no wealth of taxation, governments have made
Of course, there is almost al- the long run have always brought
its own
it has to draw on the ever^one equally happy, but too
ways pressure to increase taxes in
about
mass
unemployment and
wealth of the people to defray the
often history records that gov- order to provide more revenue misery,
expenses of carrying on the mul—
crnments have succeeded in mak- and there is often pressure from
A Solution
tiple functions assigned to it. The
everyone equally miserable, certain groups to use high rates
The dilemma between destrucsince
menf
at
Duaget
oaiancea at a reason
level
other
concerted
.
return to
we
Ul,<,.>**
strengthening effects on our
0my. .A
budget balanced
able to buy less
able to buy before
printed
that
and
money.;.
■
are
were
or-
economic
our
that the budget be baldeficit financing be
equitable
-1
-
than they
It is essential in
A budget balanced
,
iJfrrPacpc
pays in taxes. In time of the adoption of the first posits were created. Deficit fi*bis "Santa Claus" feature of Federal individual income; tax,, nancing that increases the money
functions
can
'<soa^ the rich" taxation liquidates the top Federal income tax rate supply is the most direct and most
best
be
hanitself, as society is leveled out. was 7% in contrast to the top rate harmful form of governmentdied
by
the Then each taxpayer has to pay currently which is 91%. Too often-fostered inflation. History reveals
justice, and
certain
of
anced,:.that
dollars competing
more
by PaymS taxes in
flts received, while another seg- Tax Law was enacted which proment has its standard of living vided for progressively higher
in
efforts
strenuous
preserve
eliminated
increases
in
to
strength
to
Irredeemable
-
are
der
■
receiving
most
fense needs.
p'!og"ssive, J?*3"0"' .After,, 1 hto buy the same quantity of goods
°JE.®, adoption of the 16th Amendment and services, a general price ine. .he
^h,eTUnlted crease results. All dollars held by
excess of bene- States in 1913, a Federal Income all citizens in savings, and all
na-
tional defense,
of
created by
na«
TtV
to
number of
/%
_
the
as
paper money or bank
^ment
vh
our
government should be concentrated on cutting government
day be repaid with
funds derived from taxes, merely
future generations.
over
-
certain
inasmuch
must
brings into the
.bitrarily
public treasury of the State."
ment
tn
government
in
of irredeemable paper spending as much as possible, conGovernment borrowing sistent with an intelligent and unthe sale of bonds to the biased appraisal of national de-
people,
re s<?
i
...
However,
con-
and above what it
equitable tax structure.
a more
on
be
vement.for-the^contributor to pay.,
balanced budget
a
to
faith
the
government borrowing or the
j
•
.
high progressive tax rates. Says dilemma between
destructively high income taxes on one hand, and inflationary
deficit financing on the other, can be solved
only by reduc¬
of government
ous
*
ill effects of
tion
is
•
The
financing requires either continu-
|
vidual
+
undermine
cor-
icit financing, because such deficit
.
thebound
tax which
each indito pay ought to
■
to
more
form of government than anything
porate income tax rates are a de- the Socialist or Communist could
sirable objective, they should not
do, either by internal propaganda
be realized by resorting to defor external aggression.
While lower individual and
Boston banker attacks tax
policy which aims to redistribute
citizenry. Asserts history fails to reveal a
;
9
Carl M.
Loeb, Rhoades & Co.
follows*
(1)
„The
subjectg
of
every
ought to contribute to the
support of
the
government as
state
v
in such State.
10
The Commercial and Financial Chronicle.. .Thursday, August
(594)
Confidence in
other European nation.
In
Norway, credit is easy and sound
concerns can borrow at 3%: While
any
Europe's Economic Vitality
hattan
Approval of the "agreed system" plan for the Missouri Pacific
,
'
After
\'V '
\
courts action,
the
Commission
will
ballots and
accept
assured
since there was little opposition to the plan before' the Commis-.
sion; This could mean the delivery of the new securities by the
Spring of 1955.
*
;
The ICC made only
It only adjusted the
-
$67,588,751 equipment trust obligations out¬
31, 1952. First mortgage bonds would be out-1
"standing in the amount of $308,300,000, of which $40,600,000 may'
he replaced with collateral trust notes,-while general-mortgage 200,000,
including
standing
Dec.
on
income bonds would amount to
-
$137,400,000. Coupon rates on the
three series of first mortgage bonds has been raised to 4^4% as compared with 4% under theVCommission's 1949 plan and the»
general mortgage bonds would bear 4%% interest as comparedwith 41/2% under the old plan;
On
the
the
new
basis
of present market conditions, it is estimated
35-year "B" 4%s would sell around 96, the First
First
The
new
"A"
20 since this will carry
'is
stock likely
high price in view of the rather poor earning
which has been available for this issue for the past several
The latter stock is entitled to a $5 dividend before dividends
relatively
a
power
years.
Class "B" stock in any year,
would the Class "A" stock receive more than $5 in
available for the
area
case
*
dividends.!
"B" which goes to the old common stock of the basis
of one-twentieth of a new "B" share for each old common share'
would only be outstanding
in the amount of 40,657 shares. Since
Alleghany Corp., through its holdings of the old common stock
issue, it probably will have some
scarcity value and it is difficult to place a value on this highly
leveraged issue.
—Incomes—
Mortgages
the
New
65-Yr.
75-Yr.
90-Yr.
at $100
Bundle
B
C 41/1-s
A 4 »/,s
B 4%s
Deb. 5s
"A"
Value
'65
#296
#500
$500
$1,248
'77
292
500
500
1.242
'78
308
500
500
H 5s '80
1,258 *
313
500
500 '
1,288 *
I
296
500
500
'8i
5s
<3en. 4s, 1975_
Conv.Deb. 5'/2s
$800
none
none
$5
none
588
1st
B&C
——
A
6s_
5s
1,252
200
1.354
217
1,819
eadjus t-
700
100
680
suffered;-
none
none
11G
1.415
537
108
1,335
"
200
*58.80
have
220
135.40
1,250
no
of
tour
Manhattan's
the
;
continent
the
ward
Bank of
cial
to
of relative fman-
era
an
he re*
ported. And world basic commoduy markets—the spot, future and
European repre-
stability
and
peace,
Manhattan
Company
ranking
among the first 10 banks- in the
nation in terms of foreign busi-
Howell
economy," Blaine said.
financial
have
Blaine said.
was
business
Howell W. Murray, Vice-Presi-
integrity,
dent and Director of A. G. Becker
and
great
that
served
4
;
Company, Incorporated, ChiIllinois, has been elected to
the Board of
&
.
He also reported excellent economic
conditions
in
Sweden,
banks have which
impressed him as being
German
Murray Dir.
Of Gisholt Machine
is essentially strong and
institutions
.
banker
York
New
economy
Denmark's
especially impressed with Germany's economic strength. He ob-
cago,
Directors
of
Gisholt
Machine Com¬
Reports Common Slocks of Natural Gas Companies Higher
i <-•
Association's
Gas
of common
stocks of leading companies share a rise of 20% during year
:i ended July 30, 1954,
Madi¬
pany,
Wiscon¬
son,,
sin, it
was an¬
after
nounced
the
Aug.
v
4
1
'
meeting of the
;
Murray is also
composite; index
Board.
According to the American Gas Association,, the price index-,
common stocks, for, the month of July, 1954 con¬
of
Mr.
996'
167 ¥2
new
first mortgage bonds.
paying interest semi-annually
stockholders
no
of
the
years.
regu¬
Interests
of
International-Great
value.
general upward movement prevailing in the
composite price of the common stocks
for the companies comprising the index was approximately 20.0%higher on July 30, 1954 than one year earlier. Coupled with this
significant increase in the price for these securities dividend pay-,
ments
of
advanced
12.1%
for
creased
price of the
years.
Total cash disbursements to be made to the bondholders would
The
of the unsecured creditors.
on
5.5%, resulting in a relative decline
these common stocks when the current
price
17.9%
the
of
transmission
gas
of
5.9
gas
stocks
company
and
for
the
transmission
and
declined
10.0
and
9.1%
for
transmission
and
in-,
an
active trading market in
KENTUCKY-UTAH MINING COMPANY
groups
and
distribution
facilities,
A
full
description
on
of
the
In
acknowledgment of
of service, he was
Honorary Member
an
ing. He is Secretary of the Gisholt
Machine Company and recently
of continuous
of
the firm for the past 49 years and
completed 54
years
He has been Secretary
continuing in that capacity.
is
..
component
request by the American Gas
Association:
-
of the Board at the annual meet¬
NY Hansealic Corp.
Announces New Phone
and ten integrated systems having both transmission
parts of the index will be given
and of Carlton College.
distribution
companies, respectively.
The following table lists stock prices, dividends and yields for
ten transmission companies, ten
distribution companies, and a
composite group consisting of 30 companies, including the above
two
cago
service.
distribution
.
We maintain
and
University of Chi¬
Trustee of the
appointed
components of the index, t Because of the larger relative increase
in prices than in dividend payments for these common stocks,
yields
Com-
Pen
his many years
distribution
13.1%
er
p a n y,
Directors.
the comparable period of last year, while the
over
ten
ten
Howell W. Murray
George E. Gernon retired as an
active member of the Board of
utility stocks increased 24.6%.Accompanying thqse price changes were increased dividend pay¬
ments
$70,300,000, not including amounts which will be paid
moderate
a
yields
period is compared to the similar period one year prior. These
data are reported weekly by Moody's Public Utilities and are sum¬
marized monthly by the American Gas Association.
-
and the Park¬
The
market.
Company
ver
tinued to reflect the
than
$11,000,000 annually during each of the next four
Gardner-Den¬
natural gas
100,000 and fixed and contingent charges would aggregate $26,700,000. Capital expenditures for improvements is set at not less
some
Biainef
"
sentative,
Mr.
Blaine
predicts
ness, top management of the bank,
that, barrings war and with the-scrap markets—-g.ve evioence of as well.'.as (the officers from its
sterling
position .continuing > to confidence in a forthcoming pe- Foreign Department, travel the
improve as it is, convertibility rj0d 0f economic health.
> world frequently to visit with the
gradually will be attained.
* *
Denmark's
inflationary- phase bank's network of overseas bank"English
exports
continue < to [s being countered by a number inS correspondents,
expand.
There
is
considerable of measures and the discount rate
new
building. Credit is available js now-up to 5y2%. Government
in England at very
satisfactory banks are yielding 7%. The Danes
rates. The morale of the people are
extremely
industrious,
the
.
Fixed interest charges under the plan would amount to
$15,-
to
B.
Graham
:
the
push to
; .
S-. ; > flation.or inflation in prospect in sia and the, . West in Europe,
new highs in economic well-being
Europe/
Both' European^, stock Blaine remarked,
and productivity.
•"
.
•
markets and the foreign exchange '
Speaking generally of his trip,
Having just returned from an 'and gold markets are looking for* Blaine said that with Bank of the
American
Orleans, Texas & Mexico bondholders
Northern Railroad, would be of
amount to
Germany -and
to
securities
been
and
4.42 shs.
21.60
larly under court order for the past several
creditors
between
Director-of the
The claims of the New
unsecured
-■
With
continued
52.90
574
would be satisfied in full with cash and
The latter bonds
students
'* *
" " •'
Sweden and the Russian rowexception of Den— ing victory at Henley, England,
mark,; which is experiencing a All. these point to an intensificaperiod of mild inflation; Blaine tioniof the trend toward fuller
observed no evidence of either de-» Jiving relationships between Russtated."
and
recession
1,179
'
Adj 6s
He. cited the current exchange of
—
120
NOX Stock
experts
pre-'
dieted, Europe
1,664 *
2,645 shs.
f
Common
IGN
$
200
.
under I,
menl,'\ -'as
1,248
none
Serial 5%s
Pfd
»
between
the
Soviet
and
the
Western European countries, contacts evident in a variety of fields.
the
Common
50,Yr.
F 5s
the
to
eric a's
The
35-Yr.
A 5s
impression
paramount
tending such liberal'credit terms Russia and England'and Russia;
Gerrrian exporters as has, beerf; .the-fact that'the Russians have
reported in this country. ""*'\'f " reserved the largest booth in the
\ ""Contrary to widespread opin-J forthcoming / commercial
fair 'in
ion,; German
bankers
are
not London; German plans for a trade
offering exporters credit in excess commission to visit Russia; the
of
five " to
six
years,"
Blaine recent visit of Russian naval units
"r
has
A
New York banker brought back
from Europe was of a great increase in the number of contacts
d m f-
impact dfj'-*
manv
and
difficult
a
that German bankers are not ex-
m
here
interest
with
in
that./
A
MOP Ref.—
G 5s
e a
noted
.
following tabulation shows the proposed distribution of"
securities in the recapitalization:
41/48
t
s
ish
The
Cash
i rt
:
-
Blaine
Mr.
is high,
reflecting a substantial
improvement in the overall Brit-
will receive about half of this
Old Issues
noted
increasing.
prospering
,
The Class
First
-who'
short.
.
but in no
new
,
is
Europe's
with Mr. John Watts, the
will be priced around
the control of the new System. The latter
common
Com-
pariy,
dol¬
large,
rugged physical environment.
was
hat tan
extensive
r50-year Series "C" 4y4s around 94, the 65-year Income "A" 434s;
;
at 72, the 75-year Income "B"(4%s at 63 and the 90-year debenture'
5s at 50.
in
vitality
reeling
'
5
nominal changes in the plan as filed with "
it.
allocation of securities to be given to the ^
Little Rock & Hot Springs Western First 4s of 1939.
The total;;
capitalization under the plan as approved would amount to $809,-;
,
was
.
.
approval of the security holders for the most part seems
j
recession
no
are
somewhat
are
the
whole,
Norway's
is a
steadily improving economy,
dominated to some extent by the
shipping industry, and one that
eco- been gaining strength each postexpressed in a war year. They >have been con-.
report
made
on
Aug. , 9,
by sistently well regulated •* by the
Graham B. Blaine, Vice-Chairman government
bank, making* risks
of the
Bank
negligible. Interest rates are now
down to
6
to. 7%..s Savings
Of the Man-- are.
Confidence
nomic
•
by the Trustee in Bankruptcy at the direction of the Court, it is
likely the Court will give rapid approval to the recapitalization
.
Company, after trip abroad reports
balances-
balances
On
,
System by the Interstate Commerce Commission is expected to
bring about speedy conclusion of the 21 year bankruptcy. After
the statutory 60 days, the plan will be certified to the Federal
Court of Jurisdiction in St. Louis.
Since the plan was prepared
plan.
lar
experienced in Western Europe, and, barring war, currency
convertibility will come gradually with improvement in position
of the pound sterling.
Missouri Pacific
.
sterling
Blaine, Vice-Chairman of the Bank of the Man¬
Graham B.
than
like the United States
more
New York Banker Expresses
12, 1954
New
York
Hanseatic
Corpora¬
tion, 120 Broadway, New York 5,
N.
Y.,
announce
that
their tele¬
,
phone number has been changed
A uranium
company
with real merit
Natural Gas
Company Common. Stock Prices, Dividends and Yields
»
1954
.
to
WOrth 4-2300,
....,
-
1
1953
Two With Merrill
30 Natural Gas
Special Report Sent
on
Request
I
Stocks*
July 30
July 23
July 16
July 9
July 2
July 31
Price ($ per share)--
31.80
31.65
31.47
31.46
31.10
26.50
Div.
($
Yield
#
Common
ner
shares-
(%)
1.53
1.51
1.51
1.51
1.51
1.45
4.81
4.77
4.80
4.80
4.86
5.47
37.64
37.60
37.21
36.98
36.81
31.93
1.73
1.73
1.73
1.73
4.60
4.65
4.68
4.70
10 Gas Transmission Com. Stocks
WHITNEY & COMPANY
Price ($ per share)__
Div.- ($
Yield
10
Exchange Place
237 Korber Bldg.
Salt Lake City, Utah
Albuquerque, N. M.
Phone 4-6506
Phone 3-C814
TWX SU 380
TWX
AQ 165
per
share)--
($
per
Yield
(%)
^Includes
20
■
-
share)--
affiliated
become
Pierce,
with
Fenner
&
Merrill
Beane,
523 West Sixth Street.
Joins Morgan Staff
'5.29
(Special to The Financial Chronicle)
24.85
24.51
23.97
23.63
23.31
19.95
1.21
1.21
1.21
1.21
1.21
1.07
4.94
5.05
5.12
5.19
5.36
4.87
Gas
Transmission
stocks of 10 integrated companies.
Calif.—Everett
have
1.69
Com. Stocks
Price ($ per share)--
Div.
.
4.76
(%)—
10 Gas Distribution
LOS ANGELES,
H. Clark and Henry Kressin
Lvnch,
1.79
Lynch
(Special to The Financial Chronicle)
and
Distribution
Stocks
included
above,
plus
LOS
Co.,
634
members
Q+rvr-lr
.
ANGELES, Calif.—Harold
now with Morgan &
J. Pandzic is
South
of
the
"R!vr»hancrp
Spring
Los
Street,
Angeles
Volume 180
Number 5350... The Commercial and Financial Chronicle
(595)
Eslimale $2.8 Billions Mew
This represents
increase in
Nearly $2,800,000,000 of
the
nation's
capital
new
made
was
available
S.
that
life
LONDON,
Eng.—For better
centuate
tries
"As the number of
policyholders has increased by 21,000,000
years and the average amount set
aside as reserves in each
policy has risen, the aggregate assets of
all U. S. companies have
nearly doubled," Holgar J. Johnson,
President of the Institute, said. "As a
to
This
makes
of
source
the
new
country's 90,000,000
capital funds."
During the first six months
the
policyholders
000,000,
It
Geneva
Agr
e ement
of
an
As
suit
nolitical
a
favor
but added up to $2,226,000,000. Greatest
percentage rise in the
half year in new investments was
shown in state, county and
municipal bonds. The acquisition of $410,000,000 of such bonds
with
in-
Eastern
Europe and with China is likely
to grow in Britain and in other
than four times the total
acquired in the like period of
; 1953. Total half-year investment acquisitions were $8,003,000,000.
They exceeded the increase in assets, due to
maturities, refinancings and sales of certain holdings.
Western European countries.
agreed
relaxation
the
of
The
on
investments in the half year and
holdings
-
were
reported
June
on
Acquired-——
June
June
1954
1953
S.
Government
Foreign
State
County,
Railroad
Public
Securities
Government
irt
exchange
Even
a
endorse
Bonds
(U.
Bonds
(U.
Stocks
&
(U.
Misc.
(U.
has created
tion
by
it
is
merely
very
$2,307
$1,760
$9,343
99
56
1,310
1,231
57
12
410
97
1,641
1,195
55
12
141
108
3,671
3,524
S.)
S.)
World
Farm
Bank
to
651
472
12,819
11,907
1,784
15,290
14,187
port license will
176
73
1,633
1,530
31
12
123
53
896
736
5
25
122
124
Admin
— —
F.
H.
Total
Securities
„
—
29
—
130
23
25
-
which
Real
Estate
Other
Real
Estate
Policy
..
embargo list, and
tric generators which
230
234
1,958
318
443
6,091
5,884
than the hitherto permitted maxi¬
170
3,886
3,396
mum
250
229
1,293
1,297
12,426
11,145
$1,357
$1,279
$7,492
$(5,671
$72,361
$67,698
12
16
35
15
156
79
2,117
1,919
58
49
355
280
3,023
2,789
.
1,084
924
—
—
—
—
2,384
2,057
—
—
—
—
$80,981
$75,403
•
——
Assets
——
■
„
ban
size.
is
maintained
value
of
Joins Central
(Special to The Financial Chronicle)
(Special
LOS ANGELES, Calif.—John A.
Richards has rejoined the staff of
Paine, Webber, Jackson & Curtis,
626 South Spring Street. He has
recently been with Witherspoon &
Company, Inc.
With Anderson Cook
The
to
PALM
Etnancial
derson
South
with
Company,
Inc.,
Chronicle)
a 11 e r H.
Eucker, Jr. has become affiliated
with
—
W
Central
Republic Company,
South La Salle Street, mem¬
209
bers
the
of
Midwest
,
Stock
With
Shearson, Hammill
the
An¬
308
LOS
ANGELES, Calif.—Gilbert
Keppler has become affiliated
G.
with
Shearson,
Hammill
&
520 South Grand Avenue.
least
\\
an
offer
Those
in favor of
extensive
to
sale
such
of
Russia,
seeing
equip¬
in
spite of the ban the steel produc¬
ing capacity of the Soviet Bloc
has undergone a spectacular in¬
during recent years. This
argument is utterly unconvincing.
Surely in the absence of the ban
crease
the expansion of the steel produc¬
ing capacity of the potential aggressor
would have been
even
spectacular.
capacity to wage a prolonged war
depends to a very large degree on
the
steel
producing capacity, the
of Communist-Imperial¬
chances
■
,
is
not
an
.
.
sell
or
.
offer
to
in
a
solicitation
the
Communist
Bloc
ISSUE
the
ban
generating stations,
[other
and
295,000 Shares
products,
eased.
King Copper Mining Corporation
ern
in
a
Share)
or
frtyn
your
for
that
fair
of
these
these
Exchange- Place
broker.
August 10, 1954
New York 5, N.
would
to
than
speak
way
of dis¬
more
would
more
strategic,
any
be
exports.
view
would
by
be
this point
offset
corresponding
more
gains
Economic
mission
for
trade
is
expected
1954
by
with
Y.
Nations
1953.
Europe,
some
In
to
convincingly
political or
'
Three With Daniel Weston
(Special
The Financial
to
Chronicle)
BEVERLY
HILLS,
Calif.—
Curtis, Victor MetzenLloyd W. Spitzbarth
Drive.
that the danger of a slump in the
Mr. Curtis was previously
Marache, Dofflemyre & Co.,
United States has abated, the pos¬
with
sibility
and J. A. Hogle & Co. Mr. Spitzbarth was with Noble, Tulk & Co.,
of
increasing
^
exports
^
^
to
v
the Dollar Area is receiving once
much attention on this side
of the Atlantic. There are no in¬
and Hopkins, Harbach & Co.
more
dications, however, of
.
United
H?/?1??88 x0n
States
to
increas-
an
Coburn
P?
provide
an
(Special
al¬
Western
European
increasing
and
Middlebrook Adds
BOSTON,
ternative market which would ob¬
viate the necessity for
Sterling
Mass.
Boucher
has
staff
Coburn
of
—
been
Louis
added
and
to
Middle-
of this Stock having been sold, this advertisement
appears
as
25%
as
oil
East-West
in
compared
particular Eastern
strategic.
exports
are
matter
of record only.
1,500,000 Shares
Lucky D Uranium Mining Co,
Common
Stock
j
i
•
Lucky D Uranium Mining Co. is engaged in the operating
of mining
claims in San Juan County, Utah.
Price: 10c per
Share
Com¬
Neither of these products may be
considered
a
Indeed
as
concerned
Offering Circular
Brereton Rice & Co., Inc.
First National Bank
Bldg.
Denver, Colorado
A.
the
Brook, Incorporated, 75 State St.
of
European softwood and oil ex¬
ports
show
striking
increases.
far
All
<
to The Financial' Chronicle)
or
increase
the
ing with the Communist Bloc.
Darvin M.
Pro¬
of strategic or
strategic goods, the
trade
for
economic arguments against trad¬
materials
raw
imports include
proportion
United
D. GLEICH CO.
40
the
ships,
According to the report of the
be obtained
own
East
United States to provide alterna¬
tive markets by means of trade
concessions.
Such
concessions
low
find
must
the
markets, and
baum and
produced
have become associated with Dan¬
by the Sterling Area and other
iel D. Weston, 1191 North Bundy
countries of the free world.
Now
also
Europe will be able to import
less
from the undersigned
with
wires
Western Europe.
may
The only effective
arming agitation for
the
copper
has
been
deal depends,- of
the goods which West¬
potentially
share
Copies of the Offering Circular
for
willing !■■■ and ; even
more goods from
to import
electric
copper
Communist gains from
per
outlets
the
showing
front.
eco¬
a
countries
pressure is liable
and to lose
10 " unpopular -"a
Sround on the domestic political
the
wants
more.
have
?ieibecome
increasingly
States
we
G.°Yf "meat fhlch 15 prepar,edJo
growing feeling that,-
po¬
great
return
vided
Common Stock
as
fabricated
and
A
course, on
(No Personal Liability)
such
on
tentially strategic goods
Price: 50c
a
importing
hand
to
by equipment exported
from Western Europe.
It is,
of course, a matter for
buy these shares. The offering is made
only by means of the Offering Circular.
per
become
for
other
be assisted
to
(Par Value $1
were
lines
expanding
to
self-denying bans
United
countries
since the
And
to
most
of
s.ucha situation American
growing
output of Western Europe and the
rest of the free
world, by pursumg a policy aiming at an increase
of American imports.
The grow¬
ing output of Western industrial
ban
that
liable
native
more
the
Gov-
diplomatic pressure against an ex£a™°" of trade wlth .the East ,JS
bable to caus^ growing resent™enb Any Western European
level, they have to provide alter¬
this
is not worth while to
the
prevent
ment
much
of
in
maintain East-West trade at
rolling mill
a
relaxation
returned
There is
equipment.
regret that
NEW
of
aggression would increase if
the expansion of the steel
industry
announcement
of
Co.,
half
the
of the
iff the
a
ist
\
In
-
nomically.
million, for
Un'on
placed
Soviet
At
goods to
on
amount concerns steel
more
(Special to The Financial Chronicle)
County Road.
This
Ex¬
change.
BEACH, Fla.—Willis P.
Cook
Financial
CHICAGO, 111.
Chronicle)
Koski is now ^affiliated
to The
Republic
Bloc.
difficult politically as well as
£15
some5*
orders.
is
On the other hand, the
argue that it
Refoins Paine, Webber
Communist
maintenance of
bigger
are
451
1,771
has
elec¬
some
substitute
eager
the
^
off
67
—
(Special
taken
34
Assets
Total
been
60
Loans
Other
have
British
favor
Communist
Europe and China is likely to inIt was relatively
easy to
enforce embargoes
during the pe-
machine
the
upthe Buy American Act,
becoming understandably re¬
On
crease.
granted
of
the
which
Farm
Cash
Mortgages
166
36
1
41
Other
1,007
tools
be
now
types
100
A
Administration
1,208
certain
cover
in
with
Korean War and the rearmament
drive. Now that a buyer's market
1,135
Report
psychological situa¬
a
which
themselves
riod of shortages created by the
9
concessions
Randall
luctant to maintain foreign aid as
criticize
timated at
121
2
Mortgages:
Veterans
exports
ex¬
pected from this relaxation is es-
420
,
Non-Farm
British
29
Other
.
of
271
Securities
Vet.
amount
some £5 million only
-.ml-i0:n,only'
The Russian orders for which ex¬
Bonds
Mortgages:
$10,030
160
3.): Preferred
Corporate
«
.
trade
the
holding
con¬
the exportable surplus in Eastern
;
.
Congress to
ing to lower trade barriers,
and
a
not
direction.
-
in
pressure
growing competition:
world,
the temptation to unload some of
The actual immediate additional
pay¬
of
East-West trade. On the one hand
we have the United States refus-
export
for the markets of the free
1953 "
1
Common
Foreign
1954
$308
S.
Bonds
June 30 June 30
1953
15
Utility Bends (U. S.)
Industrial
0 Mos.
by
Western Europe for being anxious
to
re-establish
trade
relations
view
Aug. 16, is the
on
the
proposed
lib-
more
policy regarding the
first step: It is likely to be fol¬
lowed by other moves in the same
(000,000 Omitted)
$281
Securities
Munic.
6 Mos.
Holdings
1951
•»
XT.
is to take effect
30
follows:
as
reluctance
ingly difficult politically to resist
received
structive
exports to the Soviet Bloc, which
to
ments difficulties.
United
*
New
difficulties
leading to chronic balance of
world.
the
chronic
be
goods
Moreover,
The
ban
free
that
exports.
expansion of East-West trade
would
of strategic goods would be less
harmful if ^ were stipulated that
the Soods to be received in exchanSe mast be of a more or less
corresPondmg strategic value.
creasing trade
Dr. Paul Einzig
the
for
markets
ernment and other Western European governments find it increas-
eral
in
of
in
pity
a
pursue
eyes
nist Bloc, does not appear to concern itself with the nature of the'
re-
pressure
is
They
their
find adequate markets for exports,
over¬
:
di¬
industries
They feel that the alternative to
suspect
to ac-
threatening
the free world.
out¬
look.
the
to
object is
^ I' "
Government^ and
.
British
ditional
areas
Government, while fight¬
ing a stubborn rearguard action
against the expansion of Western
European exports to the Commu¬
the
international
political
main
Communist
,
their policy
wide open. They
are
prepared to take the risks,
owing to the need for finding ad¬
States
garding
an
ago,
more
The
their
production
atmosphere of
optimism re¬
an increase of 7 % from a year
ago. The new investment
in bonds and stocks of U. S.
corporations was 11% less than a year
was
likely
has created
1954, mortgages undertaken by
largely home financing, amounted to $2,292,-
life companies,
is
expand
considerably.
by-product of the growing
accumulated to guarantee future
policy obligations, some
$38,000,000,000 of new capital funds have been made available in
these nine years, going into
practically a cross-section of the
important
coun¬
reasonable
seems
Europe and the Communist
during the past nine postwar
economy.
it
or
that
funds
.
Bloc.
with
Eastern
an
for worse, trade between Western
the
the
*
-
rectly ..concerned, are only too
dangers and dis¬
advantages involved in expand¬
ing trade with the Communist
result of the Geneva Agreement,
a
be received by Western nations from Communist
can
com¬
$80,981,000,000, compared with $78,201,000,000 at the start of the
year and $75,403,000,000 one year ago.
•
as
*
well aware of the
1
in favor of increasing trade with
pressure
with
_
JEhgt British
even
Europe and with China is likely to grow in Britain and in other
Western European countries. Stresses value of
strategic goods
panies in ti.e six months, the largest rise in the first half of
any
year since the start of the business. Total assets on June 80
were
;
Einzig points out,
political
to
during the first half of this year by the
millions of policyholders
through their more than 800 life insur¬
ance
companies, the Institute of Life Insurance reports.
economy
This represented the increase in
assets of all U.
^
_
By PAUL EINZIG
Dr.
trade
rBkxO
With Communist Bloc
of life
assets
companies, which
total almost $81
billions, compared with $78.2 billions
at beginning of the
year.
now
'
Area
Capital " " " ' Britain Foresees More Trade
Added in Half Year by Life
Companies
I
11
t t,
.
on request
from:
James M. Toolan & Co.;
67 Wall Street
New York
5, N. Y.
12
12, 1954
JTie Commercial' and'Fmrneial-Chr^micle *v;Thursdays August
(598)
A. C.
Altyn Ptcforhdizes Toll Road Securities
Securities Salesman's Corner
f
By JOHN
BUTTON
Good Merchandising
A.
Allyn & Co., in its main
122 South LaSalle St.,
C.
office
at
window
Chicago, have installed a
display at street level which features a moving line of scale model
dimensional
background is an
illuminated
plastic map of the
State
of
Illinois
indicating the
along
autos
three
a
In the
toll road.
proposed system of toll highways
and there also cutouts of six different states showing the current
toll highway iswith
equivalent
taxable securities- for
their
together
yield
on
.sues,'
-
yields
on
varying income brackets.
..
There
in
for
is
folder
information
toll
same
educational job
tax
good
the virtues of
on
a
exempt bonds to the
story that could be told to every
human
being that passes your}
the lay public for its
upon
Banks today are
using
diaramas, skillfully prepared illustrations of the power of com¬
,
interest
pound
and
the
Sutro Adds to Staff
LOS
that
,
ciated
The retail stores
progressive have been
merchandise
for
Building.
with
Standard
pany
of California.
(Special
such
available
a
LOS
staff
of
626
members
should
space
necessary
line
be
with
tising
-every
a
made
the
(Special
Landreth
Lynch,
is.
with
now
•
E.
Merrill
&
Fenner
Beane,
1319 Franklin Street.
With Merrill
Ideas
PASADE
to
obtain
these
sound
adver¬
apply
Lynch
Visual
NA, Calif. ^ Brlce
connected with
&
Joins H. L. Jamieson
in
Themselves
Dramatization 'V
displays that
eould be changed at regular inter¬
vals
using color, three dimen-
(Special to The Financial Chronicle)
FRANCISCO,
Calif.—
Louis H. Biggar has become asso¬
ciated with H. L. Jamieson Co.,
Inc., Russ Building. In the past he
was
with Davies & Co.
are
Dividends have
been
paiu
eacn
interruption
without
are
since
only 38,000 shares
(Table I.)
•.
Earnings for nine months ending June 30, 1954 were $3.64 per
share of common as against $2.92
incorporated in the A. C.
windows
could
be
built
(Special to The Financial Chronicle)
•around numerous ideas that would
window display advertising regu-
444 Sherman Street.
Walter
—
Kissick
build good-will, educate, and help Homer
K. Marshall and H. F.
to gain new clients for any invest--Tagge
have joined the staff of
<rnent firm that used street floor
F I F Management Corporation,
W.
The
included in the portfolio of the
Atomic Development Mutual Fund
along with other securities having an "atomic complexion^that
have been the market leaders *of
recent date,.- Le.f Vanadium Cor¬
poration,
Climax - Molybdenum
and General Dynamics,
: In addition, this writer would
like to note- this fact . . ,, a fairly
recent acquisition of 1,400 shares
of Harshaw's common stock was
In
conclusion, it is the opinion
writer
this
the
of
is
Company
the
that
Chemical
Harshaw
rated
Baron G.
readily apparent that Har¬
shaw is a strong growth company
as witness its ten year expansion
in sales,-net worth and earnings.
The company also compares very
other chemicals in
respect
to
earnings,
dividends,
price times earnings ratio and in a
the
is
dividend
well
be-
buy
strong
a
the
Sanborn Map
Sanborn
not
Map
tentially favorable
of
for
column, simply because it is
in this
necessary
instance
to
factors
other
mes
publishers,
but
course,
the
common
Chemical
URANIUM CORP.
-
..
.
:
is
sales
Offering
u_
Current liabilities
ISSUE
Price
25^
per
Working capital
share
Per share
The corporation intends
engage
—
earnings.
Number shares
Uran.um Ore on 20 tracts h.
Lisbon Valley, San Juan
County,
may
"
CHAS. WEINSTEJN & CO.
force
constantly
reviews
every
surveyed, noting any new
construction, the razing of any
area
or
major
any
I.
duPont
Dow
a.
_____
V
An indication of the
this
work,
we
from
the
York
6, N. Y.
Monsanto
;
think, is to be
fact that the
bulk of Sanborn's stock is held
the
major fire insurance
Indeed, th^ board
of of¬
nies themselves.
directors
of
or
is
comprised
directors
♦Approximate.
these
of
underwriters,
While this insurance
map
so
Sanborn's .business, it is gradually
the
constitutes
backbone
..
entering other fields. During the
war it did quite a volume of work
the government, and in post¬
war years it has found an increas¬
ing demand for surveys for large
G. Frederic Helbig:
chain
be the
who
stores
interested
are
in
finding the most strategic loca¬
tions for new or existing units.
1"52
V-
market
Well, for the
price?
past ten years earnings have aver¬
194$
aged $5.25, ranging from
1,998,129
period. Dividends for
26,127,928
8,824,786
24,597,836
7,677,184
7,576,249
2,418.129
13,288,403
13,536,190
3,110,471
3.60
2.37
2.05
2.00
1.60
1.00
293,060
293,060
134,652
to
a
have
past
$4 per
years
of
never
♦
$65
low of
a
in
$6.59
that
many years
less
been
than
share and for the past two
have been $4.50
(including
500).
high
Currently
per
per
annum
extra
year-end
a
selling
in
market
of
the
under
share, the stock provides
—Per Share
Pres. Price*
PriceXEi
a
return of about 6%
on
its regu¬
$138
27
lar dividend alone and 7%
22,651.000
1.42
**1.00
41
23
ing
1,125,000
*4.50
2.20
41
16
28,953,000
3.55
5,270,000
4.90
293,000
3.60
stock.
of
for
$3.80
?.Vs%
serv¬
ice
'53 Divs.
**Plus
same
represent¬
$4.94
_
by
compa¬
45,454,000
_
Harshaw
importance
'53 Earns.
Spencer
Union Carbide
New
altera¬
thereto.. '■
3,877,184
—
E.
REctor 2-7235
trained
5,231,594
No. Shares
;
not
printing. A
field
map
specially
Over-the-Counter
be obtained from
Broadway
mere
and
do
What abrut earnings, dividends
TABLE II
"■
135
large
$4.26
.
offering circular
stop with
pursuits
5,108,600
Utah.
Map
of
_
An
Sanborn's
But
$17,818,149
common
of
city in the United States
17,413,375
_
in¬
population of 5,000 and up!
a
$43,076,964
Dividends
in the exploration
Sanborn
18,519,997
_
Total liabilities
that
$51,029,098
.
Total assets
new issue
of
and
1933
Net
said
is
and
requirements
-
TABLE I
Current assets
cautious
essential
Great
American,
America.
Loyalty, Travelers, 'Com¬
Union,
Ltd.,
Hartford
-Fire,
Crum
Forster.
Home,
American, The National Board of
Fire Underwriters, etc.
It is not
likely that the company will lose
its major subscribers!
Financi&l Facts
Common Stock
It
location
any,
items
Fore,
fact that Sanborn Map Company
currently
"
if
hydrant,
other
mercial
First to be noted should
stock of the Harshaw
Company
area
Company has mapped in such de¬
map
which
city
a
ing
compa-
1 n.
listing on one of the major far' as the
Stock Exchanges and/or the ac- writer knows,
quisition by or merger with some none provides
other-company
to further the function
strengthen its. position.
bf the subject
It is also interesting to note that corporation,
H
the
to
•leading
tual
1,175,000 Shares
etc.)
fire
nearest
ficers
com-
Prisons with
be
hoped for under the ex¬
isting circumstances are an even¬
can
(sprinkler,
numerable
gleaned
Company
ex¬
they
every
of
of
Company
are
as
building, the
type of construction, the type of
roof, the type of fire prevention
buildings,
It is refreshing to write a piece
on
this
cov-
rate
current
block of
of
size
tions
Helbig & Co.,
t"e
growth continues,
an
improve- same
indusment in that direction would be a f^y. ^or Sanreasonabje expectancy. The small born
Map
number of shares outstanding also
*s
leaYfs a.n opening for further stock mdeed unique
are
Other po- other
1 n.e re
If
.
the
maps
detailed,
show in each
Hudson, N. Y., and New York City
make
great many other ways.
Harshaw is attractive, too,
These
traordinarily
common
G. FREDERIC HELBIG
Summary
It is
to
companies.
"special situations."*
of
of
publication and,
servicing of maps of cities in the
United States for use by insurance
tail every
(Table II.)
favorably
income
the
insurance underwriters.
around its current bid and asked
quotation of $45 Vz to $46.
some
of
source
is
made by the Pioneer Fund, a very
highly regarded investment trust,
noted for its ability in selecting
of the
other leading chemical companies,
Harshaw to
main
Sanborn
stock
ered.-
DENVER, Colo.
Graham,
Kenneth
impressive record?
share for the same period in
1953.
It
is
also .interesting
to
cause
Four With F I F
sional effects, and1 movement such
Allyn
to the National Defense program.
now
Lynch, Pierce, Fenner
Beane, 575 East Green Street,
of merchandis¬
Lend
gas-
oline, synthetic rubber., and many
other organic intermediates, used
by the armed services. Thus, Harshaw contributes in large measure
compare
(Special to The Financial Chronicle)
Merrill
that
neces-^.
are
manufacture of
the
of prefered stock outstanding and
a
funded
debt
of
$3% million,
SAN
To
'
Lynch
Calif.—Douglas
Pierce,
Toole, Jr. is
A series of window
•as
Durst,
Street,
Angeles
to The Financial Chronicle)
OAKLAND,
in antifoulmarine
used
are
1932. There
is there and all
same
in
year
Joins Merrill
de-
could
dramatic appeal
to the public in
principles
other field
Other
;
Los
paid dividends uninterrupted¬
ly for over 75 years. What type
of operation accounts for such an
2
per
ing.
,
the
of
soaps
sary
Calif.—Pierce
&
Spring
South
page
ing
compositions for
paints, and Catalysts
years.
space
benefits is that
tallic
Wagenseller
from
The Security I like Best
Com¬
Stock Exchange.
continuing interest in its
The
is
Investment
to The Financial Chronicle)
'
that
Van
formerly
was
ANGELES,
Inc.,
; offerings by such educational displays.
He
Continued
asso¬
Co.,
H. Wisdom has been added to the
Every investment firm that has
velop
&
Wagenseller Durst Adds
*
;
become
Sutro
benefits
; using "point of contact" window
displays to educate and to move
;
has
with
Nuys
displays.are
has
Calif.—James
ANGELES,
Blackwell
R.
accruing from savings by making
the
public
conscious
of
these
benefits through window and interior
a
general
able for every other business that
relies
picture is worth
good
(Special to The Financial Chronicle)
floor
window space where it is available has certainly proved profit¬
customers.
A
door.
This idea of using ground
.
advertising
good
a
understands and appredates the interesting personal;
public.
,
job, and
obtaining the
agency that
the firm
time accomplish
of
services
is
to the
be done by
can
that
All
street.
is to apply some crea¬
imagination
this
further
by attention, direct possible new
clients into
their office,
and at
the
tive
highway
directly,
the
in
man
necessary
stop
to
with
is¬
of
A. C. Allyn & Co. are using valu¬
able window space to gain passer¬
on
Thus
sues.
lion of stocks, or mutual funds,
could be developed in such a way
as to make a direct appeal to the
thousand words!
>
invitation
an
new
a
The advantages of saving
larly.
and investing througn the acquisi-
2.50
82
22
2.50
90
18
2.00
46
13
the
two
were
,
-
extras
years
paid
which,
reduced
from
in
includ¬
the
past
incidentally,
the
$5
rate
paid for the four previous years.
The
main
reason
for
the
some-
VrvdT.a*JO Hhw-uli %m
'if
Volume 180
*'
*
?
_j*%f
**¥'
%sft
'"i^"l
S 'f}
*W£)
*''^' isS*^
ii,'
jf'
Nunpl^-5^0^ ..The fymm&Hall-und JPifoantjaJk Chr($tele..&
•*?
f*
.
13
(597)
what
lower rate of dividends'has
been the substantial cost
in
involved
--
of the volumes of insurance
maps,
which modernization requires
plate-making,
pensive
etc.
-
-
•
ex¬
remodelling
dividends
merit.
~
~
that
in
.
Com¬
related
<•
.«
record,
selling
unusually attractive level.
at
Professor
that
and
Stock
Exchanges.
ously
with
Goodwin,
Los
He
manufacturing
United
industries
States
from
Angeles
u
the
to
1939.
analysis
e
made
upon
aggrega-
tive
was
Maxwell, Marshall
& Co.
Financial
has
—
become
James F.
de¬
-
its
are
prior thereto
was
an
of¬
Now With Orvis Bros.
(Special
to The
Financial
Chronicle).
labor's
Dr.
Morris
in
Budin
.
NEW ORLEANS, La.—James A.
Anderson III has become affiliated
with Orvis Brothers &
Co., Cotton
Exchange Building. Mr. Anderson
previously
with
Howard,
Laboyiss^, Friedrichs
& Co.
share
the
prod-
"rtt;,(3) labor's
share in the value added; (4) in¬
dustrial unit costs.
Through the
movements in these
relationships
™e.
*
(1)
profit
margins; (2)
ficer of
Ingraham, Millet & Com¬
of Augusta.
tave tried to devel°p
some
insights into pricing and profit
margin decisions. The individual
decisions
In
Investment
Bond
<
A macro-economic
nature
may
enjoy
forJ
aijowjng
study of this
the advantage
the
derivation
of
of
a
of conflicting de¬
maze
cisions made by some of the individual firms in a given situation.,
an
economy
dominance of
.
Denver-Invest¬
as
a
whole, the
decisions by
few
a
large firms in
much
more
an industry may be
important than a va-
ment Bankers Association
the
at
Park
preceded
Dinner
Aug.
•
summer
riety of decisions by many small"
Country ones.- It is assumed that the use
a
Calcutta of-industrial groups in this paper
the Albany allows the dominance to appear,
Hill
by
12
at
Hotel.
On
Sept 10, 1954 (Chicago, IIU
Municipal
Club
Bond
-
.
Chi¬
of
cago annual outing at Knollwood
Country Club, Lake Forest, 111.
Sept. 10-13, 1954
(Montreal, Can¬
ada)
f
(Business
&
Economic
the
To
«»'•♦»•*««'*
be fluctuating.
summarize
briefly
the
al¬
(1) Firms
variable
stant.
tion
costs
This
of
gross
not
does
the
if
the
aggression
their
response
cases
the
may be to follow suit. In
the most drastic cases it may lead
to warfare.,
....
,
have
we
case
with general economic:
conditions. This is taken to be
"P^sive"
(non-aggressive) behav+DVYr»cj
T\n
iri
rfrAco
ior in terms of gross
margins, but
might be defined as "price aggres¬
siveness", in
analyses by other
writers.,
called
tion
over
firm'
time;
(2) " changes
in
distribution
by 'size over
(3) shifting power in the
- (4) , the * distribution
of
technique changes in production
amongst the firms.
time;
Section)
The Nature of the Hypotheses-
The
(Philadelphia, Pa.)
114
manufacturing
indus¬
The
this
because
reason
"passive
we
have
we
behavior"
is
that other oli-
assume
tahatory. cutting, but appears
to
fbllow the lea'deri
Poster-
slo\v fallow the leade^
dustmen;.
j
v
.
..
,-(3) Firms.may cut prices sharply
cost
profit
declines
have
slowed
margins
aggression?
anql
often
Sept 22-26, 1954 (Atlantic City)
National Security Traders Asso¬
ciation Annual Convention at thf
Hotel
Claridge.
Sept
23-25,
Minn.)
1954
(Minneapolis
,
Board of Governors of Associa¬
tion
of
Stock
Exchange
Firms
meeting.
Sept. 27-30, 1954 (New York City)
certainties
produced by the mar¬
relationships make the priceoutput policies of each member
more complex than the usual firm
adjustments to changes assumed
clear information
us
on
if
he
Rockford
Security Dealers an¬
"fling-ding'? at the Rockford
Country Club.
nual
"steps
out-of-line,"
induce
but
a
ket when he is to make
a
retaliatory
or
gross
a move
answer.
or
Slight
profit margin dif-
ferentials may be tolerated, but
violent breaks in the pattern may
not. Aggressiveness has most often
been
dealt
in terms of
with
in
the
literature
"price aggressiveness."
In this paper wejiave stressed the
(Hollywood
"
Fla.)
Investment Bankers Association
Annual Convention at
wood
the
Beach Hotel.
Holly¬
of
gross
profit
margins changes" because the very
dynarrics of cyclical changes ap¬
pears
to allow for price variations
that
firms
the
"rules
often
of
accept
fair
as
within
competition."
as
i
leader
and
general
1919
used
data
States
•:
of
Census
biennial
and
1919
1939.
to
are accepted as given for
the nature of the data did not al¬
low Us to segregate industries
further
subgroups
different
according
product-mixes.
into
to
For
ex¬
ample, "Meat Packing" is used as
continuous series although
the
total
dollar volume each year are different as relative prices, supplies
products
combined
i
-t
and
the
ji
_
demands
in
the
-
~
or
vary,
^
^
as
new
Similarly no distinction could be made
for the changes in volumes of outproducts
by others.
This model of variations is
of
source
United
Census
i
follow
basic
the
The industry classifications of the
the
.
as
Manufactures, 1899 through 1939.
This data are quinquennial 1899 to
by expecting less elastic demand
curves
more
descriptive for those industries
(1) primary raw materials
are
introduced.
put by various firms having dif-
using
we
ferent cost structures.
Our
single
results
census
.upon
figures in each
(1) Dollar vol-
for:
year
based
are
aggregate
move
up
the industrial struc--terials
and packaging; (4) Conin i^ract work done; (5) Value added
at each stage, the opportunity to by manufacture.
pass • off
the burden in recesFrom tbeSe data we have de-*
sions dynipishes. Recoveries show:
rjve(}
our
basic
turd^ and more rigid costs set
smaHer 'declines.
^In general, the
more -restricted
are
changes will
•
constant
rising
or
would
ing at the
more
produce
expense
objective.
assumes
that
ticity is low.
probable
if
^
(At
raw
(6)
direct wage*
purchased),
«cantract work" ha*
Gf
materials
times
beert adjusted in the subtrahend);
f2)
Grogs
Grogs
profit
equals
of 'Product;
Margin
Profit/Value
^ Gross Mark-up equals GroLia
plus Materials; (4)
projFit/Wages
Share
Labor's
.
the
in
Continued
on
Product
oaae
New Issue
,
•
•
600,000 Shares
Atomic Power Uranium
Instead
Common Stock
the
leader
can
may
tract gross profit
often
Offered at 50 Cents Per Share
*
'a
*
elas¬
Offering Circular may be obtained from the
undersigned
This would be most
assume
that
find
be
margins-and be,
form
of
CONTINENTAL SECURITIES.
soon.
pushed up
slowly as variabte costs are rising
more
rapidly.
This would con¬
defensive
(Par Value 10c Per Share)
gross
demand
follow him
Prices
Corporation
slowly.
rising
aggression:*
during
recovery
4307 Montrose Blvd., Houston,
Texas
HUNTER SECURITIES CORPORATION
52 Broadway
Dlgby 4-2785
3'k
Continued on page .,t
of others is not
the
he
others will
We
-
(slim
a
profit margins. We define this as
"passive behavior." Market seek-
a
put mjnus
not
(5) Prices may be pushed un
rapidly when unit variable costs
the
measures;
Gross profits equal: Value of-Out-
price
down, but for the non-inno¬
they will move down.
or
This
mar¬
i*
rabid market seeking by
firm and here price cuts could
are
"aggressiveness
28-Dec. 3, 1954
methods
cutting,
therefore
gross margins will rise.
Revolu¬
tionary changes in technology may
.
Nov.
to
induce
he must also consider the cost and
price
8, 1954 (Rockford, 111.)
due
sales pressures of the entire
ties Administrators meeting at the
Hotel Roosevelt.
Oct
only consider the retali¬
again
proc-<-be ij]at a 1Jial°r portion of gross
Droflt maran movements are to
this
vators
to
rise
unionization
to
due
*
The
is
sales is minimized
-i
.
also
move
down.
The 1930
quite pronounced in this
are
it appears plausible to assume ■
must not
ation that competitors could resort
_
(4) Firms may cut prices as i'^oved~by war contracts rationproduction
techniques
improve. mg'
the ba.sls ot t»e pure
Although our data do not give* m0(lel, the conclusion appears to
for pure,
imperfect, or static oligo¬
polistic competition. Here the firm
j*
Labor's
Naiure of the Data and Methods
profit
.
ipduce warfare.. For the innovat¬
ing firm gross margins may go up
offer
of
un¬
ket
Securi¬
National Association
The
con-
This pattern- appearsyand,4n some cases reverse the patprevalent in. the chaos of deep de-...tern' of the model. ^.Othe^ liraita-.
pressions that have frozen inven-• tions on the. model;
may^ be im" "
tbries and created fears of further ? posed for periods m which a greaL
losses of a< catastrophic mature.
. deal
of uncertainty has been re-
verely influenced
by the cyclical
_1
i_
shift up-
added is
value
well.
gen-
-
annual field
our economy.
margins
gross
may
model indicates. The
the
direction
In boom prosperity periods
signalmovements
ton
changes of
data
sharp price rises
fear of loss of
rising shares necessarily
in
margins
one
(4)
but
need
found to rise in recovery as gross
as costs move up
follow
share,
recessions
-
This would compress gross
that small deductions in uhit costs
day at the
Valley Country Club, Abington, Pa.
not
and
as our
share
previously indicated as be¬
ing induced by a fear that others
will
smaller
a
riods of the 1930's did not.
recovery of the raw ma¬
markets.
The inertia has
terials
labor
the recession and depression pe-
to
more
gross
the.
in
•
oligopolistic markets that
se¬
recoveries
share
1921 depression raised labor's
share in most industries up, but
by
than
are
when
However,
labor's
PI
adjustment40 consumer opportunities are greater to pass ume of output (at door of plant);
r^siktance.
typeiof mdvef does ?off part of the decision making to (2) Dollar wages paid for direct
<*PPear to wim extreme re-jthe «raw materials suppliers. .^.As ."labor; '(3) Dollar cost of raw ma-
ess
are
and
The
added, the pattern is much
pronounced.
Boom periods
ward
willing to risk warfare on the
hope that they are relatively
stronger than others.
(3)•In
to
since gross margins
,
tries studied appear to ooerate in
Bond Club of Philadelphia 29th
decline
slowly
depressions.
minor.
is
depressions
gopolists in the field are also con- ^ producedin fairly .competitive
the..cost declines ana markets; and (2) having a low
Y??}1^ tend to recognize this as a labor to raw materials ratio. The
ceptible
the product composi-
+
mdrrfiwo
less
give
tries
C0mpr0mise
bankruptcy
ing. If the percentual "cut in price
exceeds the fall in costs
value
gross
trepreneurs become more
scious of the possibilities of
cut prices when
may
it
turn
we
/
yariable^costs per-unitare declin- margins
decline
with the
when
changes in
a
to
inverse
but
all
satisfy more reticent1 consumers,
but also to seek maximum avoid¬
ance of general warfare.
-
eral
re-
sponse
other
hand, such an> ag¬
approach will be sus¬
to problems such as (!)
sales'
more
ig
pattern
a
than
not mean
his
This
follows
prod-
and
at
cuts catch up to and pass the rate
of- cost declines.
Here some en-
In other
(2) Firms
cushion
value,
Labor's share in the
shares
as;
cutting prices
in the
this
profit margins and
"aggression." Others
pass
thresholds.
to
shares
labor's
growth of unionism hides some of
the pattern in the 1935 recovery,
:(2) In depression periods gross
margins fall as the rate of price
overt
an.
react
not
unclear
of
terms
product and
the level of dollar output. Prosperity periods would have lower
and
contrac-
is
is defined as
may
cut .prices when
per unit are con¬
may
are
(i) in recession periods
profit margin-s rise as each
costs
ternatives:
down.
convention.
Sept. 17, 1954
mar
gregative
group
American Statistical Association
latitude to
more
realize that the group is buying in raw materials and labor
inv*
_.
approach could find itself bogged
1954 .(Denver, Colo.)
Club
usage gives
moves possible for a group when
presented
now.
For
Aug. 13,
,
when sales start declining in
down in
Field
some
case
are
broad generalizations con¬
cerning manufacturing pricing
policies, where a macro-economic
i
as
by
it is de"aggressiveness."
This
group
been used
firms
separate
_
EVENTS
fined
the
that
ih
the
uct
ap-
times, extreme decisions are more
dangerous at some periods, less
been
by
would
dangerous at others. In pure form
the model of the pattern could be
of
jn
added.
relationships between leaders
followers
followers in
in a
a group.
Due to
inertia induced by parameters
gross
extend -the- market
found
up.
movements
major emphasis is
profit margins, some
sidelights have been
our
gross
interesting
falling and sales
allowing net prof-
to make patterns of the above
nature more important than static
(1) again. If the cut is percentually less we find that gross
margins rise. This is often the
0£
move
Although
upon
unit
The dynamic cyclical
pattern of
available, therefore an aggregative analysis by industry has
not
some
COMING
to
cost
suits to be summarized below,
placates this drive
are
of
volume
sales
This appears to be substantiated from the statistical re~
market
that
in: terms
not
changes.
upward
are
to
members
in¬
of
g r q: s s
Schirmer, Atherton & Co.,
634
Congress
Street.
He
was
formerly with Draper, Sears &
in
move
movements,
an
variates
certain
ments
associated
with
and
costs
make
profit
margins (or mark-ups), becomes
so great1 as to imply an attempt
°+c
+Vlof
markets,
that may
to
dustry behav¬
ior by study¬
ing tne move¬
Chronicle)
PORTLAND, Maine
Ingraham
fixed
bef explained
profit
seem to be elas-
satisfaction
are improving,
(
.
seeks
general
to The
.
we
indicators of
(Special
.
industry
basis, and
rive
Joins Schirmer, Atherton
:*
'*
:
_,
When the variation
in
1899
x
previ¬
Walston,1 Hoffman &
and
_...«
This paper seeks to inquire into
the pricing behavior of various
is
York
the
movements than to sales volume.
Nature of the Study
*
an
New
with
pear
-_A
t
,
Each
industrial
the
Club,
...
• • •
industries
many
price
to
competitors
Maintains rising margins in recessions,, when variable costs
Lester, Ryons & Co., 623
South Hope Street, members of
frolic
-
'
profit margins in
closely to cost
more
with
f
University*
gross
fears
^.mpuse
demands
tic
and
nungry
•
.
LOS ANGELES, Calif.—Lee E.
Arbogast
has become
affiliated
Weil,
exaggerated
--
Economics,
•
(Special to The Financial Chronicle)
was
of
falling
Each
margins.
*
-
W1th
and sales
Arbogast With
»Lester, Ryons & Co.
_
>
decline, are used as cushions against losses. Con¬
cludes that in recovery periods, fear of
losing a share of the
market reduces margins, as variable costs rise faster
than
an
>
i
pany
^
prices ^f
L. E.
Co.
'
m''
^
pany appears to me as an invest¬
ment
grade stock with a most
impressive
1
,
Dr. Budin finds
all, Sanborn Map
,
Ltica College of Syracuse
accomplish-"
-
All
Assistant
,
liberalization of
a
upon
■
sales
By MORRIS BUDIN
•
would look for
-■
—i
This
project
should
be
completed this year or next, and I
periods the phenomenon of
rising
Profit Margins of
American Manufacturers
reducing the .cumbersome size
New York 4, N.Y.
Financial
The Commercial and
J4
Chronicle... Thursday, August 12; 1954
(598)
issue
swinging
bit
a
more
widely than the bulk of the
THE MARKET... AND YOU
Farm
Industrial stocks recovered
the
the
town in the
The
feat
was
Some Life
almost
farm
a
de¬
that included the best
price reached in several years.
SECURITY TRADERS ASSOCIATION
NATIONAL
Also
dend.
gyrations to
Notes
NSTA
gree
the best
in better than two
years as a feature on strength
equipment makers, were
was
Mengel Co. in the ply¬
to
show a bit of life
moving
One of the depressed groups
selling spurred largely by
reading
reduced
Chrysler divi¬ of far longer standing, the
v
still-nebulous
some
and joined Youngs¬
rumors,
Equipments Show
their balance this week after
in
tured
STREETE
By WALLACE
Wheeling Steel fea¬
group.
to
The
Nominating Committee of the National Security Traders
Association, Inc. has submitted the following slate for
office for
1955:
entirely due to the aircraft is¬ able
wood and furniture division.
sues
which have spurted so
largely because of some rather One
day's achievement alone
far and so long but still have concentrated attention to the
was
an
advance of close to
enough thrust behind them to lower-priced issues by the fi¬
20% which resulted in the
nancial
services.
Oliver
Corp.
justify even those who bought
best price since the dividend
them
at
historically
high benefited far more than the
was trimmed in 1951.
prices recently.
Something other issues, including an ap¬
Rails have done little with
like half of the top dozen
pearance at the head of the
trading favorites were air- most active list. The strength conviction, occasional good
crafts for a couple of sessions continued
despite- company gains or equally wide losses
in the division coinciding with
running and, on one day no denials that anything was
the
general market trend
eight of the issues brewing that would warrant
without any obvious signifi¬
showed peak any run-up. The issue moved
cance.
The carriers generally
to a new high for this year
gains of at least two points.
continue to be more neglected
Boeing, as a result, already which wasn't too far below
less than
the
in
group
New Haven
than barometric.
year's best but well un¬
shows above-average strength
der the peak of 1951 when the
which has ben credited more
issue was split 2-for-l. Oliver,
to the votes in a proxy fight
for-1 split in May.
Douglas, as a matter of fact, is a refu¬
that the stock carries than to
which doubled in price in less tation of the old market adage
than three years after one 2- that split stocks do well sub¬ anything basic in the fortunes
of the road itself.
for-1 split in 1951, ran up stantially, It has been selling
well
below
;
the
-j
equivalent
some three-fourths of the way
; : Swing to Secondaries
toward equalling the price be¬ price where the split was ac¬
The swing to the secondary
fore the second *2-for-l split, complished and, except for an
issues grows even more pro¬
initial posting in line with the
also accomplished in May.; '
nounced daily, the blue chips
old stock, has been losing
such as General Electric, DuAircrafts Surwort^d by
ground ever since.
Pont, and Corn Products do¬
Earnings and Dividends
last
has moved up to
within easy
distance of the same price the
old issue reached before a 2-
•»
•'
•
-r
•
,
*
4»
V-
John
shares
were
cau¬
The
good earnings being re¬ tious, taking their cue from
ported this year obviously the automotive issues and for
have had an important part in
the most were undistin¬
the
5V2%
listed
yield
average
stocks.
common
of
;
By
comparison, Corning Glass,
Mining, Aluminum
Co., and Owens-Corning FibMinnesota
Oils
less-than-2% basis.
abortive
upsetting the
wise
than
Part
of
whether the motors should be
fact
that
the
in
"depressed"
groups.
Until the directors
conceded that the sails had to
reason
event.
was
the
oils have been
the
out of favor for some time and
well
are
the
the
below
highs of
pessimism had a
lively debate going over
discount. There
of
are
still hints
The
end.
General
favor
going is rough
and
elsewhere
the
section,
ratic behavior in other
of the list. In
general
average
parts
near-record
was
profit changed hands this week were
able to
said
not
be
to
from
such
,
J. W. Tindall &
,
veen
Chicago, and Richard H. Walsh,
& Co.,
NSTA Municipal
their
rut
worn
only other automo¬
was a mysterious
sinking spell in Reo Motors
Jersey.
Youngstown Sheet contin¬
tive feature
despite official
that
assurances
nothing had happened to
upset
the
sale
to
Henney
Motor Co. which would
a
ued to be
of the steel division.
ideas
be
•r '• »m
V
over
what
decided if
a
bring Bethlehem Steel
price comfortably above the plus
market level.
erratic member
an
■
*
a
Varying
price might
merger
is
with
arranged,
few wildfire rumors
that the deal
was
off, kept the
.
Taylor & Co., Inc., Lynchburg,
Committee of the National Secu- ;
rity Traders Association, Inc. has appointed G. Powell Davis,
Willis, Kenney and Ayres, Richmond, Va. to his committee for the
;Va., Chairman of the Municipal
"
ensuing year.
NSTA Ladies Entertainment?
Phillip J.
Polly
Clark, Amos Sudler & Co., Denver,
A.
(Landon
Freear
Committee feels
Coffin
Despite the
filled
setback
&
Burr, Incorporated,
or
looks
before any
be
[The
time
views
do
not
coincide
Chronicle.
expressed
in
this
at any
of
They
are
those
those^of the author only.] <■
a
real good
Com¬
Seattle, requesting
quite a few order blanks.
We
last
hope he is able to top
year's total.
We
mention
would
like
in
columns
our
what is being
by
R.
Wolley
others.
you?
from
marvelous letter from
accomplished
Why
Homer J. Bateman
Herb Blizzard from Japan and it
evident that the Colonel has still a great
ities.
to
May we hear
I received a
the
presented as
Vv/,
pany,
Sumner
necessarily
.
the leading or¬
Northwest
Pacific
correction
with
among
-
undoubtedly
job done this year.
It
was
good to hear
from Homer J. Bateman,
the
be made.
will
ganizations for
important topside
progress can
article
a
though the Boston
as
affiliate
that it obviated
the need for such
R. Wolley,
in Boston, has done some out¬
standing solicitation and it
yjk&r
description of anything ap¬
proaching
an
intermediate
correction
much encouraged with the gross ad¬
figure. Hal Murphy informs us that Sumner
the $19,000
Technically, the week's ac¬
tion solved little.
September.
Supplement to the "Chronicle" now at
vertising for our NSTA
of
-
Co.,
Entertainment Com-
LIBBING
Your
Insignificant
President of
that Mrs.
William N. Edwards &
Freear,
Worth, Texas) will again head the Ladies
AD
|f
.
Security Traders Association, has announced
National
ning and the rails for four.
moderate
while the
Committee
Ludwell A. Strader, Strader,
mittee for the Annual Convention in
Technical Factors
,
St. Louis.
selling that began last week,
for the half year had sources.
They included 13,and
carried over into this
kept the discussion going, but 000 Atlantic Refining, 20,000,
week's initial session, few
seems
merely to have been Standard Oil of California,
market observers were will¬
the sole bright spot in this
25,000 Socony Vacuum and
industry.
The independents 50,000 Standard Oil of New ing to grant that the very
in
Edward V. Vallely, John NuNewhard, Cook & Co.,
Taylor & Co., Inc., Lynchburg, Va.;
show
continued
Cincinnati; Ludwal A. Strader, Strader,
Woody & Heimerdinger,
than
declined for three days run¬
City, Chairman; Ernest E.
San Francisco; James B. Dean,
Co., Inc., Atlanta; John G. Heimerdinger, Walter,
Ft.
losing days in more
two weeks, including a
auto
Motors
nold, Goldman, Sachs & Co., New York
.
Angeles
Committee were Harry L. Ar¬
Blum, First California Company,
fact, despite the
selling, the utility
hasn't had two suc¬
the Nominating
of
Members
Philadelphia
S. Pulliam, Weeden & Co., Los
cessive
liquidation in this group by
troubles institutional holders, although
would vanish before the year- four rather
large blocks that
the
whether
whenever the
of
bit
there wasn't too period when the industrials
year so
the forces of op¬ much left for the market to
be trimmed,
timism and
the
a
consequently, has been able
ef¬ to shrug off most of the er¬
market-
actual
the
for
in
come
earlier
more
division
the
generally, the halving
Chrysler payment def¬
initely ended doubts over
fect
of the
an
had far
settlement
on
of
rumors
market
included
is
Oils added little luster to the probably the chain most
market proceedings. The Iran¬ persistently mentioned in
mergers.
ian settlement, when it finally
Utilities, as is their wont,
» came, was
far less of a de-
erglas have had momentary ; presing development than had
popularity even though they been predicted some time
sell far more routinely on a back.
In fact, some of the
In addition to
still, listed,
stocks
bank
Apathetic
Thayer, Baker & Co.,
Secretary: John M. Hudson,
Lawrence
C. Allyn & ;
Chicago
Company, Incorporated,
Treasurer:
M. Wakeley, A.
Thompson
Vice-President:
Second
.
Inc., Atlanta, Ga.
pany,
Grocery, which is pre¬
paring for its third 3-for-l
the popularity of the air is¬
guished. They swayed a bit split in less than a decade, the
sues. Dividend payments have
with the prevailing trend but
cement issues generally, and
kept pace enough so that few overall made little progress.
special situations such as Corn
of them are among the lowerHowever, they weren't un¬
Exchange Bank which, apart
yielding issues around and i duly heavy, either.
from being one of the few
most are reasonably close to
Company, Incorpo¬
Jolley, The Robinson-Humphrey Com-
First Vice-President: Lex
ing little while attention cen¬
ters on such issues as Winn &
Lovett
Hudson
rated, St. Louis, Mo.
„
Rubber
W. Bunn, Stifel, Nicolaus &
John
President:
M.
not take time
to drop
him
is quite
interest in NSTA activ¬
a
Hdqrs. FEALOGFOR, APO-323 c/o P. M.,
note, USAF, Box 431
San Francisco, Calif.
,
Volume^ 180
:
Number 5350.... The Commercial andFimmeialChronicle
*. ^
(599)
ipj i
America's
flow and
this
ASSETS
.$ 66,960,329
Marketable Securities
-
na¬
Without this
of money to move
$ 63,565,016
merchandise—in¬
not earn so well.
Automobiles
are
;
probably the most widely
>
-
.$424,553,547
$390,294,935
Wholesale motor vehicle short-term loans.
45,487,999
43,518,035
Direct and
37,765,548
34,515,676
25,803,615
27,632,007
Retail motor vehicle installment receivables.
..
personal installment loans
Commercial and other receivables
.
.accepted symbols of American prosperity.
They
Less: Unearned discounts
Reserved for losses
Total receivables, net
..
.
.
30,707,576
28,808,409
11,484,714
10,860,629
$491,418,419
7,617,605
$456,291,615
$566,004,353
$524,722,217
are
volume products of
tion's greatest
miles of
money
4,865,586
one
of the
na¬
industries, and their unceasing
back and
movement
$533,610,709; $495,960,653
Other Assets
use
dustry could
June 30,1954 June 30,1953
and
through the
stream..
circulation of billions of dollars every year—
CONDENSED CONSOLIDATED BALANCE SHEETS
Cash
of money
tion's economic blood
A REPORT FOR THE FIRST SIX MONTHS
Receivables:
prosperity is sustained by the
movement
forth
over
millions
of
highway is symbolic of the tremendous
flow originated by this industry.
Associates Investment
Company
through its time sales financing in the automo¬
tive field is
LIABILITIES
major force in sustaining this
a
■
,1-;
'
,
Notes Payable, short term
Term Notes due within one year
Common Stock Dividend
Accounts Payable,
6
payable July 2, 1954....
Accruals and Reserves
movement
...
$255,560,050
$267,970,700
43,250,000
1,406,462
24,724,799
25,277,212
Unearned Insurance Premiums
24,876,229
23,689,035
Long-Term Notes
85,455,000
95,005,000
Subordinated Long-Term Notes
35,000,000
37,500,000
of money,
this continuous flow of
capital to create economic prosperity. In the
past
twelve months, Associates has put
than
one
billion dollars
and allied
to
more
work in automotive
financing.
♦
9,000,000
Capital Debentures
Preferred Stock
12,500,000
9,700,000
Common Stock
31,254,720
31,254,720
Surplus
42,977,093
34,325,550
$566,004,353
$524,722,217
CONDENSED CONSOLIDATED INCOME STATEMENTS
ssotiates
'
Six! Months JEnided
* >
June 30,1954 June 30,1953
Commercial and Installment
'Discount, interest, premiums
and other income
Operating expenses
Federal income tax
Net income before
Provision for Federal income tax
Net income
•
•
•„
$46,254,477
30,792,812
30,127,935
$15,461,665
7,490,000
$14,676,535
7,875,000
$ 7,971,665
$ 6,801,535
$2.47
$2.11
ASSOCIATES
ASSOCIATES
Consolidated net earnings per share of common stock
after payment
home
of preferred dividends
office:
south
bend,
indiana
EMMCO
AND
Financing
$44,804,470 ■
OFFICES
IN
INVESTMENT
DISCOUNT
COMPANY
CORPORATION
INSURANCE
COMPANY
and other subsidiaries
145
PRINCIPAL
CITIES
IN
THE
UNITED
STATES.
v.wav.w.vav.v.'
tetss/zs/ssssw
#"
-
...
—«
3@f
16
The Commercial and Financial Chronicle...
(600)
*
'
;
'
•
i
•
<
*
> i
M H M < i
H i
•
i i
u
< i u
<»«f 11 u' '.I i 111 i <
•
News About Banks
BRANCHES
NEW
OFFICERS, ETC.
$100,000
to
stock
dividend
effective
of
Bank
York
New
Aug. 5 that it will de¬
Avenue branch
on
Fifth
its
build
to
office
and
bank
new
a
building.
of The
mands for banking accommodation.
City Bank of New York
voted
August 10 to recommend
The increase in our capital funds
will enhance our ability, both as
depositary and lender, to meet
these demands. It will strengthen
The
Board
on
Directors
of
shareholders
proposal to increase
the capital
funds of the
Bank
by the sale of 2,500;000
additional
shares
of
its
capital
to
a
position of leadership and incapacity to attract new
stock at $52.50 per share, a total business. It is in the interest of
of
$131,250,000. The number of the shareholders, since it will proshares, of $20 par*' Valud, would 'Vide a firm basis for continued
be
increased
from
7,500,000 to growth."
the
At
quarterly
60 cents
time,
same
dividends
aggregating
share on the shares presently
outstanding were declared, payper
1, 1954 to shareholders
of record on Oct. 8, 1954.
This
increases
the dividend rate per
able
Nov.
share
from
num.
It
$2.20 to $2.40 per anthe intention of the
is
Vice-President, was
given the additional title of
Guerdan,
Cashier.
Mr. Guerdan, a native of New
City, joined National City
in 1916. He was appointed an Assistant Cashier in 1928, Assistant
share-
Vice-President in 1931 and VicePresident in 1946. Mr. Guerdan
of
meeting
special
'..A
beep called
holders has
for Sept.
20,;"rf1954 to take action on the
proposal to sell the additional
shares.'Upon approval, the shares
will be offered at $52.50 per share
to all the shareholders pro rata,
on the basis of one new share for
each three shares held of record
as
1954. The Board of
of Sept. 24,
Directors has concluded
arrange-
of investment
bankers headed by the First Boston Corporation for the sale of
any
unsubscribed shares at the
subscription price of $52.50 per
ments with a group
share.
York
for many years in the
Bank's Domestic Branch Adminisserved
tration.
National
since
York
at
attack
1919, died of a heart
his home in Summit,
n.
J., Aug. 8. 1 He was 64 years
0\&
He was also a National City
Director, since 1953, and had been
Executive
Vice-President
and
Marion, Ind., where he
and high
Born in
sch0ol
education.
$50,000,000
Capital of
remainder to
school
he took
the
shares,
be added to the
The
surplus.
transfer,
the
and
Bank
to
Profits
divided
Reserves
intends to
from
Un-
Board
surplus
and
Unallocated
further
sufficient
a
leaving
After
the
position in
a
Grant Trust and Savings Company
I
jn Marion, Ind.
jyjr
Lenfestey spent his summer
vacations
National
in
working
Bank
First
the
Ind.,
Marion,
at
and ^us obtained
a
to
j
™aFJPaa S
*oaa
*
$200,000,000 to $300,000,000.
hnnnnnnd^tt
000,000 of Undivided
Woi
Profits, total
capital funds of the Bank would
approximate
$550,000,000. This
total does not include either the
capital
Trust
Farmers
exceed
City
lunds
Company,
$32,000,000,
or
which
Unallocated
thlfn
nnn nnnG
than r«^fn
$50,000,000.
25%°Uof
approximately
^ew
?nSS
HonLri
10% of deposits
loans and
wSh
compared with
18.5% and 7.5% respectively as
of June 30, 1954. The legal lending limit (10% of Capital and
Surplus) would be increased from
$35,000,000 to $50,000,000.
York
Lenfestey
the
-
-
to
promoted to Cashier, posiUon he held at his death
was
j^e wag macje a Vice-President
juiy 1940, and an Executive
Vice-President in October, 1952.
-n
alsQ
a
Director. vice-Pres-
identj secretary and Treasurer of
International Banking Cor-
the
determined
have
tects
stories
high
National
Co™Pal"!y
Funeral
Safe
for
Mr.
Len-
rTrP^esbvterfa^^hirch1
Central Fresbytenan cnurcn,
James
S.
Rockefeller,
President;
would
be
mately $58.20 per share.
If the Capital Stock increase is
authorized warrants-covering the
exercised
on
before Oct. 22.
or
the proposal,
Sheperd,
Chairman
Commenting
C.
Howard
of
the
N.
Board-,
on
said:
"In
recom-
mending this action, the Board of
Directors
affirms, its
in the
faith
continuing growth of the Ameri-
recognizes the
responsibility of banking institutions to keep pace with the expansion of the businesses which
they serve. The growth of population
and
national
product, the
can
economy,
achievements
and
of
research
and
of
business management, and the re-
Shaw
needs
for
capital
H.
Temple,
Executive Vice-Presidents; Ralph
H. Thomson, Comptroller; Lewis
B. Cuyler, George A. Guerdan and
James MacN. Thompson, VicePresidents; Alexander W. McGhee, Vice-President, City Bank
Farmers Trust Company and
Burness Kydd, former Comptroller, retired,
*
*
only
visory
Board
of
the
14th
1
Street
Office (79 Eighth Avenue at 14th
Street, New York City) of Manu-
Trust
Company,
New
< LI;:
h if
it
Harris, Upham to Admit
Four New Partners
Harris, Upham & Co., 14 Wall
Street, New York City, members
of the New York Stock Exchange,
Sept. 1 will admit to partner¬
ship Benson B. Sloan, Jr., Jerome
on
H.
P.
Boucher, Henry U. Harris,
and Gaines Gwathmey, Jr.,
Jr.,
of
member
the
New
Stock
York
Exchange.
♦
California,
with
New Edwards Branch
common
capital stock of $300,000, went into
voluntary
liquidation
effective
& Sons have opened a branch of¬
July 13 and
absorbed by the
fice
Oakland,
under the management of
Central
was
Bank,
Cali¬
fornia.
KEOKUK, Iowa—A. G. Edwards
L.
in
the
Iowa
Hotel
Building,
Wayne
Earls.
L.
Our
that
I
.
The Government market is taking the very successful refund¬
ing operation pretty much in strdie and, even though the vacation
period is upon us, there appears to be no difficulty in digesting the
new obligations which came into being by way of the new money
of
Vice-President
Assistant
Chemical Bank & Trust Company,
announced Aug.
New York, it was
5
man.
Baxter
Division
Metropolitan
Bank's
Chemical
of
raising and refunding operations. There are reports of a consid¬
erable amount of switches being made, with the outstanding inter¬
mediate term premium obligations being sold and the proceeds
Jackson, Chair¬
Mr. Cushing is a member
N.
by
at
165
being put to work in the 2%% of 1960. The out-of-town commer¬
banks are the important buyers of the new refunding bond
New
Broadway,
cial
York.
*
*
The
Harry
F.
Wiedeman
States
York
Trust
was
of
Company
announced
on
The
New
Banks
With
which
the
activities
past 17
need
a
not
for
put
Aug. 2, with the Banking Depart¬
which
ment of the State of New York
putting
Security
Company
Trust
of
effective
stock
its
creased
Bank
from
.
*
*
is
*
,
Mauch,
East
National
Citizens
Jim
Bank
Thorpe,
of
Penn¬
sylvania, has changed its name to
The Citizens National Bank of Jim
July 26.
*
*
the
in
1958
to
1961
holders of Treasury
area
are
obligations
selling these issues and
proceeds into
a
the 2Vs%
due
11/15/60.
the older outstanding obligations
•
.
fairly comparable level.
Intermediate
money
markets
Financing Expected Later
are
again in the vacation period, and it
not believed that more than previously planned programs are
likely to be carried out. This does not mean, however, that the
unexpected cannot be taken care of. Nonetheless, most money
market specialists appear to be of the opinion that it will be some¬
time in the Fall before there will be important developments in
the Government market. By that time, the question of the debt
limit should be pretty well settled.
Thorpe, Jim Thorpe, Pennsylvania,
effective
that certain
Reported
the
The
$562,500 to $675,000.
The
insurance and casualty com¬
charitable organizations and pension funds have
as
of
July 28, in¬
capital stock
common
is
are
being kept at
National
Cedarhurst, New York, by sale of
new
well
these swops from
*
*
bond, according to reports, has considerable
By making
(in the same
maturity range, as the new bond) into the 2V8S of 1960, there is
a
taking down of profits, while at the same time income is still
a
Rochester.
*
will enable operators to
sizable amount of money into the 1960 bond.
a
It
filed,
have
now
the maintenance
2%%
new
as
on
York,
be in
unimportant number of fire
panies
Mechanics Trust Company,
New
August is not likely to bring about any
It is believed that the period of digestion
of
of the commercial banks not only those in the
out-of-town areas but also those in the larger money centers. It
is indicated, however, that the smaller deposit institutions have
been the largest buyers of the new refunding bond, even though
considerable competition has come from many other sources not
the least of which has been non-bank investors. It seems as though
Security Trust Company of Ro¬
&
way,
attraction for many
chester, New York and the Farm¬
Bath,
the
of
2Vhs of 1960 in Strong Demand
The
that institution.
ers'
out
many
i
of
President
Weber,
refunding
of income is becoming more
institutions, because they are continuing to lose
earning assets, and, accordingly, this is resulting in the higher
income Treasury issues being put into more portfolios.
The
years.
W.
no
out
important to
for
Council, has been elected a
Henry
is
positions, not only in the new issues but also in the
outstanding obligations. This is resulting in a considerable num¬
ber of switches being made, with the trend being into the longerterm obligations.
Majority Leader of the
and
man
Government
the market appears to
balance
the
with
associated
there
and
Acquire Long Bonds for Income
current
startling developments.
years' service with the Bank.
Mr. Hurley and Mr. Wiedeman
investment
the
of the month
balance
retirement of
President, who headed the cor¬
porate trust department during a
major part of his more than 40
been
active
very
money market specialists are beginning to turn part of their atten¬
tion towards the early fall picture, because it is indicated that the
Henry L. Smithers, Assistant Vice-
Bank's
still
is
more.
Mr.
At the same time Mr. Strong
have
bit
a
up
Yates, who joined the Bank in
1942, will assume supervision of
the Bank's corporate trust activi¬
the
market
liquidity buyers in this section of the list, even though the
feeling is rather general that near-term rates will continue to edge
Aug. 5 by
Benjamin Strong, President.
ties.
short-term
lack of
United
the
also
are
the largest
Assistant
as
of
Vice-Presidents
though these same institutions, according to reports,
takers of the longest Treasury obligations.
even
*
of Arnold L.
Hurley and J.
appointment
Yates,
Governments
on
By JOHN T. CHIPPENDALE, JR.
*
Cushing has been ad¬
from Assistant Secretary
vanced
to
Reporter
least 20
at
What form the Fall
new
raising obligation
money
obliga¬
or
tions will take is going to depend upon the condition of business,
*
which at the present time appears to be on the favorable side.
The
First National
St.
Matthews,
tucky,
$100,000
with
and
The
Bank of Louisville,
with
common
Bank
of
St.
Matthews,
Ken¬
common
stock
of
First National
Louisville, Ky.,
stock of
$2,000,000,
merged under the charter and title
"The
of
First
National
Bank
of
It
is
believed, nonetheless, by not a few in the financial district that
any new money which the Government will raise during the bal¬
ance of
1954 will be of the short or intermediate term variety.
They point out that unless there is an inflationary tinge to eco¬
nomic conditions, the Treasury is quite likely to issue obligations
which
will
create
deposits in the commercial banks and
in
this
offset the decrease in deposits which comes about through
way
the decline in loans.
Louisville."
Some Issues Behind Market
At the effective date of merger,
the
ital
will have cap¬
$3,000,000 divided
merged Bank
stock
of
into 30,000
shares of common stock
of the par
value of $100 each; sur¬
*
*
*
plus of $5,192,000; and undivided
Aertsen P. Keasbey, has been
profits and reserves of not less
appointed a member of the Ad- than
and
credit, all point to expanding de- facturers
suiting
Alan
and
-,
air-conditioned.
and
Peninsular
services
the
i! t h 11U it,
The First National Bank of Oak-
dale,
Robert L.
Deposit
approxi- Richard S. Perkins, Vice-Chairman of the Board and President,
City Bank Farmers Trust Company;
Lindsay Bradford, Vicesubscription rights will be issued Chairman
of the Board,
City
and mailed about Sept. 30, 1954 Bank
Farmers Trust Company;
to shareholders of record Sept. 24.
DeWitt A. Forward, Senior ViceThe rights will terminate if not President; J. Howard Laeri, Leo
it
changes
be
the
Secretary and Treasurer of
the
combined
foregoing
the
After
30.
will
building
Realty Corporation, and a DirecCity
*
incomplete, according to Albert C.
plan of merger, under the title of
tor,
and
*
Thursday, August 12, 1954
Simonds, Jr., Bank of New York
President.
He said that the archi¬
capital funds of the Bank and of
June
are
poration and of the National City
Summit, JN. J.
Honorary pallbearers at the
City Bank Farmers Trust Com- funeral service were: Howard C.
pany was $58.68 per share as of Sheperd, Chairman of the Board;
The book value of the
Plans for the new building
em—City
Department, and on Nov. 25, 1919,
wag
Whitehead
R.
*
City.
He soon Trustee of The Dim& Savings
was appointed an Assistant Cash- Bank of Williamsburgh, New York,
ier in charge of the Organization it was announced on Aug. 10 by
Re
is T.
The Presi¬
Cashier Ernest L. Johnson.
Joseph T. Sharkey, Vice-Chair-
came
entered
and
—
capital of $125,000 and
a
surplus of $75,000.
a
ploy of National
the
,
Mr.
jn
Bank has
valuable and
t2xnnCw-^?.e Ue SurPlus to varied banking experience.
$300,000,000. With these changes
of the Bank would be
the Capital
1948.
announced
Cashier since 1952.
received his elementary
additional
would
Bank
City
J Of the proceeds of the sale of
the
Cashier of
of New
Nathan C. Lenfestey,
The
quarters of
with the Bank of New
the city's oldest bank, in
Frank
*
*
*
Comptroller of the Currency. The
Fifth Avenue.
the Fifth Avenue Bank, which was
York,
a
The First National Bank of Eau
the northwest corner
on
Street and
richly appointed
merged
^ of Directors,
subject to
earnings, to continue dividends at the
$2.40 rate on the
increased number of shares.
Board
future
the
crease our
*
*
*
At the regular meeting of the
Board of Directors of The National City Bank of New York
held on August 10 DeWitt A. Forward, Senior Vice-President, was
appointed a Director. George A.
six
by
July 26.
*
Gallie, Florida, was issued a char¬
ter on July 29 by the Office of the
These consolidated buildings were
our
.
10,000,000.
buildings
of 44th
occupies
now
$200,000
*
♦
dent
branch
The
capital stock
common
an¬
ings on the west side of Fifth Ave¬
nue between 44th and 45th Streets
National
its
dent, announced on Aug. 11.
quarters as well as all other build¬
CAPITALIZATIONS
at i u hi u a in tixcwiiht:;*!:} IH 111
from
nounced
Bankers
and
REVISED
<
creased
molish
NEW
victim
York, Horace C. Flanigan, Presi¬
The
CONSOLIDATIONS
i j H?
•
The
likely to
It
is
*
*
cotnton,
North
Carolina has
in-
markets, according
to certain
analysts,
are
not
too far in either direction in the foreseeable future.
contended
have been
mean
*
move
Government
$3,098,938.
The First National Bank of Lin-
money
that
bond
seen
Federal
prices
in the
will
do what is
pretty much within
last few months.
necessary
the
to keep
ranges
which
This does not, however,
that there could not be certain issues which would do better
than
others
them
are
because
the
yield
curve
seems
to
indicate
still out of line with the general market.
some
of
Number 5350... The Commercial and Financial Chronicle
Volume 180
(601)
of
standard
and
"Ppfications
J'J9r.8uPP,ier
*bkton srm
co
ZZT'W-V°Wor
'
in
"^Ceattfp.
V
^
,
.
1
•
.
fMMU
Helping
one
freight
cor
FURNACE CORP
uffalo, New York HI
"
division for
?* fur~
do the work of two
of
with Noiloble Steel Flooring
Flooring, developed and produced
by Great Lakes Steel, a division of National Steel,
is virtually unknown to the general public but no
stranger to railroads and shippers.
floor itself has
Nailable Steel
N-S-F is
Nailable Steel
Flooring doubles the availability
freight cars by making them
always ready for dissimilar carrying jobs without
alteration or advance preparation. A gondola, for
example, can enter a plant carrying blocked,
crated or skidded material and, after being un¬
loaded, be sent on its way wi th a load of loose scrap.
and usefulness of
c
»*<*
***
OKIIKON
COMPj
n
various types oF^UCtion
<ypes °f
pig lron
P^»ce,
,ng3 in
Grpiz 5;
J '
high resistance to the impacts of
loadings. The material used in
making N-S-F is another product of Great Lakes
Steel—tough, durable N-A-X High-Tensile steel.
a
mechanical bulk
Ho"°T"mpRrcrsc°-
just one result of National's progressive
policy that calls for constantly improved products
and methods. This is National Steel—entirely
integrated, completely independent—one of
America's leading steel producers.
and
distribution
f^,*r?house
ctsiZ^£
New Color Film Now Available
"
Nailable Steel
loads
to
Flooring's unique design permits
right to it. With a
be blocked and nailed
N-S-F installation welded into,
the
a
car's structure,
danger of loading damage is reduced, the
structural
rigidity of the
car
is increased, and the
Achievement in Steel"».. a new 16-mm color film
telling the dramatic story of steel is now available to
organized groups. To obtain thisfilmfor your group,
write to "AchievementNational Steel
NATIONAL STEEL
GRANT BUILDING
SERVING
A# E It I C A
*Y
Corpora¬
tion, Grant Building, Pittsburgh, Pennsylvania.
SERVIN G
CORPORATION
"MN-stfh
ExdSj
famous
v*m*JnFH
Quon»l"^o(
NATIONAL
STEEL
PITTSBURGH, PA.
AM E It I CAM
i
'"<!■
-
INDUSTRY
17
18
The Commercial and Financial Chronicle
(602)
.
.Thursday, August 12, 1954
.
K.
They have been built and are being . built
government' contributions (acquired by infla-'
tionary procedures) or else with what amounts to gov¬
ernment guaranty of their obligations. This means, among
other things, that they are getting their capital funds far
below the normal rate. Relative freedom from taxation
to
i
'<
•
contribute to support of that
which lives
"
inevitable
The
part of the population
farms.
our
on
economic
been
have
consequences
The terms
1
.
us
.
out
■
:
;
For
Federal Government.
which need not deter
reasons
'
*
not really thought
that be, these subsidies to the
be simple gifts but tied directly to
to
war
witnessed
we
a
spe¬
encroachment of the Execu¬
tive upon the Legislative Branch.
This has been through a new type
of
commitment
of
the
States to other nations.
going to
'do
not
issue.
to
go
United
I
not
am
legalisms, for they
argue
The
T^he result is surpluses
product.
the
real
of
center
issue
is
the
whether
Not Sui Generis
monetary policies,, interest rates., have now
it will
sooner or
.. j
been
—
j
11'"
■
.
,
actually occurred
is
.
,.
,
„
!
■
instructive. Even more
i
•
i
•
''£
from first
'•'/"
.
.
-;
„
V.
! '*£\v■
■
v.
v*
•:-Russia*-spread '-G<mih$uhi^M^6ver
.
•
>
States^t iMoscpw and»the p&rti-»v
:•:«<»><*
Poland at .Teheran eiriin;
gutshedt the- liberties 'oPyferii of
do so,
deavor to
Jeremiah but
Saint Paul.
New forces from science^and ; executive
y* T i-v r t:y k
Agreement with Respect* to China
ideas,\ both good
.bad,..Legislative and Judicial branches. which;^t in train the commbniThere
has been
constantly aiise
Loxistaxiuy
arise in
in uxe
the world.
w.oriu.; We
v¥c
encroach^
inere^.-nas
oeex> judicial
juaxciai..enuiuau"--zatibn of-Morl'ffolia^
North KOrpa
...
'
e
new
n
,,
welcome. changes which advance ment oh the. States' rights.; There
tj^e welfare of pur ^eople^^ur-.haji;been Cqngressional^^encroach-
;antJ; ^jr
bf^Chih^
'
1
-
.
V?
^
1
system always needs repairs.^ .• - V mejnt oh the Executive The Fed-;,;..^?^Vh^^^o^4'.T?residential
\ Also we have to clean upithe 'eral
Government * has
graspecf' ^chons n^ve resulted in a shrinkvast wreckage
and disorders oL mariy of- the vital fdhctiohS';''wA M"' .humanv.freedom;ove^the
devastating S tornadoes - of State and lofcal govertimeht; ^;: ^hple
—z~i—°
+
>
? •• • .b/6 the earth.1 ,Our acqpie^ehce in the
'■>*"'V'''J"^.sahhekatib»^
r.''*<*'£■ v '§7 «|St•;•
rotedfOll Of
Freedom
Ul
11CCUUIU
-
of
taclt^liance\ With /Sc^ief
V;
^
;
page
■"
*
f
V
lUlCbUUH
of
as, our recognition
.
••
y
maintain, employment. At least- these, are the
objectives of what has been done and is being done.
,
thefpe-
we
•
VV
and
,
so
course,
.
^
What has
*
•
•
said,
cited; of
—
Continued
and notwithstanding the arguments of many of the
Keynesian hangers-on, we venture to say that the residen¬
tial housing situation as it exists today is in some respects
-definitely a case in point. We have for years past had,
public housing, publicly subsidized housing, and public
financing
to • helo
poor man
man to
to irhfinancing *Of
*of housing—all
housing—all to
help the
the poor
iihprove the shelter in which he lives and to stimulate busi¬
„ru
to foreign nations without
,but enough
' -»w'
i.i„y
*"
•'
f- ragreements
-hope^ stiniukteCcarefuX
thought about the wakw^ ^e.'iiQW traveling.^ ' Rwheadgates
i
has
agers of the nation have brought questionable results at
other points, too. Despite all the pleas of the "do-gooders,"
ness
*
-
Other instances CQuld-be
agriculture is not sui generis, at least in these
respects. Broadly similar policies of the economic man¬
official
later? Is this vast extension of home
S'aeree4nt^
to be
so enormous as
/
ownership compatible with the degree of labor mobility
cifie consent of the elected repr'ebelieved to be required^ or at least desirable,* in the mod- . sentatives ofthe, people.
}
ern
economy exposed to'possible atomic warfare? t Leb it...; .^There- has been a grievous list
not be forgotten tliat Artificial stimulation of
housing construction
indirectly % produces^artificialV stimulation:' ofv which/ shackle -our economy;' by
many other things!.,«; ''
7">'3
limiting a jfrbe market: ;Buf more
But
•
cial
_
and
|
-
the last
—as
not
were
,
i
our
foreign relations there
great dangers and also vital
safeguards to free men. During
the farmers but
farmer
powers
virtually worthless irt many instances—and farmers now so
accustomed to overproducing and getting paid for excess
product which no one wants that they feel themselves
greatly aggrieved when anything at all is done to put,a
stop to the farce.
',V
:
In
production and to preparations for even greater production. Of course, the funds did not remain in the hands of
the
■
stay
been the President, through, declaration
or implication or by
driven down to a point where' artificial stimulation of
appeasement
or
by acquiescence, or by joint
housing construction is present in many instances.'""Haw
will this structure stand, up if and when adversity -'strikes >
by the
even
passed on into the general stream of in¬
expenditures throughout the economy (as infla¬
tionary funds always dp). But, of course, not even this
fillip could create demand enough for the- output of the
farmers to insure normal distribution and consumption of
•
They must
would
you
are
tot, matter to jw kog
by direct intervention and by
addition, both
broad
wiped out if
Power in Our Foreign Relations
an^ investor-ajjdyJor
owners. In
here and which in any event were
come
.
many,
cor¬
I
<
fully free.
bhing financed is strongly reminiscent of what took place
in the late 'Twenties, where over-appraisals, low down
payments and overly long mortgages brought disaster to
■iht
indirectly the funds for the purpose were created by
the banks at the behest and with the guarantee
yf the
or
My countrymen, all these
be
which many of these houses are now
on
have
which
-
from you, the people.
Reminiscent of the 'Twenties
degree it has now assumed. What has happened is
essentially this: From a mixture; of motives it was deteri mined that the farmer must be pampered, and directly
and
■-
in
part.
rosions of the checks and balances
of power call for constant battle
longer tolerate the situation, at least in the form
•
•
investigation
some
gives them another unwarranted advantage. Are we pres¬
ently to find ourselves with another establishment which
must be carried at public expense?
Such an eventuality
would scarcely be conducive to a prosperous economy.
becoming clearer and clearer for several years past. They
have now reached the point where, so we hope, the public
will not
.
power are-today under vigorous
either with
j^4s We See It
•
results.
cial
Continued from first page
;;-, i,
.,
wars whichmave sw^pt over man-v:r; Som^ of the corrosions of ouiv^^-^/^P^^f ^f^he. Cold
kind during the past 40^^^^ Vision of power are the after- War- As a;by-product these, ac-,
For all of this there
are a
number of reasons, many of
them very sound and some of .them definitely dubious.
There was, of" course,, an. exceedingly large! backlog of
demand
for
housing due to the great depression of the
'Thirties and the all-out
war
of the first half of the f'For¬
ties.
Population continued to grow even, during the 'Thirties, although at a reduced rate. Marriages rose sharply
during the war, and .the number of new households de¬
manding places to live; mounted phenomenally in( the'years
immediately following the war, as did the number of
! births.*,
--'V
^+
:
:
<
«
:
'
«
In addition to
•
i
1
tjii^, .the booming, years (in condegree inflationary in nature) brought additional supplies of new motor cars which in~turn stimulated an already existing desire on the
part of young
couples to live outside of the piore congested areas, and
sider^ble
to undertake the construction of homes in
such districts.
high rate pf births has obliged many couples
larger quarters either by additions to their, already
existing housing facilities or by acquiring new accommo¬
to seek
dation. Pension systems now so
widely in vogue arc said to
be enabling more of the older population to maintain
homes of their
) the past
?
5
*■
•
•
instead of
All this sounds well
thus cited
part
i will
«
own
"doubling up"
on
are
enough, and
concerned is to
fpr as the facts
be put down for the most
so
the right side of the ledger. But certain questions
not
down.
These center about certain
\
-
I
parts of the
With
tvrannv
industrial
in
aee
been what is known
rests. A not
as
public housing. It would be* strange
if the accounts of these enterprises and of the sponsoring
political units were such as to enable the citizen to arrive
at anything approaching
an accurate
knowledge of finan-
could
no
t3,ranny J™?
And with these safeguards our
people were at one time closer to
the
goals of human welfare than
civilization
in
all
other
hisrtory.
any
; f;:
-
peabe agencies
-
have created
we'
;Some:vIn-^;haunting•ahkietyr.swd ou^parar
ctease is necessary. Most of them mount necessity is the defense of
are «ne men- and women.
But Our country,. -'
in bureaucracy are
define
imP|acable Spirits. They are self- the-foreign polictes of our govperpetuation, expansion of their ernmenfe • >
.
1
^mPf'
d
d^nd
"a
for \
more
eAooner .or later-a new-Jine of
Power. Bureaucracy rushes head- action will become imperative. onS mto
vl5'°"a
"Sj* • il«nrtlum and; sends the bills to the ; tested against, the most dangerous
Treasury.
never-ending struggle to prevent
the abuse of power whether
by
have more Federal
employees in nearly every state
than all the local officials, includ¬
ing constables.
They penetrate
every part of
local government.
They produce great waste of the
individuals, by groups,
by gov-
taxpayers' iponey.
*
vested
.
Power
Federal
of
Local
and
Government
progress
ernment
or
freedom
of
or
nations.
-
•
is
a
Our Founding Fathers created
unique restraints on power by the
Bill of Rights and a structure of
built-in
checks
rested and in
now
We
have economic tvrahnV than
more
division
recent years has
onr
politieal tyranny
Among these
larger degree perhaps
the^cbmine -of^the"
neoole ^ided
safeeuards
new
foundations upon which this
housing boom appears to have
even
'nj r' *
$ the:end.^resulls -of .aH; ^d;^^:;the ^Pated^^n^l
■
witoeythreTanserflyofCODoUttral '• e55;p55^to^Taob.'OOo:
in
...
j insignificant part of the construction in
«
as was
Vwi^
bther
The
Well Enough, But
i
Fathers/
doms.'-
the custom.
more
npt^ from: govern- vjr^eral .Government.!
Founding
all
A continued
i
and
.
..
•
Creator
mThe
Federal
and
of
of
and
and
balances.
concepts, was a
Power
between the
State Governments
new
between the three
government.
I do
branches
not need to
tell you that. But what I have to
tell you is that these separations
of power became seriously con-
fused,
corroded
and
weakened
Today
for
we;
interest
some
or
They create a
a
pressure
vested) habit
group.
They
interfere in politics and too often
are infected with corruption,
Their
freecjom
magics
0f
invade
citizen,
hour.
every
moment of every
...
_
personal
every
of our
foreign political policies
during the whole Of the 20 years
prior to the last Presidential elec¬
tion.
every
I
opposed
and
protested
step in the policies which
led
into the Second World War.
us
Especially in June, 1941, when
Britain
safe
was
from
a
German
invasion due to Hitler's diversion
to
attack
on
Stalin, I urged that
jest of all history
giving aid to the
the gargantuan
would
be
Soviet
Government.
should
allow
to
our
exhaust
that
the
those
each
result
I
other.
of
urged
two
our
±
we
dictators
I
stated
assistance
The
to restore the would be to spread Communism
irie remedy
rei^e^y, is
1S
checks and balances of power, to over the whole world. I urged
remvigorate State and local gov- that if we stood aside the time
ernments and to deflate the bu- would come when, we could bring
reaucratic empires.
lasting peace to the world,
£
Many
of
these
confusions
of
I
have
no
regrets.
The
con*
Volume 180
Number 5350-; ft The Commercial and Financial Chronicle
i
(603)
have proved that I
sequences
our
was
right.
The
gas
Marx
Socialist
virus
generated
by
spread
into
earth.
Their
nation
every
materialism
dogma
which
religious faith.
tion
of
the
is
of
and
truth
Their poisons
preserva¬
safeguards of
of our.
Since
Republic,
and
the
we
practiced
governmental
foundation
have
both
recog¬
private
responsibility
aged;
youth
people's
ideas
is
guarantee
from
citizen
every
it
the
is
solely
labor
of
the
the
able in the prime of life that
support the
sick—and
pressures
of
could
the creative spirit of
on
our
people. Also, the judgment of the
Lord
to
Adam
not been
can
When
aged, the young, the
bureaucracy. And
the
grave
eliminate the
of life,. it would be a dead
hand
the
this active earning group
people.
the
risks
security
initiative
and the health of
our
to
physically
for the unfortunate and the
for the
education of our
\
their Even if security from the cradle
should
government
the cradle to the grave.
But
and
Among
money.
that
of
requires
lest
sweat
has
was
British
British
scure
under
tried
level
a
of
Socialists
with
Britain is
flirt with the Delilah
we
for
productive
our
had better watch out,
we
in
our
down the
free
about
The
government
the
now
repealed.
security
group,
competition, the
Moreover, this cult has a host rewards of enterprise and new
of gimmicks for
giving away the adventure to keep it on the job.
liberty
we give
their every variety.
'makes it imperative that
heed to
the
nized
absolute
The
bornT
were
the
on
defies
of many sorts.
are
and
Karl
Friedrich Engels have
and
never-been heed¬
welfare
people.
That we are our brother's keeper
was rooted in
religious faith long
before these fuzzy-minded men
Communists
the
Today
poison
and
nation has
ful of the
blindness
pull
we
pillars of the temple of
1*
The
Socialist
a
it.
Its
result
poverty which
sought to ob¬
term
"austerity."
in retreat from it.
Common
Man
Among the delusions offered us
by fuzzy-minded people is that
imaginary creature, the Common
Man. It is dinned into
men.
Continued
us
on
that this
page
20
The
:
bloody virus type, radiating
from Communist Russia, is
today
rotting the souls of two-fifths of
all
mankind
which
it
has
1
en-
'
slaved.
'
From
the day - Lenin
rose
to
in Moscow, the Communists,
power
,
have
carried
on
an
conspiracy against
tion.
.
The
people
.
rank
The
and
file
of
recruiting
-
our
grounds
for their agents are from
i
*
immune from this in-
are
fection.
underground
every other na-
our
mi-
nority of fuzzy-minded intellectuals and labor,- leaders.
Over i a
"/
thousand such Communist, agents
'X;
have already-been rooted out of
>
Y responsible- positions
-
Ir£ ouiYigovY'
Vernment and other spots of influi
.
ence.
"
.
^
.,.
'
yy
,
"-j
■
v
A
Many of these spies, and traitors
.
when
exposed" sought
their /infamies in
Tor
Amendments Sudh
Sanctuary
Fifth
the
plea: bf im-Y'
hiunity isYan implication of guSt^Y;
4*Surely these people should \not'i
have theYright .to v.ote pr to hold
Y otf ice^foi* Thereby -they Use these, f"
Y|S
#
a:
^ -privileges of'free men against the
^safeguards ~of freedom.v, v '* Y-: VY
i
not
i
'
be-
has,xlosed
down
its
the
F.
B.
|
'
.
V?*
f
%
ml
.
-.•>
re-
^cruiting.. offices^ ■' for]:;- American
^agents. Or that, continued action
of
I
i
I
Y4-
Ied.^into the mistake that
Moscow
r
f
^
A Despite the clamor over ferret,ing out these persons, yoii must
*
f
i
y
.
i.
|
I
\
I. and
Congressional 'A J
I Committees is not equally Tmpera- ■-/,
Y live,
t.-'-t;JY \-r. f-Y
•,
I
have
little
.
fear '.'that
these
} should
:
be the other varieties' of
Karl Marx virus.'.'"• V:Vr>.
*
1M
<
Communist agentsycan destroy the
^ Republic if we continuer to ferret
: * them
out. ' Ouf ,':
greater concern
!
s
:
f
% m
;
*
/
m
|
•:§ j
u
Y'-
:/?
j;
Th^Sbciaijstsv Y". -Y
\A; Among them
are: the
*.},v...
Socialists.Y; Y|
•
fronts:1
i
W 01,/
assert ;• they would iproceed-Y
} 4qnly(by Constitutional: means; 'fA'A ^ ;<
-cY.The Socialists' prdM^bn ,mahy. ;.:
They
:
/
'!Hl«y^eBa^g..|h^'pehtrai'^
ized Federal Government*, Witlf fts*-^--
,
spending Y
unnecessary government
-
^Yandexorbitant'taxesYThey/babeY^.,
r;
_
;
pushed our government/deep rihto
enterprises"Ywhjch compete • with
the rights Pf -free
men./' These
enterprises
endowed *with
are
v.
Y
YV
ex-
Y,
v
f. eruption-from control of state and'YY;j
^ local governments. Congressional
Committees have listed hundreds
AA
of
these* FederalY-activities.
But'; i
only a drop of typhoid in a barrel
Y
W
•
-
of drinking water sickens
village. ] ;
■ t' ,' % ;•'>
whole
a
-V.';''
.
y
-
'
•
.Every'step of these-programs
somewhere, "somehow, - stultifies
the freedom, the incentives, the
the
and
courage,
creative
im-,.
II-
*
i
wmi
f
<4:
;
I
!
t
,
Jl
pulses of
our peoples *:
• •
/;
Beyond all this, there is proof /"
in
the
of
Socialism
world
munism.
States,
it
freedom
who
of
which
result
Curtain
Socialist
in¬
by
Thus
boarding
the
destroying
they fur¬
ladders by
Communists
captured
Ship of State.
The
One
of
Socialism
fare
Iron
weakened
men
the
the
end
bloody Com-,
the
was
enterprise.
nished
the
the
be
the
In
tellectuals
free
that
can
Welfare
the
is
State."
generated
by
fuzzy-minded
the
poison
"Wel¬
gas
an
is
of
forbidden would be compulsory.
One of the annoyances of this
its
mobilized in readiness at
a
well site. Last year
average
of V/3 producing wells
were
drilled every day by
CITIES
totalitarian governments. The end
it would at least be a govern¬
ment
wherein
whatever
is
not
of
is
are
the same sort
intellectuals.
Its
slogan is "Planned Economy." The
phrase itself was borrowed from
cult
casing
cousins of
so-called
This
Acres of
State
postwar
false
assumption
that
@
A Growth
f
SERVICE
Company
■;
f'
mU
I
**
!0
The Commercial and Financial Chronicle...
(604)
Thiirsday, August 12, 1954
L
...
/. •
-
-
,
V
Continued from page
19
religious faith and to liberty. The
now
American
possess
statistical series produced in other
not at the
agencies, thus hastening the crea¬
tion
of an integrated
statistical
people
We
still
these qualities.
bedside
The Protection of Freedom
of
nation
a
agony.
individual
dignity
of mediocrity and
of
negation
and
slogan
a
uniformity.
dogma may
vote-getting ap¬
Man
Common
The
of
be
use
a
as
paratus. It supposedly proves the
humility of demagogues.
The greatest strides of human
come
from
and
women.
have
progress
men
common
heard of George
Washington, Abraham Lincoln, or
Thomas Edison. They were hum¬
in
ble
that
but
origin,
There
all-wise
an
who
voices in
are
a
is
live.
to
man
long time for
a
the
As
shadows
lengthen over my years, my con¬
fidence, my hopes and dreams for
countrymen
my
country
our
daily sound alarms that
civilization
the
confidence
This
that
is
with
ad¬
on
vancing knowledge, toil will grow
our
less
out.
dour
end
for
does
not
decline
civilization
But
us.
way
ability and religious devotion will
while
fall
and
refresh each morning the strength
the
people still possess dynamiccreative
faculties,
devotion
to
and
of
progress
Subcommittee of the Joint Committee
headed by
Report,
Congressman Henry 0. Taile of Iowa, list findings
and recommeJiclations for
get sick, we want an uncom¬
mon
doctor. When we go to war,
the Economic
on
more
a
effective statis¬
accurate and
we
for an uncommon gen¬
eral or admiral. When we choose
the President of a University, we
want an uncommon educator.
we
imperative need of this na¬
tion at all times is the leadership
of the Uncommon Men or Women.
We
need
men
and women who
The
meters,
nor
toda^.
made
Such leaders are not to be
like
must rise
bees. They
queen
Economic
on
Con¬
gressional Committee on the Eco¬
nomic Report, with Rep. Henry O.
Talle (R. Iowa) as Chairman, on
Aug. 6 submitted to Rept. Jesse
P. Wolcott, the Chairman of the
Joint
port payments are but two
ples.
the
researcher,
not
the subcommittee,
greatest single need for im¬
provement is the further integra¬
According
tion
Federal
of
ities into
a
statistical
instructed in the faith
of our fathers; in the traditions
of our country; in the dignity of
each
individual
man,
then our
rightly
will be stronger than any
weapon
of destruction that man
power
devise.
require
Socialist
ef
Gamut
Socialist
infections,
I
to
say
the neighbors of my child¬
hood, the sons and daughters of
you,
native State, God has blessed
my
word
wonderful
another
with
us
—heritage. The great documents
oFfhat heritage are not from Karl
Marx.
They
the
Independence and
the
are
Declaration
of
the
vive.
United.
the
alone
them
Within
States.
Bible,
of
Constitution
the
can
safeguards of freedom sur¬
Safeguard the true spriit of
guarantees for your children,
these
that
they
not
may
prisoner^
of
the
become
hydra-headed
a
Socialism.
If
this
is
him
as
rises to
reactionary,
that all
may class
say
you
either fuzzy-minded
ignorant
or
an
increasing
an
statistical
needs
important
Amid
this
problems,
I
think
we
there
the
last
nology
of
few
in
not
revolution
relations.
in
If
have
years
life
our
seen
almost
and
open
to
still
other
free
our
new
frontiers
are
inventions
and
new
New
us.
to
world
maintain
we
and
applications of old knowl¬
edge will come to us daily.
new
These
frontiers
give us
other blessings. Not only do they
expand our living but also they
open new opportunities and new
areas
new
of adventure and enterprise.
They
open
They
unfold
of
over-all
an
Branch of the
needed.
economic
the
on
To
Govern¬
fit
statistics
different Federal
together
produced
agencies
so
that their aggregate constitutes an
system
and
ing
unit.
Act
of
requires
aggressive
The
1942,
Budget
coordinat¬
Federal
together
Reports
with the
Accounting Proced¬
1950, provide the
necessary legislative authority for
this purpose.
In particular the
second
of
these acts places the
major responsibility for formulat¬
-of-
coordinated statistical
a
in
through
for
the
the
of the
reau
that
the
statistical
various
advi¬
sory committees
pro¬
make
Budget.
of
users
Council
President,
of
acting
Director of the
Bu¬
It is essential
statistics, such as the
Advisers, to
their
known
needs.
It
is
of Economic Advisers to give
adequate and appropriate support
cil
within
next January
big step forward
in the development of a realistic
and adequate economic statistical
will represent a
system.
(7)
the
Executive family,
and
"
,
The
Subcommittee
recom¬
mends that the full Committee de¬
vote one panel session to economic
statistics at its hearings next year,
preliminary to submitting its
report to
1.
the
This
nity
Congress
would
own
March
on
provide opportu¬
of the statistical
for review
submitted
program
in
the
Presi¬
dent's Budget
and Economic Re¬
It would equip this Commit¬
and Subcommittee to be an
port.
tee
effective
voice
consideration
next
Economic
especially important for the Coun¬
submitted
program
a
and
Act
ures
new
the
vistas oi beauty.
wonders
atom and the heavens.
of the
Daily they
of
of
Federal
A major
in
of
and
in
eco¬
Knowledge of and
between
and
the
among
and
expec¬
businesses,
in
consumers,
governments
appraising
the
on
are necessary
over-all
outlook
considering
appropriate
economic policy measures.
Con¬
stant attention and study should
be given to statistics which may
be
particularly useful in indicat¬
ing changing economic trends, al¬
though
our
dynamic
economy
will
permit reliance
never
statistics
alone
for
such
on
predicting fu¬
ture economic conditions.
session
in
of
of
Congressional
in the
programs
the
Congress.
(8) Adequate and timely bench¬
mark
data
from
regular
censuses
of
agriculture, business, manufac¬
tures,
minerals,
and
State
and
local
government
needed.
The
data.
used
are
private
committee is
aration
of
in
The
desperately
are
data
census
the
are
a
and
setting forth needs of
and
ment
business,
private
of
important
this
need,
Committee
not
but
of
The
to
principal
providing
stumbling
an
agriculture and
labor—
used
are
ministrative
but
poses,
in
not
and
adequate
also
as
aids
necessary
promoting high-level employt,
would
the
stability
and
proposed statement
The
include
interpretation
data-needs
research
and
is
of
on
fluctua¬
well
development of
made
the
on
basis
of
eco¬
semble
economic
publish the
statistics
in
ment
can
array
of
of
of
knowledge
and
In
depend,
the
economic
complex
hundreds
dollars
may
trend of
a
be
of
millions
involved
in
of
the
single statistical series.
of
such
the
to
major part
statis¬
administra¬
governmental
func¬
,tax collection, the regu¬
banks, and
processing of claims for un¬
as
insurance.
These
statistics"
cost
relatively little because their
duction
is
incidental.
dependence
the
both
of
world
A
economic
from
"administrative
for
agri¬
in
available
results
employment
eco¬
todaj^'s
use
the
system.
encouraged
lation of railroads and
govern¬
taxation,
Administrative agencies
produce statistics as a by¬
obligations to the
tions
reasons
Federal
ganization.
-
The
them is
decentralization
acterizes
'
upon
principal
treme
formulation and execution, on the
statistics.
gone
necessary,
recognize their
tion
schools, high¬
and virtually every activity
government
are
be
of
The
Programs
security,
housing,
culture,
gen¬
product should
tics
improved
statistics.
national
statistical
as¬
needed.
levels
have
must
nomic
ways
all
for
carefully
extravagance
Increases
statistical
Congress, State and local legisla¬
tive bodies, and public adminis¬
trators
requests
for
justified, and will pay divi¬
which
adequate
Government
and
far.
(3)
be
only
can
information.
The private
enterprise system rightly looks to
government for such facts. Only
Federal
Branch has the
dends to the economy—and in so
factual
the
this
doing to the Federal Treasury.
intelligent
developing
orderly and
well-rounded system, and for de¬
ciding where in that system the
statistical
implementation
can
an
effectively and efficiently be
out, is fixed in the Office
of the
Budget to which this
authority is delegated. The prog¬
in the last 20
made
developing
integrated
an
in
years
of
set
economic statistics under the lead¬
ership
of
Central
the
Statistical
Board and its successor,
of
Statistical
substantial
mended.
Standards, has been
and
is
to
be
com¬
Nevertheless, it is clear
the need
to achieve and
statistical
quate
the Office
integration
and
in
complete
This is
exists.
maintain
of
use
these
an
pro¬
wide
one
for the
that
of
ex¬
char¬
statistical
or¬
The Subcommittee is
their
based
if
Thus,
have
All
to
historical
steps
necessary
should be taken by the Executive
Branch and the Congress to carry
out the
uled.
programs as sched¬
census
We
trative
emphasize to
agencies
speeding
the
the
up
adminis¬
need
well
expand
and
has
its
analysis
statistical
programs
special interest and
competence.
The
Subcommittee
is requesting the Federal Reserve
to
explore, in cooperation with
Executive agencies, the adequacy
of present statistics in three basic
(1)
areas:
inventories, (2) sav¬
(3) consumer and busi¬
ness
expectations.
This request
includes
a
thorough review of,
ings, and
and
basic
research
existing data,
still
tics.
for
(10)
into, concepts,
and proce¬
sources
improving
The
Staff
these
is
statis¬
directed
to
the Executive Branch of the Gov¬
proceed with the revision of Eco¬
ernment.
nomic Indicators.
(5)
attention
More
given
Federal
by
should
be
agencies
to
studying concepts and methods of
operation, and to setting forth the
limitations
of
the
data
appearing
their published reports.
Subcommittee
there
is
is
always
well
Com¬
that
aware
margin of un¬
certainty attached to statistical re¬
sults.
Its
only concern is that
a
adequate steps be taken
sure
this lack
acquaint the
to
mea¬
of precision and to
user
of data with its
nature
and
extent.
Relatively
greater expenditure of effort and
funds
needs
majority
agencies
to
analysis
of
tions
be
examination
the
of
placed
upon
built-in
reliability that
them.
A section
should
President's
be
on
adequate
a
and
Annual
can
in
printed
will be reviewed for
possible adoption but complying
with the generally expressed de¬
sire to maintain the present
format and contents.
various
basic
(11) The Committee Staff is di¬
rected
to
keep
informed of
and
the
Subcommittee
progress
revisions
on
improvements under
way
plementation
given
the
recom¬
mendations
for improvement in'
employment and un¬
employment statistics contained in
labor force,
the
Committee's
(H.
Rept.
1256)
February report
and
in
construc¬
tion statistics.
With Carr & Co.
(Special
to The
Financial
and
an
Blue
is
bers
now
with
Penobscot
pany,
of
the
—
Chronicle)
Kenneth I
Carr
&
Building,
Detroit
Com
mem
Stock
pro¬
Joins Reid, Higbie
statistical
(Special
their
brought
is
Service
Proposed
pany,
grams
the-Detroit Stock Exchange.
costs
Ex
change.
cies
and
or
proposed.
The Subcommittee is
particularly interested in the im¬
be
the
to
economic statistics
The
Report.
the
hearings)
in the President's Economic
gram
suggestions
50 subscribers
in
DETROIT, Mich.
Budget
given
some
limita¬
economic sta¬
included
consideration
more
by
statistical
by
(incorporated
their findings and the
upon
tistics
directed
Federal
an
degree
(6)
to
of
submitted
The
gratified that such administrative
agencies as the Internal Revenue
Bureau, of Old
Age and Survivors Insurance are
of
(9) The Federal Reserve System
might
of the executive
the
for
availability
such data.
programs
and
to
are
statistics
contribution
research.
by the
they
accuracy.
significance than just
more
their
ade¬
system
recognize
data
periodically
censuses
benchmark
much
responsibility of
a
statisticians
corrected
dure
tistics, past economies have
business
that
and for
plete
precision
in
statistics
is
probably unattainable and the
too
judgments
However, the final responsibil¬
ity for assessing the relative im¬
portance of many different uses,
in
engaged
science.
clear
for
Congress,
At the same time in the
light of the need for adequate sta¬
of
talents
erally.
those
the
on
the
need
and
waste
as
economic
growth.
with
planning statistical programs to
avoid duplication of effort, harass¬
ment of suppliers of data, as well
pur¬
these
fully utilized.
are
improvements, and for efficiently
only for ad¬
operating
the
screening
for additional statistical data. Sta¬
tistics
responsibility
rests
preciates
—
maintain
ress
responsibility for providing strong
leadership.
The
Subcommittee
realizes the importance of econ¬
omy in Government, and
it ap¬
govern¬
enterprise
producing agencies have much to
contribute in designing and ex¬
ecuting an integral statistical sys¬
tem.
Administrative machinery
that
pro¬
samples and spot studies must
be
reau
another
but the Executive
comprehensive and precise as pos¬
sible, of the uses made of statistics
and
on
insure
adequate
an
that current economic
viding technical assistance in the
de'velopment of programs.
The
heads of major Federal statistical-
should
of
gram of economic statistics. Econ¬
is
support
considering the prep¬
factual statement, as
pro¬
where it
(2)
sub¬
omists
also take the form of set¬
ting forth specifications and
of Statistical Standards in the Bu¬
block
government
affairs.
should
gathering and dis¬
seminating economic information
in
policy-makers generally.
development
has
lack of a clear
foundation
collection
only
impediment
Congress, to
meeting those needs. This support
carried
Speed
the
relations with the
most
primary
in
and
It
tech¬
and
amount
aright,
horizons
needs
statistics
nomic
great
minds, free spirits, and direct
steps
the
or
they
economic statistical program is the
lack
of
financial
support.
The
our
war.
science
which
may
uses
understanding, particularly by the
Congress, of the ways in which
you
promise for the future if
advances
whom
plans, programs,
and
quantity
some
outlook.
tations
general
economic
have
are
keep out of
can
The
recitation
would not
that
-fields of
Frontiers
of
users
statistical
been
tions
New
the
hopes to extend its knowledge
in
of free men.
enemy
The
the
the Economic Report for
the relations
In its hearings the sub¬
committee was informed
of the
m e n
anyone
statistics
on
nomic
and improved quality of economic
to
to this whole gamut
now as
of
some
improved information
statistics.
It
Whole
And
of
mittee
closely knit and
more
in this field.
This
of
The subcommittee notes partic¬
ularly the needs of the Joint Com¬
activ¬
their own merits.
America hence more useful statistical sys¬
recognizes no frozen social strati¬ tem. The natioii is
entitled, the
fications which prevent this free
committee
stated,
to
an
interrise
of
every
individual. They meshed
and
smoothly
working
rise by merit from our shops and
statistical
mechanism
which
is
farms. They rise from the 35 mil¬
completely
pbjective, impartial,
lion boys and girls in our schools
and staffed by technical personnel
and colleges. That they have the
of the highest competence.
determination
to
rise
is
the
The principal findings and rec¬
glorious
promise
of
leadership
ommendations of the subcommit¬
among free men.
tee follow:
A nation is strong or weak, it
thrives or perishes upqn what it
(1) Private economic interests
believes to be true. If our youth and government policy - makers
can
activities
they have for them.
to
the
by
is
also needed in
are
day
be aware of the
even
make
recommendations.
and
-
exam¬
small, or
average,
consumer,
farmer, businessman, laborer and
Committee, its preliminary
findings
Statistics
every
sup¬
next
hearings and that the President's
is
ment
the
presented
program
pro¬
emphasis
development
Executive
by
The
January should be prepared after
careful
appraisal of suggestions
received
by
this
subcommittee
and incorporated in the published
hearings. The subcommittee hopes
of economic statistics by the
Greater
gram
,
over-all Federal statistical system
should be pointed out.
to Federal agen¬
cies will be asked to review these
(4)
.
Wage rates and agricultural
Statistics set up by the Joint
be
may
.
,
cheers
for
morrow
are
with
applause
those who sell to¬
concerned
not
who
intimidated,
be
cannot
subcommittee
A
sources
from
for more rapid processing
releasing of the data.
gram
yearn
figures
ever,
and
ing
tical data relating to economic affairs.
separate
many
strong
Congress Croup Urges improved Economic Data
not
was
which
integrated
country.
my
in
fitted together. There is need, how¬
undimmed.
are
exacting; that fear, hatred,
Concentrated on the difficulties of pain, and tears may subside; that
our
times, they see an early and the regenerating sun of creative
is that when
it
of
humor
of
Conclusion
their greatness.
The
reality
system
'
un¬
You
perhaps
have
the
prove
Supreme Giver of Law.
death
in
,
Eighty years is
of the Common
Man. The whole idea is another
cousin of the Soviet proletariat.
The
Uncommon
Man is to be
whittled down to size. It is the
Century
the
is
are
providing "benchmarks" for
agen¬
should
be
together and discussed.
changes in these pro¬
and 4heir relation to the
to The
Financial Chronicle)
•.
DETROIT, Mich.—Omar Hansen
now
with Reid,
Higbie & Com
Ford Building, members ol
..
Number 5350... The Commercial and Financial Chronicle
Volume 180
(605).
*!
', >
Continued
How Can It Be Done?
r.
I
'
attack
no
these trends
or.
combination of
measures
of
the
development
Latin
will
nessmen
wealth
in
think
likewise,
as
hotel,
rooms
at moderate rates and
Aguirre
close
York
the
has
He
used
City and
Food
to
the
bell-hop, later
places where he
be suitable for
New
Workers'
first
was
waiter.
a
in
Childs
active
been
member
the world?
and
the
of
Minister
was
as
Cuban
a
Cuban
of
Con¬
Labor
Aguirre,
in
who
Jamaica Public
tended
School
Long Island stated: "As
a
of
for
a
of
the
United
States
on
resident
many
applicable to the tax bill, which is not intended to be an anti¬
device, but is designed to correct defects and
inequities in the Federal tax system.
many
bill
as
"trikle-down
in
cussed
theory"
are
issue
current
the
the
dis¬
of
product
a
of
Survey," monthly
publication of the Guaranty Trust
Company of New York, in an
editorial, "Trickle Down—Theory
"The Guaranty
of
Semantics
Trick?"
Semantic
or
"trickle-down" theory is
of
its
counterpart,
the
reminiscent
during
currency
Both expressions
editorial states.
are
for the
spokesmen
by
used
were
or
school of thought—
same
governmental
of
advocates
the
which gained
the 1930's, the
priming,"
"pump
hypodermics for the
Both
are
misleading,
"The Guaranty
declared
'trickle
-
down
often disparagingly re¬
ferred
to
but
rarely stated in
broad
and
intelligible
terms?"
inquires
the
bank
publication.
"Users of the phrase are not fully
agreed on what it means. As far
so
the tax bill is
as
qoncerned, Sen¬
ator Paul H. Douglas
and Repre¬
sentative Richard Boiling of the
Joint Committee
the Economic
on
of
is
mechanism
many
incentive
business
interest,
government.
When the opportunity for profit
is adequate, business activity runs
high and these various types of
payments are available in large
volume.
When the
opportunity
savings, and
pays wages,
and taxes to support
business
structure
is
is
it
constantly
place, the flow of in¬
comes
originating in and radiat¬
ing from business is—when con¬
ditions are right —not a trickle
torrent.
but
a
flow
is
the third
In
'down'
not
"The
is
irony
'trickle-down
the
nor
expression ifnplies tax concessions
to business and recipients of busi¬
income—categories quite dif¬
ferent from the 'upper brackets.' "
These
are
which
the
offering
What
is
of truth
the kernel
in
"trickle-down
abused
much
theory?" asked the "Survey."
this:
"Just
class
or
alized
Business
group
or
that
is
can
not
invoked.
The
bill
theory'
be
pen¬
Business, in the
organized eco¬
nomic life of the people.
It is
the source of all the necessities,
broad sense, is the
comforts,
benefits
be
tions which
nature
and
work.
It
rect
lic
not
are
for
is
provided by
which
the
men
direct
or
commerce
and
the
in
is
new
building
be
is
a
couplings, flanges and forgings.
wholly-owned subsidiary is en¬
The
will
Corp.
A
a
to
meet
and
talk
The Habana-Hilton
gaged in the reclamation of steel
from open hearth slag, and
largest contractor perform¬
such operations for others.
scrap
is the
ing
is
selves,
as
well
as
by organizations
with
Estabrook
&
Co.
OF
ELECTRIC
COMPANY
OPERATIONS
For the three months
For the twelve months
ended June 30
ended June 30
ri954
1953
1954
1953
$ 8,203,076
$ 7,549,518
$32,844,093
$30,591,365
2,467
2,598
29,384
27,419
7,552,116
"$32,873,477
$30,618,784
$ 8,205,543
$
$ 1,276,344
1,922,2-30
727,080
$
Operating Expenses
Fuel
used
Other
in
electric production
operation_____
Maintenance
Provisions for depreciation and amortization.General taxes
Federal taxes
Total
,
on
1,233,783
$ 5,428,542
$ 5,168,477
1,676,203
7,439,306
6,341,556
527,308
2,382,891
3,508,859
3,208,649
1,999,722
966,715
641,352
1,052,000
861,715
578,628
1,091,000
2,434,568
$ 6,585,751
$ 5,968,637
$26,065,166
$23,807,343
_____$ 1,619,792
$ 1,583,479
$ 6,808,311
$ 6,811,441
income
The American
Statistical
ciation
(Business
Section)
will
in, Montreal,
hold
less
Asso¬
4,871,000
2,207,939
4,881,000
,
Federation
Societies,
Stock
on
subsidiary
32,324
$
21,-381
35,565
$
126,246
134,987
$
106,968
2,851
9,155
* 520
with
of
societies
of
The
* 6,660
35,567
127,001
Financial
have
Analysts
invited
been
Total
in
Market
Saturday,
the
Investment
i
$
360,215
163,894
53,485
$
47,571
$ 1,673,277
$
1,631,050
375,137
$ 7,168,526
$ 6,975,335
1,810,168
1,717,528
1,255,913
$ 5,358,358
$ 5,257,807
214,471
859,824
1,041,442
$ 4,498,534
$ 4,494,395
2,001,360
$0.52
2,201,360
$2.04
2,001,360
$2.25
$
$
National
Gross income
Interest and
program
Other Income Deductions
532,234
__
to
Net
is
a
Preferred
income
:__$
Dividends
1,141,043
$
214,471
I
763,412
Forecast Luncheon
Sept.
11,
Earnings
sponsored
Analysts and
Statistical
Association.
Many other interesting discussions
and forums are scheduled for the
four-day meeting.
on common
Common Shares
Earnings
The
*
American
______$
Other
attend.
Included
subsidiary,
expenses
Canada, Sept. 10-13,
Members
affiliated
(
interest income from
Adjustment of provisions for deficit of
convention
a
____
Operating income
Rentals and
Economic
and
—
Other Income
To Hold Convention
of
try, the arts, professions, philan¬
thropies, or government
of
Hotel
Steel
The
company's other subsidiary
manufactures special trackwork
Many * cooks,
waiters
and for railroads
and industrial use,
bartenders throughout Havana
manganese steel castings and gas
express the hope that the Habanacontainer tubes for trailer trucks,
Hilton will be an important con¬
gas transports and gas cylinders.
tribution to the strengthening of
Pan-American
relations.
They
Estabrook Adds
hope that many members of the
(Special to The Financial Chronicle)
AFL, the CIO and other unions
of the United States, Canada and
BOSTON, Mass. — J a m e s W.
Latin America will patronize the Tarantino is
now associated
with
Habana-Hilton, and that it will be New
York Hanseatic
Corporation,
also used, for many meetings and
84 State Street. He was
previously
conventions, by the unions them¬
Electric
Am. Statistical Assn.
indi¬
indus¬
to
over.
Heat
inequities in
system."
jointly by The Montreal Institute
private, large and small,
encouragement
place
Harrisburg
pioneer and one of the leading
producers of seamless steel cylin¬
ders fori high pressure gases and
also produces steel cylinders for
liquefied petroleum gas, steel pipe
learn
all
Harrisburg
company.
"People
States,
we
from other
can
stock of
behalf of certain stockholders and
of the proceeds from the sale
of the stock will accrue to the
help bosses and working
people to understand each others'
problems better."
years.
ways
we
common
Operating Revenues
designed to correct
was
must
provider of all incomes, pub¬
and
whether in
things
RESULTS
anti-recession
an
the Federal tax
satisfac¬
and
20
.
M. Loeb, Rhoades & Co.,
Aug. 10 headed a syndicate of¬
fering 186,683 Shares of $2.50 par
none
what
COLUMBUS AND SOUTHERN OHIO
in¬
never
was
exploited for the benefit
of other groups.
of
.
Carl
will also
The
Government
.
people
financier.
Steel Corp. at $22 per share. The
shares offered are being sold oq
stated:
United
and
is
Common Stock Offered
name,
is
For
manifest defects and
1954.
a
good
signed
there will
taxes for
instances
that
says)
the.
Habana-Hilton
decree
a
Batista,
and
alike.
of this
Harrisburg Steel Corp.
value
say
something from each other.
aid¬
many ways.
Cuban
Excavation
ness
the
from
industries.
the
the
commentators
other
"To
is
"Galiano,"
everybody
older
member
that
It
ally bestowed prosperity 'trickles
down' from the 'upper brackets'
with
income
no
signs
the
as
on
what the Cuban
(the
the
upon
Total
crowning
neither
device,
to the lower brackets.
Government
President
be
than it is 'up.'
to
and
North
create
accordance
by
Street
important
an
more
tended
ing and consumption.'
The
'theory' is that such government-
and
help to
friendships."
will
sists
hotel doles not have to pay import
taxes on its materials.
Also, in
plac^,
any
industrial
plant, create more jobs,
therefore expand
purchas¬
see
the second
the
tour¬
accomplishing."
are
not a theory but a
demonstrated fact. In
'pump-priming theory' is
properly applicable to the tax bill
against which they have been
means
strengthen
friendships
be¬
America
and
new
States.
ing to call this basic principle a
'trickle-down theory.' In the first
place,
and
come
unions
countries
mislead¬
and
inaccurate
will
of
it¬
the 'trickle-down
'to give tax relief
to the upper brackets, who will
save
more,
invest more, expand
think
Report
theory'
Latin
self, the mainspring is weakened.
"It
the
Gulf of Mexico.
case
workingman
ists. I hope that many members
of the unions of the United States
as
will
ing the project in
profit is restricted, whether
by excessive or one-sided taxa¬
tion, by hampering legal regula¬
tions,
or
by
maladjustments
the
possible attraction for
Cubans
personal hope
my
hotel
The Cuban
for
within
United
existing
America
energizes
the
the
this
tween
In the drive for profit,
creates
jobs,
absorbs
profit.
economy.
Survey."
this
is
"What
theory,'
this
in
Therefore, it is
that
"The mainspring that
typical comment was offered
Rodolfo Gonzalez, a member
an
workingman, I retain a feeling
deep
friendship
for
many
friends
recession
tax
re s s
hotel, the
financier is workingman, and the
of the Cooks' Union. Mr. Gonzalez
Galiano
at¬
both as a student at
American
public school and
Guaranty Trust Company of New York, points out neither
nor "pump-priming theory" is properly
Federal
A
by
union
here, in the
"Italia," but Havana tradition in¬
Francisco
Theory" and (he New Tax
new
con¬
>
"trickle-down theory"
the
meetings and
gress from 1946 to 1950, repre¬
Mr. Vicente Feito,. bell ..boy.at
senting the Province of Havana, the Hotel
Lincoln,
located
on
August issue of "The Guaranty Survey," published by the
of
t
"at
meeting-place for financier
a
and
ventions.
best
labor leader since 1926. He served
a
be
will
The
years,
Criticisms
M
Perhaps the Habana-Hilton will
was
Hotel and the Havana Yacht Club.
attacking the problems they pose.
"Trickle-Down
s
known
area
waters of the
1955.
The
will offer
Hotel
the
he has worked at the Almendares
these hordes "underprivileged"? A can¬
to this question would help a good deal
answer
.
Rampa, which runs down to the
cliffs, the Malecon and the blue
is a lunchero (from the English
employed word, "lunch") at the El Dorado ♦
McAlpin and on ' Havana's Prado.
He ' stated:
Restaurants.
In
Havana, "I'm 100% for it. It will be the
include
as
public
member of
a
Hotel
Union of New York. He
a
United
in
work
was
and
strong
many
with
ties
1947-48.
did
t
beauty of the hotel's loca¬
shopping
being torn down. Accord¬
ing to plans, the Habana-Hilton
by November,
it» was stated,
States.
gentleman mean to suggest that these
millions of low living standard peoples be fed,
clothed, housed, and otherwise cared for as wards
are
kind.
They
key position
at the upper end
are now
Communist ideas."
He has
Why
21
"
1
,
tion, in the Lower Vedado section,
is practically indescribable. It is
schedulued to start by the end of
April. A few remaining old houses
will be completed and
open to the
Mr.
Does the
The
this is the only way to build a
strong America capable of beating
and
Nations.
of the remainder of
of
America,
and they hope
that U. S. and other foreign busi¬
order of
an
ofevery
Workingmen-Capitalisls of Cuba
magnitude
far beyond what has so far been undertaken."—
Dag Hammarskjold, Secretary General, United
a
|
crossroads of the Americas."
be successful without
can
from page 3
Havana's
"Various United Nations surveys of world and
regional economic and social developments con¬
tinue, year after year, to point to two trends that
may, if permitted to go unchecked, be more danger¬
ous
in the long run than the conflicts that so
monopolize our attention today. One of these is the
fact that the population has been increasing faster
than production, especially in those areas where
standards of living are lowest. The other is the
manner in which standards of
living in those same
areas are still lagging far behind those of the more
economically advanced regions. It seems clear that
..
'•
*'
Denotes
This is
red
an
shares
Outstanding at End of Periodsshare
per common
$
926,572
$
2,201,360
$0.42
figure.
The Company's fiscal year ends December 31, at which time its financial
independent public accountants.
interim statement.
statements are examined by
.
i
The Commercial arwFFinancial Chronicle
22
.
Thursday, August 12, 1954
,.
(606)
l
r
SECURITIES
positions so far as liquid as¬
better grade debt and se¬
sive
SERIES
sets
equity issues were concerned.
In fact, a few more stock funds
decreased
their
cash
positions
7 Mutual Funds with
investment
varying
objectives, currently in¬
over 350 secu¬
vested in
the previous period,
but this may have been due to
during
than
rities of American cor¬
porations.
or
nior
For FREE
redemptions in the cur¬
and Steels
portion of the; portfolio in securi¬
ties that pay dividends and yet
come as close as possible to meet¬
high
of
qualifications
the
ing
bonds,
grade
high
these pre¬
offer strong
the larger
rent
ferreds
of
general price de¬
clines in the stock market. Their
&
RESEARCH CORPORATION
NATIONAL SECURITIES
[rtobliM 1930
120 Broadway, New York 5,
New York
■■■■■■■■■■MS
■unnHmnm
!■*■■■■■■■
mniiaiuii
study by the Investment Company
Association, it is interesting to
note that it is not necessarily a
of all funds. For example,
the deVegh Mutual, which prides
itself on its absence of any sales
worry
load, had three months' redemp¬
tions of only $5,800 against sales
of
$727,300.
large refund¬
ing operation on its hands in the
second half of this year, is com¬
mitted to an easy money policy."
'
.
general, there was no in¬
in emphasis in the common
stock
section of balanced port¬
folios over the more stable por¬
tion, but certain shifts in the lat¬
ter were made from better grade
bonds
corporate
Business
and
Prospectus from
your
Fund and Boston
investment dealer
PA
PHILADELPHIA 3,
or
What is
Canadian
*j\^Fund?
Canadian fund is
company
a
mutual investment
offering a diversified, managed
investment in
common
tions selected
stocks of corpora¬
the basis of
on
possible
participation in Canada's growth.
The facts
tained in
on
this mutual fund
are con¬
booklet-prospectus. For
free
a
your copy,
ask any investment dealer or
mail the coupon
portfolios
of American
Shares, the Stein Hoe
Farnham Fund, Value Line
the
in
FOUNDED'
preferreds.
to
noticeable in particular
was
21.7% of assets invested on March
31 in
to
Please send
on
me a
F.
;
* '
■.
.
'' *
<
..
the outlook for
on
Chairman
Randolph,
Board of Whitehall Fund,
al Investors,
ing
Corp.
of the
Nation¬
Broad Street Invest¬
and Tri-Continental,
states: "The first rise in the index
industrial
of
production adjusted
Bernhard
explains:
"In
taking this defensive posture, the
Fund's Managers have in mind
the
change in the tax
law which would deny to share¬
pending
holders of trusts that receive more
than
25%
interest,
of
their
portion
a
relief
the
that
taxation
double
from
income
of
is
whose
income
it
is
is
That
incumbent
over
75%
from
the
case,
being
agement to
upon
invest
man¬
your
defensive
the
at least."
year,
Newcomers
Portfolio
to
Newcomers
ing
the
noted,
added
not
Machine
and
Life
"A";
Insurance
purchased by Eaton and Howard
Stock Fund; Duval Sulphur and
Potash
acquired by Incorporated
Canadian
Breweries,
Ltd. bought by Lehman Corpora¬
Investors;
tion; Western Casualty and Surety
added to the portfolio of Nation¬
al
Investors;
Neptune
Meter
ac¬
quired by National Shares Corp.;
and
Industrial Brownhoisb Penn-
Texas
Corp.,
and
Riverside
Name.
Hodan PIand
Massachusetts Investors
Growth Stock Fund
Boston
of
Metals
Axe-Houghton
by
Commonwealth
free booklet-prospectus
Shareholders'Trust
dur¬
previously
Aeroquip
and
quarter,
included
American
<
portfolios
Ce-
15,000
warrants
by
tinental
which
Fund
accounted
that mutual's
of
The
cific
Standard
favorite
the
period
its
group
review.
under
and
this
Northern.
divided
honors
as
to
five
of
Seaboard
Air
37,100 shares of South¬
Southern
were one
of
15,000
Pacific
portfolio
shares
and
two
of
de¬
creases/in
holdings of Southern
totaling T,300 shares. Other carrleY$' to
be bought on
balance,
by three trusts, were Rock
Island,
Kansas
City
Southern,
each
portfolio.
in
also
sharing
Great
popularity,
shares
elimination
Tri-<2
Dreyfus
for 6 V2 %
Louisville
and Nashville, Nickel
Plate, Union Pacific and Western
issue,
of New Jersey,
Oil
the
year,
with
Offsetting
ern.
common,
petroleum
premier
the
carriers
12,300
special interest, however,, was the.,
of
had
Line, 9,900 shares of Southern Pa¬
total
of
140,000
shares to 2%% of total assets. Of
acquisition
Fe
managements purchased a total of
the
bringing
Santa
\
rank second in
and
18,000 shares to its invest¬
in Tri-Continental
was
Pacific.
during
In the
A
couple of managements
also added Alabama Great South¬
ern
March
of
with
up.
quarter it had contended
-Socony Vacuum to rank as
and Illinois
which
Central, the stock
in a split-
doubled
was
Selling was concentrated on
the
third
most
popular- issue. Northern Pacific, a total of 6,500
Eight managements acquired a shares representing three portfolio
total of 25,300 shares, four making eliminations and one decrease.
14,500
oils
liked
Next best
Ohio and Socony:
shares.
were
seven
funds
shares
of
sales
Three
commitments.
new
totaled
purchasing
the
former
/
Steels Outstanding
.
Outstanding purchase, of
27,600
and1; 19,000-
course,
in the steel group, and for that
matter among all individual issues
the latter.
Liquidation of Ohio during the period under review,
totaled 12,800 was United States Steel.
Steels
shares and of Socony
in three were particularly well bought dur¬
equaled 19,400. Two of these latter ing the period by Fundamental
represented complete portfolio Investors, Wellington Fund, Axeeliminations.
Sinclair was
third
Houghton "A," the Common Stock
ranking petroleum issue, six trusts Fund of
Group Securities, Bowl-^
buying 39,400 shares, half making ing Green Fund and Tri-Conti¬
initial
purchases.
Interestingly nental/ Fifteen funds purchased a
enough, this was one of the two total of
107,900
shares of Big
top ranking favorites in the group
Steel, nine making new commit¬
which experienced a complete ab¬
ments.
Three sales totaled 23,500
sence of selling. The other popular
shares.
Bethlehem, switching to
oil in which there was no liquida¬
the
second
most
popular issue
tion .during the period was Cities
from its rank of number one in
Service, five managements acquir¬ the March
quarter, was added to
ing 5,400 shares. The same num¬
11 portfolios and newly listed in
ber of companies
bought *11,800
another. Purchases totaled 57,550
shares
of
Phillips, two making
shares while offsetting sales by
two
portfolios
Texas Pacific
commitments.
new
Coal
and
four
Oil
purchased
was
of these
trusts, half
three trusts equaled 13,600. Ten
managements acquired 72,600
by
adding
the stock for the first time. Addi¬
shares; of Republic,
112,000 shares." Two
funds each acquired Imperial Oil,
sales
tions
Ltd!,
ray
Standard Oil-Indiana,SunUnion Oil of California.
Louisiana
Land
totaled
A
couple of
shares. Half
of the six
purchases of Armco
represented new portfolio hold-i
ings. Acquisitions equaled 68,000
shares, offset in part by two port¬
and
Sales predominated
and
two making
initial commitments.
totaled
in Texas Co.
Exploration,
16,400
folio decreases totaling 9,000
most popu¬ shares. Harbison Walker was liked
during the
by three trusts and National Steel
March quarter. Selling of Texas
by two.
Selling on balance was
totaled
13,400
shares
but
only confined to
Youngstown Sheet and
2,200 shares of Louisiana Land Tube
(possibly
indicating how
were
sold. Also sold on balance,
well certain prospective corporate
each by three managements, were
plans are kept out of circulation
Mission
Corporation (all repre¬
today), Allegheny Ludum Steel
senting
portfolio
eliminations),
and Colorado Fuel and Iron.
Richfield Oil, Continental Oil and
The non-ferrous metals rose to
Seaboard of Delaware. A couple
of trusts disposed of holdings in fourth place in popularity from
Tidewater.
Opinion was evenly the sixth position occupied during
divided on Gulf, which had been the first quarter of 1954. Ameri¬
sold
on
balance
by four funds can Smelting vied with Phelps
Dodge as the current favorite,
during the previous period.
four funds
acquiring a total of
Santa Fe heads Rails
16,000 shares of the former and a
the latter having been
lar issue in this
The
rail
Santa Fe,
A Balanced
Three
eliminated
Fund
of
distinction
col¬
Securities
shares.
best-liked ixi the first three
months
invest¬
holdings of United States
Foreign Securities. Fidelity
and
in
Canadian Fund.
Address.
their
of
same
Mr.
Knickerbocker
the
since
recession began last summer,
high grade bonds and notes
on June 30.
During the
period high grade preferred
investment was upped from 10.4%
to 19.9% of the portfolio.
Overseas
took
place in May. Evidence that an
upward turning point in business
activity has been developing was
strengthened during June. Even
influences
seasonal
for
7.8%
Established 1894
One Wall St., New York
\,-V
•
Optimistic Forecast
buying $1
dividends.
BULLOCK
"..
s
Fund, the latter
million in corporates with this evidence accumulating,
million preferred/ the low point in the recession may
One reason foil this shift is the
appear in the third quarter. There
comparatively
high prices
and Seems only a remote possibility,
low yields of good grade debt is¬
however, that this low point may
sues.
Another
is- explained
by be greatly under recent levels of
Arnold Bernhard, President of the activity.
Recovery once under
Value Line Fund, in his quarterly way,
even
though moderate,
should
persist to the end of the
report.
This fund decreased its
and
promised to shareholders of trusts
CALVIN
•
•
$3
selling
from
below to
'
An
Commenting
In
v
review
a
the remainder of the year, Francis
crease
This
to
having
ernment,
■V
Switching to Preferreds
rule
a
as
position is deemed to be especially
favorable now because the gov¬
■*■■■■
■'■■■
do
been
During the period under
leagues.
preferred list held in the Fund
does not exactly equal the quality
resistance
2,300
V
trans¬
by s their
companies
•
added
of
Value
is
shajjes. of
in,The
actions
ment
ment
prospectus.clip this ad
quarter. While this,problem
redemptions is deserving of
by
.
interest
continued
grade bonds. While the high grade
information folder and
and mail with your name and address.
selected
all
Line Fund.
Of
Funds Prefer Oils, Rails
NATIONAL
"B"
ment
Continued from first page
7 MUTUAL INVESTMENT FUNDS
group
was
led by
investment com¬
parade
seven
panies
adding
shares
while
a
total
of
of
number
the
adding 36,700 shares
latter.
Continued
sold
Dodge had
Phelps
25,900
others
three
like
on
page
25
Massachusetts Investors Trust
Mutual
Fund
Certificates of
Century Shares Trust
Blue
*
Participation in
INVESTMENT
FUNDS
investing their capital
Ridge
Canada General Fund
eystone
Mutual Fund, Inc.
IN
.
BONDS
(Series B1-B2-B3-B4)
Custodian
Bond Fund
A Common
Stock
-
-
STOCKS
PREFERRED
OF BOSTON
Fund
(Series K1-K2)
Prospectuses
may
be obtained
from authorized dealers
or
A prospectus
relating to the shares of any of these separate
investment funds may
be obtained from authorized dealers
or
Fund s
COMMON
STOCKS
(Series 51-52-jS3-iS4)
VANCE, SANDERS & COMPANY
Harriman
Ripley & Co.
111
DEVONSHIRE STREET
Prospectus from
Incorporated
NEW
63 Wall
BOSTON
•
Street, New York 5, N.Y.
PHILADELPHIA
pour
local
investment
dealer
or
BOSTON
National Distributor
•
CHICAGO
6i
LOS
CHICAGO
YORK
Broadway
120
South LaSalle Street
2io
ANGELES
TLe
Keystone Company of Boston
West Seventh Street
50
Congress Street, Boston 9, .Mass.
K
If/
IV.
.Volume 180
Number 5350... The Commercial and Financial Chronicle
'■
t
<
iJ'i\ 'i'
'Fh*}?*,*)**
id
(607). 23„
A,«
Balance Between Cash and Investments of 63 Investment
Companies
End of
Quarterly Periods March and June, 1954
Net Cash & Governments
American
Business
Axe-Houghton
1
j
,
i
Shares
Fund
II
"A"
Axe-Houghton
^Boston Fund
"B"
^Commonwealth
Investment
Eaton & Howard Balanced
End of
-End of-
March
June
5,117
24.7
15.1
22.5
22.2
52.8
62.7
5,658
4,419
16.1
12.0
34.2
31.4
49.8
56.6
1,188
1,255
3.8
3.7
26.9
25.1
69.3
71.2
334
587
0.3
0.6
33.4
29.7
6-3.3
69.7
9,969
10,286
.13.7
18.3
18.4
68.0
68.0
937
332
2.3
24.6
29.0
73.1
70.1
None
99.5
96.8
28.9
62.2
61.9
8
50
8,413
11,040
March
13.6
0.9
'
*
f
June
rities
____
General
i
______
1,678
_
2,507 :
150 '
164
Mutual
0.5
3.2
None
7.5
9.2
30-3
36.5
.25.8
.
1
•
\
:
6.9
■
17,119 \7
1
319
2.2
9.1
CEORCE
A.
request
upon
CQ.
&
BAILEY
645 LAND TITLE BLDG., PH1LA. 10, PA.
General Distributor
*
~
*
"•
1
8.5'
14.0
65.1
55.0'
V
80.4
'
"
13.7
79.1
2.8
34.2
32.3
63.6
64.9
10.1
27.3
25.6
60.8
64.3
82.6
; 5.9
289
V
/
'
11.9
National Securities—Income
1,444
1,185
3.9
3.0
■;
Nation
22.0
20.3
George Putnam Fund
4,534
3,-321
2,077
4,342
i
Securities
_____
>
Stein Roe and Farnham Fund
;
Value Line Fund.
Wellington Fund
14.7
14.4
81.4
24.7
25.1
53.3
54.6
£7/e ^Seort
"
2,906
4.8
3.5
27.1
25.6
►38.1
2,152
4.9
4.9
41.4
38.7
53.7
165
275
1.6
2.5
21.7
19.7
76.7
77.8
1,615
1,700
20.2
19.5
28.7
29.9
51.1
50.6
334
470
4.6
6.6
32.7
27.7
62.7
65.7
39,567
42,932
12.7
12.8
25.7
23.4
Scudder, Stevens & Clark____
Shareholders Trust of Boston
j
"
"
;
j
Prospectus
'
'
;
•.
FUND
A MUTUAL INVESTMENT
"
12,380
Johnston Mutual Fund
Wide
June
Rlttenhoiise 6-9242
Investors Trust
^Investors
March
""
Fully Administered Fund Group Secu'
INVESTORS
End of
June
i
SOVEREIGN
Per Cent
March
Investment Fund, Inc
Fund
JDreyfus
;
Grade Bonds & Pfds.
Per Cent *
8,552
Diversified
t
Com. Stks. Plus Lower
Preferred Stocks
Per Cent
End of
Qpen-End Balanced Funds:
Investment Bonds and
Net Cash & Governments
Thousands of Dollars
;
'
70.9
56.4
■
61.6
63.8
Whitehall Fund
158
82
3.1
1.5
40.3
43.3
56.6
55.2
Wisconsin Investment Co
270
491
4.5
7.7
None
None
95.5
92.3
PUTNAM
FUND
06 ton
Open-End Stock Funds:
Affiliated Fund
.
15,033
9,187
5.7
3.4
386
103
7.0
1.8
53
36
10.5
7.1
582
475
§ Axe-Houghton Stock Fund
;
Bowling
i
Green
Fund
Blue Ridge Mutual Fund
,
Investing
Bullock Fund 1—____
j.
:
Delaware Fund
.
de
2.9
,,
-
2.3
,
1
2,875
855
6.7
3,051
3,301
18.2
_________
Vegh Mutual Fund
Shares -1-—-
Eaton &
:
;,;
_____
Howard Stock
567
.
631
569
-
807
22,148
_
Fidelity Fund
2,993
Fundamental Investors
3,975
2,749
Group Securities—Common Stock Fund
1
Institutional
-
i
f
,
'
71.5
None
None
97.1
Fund
2,615
2.8
3,997
2,940
1,822
2.1
.
94.3
None
'.None
18.7
None
None
.
-
6.0
5.4
48.1
19.9
25.9
24.8
50.5
1,429
15,348
1,284
489
851
.
2.3
None
95.8
None
95.2
•
12.6
88.1
2.4
None
f
2.5
None
None
i2.9
;
20.0
26.7
18-3
None
None
99.0
None
None
96.0
11.7
15.2
66.0
1.2
None
None
95.9
16.7
None
None
83.3
1.1
2.6
2.4
93.6
352
222
'>
1.0
3,346
5,168
,
4.0
0.6
c
,
5.9
None
-
98.0
-
81.3
,
83.7
95.9
82.9
/
3.0
,
97.0
•
81,6
^
31.8
;
92.1
97.9-
-
None
,
/
v
82.6
96.3
:
None
23.6
^
0.8
-10.2
7,306
*
75.1
94.6
13.4
8,179
Street, Boston
92.0
/
.
83.4
v
None
Mutual
Investors
v:
>
71.6
•
None
Loomis-Sayles
Securities—Stock
2.0
-
91.2
-
.
0.8,-.
0.9
■;
:
•
7.5
45.9
National
None
0.7
:
89.1
4.1
4,770
50 State
97.7
«
81.5
16.3
3,535
National
None
7.1
,
-
Putnam Fund Distributors. Inc.
.
63.5
81.2
85.6
4.8
6,956
-V
17.4
'
2.2 "
.
96.6
;
81.8
3.7
Fund
13,220
1.7
*
;
.
"
•
4.8
/
:
0.2
5.9
v
4.2
Knickerbocker
Investors Growth StockJ
,
:
257
11.9
Investors Trust
1
9.1
":
5.-3
23.2
18.4
3,721
Massachusetts
i
,
4.7
Investment Co. of America
Massachusetts
7.7
None
6,362
110
Fund
1.8
3.2
'•'
22.5
16.6
.
6,962
Foundation
Mutual Investment Fund
r.-
58.2
11.7
18.3
"
3.2
1
24,758
1,939
397
Incorporated Investors
,
-
1,118
__
General Capital Corp
!.
34.7
13.0
'
.
*
Dividend
None
34.8
-
'
Broad Street
i
i,
None
,
79.9
•
89.8
r
Natural
62.8
(
55.3
97.7
97,6
97.0
97.5
: \'lr 60A„;
EegourceS
61.7
of Cattaba
99.4
94.1
.
'
ffNew England Fund
Scudder,
Stevens &
1,626
Clark
Selected American Shares
.
State Street Investment Corp.__
Investing Corp.,__
" ■
j.•
..
81
4,931
Investors
Wall Street
•
.-•/
*
f
'
237
Stock Fund
Sovereign
22.3
1,449
Common
34
.
.
16.7
3.8
24,233
1,050
•
<>6-1
f
19.4
,
21.1 /
.•
22.7
-
.
0.1
None
None
.
98.8
Adams
Express
International
2,545
3,769
154
357
•
National
Shares
Overseas
Securities
*
1,051
t
11,823
2,151
Corp
Tri-Continental
.
7,860
.
Public Service—
Lehman Corporation
'
l
336
.
General American Investors
General
•
•
under
State
of
the
laws
Delaware.
80.6
78.9
■;
,)
.77.3
•
/, (
w
'
Prospectus
*"•
lV'
i
i
'
'
"
•
:
»
j
request
on
J' v *1
1
Frank L. Valenta & Co., Inc.
-
j
of 1 the
96.5
.
American European Securities
American
Incorporated
83.3
'
:. 78.0
.
None
,
/
Closed-End Companies:
i
3ftu.
'
■
21.9
j
.
('■
4.1
,
10
839
18.7
.'
•
5,365
26,093
_
-'
Corp.
fU. S. & Foreign Securities
4.6
1.2
,
-
.
6.5
0.7
2.8
10.9
9.1
1.2
1.1
97.4
None
None
84.7
83.5
None
None
93.6
94.0
518
1.4
8,676
15.3
16.5
1,914
6.4
6.0
2.0
,
* -
<
0.7
4,806
7.5
3.0
2.8
3.3
2,499
15.9
17.5
1.6
None
94.7
92.8
87.9
,
-
88.1
•
;
96.9
89.7
93.7
82.5
82.5
40
25
2.3
1.3
None
None
97.7
98.7
1,029
1,020
0,5
0.5
14.7
13.3
84.8
86.2
None
None
88.6
None
None
90.1
6,946
1,734
6,539
6,736
ii.41;
3.1
:
52 Wall St., New York 5, N. Y.
Tel: WH 4-6120 Tele: NY 1-3125
^4
96.9
"
U.
S.
International Securities
&
____
9.9
9.8
-
~
'
90.2
//
.
TRUSr
A
.
S U M M A R Y
♦Investment bonds and preferred
for bonds;
Fitch's AAA through BB and approximate equivalents for
fPortfolio exclusive of securities in subsidiary
preferreds.
ated company.
JName changed from Nesbett Fund.
from
Republic
Investors.
fully
flexible
UMarch
Changes in
stocks: Moody's Aaa through Ba
figures
or
associ¬
§Name changed
corrected.
ttConsidered
Open-End Companies:
Balanced Funds
Stock
Funds
Closed-End
,*
Vi
Cash Position of 63 Investment Companies
Companies
Plus
Minus
Unchanged
Total
9
8
5
22
14
14
2
30
5
3
3
11.
28
25
,
a'/
^INI A* .J*
Ww
XH.
fund.
Totals
10
63
HUDSON FUND, INC.
A
mutual, open-end, diver¬
sified
THE
CAPITAL:
ALUE
VENTURE
LINE
a FUND, Ifti
with
i
trated
diversified,
■
-
in
managed
companies
selected
NEW
a
very
Prospectus and information booklet give
the facts
—
write Knickerbocker
VALUE LINE FUND
I
DISTRIBUTORS, INC.
Shares, Inc., 20 Exchange Place, N. Y. 5.
ard prospectus
or
mail
coupon
dealer
5 East 44th Street, New Yorh 17,
New York
to
——. ——
*i.
TELEVISION
YORK
SHARES
MANAGEMENT CORP.
135 S. LaSalle St.
Prospectus and other data available from
speculative growth possibilities.
••.you
stocks.
common
from your investment
FUND
investment
for
in
Information
INC.
A Mutual Fund offering
dis¬
■
NEW YORK
•
company
management
cretion, currently concen¬
INCOME
INC
investment
full
Chicago 3, 111.
NAME
ADDRESS
CITY.
-j-
.
115 Broadway
New York 6, N.Y.
T
24
1954
Thursday, August 12,
The Commercial and Financial Chronicle...
(608)
Changes in Common Stock Holdings of 46 Investment Management Groups
•
Selected
(March 31—June 30, 1954)
or sellers exceed buyers — by two or more management groups.
Issues which
buyers exceed sellers
more managements sold
than bought are in italics. Numerals in parentheses indicate number of managements making entirely
new
the
stock
from
their
portfolios.
purchases or completely eliminating
Transactions
american
shares
'"•h"
in
which
—Bought—
Sold
—Bought—
:Soldr
No. of
No. of
No. of
No. of
No. of
No; of
No. of
No. of
Trusts
Shares
Shares
Trusts
Trusts
Shares
Shares
Trusts
Office Equipment
Agricultural Equipment
INC.
dealer or
Selected Investments Co.
Prospctiut from
135 S. la Salle
your
1(1)
None
None
National Cash Register
5,000
1
None
None
Underwood Corp.
Aviation
3,170
3(1)
3(1)
2,500
Equipment
None
1,000
None
None
3(2)
6(2)
48,800
Deere
29,100
International Harvester
Co
and
.-i.—
5
7,100
Bendix
3
7,900
Clark
8
35,600
1,800
3(1)
2(2)
General
Thompson Products
Chrysler
Libhey-Owens-Ford Glass
None
None
Studebaker
92,700
None
None
Timken Roller Bearing
financial
None
None
Boeing airplane k
industrial
None
None
Douglas
None
None
5(2)
21,000
1
None
2,500
_____
7
SYSTEMATIC INVESTMENT
PLAN
None
None
1
300
Prospectus
may
be obtained
dealer
6(2)
upon
from
or
fif
32,700 ;
24,200
4
Principal Underwriter
Denver
r2, Colorado
___
_
Distillers Corp.-Seagrams.
National Distillers
—
4(2)
2
1
8,000
3(1)
60,300
7(2)
6,000
3(1)
11,500
3(2)
Minneapolis- Honeywell
National Lead _i
None
None
Pabco Products
None
None
Ruberoid1
None
None
Tecumseh Products
Marathon
Corp.
7(1)
19,000
I
500
500
1,700
3
1
8,900
3
1
2
KD
Plywood.
■
,
None
Coal and Oil—:—
None
None
None
None
Continental Oil
2,000
Mission
Ric'field Oil
-J
__
Land and
3,300
2,600
r
California
of
Louisiana
Corp.
_
None
Texas Co.
None
None
Tide Water Associated Oil
Natural
3(2)
:
None
None
3
None
None
3(2)
300
30,000
9,700
Chicago
42,300
9,700
Lone Star Gas.
Colorado
Gas
-1
Mississippi River Fuel
Northern
_
Illinois Gas Co. 7
1 :
6(6)
2,800
34,200
2(1)
9(2)
62,562
Northern Natural Gas 8__
Eastman Kodak
12,300
3(1)
7(1)
52,400
Panhandle Eastern Pipe Line—
Koppers co^vu-
3,300
3(1)
3(1)
12,000
Tennessee Gas Transmission
4
None
None
11,200
3,000 (
500
None
None
Glass
5(1)
Continental. Can
Owens
35,300
Corning Fibreglas
American
Can
3(1)
24,200
6,000
Emhart Mfg.
1,100
Smith, Kline and French
Sterling Drug
2(1)
None
None
None
None
10,600
Motorola
the undersigned.
19,060
4,000
Philco _:____
Delaware Distributors, Inc.
6,000
300 Broadway, Camden 3, N. J
13,400
23,600
None
:
U-t-—
<
.
Raytheon Mfg.
8,800
3(1)
9,625
2(2)
None
Stromberg-Carlson
Sylvania Electric Products.
Westinghouse Electric
■<
,
.
7,000
i)
r
5,200
.
None
None
None
—
fl22,900newll
1,000 old i(l)
General Electric2•«
■\
2(2)
None
15,800
None
McGraw Electric
20,700
.
Square "d"
.
■
2(1)
52,168
4,500
2(1)
3,350
7(5)
18,900
Bank
of
Manhattan Co
Beneficial Loan Corp
Boston Insurance Co
C.
2
None
None
None
None
None
None
1
I. T. Financial
2
2,700
Fidelity-Phenix Fire Insurance-
4(1)
2,300
Lincoln National Life
2
12,300
Manufacturers Trust
4(2)
16,725
Traders
1
(old)
None
Finance
r__
"A"
1,500
General
None
u. s. and Foreign Securities
Reinsurance
9,500
2(1)
None
None
200
Corp a
None
American Natural Gas
6,300
2(1)
None
Southern Natural Gas
22,000
United Gas
76,912
2(1)
6(3)
11,110
2(1)
19,950
None
Corp. 9-
Western Natural Gas
_
29,000
American Tel. and Tel
600
1(1)
4(2)
17,300
Central Illinois Public Service.-
1,200
1(1)
2
200
Columbus & Southern Ohio Elec.
None
4
26,000
38,348
4,000
11,800
12(1)
••
4(1)
2(1)
5(5)
4
3d):
41- ."
5
10,570
51,300
43,700
33,600
6,600
34,500 1
20,447 i
Commonwealth
Edison
General Public Utilities 10_1:
Kansas Gas and Electric
1(1)
None
None
None
None
2.300new3(l)
2,500
2(2)
None
None
None
None
•
None
4,600.
Pennsylvania Power & Light 8__
Philadelphia Electric
Puget Sound Power & Light
None
None
None
None
None
Southern California Edison.__
Texas Utilities
Wisconsin
Electric
Power 11
rNone
None
Carolina
2
7,600
Central and Southwest Corp
None
None
General Telephone
None
None
None
None
None
None
None
None
Power
"
&
_Kentucky Utilities
iTew England Tel. & Tel
None
None
Pacific Gas and Electric
Public Service of Indiana:
None
None
Public
of
New
—
28,000
10,000
Southern Company
4(2)
15,700
Paramount Pictures Corp
None
2»
1
•
2(1)
3,950
3(1)
2,900
2(1)
30,400
2(2)
11,500
2(2)
8,900
22,500
4(2)
6,500
2(1)
2(2)
Hamp¬
shire 1
kd
9,100
-
f 16,800new 1
\ 1,000 old 1
4(2)
18,000
Light1
11
lHaho Power
f&wa-Illinois Gas & Electric____
Service
None
23,600
3,600
______
City Electric__
1
21,t)00 " ♦2(1)
Southern Indiana Gas & Electric
Atlantic
1
1
None
None
5,600
1
800
None
None
2
None
1,500
New York State Electric & Gas_
4(2)
5,000
Financial, Banking & Insurance
3
5(2)
None
4
3(1)
.
84,250
Public Utilities
2
Electrical Equipment
request
inroatmont
3(3)
None
'3(1)
Drug Products
MUTUAL
None
_
None
29,000
None
None
■___
None
None
_
None
1(1)
None
—
_
None
50,000
_
None
12,900
1
None
None
2
:
2(2)
19,600
Interstate
None
1
3
4(2)
Gas
Corp.
Commercial Solvents
and
3(3)
3
16,600'
3,600
.13,400
4,000
—
Seaboard Oil of Delaware
'
3
4(1)
53,300
_
_
__
None
10,300
2,200
__
Exploration
None
3(1)
Mathieson Chemical
3(1)
2
4,275
Union Carbide
,
None
14,500
-j.—__—;————
Texas Pacific
Oil
None
3(2)
None
Oil of New Jersey
Sunray Oil
Union
.
19,400
__
_
1
None
_
_
Socony Vacuum?
Standard
2/
12,800
400
Standard Oil—Indiana
54,000
1
.
Sinclair Oil Corp..
25,300
20,000
112,000
2(1)
■
Ohio Oil
3,500
4(2)
1(1)
425
___.
'5,400
None
1,200
None
5,500
Containers
3(2)
6(3)
Hooker Electrochemical
5
24,000
Phillips Petroleum
Blockson Chemical
1,000
3(2)
11,800
39,400
1,300
2,200
or
15,000
*
7,025
None
5,800
INVESTMENT FUND
dealer
Corp. 6
2
900
.__
None
2
None
Container
None
None
None
2(1)
10,000
250
^
None
2
j3,000new 1(1)
\ 625 old 2(2)
United States
Corporation
St; Lawrence Corp.
St. Regis Paper
Union Bag and Paper
Imperial Oil, Ltd
7(1)
1
5,000
None
400
Mead
38,000
27,600
■
2(2)
3(1)
8,500
jLi
Carrier Corp.
Gair
Cities Service
5(1)
2(1)
American Radiator
None
1
upon
None
4(3)
Beverages
None
None
from your
None
None
Printing
and
Petroleum
None
6(2)
Proepectua
None
None
3,400
16,400
Chemicals
A
None
2(2)
4(2)
Fund
Lily Tulip Cup_
4(3)
15,900new4
United States Gypsum—York Corp.
3,400
1
Deiaware
None
8,100
Pulp
•V."
11,000
3(3)
management corporation
444 Sherman Street
None
18,400
Building Construction & Equipt.
6(5)
request from your investment
None
Robert
3(1)
8(4)
PLAN
INCOME PLAN
Nbne
4,000
899
kl)
J
Aircraft1
Grumman Aircraft
United Aircraft
2
5(2)
CAPITAL ACCUMULATION
Crown Zellerbach
4(3)
Aviation
r
inc.
i
20,500
7,000
1,500
9,500
2
fund,
3(2)
Paper,
Motors_____-_____
''
3
12,900
j._
9,100
Auto and Auto Parts
Si., Chicago 3, HI
*lff tr
6,300
9(2)
8(2)
Virginia Electric & Power
18,000 old 2(2)
43,000
20,300
3(1)
3
Food Products
2
2(1)
23rd CONSECUTIVE DIVIDEND
1
4
2,900
3,900
13,000
20,500
Mead Johnson
Swift
and
Co
General Foods
5.200
United Fruit
32,500
4(2)
declared
per
a
dividend of 8#
share from
ment
income,
net invest¬
Machinery & Industrial Equipt.
8(4)
12,100
;___
800
3
1,900
2(1)
12,100
Dresser Industries
None
None
4(3)
10,800
United-Shoe Machinery
None
None
Babccck
and
Wilcox
1,590
1(1)
payable
Metals and Mining
August 31, 1954 to share¬
holders of record August
16, 1954.
Chester D.
August 6, 1954
135 S. La Salle Street,
Allis Chalmers
4(2)
2,600
4(1)
16,000
3(1)
4,500
2
3,500
Tripp
3(1)
5,128
President
4(1)
36,700
6,500
Chicago 3, Illinois
3(3)
2(1)
None
1
None
500
Aluminium, Ltd.
American Smelting and Refining
Anaconda Copper
Homestake Mining
Magma Copper
Phelps Dodge
Reynolds Metals 8
Aluminum Co. of America
International Nickel
1
500
1
2
650
7
25,900
15,900
3
8,400
5(2)
12,300
5(3)
9,900
5(2)
None
None
3
37,100
6,600
25,500
3,000
2(1)
None
None
20,900
2,400
3(1)
1
3(1)
1
None
Illinois Central k
None
None
None
None
None
None
City Southern
Louisville
Nashville
N£'Y., Chicago and St. Louis__.
Seaboard
and
Air Line
S«oth(ern Pacific
Southern Railway
Union Pacific
Western Pacific
'them
r\_
None
500
None
A..
None
Rock Island & Pacific
Denver & Rio Grande Western.
1.000
4
3(3)
None
2,300
Kltnsas
6,400
1
1
None
Atchison, Topeka & Santa Fe_.
3(1)
3
None
1,200
Ajabama Great Southern
Chicago,
None
2,000
None
Railroads
24,900
2(1)
6,000
2 (new) 8,400
3(1)
Amusement
None
k."
7(2)
The Directors of TelevisionElectronics Fund, Inc. have
Radio and
f
and
Co
Pacific
4,200
1
None
None
•
15,000
Kl)
1,300
2(1)
Kl)
100
45,000
1(1)
6,500
4(3)
14,500
3(2)
Railroad Equipment
erican Brake Shoe
Volume 180
Number 5350..
.
CommercialunqL Financial Chronicle
-Bought-
Sold
No. of
No.of
Trusts
Shares
I
c
t
To.-of
4
m*
2(1)
6,000
18,500
3,100
17,150
*None
None
;• 4
t 2(1)
1
•w.
-Retail Trade
None
Associated Dry Goods:
J. Newberry
Simpsons, Ltd.
Grand
._^4_
Union 5
United
None
2
None
:
and
Tires
-
•
General Tire and Rubber
Goodrich
7,000
Steels
68,000
Armco
12(1)
57,550
Betnlehem Steel
3(2)
8,370
2
10(2)
4,000
72,600
15(9)
107,900"
-
2(1)
8,370
11,000
2(2)
6(3)
4,400
2(2)
2,000
13,500
10,800
2(2)
5(1)
Walker
Refractories.
_
National Steel
3(1)
None
None
None
None
Republic Steel
16,400
2(1)
United States
23^500
3(1)
None
None
Steel--J--llllC--Allegheny Ludlum
None
None
Colorado Fuel and Iron
11,380
1,500
Youngstown Sheet and Tube.
ing 13,400 shares.
eliminated
2(1)
Motorola,
3(2)
during
Cluett
4,000
13,950
None
None
Industrial Rayon'
None
2
__!
Pea body
L__
Burlington Mills
J. P. Stevens and Co
6,000
•
Tobaccos
■■
.
Kl)
20,500
34,500
4(4)
4(3)
I
and
■
-
no
larity
Union Bag and Paper,
was
four
companies
share
the first three
block.
in
one
rank
months
of
liked by
that- "in the first
the
-General
year.
bought
three months
Motors
of
was
balance by eight man¬
on
3,700
None
6,000
shares
of
Stromberg-
there
was
Studebaker
no
-
.
,
booklet-prospectus
how
you can
partici¬
pate in the ownership of
300
over
companies in 30 different
~
industries.
COMMONWEALTH
INVESTMENT COMPANY
ESTABLISHED 1932
Your free
your
copy
is available from
investment dealer
or
NORTH AMERICAN
SECURITIES COMPANY
2529 Russ Building
stock
San Francisco 4, California
prison
two trusts.
^so by
.
None
.
tells you
-
agements,
acquisitions
equaling
35,600 shares. On the other hand,
Chrysler and Studebaker were
bought, partially
offsetting the
American Tobacco ......
50,800' Y.
7(6)
. „
Chrysler liquidation were
two
Liggett and Myers.
41Allis. Chalmers was the most new acquisitions of the latter issue,
16,800
L
1,500 ?
Philip Morris
22,000 W $(4Mfe PQpalar issue in the industrial amounting to 1,500 shares. Bendix
.equipment, and machinery group was liked
2(1) 8,000 ►
Reynolds Tobacco "B"-...ll..l. 107,800
by five trusts, purchases
^during the period as eight man¬
totaling
7,100
shares
offset
in
.i—
Miscellaneous
agements acquired a total of 12,part by three sales of 3,170 shares.
100 shares, half of whom newly
None
None
Greyhound Corp.
Also
2,900 - 2(1)
bought on balance among
committed
this
stock
to
their
-None
None
Minnesota Mining and Mfg
the equipment issues were Thomp¬
3 •
* 14,000
holdings. Jn the March quarter,
son Products,
by three, companies,
Allis Chalmers had been the only
FOOTNOTES
and
Clark
1
Equipment by two.
Excluding stock additions from 2 for 1 split-up.
company
in
this
group
upon
3(2)
This free
equaling
each eliminated from three port¬
10,600
shares.
Also
bought on
folios and lightened in a fourth.
balance "wfere ' 19,060
shares of
Sales of the former totaled 20,500
Philco
by
four
managements,
4,000 shares of Raytheon by two shares; of the latter 92,700. While
None
900
A seventh fund
a
7,000
number
the year, was currently
five
funds,
purchases
Textiles
2(1)
6(2)
liked by six funds, acqui¬
equaling, 8,100 shares with
offsetting sales. Next in popu¬
was
sitions
>•
2(1)
4,917^2
3,000
■
1(1)
2
9,000
bought by
was
funds
Cup
adding 16,400
shares, half making new commit¬
issue.,, although four sales ments.
900 shares were lightened
were made totaling 20,700
shares, in two lists.
Crown Zellerbach,
presumably
also
representing favorite in the March
quarter, was
profit taking, two new commit¬ acquired
by three managements as
ments equaling 15,800 shares were
were
Robert Gair and St. Law¬
recorded during the period.
The
rence Paper.
A couple of trusts
popular issue in the group, how¬ each liked Mead
Corp. and St.,
ever,
was
Westinghouse,
seven
Regis Paper. Container Corp. was
trusts
acquiring, 23,60Cf
shares, eliminated, from -two
portfolios,
three
of
which.,, made
initial and lightened jn a, third. The same
portfolio, purchases" partially off-""
treatment was accorded Marathon
setting sales by three funds stal¬
Cprp.- with sales totaling .-24,000
ing 5,200 shares. .Three^ months'
shares,, contrasted with Containpreviously
five
companies
had
efs'
sold
Westinghouse
on
balance.
The picture in. the auto and auto
Sylvania was the next favored in
the electric grbUbT six trusts'buy¬ parts division was quite similar to
1(1)
13,600
___
from
latter
3
44,300
_
'
.
2,455
shares
surveyed during the
period, which was contrary to the
experience with McGraw. In this
v
Steel
Harbison
the
block of thp
a
thousand .old
.
holdings. No stock
None
..
States Rubber
6(3)
:
None
'
Rubber
20,000
None
None
Western Auto Supply
.
one
•2(1)
SNone
^aNone
__
Montgomery Ward
None
4(3)
-
H. L. Green...
8,500
None
twelfth eliminated
Food Fair Stores
None
'2
.
:'Y-
J.
1,255
-
Trusts;
■
| 6,500
i*
agers
-
Allied Stores
25
during the'period. Eleven -man¬ parently - divided,
purchases
of
disposed of 122,900 shares of paper and pulp issues currently
the newly split GE stock and a almostdoubled, sales. „jyiy Tulip
-
No. of
Shares
(800)
^
»
*
.....
.
2
4
5
6
t
.
Excluding shares added in 3 for 1 split-up.
Excluding additional shares resulting from 20% stock
Excluding stock additions from 5% share distribution.
Excluding shares added as a result of 25% dividend.
(7
Distribution
B
Part
from
purchased
Commonwealth
through
which
dividend.
United
12
All
stock
of
funds
Basis:
for
1
10.
Sayles Mutual
Fund
one
manager.
not
are
Individual portfolio changes in the Loomis-
surveyed.
O
U
iVl
'
1V1
A
K
Stock
.
6
__
Funds
Closed-End
Matched
Total
10
22
6
16
3
1
5
Companies
Representing
Sold
11 Y
Broad Buying of Insurance Stocks
As
usual,
purchases
stocks
surance
scattered.
the
of
fairly
were
Lincoln
insurance
three
a
in attitude from
change
distinct
of the year when opinion was
was
trusts,
resented
as
the first quarter
1931
in¬
well
National
sold
National Distributor
balance by
on
of which rep¬
some
the
20%
a
stock
new
dividend.
received
Interest
Coffin & Burr
in
Incorporated
Founded 1898
Continued,
ap¬
30
..
5
Fund
ORGANIZED
ne\y
also
was
and Pulp
Companies
Bought
___
represented
Dresser
Renewed Popularity in Paper
Sales of
or
1
Investment
ppen-End Companies:
Balanced Funds
/
i
purchases
commitments.
X
Excess of Net Portfolio Purchases
63
and
also
were1
Life,
however, was acquired by four
funds, acquisitions totaling 2,300
bought on balance by two trusts.
shares.1A couple of managements
Sales were scattered, without con¬
also liked Boston Insurance and
centration on any individual issue.
Fidelity-Phenix Fire. General Re¬
Shoe
survey
covers
63 investment companies, but purchases or
sponsored by the same management are treated as a unit. For
Uiree companies sponsored by Calvin Bullock are considered as
example, the
having the weight of
Machinery
Wilcox
shares of the former and 10,800 of
the latter.
Three of the United
NOTE—This
•
*ales
and
New England
Libbey-Owens-Ford was sold on
balance by four trusts and Timken Roller Bearing by two.
concentrated.
liked, during the • period under
review, four funds acquiring 1,900
rights.
acquired through rights.
Shoe
Babcock
represent distribution from Electric Bond and Share.
10 28,707 shares
purchased with rights.
Basis: 1 for 15.
11 Excludes additions resulting from 50% stock dividend.
,
had
-
Edison.
9 450 shares
f
sellers
on
page
26
BOSTON
NEW YORK
11
PORTLAND
HARTFORD
**
t
Totals
••
,
Continued
,
23
___
from
14
26
EATON & HOWARD
EATON & HOWARD
BALANCED FUND
STOCK FUND
22
page
Funds Piefer
Managed 2>y
Steels
Oils/
EATON
number
issue
one
in
the
group during the previous period.
Liked also by three managements
Aluminium^ Ltd., three funds
making new commitments totaling
was
2,600
500
shares
sold.
with
block
one
Anaconda
of
and
Magma
also each bought on balance
by three trusts while Homestake
were
was
acquired
by two investment
companies. Opinion continued di¬
vided
these represented portfolio eliminations. Chicago Corporation was
well-liked, two new commit¬
ments and two portfolio additions
equaling 30,000 shares. Another
trust
disposed of 19,600 shares.
Three purchases each were made
sold
was
funds
on
balance
during the
as
by
March
quarter and three trusts complete¬
ly eliminated
a
total
of
2,400
shares of International Nickel.
-
•
Volume
the
Prospectuses from
SAN FRANCISCO
ESTABLISHED. 1924
Investment Dealer
your
or
the above.
_
ana
^
Gas/ Lone,
Gas, Mississippi River Fuel
Tennessee
There
were
ing.
Gas
Have You Considered
ELECTRONICS
Transmission.
nine
additions
of ./*
of
Balance
on
purchases and sales
natural
gas
group
about
Three
os an
?
was
on
neutral
currently
lightened
in
the
sold
by
in
three
others.
Natural
each
Gas,
Also
*
-
rises,
tial purchase. Five offsetting sales
electronic
general
electric
FUND, INC.
Manhattan Bond
■
Fund, Inc.
Get
the
booklet-prospectus about ths
Company from your investment
dealer
*
Diversified Growth Stock
Southern
Fund, Inc.
or
mail coupon to
TELEVISION SHARES
MANAGEMENT CORP.
Chicago 3, III.
and
were
radio
bought
equipment,
shares
on
in
balance
through
TELEVISION-ELECTRONICS
Profit-Taking in GE
market
diversified group
'
135 S. La Salle St.
totaled
84,250 shares, and 'two of
T
'I
'
A
PROSPECTUSES
AVAILABLE
FROM
YOUR
ON
LOCAL
THESE
MUTUAL
INVESTMENT
FUNDS
DEALER.
OR
NAME
Cleveland
Chicago
Lot
ini¬
investment Fund, Inc.
'
Natural Gas and Western Natural
the
Diversified
were
year,
an
a
the shares of
*
"
gas
52,400 shares, one making
invest in
of electronics securities
holdings and
funds
two
were
can
-
but
Although profit taking was promost popular
nounced in General Electric and
utilities, seven McGraw
Electric, which was to be
acquiring a total of expected after their substantial
was
among
companies
earlier
scattered,
76,912 shares of United Gas
Gas.
been
largely
cleaned out of three
slightly.
Line,
*■
Six funds added Northern Illinois
American
Panhandle Eastern Pipe
which managements had
You
V
Gas through a spin-off from Com¬
monwealth Edison. Selling on bal-
Investment Medium9
Fundamental Investors, Inc.
complete - portfolio
eliminations equaled 29,000 shares.
paralleled that of the previous pe¬
riod
although the gau between
purchases and sales had closed up
issue
-
333 Montgomery Street
BOSTON~7
-
~
of Colorado Interstate
Star
ance
Natural Gas Bought
in
HOWARD
on
America
.
24 Federal Street
BOSTON
also
Kennecott, four manage¬ Northern Natural Gas totaling 62
ments selling and a like number 562
shares, but a portion of these
making purchases. Aluminum of was stimulated by a rights offerfour
t,
&
INgpJRPORAT&D
■
been
BANGOR
63
;
i
HUGH W. LONG AND COMPANY
Angeles
&w Francitco
ADDRESS
Incorporated
Westminster
at
Parser, Elizabeth 3, Hew Jersey
,
CITY
115
Broadway
New York 6, N.Y.
'■*< ,:"'A
'0 L'L
!
U-, iH'S-V
a
ir
,•>
t
The Commercial
!6
(610)
Funds Prefer
shares
financing
nounced.
C.
I.
was
T.
Aircraft was lightened in quarter, United States Gypsum in¬
portfolios and cleaned out of terested four purchasers. A 1,100
share block was eliminated from
two others, but there were also
five- offsetting
purchases.
Six a fifth portfolio. Sales on balance
United
■
Continued from page 25
^and, Financial Chronicle...Thursday, August 12, 1954
j
i..
five
Oils, Rails and Steels
well
pro¬
Financial
was
easily the favorite with five new
commitments and
two additions
equaling 18,900 shares. Two sales
totaled 9,500 shares.
Traders Fi¬
One small block of
10,000 shares.
300
shares
Chemical
sold.
was
was
Blockson
also bought by two
trusts, one making an initial pur¬
chase, and Hooker Electrochemi¬
cal was added by a like number
Grumman
stock.
from
in
eliminated
was
also
disposed
of
Management opinion, divided
purchases balanced a like number
of sales of North American Avia-
food
tions to
existing holdings equaling
share
block
of
•
.
the
.
.
old
stock.
Southern
Newberry and Simpson's, Ltd.
mentioned
a move...
in
Electric
their
of
portfolios while a
management lightened its
Tobacco
was
close
a
six funds eliminating this is¬
sue
while
seventh decreased
a
Sales
featured
were
six
by
acquisitions of Carrier and three
commitments
new
in
York)
separately, opinion was
evenly divided on the building is¬
grouped
feature
with
purchases
taling
five
and
Three
to¬
Can
Continental
•
balance
on
pre¬
South¬
was
but
trusts,
sold
by three.
rate
period last year when an
high was recorded, the
same
all-time
Chamber said.
construction, the Chamber
pointed out, the boom will last
through the months ahead.
; i
Actual
of
the
and
General
of
two
Tire.
United States Rubber, how¬
ever,
was
purchased by four in¬
companies during the
June quarter,
three making initial
portfolio commitments. Buying in
the amusement group was concen¬
Theatres
Paramount
four
new
during the first half
reached
year
total
a
of
nearly $17 billion, slightly above
last year's record figure for the
same period, the Chamber said.
Behind
this
phenomenal
de¬
construction, is the
continuing need for new homes,
new schools
and colleges, hospi¬
tals, churches and public works
mand for
well
as
new
commercial
as
construc¬
tion.
,
The
strength
boom,
our
that
the
of
building
Chamber stressed, is
best reasons for be¬
the
among
lief
our
will" "con¬
economy
tinue prosperous.
For new homes,
factories, schools
and other
struction
mean
con¬
markets
more
for
home and office furnishings, plant
machinery
and
host
a
products—all adding
increases in
new
other
of
to steady
up
jobs.
Lakefroni Bock & RR.
Terminal Bds. Offered
•
& Co. Inc.
Aug. 6 offered
and
$3,-
Halsey, Stuart
assocaites
on
650,000 of Lakefront Dock & Rail¬
road Terminal Co. first mortgage
fund
bonds,
series
B,
3%%, dated Aug. 1, 1954 and due
Aug. 1, 1974, at 100.70%, to yield
3.70%.
the
The group
issue
99.46%.
bonds
Issuance
award ol
won
Aug.
on
5
on
a
bid of
sale of
and
the
subject to authorization
is
of the Interstate Commerce Com¬
mission.
ject to redemption at optional re¬
demption
prices
ranging
from
104 V2% to par, and for the sinking
100%%
in
expenditures .for
construction
fund
by five sales on balance
vestment
Since awards pre¬
cede
featured
acquisitions
totaling
15,700 shares.
off¬
setting sales equaled 8,500 shares.
Also well liked, as in the March
at a record volume, the
being 17% above that of the
year were
Selling in the rubber division was
Goodrich
will
boom
The series B bonds will be sub¬
purchased
was
five
by
American Can
building
sinking
group
and
General Telephone, the
Company and Virginia
of
Southern
Corp.,
addition
utility
Central
Electric and Power.
initial portfolio
one
shares.
32,700
posed
trated
was
the
in
Electric, each of which was
sold by four managements. Three
investment
companies also dis¬
the
Radiator
American
sues.
rights.
Corporation and Pacific Gas
west
of
With air conditioning specialties
of Pen-
and
shares. Philip Morris was
(which
in
dominated
its
tional Distillers,.
of
distribution
investment to the extent of 50,800
disposed
of by five investment companies
and Liggett and Myers by four.
Opinion was almost divided on
Lorillard, four portfolio elimina¬
tions offset by three purchases.
The only concentrated activity in
the liquor stoqks was represented
by three sales bach of Distillers
Corporation-Seagrams and Na¬
four
and
Power and Light were
stimulated
in
part through the
runner-
up,
Power
Wisconsin
of
sylvania
Sales totaled 107,800. Amer¬
ings.
ican
ninth
hold¬
five
Utilities,
United
the
Building contracts awarded dur¬
ing the first six months of the
Twelve additions of General Pub¬
lic
Chamber of
States,
the
to
of
national
basis
prosperity.
continue at least through 1954.
were
Southern
and
Electric, Kansas Gas and
Philadelphia Electric.
cleaned this one-time favorite out
with
According
Commerce
the
needs
construction
for continued
purchases
two
Columbus
of
Ohio
Electric and
article,
Finds
Elec¬
and
made
Reynolds "B"
sharing dubious honors as least
popular in the group. Eight trusts
this
Frank makes
earlier
briefly
Gas
Indiana
while
tric,
Sales of tobacco shares doubled,
as
Chamber of Commerce
on
stocks, gave some thought to
Opinion was definitely di¬ political and social disturbances in
companies. Mathieson, number
nance "A" also continued its pop¬
vided on the major transport com¬ Central America, and reversed it¬
ularity of the previous quarter, one purchase in the March period,
self
to
some
extent on
United
was sold on balance by four funds.
panies.
A good example, illus¬
four funds acquiring 16,275 shares,
diversity of experienced Fruit. For over a year the fa¬
half making initial purchases. One Also lightened by three manage¬ trating
vorite in
the group, a total of
manage¬
new
commitment
and
another ment were Eastman Kodak, Kop- judgment among fund
32,500 shares was lightened in five
portfolio addition were also made pers and Air Reduction. A total ments, was current action in East¬
eliminated from
of
in shares of the Beneficial Loan
34,200 shares Of Commercial ern Airlines and American. While portfolios and
two
others.
Partially offsetting
Corp.
Opinion
was
divided on Solvents was decreased in one Scudder Stevens and Clark made
were four additions equaling 20,Commercial Credit as during the portfolio and cleaned out of an¬ brand new commitments in these
General ' Foods was
two
major carriers, Selected 500 shares.
earlier part of the year.
Similar other.
also sold on balance, four man¬
Textile issues were bought on American Shares eliminated both
to the pattern in insurance stocks,
agements disposing of 5,200 shares,
bank stock purchases were scat¬
light balance, the experience of of them from its porfolio.
half of whom cleaned out the issue
tered. Bank of Manhattan shares the March period. Six trusts pur¬
The
slight ^preponderance
in
from holdings.
One purchase
were
bought by three trusts and chased 13,950 shares of Industrial selling of the merchandising issues
amounted to 13,000 shares.
Two
two funds added a total of 12,300 Rayon, two making new commit¬ was featured by the liquidation of
shares of Manufacturers Trust.
V ments. One block of 900 shares 44,300 shares of Montgomery Ward funds each bought Swift and Mead
Johnson.
Drug
Products
were
bought was sold. Also purchased on bal¬ by six managements, half of which
with less enthusiasm than earlier ance by a couple of funds was eliminated- the
mail order firm
Utility Transactions Mixed
in the year and there was little Cluett Peabody. Burlington Mills from their holdings. It is interest¬
Buying in utilities evenly bal¬
concentrated
purchasing in evi¬ was eliminated by four manage¬ ing to observe that one offsetting
anced sales, as purchases fell off
dence. Three managements bought ments, sales totaling 20,500 shares,
purchase of 8,000 shares resulted
almost 20%
from the March to
Smith, Kline and French and two while a total of 34,500 shares of in doubling the holdings of a fund
June quarters. Puget Sound Power
acquired stock in Sterling Drug. J. P. Stevens was cleaned out of that had only a short time ago
three portfolios and lightened in been rather unusually outspoken and Light was the new found fa¬
Opinion was at odds on Pfizer,
commitments
five purchases of 23,800 shares al¬ another. Two leading agricultural in its criticism of top Ward man¬ vorite, five initial
totaling 43,700 shares. Five power
most offsetting six sales of 27,200, equipment companies were bought
agement., Three trusts also sold
four
of
the
latter
representing in substantial amounts as earlier Grand Union on balance, while and light issues contended for
number two ranking in this groupscomplete eliminations from port¬ in the year. Nine trusts purchased there were two sales each of Food
each finding favor with four man¬
folios.
Opinion also was divided a total of 48,800 shares of Deere Fair, H. L. Green and Western
agements. These were American
and eight acquired 29,100 shares Xuto
on Merck.
Supply. Allied Stores and
Buyers about matched sellers in of Harvester.^
Associated Dry Goods were each Telephone and Telegraph, Central
Illinois Public Service," Common¬
Profit taking appeared in most favored
the Chemical issues also as they
on
balance by four in¬
wealth Edison, Southern Califor¬
had in the first three months of of the major aviation manufac¬ vestment
'companies,
purchases
the year. Union Carbide was.the turers.
Eight funds - sold 27,850 equaling 6,000 shares and 18,500 nia Edison and Texas Utilities.
best liked stock in the. group, two shares of the split Boeing
issue shares respectively. Also liked by Three trusts each bought New
York State Electric and Gas and
and
new commitments and four addi¬
a
ninth eliminated a 2,000 a
couple of funds each were J. J.
,
by U.S.
Pabco
tiom
of
Boom Forecast
Products.
three
However,
others.
ments
decreased
portfolio and
one
two
Bldg. •1
Minneapolis
Honeywell, Ruberoid and United
States
Plywood were made by
three trusts. A couple of manage¬
Douglas split
four sales of the new
Lead,
National
of
managements disposed of 18,050
shares of Lockheed and there were
Continuance of
Three With A. G. Edwards
at
receding
prices
to
from
in¬
plus accrued
par,
terest in each
case.
Net proceeds from the
will be used to repay to
financing
the New
York Central RR. Co. and the Bal¬
timore & Ohio
owners
of
amount
of
RR.
the
Co., the joint
a
like
company,
advances
the
to
com¬
capital
expenditures,
which, as of May 31, 1954, aggre¬
gated $3,872,325. Additional ad¬
vances aggregating $350,000
have
been made for working capital.
The company is a joint under¬
for
pany
taking of The New York Central
(Special to The Financial Chronicle)
RR. Co. and The Baltimore & Ohio
ST.
LOUIS,
Mo.—Lawrence
E.
Frankenbach, Bluford W. Jackson
and Rolland J. Meade have joined
the
y—nMtwroiinfcmiini
;
u in
'
{
-
;
Offered by
of
staff
Sons,
409
North
of
members
A.
the
Stock
Midwest
G.
Edwards
Street,
Eighth
New
&
York
and
Exchanges.
1016
Baltim
ore
•
Kansas
(Special to The Financial Chronicle)
formerly Vice President of
Value Line's Investors Counsel Inc.
has
now
^Principal Underwriter
J
and Distributor
*
joined the
Rossi
PROSPECTUS ON
DREYFUS FUND
NEW
Maher,
REQUEST
PLEASE SEND ME PROSPECTUS
I
f
«
V-
»
Nam*.
Randolph
Newman & Co., Marine Building,
members
of
the
New
Orleans
Exchange.
•
New York 4, New York
SALT LAKE
Address_
Oty.
the
expeditious
eco¬
inter¬
vessels
operating on the Great
freight, chiefly iron
Lakes of bulk
and
coal, routed through the
gateway.
Associated
in the
Smith
with
Halsey, Stuart
Dick & MerleStroud & Co., Inc.
offering
and
are
Two With
Reynolds
(Special to The Financial Chronicle)
DURHAM, N. C.
Jennings
and
—
Frances
Michael G.
B. Wood
have become affiliated
with Rey¬
Co., 108 Corcoran Street.
Forms Frontier Investment
G.
Managers, the Dreyfus Fund Inc.
Broadway
have
Newman
water
deeD
for
change between railroad cars and,
nolds &
DREYFUS CORPORATION
50
R.
W.
associated with
Vice President
'
THE
and
become
Stock
as
ORLEANS, La. — George
Pierre A. Moore, A. G.
provides
facilities
and
nomic
ore
Four With R. Newman
City 5, Mo.
It
front
lake
Toledo
MUTUAL DISTRIBUTORS, Inc.
FRANK ELIOT SWEETSER
Co.
RR.
State_
CITY, Utah—Buell
Two With Carolina Sees.
RALEIGH,
formed Frontier
Investments, Inc., 2011 South 11th
East
to
engage
in a securities
Baysinger
business.
Corporation,
Bryan
has
"
-
nolds
are
N.
and
C.
—
Charles
Curtis D.
R.
Rey¬
with Carolina Securities
Insurance
Building.
Number 5350
Volume 180
...
The Commercial and Financial Chronicle
27
(611)
Halsey, Stuart Group
Public
M
Bank and Insurance Stocks
Offers Pacific Power
Utility Securities
&
By OWEN ELY
Light Co. Bonds
By
Company is the largest utility organization in the
south, with annual revenues of about $180 million. Growth has,
Halsey, Stuart & Co. Inc. on
Aug. 10 headed a syndicate offer¬
ing $30,000,000 Pacific, Power &
Light- Co.., first - mortgage bonds,
been
3y2%
Southern
Company
Southern
,
substantial—revenues' have
doubled
about
the
in
postwar
Representing the southern segment of the old Common¬
wealth & Southern System, Southern Company is an integrated
holding company controlling four important operating companies
—Georgia Power, Alabama Power, Mississippi Power and Gulf
Power (the latter serves an
area
series due Aug.
102.824%
period.
1,
1984,
at
102.1299%.
of
-
The. System i£ completely interconnected, operates as a unit
respect to power, production and distribution, and supplies
Net proceeds from
will
with
the financing
redemption
the
for
be. used
all
of
major segments of the business.
,
,
program.
apnual residential use of electricity is high at 2,672 kwh.
System generating capacity now exceeds 2.8 million kw., of
,
which
The
August, 1984 series bonds
will be subject to redemption at
Total capacity will be in¬
1956, according to the present schedule,
with nearly half of this amount representing construction since
hydro is less than -one-rthird.
general. redemption prices rang¬
ing from 105,83% to par, and at
special redemption prices reced¬
creased, to 3.3: million byi
January, 1951.
Southern
Earnings
19
-
15 %
$1.23
0.80
16V4
-
13%
1.18
0.80
16%
-
12%
1951——
1.04
0.80
12%
-
10%
1950——
1.07
0.80
1949
1.28
0.70
1948
0.91
1947
1.13
1954
$0.80
,
1953—
—
1952
—„
the
months
12
crued interest in each
Pacific
Price Range
Dividends
12
Montana
and
also supplies
steam heating service in Portland,
Oregon; Yakima, Washington, and
in Casper, Wyo.; telephone serv¬
ended June 30,
1054,
earnings were $1.22.
ice
in
10
communities
in
in steam
Power
ended
May
years' includes
!
~
plan to do any equity financing so that this burden on earn¬
swill be avoided. ..For the 12 months ended June 30 share
$1.22 compared with $1.1-3 in the previous period,
but the month of June made a rather poor showing with net in¬
come down about 7%.. No estimate is available for the
calendar
were
but it will presumably be in the range of $1.20 to $1.25.
year
the
Over
next year
or
there should be several favorable
so
issue of
preferred stock outstanding, is negotiating a refunding issue and
if this is successfully accomplished dividend savings might ap¬
proximate 3 cents a share on Southern Company stock. It is also
Georgia Power, which has a very large
developments.
.expected that the company will apply for
to
a
rate increase in order,
restore
earnings to around a 6% return on the rate base. No
proposed application have yet been revealed, but
Josephthal & Co. in their recent bulletin on Southern Company
estimated that the consolidated share earnings of Southern might
details
of
about 15 cents if the application
should be granted.
Another
gain in earnings will be obtained automatically when
the new tax law goes into effect. The tax rate for regulated utility
holding companies is being reduced from 54% to 52% and the gain
in taxable earnings would mean about 5 cents a share for Southern
Company on a consolidated earnings basis.
Assuming that these various estimates work out, "future nor¬
earning power (with median hydro conditions) might be
estimated at around $1.40-$ 1.50,
depending somewhat on the degree
of dilution from future equity financing.
Dividend payout is now only about two-thirds and it is
some
coming within
increase in the 80c dividend rate may
the
about
1954,
continued
10%.
Thus
to, gain,
good improvement
~of 1953.
over
lower, in
are
instances by as/,
some
though, loss and underwriting
even
expenses
statutory results for the period show
the experience reported in the first half
,
-
"
Investment operations also were favorable with income from
^Jhis source higher by
t'
much
as
as
10%.
This gain
was
«"♦
exclusive
of the substantial appreciation in security values resulting from
>
the easier money rates and the rise in the stock market!
Tne
-
from investments and underwriting
higher.- Accordingly, the liability for Fed¬
eral income taxes showed a large increase.
Even so, net income
after taxes was considerably higher for the first half of 1954 as;
against the same period of last year.
combined
income
thus substantially
was
Operating statements of two of the medium-sized insurance /
/organizations which illustrate the foregoing general comments,
are
presented below. They are the Glens Falls group and the /"
National Fire Insurance of Hartford.
/ /
•
'■/'
Glens Falls
*
National Fire——
li>54
1953
$
$
Premiums written
Incr. in unearned
Premiums
Six Months Ended June 80.
11)54
,
""•;i
*
*
36,585,792 37,985,938 39,634,354 37,108,678
1,432,412
prems.
earned
3,384,532
2,383,116
1,613,418
*
35,153,380 34,-301,406 38,020,936 34,725,562
be^forth¬
year or so,
Losses
incurred
15,372,852 16,828,002 17,713,970 17,760,790
.Loss expenses incurred
2,978,012
Underwriting expenses- 14,898,867
2,683,338
2,044,922
2,066,367
14,888,081 15,747,218 14,682,735
33,249,731 34,399,421 35,506,110 34,509,892
Underwriting
215,670
1,254,144
2,514,826
1,742,321
1,585,366
1,352,752
1,456,129
413,119
-4,257,147
1,976,167
1,801,036
513,269
1,936,800
1,043,010
2,280,980
1,287,767
$1.60
$4.56
$2.58
1,903,649
1,385,903
gain
income
Investment
201,985
95%
The
area
supplied with electricity
Income
Income
before
taxes.
taxes
3,289,552
~
by the company approximates 13,000 square miles with a
census
population which had increased
from
approximately 810,000
in
1940 to around 1,050,000. in 1950.
For the 12 months ended May
*31, 1954, total operating revenues
aggregated
$38,279,000 and
net
income was $6,013,000, compared
"with operating revenues of $36,918,000 and net income of $6,120,000 for the year 1953.
Net income
Earned per
share
$2.98
After adjustments are made for
mium reserve,
the adjusted
per
changes in the unearned pre¬
share figures also make favorable
1
comparisons.
•
<
Underwriting profit 1
...
Equity in incr. in unearned prems.
Adjusted underwriting
— The
RockDealers will sponsor
Fling-Ding for the
Pre-tax
ROCKFORD, 111.
ford Security
annual
the
Security Dealers of Illinois and
surrounding area on October 8,
Friday, at Rockford Country Club.
Further
details
will
available
be
Income
QUINCY,- 111.
—
1954
1953
$5.03
1.13
$0.43
1.67
$3.70
$2.13
$6.16
$2.10
2.13
1.93
3.48
3.17
$5.83
$4.06
$9.64
$5.27
2.08
0.64
3.95
1.03
$5.69
$4.24
--
•
$3.75
' c
-
$3.42
,
feature of the reports now being published
is the additions which the various companies show in their sur¬
these
Besides the gains made in operating results, there
In as much as
reflected in the surplus,, these accounts also
large gains, in many instances more than 10%.
have
G.
become
associated
All
Louis.
the
&
Edwards
Hess
were
Sons
of
previously
changes
recorded
are
in the cask of Glens Falls, capital and surplus at
1954 was $34,629,650. Additions during the first
dividends, amounted to $4,698,651 or a gain of 13.6%
the period. In the case of National Fire the increase amounted
the beginning of
half
for
after
$5,506,943 or a gain of 13% over the $42,428,090 of capital and
surplus existing at the beginning of 1954.
to
Other
Com¬
Investment
substantial increases in security valuations.
companies will be publishing their semi-annual state¬
Most of them should show a similar
ments in the coming weeks.
pany.
favorable experience.
♦
< ••
Guss & Mednick Open
Shiliingiaw Opens
CHATTANOOGA, Tenn.—Donaid
A.
Shiliingiaw is engaging in
S. L. Wendelboe Opens
LAKE CITY, Utah
Stratford L. Wendelboe is engagSALT
SALT LAKE
&
Mednick
Co.
CITY, Utah—Guss
has
been
formed
with offices in the Darling Build-
NATIONAL BANK
BANK
of INDIA. LIMITED
Bankers
to
the
Government
and
in
INSURANCE
Kenya Colony and Uganda
Office: 26, Bishopsgate,
Head
the
firm
name
of
Shilling,aw &
*
q0
A
R
QmitL
A.
B.
Smith
SALT LAKE
Opens
SALT
CITY, Utah—Aus-
tin B. Smith has formed Austin B.
Smith
™ng under the firm name of ness Hym.e
Stratford L. Wendelboe & Co.
the firm.
Western Empire Brokerage
n.™-
lake
city, UtahWestern Empire Brokerage ComPany,
Inc., has been formed with
Guss is a principal in
Forms Hale & Co.
Burma,
-
in
an
Donald C. Hale is engaging
business
from
offices
conduct
in
a
the
inY/eZ/ritie! bus'inS
Company, with
Atlas
Building,
securities business.
to
Hugh Tuttle is
firm.
a
principal of the
offices
at 361/2 West Second South Street
under the firm name of Hale &
Company.
Aden,
Uganda,
salt lake city, Utah
investment
West
STOCKS
London, E. C. 2.
End (London) Branch:
13, St. James's Square, S. W. 1.
Branches
in
India, Pakistan, Ceylon,
Kenya,
Zanzibar,
land
Paid-up
Reserve
Tanganyika,
Somali-
and
Protectorate.
Authorized Capital
The
Brokerage
t
Another significant
For example
Ruth V. Miller,
Donald L. Robinson and Leona L.
with
—
—
Operating earnings
(Special to The Financial Chronicle)
St.
1953
$0.31
1.82
•.
were
Join A. G. Edwards Staff
A.
1954
plus accounts.
shortly.
with
profit
taxes
National Fire
I
$2.93
0.77
Investment income
Outing in October
;
Six Months to June 30
Glens Falls
Rockford Sec. Dealers
Williams
—have increased their dividend rates several times in recent
years.
D. A.
//*
/
/
1953
'■
$
year
con¬
particularly if the rate increase appli¬
cation works out successfully. Other
major holding companies in
the south—middle South, Central & Southwest and Texas utilities
a
for
derived from electric service.
mal"
jectured that
31,
Co.
was
this
be increased
t
slight
combined
total
the
operating revenues of the com¬
pany
and the former Mountain
share. Further capacity to be constructed in the next few
both large steam and hydro projects; Alabama
Power recently obtained permission to proceed with the develop¬
ment of a large hydro project on the Coosa River/1
Share earnings in the past have been frequently diluted by
new issues of common stock.
This year, however, Southern does
Of
Montana.
capacity has reduced the effect on share earnings to a few
earnings
a
western
States
ing
to company
company
far have shown
so
Idaho. The company
Montana, and water service in
eight communities in Oregon and
not
as
have
is
earnings have increased moderately in the past two
to top the $1.28 earned in 1949 (which,
however, included some non-recurring profits). The Georgia and
Alabama subsidiaries have been plagued by recurring droughts and
this is the situation currently—although the substantial increase
-
reported
Six Months Ended June 3D
Co.
Wyoming,
ton,
-101/4
they have failed
cents per
much
case.
Light
operating public utility en¬
gaged primarily in the business of
generating, transmitting, distrib¬
uting and selling electric energy
in the states of Oregon, Washing¬
While
years,
have
an
13%-101/4
,
&
Power
that
Jfor the multiple line writers
ing from 102.83% to par, plus ac¬
Company's common stock record has been as follows:
Year Ended Dee. 31—
♦For
institutions
gain. More significantly so far as underwriting goes, however,.,
.-has been the loss experience. In relation to a year ago loss ratios -
v
average
Although premium volume varies from
,,
most
of
the. outstanding first
electricity to a population exceeding 6.3 million.
The principal
mortgage bonds of tl\e former
industries in the area served includes steel, paper, coal, chemicals,
./Mountain States Power Co., which
glass products, lumber, metal, machinery and food processings.
was merged into Pacific Power &
Agriculture^ which, in, former years was heavily concentrated in
Light Co. on May 21,/1954. The
cotton, is now better,diversified including corn, fruit, livestockredemption of the bonds will re¬
and tungnuts (the oil of/which?is used in paint and lacquers).
•
quire, exclusive of -accrued in¬
System revenues are about: 34% residential, 26% commercial,
terest, $24,934,542. The balance of
31% industrial and 9% miscellaneous. With low residential rates
the
proceeds from the new fi¬
dating from the days when Wendell Willkie dominated Common¬
nancing will be applied toward
wealth,. revenues per;residential kwh. are only about 2.20c com¬
the
cost of the
company's 1954
pared with the national average of 2.74c. Correspondingly, the
and 1955 construction
Insurance Stocks
Operating results of fire and casualty insurance companies
are now being published.
In general the
reports are highly satisfactory with gains indicated for all the
yield
in northwestern Florida).
JOHNSON
E.
—
for the first half of 1954
and accrued interest, to
3.35%. Award of the issue
was
won
by the group at com¬
petitive sale on Aug. 9 on a bid
H.
This Week
Capital
Fund
,
Bank conducts every
£4,562,500
£2,851,562
£3,104,687
description of
and exchange business.
Trusteeships and Executorships
banking
also
undertaken
Laird, Bissell & Meeds
Members New York Stock
Members American
120
Exchange
Stock Exchange
BROADWAY, NEW YORK 5, N.
Telephone: BArclay
Bell
T.
7-3500
Teletype—NY 1-1248-49
(L. A. Gibbs, Manager
Trading Dept.)
Specialists in Bank Stocks
Thursday, August 12, 1954
The Commercial and Financial'Chronicle...
28
(612)
price were flour, wheat, corn, rye, hams,
cottonseed oil, eggs, potatoes and lambs.
The index represents the sum total of
4
Continued from page
of 31
The State oi Trade and
Industry
steel to look
European. This is prompting foreign producers of
to the United States for scrap, a raw material for steelmakmg.
Steel price
increases stemming from
the wage raise given the
following
the pattern set several weeks ago by the large producers.
As a
result, "Steers" latest price composite on finished steel is $117.64
net ton, compared with a revised figure of $117.39 a net ton for
steelworkers continue to come
out from small producers
a
the
preceding week.
and
Iron
American
The
Steel Institute announced
that the
steelmaking
of 63.7 % of
the week beginning Aug 9, 1954, equivalent to
of ingots and steel for castings, as against 1,527,000
operating rate of steel companies having 96.1% of the
capacity for the entire industry will be at an average
for
capacity
1,519,000 tons
64.0%
(actual)
tons and
based
now
on
annual capacity of
rate for the weeks in 1954 is
124,330,410 tons as of Jan. 1, 1954.
week a month ago the
For the like
rate was 64.3% and pro¬
actual weekly production
-was placed at 2,146,000
tons or 95.2%. The operating rate is not
comparable because capacity was lower than capacity in 1954. The
percentage figures for last year are based on annual capacity of
117,547,470 tons as of Jan. 1, 1953.
A year ago the
1,534,000 tons.
duction
Loadings Continued to Decline the Past
Car
raw
Lower Levels
Output Eases From All-Time
of Preceding Week
The amount of electric energy
were
reflected hedging pressure
is starting to
Substantial sales of wheat to West Germany
market.
to
reported
during the week.
tric
Institute, or
previous week.
represents a decrease of 80,000,000 kwh.
from the preceding week but an increase of 595,000,000 kwh., or
7.0% over the comparable 1953 week and 1,564,000,000 kwh. over
current
The
figure
the like week in 1952.
arouse
Last Week Hit Lowest 5-Day
in
interest as bakers and jobbers were inclined to hold
belief that further weakening will occur when the
the
industry for the latest week, ended Aug. 7,
"Ward's Automotive Reports," assembled an
compared with 104,604 (revised) in the
previous week. The past week's production total of cars and
trucks amounted to 120,392 units, a moderate decline below last
week's output of 123,482 units, states "Ward's."
according to
1954,
estimated
104,720
Activity in other flours was
Cocoa finished higher as the result of sharp gains
part of the week.
Main strengthening influences
the outlook for a tight supply situation in the latter part
limited.
very
in
the
were
latter
the situation in the Far East and reports
Brazil had raised its new crop selling price for Bahia cocoa
of the year, concern over
that
cars,
cents
ago.:
a year
raw
sugar
futures
Coffee
market was quiet as continued slow
tended to restrict trading all along
developed
steadier
somewhat
a
the close of the week as the result of trade house
Roaster
demand
for
565
actuals
showed
tone
toward
buying.
improvement
no
with
last
against 5,662
week,
slightly; Spring lambs ruled mostly steady.
Reported sales in the ten spot markets increased
moderately and totalled 67,800 bales, compared with 47,700 bales
a week earlier and 48,300 in the corresponding week a
year ago.
CCC loan
bales
the
in
cotton
repayments continued in small volume, totalling 9,300
ended
week
July 23.
of that date amounted
as
Net loan
to
1953-crop
stocks of
5,207,600 bales.
preceding week and 2,180 cars and 9 trucks in the comparable
1953 week.
Business Failures Heavier in Middle and South
Atlantic
Trade Volume Lifted
industrial failures
week ended
4,
"W
rose
Aug. 5 from 195 in the preceding week, Dun & Brad-
street, Inc., reports. At the highest level in three weeks, casual¬
ties were slightly more numerous than last year when 195 oc¬
curred and were up sharply from the toll of 123 in the comparable
week of
war
1952.
However, mortality continued 25% below the pre¬
level of 277 in
Liabilities
of
1939.
$5,000
or
more
were
involved
in
184 of the
compared with 167 in the previous week and
151 a year ago.
On the other hand, small casualties, those with
liabilities under $5,000, dipped to 23 from 28 and were off con¬
week's
failures,
siderably from their toll of 41 for the similar week of 1953. Six¬
teen businesses failed with liabilities in excess of $100,000, as
compared with 13 last week.
Manufacturing accounted for most of the rise in failures dur¬
ing the week with casualties up to 48 from 31 while the retailing
toll edged up to 96 from 95 and commercial service to 18 from
16.
In contrast, declines occurred in wholesaling, down to 21
from
in construction, down to 24 from 25.
Mortality
slightly exceeded last year's level in all lines except
equalled or
wholesaling.
Five geographic regions reported heavier failures in the week
just ended including the Middle Atlantic States where the toll
to 73
from 61 and the South Atlantic States where the
rose
toll
mounted to 20 from 8.
Somewhat
Central
smaller
and
England dipped
increases
Mountain
appeared in
Regions.
While
the
East
and West
casualties
partment and
of
decline
where
States
from
one
to
declined
1953
occurred
only one-half
as
in
many
the
West
South
Central
businesses succumbed
as
Region
The
in
1953; spending for vacations, recreation,
high.
total
dollar
tions
to
of
women's
to increase, and collections are
retail
trade
in the
merchandise
were
wide-spread;
response
better dresses and furs was disappointing. Chil¬
dren's clothing was in improved demand.
Sales of men's wear
coats, suits,
substantially below those of the past few weeks, as con¬
appear to have lost interest in reduced
Summer mer¬
were
sumers
chandise.
sale food price index, compiled by Dun &
Bradstreet, Inc., dipped
four cents further the past week to stand at $7.10 as of
was
the lowest it has been since Feb. 9,
Aug. 3.
when it registered
$7.09, but it was still 6.4% above the year-ago index of $6.67.
Moving upward in wholesale cost last week were barley, lard,
milk, cocoa, raisins, currants, prunes, steers and hogs. Lower in
such
department
reported
stores
sales.
highly
successful
white
:
cool
as
Television and frozen foods appear to have increased
home
cooking in recent months.
Many furniture stores reported improved sales of upholstered
furniture, floor coverings and bedding the past week.
Retail
stores
are
the
a
was
of
figures
a
and
rainy
weather
,
obtained.
According
the
to
Board's
serve
Federal
Re¬
index
department
store sales in New York City for
the weekly period ended July 31,
1954, registered a decrease of 3%
below the like period of last year..
In the preceding week,
July 24,
1954
increase
an
ported
week
from
in
of
that
was
re¬
similar
the
1953, while for the four
of
crease
4%
of
weeks ended July
3%
31, 1954,
reported.
was
a
de¬
For
the period Jan. 1 to
change
was
that of the
1953
no
July 31, 1954,
registered from *
period.
!r;
Lucky D Uranium
Slock, Offered
Co., Inc., Den¬
Colo., and James M. Toolan
Co., New York City, are offer¬
ing an issue of 1,500,000 shares oi'
common
stock (par one cent) oi
Lucky D Uranium Mining Co., a
Colorado corporation, at 10 cents
ver,
&
share "as
speculation."
a
It is intended that the net pro¬
ceeds
be
will
used
to
purchaser
mining andi
exploration
operations
and
ac¬
quire additional properties.
At the present time, the com¬
pany holds two groups of proper¬
ties, consisting of 14 claims. Onegroup is known as the Sandy ancf.
carry
on
Yellow John claims and the other
the
as
Yellow
12
of
up
White
John
claims.
group
All
are
madethe-
in
Canyon Mining District in-
San Juan
County, Utah.
Sandy and Yellow Johm
an area of approxi¬
cover
acres. -
being produced
35
on
acres
to-
ore
of the-
above 14 claims and that approxi¬
mately $85,000 worth of uraniumi
ore
has
already been produced}
delivered
and
the
to
Commission
Atomic
at
En¬
Monticello,
Utah.
Lucky
D
consists
losing
houseware
sales to
growing
"home
clubs" throughout the country.
of
capitalization of'
Uranium Mining Co»
5,000,000
shares, oi'
which
3,500,000 shares will booutstanding upon completion oi*
the present financing.
With H. G. Frese
1
(Special to The Financial Chronicle)
SAN
CARLOS, Calif.—Paul W..
Schwarz is
now
with Herman
G-
Frese, 1253 San Carlos Avenue.
Rex Merrick Adds
i
(Special to The Financial Chronicle)
Park
MATEO,
has
Calif.—Glenn L
become
Merrick
Rex
Food buying was at last week's high volume.' Restaurants
throughout the country reported that their business is now about
3 to 5% below that of a year ago; in some cities eating places
have introduced "take home" meals in an effort to recoup lost
trade.
estimates,
of
when similar conditions
year ago,
SAN
Many
New
The authorized
of
voume
Fall
in
volume
trade
ahead
ergy
period ended
on Wednesday of last week was estimated by Dun
& Bradstreet,
Inc., to be 2% below to 2% above the level of a year ago. Regional
estimates varied from the comparable 1953 levels by the following
percentages: Midwest —5 to —1; Northwest —4 to 0; East —3 to
+ 1; Southwest —2 to +2; Pacific Coast and South +1 to +5
and New England +5 to +9,
Apparel buying was somewhat larger the past week than the
one before, but below expectations for this time of year.
Promo¬
&
affiliated
Co.,
22
withi
Second!
Avenue.
,
With First California
j
(Special to The Financial Chronicle)
!
SAN
FRANCISCO,
Burling G. Doolittle is
First
California
Calif.
now
with/
Company,
30d*
Montgomery Street. He was for¬
merly
with
Stewart,
Eubanks;.
Meyerson & York.
One major television manufacturer announced last week that
a
new
color set will
soon
less than other color sets
be
introduced, to sell from $300 to $400
now
on
the market.
Despite discouraging information of recent conditions in
last year.
Extending the downward movement of last week, the whole-
,
week
were
preceding generally prompt.
wholesale
This
Wed¬
more
Wholesale Food Price Index Holds to Downward Trend
•
furniture stores during the week ended on
similar
the
and services
below
It is stated that uranium
nesday of last week helped bring retail sales slightly above the
level of the week. Consumer purchases were about equal to those
in New
19, those in the East North Central and
sharply to 24 and 45 respectively.
Most areas had more concerns failing than a year ago; mortality
in the East North Central States held steady and the only sizable
Pacific
to
shade
mately 36
and
28,
-South
Slightly Above Level of
Installment buying continues
mildly to 207 in the
trade
The
End-of-month clearances and stock-taking sales in many de¬
States This Week
Commercial and
ing
claims
Week Before
cars
Retail
equipment,
pork cuts continued to weaken both here and in Chicago.
Swine marketings were down about 15% from the previous week.
of the belt.
3%
of
York City the past week, accord¬
sale
22,991 in the like 1953 week.
trucks
decrease
a
corresponding period of 1953.
per
week, the agency reported there were 15,672 trucks
made in this country, as against 18,878 (revised) in the previous
and
and 1,379 trucks in the
the
takings confined to small quantities. Trading in lard was more
active with prices firmer.
Following a three-week decline, hog
values worked irregularly higher the past week, although whole¬
areas
was
Brereton Rice &
the line.
"Ward's" estimated Canadian plants turned out 3,010 cars
1953.
July 31,
reported.
1 to July 31,
1954, department store sales reg¬
pound to 63 V\
a
Last
week and
decline of 3%
a
cents. Warehouse stocks of cocoa de¬
clined slightly and totalled 115,654 bags, against 118,432 a week
1V\
Spot cotton prices were steady most of the week but de¬
clined in late trading. Selling was attracted by reports of rains
in Texas and Oklahoma and the forecast of rain in other dry
Volume of Year
automotive
The
Board of Trade
purchases of all
any
Steers advanced
U. S. Auto Output
quotas effective on
grain and soybean futures totalled 55,000,000 bushels, against
70,800,000 the preceding week, and 47,700,000 a year ago.
Demand for Spring wheat bakery flours remained at a low
level. Recent price declines, particularly in high glutens, failed
The domestic
distributed by the electric light
was
lished in the
make marketing
to
demand for the refined product
1954,
Elec¬
slightly under the all-time record high estab¬
power
s
1955-crop wheat. Trading volume on the Chicago
declined from the previous week. Daily average
off
In the
1954, an
reported from
was
For the period Jan.
where the Spring wheat crop
have voted
Farmers
wheat
in
easiness
the
of
Northwest,
the
move
to
week.
July 24,
week
that of the similar week in
by rather sharp price
Some
from
High Record
industry for the week ended Saturday, Aug. 7,
estimated at 9,059,000,000 kwh., according to the Edison
and
preceding
istered
irregular last week with early trading
advances, stimulated by the con¬
tinued hot, dry weather conditions and fears over political de¬
velopments in Southeast Asia. However, ample rains were re¬
ported over the past week-end in many of the drought stricken
areas and prices, particularly soybeans and corn, trended sharply
lower with wheat, oats and rye declining in sympathy.
markets
Grain
featured
earlier, and 198,425
Electric
the
previous
increase of 1%
1954,
Index Reacted to Sharply
After Early Gains the Past Week
Wholesale Commodity Price
Spring wheat crop starts to move.
Week
freight for the week ended July 31, 1954,
decreased 718 cars or 0.1% below the preceding week, accord¬
ing to the Association of American Railroads.
Loadings totaled 683,569 cars, a decrease of 110,185 cars or
13.9% below the corresponding 1953 week, and a decrease of
49,507 cars or 6.8% below the corresponding week in 1952.
Loadings of revenue
1954 advanced 1% above the level
for
For the four weeks ended
level.
were
week ago.
a
the price per pound
foodstuffs and meats in general use and its chief func¬
show the general trend of food prices at the wholesale
tion is to
industry's ingot production
The
bellies, sugar, coffee,
were
in
markets
which
became
available
signs of improved prospects for Fall.
June
month
a
reached
year
a
week
ago,
some
there
Wholesalers' total sales
$9,500,000,000, slightly lower than in the same
but 2% higher than in May, 1954, seasonally
ago
Edward N. Carson
Edward N. Carson, Manager off
the Municipal Department of Van.
Alstyne, Noel & Co., New York:
City, passed away suddenly on
Aug. 10 at the age of 49.
adjusted.
Wholesalers' inventories at the end of June
were
down
Department store sales
on a
country-wide basis
as
Robert F. Luce
some¬
what from May but higher than in June of last year.
stock
broker, died Aug. 11, at the ageRobert F. Luce, a former
taken from
the Federal Reserve Board's index for the week ended July 31,
58.
}tJ
•
■
Volume 180
Number 5350...The Commercial and Financial Chronicle
(613)
The
Indications of Current
Business
AMERICAN
IRON
Indicated
steel
AND
latest week
week
Activity
STEEL
operations
INSTITUTE:
(percent
of capacity)
following statistical tabulations
or
month available.
month ended
or
Latest
Previous
Month
Year
Week
Week
Ago
Ago
Aug. 15
*64.0
§63.7
64.3
on
Crude
42
PETROLEUM
oil
and
(net tons)
Aug. 15
1,534,000
*1,527,000
1,519,000
2,146,000
INSTITUTE:
condensate
output—daily
(bbls.
average
of
gallons each)
July 30
6,441,400
6,254,950
116,827,000
6,267,550
6,774,000
7,005,000
7,024,000
July 30
July 30
23,326,000
23,565,000
23,888,000
24,209,000
2,061,000
1,910,000
2.277,000
2,183,000
„__July3o
10,294,000
9,856.000
10,137,000
9,723,000
output (bbls.)
July 30
Stocks at refineries, bulk terminals, in
transit, in pipe lines—
Finished and unfinished gasoline
(bbls.) at
July 30
Kerosene (bbls.) at
;
July 30
Distillate fuel oil (bbls.) at
July 30
Residual fuel oil (bbls.) at
_:
7,419,000
7,525,000
8,166,000
8,586,000
Crude
to
runs
Gasoline
stills—daily
output
(bbls.)
Kerosene output
(bbls.)
Distillate
fuel
Residual
oil
fuel
output
(bbls.)
average
July 30
(bbls.)
oil
OF
AMERICAN
158,844,000
164,546,000
31,368,000
31,069,000
27,942,000
30,310,000
*98,255.000
86,765,000
102,425,000
54,651,000
53,585,000
50,645,000
49,547,000
141,575,000
RAILROADS:
Revenue
freight loaded
Revenue
freight received from connections
CIVIL
6,556,750
100,439,000
158,402,000
July 30
ASSOCIATION
(number
of-cars)
July 31
683,569,
July 31
568,153
of cars)
(no.
.
CONSTRUCTION
U.
S.
Private
684,287
618,597
793,754
565,356
552,975
636,149
Public construction
State
and
Aug.
5
$368,623,000
$262,263,000
$298,511,000
$326,510,000
Aug.
5
241,014,000
143,154,000
127,027,000
220,942,000
Aug.
5
127,609,000
105,568,000
5
105,469,000
119,109,000
100,655,000
171,484,000
Aug.
112,307,000
84,622,000
Aug.
5
22,140,000
18,454,000
59,177,000
20,946,000
municipal
Federal
COAL
OUTPUT
(U.
S.
Bituminous
coal and lignite (tons)
Pennsylvania anthracite (tons)
DEPARTMENT
gas
(M
Natural
gas
STORE
SALES
SYSTEM—1947-49
INDEX—-FEDERAL
AVERAGE
=
July 31
7,500,000
♦7,090,000
1,420,000
9,260,000
July 31
511,000
519,000
63,000
607,000
Mixed
ELECTRIC
Electric
output
FAILURES
zinc
87
2,000
(in
000
kwh.)
Aug.
7
9,059,000
9,139,000
Aug.
5
207
195
_
AND
INDUSTRIAL)
—
DUN
(per gross ton)
Scrap steel (per gross ton)
PRICES
(E.
M.
&
8,185,000
8,464,000
196
195
,
3
4.801c
4.801c
Aug.
3
$56.59
$56.59
4.801c
4.634c
$56.59
$56.76
$27.83
3
$27.33
$26.75
$44.58
'.
.
.
r
;
tin
Lead
(New
Lead
(St.
Zinc
(East
(New
York)
York)
at
Louis)
St.
:
Louis)
at
CIVIL
Public
ENGINEERING
July
(000's
U.
S.
Private
Public
S.
construction
Public
and
received
Production
AGRICULTURE—Estimates
as
Production
Percentage
Unfilled
of
(tons)
at end
AVERAGE
DEALERS
EXCHANGE
—
AND
EXCHANGE
11.000c
11.000c
11.000c
Stocks, unadjusted
Aug. 10
100.34
100.79
100.39
93.25
Aug. 10
110.52
110.52
110.15
104.14
Aug. 10
115.63
115.63
115.24
109.06
Aug. 10
112.56
112.37
112.37
106.21
102.96
110.15
109.79
Aug. 10
104.31
104.14
103.97
98.73
Aug. 10
109.24
109.06
108.88
102.30
Aug. 10
110.88
110.88
110.52
103.64
Aug. 10
111.62
111.44
111.25
106.39
2.99
110.15
EMPLOYMENT
OF
Aug. 10
2.47
2.42
Aug. 10
3.14
3.14
3.16
3.50
3.22
2.87
2.89
Aug. 10
3.03
3.04
3.04
3.38
Aug. 10
3.16
3.16
3.18
3.57
3.50
3.49
,
3.22
3.21
3.83
3.61
Aug. 10
3.08
3.09
3.10
3.37
Aug. 10
429.1
427.3
432.0
413.3
,
'
Employment
All
256,223
203,751
262,900
255,766
239,499
227,077
251,865
—July 31
90
84
95
July 31
390,265
370,844
359,824
522,529
107.21
106.53
106.32
•
All
MOODY'S
KM)
Other
Total
July 24
$53,097,672
$51,794,917
$44,877,879
$23,920,924
July 24
1,175,227
984,723
489,415
7,592
8,724
4,870
July 24
1,156,234
8,700
1,147,534
1,167,635
975,999
484,545
July 24
$49,334,769
$49,653,011
$42,705,386
$19,369,069
July 24
358,590
351,150
324,830
153,220
358,590
351,150
358,150
359,310
'
324,830
153] 2 20
296,110
198,000
TRANSACTIONS
1
sales
ROUND-LOT
TRANSACTIONS
FOR
ACCOUNT
OF
July 17
July 17
499,180
346,580
396,060
240,150
12,922,800
9,580,810
8,678,720
4,553,360
July 17
13,421,980
9,927,390
9,074,780
4,793,510
MEM¬
banks
specialists in stocks in
of
Other
transactions initiated on
Total
Other
transactions
for
MOTOR
account
—
salt*
LABOR
—
(1947-49
NEW
=
986,670
514,880
199,790
198,120
92,440
1,123,850
838,780
808,450
420,290
July 17
1,408,820
1,038,570
1,006,570
512,730
July 17
371,130
297,240
272,790
90,140
July 17
9,330
16,050
23,400
July 17
July 17
404,010
303,710
258,640
413,340
319,760
282,040
124,150
22,900
,
101,250
Julyl 17
477,890
327,256
276,820
212,420
July 17
77,570
39,470
73,680
42,360
July 17
July 17
532,355
484,749
357,495
203,460
609,925
724,219
431,175
245,820
of members—
—
PRICES,
1,002,160
284,970
July 17
SERIES
—
U.
S.
DEPT.
2,221,130
1,626,656
371,870
1,536,280
817,440
295,200
157,700
255,310
July 17
July 17
2,060,215
1,627,239
1,424,585
725,000
July 17
2,432,085
1,882,549
1,719,785
882,700
All
1
■
products
Meats
foods
_
Aug.
3
109.8
109.7
110.0
110.7
Aug.
3
94.9
*93.9
94.3
97.0
Aug.
3
104.1
103.9
105.3
105.2
Aug.
3
87.2
87.3
93.7
94.6
3
114.2
114:2
114.2
114.8
Aug.
♦Revised
of
Jan.
1,
figure.
1954,
as
Illncludes 719,000 barrels of foreign crude runs.
against the Jan.
1,
1953 basis of
117,547,470
tNumber of orders not reported since introduction of Monthly
101.8
112.3
134.9
135.0
151.*
,
15,803,000
15,996,000
17,283,000
9,128,000
9,251,000
10,269,000
6,675,000
6,745,000
AVERAGE
YIELD
7,014,000
of
OF
July:
4.54
(24)
FACTORY
U.
IN
number
of
Month
—
motor
4.35
4.59
■
2.88
4.56
.v
3.46
4.61
4.82
5.46
June:
cars
coaches
5.46
FROM
trucks
motor
6.30
4.85
MANU¬
of
vehicles
passenger
of
SALES
S.—AUTOMOBILE
ASSN.
5.4*
6.28
4.56
2.73..-v,
;
VEHICLE
4.74
'5.95
:
598,847
588,561
661,992
507,055
497,062
587,549
91,442
91,226
74,063
350
273
METAL
PRICES
Copper
(E.
for
M.
&
month
J.
386
QUOTATIONS)—
of July:
(per pound)—
Electrolytic
domestic
Electrolytic
export
1
refinery
refinery
29.700c
29.700c
29.687*
29.570c
111129.603c
29.482c
Lead—
-
ttThree
St.
London
months,
long
(per
London
York
New
Antimopy, (per
pound)
ton)
long
(per
pound)—East St.
London,
ttZinc,
London
prompt
three
ton)
months
1
J—
Louis
long
(per
,—
ton)
(per long
ton)__
(per
pound)-—-
SCadmium
(per
pound)
97%
1——
Silver,
*
London
New
HNew
(pence
£95.097
£90.318
31.970c
37.970c
28.500c
28.500c
34.500c
29.000c
29.000c
35.000c
$84,000
$84,000
$93,000
11.000c
11.000c
10.960c
£77.563
£79.920
£73.323
£78.051
£80.2C2
£73.530
$1.70000
$2.00000
$1.70000
$1.71635
$2.07500
$1.70000
111l$l.73269
$2.15000
$2.60000
$2.60000
$2.40000
85.250c
85.250c
99%
York,
94.192c
81.577c
95.577c
(per pound)
ingot
96.577c
$35,000
$190,462
21.500c
21.500c
21.000c
27.000c
27.000c
27.000c
60.000c
60.000c
60.000c
$2.25
$2.25
$271,004,530
$271,341,040
4,224,495
6,766,455
8,740,766
$266,780,035
$264,574,585
$263,991,584
2.438%
pound)
(per
STATES
GROSS
DEBT
GUARANTEED—(000's
July
of
General
DIRECT AND
omitted):
31
fund
balance
—
debt
Net
80.577c
$35,000
$275,000
♦"Nickel
UNITED
93.192c
$35,000
$286,923
S. price)
pounds)
phis, ingot (per pound)
997#
Magnesium
74.000
$2.81530
——
(per flask of 76
Aluminum,
72.940
$2.81824
min._
U.
(per ounce,
Quicksilver
85.250c
72.466
$2.81774
ounce)
per
Exchange
(Check)
York Straits
Sterling
As
£93.969
and
Sterling Exchange—
Silver, New York (per ounce)
Tin,
13.483c
£93.152
$1.70000
tCadmium, refined (per pound)—
fCadmium
13.906c
£97.455
31.970c
Platinum,
13.683c
14.106c
13.800c
£95.693
1
Laredo
Zinc
ttzinc,
—
Boxed
bulk,
(per pound) Laredo
refined
(per ounce)
(per
14.000c
New York (per pound)
Louis (per pound)
Common,
2.334%
Computed annual rate
(BUREAU OF MINES)
2.342%
$272,732,350
-Month of
June:
100):
commodities
Processed
5,579,000
100.4
manufac-
employees in
(10) j
ZINC OXIDE
F
Commodity Group—
Farm
8,311,000
5,289,000
Average=100)—
STOCKS—Month
FACTURERS'
Bismuth
sales
Other
WHOLESALE
1,372,110
floor-
1
purchases
Short sales
Total
off the
sales
round-lot
Total
initiated
purchases
Other
Total
—.
13,890,000
7,303,000
5,227,000
;
Insurance
Gold
—J
sales
transactions
Total
July 17
July 17
July 17
floor.
Short sales
Other
the
purchases
12,592,000
7,188,000
Average (200)
Silver
which registered-
Other
of
(15)
Cobalt,
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS:
Transactions
12,415,000
Avge.=100)—
(not incl. Amer. Tel. & Tel.)
ftPrompt,
(SHARES):
sales
il*
(125)
Average
+
—
115
531,325
960,918
Total Round-lot sales—
Short sales
114
(25)
Number
July 24
i
goods
COMMON
Industrials
Railroad
of
July 24
(1947-49
WEIGHTED
U Antimony,
STOCK
♦no¬
"■
manufacturing
goods
Number
1,160,812
(1947-49
Durable
Non-durable
COMMISSION:
dealers—
MEMBERS
Indexes
of
'
OF
118
of
workers)
goods
number
Common,
ROUND-LOT
AND
ACCOUNT
107
'♦'turing industries—
Antimony
EXCHANGE
*98
*101
DEPT.
SERIES—Month
(production
Indexes
Estimated
Total
1,160,703
S.
*9*
98
100
manufacturing
PLANTS
107.03
PAYROLLS—U.
96
99
102
manufacturing
Utilities
237,843
6
101
goods
Non-durable
r'
July 31
AND
LABOR—REVISED
Durable
3.53
3.14
3.12
3.12
3.51
3.23
July 24
FOR
89
May:
by dealers—
by
—
daily), seasonally adjusted-
All manufacturing
Payroll
2.46
July 24
purchases
113
106
FED¬
Stocks, seasonally adjusted
July 31
sales
112
91
1947-1949
11.000c
Aug.
115
FEDERAL
4
value
Round-lot
Y.
(average
July 24
Other
N.
(average daily), unadjusted
■
sales
OF
Sales
purchases by dealers (customers' sales)-
Round-lot
DISTRICT,
BANK
Sales
Number of shares
Dollar
SALES—SECOND
RESERVE
Number
Y.
16.465,000
Average=100—Month of June:
STOCK
N.
variations—;
adjustment
STORE
RESERVE
purchases)—
(customers'
seasonal
seasonal
14.000c
:
ON
1:
July:
for
Without
13.800c
'J
SPECIALISTS
165,852
12,680,000
13.800c
of period.
SECURITIES
Odd-lot sales by dealers
Odd-lot
of
Adjusted
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT
663,704
433,436
STORE SALES (FEDERAL RE¬
SYSTEM—1947-49 Average=100)—
14.000c
Aug. 10
Aug. 10
Aug. 10
160
=
499,288
425,116
136,381
DEPARTMENT
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949
Aug.
14.000c
__
activity
orders
of
13.800c
—
*
$1,262,992
599,256
561,497
2,551,000
OF
bales
gross
13.800c
.______
_.
DEPT.
,14.000c
ASSOCIATION:
(tons)
500-lb.
—
4
INDEX
(tons)
$1,160,753
191,272
PRODUCTION
4
t
Orders
*34,954,000
549,562
Aug.
Group
Group
PAPERBOARD
30,620,000
*2,226,000
—_
.-Aug.
Aug.
,
NATIONAL
municipal
(average monthly), unadjusted
:
COMMODITY
27,650,000
740,834
Sales
Utilities
Industrials
MOODY'S
32,327
$1,574,986
834,152
___.
S.
All
Group
—
78.250c
ZZ
,
Railroad
33,100
construction
96.375c
A
Baa
538,179
Month of
—
96.125c
1
ZZZZ_
NEWS-RECORD
95.625c
Government Bonds
I
74,204
103,906
omitted):
4
Group
Group
_ZZ
80,82$
*80,244
*201,124
1,939,000
construction
Aug.
2.87
Aa
*71,540
73,886
197,885
r
Aug. 10
.
■
CONSTRUCTION—EN¬
29.550c
Utilities
corporate.
tons)
U.
MOODY'S BOND YIELD DAILY AVERAGES:
U.
70,647
tons)
(net
(net
29.700c
Group
Average
lignite
29.600c
„___
Industrials
and
anthracite
29.700c
:__
__
Railroad
!
(tons)
29.425c
Aaa
Baa
period
29.700c
Average corporate
:
of
29.675c
!
A
end
29.700c
S. Government Bonds
Aa
at
GINEERING
,
MOODY'S BOND PRICES DAILY AVERAGES:
U.
164,200
—
4
,
at
pounds)
4
i
at
216,843
(tons)
Aug.
*
Straits
63,400
188,328
(tons of
_Aug.
__________
^'1
3,793,000
45,025
(BUREAU OF MINES)—Month
Pennsylvania
ERAL
:
refinery at
refinery at
4,020,600
4,200,431
37,593
.
2,000
period
coal
DEPARTMENT
QUOTATIONS):
Domestic
Export
Aug.
Aug.
Electrolytic copper—
4,462,299
3,954,396
86
93
'
J.
17.810
July:
Month
j.
Pig iron
METAL
104,152:
72,194
4,180,317
therms)
—
of
of
Unfilled, orders
IRON AGE COMPOSITE PRICES:
lb.)
_
output all grades
(tons
end
SERVE
(per
125,138
68,038
&
BRADSTREET, INC
steel
(M
pounds)
at
State
84
120,758
therms)
(M
Federal
July 31
Ago
INSTITUTE, INC.—Month of
smelter
Shipments
RESERVE
100
Year
Month
July:
Slab
INSTITUTE:
(COMMERCIAL
Finished
sales
gas
therms)
(M
sales
gas
AMERICAN ZINC
COTTON
EDISON
Previous
U. S.
therms)
sales
Manufactured
Total
BUREAU: OF MINES):
of that dates]
June:
Total
of
}
_.
are as
AMERICAN GAS ASSOCIATION—For month of
Bituminous
L.
either for the
are
Month!
(in short tons)—Month of June—
;
Stocks of aluminum (short tons) end of June
ENGINEERING
L
construction
construction
of quotations,
cases
primary aluminum in the
COAL OUTPUT
ENGINEERING
in
or,
ALUMINUM (BUREAU OF MINES):
Stocks
NEWS-RECORD:
Total
that date,
Production of
ingots and castings
AMERICAN
Dates shown in first column
Latestv
95.2
Equivalent to—
Steel
production and other figures for the
cover
SBased
on
new
tons.
Investment
annual capacity of 124,330,410 tons as
.
Plan.
•
,
Production
(short
Shipments
(short
Stocks
♦Revised
E.
Port
at
St.
tons)
*10,182
14,540
12,858
11,339'
17,164
14,433
15,952
24,527
tBased on the producers' quotation. tBased cn the average of the
platers' quotations. § Average of quotation on special shares to plater.
more but less than carload lot, boxed. BPrice for tin container.
five tons or
♦♦F.o.b.
(short
figure.
and
^Domestic.
quotation
11,339
tons)
tons)—_
month
producers'
from
...
of
end
at
Colborne,
morning
Louis
U. S.
session
exceeds
ttAverage of daily mean of bid and ask
of London Metal Exchange. ttDelivered where freight
duty included.
0.5c.
uncorrected
figure.
The Commercial and Financial Chronicle...
(614)
30
Thursday, August 12, 1954
* INDICATES
Securities
Now in
Co.
ACF Brill Motors
I
notification) 2,000 shares of common
Price — At market (approximately
$8 25 per share). Proceeds—To William S. Wasserman,
a director.
Underwriter—Elliott & Co., New York.
July 19 (letter of
stock (par $2.50).
it Allray Co., Alliance, Neb.
Aug 2 (letter of notification) 25,000 shares of common
stock (psr $1). Price—$2 per share. Proceeds—For min¬
Office
ing operations.
—
217 East Third St., Alliance,
Underwriter—None.
Neb.
+ American Buyers
Credit Co., Phoenix, Ariz.
Aug. 6 filed 5,000,000
shares of common stock to be is¬
policyholders of American Buyers Insurance Co.
and American
Buyers Casualty Co., and employees.
price_To so-called "Expansion Policyholders" (various
sued to
policyholders of both insurance companies), and em¬
ployees, at par ($1 per share); and to all other policy¬
holders in the insurance companies, $1.25 per share.
Proceeds—To expand in the small loan field.
Under¬
writer—None.
American-Canadian Oil & Drilling Corp.
ceeds—For. mining activities.
A.
,
Los Angeles, Calif.
June 11 filed 32,669 shares of $3 cumulative and par¬
Arden Farms Co.,
(no par value) and 52,876
(par $1), the preferred shares
stock
being offered for subscription to holders of outstanding
preferred stock of record July 7 on 1-for-10 basis, and
the common stockholders to have right to subscribe for
the new common stock on a l-for-10 basis; rights to ex¬
and for
Price—For preferred, $48 per share;
$12.50 per share.
Underwriter—None.
common
bank loans.
Proceeds—To reduce
June
mon
11
299,500 shares of com¬
Price—$1 per share. Proceeds
incident to drilling for magnetic iron ore.
Ark.
Underwriter—Eaton & Co., Inc.,
(letter of notification)
Power & LlgTit
Co.
Stone & Webster Securities Corp. and White,
Weld & Co.
(jointly); Blyth & Co., Inc., Equitable Securities Corp.
(jointly); Merrill Lynch,
Pierce, Fenner & Beane and Union Securities Corp.
(jointly). Bids—Expected to be received up to noon
(EDT) on Aug. 24 at Two Rector Street, New York, N. Y.
and Central Republic Co., Inc.
Atomic
Instrument Co..
Cambridge, Mass.
received
Investment
stock (par $1) to be first offered to stockholders
rate of one new share for each four shares held.
•
★ Brooklyn Union Gas Co.
Aug. 2 (letter of notification)
market
value
of
aggregate of $300,000
par) to be offered
an
stock
common
(no
Weeks,
York.
New
Proceeds—For work¬
ing capital.
Office—84 Massachusetts Ave., Cambridge,
Underwriters—Chace, Whiteside, West & Winslow, Inc. and Draper, Sears & Co., both of Boston,
Mass.; Fahnestock & Co. and Amott, Baker & Co., Inc.,
both of New York; and Naumann, McFawn & Co., De¬
troit, Mich.
I
•
Automatic Firing Corp., St. Louis, Mo. (8/17)
June 30 (letter of notification) $300,000 of seven-year
ic Automatic Remote Systems, Inc.,
Baltimore, Md. (8/24)
Aug. 4 filed 620,000 shares of common
50
cents), of which 540,000 shares are to be offered to
public and 80,000 shares to be issued to underwriter.
Price—$3.75 per share.
Proceeds—For manufacture of
Telebet units and Teleac systems and additions to work¬
Curtis
Proceeds
common
—
For
of
107,000 shares of
common
write
4
*
■
to
"r"
August 16
(Carl M.
North-West
(Offering
to
America
Proceeds—For work¬
Underwriter—Paul C. Kimball & Co., Chi¬
Offering—Expected in August.
City 6, Mo.
cago,
111.
Cherokee Industries, Inc., Oklahoma City, Okla.
May 10 filed 5,000,000 shares of class B non-voting com¬
mon stock (par 1 cent).
Price—$1 per share. Proceeds—
For construction, operating expenses and working capi¬
Underwriter—None,
Cherokee Utah Uranium Corp.
June 24 (letter of
stock
ISSUE
(par
one
Loeb,
and
notification) 6,000,000 shares of capital
cent). Price—Three cents per share. Pro-
CALENDAR
Southern Bell Telephone &
Rhoades & Co.)
(Bids
$25,000,000
Telephone Co
Co.
Bell
&
(White
.
$300,000'
,
;
-
!
& Co.
and
(1954) Limited—.;-Common
Paine, Webber, Jackson & Curtis)
Corners Uranium
(Campbell,
McCarty
New Jersey Power
(Bids
Corp
Western
$32,500,000
& Co.)
EDT)
a.m.
to
$1,000,000
|
to
&
Inc.)
$297,500
(Blair,
& Co.
Rollins
August 18
.
(Kuhn,
Loeb
&
Co.)
between
85,000
and
(Bids
a.m.
PDT)
August 23
<
Electronics
9
Loma Uranium Corp
90,000
Webber,
(Peter
September 14 (Tuesday)
Bonds
_L__Common
&
Curtis)
$2,400,000
(Milton D. Blauner & Co.,
Inc.) $299,550
(Mitchell
(Dillon, Read & Co. Inc. and The Ohio Company)
EDT)
Securities,
be
New
10:30
Inc.>
$2,025,000
to
to
September 29
Co.)
'.Common
100,000
shares
Corp
shares
(Bids
to
be
invited)
(Offering
to
Co.
&
Bonds
$30,350,000
4
(Monday)
invited)
be
to
Bonds
$20,030,000
11
(Bids
(Tuesday)
Bonds
Electric Co
a.m.
EDT)
$16,500,000
Common
170,000
Co.)
invited)
October 5
Indiana
shares
&
Hutton
be
Indiana & Michigan
stockholders—underwritten
E.
(Bids
1
Debentures
W.
(Thursday)
Brothers)
1
and
to
October
(Tuesday)
Grand Union Co
Bonds
$10,000,000
National City Bank of New York
....Common
(' ■ (Offering to stockholders—underwritten by The First
•
)
Boston Corp.) $131,250,0:0
Common
Lehman
California Electric Power Co
Cleveland
Electric Co
invited)
be
Public Service Co. of Colorado
j.__
by
(Wednesday)
Louisville & Nashville RR__
I.
(Monday)
stockholders—underwritten
32,933
$20,000,000
ni(
(Bids
$20,000,000
to
September 30
$5,700,000
Propane Gas Corp
August 31
to be invitedi
Bonds
be invited)
Columbus & Southern Ohio
$20,000,000
Debentures
&
Common
stockholders—bids
(Bids to
Preferred
CDT)
EDT)
(Tuesday)
Northern States Power Co
-
Bonds
Dillon & Co.)
Dillon
$52,000,000
invited)
$25,0^0,000
invited)
a.m.
noon
Bonds
be
England Electric System
(Offering
Common
Northern States Power Co....
(Bids
to
September 28
Bonds
$7,500,000
Systems, Inc
to
200,000 shares
(Tuesday)
Niagara Mohawk Power Corp
(Bids
Electric Co.__Common
Northern Pacific Ry
(Bids
August 24
Remote
$7,500,000
(Monday)
20
September
-
Columbus & Southern Ohio
Supermarket Merchandisers of America Inc.__Com.
Automatic
Preferred
Oklahoma Gas & Electric Co
(Bids may be invited)
(Monday)
Jackson
noon
Common
$1,250,000
Co.)
&
1'
""7'J '* .*S"
(Friday)
—
Morgan
>
shares
$30,000,000
Corp. of America
(Paine,
and Emanuel Deetjen & Co.)
■
'
'
iv^Septemlier -ID
'
-
Corp...Common
Southern California Edison Co
,
Inc.
'
$1,450,000
(Wednesday)
General American Transportation
*
♦
J
_
(Thursday)
Co., Inc...——Preferred
Thompson-Starrett
$8,700,000
..Common
Co.,
_.Bonds
$16,000,000
invited)
be
September 9
Bonds
Corp
(Teden
Bonds
$12,000,000
invited)
Maryland Ry
'
Republic Uranium
be
^..—Common
& Light Co
11
(Wednesday)
Montana-Dakota Utilities Co
(Bids
Four
$55,000,000
(Wednesday)
September8
;
•
(Bids
Canada General Fund
Debs.
Telegraph Co
EDT)
a.m.
Pacific Telephone & Telegraph Co...,.
Common
(Offering to stockholders—no underwriting)
&
(Tuesday)
....Debentures
Co.)
&
Haydon
11
September 1
Common
by Harley,
Inc.) $15o,0u0
Farrell,
August 17
Automatic Firing Corp.!
Offering
more
Century Acceptance Corp.
(letter of notification) 58,000 shares of class A
common stock (par $1).
Price—$5 per share. Proceeds
—For working capital. Office—1334 Oak Street, Kansas
tal.
stockholders—underwritten
General Bronze
offices
in
Office — One Park Ave., New York, N. Y.
Underwriter—Fulton, Reid & Co., Cleveland, Ohio.
(Monday) !
August 30
all
qualify
.4,.
(Eastman,
to
to
a
(maj" be around $4.50 per share).
New York Capital Fund of Canada Ltd.__Common
Suburban
Private Wires
surplus
ing capital.
(letter of notification) 8,000 shares of common
stock (par $1).
Price — At market (on the American
Stock Exchange). Proceeds — To Mono Power Co. (an
(Eastman,
San Francisco
Vance,
Price—$5 per share.
stock (par $1).
Ca+alin Corp. of
(See also proposed issue
stock in these columns.)
Food Fair Stores, Inc
Philadelphia
—
July 28 (letter of notification) 65,000 shares of common
stock (par $1).
Price—To be supplied by amendment
fering—Temporarily deferred.
,
Chicago
Sponsor
larger volume of insurance. Un¬
derwriter—McDaniel Lewis & Co., Greensboro, N. C.
States and
—
(Bids
Pittsburgh
books).
Mass.
additional
(Bids
Boston
(8/17)
Ltd.
(1954)
handling
(latter
non-voting
California.Electric Power Co.
April 22 filed 105,000 shares of cumulative preferred
stock (par $50).
Price—To be supplied by amendment
Proceeds
To
redeem
two issues of $2.50 preferred
stock (par $50), totaling 98,800 shares.
Underwriter —
Merrill Lynch, Pierce, Fenner & Beane, New York. Of¬
August 25 (Wednesday)
Delaware, Lackawanna & Western
RR
Equip. Trust Ctfs.
NewYork.,
Fund
May 27
(Bids
(par
Aug. 31.
General
it Carolina Casualty Insurance Co., Burlington, N.C.
Aug. 2 (letter of notification) 30,000 shares of class B
Offering-
Arkansas Power & Light Co._________
stock
on
competitive
by
Sanders & Co., Boston,
working capital. Office—Commercial Building, ShreveUnderwriter—None.
due Aug.
1, 1961 (convertible at
rate of one share of $1 par class A common stock for
each $2 principal amount of debentures). Price—At par
(in units of $1,000 each). Proceeds—For working capi¬
tal.
Underwriter—White & Co., St. Louis, Mo.
Dealer
Relations Representative—Geo. A. Searight, 115 Broad¬
way, New York, N. Y. (telephone BArclay 7-8448.)
determined
Canada
&
port, La.
at the
Price
be
—
employees. Price—At average cost per share to com¬
pany.
Proceeds—None.
Office—176
Remsen
Street,
Brooklyn 1, N. Y. Underwriter—None.
&
share and accrued dividends.
per
July 23 filed 2,500,000 shares of common stock (par $1)
(amended to 3,250,000 shares on Aug. 11).
Price —
$10 per share.
Proceeds — For investment.
Under¬
writers
Bache
& Co. and Paine, Webber, Jackson
to
—To be supplied by amendment.
convertible debentures
Co., 242 N. University
Ave., Provo, Utah.
(Bache
July 29 (letter of notification) 31,632 shares of common
shortly after Oct. 1, 1954, at
(par $50)
Underwriter—Weber
_
NEW
Underwriter—To be determined
by competitive bidding. Probable bidders: Halsey, Stu¬
art & Co. Inc.; The First Boston Corp.; Lehman Brothers,
(8/31)
Big Indian Uranium Corp., Provo, Utah
July 15 (letter of notification) 500,000 shares of common
stock (par 10 cents). Price—25 cents per share. Proceeds
—For mining operations. Address^-Box 77, Provo, Utah.
$51.50
To
(8/24)
program.
Underwriter—Wagen-
indebtedness.
retire
ISSUE
Underwriter—
bidding. Probable
bidders: Union Securities Corp.
and J. A. Hogle &
Co. (jointly); Lehman Brothers; Kidder, Peabody & Co.;
Merrill Lynch, Pierce, Fenner & Beane and Dean Wit¬
ter & Co.
(jointly). Bids—Tentatively expected to be
July 23 filed $7,500,000 of first mortgage bonds due 1984.
Proceeds — To repay $4,900,000 of bank Joans and for
construction
REVISED
Durst, Inc., Los Angeles, Calif.
preferred stock
Underwriter—Hunter Securitiei
New York, N. Y.
Arkansas
ITEMS
(filed 170,000 shares of common stock (par $1).
Proceeds—To retire 37,600 shares of $2.50 sinking fund
Price—40 cents per share. Pro¬
properties and leases. Office — Blatt
Bldg., Santa Fe, N. M.
Corp., New York.
PREVIOUS
^California Electric Power Co.
(par five cents).
ceeds—To acquire
to
&
ADDITIONS
SINCE
Aug. 9
July 21
stock (par 25 cents).
Office—Rison,
Corp., Santa Fe, N. Mex.
Gas
(letter of notification) 748,000 shares of commoi
California Electric Power Co.
Arkansas Natural Resources Corp.
—For expenses
seller
★ Business Records Tabulating Service, Inc.
July 29 (letter of notification) $200,000 of 6% deben¬
ture bonds due 1959 and 2,000 shares of common stock
(no par).
Price—Of bonds, at par (in denominations
of $100 each); of stock, $25 per share.
Proceeds —For
Office-—602 First National
Building, Denver, Colo.
Underwriters — M.
Clfeek and J. Russell Tindell, both of Spokane, Wash.
Book
pire on Sept. 24.
itock
Natural
affiliate)
Postponed indefinitely.
Colo.
Apollo Oil & Uranium Co., Denver,
May 27 (letter of notification) 12,500,000 shares of com¬
mon stock.
Price—At par (one cent per share). Pro¬
preferred
Basin
Dec. 23
writer—Hornblower
Tex. Underwriter—None.
shares of common stock
ing capital. Underwriter—Mitchell Securities, Inc., Bal¬
timore, Md.
Buffalo Forge Co., Buffalo, N. Y.
July 7 filed 85,000 shares of common stock (par $1).
Price—To be related to current market price at time of
offering.
Proceeds—To 11 selling stockholders.
Under¬
of common stock. Price—
At par ($1 per share). Proceeds—For drilling expenses
and acquisition of additional properties for development
and exploration, and related activities.
Office—Dallas,
May 12 filed 1,500,000 shares
ticipating
Registration
•
by Morgan Stanley
about $5,000,000
& Michigan
Preferred
Electric Co
(Bids 11 a.m. EDT) $4,000,000
(Wisconsin Power & Light Co
^ -
—
i
.
i
•
i\
a
1
n
e\f\e\
nnn
Bonds
<fi
"»
-
Volunie 180
.^fir—wo
t
*
WH' v*ft
Number 5350 <.The Commercial and Financial Chronicle
<615) *31 '
ceeds—For mining expenses. Office—65 East 4th
South,
;':SaIt Lake City, Utah.'-Underwriter—Cromer Brokerage^
•
Co., Salt Lake City, Utah.
Chief Consolidated
June
filed
24
stock
shares
of
preferred
stock
(par
cents) and 626,204 preferred stock purchase wargrants being offered for subscription by common stock¬
holders of record Aug. 2 on the basis of one share of
preferred and an option to purchase one additional share
of preferred stock (at 50 cents per
share) for each two
common shares held (with an
oversubscription pnvdege);
'rights to expire on Sept. 30. Price—55 cents per unit.
held; rights to expire on Sept. 13. Price—To
supplied by amendment. Proceeds — For expansion
program.
Underwriter—Lehman Brothers, New York.
be
program and
working capital
and general corporate purposes. Office—Salt Lake City,
•
-Utaly-^Jnder writer—None. Statement effective July 28.
Price
July 26 (letter of notification) 1,500,000 shares of common
stock.
Price—At par (10 cents per share).
Proceeds—
For drilling and exploration.
Office—334 Judge Bldg.,
,
Aug.
Consol. Edison Co. of New York, Inc.
April 7 filed $50,b00,000 of first and refunding mort¬
gage bonds, series K, due May 1, 1984. Proceeds—To be
applied towards cost of redeeming $27,982,000 New York
Steam Corp. first mortgage bonds and $25,000,000 West¬
chester Lighting Co. general mortgage bonds.
Under¬
fered
Danaho
June
shares of
$625,000
per
Danaho
June
.
shares
of
Proceeds—For
Harrison & Co.,
it Del Mundo Uranium & Development Co.,
Rapid City, S. D.
Aug. 3
mon
-
i.
For
development and exploration
Chemical
Co.
Aug. 5 filed 200,000 shares of
'
expenses,
Underwriter—None.
it Dow
be offered for
stock
common
subscription by employees.
supplied by amendment.
rate purposes.
ders:
(par $5) to
Philadelphia, Pa.
Price—To be
Proceeds—For general
corpo¬
Co.
Underwriter—None.
(letter
3
'•.common
C.
a
Director.
Underwriter—Dominick
&
stock
(par
4
To
$1)
to
be
offered
17
policyholders of East
Price—$2 per share. Proceeds—
and surplus.
Address—P. O. Box
capital
Phbenix, Ariz.
Underwriter—None.
Aug. 4 filed 200,000 shares of
(8/23-27)
stock.
common
Price—To
'
be
supplied by amendment (probably around $12 per
share). Proceeds—To reduce bank loans and for work¬
ing capital and other general corporate purposes, Office
Cambridge, Mass.
Underwriter — Paine,
Webber,
Jackson & Curtis, of Boston and New York.
I
May
14 filed
June
1, 1984.
first
to
Co.
it Electronics Corp. of America
►
Securities
Corp.;
Lehman
70 Broadway,
fering has been postponed.
on
Gulf States
Insurance
increase
1404,
Webster
(jointly). Bids—Had tentatively been expected to be
up to
11:30 a.m. (EDT) on June 15 at The
vote Aug.
Dom-
it East N'West Life Insurance Co., Phoenix, Ariz.
July 26 (letter of notification) 150,000 shares of common
N'West
&
Hanover Bank,
inick, New York.
1
Stone
received
of notification) about $50,000 worth of
Price—At market. Proceeds—To Ernest
stock.
Geier,
Utilities Co.
Brothers and Equitable Securities Corp. (jointly); Kuhn,
Loeb & Co.; Glore, Forgan & Co. and W. C. Langley &
it Duplan Corp.
Aug.
purposes.
July 22.
—
(letter of notification) 1,000,000 shares of com(par 10 cents). Price — 30 cents per share.
—
corporate
effective
May 14 filed 160,000 shares of preferred stock (par $100).
Proceeds
To redeem 50,000 shares of $4.50 dividend
preferred stock, 60,000 shares of $4.40 dividend preferred
stock, 1949 series, and 50,000 shares of $4.44 dividend
preferred stock at the prevailing redemption prices of
$105, $105, and $105.75, respectively.
Underwriter—To
be determined by competitive bidding.
Probable bid¬
stock
Proceeds
general
Statement
pay present debt and for working capital.
Office—916
•Republic Bldg., Oklahoma City, Okla.
Underwriter—
(par 10
Gulf States
>
of¬
Gulf Coast Western Oil Co.
cents). Price—$2 per share. Proceeds—For additions and
improvements. Underwriter—None.
.
be
to
July 22 (letter of notification) $299,000 of 6% converti¬
ble secured debentures.
Price—At/par. Proceeds—To
stock
common
share.
per,
Underwriter—None.
Refining Co., Houston, Texas
110.000
1969,
Gray Manufacturing Co., Hartford, Conn.
10 filed 58,119 shares of common stock (par $5)
being offered for subscription by common stockholders
of record July 29 on the basis of one new share for each
four shares held; rights to expire on Aug. 20. Price—$10
unit. Proceeds-*—For additions and improve¬
filed
14
due
June
units of $50 of debentures and 30 shares of stock. Price
Underwriter—None.
debentures
con¬
existing stores and other general corporate purposes.
Underwriters—Morgan Stanley & Co. and W. E. Hutton
& Co., both of New York.
6% debentures and 375,000
(par 10 cents) to be offered in
ments.
subordinated
,
new
New York, N. Y., but of¬
Meeting—Stockholders will
issue.
$24,000,000 of first mortgage bonds due
Proceeds—To redeem $10,000,000 of 3%%
mortgage,bonds due 1981 and $10,000,000 of 3%%
mortgage bonds due 1983, and for general corpo¬
rate purposes.
Underwriter—To be determined by com¬
petitive bidding.
Probable bidders: Halsey, Stuart &
Co. Inc.; Lehman Brothers; Merrill Lynch,
ner
& Beane and White, Weld & Co.
Pierce, Fen(jointly); Salo¬
Corp.; Kuhn,
Loeb & Co. and A. C. Allyn &
Co., Inc. (jointly); Lee
Higginson Corp. and Carl M. Loeb, Rhoades & Co.
(jointly); Stone & Webster Securities Corp. Bids—Had
Bros. & Hutzler and Union Securities
—
'
Corp., Cheyenne, Wyo.
July 12 (letter of notification) 30,000,000 shares of
mon
j-
stock.
Price—At
(one cent
com-
share). Proceeds — For mining expenses. Office—2215 Duff Ave.,
Cheyenne, Wyo.
Underwrite r—Underwriters, Inc.,
Sparks, Nev.
Financial Credit
par
per
,*
29 filed 250,000 shares of 7% cumulative
sinking
fund preferred stock. Price—At par ($2 per share).1 Proceeds—For working capital. - Underwriter—E. J. Foun-
;
tain & Co.. Inc., New York
First Railroad & Banking Co. of
Georgia
f
July 30 filed 42,000 units, each consisting of one share
of common stock, one warrant to subscribe at
$4.10 per
share
13
to
shares of
common
collateral trust bond due Aug.
each of the 42,000 shares of
pursuant
of
•
to
common
plan
of
stock, and one $250 5%
1, 1988, to be offered for
outstanding common stock
readjustment; also 756,000 shares
stock, which includes 546,000 shares subject
to subscription upon exercise of warrants and
210,000
shares to be offered to public at
$4.50 per share through
Johnson, Lane, Space & Co., Savannah, Ga., who will
also purchase such of the 546,000 shares of common stock
•
•
not sold upon
warrants.
it Food Fair Stores, Inc., Philadelphia, Fa. (8/25)
Aug. 3 filed $20,000,000 of 20-year sinking fund deben¬
tures due Sept.
1, 1974.
Price —To be supplied by
amendment.
bentures
'
exercise of
Proceeds—To
due
Feb.
1,
1973,
redeem
to
$12,500,000
repay
Corners
Uranium
Corp.,
de¬
bank
Underwriter—
Eastman, Dillon & Co., New York.
Four
4%
$4,200,000
loans and for general corporate
purposes.
•
*
Denver, Colo.
(8/17)
July 26 filed 500.000 shares of
Price—$2
share.
per
common
Proceeds—To
•
Hagerstown (Md.) Gas Co.
July 12 (letter of notification) $100,000 of 5% convert¬
ible notes being offered first to common stockholders
of record
stock
(par $1).
bank loans,
note and on contracts for purchase of certain claims and
properties; and for other general corporate purposes.
repay
Underwriter—Campbell, McCarty & Co.,
Detroit/J^jch.
July 27 on basis of $100 of notes for each 32
rights to expire on Aug. 12. Price—At
Proceeds—To pay current accounts and for work¬
shares
par.
Corp., New York
.Jan.
.
tentatively been expected to be received up to 11 a.m.
(EDT) on June 15 at The Hanover Bank, 70 Broadway,
York, N. Y., but offering has beeh postponed.
New
Eureka Uranium
owned;
ing capital.
more,
tion and development
costs, purchase of equipment, and
reserve for acquisition of additional
properties. Under¬
Marion River Uranium Co.
June 14 (letter of notification)
300,000 shares of common
stock (par 10 cents).
Price—$1 per share. Proceeds—
For development expenses. Underwriter—Crerie & Co.,
Houston, Tex.
Mars
Corp.,
Underwriter—Alex. Brown &
stock; 172,000 shares for issuance at 10 cents
share pursuant to stock options given to certain key
employees; and 100,000 shares are reserved for issuance
at $1.50 per share during the years 1955-1957
upon the
per
exercise of
a like number of warrants
granted to certain
dealers in connection with public
offering by F. W. Ste¬
phens Co., New York, of 199,000 class A shares.
The
registration statement may be amended to change the
designation of the 121,000 shares of class A stock to
class B stock. Price—Of
common, may be $2.50 per share
when
offered.
McCluskey Wire Co., Inc., New Haven, Conn.
June 21
series
Sons, Balti¬
(letter of notification) $95,000 of 5% debentures,
A, due July 1, 1962, and $95,000 of 6% debentures,
series B, due July 1, 1970. Proceeds—To
acquire assets
and business of H. & T.
McCluskey & Sons, Inc. Office
—527 Grand
Avenue, New Haven, Conn. UnderwritersBarnes, Bodell & Goodwin, Inc., New Haven, Conn.
Mid-Atlantic Corp.
July 26 (letter of notification) 120,000 shares of common
stock.
Price—At par (50 cents per share).
Proceeds—
For investments in other businesses.
Bradford, Pa.
Bradford, Pa.
T.
Bowler
&
St.,
Co.,
Midland General Hospital, Inc.,
Bronx, N. Y.
May 17 filed 900 shares of common stock (no par). Price
—$1,000 per share. Proceeds—To erect a hospital in the
Borough of Paramus, N. J., and for working capital, etc.
Underwriter—None.
Mission
March 29 filed
cents)
be
to
k
*
Indemnity Co., Pasadena, Calif.
600,000 shares of
offered
first
to
stock
common
stockholders
and
(par 65
to
gen¬
eral public.
Price—$2 per share. Proceeds—To increase
capital and surplus. Underwriter—None.
Missouri Public Service Co.
April
stock
filed
23
50,0p0
(par $100).
Proceeds—To
($3,475,000), to
for
shares of cumulative preferred
Price—To be supplied by amendment.
outstanding first preferred stock
redeem
repay
construction
$750,000 bank loans and the bal¬
program.
Peabody & Co., New York.
definitely.
Underwriter—Kidder,
Offering
—
Postponed in¬
Mountain States
Uranium, Inc.
May 19 (letter of notification) 30,000,000 shares of com¬
stock. Price—At par (1 cent per share). Proceeds—
For mining expenses./ Office—1117
Miner St., Idaho
Springs, Colo. Underwriter—Underwriters, Inc., Sparks,
mon
Nevada.
Natick
March
Industries, Inc., Natick, Mass.
10
(letter of notification) 58,800 shares of com(par $1). Price—$5 per share. Proceeds—For
working capital, etc. Underwriter—J. P. Marto & Co.,
-Boston, Mass.
National Tank
Inland
Co., Tulsa, Okla.
(letter of notification) 6,800 shares of common
(par $1)." Price—$29 per share. Proceeds—To two
selling stockholders. Underwriter—Schneider, Bernet &
stock
Hickman, Dallas, Tex.
,
it Neco Uranium & Mining Co., Denver, Colo.
(letter of notification) 2,950,000 shares of
Aug. 2
mon
stock.
Price—At par (10 cents per share).
com¬
Proceeds
—Foij- mining operations.
Office — 718 Majestic Bldg.,
Underwriter—None.
Uranium,
—
Proceeds
—
For
development and exploration
expenses.
Underwriter—tTo be named by amendment.
Libertv Uranium Corp., Salt Lake City, Utah
July 1 (letter of notification) 3,000,000 shares of common
(par one cent).
Price—Three cents per share.
stock
Proceeds—For
mining operations.
Office—402 Darling
Bldg., Salt Lake City, Utah.
Underwriter — Uranium
Mart, Inc., 146 S. Main St., Salt Lake City, Utah.
"
July 20
New Jersey Power & Light Co. (8/17)
Inc.
July 20 filed $8,700,000 of first mortgage bonds due Aug.
June 17 (letter of notification) 5,000,000 shares of capi¬
1, 1984. Proceeds—$1,585,000 to repay bank loans, $5,tal stock (par one cent).
Price—Two cents per share.
*500,000 to redeem 4V4% first mortgage bonds now out¬
Proceeds—For mining expenses. Office—240 S. 2nd St.,
East, Salt Lake City, Utah. Underwriter—Rocky Moun-*- standing, and $1,615,000 for .^construction program. Un¬
derwriter
To be determined by competitive bidding.
tain Securities, 508 Atlas Bldg., Salt Lake City, Utah.3
Probable bidders: Halsey, Stuart &
Co.; Kuhn, Loeb &
Interstate Uranium, Inc., Salt Lake City, Utah
Co. and Lehman Brothers
(jointly); Equitable Securities
June 14 (letter of notification) 10,000,000 shares of com¬
Corp.; Union Securities Corp. and White, Weld & Co.
mon stock (par 1 cent).
Price — 3 cents per share. Pro¬
(jointly); Merrill Lynch, Pierce, Fenner & Beane. Bids
ceeds—For mining expenses. Underwriter—Cayias Bro¬
—Expected to be received up to 11 a.m. (EDT) on Aug.
kerage Co., Salt Lake City, Utah.,
17 at 67 Broad St., New York 4, N. Y.
it Keystone Fund of Canada, Ltd., Montreal, Canada
New Mexico Copper Corp., Carrizozo, N. M.
Aug. 2 filed 1,250,000 shares of capital stock. Price—
June 14 (letter of notification) 198,000 shares of capital
To be supplied by amendment. Proceeds—For invest¬
stock (par 25 cents). Price—50 cents per share. Proceeds
ment. Underwriter—The Keystone Co. of Boston, Boston,
—For acquisition of power plant, improvement of mill,
Mass.
development of properties and general corporate pur¬
Lake Lauzon Mines, Ltd., Toronto, Can*
poses. Underwriter—Mitchell Securities, Inc., Baltimore,
Aug. 2 filed 660,000 shares of common stock (par $1,
Md.
;
Canadian), of which 500,000 shares are to be offered in
• New York
Capital Fund of Canada, Ltd.
behalf of the company and 160,000 shares for account
(8/16-17)
of Percy E. Rivett. Price—40 cents per
share, U. S. funds.
July 27 filed 1,000,000 shares of common stock. Price—
...
"
stock
mon
Denver, Colo.
Md.
Office—2 Main
Underwriter—William
$25 per share.
Proceeds—For investment.
Underwriter
—Carl M. Loeb, Rhoades & Co., New York.
it Niagara Mohawk Power Corp. (8/24)
Aug. 3 filed $25,000,000 of general mortgage bonds due
Aug.
new
1,
1984.
Proceeds—To repay
construction.
Underwriter—To
bank loans and for
be
determined
Continued,
i
J
*
Metal
San Francisco, Calif.
July 23 filed 121,000 shares of class A stock (par 10 cents)
and 3,000,000 shares of common stock.
It is planned to
sell at $2.50 per share 75,000 class A shares
privately,
the remaining 46,000 shares to be issued to
provide
working capital or funds for investment. Of the com¬
mon stock,
320,000 shares are to be reserved for holders
ance
,
Utilities Co.
first
mon
Loma
Uranium Corp., Denver, Colo. (9/10)'
„June 18 filed 1,000,000 shares of common stock (par
l$j**
cents). Price—$1.25 per share. Proceeds—For explora¬
of class A
$5,000,000 of 15-year
of
set.
—$100
&
31, 1954; rights to expire on Sept. 15.
Price—To be supplied by amendment.
Proceeds—For
equipping new stores and remodeling and modernization
of
stock
common
To
about Aug.
or
on
Refining Co., Houston, Texas
filed
14
date
—
(8/31)
11 filed approximately
vertible
Co.; The First, Boston Corp. Offering—Originally set
for May 11, but has been postponed because of market
new
(par $5).
Proceeds
for subscription by common stockholders on the
basis of $100 of debentures for each 12 to 15 shares held
&
No
Corp., Baton Rouge, La.
To be supplied by amendment.
—
it Grand Union Co.
Underwriter—James E. Reed Co.,
Salt Lake City, Utah.,
conditions.
Gas
selling stockholders. Underwriter—Kidder, Peabody
Co., New York. Offering—Expected in September.
writer—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley
1
General
March 19 filed 100,000 shares of common stock
Chute Canyon Uranium Co.
Salt Lake City, Utah.
shares
10
•
*
writer—Peter Morgan & Co., New York.
it General Bronze Corp. (8/30)
Aug. 5 filed 32,933 shares of common stock (par $5)
to be offered for subscription by common stockholders
"of record Aug. 27 on the basis of one new share for each
.
development
(8/18)
(par $2.50)
Kuhn, Loeb & Co., New York.
50
Proceeds—For
Transportation Corp.
maximum of 232,750 Shares of commftn
a
of which only 85,000 to 90,000 shares
are offered to public.
Price—To be supplied by amend¬
ment. Proceeds—To selling stockholders. Underwriter—
Mining Co.
1,252,408
American
General
'July 29 filed
I
on
page
by
32
*
,
The Commercial and Financial Chronicle...Thursday, August 12,
32
Continued from page
bidding. Probable bidders: Halsey, Stuait
First Boston Corp.; Kuhn, Loeb & Co.
Union Securities Corp. (jointly); Morgan Stanley &
Bids—Tentatively expected to be received on Aug.
and
Co.
24,'
•
1954.
&
Uranium Co., Inc.
July 13 (letter of notification) 750,000 shares of common
.stock (par 10 cents.)
Price—40 cents per share. Pro¬
242,
it Nuclear Magnetic Mining,
(letter of notification)
mon
stock (par $1).
Price—$2
Salt Lake City,
Underwriter
Utah.
Pacific Telephone
-
Rocky Mountain
—
(9/1)
& Telegraph Co.
to expire Sept. 30.
Price—At par ($100 per
Proceeds—To reduce bank borrowings. Under¬
Western
Pacific
Oil
Corp.
100,000 shares of common stock (par $4).
Price—At market.
Shares to be offered from time to
June 25 filed
the New York Stock Exchange, and
on
to
specific
fhe-floor sales.
persons,
firms
Proceeds—To
or
J.
may
be of¬
corporations in offPresident.
Paul Getty,
Underwriter—None.
Peabody Coal Co., Chicago, 111.
17,300 shares of 5% con¬
vertible prior preferred stock (par $25). Price—At mar¬
ket (estimated at $11.75 per share).
Proceeds—To certain selling stockholders.—Underwriter—Fairman, Har¬
ris & Co., Inc., Chicago, 111.
,
July 14 (letter of notification)
Santa Fe, N. Mex.
June 9 filed 600,000 shares of cumulative sinking fund
preference stock and 300,000 shares of lQ-cent par
common stock to be offered in units of two
preference
.shares and one common share. Price—$3 per unit. ProPetaca
Mining Corp.,
4/ceeds—To retire 40,526 shares of outstanding preferred
-stock, for power line extensions and electric transform¬
equipment and machinery, exploration and working
capital. Underwriter—Barrett Herrick & Co., Inc., New
ers,
York.
Corp., Moab, Utah
1.400,000 shares of capital
cents). Price—20 cents per share. Proceeds
For mining operations.
Underwriter — Harrison S.
Brothers & Co., Salt Lake City, Utah.
.
-
July 19 (letter of notification)
•
'
stock (par 15
—
.
o
stock.
Fund Plan C securities and 400,000
Pacific Coast Securities
Union Compress & Warehouse
Mass.
of Commonwealth
Theoretical Units.
Co.
★ United Funds, Inc., Kansas City, Mo.
Aug. 6 filed 500,000 shares in United Income Fund, 1,500,000 shares in United Continental Fund, and $13,000,-
(letter of notification) 30,000 shares of common
(par $1). Price—$10 per share. Proceeds—To 35
selling stockholders. Office — Memphis, Tenn. Under¬
writers—Leftwich & Ross and Mid-South Securities Co.,
stock
both of
Telegraph Co. (8/31)
July 30 filed $55,000,000 30-year debentures due Sept. 1,
1989.
Proceeds
To repay advances from American
Memphis, Tenn.
Without
000 of certificates in Periodic Investment Plans
—
Telephone & Telegraph Co., parent, and for general cor¬
Insurance
porate purposes. Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
lative
Co. Inc.; The
July 20 (letter of notification) 50,000 shares of common
/
First Boston Corp.; Morgan Stanley & Co.;
Kuhn, Loeb & Co. Bids—Expected to be received up to
11 a.m. (EDT) on Aug. 31.
Southern
California
Edison
Co.
bonds, series F, due 1979.
(par $1)
stock
of
United States
—-
to
Air
Conditioning Corp.
For
—
Mortimer B.
F. Breen of New York,
shares, with an option
buy the other 400,000 shares. Offering—Expected early
working capital.
Underwriters
in August.
Uranium Mining Corp.
Utah National
May 27 (letter of notification) 1,199,600 shares of com¬
stock
mon
Proceeds
Underwriter—Muir, Dumke & Co.,
(par
—
one
cent).
Price—25 cents per share.
Office — 402 Boston
For mining expenses.
Building, Salt Lake City, Utah.
Underwriters—Carroll,
Salt Lake City, Utah.
Kirchner
it Star Uranium Corp., Salt Lake City, Utah
Aug. 2 (letter of notification) 6.000,000 shares of com¬
mon stock
(par one cent). Price—Five cents per share.
Proceeds
For exploration
and development
costs.
Brokerage Co., Salt Lake City, Utah.
Salt; Lake City,/Utah.
Newcastle, Wyo.
July 1 filed 336,800 shares of common stock
and Coburn & Middlebrook, Inc. and Glidden,
Co., both of New York. The registration state¬
covers 2,413,200 shares of common stock which
be offered from time to time (but no definite plans
Wash.;
Morris &
Co.,
ment also
may
are
given).
it Wagener Materials Corp., Reno, Nev.
>
July 27 (letter of notification) 300,000 shares of com-*,
mon
stock.
Price—At par ($1 per share).
Proceeds—
for extracting, excavating, refining and manufacturing
materials necessary in production of concrete, etc.
Of¬
fice—139 N. Virginia Street, Reno, Nev.
Underwriter—
None. Wilford H. Wagener, President and General Man¬
ager, will handle offering.
*
-
.
_
(par $1).
Proceeds—To 40 selling
stockholders. Underwriters—John R. Lewis, Inc., Seattle,
Price—To be related to market.
Inc. (8/16)
July 27 (letter of notification) 300,000 shares of common
stock (par 1 cent). Price—$1 per share. Proceeds—For
mining operations. Office — Citizens National Bank &
Trust Co. Bldg., Baytown, Texas.
Underwriter—Baruch
Brothers & Co., Inc., New York.
Drilling
Cromer
Colo., and
Voss Oil Co.,
unit. Proceeds—For purchase of land and to
construct and equip a luxury hotel. Underwriter—None.
Uranium
Denver,
Underwriter—None.
Ave., Roanoke, Va.
j
per
Stewart
Jaquith,, Inc.,
it Virginia Iron, Coal & Coke Co.
(letter 0f notification) 1,500 shares of common
stock (par $10).
Price — At market. Proceeds — To
Samuel T. Brown, President. Office—310 W. Campbell
July 9 filed 621,882 shares of preferred stock (par $10)
and 621,882 shares of common stock (par one .cent) to be
offered in units of one share of each class of stock. Price
—$10.01
&
Aug. 2
—
j
Office
Underwriter—None.
Street, Phoenix, Ariz.
Burnside & Co., Inc. and George
who agreed to purchase 100,000
if Southwestern Uranium Trading Corp.
Aug. 2 (letter of notification) 1,500,0C«) shares of com¬
mon
stock
(par 17 cents).
Price—20 cents per share.
Proceeds—For
mining activities.
Office—Silver State
Stardust, Inc., Reno, Nev.
Accumu¬
July 19 filed 500,000 shares of common stock (par 10
cents). Price—To be supplied by amendment. Proceeds
by competitive
bidding.. Probable bidders. Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co.; Blyth & Co., Inc.; The First Boston
Corp/and Dean Witter & Co. (jointly). Bids—Tenta¬
tively scheduled to be received up to 9 a.m. (PDT) on
Aug. 18, at 601 West Fifth St., Los Angeles, Calif.
Underwriter—Ned J. Bowman Co.,
United
1,000 shares of 6% cumulative pre- |
Price—At par. Proceeds—For
and
general corporate purposes.
Proceeds—To retire $6,000/-
shares
(par $100).
—534 West Adamas
000 of short-term loans and to finance construction pro¬
Bldg., Denver, Colo.
underlying
Fund.
stock
(8/18)
Underwriter—To be determined
and
Union Life and Casualty Agencies, Inc.
ferred
July 27 filed $30,000,000 of first and refunding mortgage
Price—At
of
common
Proceeds—For
i aw materials, finished goods and working capital.
Office—301 West Boyd Street, Norman, Okla. Underwriter
par
($100
per
★ Quinby & Co., Rochester, N. Y.
Aug. 9 filed $1,250,000 of shares in the Quinby Plan for
of
Common
Stock
of
General
Motors
Corp.
it Radium Hill Uranium, Inc., Montrose, Colo.
Aug. 3 (letter of notification)
mon
stock
(par
one
cent).
1,000,000 shares of com-
Price—10
Proceeds—For mining operations.
cents
share.
per
Office—Bryant Bldg.,
Montrose, Colo.
Underwriters—Peters, Writer & Christensen, Inc. and Garrett, Bromfield & Co., both of Denver, Colo.
- ,
-J
* Rapid Film Technique, Inc., N. Y~City*
.
i
\
stock
(par
10
cents).
•
Price—$2
per
working capital.
share.
Fro-
III.
Office—6323 Avondale
Underwriter—None.
.
Inc.
mining claims and exploratory equipment, and,for
exploration costs. Underwriter—Weber Investment Co.*
Salt Lake City, Utah.
.tin:
(8/23-24)
July 15 (letter of notification) 199,700 shares of common
stock (par 10 cents). Price—$1.50 per share. Proceeds—
For working capital and business expansion.
Office—
3219 "B" St., Philadelphia, Pa.
Underwriter—Milton D.
Blauner &
.
June
21
of
share
for
common
each
4Y2
stockholders at the rate of one
shares held;
S,r 1
»
1,125,009
private sales of
$55,000,000 first mortgage bonds to be used to build a
1,030
oil pipeline.
Underwriters — White,
Union Securities Corp., both of New
Offering—Postponed indefinitely.
1
mile
Weld
&
crude
Co.
and
West Coast Pipe
•
Line Co., Dallas, Tex.
Nov: 20, 1952
(par
cents).
Pro-
50
filed 1.125.000 shares of common stock
Price—To be supplied by amendment.
be used to build
Underwriters—White, Weld & Co. and Union
ceeds—Together with other funds, to
<
pipeline.
and 70,000 shares
J
*.
shares of common stock and
additional
.
■
1
.
Proceeds—From sale of units and
amendment.
Sulphur Co., Houston, Texas
455,000 shares of common stock (par 10
which 385,000 shares are to be offered for
(
12-year 6% debentures
of common stock
(par 50 cents) to be offered in units of one $50 deben¬
one share of stock.
Price—To be supplied by
Pitts¬
filed
subscription by
new
Co.,
Line Co., Dallas, Tex.
filed $29,000,000
15, 1964, and 580,000 shares
ture and
York.
International
Texas
&
1952
20,
due Dec.
Co., Inc., New York.
Underwriter—Graham
West Coast Pipe
Nov.
Taylorcraft, Inc., Conway, Pa.
April 30 (letter of notification) 150,000 shares of 6%
cumulative convertible preferred stock, of which 100,000 shares will be offered to public and 50,000 shares to
creditors.
Price—At par ($2 per share). Proceeds—For
working capital.
burgh,- Pa.
::i
y/
chase
Supermarket Merchandisers of America,
cents),
July 30 (letter of notification) 60,000 shares of corn-mon
it Sun Electric Corp., Chicago,
share).
■
the Accumulation
—
Avenue, Chicago, 111.
.
—None.
-
it Trusteed Funds, Inc., Boston,
Aug. 9 filed $400,000 face amount
it Warren Oil & Uranium Mining Co., Inc.,
Denver, Colo.
,
f
amendment.
Aug. 6 filed 65,000,000 shares of common stock (pax one
cent).
Price—IV2 cents per share. Proceeds—To pur¬
^Portico, Inc., Norman, Okla.
29 (letter of notification) 500 shares
;
—
Proceeds—For
July
;
v
j.
>
July 30 (letter of notification) 500 shares of 6% cumu¬
lative preferred stock.
Price—At par $100 per share).
Co., New York.
,
-
12; rights to expire on Aug. 26. Price—$100 per $100
principal amount. Proceeds—For working capital. Of¬
fice—Niagara Falls, N. Y. Underwriter—Kuhn, Loeb &
1974, being o/fered for subscription
common
tures
^
*
stockholders at the rate of $100 of deben¬
for each 25 shares of common stock held on Aug.
bentures due Aug. 1,
by
,
:**•■■* *
it Suburban Propane Gas Corp. (8/25)
Aug. 6 filed 100,000 shares of common stock (par $1).
Price
To be supplied by amendment.
Proceeds — To
repay bank loan and for working capital.
Underwriter
—Eastman, Dillon & Co., New York.
Pittsburgh Metallurgical Co., Inc.
July 23 filed $2,023,500 of convertible subordinated de¬
•
•
Corp., Montreal, Canada.
April 30 filed 500,000 shares of common stock (par $1).
Price
To be related to the market price at time of
offering. Proceeds—For development costs and general
corporate purposes.
Underwriter — To be named by
Portland, Me.
•
Pioneer Uraniun
'
Petro-Chemical
June 25
gram.
writer—None.
•
Trican
Norridgewock, Me.
June 11 (letter of notification) 2,200 shares of capital
stock. Price—At par ($5 per share). Proceeds—For ex¬
pansion and new equipment. Underwriters—E. H. Stan¬
ley & Co., Waterville, Me.; and Clifford J. Murphy Co.,
Southern Bell Telephone &
/
May 7 filed 1,004,603 shares of common stock to be of¬
fered for subscription by common and preferred stock¬
holders of record Aug. 31 in ratio of one share for each
seven
shares of common and/or preferred stock held;
time
—
12
Co., Boston, Mass. ; \
(letter of notification) 4,000 shares of common
(par $1). Price—To be supplied by amendment.
Proceeds—For working capital. Office—306 Heard Bldg.,
Securities, the same city.
fered
Manganese Mining Corp.
(letter of notification) 299,000 shares of com-,
mon stock (par one cent).
Price—$1 per share. Proceeds
—For mining expenses.
Underwriter—A. L. Albee &
Savage Industries, Inc., Phoenix, Ariz.
Phoenix, Ariz. Underwriter
Co., San Francisco, Calif.
Underwriters—
purposes.
Titan
July
stock
Fla.
it 01 iato Uranium Co., Salt Lake C'ty, Uta'i
~ 4
Aug. 5 (letter of notification) 1,750,000 shares of common
stock (par one cent).
Price—15 cents per share., Pro-*
ceeds—For mining operations.
Office—114 Atlas Bldg.,
rights
Inc.
15
if Santa Fe Uranium Co., Salt Lake City, Utah
5 (letter of notification) 1,500,000 shares of com¬
mon stock
(par five cents).
Price—20 cents per share.
Proceeds—For exploration and development of proper¬
ties. Underwriter—Coombs & Co., Salt Lake City, Utah.
Underwriter
$1,000,000 bank loans
repay
corporate
Aug. 3
Aug.
it Ocean Products, Inc., Tampa, Fla.
ug. 5 (letter of notification) 50,000 shares of common
stock (par $5).
Price—$6 per share. Proceeds—To re¬
tire bank loans and for working capital. Underwriter—
share).
Productions,
Proceeds—To
general
★ Thunderbird Uranium Co., Reno, Nev.
(letter of notification) 1,800,000 shares of com¬
mon stock
(par 10 cents). Price — 15 cents per share.
Proceeds—For mining activities. Office—206 N. Virginia
St., Reno, Neb. Underwriter—Stock, Inc., Salt Lake City.
Address—Box
Underwrite*—
Somerset Telephone Co.,
Louis C. McClure i& Co., Tampa,
for
both of New York.
both of New York.
Inc. (Fla.)
148,000 shares of com¬
per share.
Proceeds—
time in Sep¬
Blair, Rollins & Co. Inc. and Emanuel, Deetjen & Co.,
(letter of notification) warrants to purchase
23,029 shares of common stock. Price — $2 per share.
Proceeds—To two selling stockholders.
UnderwritersMortimer B. Burnside & Co., Inc. and Batkin & Co.,
-—None.
«
and
July 8
exploration and development expenses.
For
amendment.
None.
Rockhill
same
Thompson-Starrett Co. Inc., New York (9/9)
filed 145,000 shares of cumulative convertible
preferred stock (par $10). Price — To be supplied by
Price—20 cents per share. Pro¬
maintenance of equipment, to reduce ac¬
payable and for working capital.
International Airport, Miami, Fla.
July
Offering—May be made
July 29
counts
Chicago 4, 111.
July 26
basis.
★
Co., Inc., New York.
ceeds—For
by amendment.
tember.
holders; then to public.
(letter of
Salle Street,
forts"
it Resort Airlines, Inc., Miami, Fla.
5 (letter of notification) 1,361,972 shares of com¬
stock (par 10 cents) to be first offered to stock¬
notification) 3,000 shares of common
stock to be offered for subscription by stockholders.
Price—At par ($50 per share).
Proceeds—For capital
improvements, Office—119 Monona Ave., Madison, Wis.
Underwriters—Harley, Haydon & Co. and Bell & Fariell, Inc., both of Madison, Wis.
Northern States Power Co. (Minn.)
(8/24)
'July 29 filed 200,000 shares of cumulative < preferred
stock (par $100). Proceeds—To refund a like amount of
$4.80 cumulative preferred stock, presently outstanding.
Underwriter—To be determined by competitive bidding.
Probable bidders: Smith, Barney & Co.; Lehman Broth¬
ers and
Riter & Co. (jointlly). Bids — Expected to be
received up to 10:30 a.m. (CDT) on Aug. 24 at 231 So.
La
supplied
mon
operations. Office—501 Aliso Drive,
E
Albuquerque, N. M. Underwriter—Philip Gordon
Co., Inc., New York. Statement effective July 23.
North-West Telephone Co. (8/16)
July 30
(8/17)
Utah
Moab,
stock
Aug.
ceeds—For mining
•
Uranium Corp.,
Republic
(letter of notification) 1,190,000 shares of com¬
(par five cents).
Price—25 cents per share.
Proceeds—For mining expenses.
Underwriter—Teden
North Park
&
be
June 28
mon
for account of certain selling
are
36, N. Y. Underwriter—Jerome Rosenberg,
Future Estate Planning, 630 McLean Ave., Yonkers, N. Y.
York
New
Inc.; The
Co
&
stockholders. Price—To
Proceeds—For exploration
and drilling, and payment of bank loans and advances.
Underwriter—Vickers & Co., New York, on a "best ef¬
capital. Office—21 West 46th Street,
cceds—For working
31
Competitive
If
1954
(616)
..
A
:
.V»
t.
l
*
>
•1-v t
Volume 180
Number 5350..
-
The Commercial and Financial Chronicle
(617)
33
^
Securities
both
Corp.,
New
of
York.
Offering—Post¬
poned indefinitely.
Underwriter—To be determined by competitive
bidding.
Probable bidders: Halsey,
Stuart & Co. Inc.; Dillon,
Read & Co. Inc. and The Ohio Company
July 30
^ Western Clay Products Co.
(letter of notification) 6,700 shares of common
stock (par $1). Price—$25 per share. Proceeds—To pay
outstanding debts, additions to equipment and working
capital. Office—4500 South 48th Street, Phoenix, Ariz.
Hutzler; Union Securities Corp. and Glore,
Forgan & Co. (jointly); White, Weld & Co.; Carl M.
Loeb, Rhoades & Co. and Lee Higginson Corp. (jointly).
Bids—Expected to be received on Sept. 29. Registration
Underwriter—None.
—Planned to be filed
Price—At
stock.
ceeds—For
(25
par
cents
exploratory and development
com¬
share).
per
Pro-;
Un¬
expenses.
Western
Plains
Oil
& Gas
Price—$4.75
Co.
common
stock
(par $1).
share. Proceeds—To redeem l,2o0 out¬
shares ($125,000), to repay bank
loan, etc. ($2,500); for purchase or acquisition of addi¬
tional
mineral
interests,H leases and royalties in the
standing
per
preferred
United States and
Rice
Canada and for other corporate pur¬
Office—Glendive, Mont.
poses.
& Co.,
Underwriter—Irving J.
St. Paul, Minn.
"j
.
White Eagle Uranium Co.
July 12 (letter of notification) 3,000,000 shares of com¬
mon
stock (par five cents).
Price—10 cents per share.
Proceeds—For mining expenses. Office—351 S. State
St.,
Salt Lake City, Utah. Underwriter—Arlin
Davidson, 39
Exchange Place, Salt Lake City, Utah.
it Winter Park Telephone Co.
July 29 (letter of notification) 3,000 shares of 5% cu¬
preferred stock.
Price — At par ($100 per
share).
Proceeds — For additional facilities.
Office
mulative
—
132 E. New
England Avenue, Winter Park, Fla.
Under¬
writer—None.
V
World
July 21
Uranium
share.
Mining Corp.
(letter of notification)
stock
mon
(par
cent).
one
9,996,000 shares of
Price
—
Three
com¬
cents
per
Proceeds—For exploration and
development ex¬
penses.
Office—323 Newhouse bldg., Salt Lake City,
Utah. Underwriter—P. G. Christopuios &
Co., same city.
Yankee
Uranium Co.,
Salt Lake Citv,
Proceeds
For mining expenses.
Office
Bldg., Salt Lake City, Utah. Underwriter
Reed Co., Salt Lake City, Utah.
—
—
For
Judge
James D.
common
Price—$1 per share. Proceeds—
operations. Underwriter—Sheehan & Co.,
mining
Boston, Mass.
New York.
the
issuance
and
sale
May
be Tellier
&
"
'
•
'
be
received
1954 and to mature
and
in 30 semi-annual instalments
up to
including Aug. 15, 1969.
Stuart
&
Co.
Inc.;
Salomon
Probable bidders:
Bros.
&
Hutzler;
Halsey,
Kidder,
Peabody & Co.; Blair, Rollins & Co. Inc.
June
sell
15
Beverage Canning Co. of Florida
was
reported company plans to issue
it
300,000 shares of
Underwriters
common
Roman and
—
stock.
Price—$1 per share.
Johnson, Fort Lauderdale,
Beverage Canning Co. of Tennessee
it
300,000
reported company plans to sell around
400,000 shares of common stock. Price—$1
was
to
share.
,per
Underwriter
—
Elder
&
Co.,
Tenn.
Chattanooga,
General
Telephone Co. of Upstate New York
July 2 it was reported company plans to issue and sell
Prospective Offerings
$25).
5%
of
cumulative „preferred
stock
(par
Curtis
Underwriters—Paine,
Webber, Jackson &
Webster Securities Corp., both of New York.
and Stone &
American Natural Gas Co.
April 28 stockholders approved
the authorized
a
proposal
increase
to
stock from
common
4,000,000 to 5,000,000
shares to enable the company to sell additional shares
when necessary.
Offering will probably be made to
present stockholders. Proceeds—To subsidiaries for their
construction
Underwriter—None.
programs.
American Telephone & Telegraph Co.
June 30 it was reported the company is planning a huge
issue of straight debentures.
Underwriter—To be de¬
termined
by competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc. and The First Boston Corp.
(jointly); Morgan Stanley & Co.
Arkansas
Feb.
22
it
Louisiana
Gas
Co.
reported Cities Service Co. may sell its
holdings of 1,900,000 shares of this company's stock.
If
sold at competitive
bidding, bidders may include Smith,
Barney & Co. and Blyth & Co., Inc. (jointly).
later.
Proceeds—For
Under¬
program.
Francisco, Calif.
■
Central
Dec.
9
it
was
mortgage bonds.
Proceeds—To repay bank loans and for
Underwriters—To be determined by
bidding. Probable bidders: Halsey, Stuart
construction.
competitive
& Co. Inc.; Stone St Webster Securities
Corp.; Kiaaei
Peabody & Co. and White, Weld & Co. (jointly).
jCity
Title Insurance Co., N. Y. C.
May 20, it
was
announced
$1,000,000 of new preferred
working capital.
Underwriter—
Chilson, Newberry & Co., Inc., Kingston, N. Y.
•
share.
a
lower
dividend
(between
Holders will be given a choice of ac¬
preferred share and $5 in cash for each
held or the call price of $110 per
share
The exchange
according
to
present
pected
to
be
$105
Boston
Corp.;
period will be Sept. 15 to Oct. 4,
plans.
Price—Of new stock ex¬
per share.
Underwriters—The First
Merrill Lynch, Pierce, Fenner & Beane;
Union Securities Corp. and
Equitable Securities Corp.
Registration—Expected on Aug. 26.
Green River Steel
June
it
9
company
is
planning to
Underwriter—Equitable Securities Corp., Nash¬
ville, Tenn.
com¬
June
28
Pulp & Paper Co.
a
Vice-President.
it Columbus & Southern Ohio Electric Co.
(9/20)
Aug.
issue and
sell
9
it
was
announced
company
200,000 additional shares of
To be named later.
for
new
plans
common
to
stock.
Price—
Proceeds—To repay bank loans and
construction.
Underwriters—Dillon,
Co. Inc., New York, and The Ohio Company,
Ohio. Registration—Expected about Aug. 31.
Read
&
Columbus,
it Columbus & Southern Ohio Electric Co.
(9/29)
to issue and
9 it was announced company plans
$10,000,000 of first mortgage bonds due 1984.
Aug.
sell
ceeds—To
repay
bank loans and for
vote Aug. 17
from 6,000,12,000,000 shares (par $5),
be issued in
exchange for each no par
(no par
two new shares to
share
for
now
value)
to
held, and to provide additional capital shares
financing. Underwriter—Blyth &
Co., Inc.
future
New York and San Francisco.
©
Lindsay Chemical
Aug. 2 it
was
considering
first
to
reported
the
j
it
was
reported
financing.
new
be considering
Underwriter—Lee Higginson Corp.,
company
may
New York.
Michigan Electric Co.
(10/5)
plans to sell $16,500,^
000 first mortgage bonds due 1984 and
40,000 shares of
cumulative preferred stock (par $100).
Underwriter—
To be determined by competitive
bidding. Probable bid¬
ders: (1) For bonds—Halsey, Stuart & Co.
Inc.; Union
was announced
company
Securities
Corp., Goldman, Sachs St Co. and White, Weld
&
Co.
(jointly); The First Boston Corp.; Harriman
Ripley & Co. Inc.; Kuhn, Loeb & Co.; (2) for preferred—
The First Boston Corp.;
Smith, Barney & Co.; Lehman
Brothers;
Union
Securities
Corp.
Registration —
Planned
for
received
up
Kansas
Sept. 3.
Bids—Tetnatively expected to be
to 11 a.m. (EDT) on Oct. 5
City Power & Light Co.
was
announced that company may
sell in th«
latter part of 1954 $16,000,000 first
mortgage bonds. Pro¬
ceeds
To repay bank loans and for new construction
Underwriters—To be determined by competitive
bidding
new
Pro¬
construction.
Probable
bidders:
Halsey,
Stuart
&
Co.
Inc.;
Lehmar
Brothers and Bear, Stearns & Co. (jointlv); Kuhn. Loet
St Co., Salomon Bros. & Hutzler and Union Securitiei
Corp. (jointly); Glore. Forgan & Co.; Blyth & Co., Inc
and The First Boston Corp.
(jointly); White, Weld & Co
and Shields St Co. (jointly); Harriman
Ripley & Co., Ire
Equitable Securities Corp.
Meeting—Stockholders on
April 27 aprpoved new financing.
Kansas Power & Light Co.
1
May 4, D. E. Ackers, President, announced that the com¬
pany plans to sell approximately $10,000,000 of bonds
later this year.
Proceeds—To renay b^nk lopr»* pnr*
construction purposes.
was
done
Underwriter—Previous bond sale
privately through The First Boston Corp.
.
Co.
that this
sale
of
is
company
additional
said
bc-
to
stock
common
stockholders.
Proceeds—About $1,250,000, for
working capital, etc. Underwriters—Lehman Brothers of
New York, and
Farwell, Chapman St Co., of Chicago.
•
i
Long Island Lighting Co.
April 20 it was announced
to
company plans later in
issue
$20,000,000
mortgage
bonds.
finance
construction program.
termined
by competitive
1954
Proceeds—To
Underwriter—To be de¬
bidding.
Probable bidders;
Halsey, Stuart & Co. Inc.; W. C.
Langley St Co.; Blyth
& Co., Inc. and The First
Boston Corp.
(jointly); Smith:,
Long Island Trust Co.
July 27 the offering to stockholders of record
July 20
of 11,506 additional
shares of capital stock
(par $10)
on
a
pro rata basis was
approved; rights wiil expire
Aug. 12. Price—$25 per share. Proceeds—To
increase
capital and surplus.
Underwriter—Cyrus J. Lawrence
Securities
Corp., New York.
Louisville &
July 7
it
Nashville
(9/30)
reported that the
company
1954 $30,350,000 of new
mortgage bonds
610,000 Atlanta,
bonds
RR.
was
late in
due
may issue and
first and refunding
2003.
Proceeds—To
Knoxville
St
Cincinnati
retire
$24,-
Division
due
4%.
May l, 1955, and for general corporate
pur¬
poses. Underwriters—May be
determined by competitive
bidding. Probable bidders: Halsey, Stuart St Co.
IncMorgan Stanley St Co.; White. Weld St Co. and
Salomon.
Bros.
St
Hutzler
(jointly).
Bids—Expected
•
Co.
company
sell
Sept. 30.
(9/8)
plans
issue*
to
$12,000,000 of bonds (of which $7,000,000 wilL
$350,000 annually 1956-1975 and
$5,000,000 will
mature in 1979.
Proceeds—To repay bank loans and for
new
construction.
Underwriter—To be determined
by
competitive bidding. Probable bidders:
Halsey, Stuart &
Co. Inc.; Blyth &
Co., Inc., White, Weld & Co. and Mer¬
rill Lynch,
Pierce, Fenner & Beane (jointly);
Blair,.
Rollins & Co. Inc.
Bids—Expected on Sept. 8.
it National City Bank of New York
(9/30)
Aug. 10 directors authorized a meeting of stockholders
tq*
be held
mature
capital
Sept. 20 to vote
on
a
proposal to increase the
and
surplus of the company by
$131,250,000
through the sale of 2,500,000 additional shares of
capita)
stock (par $20) to stockholders
early this fall for sub¬
scription on the basis of one new share for each
22.
—
pany to build a $21,500,000 natural gas pipe line, in
Colorado, to be financed through sale of about 70% of
bonds and 30% of equity capital. John R. Fell, a partner
Brothers, is
snares
shares held
Hudson
March 8 it
Pipeline Co.
Aug. 3 the Colorado P. U. Commission authorized
of Lehman
UUO
on
Corp.
reported
issue
and sell $2,000,000 of 15-year first
mortgage convertible
Proceeds—For
Colorado-Western
was
*
July 21 it was announced stockholders will
on
increasing the authorized common stock
three
as
of Sept. 24; with
Subscription
Sept.
30.
warrants
Underwriter
rights to expire
will
The
—
be
mailed
First
on
Boston
head group.
National Fuel Gas Co.
June 25, L. A.
Brown,
plans
company
common
an
to
President,
offer
oversubscription privilege).
tion
program.
Underwriter
pected in October, 1954.
New
April
its
it
was
on
a
Corp. will
l-for-10
common
program
of subsidiaries.
shares.
stock
None.
to
Registration—Ex¬
(9/28)
There
are
Proceeds
—
Underwriters
mined by competitive
bidding.
St Co., Inc., Lehman Brothers
the*
Proceeds-^-For construc¬
company plans to
next Fall additional
basis.
9,108,824
that
common
announced
stockholders
about
l-for-10 basis (with
a
England Electric System
29
common
stock
—
on
Oct.
on
or
announced
additional
stockholders this Jail
.
that company is planning to
issue and sell not to exceed
stock.
one new
preferred
Indiana &
$4,00p,000 first
•
$6
July 8 it
Illinois Electric & Gas Co.
announced company intends to offer an£
sell around the middle of 1954 an issue of
new
cepting
bearing
;
Kimberly-Clark Corp.
and
shares
Offer¬
ing—Expected late in September.
Hilliard & Sons and associates.
preferred
$4.50 and $4.70).
some
construction
writer—Dean Witter & Co., San
its
Montana-Dakota Utilities
July 8 it was reported that
bonds.
P. U. Commission to issue and sell 60,000 shares of
pre¬
ferred stock, series I (par $25).
Price—To be named
reported company plans to issue and self
common
stockholders some additional common
^Georgia Power Co. (9/15)
Aug. 3 company applied to Georgia P. S. Commission for
authority to refinance its outstanding 433,869 shares of
$6 preferred stock by issuance of an equal number of
was
it California Water Service Co.
Aug. 10 company sought authority from the California
Co.
was
stock, either on a l-for-9 or an a l-for-10 basis. At:
April 30, 1954, there were
outstanding 2,286,784 shares.
Underwriters—Previous common stock
offering, in April,
1953, was underwritten by Blyth St
Co., Inc. and J. J. fC
sell
shares
November.
Barney & Co.
and
Fla., and possibly Aetna Securities Corp., New York.
15
or
Kentucky Utilities
June 21 it
'
(8/25)
by the company at Room 2008,
140 Cedar Street, New York
6, N. Y., up to noon (EDT)
on Aug. 25 for the
purchase from it of $5,700,000 equip¬
ment trust
certificates, series M, to be dated Aug. 15,
will
—
ceived in October
Underwriter—Ira Haupt & Co..
it Delaware, Lackawanna & Western RR.
Bids
reported company plans to issue and sell
$15,000,000 first mortgage bonds, series F.
Underwrite*
be determined
by competitive bidding. Probable
bidders: Halsey, Stuart & Co.
Inc.; Harriman Ripley &
Co. Inc.; The First Boston
Corp. and Lehman Brothers
(jointly); Union Securities Corp. and Merrill
Lynch,
Pierce, Fenner & Beane (jointly); Blyth &
Co., Inc.;
Kidder, Peabody St Co. and White, Weld & Co.
(jointly);
Equitable Securities Corp. Bids
Expected to be re¬
to
derwriters—May be determined by competitive bidding.
Probable bidders: Morgan
Stanley & Co., and W. E. Hutton & Co.
(jointly); Halsey, Stuart & Co. Inc.; Lehman
Brothers; Blyth & Co., Inc. and The First Boston Corp.
(jointly).
Co.
was
—To
of Uranium Mines of
—
it Dayton Power & Light Co.
Aug. 7, Kenneth C. Long, President, announced that the
company plans
to issue and sell $15,000,000 of first
mortgage bonds due 1984 in late September. Proceeds—
To repay bank loans and for construction
program. Un¬
50,000
"
authorized
$6,000,000 convertible debenture bonds
eral corporate purposes.
General
cent).
one
stockholders
to exceed
Aug. 31.
Mines, Inc.
Cott Beverage Corp.
May 5 it was reported 160,000 shares of common stock
are to be publicly
offered—100,000 shares for account of
company and 60,000 shares for selling stockholders. Price
—In neighborhood of $10 per share.
Proceeds—For gen¬
June
Uranium &
(par
about
or
in connection with the acquisition
General
721
—
Mining Corp.
July 12 (letter of notification) 300,000 shares of
stock
of not
Utah
July 14 (letter of notification) 12,400,000 shares of com¬
mon stock
(par one cent). Price—Two cents per share.
Zenith
July 23
on
Uranium
America, Inc. stock. Underwriter
Co., Jersey City, N. J.
derwriter—N one.
May 24 filed 100,000 shares of
Bros. &
Consolidated
^ Western Mining Corp., Boise, Idaho
July 27 (letter of notification) 1,200,000 shares of
mon
(jointly); Salo¬
mon
'(<
Kentucky Utilities
June 21 it
offer
tc*
common
outstanding
For
—
construction
To
be
deter¬
Probable bidders: Blyth
and
Bear, Stearns St Co,
Co., Ladenburg.
(jointly); Carl M. Loeb, Rhoades St
Thalmann & Co. and Wertheim & Co.
(jointly); Merrill
Lynch, Pierce, Fenner & Beane, Kidder. Peabodv &
Co.
White, Weld & Co. (jointly).
Bids—Tentativelyexpected to be received on Sept. 28.
and
©
Northern
July 28 it
the
Pacific
was
Ry.
reported
(9/20-24)
that company
issuance and sale of $52,000,000 in
is contemplating
new
bonds.
Pro¬
ceeds—For
refunding. Underwriter—To be determined,
by competitive bidding. Probable bidders:
Halsey, Stuart
St Co. Inc.; Morgan
Stanley St Co.; Blyth St Co., Inc..
Bids—Expected to be received late in September.
Northern
July 2 it
ance
States
Power
Co.
(Minn.)
(9/28)
announced company is planning the issu¬
and sale of approximately
$20,000,000 of first
was
gage bonds due 1964
mort¬
on or
about Sept. 28. Underwriters—
Continued
on
page
34
"
34
The Commercial and Financial Chronicle
(618)
Continued,
St.
from page 33
series B, due 1976, and the remainder used to reimburse
Joseph Light & Power Co.
competitive biddings. Prdbable bid¬
siuart & Co. Inc.; Lehman Brothers and
(jointly); Smith, Barney & Co.; Glore,
naisey,
ders;
Co.
&
Riter
Forgan & Co.; Merrill Lynch, Pierce, Fenner & Beane,
Kidder, Peabody & Co. and White, Weld & Co. (jointly);
Gas & Electric
Oklahoma
(9/14)
Co.
San Diego
shares of preferred stock (par $100). Previous
preferred stock financing was done privately through
Kuhn, Loeb & Co., New York. If competitive, bidders
may include: The First Boston Corp.; Smith, Barney &
Co.; Merrill Lynch, Pierce, Fenner & Beane; Lehman
Brothers and Blyth & Co., Inc. (jointly). RegistrationExpected Aug. 16. Bids—Planned for Sept. 14. Com¬
mon Stock Financing—First to stockholders, expected in
75,000
July
tire
June 21 it
of
to
Pan-American Uranium Corp.,
termined by competitive bidding. Probable bidders: Hal¬
Stuart & Co. Inc.; Union Securities Corp. and Glore,
Forgan & Co. (jointly); Blyth & Co., inc.; Lehman
Brothers and
financing may be handled
Houston, Tex.
of
June
to
July 13 it
1954
July 26 it
Underwiters—To
be
1984.
competitive
tion.
—
Burnham & Co., New
York, have agreed to purchase, in
proportions of two-thirds and one-third respectively,
any of the unsubscribed shares.
ible
new
preferred
was
announced
000 first mortgage
bank
To
loans
be
and
company
bonds, due 1984.
for
determined
new
March 16 it
Underwriters—
to
do
bank
loans necessary to
White.
Welex
14
June
stockholders will
Aug. 17
vote on increasing the authorized
preferred stock (par
$50) from 14,000 shares to 50,000 shares, and the author¬
ized class B common (par
$1) from 950,000 shares to 2,000,000 shares.
on
New
look
Investment
bankers
capital
holders
will
who
stock
be
to
busy
have
the
issue
market
gripped in its customary summer
lull, the banking firms, and they
the
cream
welcome
of
the
work
busy.
offering does not get
underway
until
Sept.
24
and
"rights" to buy the stock at $52.50
share
will
expire
22, which makes it a
rather long period of
"standby."
In the meantime Georgia Power
Company's move to replace its
433,869 shares of $6 preferred,
a
thing
lower cost issue
of
a
issue
to
similar
bring
is
some¬
undertaking
which requires considerable
concerned for
month.
of
it
Thereafter
a
very
much
though Southern Bell Tele¬
phone & Telegraph Co. will close
out the month with its offering
for competitive bids, on Aug. 31,
of
$55,000,000 of
Shelf-Stocks Diminishing
issues
in
volume, insti¬
funds with
capital seeking employment have
been skimming over the supply
of
and
material
any
on
dealers'
shelves.
And they have not been
finding
their needs
it too easy to pick up
even
have
in this
Conditions
direction.
undergone
a
change
in
re¬
cent weeks and once more we are
in
a
ever
on
seller's
pressure
market*
there
the potential
with
is
what¬
weighing
W.
fering.
trations. This week
for
York
Securities
City,
Corp.,
New
by
Continental Se¬
curities, Houston, Tex., are offer¬
ing 600,000
shares
of
common
regis¬
brought only a
Weinstein
Profit
Co., New
•Offering publicly
stock
(par
10
cents)
Power Uranium
share "as
per
a
of
Atomic
Corp. at 50 cents
speculation."
to
for exploration and drill¬
pay
expenses
and for general
cor¬
for
Atomic
was
Power
Uranium
incorporated
in
Dela¬
pire Building, Denver, Colo.
business
of
the
company
consists
tion,
of
in the mining, explora¬
development and operation
uranium
be
The
mining
properties.
was
1954
with
located
in
the
Gateway
Mesa
County,
the Ford Group, and
known
as
Horse
Mountain
the
(5)
Added
of other
^70,000
as
Eagle
the Buick
equals
June 18,
on
principal
office
at
Value
"unit
cost"
index
single
series
of
a
Product;
is
firms in
upon
of
each
the
a
a
to
changes in costs of
many
based
Mate¬
The
(7)
construct
reflect
the
products
many
industry.' It
an
detailed
break¬
physical outputs in
industry
developed
by
work of Mr. S. Fabricant in
Output
of
and
Raw Materials' Share
of
down
Corp.
Product;
the
purchases"
rials/Value
is
Uranium
of
in
Wages/Value
minus
(6)
power;
remaining balance will
working capital.
Share
in the Product equals Raw
in
its
Wages/Value
Labor's
the
"The-
of
Manufacturing Indus¬
tries, 1899-1937." The imputed
unit price is adjusted by the av¬
in
erage gross
margin to give
an
esti¬
mated unit
variable cost.
A
Las-
method
was
the
ment of
exploration
uranium
and
and
develop¬
other min¬
cost
peyres
eral
bearing properties which
now
owns
acquire.
or
Its
is
may
in
the future
principal
located
in
it
property
San
Juan
in
the
Colorado
Plateau area, in 20 tracts.
industry.
The
George
with Hudson
developed
measures
from
are:
The level of the
gross
profit
years.
(2)
White(
Company, Buhl Building.
Degree
profit
gross
(Special to The-Financial Chronicle)
—
indicators
basic
(1)
ity
DETROIT, Mich.
single index
margins in depression or prosper¬
With Hudson White Co.
Duffield is
a
figure for all the products in the
the
Utah,
index
then used to derive
This
District,
County, Colo., known
Group.
reserve of
acres,
Mining
Colo.,
equals
Boston Bldg.r'Salt Lake City,
Utah, for the purpose of engaging
County,
10 mining claims
to
option
402
The company holds under lease
totaling approximately 200
net
financing
organized in Utah
interest
District,
a
u
U. S. Manufacturers
proper¬
used for
The company is in the exploratory
and development stage.
and assignment
this
Trans-World
on June 18,
1954.
Its prin¬
cipal office is located at 404 Em¬
The
from
payment due under
acquisition
ties.
Boston
Margins of
Product
the
use
agreement, to explore and de¬
velop properties, \buy equipment,
porate purposes.
The
a
t$:
intended *?:to
proceeds
make
First
stock
£
i-
and set aside
The net proceeds are to be used
ing
share "as
per
tion."
is
The
fr°m
&
City,- are
1,175,000 shares -of.-common
It
4Va%
Underwriters
Blair & Co.
Trans-WorEd Uranium
and
Proceeds—
mortgage
construction.
new
gaird & Co., Inc.; and William
Corp. at
Hunter
securities.
new
outstanding first
underwritten-
was
specula¬
buyer.
new
offer
25 cents
His lot is not being helped any
by the current lag in
Co.
Corp.; Merrill Lynch, Pierce, Fenner & Beane; Robert
of Trans-World Uranium
Share
or
on
bonds, to be determined by competitive bidding.
Slock at 50c
pension
available
and
Shares Offered
ware
In consequence of the dearth in
tutions
1983
York
Corp.
new
Service
$12,500,000
$8,000,000
suggest only small is¬
a
registration
reported company is considering the is¬
Atomic Power Uranium
securities.
new
with
5
(jointly); White, Weld &
Co.; Kidder, Peabody & Co.; Kuhn, Loeb & Co.; Dean
Witter & Co.; The First Boston
Corp. Previous common
stock
Chas.
gap
looks
(jointly); Blyth & Co., Inc.
Oct.
ler and Union Securities
Corp.
(9/8)
Cali¬
Co.
Edison
spade-work in advance of the of¬
for
$30,000,000
Southern
these
Public
company
for the near-term.
sues
competitive
bidders: Halsey, Stuart. & Co.
Inc.; Merrill
Lynch, Pierce, Fenner & Beane, Salomon Bros. & Hutz¬
Underwriter—If underwritten,
few indications of early corporate
intentions
to
seek
new
money.
And
by
(jointly); Smith, Barney & Co.*
& Co.
Next
market
to
Wednesday
bonds
new
as
construc¬
new
determined
Probable
may
sell
and
$8,000,000 4% first mortgage
be
about
about
refund
—For
in September
additional common
company
announced
was
as
probably
around Oct.
with
of
to
until Aug.
24 when Niagara Mohawk Power
Corp. will open bids for $25,000,000
of
bonds, with Food
Fair
Stores scheduled to market $20,000,000 of debentures the follow¬
ing day.
Ji
in¬
in this piece of business
since it will enable them to keep
The actual
on
new
the/ crop,
volved
staffs
will
much
far
as
the
share¬
over
few weeks setting up the
machinery for this operation.
new
to
Then there is
next
include
To
plans to issue and
$16,000,000 of first mortgage bonds due 1979. Pro¬
ceeds
To redeem $12,632,000 of first mortgage bonds,
Sparse
are
balance
fornia's
underwriting
National City Bank of New York's
offering of 2,500,000 shares of ad¬
doubtless
plans
of
suance
Securitie#
sell
have
the
bonds
the job of
ditional
not
corporate issues
of
Report
Issues
do
forward
week
Reporter's
the
Webster
—
Bankers
With
&
Inc.
Western Maryland Ry.
Underwriter—Stroud & Co., Inc., Phila¬
■-3F
on
Stone
reported
by:
t
(10/5)
and $10,000,000 for
year
was
bonds due
Services,
was
stockholders.
to
July 13 it
delphia, Pa.
taken
and
it
may
be Laird & Co., Wilmington, Del.
Two previous
offerings to stockholders were not underwritten.
Ritter Finance Co.
announced
Co.
Jet
it
announce
stock
was
Weld
July 28 it
pay
Corp., both of New York.
first week in October.
it
Wisconsin
financing
to repay temporary
for new construction esti¬
mated to cost about $11,000,000 for 1954. Underwriters-
by
competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; Kuhn, Loeb &
Co.;
The First Boston Corp.; Harris, Hall & Co.
Inc.; Harriman
Ripley & Co., Inc. and Union Securities Corp.
(jointly); Lehman Brothers; Kidder, Peabody & Co.;
Blyth & Co., Inc. and Smith, Barney & Co. (jointly).
Registration—Expected in September. Bids—Expected
June 8
permanent
7
about Sept. 9.
reported company plans later this yeai
was
some
last
Bids—Expected
Transcontinental Gas Pipe Line Corp.
Proceeds—To repay
construction.
sold
Underwriter—To
and Robert W. Baird
Public Service Co. of Colorado
Aug. 1 it
Light Co.
Kidder, Peabody & Co.
Underwriters—Blair, Rollins & Co. Inc. and
Deetjen & Co., both of New York.
Emanuel
i
L. F. Rothschild & Co.
(jointly); Union Securities
Corp.; The First Boston Corp.; White, Weld & Co. and
an
bank loans.
(10/4-8)
plans to issue $20,000,-
-
Underwrit-.
handled
and
merger
issue and sell at
was
Halsey, Stuart & Co. Inc.;'
Salomon Bros. & Hutzler;
Lehman Brothers, Bear, Siearns &
Co., Reynolds & Co.
Thompson-Starrett Co.
of Roberts & Schaefer Co.) plans to
early date 145,000 shares of convert¬
stock (par $10). Proceeds — To retire
announced
was
&
1922
bidding. Probable bidders:
Equitable Securities Corp.;
Inc.
Thompson-Starrett Co.,
Power
in
announced management is planning issuesale of $18,000,000 first mortgage bonds due
Proceeds—To redeem
bonds
White, Weld & Co. (jointly).
July 1 it
(following
bond
permanent
was
and
ance
determined
plans
company
Proceeds—To retire bank loans.
Wisconsin
(in addition
bidding.
Probable
bidders:
Halsey,
Stuart & Co. Inc.; Stone & Webster Securities Corp. and
was
—
a
construction.
new
by
announced company plans to issue and
sell to its stockholders an additional 1,200,000 shares of
capital stock on the basis of slightly less than one new
share for each four shares held (with an oversubscrip¬
tion privilege). Price—At par (25 cents per share). Pro¬
ceeds
For capital improvements and working capital.
Underwriters
Consolidated Coppermines Corp. and
•
of debentures later in
1
announced
was
financing
Dillon, Read & Co. Inc.
$25,000,000 bonds filed May 26 with SEC). Proceeds—
For
Progas of Canada, Inc.
it
er—Previous
reported company plans issuance and sale
was
28
finnacing.
Tennessee Gas Transmission Co.
$20,000,000
■
Bear, Stearns & Co. (jointly).
Wheeling Electric Co.
selling stockholders.
Allyn & Co. Inc. and Dempsey &
Co., both of Chicago, 111.
May 24 it
First Boston
Blair, Rollins &
and
issue of about 200,000 shares
an
Salt Lake City
it was announced that this company presently
privately owned and financed, will have authorization
%>r the issuance of 5,000,000 shares of stock. Any public
Co.,
Co.,
sell first and refunding bonds without obtaining
It is planned to is-and sell $6,500,000 of these bonds. Proceeds—To re¬
sue
June 30
by Kramer, Makris &
&
imburse company for capital expenditures already made
and for future improvements. Underwriters—May be de¬
Proceeds—To
C.
Peabody
pany to
stock will be registered with the SEC. Price
Underwriters—A.
Kidder,
approval of preferred stockholders.
Products Co.
—To be named later.
be added to capital and surplus.
bidding, probable bid-1
sey,
reported
was
common
competitive
by
June 30 stockholders approved a proposal to allow com¬
bonds due Jan.
Standard Coil
/
Co.
Western Pacific RR. Co.
applied to the
announced company has
was
Electric
Co. Inc.
Co.
Co.; Kuhn, Loeb & Co.
Sept. 9 for one new share for each two shares
Price—$28.50 per share. Proceeds—$340,000 to re¬
determined
Corp.;
Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld
& Co. and Drexel & Co. (jointly); Morgan Stanley &
16
the remainder
it
RR.
Massachusetts
ders may be: Halsey, Stuart & Co. Inc.; The
1, 1996. Proceeds—To reimburse
treasury for capital expenditures previously made. Un-*
derwriter—To be determined by competitive bidding.
a
outstanding preferred stock and
—If
ICC for authority to issue and sell $21,091,000 first mort¬
before
held.
28
gage
proposal to increase the authorized
common stock (par $20)
by 47,685 shares. The common
stockholders are to be given the right to subscribe on or
approving
on
Gas & Electric Co.
Pacific
bidding.
Morgan
12 it was reported company is planning sale in
September of $6,000,000 debt securities. Proceeds — To
repay bank loans and for new construction. Underwriter
Inc., San Francisco and New York.
1955.
it Pacific National Bank, San Francisco, Calif.
Aug. 6 it was announced stockholders will vote Aug.
Western
was
Southern
improvements.
July
October
in
capital
Stanley & Co. Meeting—Stockholders will vote Sept. 21
approving issuance of new bonds. Bids—Expected
Sept. 8.
announced company plans to offer early
(first to stockholders) 800,000 shares of
additional common stock. Underwriter — Blyth & Co.,
Aug. 3 it
for
on
estimated, will cost $1,661,000. Underwriters—May
be determined by competitive bidding.
Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Smith, Barney & Co.,
and Glore, Forgan & Co.
(jointly); Union Securities
Corp.; White, Weld & Co.; Equitable Securities Corp.
July 12 it was reported company plans to issue and sell
expenditures
Underwriter—To be determined by competitive
Probable bidders: Halsey, Stuart & Co. Inc.;
it is
Equitable Securities Corp. and Union Securities Corp.
(jointly); Kuhn, Loeb & Co., A. C. Allyn & Co. inc. and
Wertheim & Co. (jointly).
for
company
A. Semrad, President, announced that the
company may raise new money this year through the
sale of $1,000,000 first mortgage bonds or from tempo¬
rary bank loans for its 1954 construction program, which,
March 30, C.
To be determined by
Thursday, August 12, 1954
...
B.
&
is
done
coefficient
of
of
uniformity of
over
time.
computing the
margins
by
variation
for
each
series.
(3)
Volatility of movements of
Volume 180
Number 5350
The Commercial and Financial Chronicle
...
(619)
shares
the
in
census
product
between
Movements
(4)
of
profit
gross
margins related to movements of
dollar volume of production. This
to determine
is
movements
(5)
directly
Ranking of
to
years
in¬
or
margins
gross
determine
whether
certain economic periods dominate
in certain ranks.
(6)
The
basic
same
indicators
also applied for labor's shares
are
in
the
product
and
value
with the exception of
added
the
of their
sources
The
do
not
data
correlation
of inverse
so
The
the
into
technique
indus¬
broken
following
-
the
of
are
major
•
down
group¬
Number of
Industries
.
in
'Food
Group
Group
Near Food Group.
Clothing Group
Household Furnishings
made
primarily of
two successive
census years the
volatility is gen¬
erally not high. In terms of rela¬
tive
76%
less
cate
4
Wood Products
Chemical Industries
,
less
are
than
move¬
in mag¬
than
20%;
The
small
30%.
of volatility would indi¬
strong tendency for prices
a
follow
but
costs
often
at
a
(5)
Associating the direction of
volatility with changes in dol¬
volume of output, we find that
the
lar
inverse associations outnumber di¬
For the entire
ones.
the
not
total
be
too
analysis
equals 55%
and may
the
various
and
by census years, the
relationship is strongest
recession
and
recovery
years,
sup¬
6
Miscellaneous
2
The
ited,
the
Unit
Cost
to
due
Index
lim¬
was
insufficient
part
'
data, to.
following industries:
I
19
Wood Products
3
Chemical Products
4
Rubber-Leather Products
4
Mineral
5
6
Products
Metal Products
nature
tistical
7
the
of
-
overall
sta¬
are
some
to the
position
margins
40-year
Only 4% of all
low variability;
23% moderately low; 34% mod¬
erate; 39% high. The "Foods" and
period
have
studied.
extremely
and
cal
association
margins.
to
between
We find that
31%
the
of
time
(Chemicals)
one
group
with four industries.
inverse
than
association
The
production at the
given stage of manufacturing. The
rigidity of labor costs would
the
ciation
,
is
found
between
the
de¬
of variability in gross mar¬
and
labor's
share
in
the
gree
,
gins
product. The
to
raw
with
occur
found
in
manufacturing.
dustries
we
labor's
the
(3)
with
not
general
conditions.
ditions
in
move
cyclical
do
Al¬
pre¬
:
;—:
STATE,
I
DO
>fcate
G
of
OF
ss.:
HEREBY
CERTIFY
dissolution
has been filed in
that
it
that
a
certifi-
this
appears
department this day
therefrom that such
IN
DUPLICATE
and
(Seal
Department
of
State)
offical
partment
under
seal
of
of
my hand
the De-
State,
at
the
City of Albany, this twentyfirst day of July, one thousand
nine
hundred
and
fifty-four.
THOMAS
J.
share on the issued and outstand¬
ing common stock $20.00 par value, of this
Company lias been declared, payable Septem¬
ber 30, 1054 to shareholders of record at the
close of business September 1, 1954.
3VA% PREFERRED DIVIDEND NO. 32
regular quarterly dividend of eighty-one
(81%c)
per
share
on
3K% Cumulative
Convertible Preferred
Stock $100 par value,
been declared, payable
of this Company has
September 0, 1954, to
August 20, 1954.'
t
PREFERRED
The first dividend of
two cents
($1.22)
ner
DIVIDEND NO.
1
dollar and twentyshare on the iRsued and
one
Preferred Stock $n)0 par value, of this Com¬
has been declared, payable September
5, 1954, to shareholders of record at the close
of business August 20, 1954 being twenty
cents (20c) from May 18th through June 5,
1954 plus one dollar and two cents ($1.02) per
share from June 5, 1954 through September
pany
5, 1954.
_
*
Transfer books will not be closed.
Deputy Secretary of State.
W. E.
State.
By SIDNEY B. GORDON.
a
regular quarterly dividend of 50c
per
share
the
Common
the
on
Stock
of
'•
per
share
on
the
mon
stock of said Company,
able
on
com¬
pa^JJ
September 15, 1954, to
stockholders of record
of business
at the
close
September 1, 1954.
Cecil M.
1,
September
on
Company
dividend of thirty
Self, President
of record at the
August 17, 1954.
on
SELLERS, Secretary
•••••••••
Wall &
PACIFIC
Floor
AMERICAN
IOWA SOUTHERN c
Tile
38S888
I
FINANCE CORPORATION
•
UTILITIES COMPANY
ENCAUSTIC
888398
988888
DIVIDEND NOTICE
8888
TILING
88388?
88s®
38388?
<88388
88®
<89388
A
88®
COMPANY JNC.
385883
888388
®388
38983?
888®
value),
388®
COMMON STOCK DIVIDEND
385®
Declared August
89! 58
1,
38? 838
DIVIDEND NOTICE
888®
<88888
89!®
6, 1954
88!®
share
88®
35% cents
<888 <88
on
by
of
on
the Board of
August 4, 1954.
its
<88®
Record Date August 20,1954
44 cents per
68388
388®
38938?
®39
888®
®8s
America's OLDEST Name in Tile
share
on
its
c. Reynolds,
b.
$1.76 Conv. Preferred Stock ($30 par)
30
86®
mm
888®
share
per
September
stockholders
4%% Preferred Stock ($30 par)
8S39S
Payable August 31, 1954
Directors
following regular quarterly dividends:
®!88
15 cents per
®®
to
declared
<88888
88?®
payable
1954,
record August 16, 1954, was
The Board of Directors has declared the
888®
88588?
divi¬
regular
dend of 50 cents per share on
the common stock ($10 par
8588
88®
®88
cents
per
share
Stock
Common
all dividends
1954.
of
record
EDWARD L.
August
d,
••••••••••••••••
payable September 1, 1954,
stockholders
to
Secretary
its
on
($15 par)
388W
®3888B88S898®98889®99»8938iSfi9l®»®»«®»®385®®S!®
August
*6,
SHUTTS.
President.
1954
HIMICAIS:
IMS
SINCE
BRITISH-AMERICAN TOBACCO
(ImhlMi/
10,
INVESTMENT COMPANY
pay
At
meeting of Directors held August
a
1954
on
Dividend
OF ILLINOIS
in
London
it
September
of
five
decided
was
30,
pence
DIVIDEND
United Kingdom
per
cents
44A
share, payable Sep tern-
mA
stockholders of w$k
to
wA record August 16, 1954.
Hf
Vice President and Secretary,
Also decided to
pay
plf
quarterly divi5j^% Cumulative Prior Preferred Stock,
on
the
4m
the
stock payable September
1,
Close of business August 16, 1954.
same
Christian deDampierre
day
No.
102
be
must
used
for
5% Preference Stock.
on
or
dividend
Treasurer
v
on
All transfers
before August
Also
to
SERBORRD
FIMANCE'COMPANY
transferees.
decided
pay on October 30,
dividend of 3% (less
the 6% Preference Stock. AH
1954
half-yearly
tax)
on
transfers
to
received
in
London
on
or
be¬
Preference Stock, all payable
m
fore October 7, 1954 will be in time for
October 1,1954 to stockholders
Am
payment of dividends
^ of record September 15,1954. |fjp
M
HARRY W. HARTLEY lii
Treasurer
iMM
August 2,' 1954
to transferees.
Stockholders who may be entitled
virtue
by
of Article
Taxation
XIII(1) of the Double
Treaty between the United
States and the United Kingdom, to a tax
credit under Section 131 of the United
Financing the Consumer through
na¬
fgjji tion-wide subsidiaries —principally
Public Loan Corporation
Domestic Finance Corporation
Loan Service
dividend of 32Vit per share on the
1954 to stockholders of record at the
Coupon No. 221 must be used for divi¬
on the
Ordinary Stock and Coupon
dividends
wm
|||ip the Series A $1.25 Convertible
pi Preference Stock and the 4 j/2% p||
wg,
a
common
27, 1954 will be in time for payment of
regular
dends
The Board of Directors has declared
Tax.
on
DIVIDEND NOTICE
dend
the
The Directors
the
|l
L_
year
half-yearly dividend of 2%% (less tax)
on issued
5% Preference Stock.
received in London
Corporation
>
HAWKINSON,
Income
V <
CHEMICAL
COMPANY
to
1954 Interim
for each Ten
ending September 30, 1954 on the issued
Ordinary Stock of the Company free of
CONSECUTIVE
TH
^STAUFFER
COMPANY, LIMITED
outstanding 4.08% Cumulative Convertible
Checks will be mailed.
of
The Board of Directors has declared
(30(0
Railway
a
August 6, 1954
per
CURRAN.
Secretary
cents
Dividend
Common
Southern
have declared
DAYTON, OHIO
128th
Company, payable
,
regular quarterly dividend of one dollar
($1.00)
4.08%
INC.
corporation has complied with section one
hundred and five of the Stock Corporation
Law, and that it is dissolved.
GIVEN
121
NO.
of
PUBLICATIONS,
AND LIGHT COMPANY
M
Manufacturers of
Mi her 1,1954,
shareholders of record at the close of business
BARCHESTER
and
A
the
,£TATE OP NEW YORK, DEPARTMENT
folk
con¬
Dividend
The Board of Directors of Nor¬
888389
Wk
and one-quarter cents
1 rr-
RAILWAY COMPANY
Common
NOTICES
WA the Common Stock of 40
DIVIDEND
August 27, 1954. The
stock transfer books will remain
open
E. W.
ATKINSON, Treasurer
August 5, 1954.
THE DAYTON POWER
pat¬
a
COMMON
holders of record
eco¬
laSI
uncertainties
fp| The Board of Directors declared mk
regular quarterly dividend on ff|f
A
;
DISSOLUTION NOTICE
in
'
the Capital Stock of this
Company,
payable September 16, 1954, to stock¬
on
NORFOLK SOUTHERN
in terms of "average cost
NOTICES
mar¬
declines rule.<
often
quarterly
50i per
share has been declared
goes,
we
profit
(give strong support to our model.
TThe 1920's give fairly good sup-
.
data
GEORGE
8S&
43%
concert
viously outlined pattern is not too
.strong, we do find that the 1930's
•r-
the
under
95
gins predominating, nor in falling
regular
dividend of
model
it
as
restricted
®88
is
share
business
though for all industries the
The
A
NOTICES
DIVIDEND
re¬
In rising business con¬
conditions
has
ON COMMON STOCK
do not find rising
we
too
close of business
industries less than 10%;
DIVIDEND
COMPANY
questions
Shillings of Ordinary Stock for the
fluctu¬
Movements of gross
overlooked
88®
ating gross margins.
margins do
to
far
as
LION OIL
ac¬
discovered
labor's
less than 5% on the average;
of
be
e»«s
In 17% of the in¬
find
herein,
in
moves
be
can
nomic reasoning.
the
materials
more
that
NOTICES
The
depends greatly upon inertia, lags
and caution factors that appear to
of shifting the
previously presented.
been
of small amounts
use
of labor relative to
tends
has
It
drawn
chance
as
that real
1954 to stockholders
product is surpris¬
ingly small at the single stage of
asso¬
type of
with
DIVIDEND
SS®
the
in
plays
share
'
Controlling:
DIVIDEND
factor in the struc¬
a
situations
388®
depends somewhat
role that direct labor
the
upon
tual
pricing" should try to clarify the
68®
Model
margins
Some general inverse
Role
Labor's
Inc.
pany,
economic
technique used by
economists appears to err in
assuming
ditions have been highlighted. At¬
99989?
in
The 1930 period gives a somewhat
stronger
duce
(2)
the
terns due to macro-economic
SK®
indus¬
tries; 55% of the time in two ma-,
jor
groups
with
11
industries;
-
sup¬
of the differences in the
or
George R.
—
questionnaire
some
oligopolistic markets and cycli¬
fluctuations, it is hoped that
some
Mich.
Brockway is with Merritt & Com¬
'(
worked
behavior
major groups covering 33
"Metals" groups
form.
materials
raw
8838
us
as
macro
ture of the reaction patterns.
markedly in cyclical
occur
Although
have
88S®
est degree
display the high¬
of variability, while the
"Chemical"
group
is most uni¬
man¬
fluctuations.
inverse associations appeared over
70% of the time in four of the
the
over
and
agement
pliers
388®
tries that have fairly constant gross
profit
have taken that
we
shifts between the shares of
888 888
-
the
changes
®®
in
knowledge on the part of
participants. It also pays little
situations.
of labor's share in the product be¬
tween census years adds further
FLINT,
re¬
appear to assume too
unreal
markedly in deep depres¬
The general low volatility
With King Merritt
(Special to The Financial Chronicle)
much
high; depression
trends
curves
in
and volume of sales induced
few indus¬
very
proaches to leadership through
cline
sions.
®«8
There
workmanship
types of
apt
to
be
mathematical
ap¬
The
responses
previous periods.
results:
(1)
elicited.
certain
most
are
verbal
89®
8SS8
88®
®®
costs
Group
Clothing Group
responses
by
(7)
The absence of any rela¬
tionship between gross margins
Industries
Group
secular
series.
study
in
The
by
Number of
Food
conditions when
deteriorates and/or management's
supervision tightens as sales de¬
cepts
and recovery years rank low. This
last measure may be obscured in
26
and/or
compressed
be
are
tempts to explain oligopolistic de¬
material
raw
boom years rank
Metal Products
some
cisions in terms of leadership con¬
extractive
1
Machinery
studied there appears to
evidence that labor costs
cases
the
1
Metals___
number of
a
and for those industries closest to
Blast Furnace Products..
Non-Ferrous
In
of
If the total is
into
down
8
7
the value added.
ments) equals 59%.
10
.
pre¬
the analysis to a number of broad
Mineral Products
Leather Products
As has been
generalizations concerning firm
plier levels.
2
25%.
per¬
The
(6)
Ranking the census years
according to gross margin profit
levels brings out a similar result
except for 1921.
Recession and
_____
than
(inverse
plus
zero
movements plus negligible move¬
significant.
of
15
Rubber Products
20%; 88% of the industries
move inversely to the
This tendency is much less
pronounced for labor's share in
the percent of inverse movements
of
in
fabrics
year
less than ,10%
are
nitude;
85%
50% of the ob¬
over
intercensal
ments
•
any
volatility
served
inverse
10
less
attention to
between
groups
5
than
the
broken
20
less
industries
cycle.
centage
-
less
the
product to
(4) Although variability is quite
for gross margins, we find
rect
change is used.
distribution
analyzed
ings:
to
direct associations of
or
the directions of
tries
itself
lend
count
a
rates.
than
industries
of
that
slower rate.
margin
72%
high
the unit cost index associated with
gross
the
of
15%;
action
to
in
57%
viously indicated, there is a strong
tendency for labor's share in the
been based upon the variations in
variations
materials
raw
helps the model considerably.
degree
#4 above.
The unit cost indicator has
(7)
that
how many of the
are
versely related.
by
The breakdown of the totals
specific industry groups so
they can be associated with
port.
into
years.
35
Ohio Finance Company
il
I
ifff
M
States Internal Revenue Code can by
application to Guaranty Trust Company
of New York obtain certificates giving
particulars of rates of United Kingdom
Income Tax appropriate to all the above
mentioned,, dividends.
,
General Public Loan
wA
Corporation
in
BRITISH-AMERICAN
TOBACCO
COMMON STOCK DIVIDEND
78th Consecutive
Finance Co. declared
a
regular
quar¬
terly dividend of 45 cents a share on
Common Stock payable October 10,
1954
to
stockholders of record Sep¬
tember 23,
1954.
PREFERRED STOCK DIVIDENDS
The directors also declared regular
quarterly dividends of 53 cents a share
on $2.12 Convertible Preferred Stock,
and $1.43% on the $5.75 Sinking
Fund Preferred Stock. All preferred
dividends are payable October 10,
1954 to stockholders of record Sep¬
tember 23, 1954;
A. E. WEIDMAN
COMPANY, LIMITED
Treasurer
August 4, 1954
August 10, 1954
Quarterly Payment
The Board of Directors of Seaboard
July 22, 1954
,
The Commercial and Financial Chronicle...
36
Thursday, August 12, 1954
(620)
analogy beautifully.
Aboard
on.
from the
dirty work of the ship. If
returning shipmates get cans of
and
A ~llfw
/jLiltl
Interpretation*
Nation's Capital
Behind -the-Scene
f
the executive
ship
a
officer, ranking just next to the
Captain, handles all the good
•
•
military
the
follows
it
that
BUSINESS BUZZ
beer
/171
W
and are
them
off
fleeced
put to work swabbing the decks,
X
called the
it is the XO who gets
(In Washington SOB alsostands for Senate Office Build¬
SOB.
WASHINGTON, D. C.
singular absence of genuinely
able political leadership — on
have never
ists
nose
gather to dissect and
the
current„ scene,
comment
this
hears
diag¬
one
astonishing nature. Key Repub¬
lican leaders have trouble with
granted
here
by both experts and
amateurs in the game of politics.
Of course when people talk
about leadership problems they
naturally turn first to the White
House, for there resides more
political power than is found
in any individual in this most
t£T1>olitical capital. And when they
literally scores of important
House
To the
politi¬
^
him
for
emotionally
For even the
Democrats don't like Mr. Adams.
last year until
pick
is not
possible to be specific about
these
complaints without re¬
vealing confidences of Senators
Representatives.
let's
say
and
V
"
that a
hypothetical Senator X would
report that his patrohage rec¬
ommendations were completely
However,
that
ignored,
Adams'
intervention
own
for
nominee
X's
Senator
Sherman
at
state
building
-down
the next Senatorial
come
election. Or that
choice
X
to knock him
up
couple of his
a
campaign contributors
finding their government
canceled and the job
were
contracts
given to
a
else, maybe
one
some
wrong
Cry "Discrimination"
hypothetical Senator X,
course, was convinced that
Your
hower
tor
from
not
to
life.
public
isolated
an
the
grease
exit of the
Sena¬
is
This
It
case.
was
rather
common,
quite
few gentlemen on Capi¬
a
and
there
tol Hill who, rightly or
are
convinced
House,
Sherman
Adams,
are
wrongly,
the
White
they
mean
that
which
by
is
trying
not this correspondent
to
D
w
couldn't
i g h t
D.
puzzled,
quite
ing is that even in the Execu¬
tive
Departments, there are
with
snafus
There is
So
frequent
report,
that
not be specifically
illustrated in detail. The Presi¬
may
course,
dent
consulted
was
agreed on a new policy the Ad¬
ministration was to adopt.
A
opposition politico wrote
seemingly innocent letter to
the
President
the
President
which
Adams'
own
do
so
and
to the contrary.
was
so,
Mr.
Adams fell for the leading ques¬
committed
and
a
officials
long
time
a
a
was
trying
image
of
Mr.
ideas.
who
with
President
personality
as
under
report
Grand
Chief
of
Sena¬
Loyal Order
Bear Meat Eaters calls up
tor
Y
and
asks
him
to
invite
real facets of life
which must
name,
be made by anonymous
it
takes
pouring.
the White
few minutes to
a
that which in Washington, D. C.,
is called "empire
building."
Explanations
Is Combination of
Maybe Mr. Adams is gather¬
ing to himself the power to be
dent.
Presi¬
date
he
yet
the
with
any
patronage end
the
As
"What
is
badly
a
much
too
this -town
Eisenhower
Jim Farley."
However, some more seasoned
offer other explana¬
observers
In
"chief
of
the
whether, as is at least equal¬
ly tenable as a thesis, it is the
inescapable nature of circum¬
or
Eisen¬
stances because President
Adams.
role
this
conceives
for
-
first
staff"
military,
place,
concept,
the
valid
is considered
of
political
those
In
were
who, in his own words,
In this
Continental Sees. Adds
i
(Special to The Financial Chronicle)
GRAND
neth
J.
with
John
soning,
of
are
rough
lacking in full vigor
and
judgment
prestige that
The
to
be
|
is
Weller
now
affiliated*
Schermer
R.
&
Co.,.
McKay Tower.
.
tumble fighting.
Or if they are young
and have
comes
We have available copies of
an
the
and
Analysis of
therewith.
only
thing
that
clear
about
the
appears
way
Adams' role has worked
RIVERSIDE CEMENT
Mr.
out is
CLASS
B
COMMON
STOCK
recently prepared by
THE OVER-THE-COUNTER
on
MR
is
miserable every other day while
the Grand Chief Hunter keeps
calling the Senator to learn for
SPECIAL SITUATIONS
This analysis shows
stock offers
portunity
A
Carl Marks
&
copy
an
for
SERVICE
why this
excellent op¬
capital gains.
will be sent on request.
Co. Inc.
answer.
;1' '■HI
thing happens be¬
the
Chief
the reports are true,
of Staff, despite an
able
crew
of $10,000 and better
legmen hanging
»
RAPIDS, Mich.—Ken¬
to be that those who have
experience, judgment, and sea¬
case,
if
Bank
National
People's
Building.
Inc.,
takes
This sort of
Mich.—John*
RAPIDS,
Meyers has been added to th^
staff of Continental Securities Co.*
R.
the answer usu¬
from two to three
weeks, with the Senator made
ally
\
Congress the situation ap¬
pears
obtuseness.
of assistants
changes.
GRAND
seasoning,
concept
New York and Midwest Stock Ex--
.
Whatever else can be said
cused
Bank
staff
Co., National City
Building, members of the&
Prescott
(Special to The Financial Chronicle)
vigor and imagination, they lack
against FDR, he was seldom ac¬
Butler has been added to the
of
v
John G.
—
With John R. Schermer ]
Congress Leadership
entirely faulty in political
to be
life.
the
CLEVELAND, Ohio
History
do.
to
*j
Prescott Adds
situation is of his own choosing,
Mr.
request).
(Special to The Financial Chronicle)
will have to decide whether that
hower
on
simply
Adams
Sherman
(3)
of the
one
in
observers
said,
has
patronage
highlights the
on
Republicans have
government.
once
prices
place, the
second
organized
grievously
he can't attend.
so
cause,
States, Washington 6, D. C.-~
paper—50c per copy (quantity
Lacks Vigor
,,
Finding Prospects for Community
Industrial Development — De¬
a
story of evil design, however,, is
thing that has begun to
show up is that the White House
no
the chief funnel of information
to and decisions from the
prices on request).
day at most to recollect where
what has developed since,
next
not
needs
aides in¬
superficially, such an
outlook as reported would point
to
the
possibility
that
Mr.
Adams was doing in a big way
FOREIGN
The
that
So
stead.
— single
(quantity
paper
what
simply
fact
ablest
his
—
charge
no
partment of Manufacture Cham~
ber of Commerce of the United
mix-up
far-reaching decisions which are
in
copies
Roosevelt vested in
around
the
In
of
His
bear roast and whisky
Empire Building?
What complicates this simple
(2)
frightful
the President to their state-wide
Pete's sake what is the
Snafus Proliferate
a
Eisen¬
smoothness,
made
Building,.
Administration
Urbana, HI.
wanted.
FDR
Great Big Government,
a
that
him who didn't do exactly
gin to handle the numerous and
for
a
power
is that the President cannot be¬
concerned.
the
Mr.
.
a
his aides, he had no one
a
easy-going
as
has
use
confidence
much
how
matters
of the
One
(1)
of
and
Chief of the
become
can
(to
however,
clear,
came
matter
Mr.
(and
House
political
figure of frightfully powerful
dimensions, particularly with a
action, without so
first checking with the
develops.. The
control the staff
can
White
the
career,
of
Publication*
of
Office
Illinois,
207
—*
Busi-
University
Research,
ness
Osborn
Economic and
of
for FDR's
The
outlook.
Adams is avowedly
tions.
entirely
an
Finally, this kind of
Hunter
White
of
as
sorry,
this kind of
sinister
a
the
different
to
course
much
the
that
was
to
man
of
-
the President will be instead
to re-vamp the Republican
the
wouldn't
saying
was
for
;
•
C.
Richards
—
Bureau
military concept) were blamed
policies. It soon be¬
Superficially, this would add
up
clever
Eisenhower
that Sherman Adams
in
and
upon
that
good lpany people came to think
party
House.
White
the
example which, of
one
believe
party to such black designs.
make the decision.
can
officers"
"executive
hower.
Snafu Departments
House from
they
finally i get
the President is acutely
apparently honestly dis¬
tressed, for he seems to have no
idea what is going on.
of Congress. They were
themselves
else
has got to handle
himself, and nobody
ally,
Ordinarily
make
Earlier
and
nudge relative conservatives out
because
war
anonymity."
"a passion for
in: FDR's
had
the matter
Staff)
thing is that
funny
supporters
for
best
on'.,
back to Mr. Eisenhower person¬
House
his
it
blame
whether cor¬
position to know.
the
tion
Staff, who is noted,
"liberal"
tendencies, was
•4oing
——
——"——
—
——
Mr. Snitzel can't come to the phone nowhe's doing some bidding!"
White House,
between
of course,
when these difficulties of Eisen¬
the Chief of
jtfkids for the
all
Adams,
or
no
And
And,
Ike.
members
is in
a
manufacturer in India.
«of
something
Further information develop¬
given
faction opposing Senator
a
and
be
and
must
there
that
in
turned
was
down and instead the job
to
his
job
given
a
—
—
-—...
'it -----
if'T
of
confronted *
being
are
accusation
rectly
reports
It
Adams.
Sherman
on
ifin
up.
members
county chairmen with
the
Sherman
the present, one
up gruesome
snarled
so
of
the
the
''
would
be
r
"I'm sorry,
White
the
that
scores
them
far/ along
From some time not
could
Congress
others
as
House
from
against him.
are
sense
Trt I
ward, it doesn't
,
as
are
make
These
Adams doesn't have a
Sherman
Corporate Profits: War and Post-*
keep the party going
in the 5th
York
New
Plaza,
20, N. Y.—paper.
who ring the door
men
Foundation, 30>
Rockefeller
nature
trivial
most
bells and
back
States—The Tax
matters of
utterly fouled up.
so
were
Constitutional Debt Control in the
time when White
a
patronage
the
even
cal circles. Unlike Joe, however,
*
been
has
there
Congress
in
years
never
of Senator Joe Mc¬
is probably the most
.V hunch of partisans who
Republican organiza¬
In the memory of men 30
tions.
with the possible
unpopular gentleman in
with
having irritating troubles
exception
Carthy,
Re¬
their local
cussing out poor Sher¬
man
Adams, Mr. Eisenhower's
"first
leftenant," and by the
President's own designation his
his "Chief of Staff."
Mr. Adams,
.
publicans in Congress who are
to
turn
like
matters,
routine
most
the
naming 4th class postmasters or
star route carriers.
There are
House, they
the White
to
turn
not coincide with
own views.)
the "Chronicle's"
President, also began
to find themselves in trouble.
This trouble is of the most
for
completely
taken
and may or may
the
with
almost
—
(feet the "behind the scene" inter¬
pretation from the nation's Capital
public disagreement
portant
politicos or lobby¬
Whenever
(This column is intended to re-
wing cap¬
Republican
party,
since voiced an im¬
the
tured
party.
Maybe not.
the Eisenhower
fore
Capitol Hill itself, at the White
House, or inf either political
is
certainly
Adams
Sherman
taking the blame. Maybe that's
the way Eisenhower wants it.
making life miserable for
some of the most ardent Eisen¬
hower
supporters.
Men who,
whatever their views were be¬
gan
the
politcos here, has been
most
ing.)
at
or
what they say) be¬
least that is
in the opinion of
83rd Congress,
Adams,
Sherman
(i.e.,
One
—
features of the
of the outstanding
around
the
SECURITIES
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•
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NEW YORK 4, N. Y.
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