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COMMERCIAL and FINANCIAL
Reg, U. S. Pat, Off*
THE
EDITORIAL
In
some
INFORMATIVE
MOST
As We See It
of
ways,
course, a
PUBLICATION
New York 7, N.
6288
Number
198
Volume
AND
LEADING
IN
THE
FINANCIAL
FIELD
.
.
Price
which makes it a practice of dealing from the top
keeps no spare cards up its sleeve so
;
to
speak. We
being forcefully reminded of the fact
are
Union and in such rela-
| in our dealings with the Soviet
i tionships as we must have with
}
Communist China. And
difficulty
candor forces the admission that not all of the
originates in the dictatorships. The test ban agreement
CHRONICLE'S
panies'
narrowly
the
common
to be
us
in
the
case.
Current accounts of
over-riding fear
opposition quarters that the Kennedy Administration
large dividends from this compact
may reap
not
be
fully in accord with the facts. In
would appear to us
with the
then
any
In any
and all who
event,
oppose
ticularly the
taking
shall
we
may or may
any
that if the agreement is
great rank and file of voters
its ratification would be
-
at least such appears to
it
popular
is thus implied,
as
large political risk.
that the opposition,
par-
vocal and active members of it,
more
not
really being goaded
but
are
on
by
any
are
such consideration
quite sincerely in doubt about the wisdom of
entering into
any
such pact with the Kremlin, which,
knows, has not always been particularly
scrupulous about fair dealing with anyone in the out¬
as
cluding
ment
facets of this situation, in¬
proposed non-aggression agreement, disarma¬
a
are
many
pacts, and any others that may grow out of current
conversations with the Russian dictators—to say
of the activities of Mao and his puppets.
we
gladly leave to others better
U. S.
Many of these
(Continued
on page
28)
QUARTERLY
Government,
Public
nothing
overall
display
as
Stock
widespread
Gulf
Although the prime emphasis re¬
indi¬
was also
Insurance, Metal, Oil (international),
Finance,
Public
Paper,
position,
issues
Railroad
Utility,
Sold
Municipal
materials,
thepre
seems
assets
was
Interest in
Gillette.
of
Ratio
share
redemptions
rising
has
predominant
investment
companies
starts
in.
throughout various sectors of the
N market
The
was
a
span
the
be
months period
business
three
April through June is best reflected
production, the most significant ba¬
rometer of business
of
125.1
activity, climbed to
(1957-59—100)
on
economy
in industrial
activity resulted from the high level
of automobile
production and expanded
output of
retrospect,
MlltUNEr, WELLS & COMPANY
also indicate that.
government expend!*
increased.
Another
•
en¬
to
maintain
billion
the
for
the
has
first
for
first
proved
half
of
the
time.
to
be
1963,
and
surprised if it
not be
this
expected to
are
expenditures
economy
in
businessmen will
In
terms
which
was
the
of
682.52
con¬
strength in
rose
May 31
1963
on
hjigh).
Dow
on
sequently
the
immediate
to
a
Jones
Industrial
sharp
high for the June
(this to
date
Thereafter, the
decline
h i g h s,
nor
Average,
April 1, the stock market sub¬
the
has
of
new
(Continued
623
•
Dealers
on
& Co.
Street, Los Angeles
California
New
York
17,
Stock
Offices in Corona del Mar,
dale, Hollywood, Long Beach, Oceanside,
Pasadena, Pomona, Redlands, Riverside,
San Diego, Santa Ana,- Santa
Monica,
CHEMICAL BANK NEW YORK TRUST COMPANY
MEMBERS
MIDWEST STOCK
m
Encino, Glen-
page
17)
EXCHANGE
Ml
Inquiries Invited
on Southern
California Securities
135 So. La Salle Street
w
Whittier
Chicago 3, III. FRanklin 2-1166
TWX: 212-571-1414
New
York
Correspondent
—
Pershing & Co.
To
ESTABLISHED
Canadian Securities
Block Inquiries Invited
Stock
Notes
Bond
Divition
THEt'p
CHASE
MANHATTAN
Human Resources
CANADIAN
BONDS & STOCKS
Commission Orders Executed On AH
Canadian
New York Stock Exchange
American
Bonds and
California's Diversified
Dealers, Banks and Brokers
1832
Members
Agency
BANK
Net Active Markets Maintained
T.L. Watson &Co.
Housing
Municipal
Exchange
CANADIAN
Exchanges
DEPARTMENT
Teletype 212-571-1213
25
BROAD
STREET
NEW YORK 4, N. Y.
MHCT
WIRES TO
Goodbody
MEMBERS
BRIDGEPORT
PERTH
AMBOY
MONTREAL AND TORONTO
2 BROADWAY
NEW YORK
&
NEW YORK STOCK
Dominion Securities
Grporation
Co.
EXCHANGE
1 NORTH LA SALLE ST.
CHICAGO
40
Exchange Place, New York 5, N. Y.
Teletype 571-0880
Area Code 212
WHitehall 4-8161
Bank
of
America
N.T.& S.A.
MUNICIPAL BOND DEPARTMENT
SXN
FRANCISCO
l
a
historic
State,
Exchange
Associate Member American Stock
Exchange
Members Pacific Coas_t
Exchange
Securities
BOND DEPARTMENT
Hope
Members
•
NewYork
So.
a
performed
the incipience of
attainment
and closed the
quarter of
also been-
averages
indecisively, evidencing neither
Lester, Ryons
Corporate & Municipal
as
being reduced.
Municipal
Chemical
770-2661
$40
the
strong
INVESTMENT COMPANY ISSUE
Underwriters
•
production
year,
and Public
Distributors
770-2541
where
during
months ahead.
took
broad front, much of the renewed rise
a
industry,
are
economy
with
strong
going beyond
tinues
during the quarter.
Although ~the improvement in the
place
high
possible strike
726.96
a new
built.
inventories built
steel
as
will
Fall,
cars
experienced
the balance of 1963
over
amazingly
in the fact that the Federal Reserve Board's index
of industrial
off
substantially
especially
many
during the
a
this
continuing; construction and housing
rising, new orders for durable goods are
have
In
during which the stock
trend
been
early months of the
leveled
are
year
largely buoyant.
favorable
had
point,
1963 auto
back-to-back pro¬
steel
vigorous uptrend and
a
outlays
a
Simi¬
economy.
this
couraging aspect is the pattern now developing:, foi?
spending on new plant and equipment.
Capital
period in which business activity steadily expanded
larly, it envelops
banner
the
1963
the upturn is
tures
embraces
Within
Other key areas of the
quarter portfolio operations of the nation's
June
At
ends
30,
21.1
page
steel.
officially
production
since
see
estimated 7.3 million
an
years.
hedges against
funds'
The CHRONICLE'S comprehensive analysis of
which
most of the
1.64% in the second quarter.
was
1963,
especially
set records with
foreign
to
31,
portfolio
June
on
good reason to believe that
production,
duction
For Fund's
holdings,
This will constitute two
in
and Royal Dutch run-
(N. J.)
issue was
abates.
net
Buying
Most popular issue
Securities
P. O. Box 710, New York 8, N. Y.
Copy
a
purchased and sold by
quarter.
security
vs.
basic
balance were Natural Gas stocks. Most
on
widely liquidated
securities
Rubber.
and
initially appeared.
Oil, with Standard Oil
ners-up.
cash
and March
better-grade secondary issues. Preferred industry
Electronic,
Steel
fund man¬
bullishness.
quality issues, buying
on
good
Housing,
State and
PHONES:
continued
June
in
managements
Total net buying was up 10%
stocks.
to
I See page 1H for specific slocks
com¬
quarter's
included Aircraft, Airline, Beverage, Chemical, Drug,
groups
everyone
side world. There
in
make trouble about
or
a very
assume
so
event it
June
market disclosed
buying policy evolved,
cated
or
investment
the
selection became less concentrated and a more
being greeted with sweet reasonableness, high states¬
full candor,
during
comparable March quarter figures
continued
agers
leading
1Q0
of
operations
moving-stock
demand for
over
analysis
portfolio
mained centered
or even
Cents
in Market's Pace
recently reached in Moscow is not always in all quarters
manship
50
Remained Bullish
Fund ManaS'ers
democracy is at a disadvan¬
of the deck and
1839
Y., Thursday, August 8, 1963
tage in dealing with a dictatorship, especially a democ¬
racy
ESTABLISHED
.
LOS ANGELES
2
The Commercial and Financial Chronicle
<526)
The
Coordination...
•
•
Hanseatic
without
Corporation.
For
which, each week,
in the investment and
New York
of
by-word
tion,
"i
you,
the bank,
the
dealer
or
M. C. BRITTAIN
Nuclear
possible.
.
i
To
Remember, when it's
Atomic
the
,
jng
year-end report to the Presi-
Over-the-Counter
1962
"Call HANSEATIC"
clent,
"nuclear
threshold
Hanseatic
areas
the AEC will
the crossing
sure
American
:
,
I;
Telephone: 363-2000
Teletype: 212-571
Boston
•
*
World
?
field
for
w^ks I de^
Nuclear
United
that
cided
,po
company fu
)vas a
ll
-
United
nancial interests
5, N. Y,_
NEW YORK
power
bee
combined
'
its
As
the
Raw
Refined
—
Chemical to form United Nuclear.
Liquid
—
The merger
Exports—Imports—Futures
Pinion
step
DIgby
Mallinckrodt
and
last
Corporation
-
and Dec
The
White
Quickly By Using Our
KW
3000
Onel
actor.
Mobile
United
which
bank & quotation
50%
both
record
The
per
is
Army
commercial
Chemical
more
water
being
built
consid-
or
in
various
of
parts
with
desalinate
to
power
Fuel
Division
Connecticut,
in
will
publication
the
in
nuclear"
for
need
undeveloped
countries,
where fossil fuel is scarce, is an-
St.
New Ha-
fabricates
United
Nuclear
deals
world's
give
on
the
you
all
monthly prices
listed
securities
the
more'nuclear equipment is getting
nu-
ship
generating
as
nuclear
first
merchant
the
on
reactor
Savannah,
plant
at
the
powered
for
and
the
stream, the replacement
considers
.
as
those
"hard
to
find"
been
Over-the-Counter
-
cost,
$7-$15
three
the
several
U.S.S.
Bainbridge
atomic submarines.
in
had
New York 7, N. Y.
a
Yet
Place
for
tions
loss
REctor 2-9570
was
I
1962,
these
tax loss of
the
under
was
of
year
United
divisions
vs.
$8 million,
over
reduced
for
in
as
a
(
of
the
solicitation of
an
offer
to
to
,
-
..
^ 6
*■
^ >. •
>5 ',•>
'""«•*
^ /' £
v
'
V;.;
j
.
•••••
<
;/
'
image"
has
drawn
from,
execu¬
APPEAL!
tives, and from the SEC, Perhaps
PRINTING CO., INC.
this
180 Cedar
has
true
been
that
at
But it is
overdone.
in
many
stocks
cases
St, New York 6, N. Y.
Telephonei WOrth 4-8088
-
1889—Our
substantially lower earn¬
ings multiples than closely
74th
Year—1963
com¬
parable issues. Does this discrep¬
only
represent
ancy
informed
an
qualitative appraisal by investors?
will
time
dissolve
the
to
benefit
$45
Oil
Company
opinion
(Indiana) is in
merger
showed
March
ended
million
earnings
the
for
/;«».?;. *•/".- "••• t,-V.
V
-With 1962
lion
ble
v.'--
Indiana
is
the
$2.7 bil¬
sixth
largest
Shell, Sin¬
are:
Together these five constitute the
leading domestic integrated
active
overseas
as
well.
will
related
likely
remain
closely
their
success
in
to
,
U. S. market.'This is
even
aggregate
a
output.
Together
fourth of total U. S.
Viewed
the
into two
From
the
over
past
any
as
an
offer
security referred
to
to
sell,
or
here;in.)
include
the
most
comprehensive
record
of
dividend
ments,
redemption
sinking
fund
decade
announce¬
calls,
and
notices.
divide
1957,
16%.
rose
profitable
changed
Indiana,
of
through
consumption
very
time
U.
It
the
through
Starting
pacity
and
down.
1962
only
rose
U.
S.
13%.
realizations
year,
ample
product
eroded
sharply
when reasonable
ex¬
laggard.
Its
a
S.
a
prod¬
rate half
physical
and
Sinclair.
net
National
over
similar
companies.
through 1957 it was a
gain in U.
flow
25 Park Place, New York 7, N. Y.
ca¬
This
Quotation
Bureau
Incorporated
Over-the-Counter Quotations
Services for 49 Years
Indiana's
income
gains
46 Front Street, New York 4, N. Y.
CHICAGO
,
Continued*
Established 1913
growth
ice, one-third that of Phillips, and
cash
CHRONICLE
prices
pected, Indiana's experience
represented
The COMMERCIAL and FINANCIAL
consumption
the past decade has been just the
conspicuous
'
attained.
was
of
—
1958
Contrary to what might be
1953
★
in
S. de¬
From
With
available,
until, last
a
oil
1958 the situation
drastically.
slowed
mand
—■
S.
was
for
1957 the growth rate of U.
reverse
know
Other features
sharply different periods.
1953
From
the
Counter Market.
economics of the domestic oil
comparable to
be construed
buy,
these
half that of Shell and Cities Serv¬
has
exchanges and in the Over-the-
requirements.
demand.
Nuclear
the
compared with their
the
United
on
the
large
very
than 5,500 stocks traded
five companies supply about one-
93c
over
are
However,
the earnings of all five have been
and
contains the price range on more
com¬
panies. Currently all but Shell
$35
cash flow of
Monday Issue of the Com¬
mercial and Financial Chronicle
clair, Phillips, and Cities Service.
8%,
a
The
Compara¬
company.
organizations
vs.
75c.
5,500 Stocks
;
•.
of
revenues
American oil
were
1963
our
stock comparatively un¬
a
dervalued by the market.
uct sales grew but
32c with
Price Range on Over
latter is often the casei Standard
stability
earnings
loss of $4 million during the
a
were
the
circumstances
to
important ad-
year
The
up
users,
of the
the
lasts
•?
no
.
^ v;;
first quarter ended June 30,
.
(This is under
;
A
previous period. Earnings for the
opera-
Nuclear,
1963
million.
only $177,000. This loss
further
•;
first
for
31,
by the fact that, at the time of the
merger
year
sales
'million,
except for capital
an
overall
first
one
modern reactor
fuel
years and
The
exists at United Nuclear is shown
Park
*
this
vantage to its
for
The excellent management that
call:
WILLIAM B. DANA CO.
25
between
outlay, it has
the
sizable
a
Bel-
and fuel also have
for
the-
-
City
attention
repeat business. But in
when
a
Army's
and
or
cores
produced
mar-
replacement of the
outpost at Camp Century, Green-
quotations.
land,
Write
the
However,
Reactor
reach
especially
fuel elements in
gium.
well
could
magnitude
new
MOL,
and
m0re
as
business
provided
for
Over
SHv
York
industry, and
since
largely in fuel and
ket increases. This kind of
cores
New
the > market
water,
division
bound
seven
operating
clear fuel into its final form. This
This
long
for utilities
plants
power
*
clear
sold to the manufacturers.
ven,
the
world might be met by using nu-
as: This
in
Over
field with
open
are
power
Division
increas-
ered.! The growing need for fresh
this
users
in
in the United States today. Many
reaching
far
interest
q£ nuclear power for
vessels.
wide
a
nuclear
Compact Re-
be
its
use
range, nuclear power
Gen-
successful,
Administration has also
merchant
which
from
The
Missouri,' converts enriched*, other natural market,
The
$4)
—
in
uranium into fuel elements which
year)
are
(Single Copy
Division
jng ^he
defense agencies.
as
Louis,
(Only $45
to
as
well
If
anj
fleet.
surface
D0Wered
indicated
include:
$50-$80 million of
could
program
,
{Nuclear has about
interest.
crisis,
of the N
Marlu^e
prototype is expected
to cost between
d*par^ent
nounced its desire to shift to nu-
eral Motors to build for the
a
°
]
the,recent Cuban
during
th
end of the
sub-contract
a
.
S™
owns
Plains, .New York,
holds
The stock is
the
of patient buyers? We believe the
4.4%,
the mining
Development
April 1, 1963
Olin
™
divisions of the company
Service Your Accounts
The
owns
outstanding stock,
Besides
New
Led ™reraft c^ier Ente^rL
™
23% and Mallinckrodt
•
Partners prop-
n
through She design and building
ent
Inc.
in
.
Market.
growing
of the outstanding
,
trols the full range of production
^
in
"corporate
1970.
31
In the wake
field. United Nuclear con-
power
interest
to the AEC between
tegrated company in the nuclear
4-2727
the
,
For; several years the subject of
of
together
contract
65%
on
United Nuclear will deliver Or is there also a large measure
25,000,000 pounds of yellow cake* of prejudice and inertia which in
the final
was
listing
^
only fully in-5
form the
to
its
branch offices
:
sell
' Phillips';
our
Stamford Oil Company (Indiana)
Church
the
Direct wires to
:
result of the purchase of
a
.212 571-1425
Birmingham, Ala.
Mobile, Ala.
on
the Big-
'Group
own
fiomestake-Sapin
with Sabre-
year
Counter
strengthen
Stephenson
together
wjth
Chemical
traded
Ambro-;
acquisition
the
Exchange
Nuclear, which
growth situation.
now
Mexico.
sions of well known Olin Mathieson
United
that
qualified ~ for
-
Rock Uranium Properties in
operations with the nuclear divi-
SUGAR
a
the stockhold-
reserves,
an(j
which
including Rocke-
Capital,
the
Quinta Corporation and
feller, J. H. Whitney and William
Borden
in
further
to
ore
approved
ers
leading fi-
by
backed
cdmpany,
STREET
WALL
99
nuclear
independent
an
^
the .
CREIGHTON HARTILL
Company's, Financial
Analyst, W.C. Langley & Co.,
Petroleum
Exchange
NYSE, is unique for those seeking *
1963> purchased
Recently,
their
Corporation of America,
opment
LAMB0RN & CO., Inc.
its
through
several
In 1961 Nuclear Devel-
stage
mergers.
is
the
condition,
this
28,
Stock
Stock
American
excellent
and
reserves
5ja Eake District of New Mexico.
reached
Nuclear
lieve
decreased.
profit
uranium interests
ing all of the requirements.
present
uranium
would have
costs
and
Phillips
Wire Service
Wide
four,
COrrect
jyjarcj1
Cor-
York
New
management. Selling at 11 times
estimated earnings for 1964, F be¬
31? igTO. While
investment management of United Nuclear
an
medium. After many
♦
Los Angeles
San Francisco: •
0j
increased
decided^ to lbok to the nuclear
energy
1231, 32, 33, 34
—
M Chicago
Philadelphia
s^ea^
Members
Members
how; it has adequate capital and
re-
a
Co!
Steiner, Rouse &
(Page 2)
HAnover 2-0700
price are being placed un-
quotation in mind,
City.
New Orleans, La. -
contract for the two-year pe-
by the utility maus-
acceptance
try." With this
St., New York 4
60 Broad
York
19 Rector, St., New York 6, N. Y.
threshjwouj(j give United Nuclear a
^ides|>rea4 ;firnl contract for ei ght> years in-
^rmg about
°5d
Member
Stock Exchange
Associate
New
pur-
annual level at
^Tiodendin^Dec,
of that
Established 1920
—
beings stretched
year period ending
1968- Additional
an
electrical energy, relatively modest assistance by
CORPORATION
-
DecJ;31,
.
(Indiana)
are
six
over a
consuming a
sigmflc^ht fraction of The nation s
NEW YORK
•
out
competi-
of -.economic
tiyene^- in
the
on
is
power
3l> 1966
Co.
ending
period
four-year
Dec
Bought—Sold—Quoted
2)
(Page
Analyst, W. C. Langley & Co.,
of
Chairman
^
Oil
Standard
Under this plan domes-
tic purchases at $8 a pound, orig-
,,
-
the
jnajiy scheduled to be made durEnergy Commission in his
quote
,
Louisiana Securities
Fahnestock
Co., New York City.
uranium concentrate procurement
C Program
Cerporatien
Analyst,
tain,
The AEC recently modified its
York Stock Exchange
New
Members
Selections
United Nuclear Corp.—M. C. Brit-
the loss was $6,000.
best
United
service
Their
I
first quarter of the current year
York City
New
Alabama &
•
Participants and
■
Analyst, Fahnestock & Co.,
coordina¬
through
give
to
broker
Forum
Hanseatic it is
At
aim,
our
different group of experts
a
participate and give their reasons for favoring a particular security.
trading would be extremely
difficult.
Thursday, August 8, 1963
.
•
advisory field from all sections of the country
Over-the-Counter
it,
.
This Week's
A continuous forum in
The
.
on
page
9
SAN FRANCISC*
Volume
198
Number 6288
.
.
The Commercial and Financial Chronicle
.
(527)
CONTENTS
What Lies Behind the
Thursday, August 8,
Rail Merger
1963
Moratorium?
JCHTEnSTEin
k
Articles and News
By Daniel P. Loomis,* President, Association of American
Railroads, Washington, D.C.
Rail mergers
PAGE
Fund
to permit economies of scale and survival against com¬
have
been
Remained
Bullish
In forceful
/
Lies
What
Behind
the
Rail
Merger
arguments, Mr. Loomis calls for a complete educational airing of the
issue to
P.
Kefauver
tor Estes
as
principal proponent of moratorium} traces
a
Ira
long tedious studies that have been made and the laborious, time-
of ICC
consuming pace
and fanciful
are
roads
either)
Loomis
~
Cobleigh
railroad
latory
this
major
World
Pressures
the subject
of
times
Oscar
ization
This
calculated
of
p>art
who
L.
lic,
be
5
Altman
the
thorities
certainly
given
at
the
ent
au¬
TAYLOR
Phillips 12
Sterile Asset, It Earns No Interest"
a
Saxon to Implement New
Bank
OIL
Underwriting
Rules
39
industry
the
Regular Features
encour¬
As We
See It
(Editorial)
toward shaping a less
course
II
Unemployment
reasons
maximum
cumbersome
and
Breed
it becomes clear¬
that
the
DELHI
10
Haller Belt 14
structure.
it should be,
as
look
you
Laws
James R.
"Gold Is
toward
agement to continue on the pres¬
to '.con¬
found
railroad
imperative
ly
to
the pub¬
scare
if
Wage
rational organ¬
more
the
behind mergers,
some
seek
is
for
the
on
of
Minimum
note
to
pointed
4-6551
Dollar
policy in modern
been
has
encouraging
has
created
efforts
instructive
is
that government
much
aware,
it
further
pending
mergers
study,
cur¬
As state regu¬
mergers.
officials are
been
by
confusion
surrounds
rently
of
of
WHitehall
4
William F. Butler
cloud
STREET, NEW YORK
Consumer Durables Market and Related Financing
internal costs and to meet intensified external competition.
thick
WALL
Telephone:
Reginald McKenzie
Encouraging Factors Easing
combat rising
engaged in merger negotiations to
U.
~
3
Aerospace Industry's Problems and Prospects
Points out that there
old and the youngest 15 months, and 25 major rail¬
now
are
The
real
numerous
consolidation cases before the ICC, of which one
four major
now
and answers
proceedings;
charges raised against mergers.
is three years
A
(No income
1
Production, Progress, and Prospects
y
COMPANY
OBSOLETES
99
Lead: Its Uses,
O
Moratorium?
Daniel
and "who is throwing monkey wrenches"} singles out Sena¬
N
TAX FREE
Slow¬
lay bare the basic problems behind the imperative ne:d for
mergers
Despite
(CHRONICLE S analysis
quarter's portfolio investment changes)
of June
grounded to a halt despite the Government's policy to
rational organization of our rail structure.
Managers
down in Market's Pace
petition, including governmentally subsidized or favored competition,
encourage
3
and
efficient
more
thereby to de¬
so
and
Insurance
1
Stocks
27
transport structure. Failure to „do
lay, if not de-
Bank
f
t,
e a
a
in
The
Daniel
Loomis
P.
Why
t
history.
fusion
aside
blown
and
to
the
on
From Washington Ahead of the
hand and
one
external
Indications of Current Business
ironic
seem
Market
to rail labor officials that the up¬
see
clearly what is behind the merger
ward
movement, who is throwing mon¬
coupled with wasteful work
key wrenches, and where mergers
vital
services
vide
Is
in
in
context.
the
Class
I
But not
a
ago—and
since
first railroad
in
to
up
6,000
the
railroading is
old
as
this
halt
just
place.
had
Imagine,
for
instance,
instead of the integrated
the
still
the
Pennsylvania
had
the
original
Not
only would
contrast
resolution
to
Sen.
calling
for
riers
com¬
halt
elimi¬
at
other
it is good
mergers
of
not
is
too
and too much
though
as
ner
and
table
>
■
seen
most
many
car¬
transport
set for five
Our
26
Te chnlcal
Managements
^
Reporter
Public
Governments
on
Utility
Commonwealth Oil 6* Ref.
25
Securities
Now
Prospective
in
25
30
Security
Offerings
Singer, Bean
34
Registration
sMackie, Inc.
HA 2-9000
Security
I Like
Best
(The)
40
2
Exchange Place, N. Y.
Teletype 212 571-0610
Security
State
Salesman's
of
Trade
Corner
15
Direct Wires
and
Industry
(The)
Tax-Exempt
Bond
Market
Cleveland
You
and
"See
article
i_
vestment
starting
Los Angeles
6
Philadelphia
Washington
to
16
-
Chicago
40
St. Louis
first
on
analyzing
page
San Francisco
Washington
in¬
companies' portfolio activities in the June
The
COMMERCIAL
Published
Twice
26
Park
D.
Continued
on
to
page
28
CHRONICLE
DANA
N. Y.
7,
Southern
Patent Office
COMPANY, PUBLISHER
REctor
2-9570
to
9576
SEIBERT, President
WILLIAM DANA
It's
up
FINANCIAL
Reg. U. S.
Place, New York
CLAUDE
and
Weekly
WILLIAM B.
ca¬
people,
eight showed
or
Bankers
and
Observations
GEORGE J.
Thursday, August 8,
Every Thursday (general news and
Monday
(complete
statistical
issue
MORRISSEY,
Editor
1963
advertising
—
Nitrogen
Treasurer
SEIBERT,
I
rooming-house din¬
were
seven
to
a
Reynolds <Sp Reynolds
*
Banks
be¬
problem
how¬
transportation
today
one
Marrud, Inc.
9
quarter.
industries,
major
of
as
24
un¬
pacity and too little traffic.
Kefauver's
a
The
clearly
petitive chaos exist, but every
line would probably be bankrupt.
In
by
problem
com¬
panies that went into the Pennsy's
formation!
unique
ever.
you
of
faced
entity of
Railroad,
600
cause
if
light for
a
Activity
(The)
in particular need
are
green
a
You
strengthening
business generally;
Railroads
of
taken
never
that motive
for railroading as well.
today if all these past
consolidations
busihesses
diversifying
and
r
outgrowth
Consolida¬
aimed
services,
and
.
About
Securities
imply that
an
on
.
1\t
.
competitive position. This is good
proposals to
imagine
are
earnings
for
mergers,
situation
a
operations, cutting costs, improv¬
ing
the in¬
dustry itself.
In view of current
they
necessary
merge
as
have
nating duplicate facilities and
the
on
to
urge
Indeed, if
not
general
among
alone;
1
16
opposition,
distress.
seldom based
are
century
founded
was
So
financial
tions
were
1,300 railroads just half
continent.
of
railroads
there
wholly
mergers are
today, 103 of which
systems,
probably
fear
now
this
Yet I don't want to
Compared
line-haul
400
they
News
prac¬
problem to discuss today.
andj
7
_
Funds
rates,
wage
oppose.
for
not
would
are
lot,
a
present-day terms.
the U. S.
are
like
looks
heatedly
so
were
we
railroads
in merger negotia¬
historical
with
pro¬
it
major
This
tions.
in
25
engaged
now
carriers
and
America.
Some
these
which
movement
taking the railroads and the
of
pressure
.
Mutual
tices, has done much to spur this
are
J.F.Reilly&Co.,Inc.
8
News
competition
the other. It must
on
now
rising
exerted by
squeeze
intensified
The people de¬
area.
to have that cloud of con¬
serve
Recommendations
Einzig: "International Liquidity Proposals
Gaining Support"
Mainly because of the
internal costs
truth
deserves the
public
giant
railroads
are so many
merging?
transportation
in this vital
40
__
The Facts That Speak Alone
man-
g e m e n
moves
Coming Events in the Investment Field.
disastrous.
Dealer-Broker Investment
the most ben¬
eficial
could prove
of
one
market
issue) and every
quotation
records,
corporation news, bank clearings, state and city news, etc.). Other
Office: 135 South La Salle
St., Chicago 3, 111. (Phone STate 2-0613).
Co.
-
Copyright 1963 by William B. Dana Company
All
For many years we
have
specialized in
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Second
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The Commercial and Financial Chronicle
(528)
full year
Lead—Its Uses, Production,
actual net income from
year,
and
the
$1.00
dividend
tained.
investment merits of the shares
and the
to
expect
be
zinc
of the two largest lead
to
operations,
lead
ruins
Egyptian
in
found
of its high thermal effi¬
missile
launching.
ciency, lead is also important in
been
4,000
medallions have
and
coins
and
Because
used
heat
electric
-
conversion
tech¬
old. Lead water pipes, still nology. Powdered lead, mixed
serviceable condition after 2,- with plastic, may create a greatly
years
in
from
are
large
a
zinc
silver
mine
in
interest
in
Peru, a 17%
African-
North
two
lead-
a
$48 mil¬
a
lion joint venture with Bethlehem
Steel to produce 2
million tons of
concentrated iron pellets from ore
have
years,
been
documented
gions
on
created
it
for
in
plications
industrial
our
have added
the
age,
from
lead in recent years.
to
In
wide
economic luster
new
output
1.8
lead
of
increased
>
I
30%
About
America
North
in
sumed
batteries
automobile
.17% is used
as an
to
knocks
and
formance.
is
for
growth rate
additive (t.etro-
step
sources
per¬
5%
cable
covering
.competition
plastics)
from
about 7% in chemical,
principally
production
titanium oxide has taken
erable
business
Lead
9%c
to
quotations
lead
consumption
demands,
has
remained
ket, but
the
20%e
in
business
automobile
lion
car
a,nd
been
with
about
half
for
batteries,
int'o
There
even
re¬
as
is
the
clear
for
some
its
uses
world
reactors
for
qualities.
in
and
its
is
and
stabi¬
On
two:
are
Strategically
used
Mining
St.
Jo¬
The
Smelt¬
and
in¬
and
as
lubricant
and
high
a
in
now
rocket
pro¬
zinc.
in
Current
Company
Mine
States
and
at
Kimberly B. C., together
the [company's
and
complex
duce
ly.
a
in
the
of total reported
blame for
the
case
device,
In
can
gold,
is
a
silver,
of
dium.
antimony
The
and
tin
also
is
company
in¬
a
major producer of fertilizer (720,000 tons
the
10
annually), and is among
in Canada.
by
S'EC's
the
future
great
importance
ownership by
78%
Pine
of
Markets
Also
now
the
it
is
effect
is
"Smelters," of
Point
Mines,
Ltd.,
Production is
begin by
"Smelters"
of
shut-down
by
expected to
before 1966.
or
to
note
restrictions
im¬
num¬
to
over
sales, and in
to
rose
sales.
over
During
the
May 28-31 selling climax, the bulk
of
the
selling in
"short"
stocks,
American
Telephone, U. S. Steel,
Korvette, and AVCO, took place
the
on
above-the-bottom
second
third
and
days, after having in¬
during the preceding 14-
creased
of
days of decline.
sale
only
only
at
1934—as
on
allowing
up-tick, that is,
an
price
a
short
a
above
the
to
order
"short"
on
garnered
by
them
mark
the
i
results
lative
detailed analysis of the eight
leading "short" stocks
short
sellers
of
the
selling
stocks
decline;
spells
\
the
:
when
under great pressure.
were
The Study
ex¬
during
came
market
specu¬
(that is,
"black"
on
May 28 reveals that much of the
short
slips.
The
A
last
different one; and the prescription
Group; subsequently
cluding arbitrageurs, odd lot deal¬
ers,
and tax avoiders)
as
still
securing the Commission's specific
another
group,
depth"
chartists,
as
along
with
the
trend-chasers—rather
than trend^-cushioners.
Short
has
from
low
a
Y.
Stock
about
of
3 % to a high of over 8 %
N.
of total
Exchange
volume,
illogically dropping to the lower
percentages
market
stock prices reach
as
peak, and
rising in
prices
volume as
bottom.
scrape
is
professional
indulged
professional.
As
their
own
selling
tion
well
as
15 and 20
other
of
specialists'
%, the
propor¬
prices
decline
as
the
on
non¬
predominantly
runs
decreasing
the
by
the
percentage
a
increasing
and
in
as
sales
total
in
devising
against its impact
An¬
way up.
"pro" group, off-floor
the
during
generally
of
selling
which is
be
may
tributory factor during
market break
stress.
of
extra
a market
weak
mar¬
"protecting
times
of
presence
burdens
prohibitions
general
on
in
market"
("The
con¬
a
period of
a
the present up-
...
tick limitations should be
supple¬
mented
This predeliction to sell on-the-
way-down
approval, recommends reform "in
ket declines—even
selling, .the Study finds,
varied
the
on
$1.42
or
per
16,381,645 shares out¬
standing. Working capital position
is magnificent. Cominco common
$26 paying $1
be
valid
a
Canadian
value,
ity
by
signed
with
to
the
effects
to
the
ing in
its
.
.
be
de¬
effectively
depressing
short-selling
price declines
be:
rules
or
more
potentially
of
sibilities
rule
a
cope
during
among the pos¬
.
considered
prohibition
of
would
short-sell¬
particular stock whenever
a
last
sale
below
was
the
prior
day's low.")
mem¬
pro¬
prices,
strike, of
mining in Missouri from
seems
and
far
a
purchase today than when
1955.
The
Possible
Extensive
Scolian
Nova
the
The
from
zinc
the largest known lead-
in
reserves
North
short
sales
of
1963,
reported
timated
credit)
For
the
loss
a
(including
against
first
of
3
$2.12
months
$443,000
(after strike charges
at
$1,236,000.)
For
attached
exploration
America.
mentary
deposit
es¬
tending
for
the
square
was
has,
the
to
eager
in
Nova
in sedi¬
ores
formation
several
ex¬
hundred
miles. Exploration here is
mining
Dresser
availability
Quoted
,
and.
suitable
of
for
YORK
38
open
adjacent
pit
deep
ocean
European
give
Nova
a
lower costs
NEW
orebody,
to
to
companies
cost
The
for year round
water ports
woud
low
and
shipping
large
a
over
the
poorer
TELETYPE
Wire System
to
212
Canada
571-0525
lower
dency,
lead
prices in
and
siver
high, there
seems
ably, bright
at
to
future
to
declines
of
pro¬
the
for
ascen¬
43
a
be
market
value,
price
the
and
more
a
year
reason¬
substan-
and would
is
Centering
sanctification
with
its
attention
relatively
positions,
L. Cook & Co.
CLEVELAND, Ohio
Rundle
signed
and
an
the
acquires
Lawrence
rising
as
the
will
i
a
short
finds
n
the
&
Mr.
will
market
of
company
Rundle
become
President
Chief
Performance During the
Study's
circumstances
1962
market
short
inquiry
sellers'
Headquar¬
into
ters
the
trend-chasing
Co.,
the
confirms
pro¬
Donald
G.
of
Rundle
prior to the climactic May
Exchange,
Building,
are
tive
well
in
managed
the
—lead, zinc
didn't
say
value
and
a
of
silver.
base
group"
And
word
metals
inflationary economy!
and
companies
"affinity
single
offices
Kent
tial and
we
Mr.
the
in
an
the
the
are
&
Mid¬
Stock
East
Ohio
Representa¬
maintained
,,
in
Marion, Ohio.
Rundle began his career in
investment
with
about
in
Cleveland.
Law¬
Cook
members
west
clivity. Midst 14 days of declining
markets
of
rence
the
surrounding
break
and
Execu¬
tive Officer.
Market Break
The
re¬
as
Chairman
the
the market falls,
as
Mr.
Cook
tendency there of the short
decreasing
Cook
Co.
&
in
large
Study
have
agreement whereby Mr.
the
on
Donald G.
—
Lawrence Cook
rises.
the
the
by
Rundle Acquires
quite concentrated number of is¬
interest
by
illogical
regulatory authorities.
•'LvLf/' ;
v\'.
Rundle
able the valuation.
and
both
give the impression of
up-side
reason¬
in
Canadian
funds)
and elements
(supported
in¬
mining
advantage
inland
the
the
producers.
With
ratio
sales
markets,
Scotia
great
the
total
higher the price the
companies
Industries.
gadgets
up-side
both groups evidently
the
Gunnar
Mines,
Ltd.,
Phelps Dodge Corporation of Can¬
ada
group.
of both members
market
—
that
by sophisticated
on
successful
including
American Stock
Exchange
LANE,
interest
going
now
to
as
gressed
the
eight-year period
an
case
nonmembers
and
lead, zinc and silver
51c
1961.
over
found in the
same
special
however,
recent
trader,
Study's analysis of short-
selling
speculative
margin
floor
Study finds represent another
sues
stock
professional
subscribing to the fallacious thesis
Orebody
These two big companies oper¬
ate
on
on
participating professional
Scotia which has brought to light
the possibilities of rich stores of
27,
common
advances and increase it
on
working
important.
order
declines.
reported net profits
$23,227,000 in 1962
share
6% of gross earnings in
MEMBERS
Private
of
total
a
rose
of two stocks
of
posed via the Securities Exchange
Considerable
Exchange
•
is
in
of the
Study
30 %
leading issues
Act
through the end of the
year. Earnings for the full
year,
however, were $1.44 per share on
Sold
5-7300
Special
Securities
between
Of
the
by
use
political party out of office,
short
largest producers of elec¬
tric power
this
to
its
the section devoted to this activity
a
producer
cadmium, copper, pig iron,
bismuth,
alleging
pro¬
"Smelters"
addition
market breaks
even
crease
smajor
Vanden llroeek, Licbcr & Co.
HA
C.
220,000 tons of lead annual¬
mining
TEL.
smelter
huge
Trail B.
at
substantial
to
well. Lead deliv¬
as
Foreign Securities
MAIDEN
comes
with 2 smaller mines in the area;
and
125
8%
of
principally from the big Sullivan
it sold at $40 in
lead
of
For Banks, Brokers and
Dealers
New York Stock
production
production
being carried
Bought
is the third larg¬
short-selling in
including recurring attachment of
Study highlight the role of
the
producer
lead
for
control
tempera¬
whose prospects
break
of
the
missives for
guidance
devices, and
second
better
the
and
many
is
Lead
as a result of low lead
July
Lead
in
a
producer of lead in the world
and
this
and
but
dampening
in
est
serves.
1962,
all
vibration
This company
construc¬
a
ered
now
doors,
Lead-lined
in
value
28
ber
substantially improve over
Jooseph is the most impor¬
United
containers
architectural
sound
types of structures.
ture
that
are
quite
Company
ducer of zinc
floors, and
substantially reduce
detection,
is
industry.
there
Joseph
tant
lead sheets for ceilings,
walls may
Sound
this
Lead
St.
demand.
Lead
mature
a
Consolidated Mining and Smelting
at
significantly
wide
wastes.
attracting wide
terest
in
St.
lead
of
share, SJO
a
the next two years.
years
interesting, and
newer
used, almost exclusively,
shielding material in nu¬
atomic
15
ing Company of Canada, Ltd.
are
is
$35
pro¬
long1
per¬
a
Consolidated
Uses
which may, however,
Lead
market
continent
seph
exciting,
increase
from
reached
logically take
ducers
placements.
Newer
cry
tive view about the dominant pro¬
annual¬
going
far
Particularly in view of the
sisting fictions about short-selling,
trend.
should
the
of
300,000 tons of lead used
ly
in
mil¬
7
creating excellent
years
volume
has
batteries
lead
term
paints and cables. The
most stable
top
a
Present indications
the
MAY
Such interference with a free
Slowly rising long possessing one of the largest un¬ bers in their short sales represent
developed lead-zinc ore bodies in
speculative market,
particularly
10 to 25% of total short selling,
the world. Official estimates refer
when instigated
by "the govern¬
If we assume that the lowest
and range from 8 to 25% of their
to 5 million, tons of open pit ore
ment,'!' we oppose. Stabilizing the
lead
own total sales,
More markedly
prices have already been
downside
of
averaging 7.4% zinc and 4% lead,
the
market, while
than specialists, the Study finds,
seen, and that dynamic new uses
with
very
large indicated re¬ do
permitting
the
continuation
of
may
expand
demand, then we
they decrease their short activ¬
stable,
with
newer
making up for some of the
uses
11 Vic indicate
at
still
are
lized, and in
relatively
decline
low point of
a
buoyant tone to the'mar¬
more
a
dur¬
soggy
10Vi>c earlier this year and re¬
cent
ago.
various
were
pound. The price advanced
a
rication.
these
Free
(about 9%), Peru
ing 1962, reaching
is
solders, type
metal, ammunition and metal fab¬
From
(about
(around 9%)
Prices of lead
consid¬
away >4;'
also widely used for
and
(paint
uses
which
in
national
(6% >, and Morocco (about 4V2 %).
increasing
(with
of world
Australia:
are
21%), Canada
lead
for
goes
10%
now
Europe (16%), Soviet Bloc (about
dustry accounts for about 10% of
consumption;
States
principal
14%), Mexico
in¬
construction
The
in the
production against 24% in
Other
1950.
reduce
to
motor
up
United
accounts for about
annual
At
company
should
Output in the United
reserves.
ore
about
and
gasoline
iethyl)
con¬
debt.
is
in
million tons to 2.4 mil¬
lion tons-ran annual
decade, due to steady depletion of
lead
the
of
million
$19
by
mining
world¬
decade
1950-60
of about 3%.
Modern1 Uses of Lead
v
ceeded
term
Prices
and
States declined about 44%
;
de¬
at end of last year,
vidend
common
Production
research,
with intensive
:together
total
of
likely to result.
seem
demand
steady
a
mand
centuries; while the ap¬
the
horizons
expanded
of lead have
decorative properties
over
re¬
insulating and
malleability,
ity,
several
in
cipal lead mining companies, and
the globe. The durabil¬
WILFRED
TREND-CHASING
the
mining companies, and
These and at Meremec mine, Pea Ridge, Mo.
been discovered improved insulation.
Common stock, increased to 2,in Roman excavations, and early many other new uses are being
use of lead pipes and castings has
energetically researched by prin¬ 989,282 shares by 10% stock di¬
000
A.
and
Argentine mining affiliate (earned
pulsion
ancient metal, one
by man.
Lead
very
a
first
the
BY
main¬
income, in
domestic
$2Vo million net in 1962),
of
OBSERVATIONS...
operations
would
we
of company
addition
price trends,
mining companies in North America.
Lead is
Thursday, August 8, 1963
Dividends have been paid
Sources
look at the demand for lead, production and
swift
.
continuously since 1934.
By Dr. Ira U. Cobleigh, Economist
A
,
share net earnings
per
will probably exceed the 93 cents
last
Producers, and Prospects
.
business
Saunders, Stiver &
in
Co.
1952
and
has been Vice-President in charge
of
sales.
Volume
198
Number 6288
.
.
The Commercial and
.
Financial Chronicle
(529)
5
'■
,
mated that total R&D will reach
$3t)
S
billion in 1967, and of this,
$20 billion will be for the Gov¬
You
ernment.
Problems and Prospects
effect of all this
insist,
now, that
it is beginning to-do
industry finance its own
facilities
J ice-President and Treasurer,
Aerojet-General Corp., El Monte, Calif.
and
Let
aerospace industry, spark 2d by
growing rate of increase in Research
Development, Mr. McKenzie discusses the industry's major prob¬
lems and expresses optimism for its
growth prospects. Most serious
problem singled out deals with the Government's demand to shift
only
one customer in the market where free
changing
Mr. McKenzie concludes
They
likely to face
nor as
business which
do
.
not
to
need
industry
insofar
volved not in
as
unusual
an
we
in¬
are
fense
tures are devoted to
To
largely in Re¬
search
which leads to
expendi¬
and
Dollars
a
aerospace
devoted
to
Re¬
we
well
are
aware
relatively few
of
units
mately 24% of the aerospace busi¬
turn
that
in
become
obsolete
R&D
can
of
the
in
the
for R
of
industry,
the
slogan
electric
known
also
now
engaged
of
a
company
in
work, that "progress
aerospace
is
most
our
important product."
is
progress
costly.
It
can
and
complex
best be exemplified
by pointing out that the speed of
aircraft at the end of World War
II,
less
than
20
ago,
years
approximately 400 miles
and
that they cost
pound.
In
the
making
are
per
hour
winged
got
we
pound.
a
Was
roughly $10
1950's
1,200 to 1,500 m.p.h. at
roughly $100
$550
&
a
Today we
aircraft
ca¬
a
and for the aerospace
particular.
story
is
What
the
Research
Never, in all history, has there
technological revolu¬
a
tion.
It imposes upon the basic
industry that produces these space
systems, and
upon
problem
a
does
tell
of
National
years.
1937, virtually all R&D
privately financed, and to¬
taled
approximately
During
the
war
about
to
half
was
$1
of
billion.
that
years
about
$2.5
which
was
Ten
years
for
the
ago,
the
nearly $5 billion and the
two-thirds for Government R&D.
billion, with
under
more
about $10
was
than two thirds
Government contract.
Today's
figures
are
complexity.
the
gross
rently
a
to
Can
greater percentage
national
defense
product
and
as
is
Absorb
On Its
Own?
industry to share
it
has
been
R&D
1
reliably
of
firms
new
competing
for
expenditures by
the
of
GNP
1961
time, it is
same
the
now
expressed
policy of the Govern¬
ment, which we applaud, to rec¬
ognize the increased risk placed
contractors by the adoption
The inten¬
upon
of incentive contracts.
course, is to reward
in
good
of
AEC, but it
AEC
action
our
but
should
we
experience
application
mula
lar
com¬
good job.
wholeheartedly endorse this
a
of
with
the
state
the
that
actual
for¬
major multimillion
on
incentive
dol¬
Research
contracts
is
and
Development
limited.
am
not
are
they
sure
civilian
or
case
of
available, but I
would
reflect
an
& D to GNP.
Contemplated Expenditures
The
Federal
Budget
calls
for
as
compared with $4.3 billion
for 1963.i
The Department of De¬
fense
contemplates expenditures
$1.6 billion compared to NASA's
$4.1 billion.
of
,
Contemplated
expenditures
by
Atomic Energy Commission in
field
centive
our
of
pricing
the
in¬
Within
program.
company, I am encour¬
by pur experience to date.
o\vn
aged
(2) The second problem is the
rapid obsolescence of these de¬
vices,
which
puts
Research
emphasis
new
and
Development
work.
(3)
aero
firms, both prime and sub¬
space
contractors,
former
as
and
concerns
ot h
airframe
industrial
er
giants and large chemical compa¬
nies get into the business.
(4) A certain amount of public
or political reaction
against spend¬
ing
hitherto
"moon"
fantastic
landings
or
for
sums
similar proj¬
ects.
placed
of
at
national
$2.85
compared
with
$2.87
mount
pressures
for
geo¬
graphical distribution of aerospace
jobs.
in
are
for
for
are
1964
billion
last
the
Coast
at
II,
it
were
41
major prime contractors
in what is
Of
rest
same
thing
each, other
No
a
dozen
missile
work
dozen
in
were
100
en¬
No
in
are
contractors.
primes,
and
the remainder
30
business is
so
West.
fast-changing.
circumstances
breakthroughs
Soviet
achievements
First
it
"Lunik,"
at
space
was
was
then
the
finally it
to
make
to
meet
Soviet
or
"Sputniclc,"
two
oractically
a
and
Yet
honey¬
the
industry, while people
beginning to grasp the
significance of chemical rockets
just
are
and their
potential, must
to new methods of
clear,
ion,
amount of
ment
or
move on
propulsion,
some
There
are
lems which
The
work
which this calls for is
beyond the capacity of private
I
will
touch
in
of which
Companies
Space
more
and
h
in
is
more
more
hie h
in aerospace
multiplied
a v e
in
number and the larger ones have
apace
more
as
space
and
more
programs
sophisti¬
liferation
bidders
of
out
insistent upon the private
personnel
there
to
must
be
allowances
them.
man
greater
if
deprecia¬
companies
The
question
of
profit
other problem for which
are
pleaded
to
a
n no linee
that
size of the
that
has
tion
mutually
Government
by
to
an¬
solu-f
satisfactory
The
2>
ona
U G. RuJtc
business, spectacular
has
found.
been
industry
Perhaps
in¬
contracts will bring about
stability
in
the
industry
weeding out companies ready
"buy"
with
a
a
development contract
fixed fee with the hope
eventually making" out on
tract changes or cashing in
kind
same
of
thing
Continued,
on
YAMAICHI
days
of
the
automobile
industry,
Securities
in aircraft between the two World
has heen elected
j-^resident ofi
our
A
Wars,
in
and
those
instances
"controls"
911
COOK
The East Ohio
&
COMPANY
Building
radio
between
the
and
in
were
good
style, the
more
Government
free
enterprise
alert, better
14, Ohio
621-5115
Affiliate of
man¬
aged companies survived.
But
the
conditions
YAMAICHI SECURITIES CO., LTD.
which made
for
the
the
Cleveland
Serving Institutional Investors and Brokers
negligible factors
old
Company
of New York, Inc.
mid-1920's and the mid-1930's. But
in
LAWRENCE
in
surviving automobile, aircraft,
growth and
.
and
in
radio companies
the
There
aerospace
can
market;
never
there
is
prosperity of
TOKYO, JAPAN
do not exist
industry today.
be
a
only
"popular"
one;
cus¬
111
on
page
as
hap¬
of
con¬
a
follow-on production contract. But
Japanese Securities
pened once, of course, in the early
to
and
all
been.
are
is
no
proportion to the increase in the
We
Fi¬
going to survive.
cated"black boxes" for guidance,
pro¬
of
our
nancing these facilities means that
greater
w
of
one
The Government
financing of research facilities and
centive
Work
Problems
getting to be
major problems.
tion
propulsion,
Electronics' companies,
programs,
Major
This is
yet
later,
on
problem is the
en¬
terprise alone to provide.
other associated prob¬
but the main
nu¬
other.
Research and Develop¬
Proliferation of Bidders
few
esti-
in
men
time,
same
mooning couple in orbit.
are
combining aircraft,
Electronic
grown
doing it to
the Middle
national
an¬
The
missiles and propulsion programs.
Call for
The
trying
the East Coast,
on
constant
at least 50 are involved in missile
programs
share
days.
are
Business Has Such Challenge!)
the
and
propulsion.
aircraft
than
more
"Help
metropoli¬
None has made such great strides.
None is so
challenged by inter¬
there
the aerospace busi¬
now
were
estimated
was
these,
in
gaged
my
the
companies
and both of them
immediately after Wbrld
War
other
this
doubt
these
newspapers
and
you
glance
intense
an
brains
If
money.
just
areas and win
big contracts left,
companies
-
In 1946,
ness.
piece
a
slight reduction.
year—a
i
tional
defense
billion
Today it is estimated there
The multiplication of
of the few
then
major space program
expendi¬
tures of $6.1 billion for Fiscal Year
1964
ev¬
order to perform in
technology
competition
tan
be
and
get
stunts.
increasing ratio of R
the
success
to
sure
Further, in
the
produced
business.
the high
be argued that
the
determine the
was
ago
could
to snare people on the
West Coast.
The West Coast
people are doing
separate
Figures
1962
the
types
2.806
not
Fair
very
erybody
of
of
and
East
tutes the ever
increasing bulk
the nation's R&D costs.
for
dozens
developed
aerospace-related research consti¬
and
penalize poor
performance. This is a worthy ob¬
jective and should reverse the de¬
clining profit rates for those
when
down
decade
a
2.713
DoD
can
narrowed
1.256
do
of
case
has
programs
considerably from
word,
performance
panies doing
of
.744
6.230
figures
the
follows from this that there
intense competition for
avail¬
able
appropriations. The choice
takes
NASA
4.496
518.7
These
purposes.
It
Wanted" section of any
DoD
503.5
•»'
...
.
is
the
AEC.
1960___
other
NASA,
Defense,
•
communications, reporting, dnd
some
atomic energy research in the
programs.
able programs increases and addi¬
Looking ahead to the next
years,
ber
the business.
becom¬
of
I have just noted.
Industry
is
concur¬
greater percentage of de¬
space
Gov¬
total
a
have tended to increase—but not
nearly in proportion to the num¬
io wing comparisons
between GNP
and R & D
(5) And, of course, the effect on
profits as competition for avail¬
the government
ernment,
devoted
total
billion,
percentage had shifted to nearly
By 1960, the total
De¬
include:
they
in the cost of these
on
Back in
was
and
of
dur¬
and the pros¬
years
pect for the next five
$16 billion, with about 70%
a
this
Development
which supports them financially,
problems of unheard of magnitude
Annually
Whole
industry in
growth
and
ing the last 25
total
been such
the
for industry as
space
and
A recent report showed
the fol¬
work, recognition of cost
figures, while significant
changes beyond the control of a
in themselves, do not begin to tell
contractor, and other factors will
the whole
pose
major
Research
growth
of
Government.
roughly $1,000
fur¬
These
they
and
Gross
our
administration of changes of scope
and
private industry
nishing less than $4 billion.
their
pound.
spent
total
increased
is
be
outlay amounting to 70 % of this
to
cost of
a
approxi¬
will
D, with the Government
pable of 4,000 m.p.h. or space ve¬
hicles traveling 17,000 m.p.h. and
cost
billion,
billion
story of
'
This
of
mately $16
estimated
an
the
years.
to
the Government
is forcing private
We
GNP
R. I. McKenzie
aerospace
words
widely
Govern¬
Development
Currently, out of
be said
entire
approxi¬
of all the
programs
of
Product,
ing increasingly restrictive in strict aerospace R & D from R&D
funding our R & D programs. It lor conventional weapons systems
work.
new
technology.
It
16%
get
we
ment's Research and
breakthroughs
in
because
and
ness
as
pro-
duces
this
of
field, particularly in recent
tion, of
Development.
In California
of
With
all off, annually
is
stated,
the
are
velopment of* Aerospace Systems
more and more in the aero¬
At the
of
related
percentage
Year
space
Like Topsy
percentage
expenditures
Development
production
top this
greater
and
simply
Yet,
missilery and
Government
but
search
Growth
all
few
con¬
growth problems.
National
and
i
R&D
brought to
last
a
closely
conditions
our
types to be developed.
exploration.
space
have
are
years,
quasidefense
or
few
a
As
are
These
of all
is bound to restrict the number of
successfully mastered making
production of
mass
standard
units,
be
trolled.
Department
the aerospace
as
Profits
boosters and space vehicles which
fast
as
such
(1) The rising high cost of
"blue-chip" industry.
a
emphasize that
the aerospace field is
challenges
as many
he is certain will
aerospace
I
and
competitive conditions
other business is
no
for
outline
now
industry in the
closely controlled agent of the Government, and criticism
the proliferation of bidders in an industry where there is
do not exist.
me
cumstances
R/D onto private industry without offering reasonable assurance
of a profitable payoff. Cognizance is taken of the
industry's feeling
is made of
personnel
the problems which changing Cir¬
and
Word.
as
extensive R&D program.
an
After tracing the dynamic changes in and
phenomenal growth of the
a
the aerospace
on
com¬
petitive conditions do not exist in
the old-fashioned
meaning of that
industry if Government continues heart
to
By Reginald A. McKenzie,*
that it is
appreciate the
can
tomer. the Government. Free
BROADWAY, NEW YORK 6
COrtlandt 7-5900
13
6
The Commercial and Financial Chronicle
(530)
Tax-Exempt Bond Market
in
ations
the
of 2
Illinois
market
3 situ¬
A
large
of
view
In
first
of
months
seven
the
1963,
municipal bond dealers, seems
the
during
underwritten
volume
springs from the breasts of most
record-breaking
the
likely to propagate
even more
im-
after
backed
off
of
course
the
the
underwriting
\ has
groups
been
Even though the market is but
acutely keen even during the periods
of
unsettlement
provoked
little
by the build-up to the recent re-
least be attracting a broader spec-
discount rate rise.
not
During this past week the market
continued
has
as
year
a
was
interest
of investor
interest, such is
presently the
for
case
reasons
In
high-grade
in July
view
Traffic
the
on
ing
preliminary
to
was
week ago,
a
3.10%
ket
3.07%
Thus the
July 17.
on
for
July 24 and
on
high-grade
tax
20-year
than
up more
point and a half
a
within 3 weeks
since the redis-
or
count rate rise.
This
measure,
not con-
it seems, does
guine
as
clude
that
the
been
has
market
>
san-
as
consistently strong and active during
hasn't
the market
generally active and
been
dealer sheets
are
ferings
appear
cheap
that
against
as
ings that
taken
replete with of-
well
be fairly
to
seem
relatively
issue offer-
new
progressively brought to
as
market.
3
„
Should recent municipal finance
history repeat itself, the new lssue
volume
will
remainder
and
taper off during the
the
of
September
in
est
to 4%
is
than
heavy but not
half
ago.
catches
politics and Elec-
December
now
size
king
a
have
that
and then
flotation
or
two
for
year
but heavy volume is certainly
of
reasons
not normal for this
..
T
.,
.
.
In this vein,
note
calendar
holiday period.
.
it
.
,.
.
remainder
of
,
volume
August and for
000,000 at present. Within this
not
the
volume
average
pe-
seems
likely to be substantially in-
creased
from
present
1,000,000
:1964-1993
7:30 p.m.
3,450,000
1964-1988
8:00p.m.
1,512,000
1955-2003
11:00
a.m.
1965-2002
10:00
a.m.
Township S. D., N. J.__
University of Tennessee-
August 10 (Saturday)
The
Utah State
since the
University
St. Joseph S.
indications,
Bond
Shy
issue
volume
when
cially
associated
ingly
improved
even
with
The
to
us
D., Mich.
"interest
SOme
likely
appears
off
to
the
of
face
and
ity impugns
^ worc}
a
then
but
faint hope and
thereby hangs
est in
state^and
new
superfi-
ste&dy throughout the past week,
However, even though the general
obligation market reflected some
price improvement, the
price for the dollar quoted
The Com-
mercial and Financial Chronicle's
bond Index, which util-
revenue
situa-
tion, steadying influences exerted
izes 23 of the most actively traded
issues, averages out at 3.431% as
by Federal Reserve monetary policy, the continuing prospect of
°f Aug. 7. Last week the Index
stood at 3.42%.
apparently
easy
money
eternal
and the
hope
that
However, there
tant
price
were no
changes
and
impor-
the
few
MARKET ON REPRESENTATIVE SERIAL ISSUES
Bate
California, State
•Connecticut, State
New Jersey Hwy.
York State
.___
3%%
3%%
Auth., Gtd.____ 3%
♦New
____
♦Pennsylvania, State
•Delaware, State
Maturity
1982
Bid
3.15%
3.05%
1981-1982
3.15%
3.05%
1981-1982
3.05%
2.80%
2.65%
3.15%
Housing Auth. (N. Y., N. Y.) 3M>%
Los Angeles
California
3%%
♦Baltimore, Maryland
3y4%
3.00%
1981-1982
3.15%
3.00%
New York City__
_
.
•
•
■
1981
'
8:00 p.m.
1,240,000
1965-1979
11:00
1966-2003
10:00
a.m.
Calif.
2,000,000
1964-1987
10:30
a.m.
Dists., Md
Wayne Twp; Sch. Bldg. Corp., Ind.
4,000,000
1964-1993
11:00
a.m.
4,000,000
1967-1981
10:00
a.m.
1965-1983
11:00
ami.
Maryland Roads Commission
4,935,000 11964-1978
11:00
a.m.
Turner Unified S'. D. No.
2,400,000
1964-1984
7:30 p.m.
4,300,000
1965-1981
8:00 p.m.
2,351,000
1965-2002 ;,
2:00 p.m.
3,275,000
1965-1985
5:00 p.m.
Sweetwater
Jr.
Coll.
Dist.,
Wash. Sub. San.
Local
Housing Authorities
1,200,000
116,160,000
-
202, Kan.
Woodbridge Twp. S. D., N. J
August 15 (Thursday)
Northeast Mo. State Teachers
Board
of
Coll.,
Regents
Richfield,
Minn
La.
Bd.
August 16 (Friday)
runnerup bid,
est
cost
sales
and
an
four
made
terest
cost
for
bids
from
$23,435,-
at
&
Las
groups
ranging
with
Company, Inc.
bers
of
the
Kidder,
in
to
Continental
and Trust
&
Gastonia, N.
The
•
Lowell, Mass.
Fahnestock
District
&
Tulsa, Okla.
Shawmut
Illinois
Reoffered
to 3.15%
1965-1983
:
15,950,000
1967-1988
11:00 a.m.
1,389,000
1964-1983
11:30
4,200,000
1965-1984
11:00 a.m.
Okla.__
5,000,000
1965-1983
10:00 a.m.
2:00 p.m.
1,250,000
Tampa, Florida
1967-1993
7:00 p.m.
4,000,000
—
1966-1993
1,100,000
______
1965-1990
11:00 a.m.
August 26 (Monday)
Sacramento
Redev.
Second
Agency, Calif.
Fort
Wayne
11:00'a.m.
2,800,000
August 27 (Tuesday)
;
Comm.
3,000,000
Minn.
1965-1974
1:00 p.m.
1,500,000
Schools, Ind.
White Bear Lake Ind. S. D.,
1967-1989
8:00 p.m.
August 28 (Wednesday)
Okla.
J
Colleges, Board of Regents,
Northeast State
'• '
College, Okla.__
10:00 a.m,
1,479,000
Company, The
September 3 (Tuesday)
Bank, Boston,
Houston, Texas
South
Company.
yield from
1.70%
for various coupons, this
,
Co.
Jt.
Jr.
^__j
Col
Dist., Calif.
*
.
;
11,070,000
—
,8,250,000
September 5 (Thursday)
^
Indiana
State
College Board, Ind.
Franklin Sch.
Construction., Va.__
time balance of $10,760,000.
3.20%
3.10%
1981
315%
3.05%
3.30%
3.20%
3y4%
3%
1981
3.30%
3.15%
i980
3 2S%
3 15%
The
State
$9,600,000
State
Education
the
The
Oregon
Board
(1966-1993)
syndicate
Halsey,
and
of
Stuart
headed
&
a.m.
1965-1988
4,350,000
L_.
Slidell, La.
-Company,
3.10%
1981
a.m.
8:00 p.m.
August 22 (Thursday)
Com¬
&
::
were
Bank, St. Louis, and
to
1,950,000-
Tulsa Co. Ind. S. D. No.
1,
Philadelphia
Company,
Securities
National
11:00
__
—
Company,
&
11:00 a.m.
1965-1994
_
San Jose, Calif
in¬
mem¬
group
Shields
-Taylor
1965-1993
2,000,000
3,500,000
Co., Ga
ration, John Nuveen & Company,
Kean
7:30 p.m.
a.m.
August 21 (Wednesday)
Fulton
Equitable Securities Corpo¬
pany,
1965-1972
August 20 (Tuesday)
L__
11,350,000
C
Company, Phelps, Fenn
Bank,
1,100,000
.
Raritan Tp. S. D., N. J
Illinois National Bank
Company,
National
10:00 a.m.
3,000,000
Wyo
Alexandria, La
Douglas, Ga.
&
1965-1983
Calif
2.76%
major
winning
Peabody
11:30
Virgenes Municipal Water Dis¬
tricts,
Halsey, Stuart
as
1966-2003
County Rd. Dist. No. 1, Tex.
Park Co. S. D. No. 6,
this popular bond.
Associated
11:30 a.m.
a
The
Chase
the
2.75%
1966-2003
3,200,000
of
(1964-1993)
additional
which
1,200,000
Polytech Inst.
state
a
Manhattan Bank group and there
were
,
La.
E.
Dormitory Rev., La
of
Hampshire,
from
N.
State Coll. Housing Sys. Rev
2.746% net inter¬
came
Ed.,
August 19 (Monday)
associates
a
of
La. State Bd. of Ed.,
Dallas
awarded
and
State
■
3.25%
31/2%
a.m.
August 14 (Wednesday)
King Co. Renton S. D. #403, Wash.
2,865,000
1963-2000
11:00 a.m.
issue has been sold down to press
3V2%
August 7, 1963 Index = 3.020%
♦No apparent
availability.
Inc.
2.85%
1981-1982
Auth., Pa
11,250,000
Halsey, Stuart & Com¬
First National
1974-1975
—
to
The
3%%
0hi?
1964-1991
the calendar.
on
purpose
2.90%
2.90%
Philadelphia, Pennsylvania
•Chicago, Illinois
a.m.
1,100,000
Radnor Tp. Sch.
fairly
a
three
borrower
1981-1982, 3.00%
1981-1982
to
2.7386% net interest cost bid.
Inc.
Asked
were
3y4%
New
a.m.
11:30
reoffering.
of New
ratings,
pany\
Steady
seem-
less
commercial
off
were
various
bonds
the
or
State
000
inventory
more
the
Thursday
credit
considerably.
off slightly.
11:00
1964-1982
or
whose bonds carry the highest
J!16
roac*> toll bridge, public
utility and other long-term dollar
quoted revenue bond issues were
was
same
readily avail¬
were
upon
infrequent
I
issues
1964-1988
1,120,000
went
which
at
exempt bonds, most of
importance
The
mamed below $400 000,000 through
September and.October, while the
Bonds
2,000,000
Conn.
as
Recent Awards
Last
??? 1
below
$300,000 000 f^ft^while,Mt re-
Dollar
8:00 p.m.
Fla.
these
.
f09,579,000.
^t, this total seems likely to
reduced s(^e. Inflate August
improved
all
the
of
as
issues
good start
re?. *?
^
As we finish out
market
tax
these
mumcipal bond offerings has been
avera2lng ^
$500,000,000 area
™a
1:00 p.m.
1964-1993
Naples,
banks continued their wide inter¬
„
°
®
1964-1970
Orange,
of brief
for
levels
blocks
to
came
instances
many
the
However,
^e.
2,800,000
25,000,000
j
able in the secondary market.
a
Inventory to Melt
.e.
an
competitive
very
similar bonds
taje
,
which
Bidding
in
smaller
again there is
7:30 p.m.
8:00 p.m.
Met.
Cos.
County W. D. 1, Kan
close
up
were
worthy
are
was
through
Franklin
District, Ohio
Johnson
com¬
$225,000,-
over
loan, made
and
prices
but
hollow meaning for
a
of
eight issues of general
comment.
loans
Park
&
Southern 111. Univ.
total, there
interest
market
it#\ improvement
competition
more
this
investor
show
to
further improvement at least
SOme
on
mix"
1965-1994
1964-1992
the $100,000,000 State
issue,
additional
favorable establishment, our
market
rate
1964-1989
1,425,000
Sibley Co., Minn
issue calendar of
new
half
to
that with the
new
road
000 of bonds this week and while
recapitulating the foregoing,
seem
both
area
if the tide
more
of California
in
Chicago
petitive bids totaled
would have borne im-
one
it would
average
This expected reduction in
3,550,000
August 13 (Tuesday)
Columbus
generally
Busy Week
situation,
a
is
the future is to be met positively.
market.
tangible
Investors
Such
are.
it
as
requires
and
points higher
for
September totals less than $300,riod
definitely
last systems
pact to the entire long-term bond
interesting to
is
issue
new
basis
25
moreover,
that;scheduled and tentatively
scheduled
the
the
39
Jefferson
Tollway
figures.
the
that
yields would presently
they
the first
as
reasons
much to do with
tion Day.
November
moderately
heavy
as
for
norm
and
the
over
normally very
usually
Corn-
page
August 8 (Thursday)
4.3%.
up
month
a
important
admitted
relatively
it seems fair to gener-
least
August
year.
are
October
reasons.
exempts
that
at
the
commercial bank inter-
tax
two years,
alize
for
not
enormous
light volume months for obvious
financing
it
Were
I"11? assurance of fair profitabil-
Ahead
Days
on
Ryan
ered
otherwise.
with
Dull
Continued
Arlington Ind. Sch. Dist., Texas___
decline for July accord¬
from
dividual and institutional, compre-
Actually,
July.
winning
succinctly generalized average daily toll revenue for
August 12 (Monday)
due to investor "tension." For July was $92,074 as compared to
a
variety of reasons the "world $95,886 for July a year ago. Toll- Goose Creek Cons. Ind. S. D., Tex.
4,290,000
situation" as the investor, both in- way revenues have been reduced Richardson, Texas
3,240,000
be
market
Connecticut Bank and Trust
as
mar-
exempt bonds would seem to be
pany,
the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
Express wa y was
obligation bond hends it or fails to comprehend it,
The Index stands at has recently limited general in- opened in December, 1962. The
Aug. 7 as against 3.05% vestment in bonds, tax exempt and diversion of traffic is not consid¬
on
&
Larger Issues Scheduled For Sale
yield Index.
3.02%
Thalmann
In
4.4%
Illinois
a
Bank, Los An¬
Company, G. H. Walker &
of the
Com¬
of
year
a
were
showed
&
Company,
Company, Barr Brothers & Com¬
Guaranty Trust Com¬
Other members
California
Ladenburg,
&
point in the
a
week.
revenues
from
came
and associates.
pany
gains,
which
Blair
Shields
^hat may be
general
20-year
Gross
cost,
the Morgan
some
net
include
Inc.,
pany,
Toll
during the month of July
heavier than
syndicate
3.059%.
geles,
market
Dan
Chronicle's
Financial
well
do
to
Commercial and
it
theoretically at
should
and
ago,
trum
Statistical Improvement Only?
measured by The
higher than
Company
of
United
pressure exerted
by
adjudged moderate or extravagant new isthe Wanapum Dam bonds, revenue
by the various price and yield sue bidding to the extent that our
bonds have generally acted very
averages
and indexes has been secondary markets may bear little
well.
remarkably receptive. The compe- or no resemblance or relationship
Traffic on the Mackinac Bridge
tition exerted among bidders and to the new issue counterparts,
market's performance as
cost
This bid compared very favorably
Florida Turnpike
of
Trust
with-the second bid, a 3.06%
spectacular
%s
and
interest
Indiana
the
pressure.
4%s,
Bank
net
a
Thursday, August 8, 1963
.
into
\2Vzs also seemed to be under
slight
at
.
came
3%s
and
tional
re¬
or
oversupply.
of
block
DONALD D. MACKEY
BY
prices merely
lower
slightly
flected the pressure
.
September 10 (Tuesday)
awarded
of
Higher
bonds
to
jointly
by
Mason
City Ind. S. D., Iowa
Illinois
Na¬
2,600,000
—
October 9 (Wednesday)
Company, Inc.
Continental
1,500,000
September 25 (Wednesday)
Cincinnati, Ohio
20,000,000
—
—
Volume
198
Number 6288
.
.
The Commercial and Financial Chronicle
.
(531)
to
order
safeguard
of payments.
Had
their
any
slble
balance
one
of the
incomes
country based
policies
on
in
tween the government,
employers
and
the
it
resources
have
could
provided would have been used
in the
forties, right to the extreme
limit of possibility.
1
kept
up
•••■'
*
Prices would
•
-
-
1
"
employees.^ If prices
reasonably "stable
TH-
could be
the"
then
additional.Vinternational
ID
A
purchas-
ing power created by the liquidity*
"
^
*
D
be-:'-^N aHlIIl
1945
By Paul Einzig
\Tr*w-iw»
every
cooperation
liquidity plans been in force since
--
I.
7
T
>
clPlIiGr
X
J
Tl
1. QUl> Ollt X
V
*M +
J\ V
eW*L .^amm has been admitT
.
aS a general Partner to Francis
duPont
Foreseeing major rise in proposals to increase international liquidity:
at
the
coming
International
Einzig attributes
its
Monetary
America's
changes
realization4that solution of
is
unexpectedly
Fund
to
annual'meeting,
approving
an
attitude
Dr.
,
quate.
to
balance of payments problem
our
mitted to treble.
because world
resources
inflation
Is
increase international liquidity are
likely
the
figure
to
annual
national
prominently
meeting
reached
at
last
At
<?.
tb
have
be
?
the basic principle.
r
-
of the Inter-
Monetary Fund.
on
would
1
*
•"»
additional
would
object in due
crises.
LONDON, England—Proposals to derstanding
by
be
to
then would
supple-
pand
measures
5
there
have defeated
balance
reason
to
meeting
Mr.
Maudling's
Administration which,
Pr sident
suppose
more
ennedy
judging by ^ 1^eh^eb^/1^dt*° 3 ^ °
recent
s
mes-
'
j.
-
,
"to recommend
the
is
specific prescription for the longterm
improvement
national
of
precisely
sence
had
Changed U. S. Attitude
This
change
here
the
to
solution
of
ments:
the
assumed
be.
are
sider
solution
In
States.
The
solution
has
the
this
by
admission
of
a
Curiously
this
measures
from
side
Andrew
p0wer were
minimum.
purchasing
to be kept down to
This
could
only
a
be
done through the adoption of senh
on
I. Namm
.
father
NaS-
1941 to
25 Broad Street.
as manager
City
He
was
office
an
The
of
in
^
t
was
jf
- ^
LOS ANGELES, Calif.—Tanner &
formerly
Mr.
Tanner
with Kidder, Peabody & Co.
yn.
South
Coronado
was
in favor of
are
Francis I. du Pont & Co.
of these securities.
August 2, 1963
400,000;
,' -i
of
American Depositary-Shares
TheTokio Marine and Fire Insurance Company, Limited
authori¬
might
(A Japanese Corporation)'-
the
that
come
Representing
remedy is certainly
20,000,000 Shares of Common Stock
quarters
Atlantic
on
(Par Value 50 Japanese Yen Per Share)
which
-
liquidity scheme
some
inspired by considerations
ex¬
actly opposite to those that have
weakened
official
American
•
hos¬
Price $18.25 per share
tility to that scheme.: What Euro¬
peans are
success
afraid of is the effect of
rv
by the American author¬
ities to restore the equilibrium of
their
balance
argued
over
annual
of, payments.
dollar
the
end
an
dollars
would
that
surpluses
would!'return
that
is
the
come
and
to
Copies of the Prospectus
may be obtained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified
this
international
would
resources
less
It
once
perennial scarcity of
mean
liquid:
even
here
to act
as
dealers in securities and in which the
become
Prospectus
may
legally be distributed.
adequate.
IMF's Discussion Limits
It
is
doubtful
whether
the
In¬
ternational Monetary Fund meet¬
The First Boston
Corporation
The Nikko Securities Co., Ltd.
Shelby Cullom Davis & Co.
ing would get down to discussing
the respective merits
ous
of the vari¬
plans put forward for increas¬
ing international liquidity.
is
really nothing much to
between them.
omist
is
There
choose
reasonably
Kuhn, Loeb & Co.
Blyth & Co., Inc.
Hornblower & Weeks
Incorporated
Lazard Freres & Co.
Kidder, Peabody & Co.
Lehman Brothers
Incorporated
The London Econ-
right in saying that
articulate
could work out
some
any
Carl M. Loeb, Rhoades & Co.
Paine, Webber, Jackson & Curtis
Stone & Webster Securities Corporation
economist
such scheme
White, Weld & Co.
Dean Witter & Co.
Bache & Co.
Incorporated
on
the back of
minutes.
an
Before
envelope in ten
the
comparative
advantages of the various schemes
could
be
discussed
at
Street,
formerly
the
possibility
the
Vice-Presi^
Ancreles Dealers
409
NEW ISSUE
been
all,
an
un-
The Daiwa Securities Co., Ltd.
The Nomura Securities Co., Ltd.
is
maq-
Rmnklvn"
in
Co.,
any
I.
a
has bee
Office since early 1962. Prior to
at
offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.
given
favoring
enough,
1957
„
„
Mr. Na
J
DuPont 1 1959 an
t
members of the New
York
Ben-
th^ Americans"
0f
Exchan„e from
store in croo
<
of the New
Stock Ex*
mJor
dent of Namm Loeser's denartment
J?, OIV vOUrtS iSL XO#
York Stock Exchange,
second
partner
the Ameri¬
can
inclined to become converted
are
a
floor
au¬
consideration,
a
of
f>
effects would be if the inflationary Courts & Co
effect of the expanded
departure.
new
-firm's
that, Mr. Namm
tji
;
in which any inliquidity plan could
con¬
help
British
the
to favor such
to
Schmidt NY; Mgr.
Matter
;
,
Namm
becomes the
pay¬
always
the United States
even
resort
the
way
This advertisement is neither
ties have long ceased to be influ¬
enced
Mr.
'
admission of weak¬
as an
While
ness.
to
of
,,
.
gold
of
which
would
such
regarded
view
American
United
Partner.
the
pay¬
prepared to
now
circumstances
a
international
.
by
du¬
Pont, Senior
in-
possibly produce lasting beneficial Louis H. Schmidt, Jr. has joined
United
balance
deficits, the
a
of
of v further
thorities
the
'
official
of * the
to
through
ments
ab-
difficult than it had.
more
than
an¬
Edmond
attributed
balance
probability
losses
the
-is
the
time to time to check inflation in
realization; that
the
problem
States is
been
in
attitude
unlimited
in
liquid resources, all governments
monetary system."
American
of
because,
Inter¬
the
Crux
reason
any
task
been
nounced
much
solution at all. To say that a
sensibly conceived, and executed
incomes policy would obviate the
necessity to increase international
liquidity ,is stating the, obvious.
Unfortunately the obvious is often
ignored.
° PnCeS'
Prices
,
why the increase compared
to the discussion of some arrange- with before the War has been a
The only
ment, even though he is as yet mere 200% and not 400% or 600% ternational
not prepared
difficult
a
other
leading ■ exchanges, it
has
no
a
longer rigidly opposed
is no
:c
Realism About Liquidity
in, say, 1965? For a few years a will favor the latter solution even
The question is, is there really number of governments would tbe though, taking the long view, it is
„
sage,
g
^
crises.
Exchg.
"and
°tberwise if,> In- crb&se of international liquidity by
having applied the plans a stroke of the pen. The chances
1945, they were to apply them are, therefore,/that most people
cold reception, but
a
Stock
ex-
immediate
an
of payments
to
without
acceptance by all parties is
shortage of international liquid- al?le to inflate with impunity
ity resources? In the sense that that is, with impunity in respect
in the meantime the atmosphere most countries are unable to spend Pf the effect on their balance of
appears
to
have
changed,
and abroad as much as they would Payments,
the gaps would be
quarters
which -formerly
flatly like to it is, of course, always pos- filled by means of additional borrejected the idea are now inclined sible to argue that such resources rowing of international liquid reto consider it.
Foremost among are inadequate.. But why are they sources.
The punishment would
these quarters is the Washington inadequate?
Because , the world assume the form of a steeper rise
year's
proposal had
possible
economies
Unfortunately, the adoption of
national incomes policies and their
its
course.
any
it be
national
running the risk of
ti°n, and each additional dose of
Asserts that only if prices can be held stable can
of payments
had
providing for international infla-
prices have been per¬
liquidity plans finance increased foreign trade without causing bal¬
ance
have
mented
difficult British economist maintains there is in-,
adequacy of such
From time to time the plan
would
Yamaichi Securities Company
of New York, Inc.
11
with
8
The Commercial and Financial Chronicle
(532)
Selected
DEALER-BROKER
Eastman Dillon,
Securities & Co., 1 Chase
Union
INVESTMENT LITERATURE
AND RECOMMENDATIONS
UNDERSTOOD
IS
THE
THAT
'
FOLLOWING
THE
Selected
•
,
tive—Butcher
&
comments
attrac¬
1500
Sherrerd,
Philadelphia, Pa.
Street,
19102.
Market—Monthly Review—
Brothers
Salomon
Wall
&
Hutzler, 60
St., New York, N. Y. 10005.
Cigarette Stocks
B
—
11
u
t i
e
n—
List of issues
—
line
Drink
N. Y. 12207.
Industry—Analysis-
Babson
L.
David
150
view—Daiwa Securities Co., Ltd.,
Inc.,
149
and
Company,
Mass. 02110.
Y.
N.
Electric Utility
Companies
review
nual
with
in regional
data
An¬
—
comparative
groupings—Carl
M. Loeb, Rhoades & Co., 42 Wall
St., New York 5, N. Y.
able
bide
Also avail¬
analyses of Union Car¬
are
Corp.,
A.
C.
Nielsen,
and
American Home Products.
Funk
&
tions
&
Scott Index
Industries
articles
tries,
on
and
of
Corpora¬
corporations,
of
indus¬
available
Honda Motor,
studies
are
Kansai Electric
Broad
89
Corporation, 60
Broad
U. S. Banks & Trust Companies—
Shibaura Electric.
and Tokyo
Japanese Market
—
Securities
mura
Also
Sony,
Industries,
Heavy
No¬
Ltd.,
Co.,
61
York 6, N. Y.
is an analysis of
available
Sanwa Bank Limited.
St., New York, N. Y. 10004.
consecutive quarterly com¬
125th
—
Review
New
parison
institutions-
leading
of
of New York Inc.,
Co.
Bond
Market.
Hanly,
New York
Also
societies
Comparison
the
on
issues
weekly
available
vestment Index
nade
request—In¬
on
Co., 206 F Colon¬
Building, Cleveland 6, Ohio.
Hawaii,
audi
monthly
or
The
Hawaiian
Economy
Selected
Hawaiian
Securities
—Study with particular reference
to
Alexander
can
Baldwin
&
Ameri¬
Factors, Bank of Hawaii, Dil¬
lingham
Bank
tric
Corp.,
of
First
Hawaii,
and
National
Hawaiian
Hawaiian
Elec¬
Telephone—
Mitchum, Jones & Templeton, Inc.,
Russ
Building,
Calif.
Francisco,
issue
of
Discussion
—
"The
Exchange"
Exchange Magazine, 11
New
York,
copy;
N. Y.
$2.00
per
issue
same
in
July
—
The
Stocks
Oil
Co.,
Companies
A, E. Staley
Report
and
com¬
Retailers
Rican
of
Cement
Norton
Co.,
Over-the-Counter Index
showing
&
Co.,
120
Broadway, New York, N. Y. 10005.
Also
available
are
General
Portland
Potomac
Electric
cony Mobil
Cement
Power
Corp.
American
World
Airways.
American Financial Corp.—Report
&
Co.
industrial
Dow -Jones
35
National
Averages,
as
Bureau,
—
in
Bureau
yield
to
performance
period
used
Quotation
both
the-
over -
industrial stocks
counter
market
listed
the
and the
Averages
the
in
compari¬
over
and
25-
a
National Quotation
Inc.,
Front
Street
Foreign
Securi¬
46
New York 4, N. Y.
Proposal to Tax
Bond
California
601
cisco
Share,
Street,
San Fran¬
8, Calif.
Public
York,
Co.,
N.
Utility
Common
Stocks-^-
&
Sax-
Co., Inc., 52 Wall St., New
York, N. Y. 10005.
Savings,
and
and
Analysis
—
Company,
J.
New
Estate
Industry—Analysis—
Singer & Co., 50 Broad St.,
York, N. Y. 10004.
Recent
Market
Developments-
Analysis—Schweickart
Bulletin
—
Ira
&
Co.,
Haupt & Co.,
—
Ill
Broadway, New York, N< Y. 10006.
828
Assurance
i s—Schwa-
y s
memorandum
a
on
Swasey.
Davis
N.
Y.
&
Company—Com¬
Broadway,
Financial Corporation of America
Also
10005.
comments
New
Phillips
on
York,
available
are
Petroleum
Co. and Transamerica
Corp.
Industries
&
72
Co.,
Wall
St.,
New
Co.,
and
60
U.
Vitamin
S.
Broad St., New York, N. Y. 10004.
ceutical
and
American
Howard
Johnson
Optical
Company
Comments—Dept.
cial
Park
DB,
Financial
&
Place,
New
York,
10004.
!
La Salle
J Also
Street, Chicago, 111. 60604.
available
is
review
a
comments
on...
Co.,
&
60603.
Also available is
an
Department
122
111.
analy¬
Stores
Rexall Drug & Chemical and
ments
Emerson
on
and
com¬
Electric,
Cci„
Celanese
Corp.,
Engineering,
Pa¬
Singer
&
Study
—
Co.,
74
Troster,
—
Trinity
Place,
Fruehauf
Corp.
studies
Inc.
of
and
Motec
Kaiser
&
Mack
New
First
East
Chemical
&
L.
—
N.
Corporation,
available
is
Columbia Forest Products
&
Co.,
Cabot
Park
PIPELINE CORP.
Ltd.,
Toronto,
Evans
McLeod, Young,
—
Co.,
St.,
Canada.
Corporation
&
King
50
Ont.,
Avenue,
New
York,
300
N.
IONICS, INC.
National
Company
Request
—
Washington,
Also
Petroleum
Indiana.
Star
19102.
Also
available
are
New
California
of
Dodge,
Phillips
Liquid
Industries
Gas;
Analysis
—
Petroleum,
Precision
Adams
Street, Chicago, 111., 60603.
Walston
New
& Co., Ltd., 220 Bay St., Toronto,
Also available
Corp.—Report
West
105
corporated,
St.
Swingline
Inc.
&
York,
Co.,
—
Comments
N.
Y.
Also
10005.
Continued
are
—
Noel N.
on
page
^
Chicago,
Christiana
is
an
111.
60606.
analysis
of
Corp.
120
r
Securities
Company—
& Meeds,
Broadway, New York. N. Y.
10005.
1
...
Columbus & Southern Ohio Elec¬
tric
Company
heimer
and
—
Seeks
and
of
a
Report
Company,
124
WestEast
presently
York
challenging
Society
situation
requiring
drive, intelligence
ability.
j
M. B. A. from N. Y. U. and
near
Ph.
D., combines strong theoretical background with
practical experience in all phases of investment banking and
School
grad. with
an
brokerage.
Interests
would
J
not
consider
financial
Write
—
New
creative
Wharton
Analysis—Laird, Bissell
Members New York Security Dealers Association
with N. Y. S. E. firm, and a
of Security Analysts, seven
years' Wall Street experience with member firms.
member
#
;
limited to N. Y. S. E. firm, but
with bank, fund, advisor or other
necessarily
position
community institution.
Box
Park Place,
B 725,
Commercial
New York 7, N.
Y.
&
—
74 Wall St.,
Inc.,
Insurance
Analyst,
—
Co., 29 Broadway,
—Stifel, Nicolaus & Company, In¬
Ltd.—Analysis—Annett
General
of
York, N. Y. 10006.
Sterling
Freight.
Ont., Canada.
Oil
!
re¬
Joseph Lead, Swingline and U. S.
Loeb
Street,
Standard
and
Schweickart &
Co., >1401 Walnut St., Philadelphia,
Pa.
Co.,
&
York, N. Y. 10004. Also avail¬
are
comments
on
Creole1
Corporation.
Life Assurance Company of Penn¬
Stone
Broad
25
POSITION WANTED
Life
Analysis
available
Hurletron
Teletype 212 571-1780; 1781; 17tt
able
Jersey—
Y.
Rothman and Company, 300 West
Trinity Place, New York 6, N. Y.
New
New
Hayden,
Incorporated,
anal¬
an
—
of
in August "Investment
10022.
Chicago
Troster, Singer & Co,
Broadway, New York,
Oil
ysis of Mid Continent Telephone
M.
Report—
—
Incorporated,
2
—
Mc-
&
10004.
Letter"
52
Gay Street, Columbus, Ohio
Also
Y.
Standard
Company—Analysis—The
43215.
,&
Industries
Thomson
—
Comments
views
West,
TRANSCONTINENTAL GAS
Kinnon,
F.
Co., 120 Broadway,
Columbus
Kollsman
Standard
York, N. Y. 10005.
Kissell
Co.—
Jones
St.,-. Los Angeles, Calif. 90014.
Comments
Review
—
Rothschild &
Edison
Templeton, Inc., 650 South Spring
Indus¬
Fibreboard Paper Products, Phelps
Finance and Singer Co.
Ltd.—Analysis
An¬
Transcontinental
Aluminum
Corporation
California
Analysis —; Mitchum,
High sylvania—Analysis—Newburger &
Black
Chart
Broadway, New York, N. Y. 10005.
sis of Wico Chemical Co.
Interstate
—
alysis—McDonnell & Co., Inc., 120
Gas Pipe Line 1 Corp.
Chicago,
Corporation
50
Southern
Inc.
tries
Kaplan & Co., 120 Broad¬
New York, N. Y. 10005.
St.,
& " Co.,
Ionics
John H.
Allyn
Co.—Comment
General American Transportation.
Analysis
are
Weir
INDUSTRIES, INC.
Ronson
of
York, N. Y. 10006. Also avail¬
C.
and
Co.
Broadway, New York, N. Y. 10004.
able
Salle
Y.
Company, 208 South
10005.
La
Palmolive
Tobacco
Reynolds
New York, N. Y. 10004.
New
alysis—A.
Colgate
N.
reviews
are
—Sincere and
Airlines,
South
York,
available
—
Han¬
8
Singer Company.
Purcell, Graham & Co., 50 Broad¬
Apco Oil Corporation—Analysis—
way,
New
Analysis
Co.,
—Purcell, '{Graham
Glore, Forgan & Co., 45 Wall St.,
British
.
STUDY"
of
Co.—Bulletin—
Also
—
&
Resistance—Review
comments
—
Street,
over
Products.
Noyes
way,
are
Corporation
Company
Hemphill,
Pharma¬
&
Carter
Oil
Pure
International
Bliss, American Distilling,
Amerline
Plywood
Y.
N.
Automobile Manufacturers.
and
available
25
Electronics,
Loral
W.
Commer¬
Chronicle,
10007. Also available
E.
—
Also
General
Corp.
Warner Lambert
on
Y.
of
study
a
Also available
ies,
Burnham
—
comments
N.
is
Analysis—H.
—
alysis
.
.
Hempstead,
Gulton
&
is
&
120
Neu,
Seventeenth Street, Denver, Colo,
are
v
HAnover 2-2400
Life
1
n a
ments—Oppenheimer, Newborg &
Pharmaceutical, Abbot Laborator¬
Voltage
Brochure:
74
Com¬
Montgomery St.,
Francisco, Calif. 94104. Also
Parke
—
Trucks, White Motor, State Loan
on
National
Warner
Building
Association
Insurance
Co., Board of Trade Bldg.,
available
American Optical Company—An¬
Secondary Market Municipals
Copy
Republic
San
Minneapolis 2, Minn.
Decker,
MOTEC
Calif.
bacher & Co., 100
Also
10006.
review of New York
a
Hentz
So-
WORTH
Mont¬
Co.,. 45
•
-x
Company—A
—
State Electric & Gas Corp.
York, N. Y. 10005.
115 South Seventh Street,
Atlantic Refining Company—An¬
For Banks, Brokers and Financial Institutions
"THREE STOCKS
&
Chicago, 111. 60604.
Y.
Review
—
Y.
wood,
New York, N. Y.
Comparative figures—G. A.
ton
Inc.,
Co.—
Broadway, New York, N. Y. 10006.
'
St., San Francisco,
94106.
Co., 65 Broadway,
N.
Analysis—Piper, Jaffray & Hop-
on
and
Derrick
cific Intermountain Express, Boe¬
-
Witter
Corporation, 15 —Analysis—Hill Richards & Co.,
Pure Oil
Report — Edwards &
William Street, New York, N. Y. 621
South
Spring
Street,
Los
Hanly, 100 North Franklin Street,
10005.
Angeles, Calif. 90014.
ing
Our Latest
.
gomery
80202.
Co.,
Industry—Report—
Thompson
New
&
Boettcher
and
.
Company—Review
—Dean
Pacific
York,
Loan
Broad St., New York, N. Y. 10004.
Also
available
are
reviews
of
Co.,
Fahnestock
Empire
Avco—Review—Hirsch & Co., 25
on
Broadway,
Y.
America
1
National Lead
leau &
61
on
of
Co.
Also
10005.
of U. S. Rub¬
—Analysis—Charles King &
North
29
reports'
Oil Co., and Polaroid.
Mobile Homes
the
used
stocks
Folder
—
up-to-date
an
between
son
Real
Investment-
Reynolds
ber
Y.
survey
Old
comments
are
American Hoist &
and
Manufacturing Co.
Industry
—
&
W., At¬
N.
lanta, Ga. 30301.
D.
Insurance
Courts
—
St.,
national
Automatic
Inc.,
Bulletin
—
Marietta
11
the
price-earnings
—
N.
a
pany—Analysis—Cartwright, Val-
N.
100
York,
—
in
Also
New
available is
—MLW Securities
ties Purchases—Discussion—Inter¬
year.
Puerto
120
per
are
Celanese
—
10005—25£
vestment
Co., Tklon,
Meeds,
&
available
Pan
stocks
St.,
ments
America,
10
Wall
ratios compared for certain
stocks,
a
discussion of Closed End In¬
on
bank
k s—
of
Broadway, New York 5, N. Y.
year
Hydrofoils
City
Bissell
Laird,
o c
analysis
and
York
New
94104.
San
City Bank S t
Report
—
Stores—Survey
—Abraham & Co., 120 Broadway,
New York.
New
Techniques—Discussion-
review of Syntex.
a
Department
Devoe & Rayiiolds Company Inc.
available is
Aerosol
10004....
available is
May
'
the
Y.
Co., 80 Pine Street, New
Corporation
Hempstead,
Ill Broadway,
Corporation
Crerie &
10006.
on
Securities
Cosnat
Dover
St.,
tion
analyses of Gulf Oil
are
Corporation,
60 Broad
and
tive Volume $30. Further informa¬
N.
•
,
Corp. and Pittsburgh Plate Glass
Street, New York, N. Y.,
10004. Also available is a bulletin
New York Hanseatic
Japanese Shipbuilding Industry-
financial
Cumula¬
1.
Corning Glass Works—Analysis- Mattel, Inc.—Review—D. H. Blair
Harris, Upham & Co., 120 Broad¬ & Company, 5 Hanover " Square,
way, New York, N. Y. 10005. Also New
York, N. Y.
10004. Also
Inc., 70 Wall Street, New York 5,
Securities
subishi
Review—Yamaichi
Annual
N. Y. 10005.
Auchincloss, Parker &
—
Redpath; 2 Broadway, New York,
York,
Leumi
Franklin
1962
New
Report—H i 11,
Edwards
—
Street,
•
Co.—Chart
McDermott &
Ray
analysis
Shearson, Hammill &
—
Wall
14
J.
Company—
Cove Vitamin & Pharmaceutical—
New York, N. Y. 10006.
over 200
Analysis
Baking
Stock Market in Israel—Brochure
publications, 350 broker's reports,
and
speeches
before
analysts
jects taken from
Continental
Boston, York, N Y. 10005.
Street,
Power, Nippon Electric, Shin Mit¬
sub¬
business
general
Also
10006.
of
Monthly Re¬
—
Broadway, New York, N. Y,
Broadway,
Index
—
Trans Canada Pipe Lines Ltd.
particular reference to Sky¬
Soft
of Aluminium Ltd. and
analyses
Ohio
Homes, Inc.—Low Priced In¬
Japanese Market
Broadway New York,
Cincinnati,
which appear interesting — Wat- Co., reports on General Tire &
ling, Lerchen & Co., Ford Bldg., Rubber and Vendo Co. and sug¬
gested stock portfolios.
vestments, 11 Steuben St., Albany, Detroit, Mich. 48226.
With
Amott, Baker & Co., Incorporated,
10038.
Street,
Thursday, August 8, 1963
.
.
45202.
available
Selected Stocks
Bond
Fourth
Co.,
Stocks—Brief
Walnut
LITERATURE•
York, N. Y.
.
43 issues which appear
on
BE PLEASED
WILL
MENTIONED
FIRMS
PARTIES
INTERESTED
SEND
TO
—•
Manhattan Plaza, New
10005.
IT
Stocks—Quart¬
Common
erly Review
.
Financial Chronicle,
25
36
1
Volume
198
The Commercial and Financial Chronicle
Number 6288
(533)
and its range hasn't stretched to a
The Market... And You
full four
points. In fact, since the
commotion around the time of its
split
in 1960,
only
STREETE
WALLACE
BY
run
The
its range since has
generally
company
THE SECURITY I LIKE BEST...
Continued from
gets
a
this
trail
back
were
the
on
from
recovery
Uncertain Item
An
week
suddenly,
talk of the Summer rally showing,
and,
Sperry Rand
even
vived. A procession of good earn¬
mantle despite
ings
along
news,
with
cheering
dividend action, seemed to be tak¬
ing
with
hold
investors
to
ac¬
count for the better action.
The
rally
summer
what nebulous
is
a
thing, at best. To
purists it means that stocks will
sell higher sometime during the
Memorial
to
Wall
somewhat
arriving
earlier than
To
prior
"Summer" in
Day,
Street
.
the calendar.
on
I
average
higher
was '
the
on
day
.Memorial Day this year, fol-r
lowers
that
the
of
theory
claim
can
manifestation
seasonal
the
present.
was
Those
who apply the
theory
specifically
office
and
the fields to good market
in
sues
It has been
disappointment to its followers
a
since
ever
in
a
it
Sperry
Remington Rand.
time
after
Time
in 1955
up
between
and
Gyroscope
set
was
merger
various
re¬
searchers have raised the question
whether
of
Sperry
in its fortunes.
to
came
after
up
have
v
significant turn
share the
a
combination
.
was
But earnings that
$1.80
the
Rand
declined
since
year
rather
;
steadily. For fiscal 1963 the
reported
com¬
cents
43
scant
a
set
was
analysts, has
yield in the 3%
about
and
average,
records
in
bracket,
set
operating
in¬
an
some
results
the first half—all without
for
inspir¬
As
the
In
first
half
General
Tele¬
phone showed
that
its
telephone
operations
still
an
important
are
business
part of its
a
10% rise in
to
boost
fourth.
tions
only
was
able
around
increase
but
a
and
backlog
elements
in
its
There
has
been
discernible
no
standing of the industrial average
July and
but
some
August, have already been frus¬
the
picture when it
trated
during June,
at
For
no
of
their
that
since
defense contracting firm, had ac¬
Martin
in
Overall,
ahead
It could be
revenues.
indication
that
better; days
May 31 has the industrial average
quired
been
of
anywhere
near
the recovery
close to
S p e r r y,
peak; and, in fact, during July's
outstanding
closing days
President
nearly 40 points
was
under the May 31 standing.
It
,
the
industrial
Dow
average, dating back to 1897, July
has produced advances twice as
times
Over
bullish
starting
jumping
ful of
a
during
good
as
the record for
years
action
almost
in
it showed declines.
as
the
the
raging,
abruptly re¬
acquisition
as
August
the
off
is
for July and,
month
That
was
Martin
sessions, August
an
market
the
good start at the
to kill off
could be
turn for the better
Sperry's
was
Situation
of
was
the
of
action
situations,
showing last
poor
logs
for
and
the
the
possibility
one
long
run
such.
as
had had
growth
a
a
situation
of
price
four
where
was
where
50
in
shares
better
or
1957
market
ignominious point
dividend
And
present
its
soaring. But this week
its
omitted.
from
years
when
reached the
it
its
of
the
that
to
be
process
the
had
had
each year
along,
comes
earnings
a
We
the
very
comparable
to
the
necessarily at
any
lowest
oflthe five comparable
dividend
time coin¬
earnings
presented
as
those
has
by fractional
cide with those of the "Chronicle."
author
com¬
as
Oil
of the
only.]
per
been
last
payment
years
of
com¬
the cash
supplemented
shares
Company
equivalent
of
the
If
Sperry has made the impor¬
tant economies
Carreau, Smith
Effective
of Standard
(New
year
to
Jersey),
50
cents
August
Normann will
ship
in
the
Conrad
15,
acquire
New
a
York
President of Carreau,
Smith, Mc¬
Dowell, Dimond, Inc., 115 Broad¬
way,
New York City, members of
sold
at
since the
show
sales.
At
sufficiently
seems
offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.
any
of these securities.
NEW ISSUE
August 7, 1963
$45,000,000
:
trimmed
Indiana & Michigan Electric Company
First
rebound
a
Martin
least
impressed
Dated
Mortgage Bonds, 4^8% Series due 1993
Due August 1, 1993
August 1, 1963
to
maintain that it will hold its large
investment
in
disagreement
cials.
that
Sperry despite the
this
Price 100.75% and accrued interest
predicted
Sperry itself has
earnings
offi¬
the
between
at
will
year
least double those of last year.
last split, were down to less than
a
"fourth of that value.
The
the
raised
capitalization from half
lion
to
17V2
million
a
mil¬
shares.
Per
share earnings in 1958, when there
were
only
million
$6.40
a
a
bit
shares,
than
more
figured
share, but
on
cents
For
$2.56
for
a
a
year
having
were
nautics Board's ruling that would
13
reported
a
and
Eastern
to
Northeast
Telephone
like
Sperry,
since
acquisition
quarter. Consequently,
and
was
the
its
the
added
enterprise.
market's strength
jpopapany..
it
Elec¬
&
has
for
of
had
the
a
The First Boston Corporation
Eastman Dillon, Union Securities & Co.
not
Sylvania
Despite
the
ea,rly this year,
participated
Ladenburg, Thalmann & Co.
Francis I. duPont & Co.
Paribas Corporation
Dean Witter & Co.
Equitable Securities Corporation New York Hanseatic Corporation
most
problem of digesting the
growth potential inherent in this
has
to
vowed
give that situation the
General
tronics,
And
National.
promptly
deficit of three cents for the first
over
Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified
dealers in securities and in which the Prospectus may legally be distributed.
element.
suspense
$1.36 and
year,
around
Aero¬
to act as
existence
discussion
Civil
the
mundane
little
occasionally
route and leave that lucrative run
reported
there
enigma of
an
picture
with
scrambled
appeal to
the company
share, last
after
their
sorts,
to
out
the present
the first half of this
cents
The airlines
terminate Northeast's Florida
share.
1961
'
two
capitalization only worked out to
69
Enigmatic Airlines
The
multiple splits had
notably,
F. S. Smithers & Co.
W. C. Langley
& Co.
Dominick & Dominick
McDonnell & Co.
Incorporated
Stock
the New York Stock Exchange.
Indiana share.
|
N.
member¬
Exchange and will become Vice-
proportions in its profit
record
on
an
The
of
To Be V.-P. of
claimed, and with
it could
of sizable
This advertisement is neither
and
University
a
the next few years.
any
[The views expressed in this article
are
market
the
general Summer rally.
Depart¬
ment of Comm e r c e
Economics
The present $2.00 cash dividend is
clearcut erup¬
a
over
the
Philipp H. Lohman
present price
they will fare whole. We estimate 1963 earnings
pickup at $5.00 per share with moderate
growth
and
Vermont.
business
is little that
Converse
reasonable both
to
and
Lohman
Chairman of
for
15
13 for Cities Service.
consider
panies
some
multiple of
a
Exchg.,
Professor
share
per
of
Mr.
the
16 for Phillips, 11 for Sin¬
relation
there
even
versus
clair and
convincing action by
spur
them, not
They
of
City,
was
this
sales
record
vastly,
1960
at 12 times net
This suggests the
large.
are
half
earnings ratio were the identifica¬
tion badges^ It had four stock
in
the record
74
Vice-Pres.
as
which
work
nearly
the large losses absent or
through
Despite
in
result. Unless and until
Stock
inves¬
many
Inc.
St., New
the New York
of
unfavorable
in the minds of
quiet marketwise
most
not
price
present
Walston
Co.
members
past five years Indiana is selling
what
of
become
York
around."
results of the mid-1950's still lin-r
Indiana
the usual fall
has
associated
indicate
"turn
stock's
of
better ideas of how
Lohman
equipment
office
miniscule yield and a high price-
splits
the
figures
sharp
companies,
as a
were
H.
won't
year.
Brunswick
still little in the way
indications
Philipp
"image" created by disappointing
of¬
Its back¬
year.
defense
for
accounts
sales
was
this
both
Brunswick Corp., once the pet of
"growth" advocates,
was
clearcut
could
basis
follows:
as
year
new
that
equipment—costs
necessary
barometer
market
are
Walston Co.
net
a
share
common
foregoing
Shell,
consolida¬
manufacturing
the
interest, and no help.
no
Obscure
and
do
On
commitment by
a
combination of large losses
a
fice
be
individual
For
The
Indiana's
But
NYSE.
Lohman V.-P. of
Martin.
tions and introduction of
Independent Individual
Outlook
lies ahead for the steel
ex¬
speculation that Sperry
near a
per
1958.
panies. For several
Sperry, but did little
to warrant such
from
least.
very
and
There
tion in
between
merger
a
from
comparisons
1963
in
and
for the 12 months ended June 30,
actiop.
Steel
the
on
Sin¬
tors.
better
listed
by
off to
was
of
immediate
the
ended
pectation
dozen points in a hand¬
a
a
only the Martin's President
of 1960. In the entire signed from the Sperry Board.
election year
many
made
was
of
Summer rally excepting
of
the
of
Martin's
And
Sperry. But just as
the speculation over the meaning
July had
history
shares
3.2%
some
total.
promptly
Director
the first time in .a decade
missed out on a of
was,
that
million
a
Phillips
Service.
income
gers
for
times
clair's cash flow last year was un¬
General... Telephone
for
stock is
the
progress.
in¬
three
and
changed
the
The
substantial
de¬
that of Cities
twice
are
be
of
Shell
of
ver¬
S.
share
per
gain
a
U.
company's
inves¬
appreciate
Wall
21% ^ri .only ;a 5%; in¬
up;
crease
cash-rich
Marietta,
flow
32%,
in
fully
more
22%, and Cities Service plus 19%.
learned
was
Cash
16%
grew
increase
company's profit for thevhalf; 64 suggests that the
-
was
added to
was
time
two-thirds
for
Summer.
confusion
volume
tors
were
improvement in its affairs since,
sometime
that
hand.
as
&
which, inevitably, would
share.
mand.
at
was
through 1962 Indiana's
13%
a
tide
Com¬
income
current
appreciation
with
cornerstone
a
the
1958
product
sus
the
secured
price
Oil
combination
a
Phillips plus 27%, Sinclair minus
important
picture.
to
well
and
Standard
Indiana plus 38%, Shell plus 23%,
on
profits
are
of
happens, however,
favor
(Indiana) for
pany
a
opera¬
peak
new
a
From
better and its defense busi¬
11%
ness
the
by
on
manufacturing
reached
small
it
revenues
income
Its
and
turn
a
often
so
creased
ing much market attention.
machines which spurred other is¬
pany
broadly,
more
"growth"
its participation in
projects
age
worn,
never
the
about to make the
the; extent that the industrial,
after
space
than they did just
Summer
has
temporarily,
action in recent years.
some¬
dicated
l
although somewhat late, was re¬
market
We
companies in its bracket.
high rating for long-range growth
Stocks
2
page
both ranked fourth out of the five
around 14 points.
9
E. F. Hutton & Company Inc.
F. S.
Moseley & Co.
10
The Commercial and Financial Chronicle
(534)
highly desirable, brought its own
Encouraging F actors Easin g
Director, Research and Statistics
International Monetary Fund, W ashington, D. C.
Department,
In
sibility
feeding
themselves,
upon
position * of .European countries,
they
the
that it would continue for a gen¬
eration
the
concerned
was
few
been
these deficits
years,
As
large.
result,
a
eco¬
Oscar L. Altman
discussed
sys¬
Today
such
system.
a
concerned with
efficiently and
more
adapting it to new problems.
problems
seem
important to
more
10
of
the
today
us
they
is
Everyone
more.
us
trends
because
ago,
years
concern
aware
financial
and
than
changed position of
the dollar and of the state of the
balance
of
ago
viewed the international
we
financial
payments.
from
scene
unquestioned
thought
Europe
of the world.
possible for
cipally
our
deficit.
These
countries, prin¬
in
continental
Eu¬
substantial
gold and dollars. To¬
trying hard to elim¬
balance
We
payments
girding ourselves
are
fierce
of
moval
competition
for 1953 also
of
problem
cur¬
saying that "the renewed deter¬
tries
endeavoring
are
toward
to
is
convertibility
sidered
greatly affect the
foreign
trade
in
dence
and
optimistic in many quar¬
said that
confi¬
currencies.
few of these
useful
situation
before
to
in
Even
review
the
undertaking
of the emerging
so,
it
briefly
recent
countries,
most
have
they
that
and
been
^educed almost everywhere.
The
major
discussion
a
convertible de jure
the
of
Annual
ternational
vide
Reports of the In¬
Monetary
balanced
a
world's
financial
therefore,
Fund
review
pro¬
in 1958,-and
interesting to
It
observe
that the Report for the year end¬
ing April 1953
phasis
placed
great
em¬
decried
Chapter II discussed the resid¬
dollar
problem,
iarly known
the
words
as
dollar
of
more
famil¬
the dollar shortage
gap.
this
The
chapter
opening
have
a
curiously antique sound and they
as
follows:
tendency toward
United
States
"The
a
it.
to
modern
world,
seeing
there
are
the
foster
to
opinion
in
which
be easy to
many
many
years
climate
a
it
will
of
always
generate new inflation¬
balance
of
and
since
number of times—
a
World
would
inflation
be
is
rash
dead.
prudent
to
that
say
It, would
to
that
say
be
it
is
merely sleeping and I that it would
wise
not
to
turning point
Since
The
came
around
1958.
wholesale
then,
United
it.
awaken
States
prices
have
in
remained
prices have
consumer
increased by 6%, largely because
prices
of
services
have
in¬
creased.
The
postwar
end
of
inflation
because
countries
caught
the
war,
their
ductivity.
the
up
came
with the ef¬
and greatly in¬
capacity
and
Underdeveloped
expanded
their
substitutes
new
demand
and
the
coun¬
the
War
II.
Although
are
im¬
very
countries
the
con¬
for foreign investors
(though
necessarily
not
mar¬
If such views have not been
completely
eliminated
by
they have at least become
now,
uncom¬
mon.
interna¬
upon
general, the structure of
ex¬
change rates appears to be better
than
it
for
was
many
years,
particularly for the major indus¬
trial
a
countries.
This
structure
is
constructive force for the future.
the time.
But there
tendency to gloss
thus
ousness,
is
already
a
their seri¬
over
playing
the
down
great progress that has been made
in
the
postwar
period. ' At
time there is
same
the
unfortunate
an
of
of
many
rather
to
these
in the
industrial
exchange
countries.
members
them
as
and
of
many
On the
Ibid.,
Ibid.,
p.
41.
p.
23.
!
p.
18.
has
recognition
ered to be firm.
is
the
other
many
devalued
the
by
currencies
30%
dollar.
Sterling
in
The
were
relation
to
importance
of
that
function
can
Common Market
efficiently
of
to be
its
members
large
as
with
the
in
con¬
would b?
as
present limits
o*
of each
the
to
After
of
years
for
having
been
granted, the size of the
gold stock has become
news.
Weekly changes in this gold stock
noted with
are
to be
seems
anxiety, and there
some
for satis¬
cause
such close attention to gold move¬
valuations
were
of
the
These de¬
belated
a
changes
recog¬
caused
by
of opinion
ing and extent.
about their tim¬
The French franc
devalued by 29%
was
in 1957-58.5
suspected at the time and
confirmed
rate
subsequently, the
undervalued the franc
thus
gave
advantage
of now,
France
a
new
and
to
being
wiped
deutsche
'mark
and
were
or
out.
the
is
The
guilder
belated action had significant cor¬
rective effects, but it touched off
movements
capital.
of
short-term
These capital movements
reflected the
valuations
view that these
were a
amounts
of
re¬
prelude to other
changes in exchange rates.
4
sterling
Speech
the
to
and
Large
dollars
5 In
Club
valued
in
Washington,
dollar;
15, 1962.
August 1957
de
verted
in
when
1961.
to
the
facto
494.'
New
franc
the
from
December
to
4.94
National'
Women's
October
"
ments
franc
350
to
1958,
This
to
made
D.
serves
Yet
useful
no
It hides what should be
obvious, namely, that the United
cannot
States
deficit
payments
The
gold.
forecast
deficit
also
run
a
for
losing
States
cannot
balance
of
payments
1964
and
forecasting
of
without
United
1963
balance
a
without
outflow
an
of
1958-62
C.,
the
rate
was
the
,
Gold Outflow's Size
_
An
was
heavier
S.
securities
the
of
deficit
in
by official set¬
riod
42%
of
the
total
study
of
my
own,
whole
postwar
earlier
the
pe¬
(1946-61), concluded that the
first billion dollars of deficit
ficial
settlements
gold
payments
lars
basis)
(of¬
involved
$365
of
of deficit involved
ments
the
of
$565
over-all
lion.
The
million,
official
On
deficit
pay¬
In
1962,
$2.2
was
bil¬
measured
as
settlements
by
$2.00.
was
formula,
my
gold
million.?
deficit
this
implied
gold outflow of $930 million. In
a
fact,
the
gold
million.
In
outflow
addition,
$900
was
already
as
mentioned, three European
coun¬
tries
(Germany, Italy, and Swit¬
zerland) acquired $251 million of
U. S. nonmarketable securities de¬
nominated
in
their
own
curren¬
1963
will
cies.
Gold
outflows
influenced
the
balance
As in
1962,
would
$930
lation to the balance of payments
deficit?
Is
the
proportion
to
increase
of the
decrease
or
U.
April,
the
S.
in the
all
1963
assets
issue
in
used
to
settle
last four years.6
in
1958-62
by official
billion.
over¬
million.
Factors
Modifying
fY
The
about
could,
a
Gold
num¬
the
acquire dollars.
surpluses
they
since
in
keep
Europe
earned else¬
are
European
traditionally
out¬
payments
earned
are
when
where,
V
'
Gold
higher when
are
than
''
outflow depends
particular
countries
upon
flows
Outflow
V
•
gold
which
in
the
1962,' large
were
countries
large
a
$344 million
to
per¬
United
Japan
($720
(perhaps
virtually unchanged.
were
Moreover, the Fund's holdings of
dollars
in
increased
1962,
by $625 million
principally
because
of
repurchases by members that had
drawn
earlier, notably the United
Kingdom.8
does
not
rent
lars
Fund,
of
course,
of its
any
into
gold.
cur¬
How¬
the Fund's holdings of dol¬
are
the
of
The
convert
,
holdings
ever,
equivalent
now
U.
S.
quota.
members
some
the
borrow
Fund
of
(or
the
in
dollars
the
Bretton
draw
74%
to
Hence, until
ter¬
Woods
dollars),
other
members
cannot reduce their ob¬
ligations
(repurchase)
by paying
dollars.9
over
(2)
the
pends
gold
outflow
also
de¬
substitutes
the
upon
7
1
"Quelques
or",
Cahiers
Economique
July
1962.
for
United
on
37
page
de
pp.
had
probleme
I'Institut
de
d<
Scienc
as
in
Hal
World
B.
Lary,
Trader &
Th
Banke
20-22.
United
of
not
du
Appliquee, Serie R, No. 7
The
equations
and
char
States
8 The
$417
done
Kingdom
million
made
in
repur
dollars.
If
i
it might have convertei
substantial part «f this into gold.
a
States
International
aspects
reproduced
are
so,
9 The Bretton Woods Agreement
vides
that
members
cannot
purchase in
any
of
repurchase
such
a
currency
make
than
pro
a
re
when the effec
is
to
raise
Fund's holdings of that currency to
th
mor
75%
United
Fund's
421-28.
In
dollars
of
Canada
by
by
re¬
gold.
amounts
and
Japan's
chases
was
Monetary Fund in connection with
in
of
$500 million), yet Canada's gold
holdings fell by $240 million and
mea¬
as
billion of gold to
the
form
acquired
million)
(1963),
foreign monetary authorities, and
Pp.
of
figure
Y
(1)
_
6
This
ber of factors.
$15.7
was
settlements
The
the
deficit
The
billion, while the deficit
$12.1
first approxi¬
a
outflow
the
of
summar¬
balance of payments
deficit
sured
as
Continued
Federal Resefve Bulletin
izes
deficit.
payments
gold
a
the next year or two?
The
be
deficit of $2 billion
however, be modified by
deficit that will be settled in goM
likely
of
a
imply,
mation,
in
largely by the size of
Agreement,
How large is this outflow in re¬
con¬
dollar
U.
55%
and
minology
transferred $6.4
to
and
measured
covering
from
gold.
de¬
was
420
the
rate
Francs
was
really
purpose.
As
revalued by 5% in 1961. This
large
gold stock remains
unchanged for several weeks.
this advantage in all prob¬
ability has been wiped out,
close
if the
competitive
in world markets.
the
well be consid¬
may
Gold
serves
tries
imports.
un¬
of
centage of their international
dollar.
faction
of the world's
devaluation
a
constituted
the
operate most
can
fluctuations
if
cross-rates
whether
these adjustments is underlined by
the fact that the devaluing coun¬
thpn accounted for two thirds
by
denominated in foreign currencies
In addition, there
question
some
U. S.
increased
Report, 1953,
there
years
respect to each other, are' consid¬
taken
their currencies.
Democratic
of
few
last
increasing
valued
limited
fell.
the
In
of
dol¬
nor
closer to gold than to dol¬
as
lars.
changes,
consider
however,
changes
neither gold
are
se¬
tendency to disregard the unique¬
developments. approximately % of 1 %
with
respect
been im¬ currency
financial
haVe,
portant
As
curities
in
These
while each additional billion dol¬
In
consistent
effect
currencies.
own
Treas-r
denominated
lars, but since they would be
the
to
to make American
extent)
same "
tinue
was
their
acquired $251
deficit.
tively little
face
hand, price stability, though
1 Annual
3
pro¬
output
prices
of these commodities
other
to
industrial
primary commodities' in
of
entered
1962
securities
ury
tlements,
in these countries, they have rela¬
ences
Quiescent Inflation
tries
Britain
the Common Market
the War, but there are still differ¬
2
pay¬
rates—some
nition
forces."3
fects
quarters
some
Many underdeveloped countries
haver' devalued
their ' exchange
and
nonmarketable
of
dollar might have to be devalued
Fund and ten other countries de¬
no
"in
that
in
million
ered
were
effectively only if tjie exchange
nineteen
likely for
seem
come
an
Spread
there
rates of its members, at least with
1949,
noted
It
authorities
dollar, they
Revaluations
Mone¬
forces, both economic and social,
persistent
surplus in the
Devaluations
of
while
inflation
end
creased
three problems.
upon
Postwar
rates
The Annual Report for 1953 also
is,
Great
in
addition, foreign official
In
the Common Market, and that the
been
(under Article
tary Fund Agreement) in 1961.
the
if
increase of its Fund quota
1959.
affected
sterling would have to be de¬
valued
in
There
the
of
situation.
swings in the
ment.
tional.
International
unchanged;
The
that
and
countries
currencies
convertible de facto
the
1961,
as
strong opinions in
ness
externally
European
their
made
be
high of U. S. $1.06.
a
late
As
("leads and lags") and in capital
and
in
past
future.
encourages
cerned,
to
during, which it
Today's Cross-Rates'
timing of international payments
industrial
eliminated
more
this size.
paper
be
It
for
It
be touched upon
can
condi¬
and (.free¬
stimulates currency specula¬
portant
largely
International financial trends
a
convertibility
these' devaluations
been
are
Only
of
course
world
particular
or' completely
ary
and
have many ramifications.
read
rates
exchange cdritrbls arid restrictions
that
decade,
reached
the
The
have
VIII
"a
more
problems and strains im¬
had been a problem some
earlier and became a prob¬ plicit in all of these developments
lem some years later.' Exchange were regarded as very serious at
most
a
Yet today it can be
ters.
than
they
movp
encouraging development.'^ Even
prodded by feelings of weakness.
or
in order about
mination with which many coun¬
develop¬
other parts
accumulate
are
we
inate
the
and
many
of
reserves
we
They also made it
those
to
rope,
and
desirable.
accelerated
of
position of
a
strength;
were
deficits
A decade
balance of payments
our
deficits
ual
are
was
years
tion.
this mild statement was then con¬
international
Nevertheless,
the
dollar
instances of a continuing trend.
convertibility and the re¬ movements associated with nor¬
of
Finally, it should be noted that
exchange restrictions, mal business operation and invest¬
rency
are
we
operating it
intractable.
The Annual Report
re-created
^
the
A few words
dom
seems
Canadian
been allowed to fluctuate for
now
keep falling. Once again the prob¬
lem
(' v
;
•
of
1930's and been destroyed by
will
'
/
II
of confidence 'under
World War II. We have in large
a
pronounced expansion¬
tions
and fi¬
nancial
in
policies in the countries of the
Western World."4
Lack
holdings
foreign
tem, which had broken down in
for
ary
of dollars keep
national
nomic
day
more
increasing and U. S. gold reserves
inter¬
tibning
need
a
for;
func-
freely
ment
be
a
of
problems
restoring
part
payments is in deficit. In
last
have
with the basic
the
of
ance
world
we
as
too well, the U. S. bal¬
know only
ago
years
Today,
more.
or
the
of
guard
kets.
should
persist: for a number of exchange rates, which were not
pessimists were sure a major prdblem in 1953, though
then. On
e
to
may
I be¬
some
years;
rate
goodd competitive in world
tendencies,
such
Optimists
contrary,
were
t h
would
Swiss francs.
deutsche marks and
in
it has done
as
therefore, ' that
against
thought that the dollar gap
then
.'Y"Y'
impor¬
more
tant than
10
'' ".
are
War ' II."1
World
continental
Thursday, August 8,| 1963
.
currencies, particularly
Finally, in May 1962, the exchange
the
Thus,
in the past.
once
they set in, there
International financial trends are ments has been one of the main
'interesting today than they preoccupations in the field of in¬
would have been 10 years ago. ternational finance since the end
today
deflation
a
than
lieve,
and the narrowing international
of
deflation.
of
eveh to
more
more
the problems
of
warned
productive capacity does not lead
to a general decline in business, or
interest rate differential.
This is not because
International
the
Fund,
Managing
be necessary for us to be on our
payments-surplus
declining
of
Per
so,
or
late
guard that the great increase in
-
in the bud or tp stop them
the
year
the
into
.
fixed at U. S. $0,925 after having
October, 1962, he said that "it will
modify free gold price changes and to curb speculatively
disturbing short-term capital flows, the recognition and willingness
from
last
converted
were
European
opposite danger, namely, the pos¬
taken to
by major countries to nip currency-runs
the
Monetary
and
improve
to
only
we are
and other costs.
wages
Director
payments imbalance in the first quarter
its intractability is the cause of
considerable concern both here and abroad.
Mr. Altman's exam¬
ination of the turnabout in
our payments position since 1963,
concludes on a hopeful note. Encouraging presaging developments
seen lessening international pressures on the dollar are:
measures
failed
1963
a
along increases in
pass
Jacobsson,
Contrary to predictions, our
of
was
familiar, namely, a decreased
ability to
■
By Oscar L. Altman,* Assistant
these
of
problem with which
too
World Dollar Pressures
One
problems.
.
billion.
of quota.
The quota of th
States, is
$4.1
billion
and
th
holdings of dollars are now $3.
■
■'
»
Volume
Number
198
6288
.
.
The Commercial and Financial Chronicle
.
working
Consumer Durables Market
the side
of
with
on
increase
ing markets
marriages.
young
And Related Financing
Since
most
for
items
geared to
of
buy these
which
speeding our long-term economic growth ac¬
assure
months with 1963 GNP averaging out
ond
quarter reaching an annual
ahead,
For
you
other than autos and for consumer
mation
it is necessary
For
to
tors'
forth
set
my
eral
business.
first
air
furniture
refrigerators
5%,
four
5%.%,
up
46%,
up
plus
ranges
the
for
TV
show
6%,
plus
of gen¬
course
data
conditioners
to the
as
information,
retail sales, production,
sales
10%,
up
dishwashers
up
Trends in any
21%.
specific sector
tensions.
typical of
and
a
by,
For the year
ahead, I
for
moderate decline in
confidence
and
con¬
good
business,
The
period
a
expansion, but
questions
after the
relate
to
incomes
consumer
could
restore
fidence.
consumer
Under my
a
spring of next
that
manner
trends
were
ing
add to
sales
other
incentives, I think
would
carrying
through
1964
and
durables
taken,
it
if
is
inadequate,
I
fairly
early
would
be
next
concerned
possibility of
ment
add
about
moderate
a
in
later
1964.
for
son
cutting
off
rather
to
speed
economic
For
the
use
a
major
is
in
rea¬
not
1964
to
but
longer-term
our
of
addicted
are
for
this
year
aging about $585 billion.
could
aver¬
The
an¬
reach $595 billion
in the fourth quarter of this
year,
and top $610 billion in the second
quarter of 1964. While this would
be
a
good advance, it would not
bring
the
significant reduction in
any
to the
durables
outlook
other
autos.
than
useful
of
four
autos
a
as
dollars
of
.important
Taking
through jewelry, fishing rods,
books, furniture, boats to private
ers,
helicopters
and
ahead
upward
1947
is
something
I
than
along
through
slowed
to
3.2%.
toys."
durables
than| autos
estimated to have reached
are
annual rate
is
other
gain
a
of
1%%
an
billion. This
3 ¥2%
of
earlier and
$28 V2
over
over
Since
1955.
This
The
slow-down
is
a
year
the previ¬
quarter.
pliances
and
equipment account for
almost three-fourths of the
durables
for
th£se
$20.8
up
of
less
an
items
billion
5%% in
increase
for
category.
in
the
a year.
for the
3%.
This
understatement,
these
faster
items
than
this
other
rate
a
first
other
from
for
the
other
heavily
in
group
was
may
well be
since
outlays
have
instalment
each
year
what
more
to
credit
usually
finance
other
things
to
past loans. Of
$60
a
billion
outstanding,
such
written
on
sions
as
are
to 13.6%
of
new
after taxes.
in
a
credit.
In
good
be
when
ap¬
might begin
that
on
the
are
income
consumer
Thus, repayments
range
experience
caution
than
more
to
basis
mean
is
exercised
re¬
use
of
times, they take
cutback
credit extensions.
new
are
for
room
without
rising,
further
in
Consumer
there
so
use
of
by
Mr.
Butler
to-income ratio too high.
in
by
the
of
which
group,
weighted
New Fort
FT.
Wayne Firm
WAYNE,
Shimel,
Inc.,
Ind.—McMeen
Fort
Wayne
as
Meen
&
Company.
Robert
Treasurer, and Arthur C. Wright,
Secretary.
Mr.
Shimel
his
ow n
business
in
Ft.
the
Wayne
and
Company.
sole
Mr. McMeen
proprietor
Meen &
of
J.
Allen
market has
important. Replacement
from
70%
1947-55
of
In
Rockville
Centre
J. Waters
Co., Inc., Ill North Vil¬
lage Avenue. Officers
are
J.
and
Waters,
urer;
President
Robert
President;
B.
and
George
Corporation
before August 15, 1973, unless previously redeemed)
right to subscribe for the
Subscription Price 100%
currently.
This announcement is neither
radio,
a
an
as set
offer to sell
securities. The offer is made only
With
forth in the Prospectus.
nor
a
solicitation of
an
offer to
buy these
by the Prospectus. Copies of the Prospectus
are
obtainable in any State from only such of the undersigned and such
than nine out of 10 families
owning
offer Debentures
in
in 1956-62, and to
80%
During and after the subscription period, the several Under¬
writers may
other dealers
refrigerator,
as
may
lawfully offer these securities in such State.
washing machine and TV set, the
importance of replacement is ob¬
vious.
air
Yet
saturation
conditioners,
is
washers and color TV.
of
steady
our
is
low
freezers,
economy
for
Harriman
dish¬
This is
Ripley & Co.
Incorporated
an
where inno¬
The First Boston
Blyth & Co., Inc.
Corporation
extremely important—a
flow
products
is
of
new
needed
better
and
to
Eastman Dillon, Union Securities & Co.
Glore, Forgan & Co.
produce
Goldman, Sachs & Co.
prosperity in these industries.
Hornblower & Weeks
Kidder, Peabody & Co.
Incorporated
Outlook
for the
Coming Year
Looking toward the
I
would
increase
think
in
year
an
du¬
on
rables other than autos of 4-5%, or
a
moderately better showing than
in
the
past
year.
This would
tlm
recent
years.
$30 billion. Population factors
to
a
rate
of
more
Merrill
than
are
Carl M. Loeb, Rhoades & Co.
Lynch, Pierce, Fenner & Smith
Smith, Barney & Co.
Incorporated
Stone & Webster Securities
Incorporated
Corporation
White, Weld & Co.
Incorporated
lift
rising
total
Lehman Brothers
ahead,
prosnects favor
expenditures
Lazard Freres & Co.
August 7, 1963.
Richard
Fishkind,
Eastern Daylight Time, on August 20, 1963.
rose
was
Mc¬
ROCKVILLE, CENTRE, N. Y.—R.
on the basis of $100 principal amount of Debentures for
each 15 shares of Common Stock. The Subscription Offer will expire at 3:30 P.M.,
steadily
expenditures
to 78%
than
become
re¬
Company.
mov¬
ment
and
cently has been with Westheimer
time, the replace¬
same
formerly
investment
4}/i%o Subordinated Debentures
against 5%
K.
Shimel is President; J. Allen Mc¬
Meen
is
Vice - President
and
Combes, Jr., Secretary.
The corporation is offering to holders of its Common Stock the
early postwar period.
&
Bank
Building, formerly J. Allen Mc¬
of almost 6%
a pace
recently
the
Outlook Conference of the U. S.
Chamber of Commerce, Washington, D. C.,
28, 1963.
4Vz% Subordinated Debentures, due August 15, 1988
leisure
luxury goods, have been
per annum
ex¬
,
before
June
$42,884,700
on or
cut
to rise to
Business
New Issue
(Convertible
good
the
*Remarks
is
credit
pushing the repayments-
United Aircraft
This,
economy
its full potential.
of
the part of consumers.
immediate
an
now.
many
why taxes should be
enable
of
period
a
con¬
begin¬
are
However, this does not necessarily
credit,
paper
on
precedes
from
conducted
exten¬
Repayments
of
reasons
more
consumer
markable restraint in their
rose
debt in¬
could
credit
a year
then, is another of the
1955
individ¬
words,
we
down.
incomes
have
in
purchases and less
period
new
slow
paying
total of
of
to
autos.
Consumers
rise
purchase such goods.
a
extensions
con¬
outlays for durable
present,
credit
substan¬
than did the
up
finance
instalment
40%
At
to
proaching
goes
Some families
expenses.
the
other
more
curred
some¬
borrowing
some
is
$6
credit
equity in durable goods
than total sales of du¬
borrowing
than
to
runs
purchases while others
off
extended
of
In
much
New
some
in
1964.
However,
cut, I would expect
tax
21/2% in the
been
goods.
durables.
consumer
in
5%
remainder
durables
con¬
a
through
no
ning about
out¬
increase in
This
than
12%
uals'
of
ap¬
In contrast,
the
autos
outstanding
household
than
more
past seven years.
penditures
quarter,
products
less
consumer
ing
concen¬
furniture,
the earlier period to
of
The estimated
remaining
heterogeneous
than
at
consumer
a
Expenditures
ran
expanding total of
sales
5%
a
In the
credit
rise
10%
a
fears
1959. And the increase in credit
total
Credit
case
equipment. Here the growth trend
dropped
vation
Furniture, appliances and other
household
in
lesser
a
was
trated in household
area
ous
increase
in¬
If taxes
cut, I could envision
20% decline in the rate of growth.
more
First quarter 1963 outlays for con¬
sumer
than
4%
a
autos, and yet it amounts to
which
"durable
denominated
other
projecting.
growth trend
slow-down than has been the
do
believe
or
am
the
purchases of
then the average growth trend has
more
understand
the
other
more
The items in it range from tweez¬
not
finance
whole, sales in constant
moved
annum
from
100k
review
to
the
goods
tinued
Ex¬
during the past year amounted to
only a bit mpre than 1 % % of
1964.
three-fourths is instalment
to
to
a
This
pace.
This
mixed bag.
a
first
|
durables
At
category is indeed
is
some
ing ahead at
us
for consumer
than
it
category
and
Durables Other Than Autos
Against this background, let
turn
attempting
are
unemployment rate.
in
such
that
incomes.
tially
of
credit is necessary to finance ris¬
and
trends.
numbers, mine would
GNP
nual rate
to
An
credit
longer-term
in
who
the
to
growth.
those
show
adjust¬
ahead,
briefly
per
taxes
recession
a
I
the
hasten
I
that I believe the
ward
and
year,
good but not
was
during
Before
If tax action is not
or
field
Long-Term Trends
per¬
would expect business to level out
(jewelry,
months of the year.
see
haps further.
equip¬
remaining
g roup
are
w e r
consumer
I
credit
a
con¬
recessions.
consumer
against
than
are
encourage
we
up
All in all, business in the other
vigorous expansion in business
a
autos later
year
sumer
or
durables
consumer
medical
exuberant
will
the
and
a
in
accentuate
standing has increased by
purchas¬
bolster
and
power
and
shows
billion—or
A tax
next year,
come
consumer
that
would
highly exaggerated.
past
as
cut, if it should
booms
con¬
consumer income after taxes
rables, since
If
year.
3%
up
which
sumer
be argued
credit
perience
GNP projec¬
would increase almost 6%.
would
used to
both
rising. This
are
Consumer
above
farm
and
had
pattern
.w
'
sumer
dence of any significant piling up
of inventories.
of
have the wisdom to cut taxes
we
5 '%'!%
are
durable
lag the general business cycle
for
reason
increase in sales of
an
book, gift and novelty stores) up
15%. There appears to be no evi¬
boom.
no
sales
have
we
cyclical
on
credit extensions in the
bit.
durables other than autos is that
sales, furni¬
earlier, appliance stores
miscellaneous
William F. Buuer
look
moderate
retail
hardware
ment
ity.
of
store
year
7%,
over-all activ¬
in
terms
ture
af¬
are
fected
The only minuses are home
In
affect,
omy
Thus,
crease
ex¬
10
suffice
in
on
credit
new
should
s
another moderate cutback in
a
buying plans.
1% though improving recently.
econ¬
take
that repayments
so
well-defined
sur¬
radios, off 15%, and freezers, off
of
the
credit,
they
the
with
example, output and distribu¬ tion,
months
assump¬
tions
detailed
which
past debt outweigh
It
have to piece together infor¬
on
fairly
at
somewhat
back
ex¬
credit in
consumer
ahead, though perhaps at
year
13%%
cut
that
argue
further
a
to
sumer
—and
shipments and distributors' sales.
Before doing so, however,
somewhat
The latest such
rate
new
characteristic
a
However, the major
more
pertains to the out¬
look for consumer durable goods
My analysis
the
to
to
incomes-consumers
would
for
postwar period which has tended
expecting
'
plans
tension of
income—currently
I
consumer
faster rates if taxes are cut.
credit.
been
consumer
durables other than autos, climbing 4-5% and further
sees
has
of
all,
room
gan—shows
In the year
extension of consumer credit but at a somewhat siower pace
certain level of
in
is
11
vey—-by the University of Michi¬
to $585 billion and 1964's sec¬
rate of $610 billion.
All
there
on
that market.
yield
items
such surveys.
cording to Dr. Butler who predicts moderate expansion in next 12
of
consumer
conflicting results,
Tax-cut would
additional debt to finance pur¬
in chases, primarily of durable goods.
the And when repayments reach a
expand¬
married couples seek apart¬
Surveys
City
an
ments^ demand will be strongest something like 13%%
By William F. Butler,* Vice-President and Economist, The Chase
Manhattan. Bank, New York
(535)
Dean Witter & Co.
Treas¬
ViceL.
E.
12
The Commercial and Financial Chronicle
(536)
raising the
Laws
Minimum Wage
of
level
of
Breed Unemployment
laws
it
to
jobs.
the
that free competition would create
ably well-informed about the real
ing
world
contracts
around
quickly
tion
and
cess,
They would
the renewed correla¬
see
between
education
they
and
would
intensify
the SECOND
would
the
begin
again
self-reliant,
disciplined,
the
the
self-
But
by increasingly giving disruptive orders. Among nefarious effects
noted are the tendency to pay overtime rather than hire more em¬
created
job "mix"
previously
the
or
the free
noted,
has always in the past
economy
jobs
in
close
"mix"
natural
balance
of
to
It
claimed urgent
return
to
the
the matter of
ance" in
when
Collec¬
the
pro¬
Given
here
.
total socialism
often-repeated
"liberal"
slogans today 'as that
automation ; is
responsible
for
much of America's unemployment
most
the
of
One
eliminated
law
services, the
calls
soon
forth
to
*/.,•'
jobs.;
contest the fact that
No one can
of today's unemployed
many
is
It
unskilled.
ranks
o
unemployed contain a dispro¬
the
share
portionate
dropouts with no
in any
of high-school
training or skills
fact that,
jobs: exist
De¬
steadily rising standard of
and
a
rapidly growing
few
today, * relatively
potential workers.
such
for
spite a
living
they have become
economy,
significant extent
a
.
.
unem¬
.
.
.
.
ployable!
who dom¬
government
Federal
our
only solu¬
today contend that the
problem is the
tion to this obvious
vast
of
creation
Federal
new
spending programs
including
...
for youths and pub¬
Labor Camps
for older men.
lic works programs
This "solution" is no solution at
would
It.
all.
compound
merely
problem. We have ample his¬
the
torical evidence to show that such
a
fright¬
ening to us today than the steam
proposed "solution" would prob¬
parts, and consider
into component
segment by segment the problem
and various alternative solutions.
be
clear,
logic,
solve
that
evidence
and
only
way
the
problem
the
basis
the
on
overwhelming
to
of unem¬
eliminate
the
factors which have caused it.
And
is
ployment
it
also
will
mation
.
.
is not
that
shown
despite what
experts
auto¬
all the
say
may
.
.
.
really the cause of unem¬
As
ployment.
a
matter
mation
correctly
should
be
it
auto¬
understood,
recognized
contributing to
fact,
that
demonstrated
be
can
to
be
.
self-styled
as
jobs
more
force
a
and
a
fuller, richer life for all.
In every case/these new in¬
novations
automation
of
itself.
the
case
Modern
critics
gleefully seized on automation
an
for
excuse
notions
the
they
a
mation
as
ingless.
has
tion
as
as
(All
that
to collapse completely as a
about
in
society
case,
every
But
innovations.
such
of
result
quickly
adopted and then adapted to Vjf
dire
the
Without
through
have
pushed
host of what they self call "reform" laws.
a
beginning
economic
to
activity
As
level.
con¬
past
obsolete and
too
people
many
this
mean¬
line,
unfor¬
a
force
values
protect
so
that
"society"
itself with
sterous Welfare State
...
a
or
moneven
hallmarks.)
our
laborers
has. been
These laws have attempted" to up¬
quired, the natural laws of supply
set the balance of nature by level¬
and demand
who
unable or
were
ing to work hard
unwill¬
even
to be lav¬
were
of j obs over
complex■„
more
.
.
the years where none
Some of these
had existed before.
jobs
Some
enough.
much
to
discourage
ref¬
The boxing
with
man
need
abstract
only
a
with
and
men
laws
would
of
ure
.
.
know
roie
limited
of
and the natural
.
restore
soon
a
meas¬
prosperity that would
tound
the
surprise
critics
probably
Libertarians.
even
in
as¬
and
■
Just 15 years ago,
wage
the
State
our
who
women
and
proper
called
replace
presumptuous officials of
re¬
produced these
soon
productivity
less
ambition
in
en¬
created
In
the minimum
the -.United
States
jobs in affected firms)
(for
-75#
was
an
attacking
a
As
aside,
an
it
needs
to
be
pointed put, here thqt this "Jevel-.
ing", prpcess js in itself a/major
of,.today's
cause
serious 'school-
the
Collectivist
of labor unions
lusive
mined to
economy seems
that
the
correlate
American
political
determined not to
rewards
with
accom¬
"labor
level
itself,
individual could be pretty certain
step.
that he would go just as far in life
were
the population.
True, jobs did
autom atically
where
skills
required
no
one
the
specific
live.
happened to
gave
his
as
much thought to
that.
stances, it
many
settled
by adventurous souls
and
com¬
ing from the tradition-bound Old
Ours had become from the
World.
beginning
where
down
a
free and fluid society,
could
men
the
move
up
socio-economic
and
ladder.
who
had
dreds
of
riches"
nothing
of
moving
to
find
opportunities themselves
the
across
wide
.
country
to
Not
figures
educated
a
men
themselves
men
.
thousands
by
Benjamin
Lincoln
and hun¬
.
of
Alger formula
was
few of
were
Abraham
and
other
of
men
The Ho¬
"rags-to-
American writer's imagination.
far¬
ican
scene
at
passed.
wide
.that time.
The
regard
to
oppor¬
off
big
those in upper
many
more
jobs
than
to
create
had
been
Automation, which merely
ries
the
widespread poverty and exploita¬
tion. A careful
process
begun
scrutiny of reliable
historical documents will convince
the most
even
abolished.
the
skeptical cynic that
collectivists'
picture
car¬
with
time of
past is
a
myth...
.
.a
of
the
workers
of
income
fabrication of
than any
vations.
jobs
of its predecessor inno¬
True, it eliminates
over
the
near
some
term. But, by
on
the
basis
of
cease
to
be
a
problem.
growing. uptoday
are
Children
without
ganda, the Collectivists got Con¬
to raise the minimum wage
gress
level to $1 and (more recently)
(eventual)
an
hour*
(Even
level
this
the Collectivists.
is
for
doesn't
to
an
satisfy
setting
(after 40 hours
pay
$1.25
The newest de¬
law
a
of
over¬
week)
per
from
ment
The Col¬
solu¬
Monopolistic unions have
with the aid of Govern¬
...
intervention
welfare
"extras"
so
...
that
many
to
Thus
Government No Longer is a
Referee
These
laws,
ing
by the
another
way,
dangerous
gripped
Libertarians
men
fallacy
today.
Even
that
concede
can
illus¬
an
It is merely a
used
to
reflect
in
the
a
area.
figure of speech
total
sum
given
political-
These individuals
have many diverse and even
flicting
interests,
These
and
voluntary
many
individuals
certain
ers
to
in
they
the
State.
also
the
form
delegate
pow¬
The state functions,
Libertarian
confuse
con¬
associations:
strictly limited police
a
of
model,
However,
of today
abstract
as
It
the
has
a
pre¬
so-
come
notion
of
The
"referee,"
keeping order (prosecut¬
themselves
are
than
return
to
.
a
to
dry¬
.
and
.
natural
tinkering with the
wage
What has happened as the mini¬
mum
has moved up?
wage
dreds
of
thousands
been wiped out.
jobs
do
There
not
are
instances
knows
need
of
Hun¬
jobs
have
It is not that the
exist
in
potential.
millions of individual
in
full
which
well
employer
an
that
definite
a
exists to have certain duties
carried
out
on
regular
a
basis.
Normally, this would be adequate
stimulus for the creation of
job.
of
But not today!
those
tell at
ing
a
cases,
not
that
justify
an
benefits.
In
a
new
the bulk
the employer
can
glance from his account¬
books
$1.25
State.
needed.
job opportunities
artificial
ture
the
than
as
structure.)
do
of
workers
ones
situation they advocate still more
society with the very real struc¬
unbeliev-. far from
present
unions
up
rather
abstract thing called "society" ex¬
ists.
to
merit, then school dropouts would
well
so
After much propa¬
additional
order.
natural concept of reward¬
individuals
"help."
hire
Liberal
different
their
time
called
no
functioning
was
re¬
economy
been passed.
serves
is
sented the fact that the
com¬
ing
end,
(in Preference' to Hiring
over¬
to the
ultimate
devel¬
<•
panies find it cheaper to pay
oped with Ford's assembly line to
and
-
viously such laws would not have
its
engine
the
brackets), then ob¬
referee in the boxing ring.
steam
in
skimming
were
propaganda. If we returned today
Watt's
any
almost
many
economic
failed
of
chunks
a
as
of
was
Naturally, the Collectivists
"won"
history to
The collectivists, anxious to
Overtime
caused.
rea¬
free enterprise so¬
It
talistic economy.
progressive taxes
picture the old days
higher level of economic
result
solely the result of free interplay
of competitive forces in a capi¬
lower income brackets (even while
cific
never
artificially
been/ to
level
nated over the short-term by spe¬
a
a
abilities.
they have
the
individuals
subsequent
all
all
of
tion to another problem
raise
have tried to "re-write"
the
It
a
offer¬
.
as a
not
justify their stultifying "reforms,"
innovations,
of jobs.
for
.
lectivists look upon this
had
ciety.
elimi¬
the
not
.
men
ings of the natural law. If the in¬
ter
were
to
spec¬
tent
price for particular skills. No mat¬
jobs
jobs appeared
was
mand
tunities in
many
of
pros¬
full
a
at double the base rate.
It
they knew the books spoke
in
that, in the
employment
laws were promulgated
again interfere in the work¬ time
to
wage levels to the going "market"
how
hour
the
son
was
trate
our
stipulated
per
rea¬
that has
truth
These
per¬
people bought the Horatio Al¬
the
an
is
books in such great quantities
of
to
only the first
was
wage
variety
ger
is that
enough
fectly obvious that the only
son
jobs, and adjusted their
But it
minimum
Jobs
created them. Workers moved
This, in
economy.
Then "minimum wage" laws
true reflection of the Amer¬
a
was
was
postwar years,
and
the
the figment of an
not
The result
perous
deter¬
above
wages
harmful
economy.
econ¬
California, if need be.
away
omy
new
even
.
.
sought all the
emulated their example.
ratio
drive
circum¬
only natural that
was
two such
who had crossed the
thought
and
reading books at home.
are
an
ambition,
such
possible.
Franklin
days,
ability,
a young man
People descended from immigrants
ocean
old
Given
foremost
our
the
experience
carried him.
education
America had been founded
In
native
exactly training,
appear
with
workers
plishments.
in
than col¬
set by the work¬
free
a
is
which are,
more
monopolies"
raise
normally
ings of
the
or
going "natural" mini¬
This
intervenes.
and: jobs)
wage.
temperaments
the formation
...
truth, often little
dropout problem.
Young people
shrewd enough to real¬
State
First it /encourages
today
are
close to the
mum
ing
Now look at what happens when
tal¬
"mix"
r,
workers
be creating a situation
Government effort.
Aside
to
or
of jobs.)
source
(for
where 75# an hour was somewhere
collec¬
attacked
Impediments
An
There
balance,
or
the
themselves
demand
seemed to
men.
Unions and Minimum Wage
shiftless.
skills.
no
profits,
have
major
of
But
cover
trum
balance
not
to
profit.. (And.this
a
.
.
.
jobs for other
new
tivists
conforming
more
of
.
adequate
costs and leave
laziness in the naturally
courage
ize
"mix"
natural
This, in itself,
It alone has done
skills.
required
a
is bad
specialized
required
was
welfare state.
ern
higher
a
happened, business
affairs became
destructive
that
the
common
lifted
and this in itself created millions
activity
all
of
one
precisely
certain number of unskilled
a
ring.
nebulous
our
Government
from
was
up
"society"
our
.
prospered
flexibility
to be groundless.
innovations
these
of
Each
jump to
new
has
because
If
soon
customers to survive and prosper,
the
righteously
the naturally ambitious and to
^exception,
prophecies of ,fear-mon¬
gers were proven
onto
The picture of automa¬
being
human
must
push
rendered
swallowed
tunately.)
Collectivists
the
the
In every ishly subsidized with all possible profit, under ruthless attack by
status types of lavish handouts. This, of collectivists for much of this cen¬
society was course, is the essence of the mod¬ tury, was the "seed-money" that
predicted
quo
They have
to
frightening
a
experience
of
want
mystical image of auto¬
that
have
as
lot of collectivist
a
American people.
created
cept
of
free enterprise system have
our
social justice,
time.
of
the defenders of the
case,
to find the
Consider
—
for
.
talents
things.
of doing
ways
established
disrupted
appeared wherever the free
Automation Should Not be Feared
FIRST
zeal
length
.
ents, energy, ambition and ability
Let's break this situation down
sound
the
required
country
their
In
the
.
employment.
of
seriously
of
would
would replace such a
.
natural
should
became
fans
presumptuous
a
weaving looiln, railroads, ing society down to a single norm. laborers. The men who got the hour
with time and a half over
telegraph,
telephone,
internal The energetic and ambitious in¬ jobs were happy
because the 40 hours of work
per week. Given
combustion engine, steel mills, as¬
dividuals who earned more money jobs suited their talents or temr the
price-wage structure of the
sembly
lines, airplanes,;; steam¬ than the "norm" were to be taxed perament.
The
capitalists who time, that was not a
particularly
boats, automobiles and even print¬ heavily under a progressive tax hired them were happy, because
the wages paid out resulted in gr^at drawback in our economy.
ing presses were to men in earlier system. On the other
The natural law of supply and
hand,, those
ably result in more, not less, un¬
It
"mix"
or
place, therequired
a
engine,
innovations.
The so-called liberals
inate
activi¬
ages.
vocation.
It is also easily proven
to
are
easily proven
an
that the
fact
statistical
.
the fur¬
used by man in
of his ; economic
It should be no more
ties.
'
.
tooi
more
therance
ance"
collectivist
a
is merely /one
Automation
(This calls for flexibility on
part of individuals
but
imagi¬ disrupted.
some
minds
bent.
great many unskilled
a
figment of
with
a
native
has
(it is said) automation
because
than
is nothing more
...
out
eree
stop
...
for
that this "bal¬
The
such
ulti¬
to
them
millions of individuals who make
workings of the natural law and
economy
.
.
economy.
given
free
operate."
shout
had
and
...
instructed
referee who knew his proper func¬
tion
as
an
individual.
The
tivists began to intrude upon the
of monopolies.
market system and the ending
return to the free
affairs
mately
"bal¬
or
the
form"
vidual
workings of the free
the
natural
second
job "mix"
a
our
market for goods and
only
was
boxing ring had suddenly
promoters, who must satisfy their
to
point being considered
available
talents.
the unwillingness of the jobless to seek work, and the
need, now, for the State to create jobs below the "re¬
minimum wage laws. Author advances as the "true solution"
the
ductive!
As
ployees,
to
ambitious,
point is
the issue of
of
if aTeferee
as
competing altogether, and to "co¬
We
balance.
charge, automation, and/
or the population growth pace.
Mr. Phillips points out that the Gov¬
ernment is no longer a referee but has usurped the market's function
the
It-is
-
now
role
lazy.
with Job
second
assumed"* the
giving, orders.
in
has
boxers how to conduct their indi¬
honest, the literate and the
The
arbitrarily
business
court, etc:)
Our society would stop "worship¬
ping" the slob, the delinquent, the
illiterate, the immoral and the
point that must .be considered in
matter.
upholding
in
labor
at
this
today's unemployment and not, as many
suc^
thieves,
decided that he should order both
honor
This brings us to
them.
self-improvement.
Mix
proper job mix and full employment now unavailing. Multifarious
labor laws and trade union practices are said to be the root cause
Thursday, August 8, 1963
their efforts
*
Interfere
...
were
the
in
operate
Or
natural
'
Reform Laws
the
of
if
abun¬
an
new
would
com¬
of supply and demand
market!
problem of unemployment resolves itself into governmentally
caused interference with the workings of the free labor market ac¬
I
least
at
fallowed
Holliston, Mass.
The
cording to Mr. Phillips who argues
potential
higher
a
and
plexity, it merely creates
dance
By James R. Phillips,
to
economy
sophistication
.
the
hour/.
The
duties simply
expenditure
an
.
.
duties
plus
of
fringe
would
not
■*'.
+
'•
*
•
'
-w.
;
* "V».
.
-
yield added productive advantage
in either goods or services
.
.
.
.
to
permit
profit at such
a
.
vN
Jt
Number 6288
Volume 198
.
a wage-
.
.
-•
V
has created
measures,
work
of
an army
in
fact,
most cases
is
loss, at such a wage-rate. Thus
the duties are allocated to other
at
a
crats
The
ments
be free to
of
The real
the
the right to
...
the
enjoy the fruits of one's
a
today
minimum
demand
far in
wages
value
the
"society."
case
laws
the
all
down
that
recognize
wage
free society,
a
upside
turning
right in this
business affairs.
fool?
a
workings of
true values of
private
State into
the
of
trusion
really
by thus intervening in the
normal
ployables). Then it uses these poor
individuals as a lever to expand
is
...
State,
(and even of unem-
unemployed
the
duties would have to be performed still further the unwarranted in¬
In
cost.
(537)
The Commercial and Financial Chronicle
.
pay¬
grow
achieve
private economy were given
freedom to pay only what
worth in the free
growth industry—and despite
If
of. unskilled work.
was
a
its present
of
excess
same
job
is
mar¬
and
13
growing pains, it will
strong and
the
stable
position
of
and
stability
public confidence which today
characterizes
chip"
so-called
our
industries.
It
is
"blue
the
latest
own efforts
must be restored ket, the natural laws of competi¬ phase of the American dream on
And if all these damnable eco¬
sometimes through a
and guarded.
It is significant to tion (combined with innovation the verge of realization.
use of overtime.
Or nomic factors are not enough to
note that the State proposes to pay and investment) would once again
the duties are simply left undone convince one of the unsoundness
♦An address by Mr. McKenzie to the
the unskilled youths only pennies create a natural balance or "mix" California Group of Investment Bankers
causing inefficiency, slipshod- of such Government intervention,
.
personnel,
.
.
widespread
...
delays
ness,
inconvenience
or
then
.
in
all factors very much present
our
today.
economy
to
a
the
does
workers
bracket
income
lower
potential jobs for such would-
the
ing
.
of jobs.
show¬
.
.
State
the
even
to the
Bureau¬
This is the true solution
the
Take
l
The Aerospace
Workers
of
case
Problems and
Prospects
construction work is done by high¬
Jobless Want To Be Unemployed
Here
again the State intervenes.
It decrees that "joblessness" is not
the
fault
workers*
individual
of
Even
that
people who claim to be
many
unemployed "have not the slightest
intention
market
State
.
.
in the
ehfering' the
of
at
the
leads
This
all).
labor
again .acting arbitrarily
.
of "Society"
name
.
to
.
.
declare that since workers have a
right to
job, and since no jobs
a
available, then the State must
are
pay
awesome
(This,. of
ing.
closely
is
course,
the
to
concept of paying
farmers for not farming. It is typi¬
basic
cal of the perversion of the
right
ancestors fought to pre¬
our
serve
..
.
the right to be left alone
freedom
in
to
af¬
one's
manage
State interference.)
fairs without
;
yes¬
rdadbuilding
or
unskilled.
the
(that
money
So
,
demand
workers
bricklayers,
electricians,
Thus the State, again claiming
to be synonymous with "Society,"
taxes the people
who
find distributes part of the money
are not working. This
payroll tax on
a
.
.
Thus
of
have
we
money"
comes
"unemployment
(1)
ment
"unemploy¬
money" is rightfully theirs,
since they paid into the fund them¬
State Must Create Jobs
What
are
happens
•
t
ing?
amazing
An
amount
in¬
of
ing
to
change
to find work
in
one
to
"
•about
the
to
a
among
place and
vocate
setting
Youth
up
and
that
it
the
is
boldly
'/society" to bring
a
job,
obligation
a
of
job to them.
The implication is that
if free
en¬
terprise (burdened with taxes and
a
C.C.C.
problem
in
left
of
sums
private
will
be
(on
up
unskilled
Nazi
the
subsidize,:^
.
.
into
(often t paying
not
higher
working * than - the
normally
••
c o u
1d
<
wages
same
^for
men
command
for
.
.
Refuses to Abide
State
Minimum
Its
unskilled, lazy, untalented,
high
from
a
mess. ;
unem¬
money
productive
firms and individuals.
picture is
the
the
prob¬
industry.
taxed
private
? isfied
Club is
tion of the natural economy.
Governments through its
The
various
an
or¬
ganization
of
of
uals
•
The
tion
and
stolen
programs,
many
in¬
the
best
the "drop-outs."
that
youths
school;
such
;
.
a
are
Is it
any
of
dropping out
when they
can see
situation the
studies hard and works
man
hard
that
who
.
.
.
only to get taxed to support the
one
who
quit
school and
refuses
have
already been made include Texas
Utilities Co. on Oct. 2, represented
serve
President,
& Power
Company on Oct. 23, represented
state that in, by Erwin H. Will, Chairman.
by George MacGregor,
and
I
Electric
Virginia
confident
bined brains and
and
tion
way our
Trust
J.
Magnuson,
of
com¬
Georgeson,
N.
William
of
Vice-President
that
of both the leaders in
named
indus¬
Treasurer.
find
a
a
way
out of what now
trackless labyrinth.
Secretary during the
This
has
been
Miss Doris M.
will
Bank
Savings
and
Assistant
Harris Trust and
Kempes of The
try and the leaders of government
named
Club
Continental
Company
Casualty
patriotic dedica¬
the
As¬
Jr.,
Northern
Company, has been
Vice-President
dark¬
the
Richard
sistant Secretary of The
;
hour.
am
op-
our
don't at all feel
in fact
This advertisement is neither
continue
ing Circular copies of which may
technological
nor
a
solicitation of
made only by the Offer¬
be obtained from the Underwriter.
July 31, 1963
NEW ISSUE
Wash¬
90,000 Shares
socio-economic
for geographical distri¬
is
business.
available
the
point
investment
the
offer to sell
There is centraliza¬
There
of
an
of
Kelly & Cohen, Inc.
costly and to some extent
facilities,
Common Stock
without
able
serious
Our
crease
problem.
shown
,
its
.
outlays
;
had to 111*
has
company
How general
(Par Value 5.01)
perhaps the most
payoff is
in
this
area.
-
this tendency is was.
Price $2.75
■
PerShare
by a recent study of one
of
group
'
*
aerospace
which has invested over
industries
equipment since
1955
with
.
less
than
$50,000,000 prior to 1950.
At the
tal
has^
same
had
time, working capi¬
to
be
•'
„
V*
$200,000,-
000. in. plants and
compared
1
increased' to;
AMSBARY, ALLEN & MORTON,
1301 Law & Finance
Bldg.
as
coming year.
offers to buy these securities. The offering is
close¬
a
reasonable assurance of a profit¬
to
wonder
that
arrangements
definite
can we
of the earlier cri¬
of rocketry, I
est
industry
the
more
R&D
risky
"and
moneys
me
that this is in any
"management
of decision making in
finance
to
steals
.
Electronics, will address the first
Government that private industry
through
this
ses
view, the mounting demand of the
be sat¬
..
will
.
company
because
for spectacular
ington.
an
the theft
of the word "tax")
Chairman of General Telephone &
Agent of the
an
achievement.
unam¬
State
of
doing
companies outlined, I continue to be an
today timist. Having survived with
seems
sure
individ¬
(masking
use
*
so
which
closing let
will
bution
productive
money^ from
posture
Only by*
basis
1
From
"dropout"
eagerly seeking methods
industry, the investor, and the
In
ly controlled agent of the Govern¬
ment.
There is increasing pres¬
through organized compul-
stealing.:
sory
The whole ; in
A gross distor¬
The
Utility
Securities
None
none
ced
29.
Public
*
for the
ployed, again using
away
school
a
parts of various pro¬
More
job overlooks the fact that this
iervening
jobs
was
the face of the conditions I have
anxious at times
feels it is becoming
by
of the right of
All this talk
distributes
create
it
a n n o u n
Government
Laws
Wage
the
are
Becoming
and anyone
.
govern¬
of
of missile and
the Government
hire
run
pressure
the
again to declare that it
of
insoluble and
economic
grams.
in
up
is
to take over
stripped to the waist, raising
men,
Working); and then the State hw
must
coming
year,
growth has nurtured
nation.
slave
a
them
set
to
and soon
.
on
procurement
the
to
these in turn
studies
who
so-called "right" can only
employed in the luxury of loafing
are
s
Chi-'
July
indicate
answer,-
Moreover,
programs,
firms"
recall the cadres of bronzed young
job-building
enterprises to
breadth
.
who remembers old newsreels can
a
from}
to
look forward to continued growth
broader control of
by
had
has
.
.
the
private
complexity
space
jised to hire the
nation
Hitler
Germany
bitious
away
facts
aerospace
dustry;
less
much
is
agencies.
could best be
anyone
that
turned
in which the State taxes potential
profits
the
adjusting these problems—not
the
In
at least co¬
or
best
the
industry
job itself.
workers;
these
which
the
the
or
among
there
per
economy
in ancient Israel
society.
levels make it unprof¬
hire
to
10%
•
during
cago
.
over¬
money
industry.
formerly
more
tion
not
the unemployment
spending
The money
the
where it
ite picture in which unreasonably:
itable
to
of
in, the industry—so as to establish
simply stated
what it wanted and let competi¬
ment
Not only that, they
by
huge
head)
The
wage
20%
Club
percentage
from
rose
Sec U-r i t fee
employ¬
only with government, * but with¬
-earlier, the
problems.
boys for any useful role provide
later life.
in
would
They
camps.
prepare
Now you have an ugly compos¬
high
in
and this has brought
Whereas
of
in
a
regimented
controls) cannot create such a job their shovels
for the workers, then the State frenzy, chanting "Heil, Heil, Heil,
(again artificially confused with as Hitler-visited the camps.)
"society") must create
lems
there has been, something
to marriage,
new
Labor
King Solomon set them
4b have
the
of
Public- Utility
industry.
from
The
up
-
meeting on Sept. 11. He will be
of the
^followed by Elmer Lindseth,
sta n da r d s" of* proeuremewteand
has brought
Chairman of Cleveland Electric
reiatiohships between performance: whichs will stabilize Illuminating on Sept. 25.
Other
habitation,
history.
announce
that it is their right
Pres¬
as
industry
* new
sense,
akin
of
squat resolutely
now
gone
salaried
1955.
and
range
complexity
and
Government and the
to
types
in
of
of
aerospace
a new area
to
field
All
than ever before.
As I have indicated
obvious
new
even move
serve
from 14% to 29%.
up
ment
flexibility enters the work force. youths for productive tasks. (The
Men who normally would be will¬ dangers of these Youth Camps are
jobs and
will
advisors,
ident
have
increased
engineers
these.
high - school dropouts.
Thie "liberals" of both parties ad¬
workers worker.
when
thus subsidized for not work¬
LaSalle
Farnham,
16%, and technical personnel went
Prob¬
for missile defense and space
already growth
an
unemployment
would "solve"
selves.)
of
the Hindus-,
this
has
ees
46%^ since
"
substantial dollar return likely on
waste
gross
a
money
.
the
&
investment
.
directly from Social Camps to hire huge numbers
that
Roe
government
aerospace
of
number
of them
Security taxes levied on individ¬ youths. These camps are modeled
uals
.*. a clever guise to convince directly after the Depression-day
individuals
Sond-
Joseph
up
unskilled
the
The
development of complex hard¬
ware
heart of the Government's plan to
not contribute to these State funds.
that
' U-
in
made
been
the last 20 years
The
carpen¬
finally i we'! come
And
eliminate
spread
greatly in the
will
technological advances
more
have
of
over-loaded private .econoifty. '
companies. (Individual workers do
Yet the idea has been deliberately
of
Employee- costs
a
vol¬
or
.
The basic support of
ably
and (2) an
increase in private
taxpayers'
unnecessary
to those who
is done through
•
reduction
—
i n v e stment
Joseph Sondheimer
into exploration has brought about a
them need be fatal; but they must
advisors
and
the stratosphere
thus making host of by-products, techniques,
be taken into account, not only
it so expensive to build a new and processes which may be ca¬
analysts who have a special inter¬
by management but by investors est in publicly-held utility com¬
private structure that many plans pable of commercial exploitation
as well.
for expansion and modernization later—in medicine, weather tech¬
panies.
(
I am sure that the facts I have
communications,
better
Mr. Sondheimer announced that
(which in themselves would cre¬ nology,
fabrics
and
building materials, cited are familiar to all those in the 1963-1964 program is being
ate jobs) must be canceled or cut¬
the industry. Assuredly, manage¬
back by cost-conscious executives. etc., but there is no immediate
readied and that Donald Power,
working costs, further damaging
are
'•
,
The
already prospering.
result has been to drive wages
be..,
never
'
skilled
for
aerospace
come,
production-line
a
try is advanced technology.
lars) poured into this area merely
stimulates
Stein
111.
partner in the firm of
a
progress, payments £
ume-production industry.- It may"
for,
tax dol¬
our
offset
5
page
limited because for
very
be
not
Government
-
means
be
long time to
relatively little work in
construction
heimer,
"
science -.fiction opuses.
There is
from
these opportunities are going
even
to
that
something. :out. pf
resemble
contrivances
these workers for not work¬ ters, plumbers and the like
related
Continued
ditch-digging is done today
with
California,
Club Elects
Street
ly skilled men using costly tools.
(despite the well-documented fact: teryear's
t
CHICAGO,
expendi¬
Today, much
tures, for example.
Industry's
in¬
proposed
Barbara,
24.
Chicago Utility
Public Works Breed Unemployed,
Unskilled
Santa
Association,
June
unemployment problem!
manipu¬
be workers.;. making them worse / creases in public works
off, not better off!
that
lations.
eliminates
it
opposite;
day at the work camps
a
final conclusive
a
as
terribly frightening po¬
litical result of such gross
Collectivism law passed
create; higher standards for
I Thus
have
we
factor the
INC.
Pittsburgh, Pa.
14
The Commercial and Financial Chronicle
(538)
of the
with
strong conviction that there is
The
"Gold: Is
Sterile Asset,
a
the
It Earns No Interest
leaves
reports
one
universal
almost
and
decided
a
lack
completeness
very
various
understanding of "Sound
of
Money"
the
and
.
funda¬
very
mentals of the GOLD STANDARD
Calif.
By Haller Belt, San Francisco,
and
nating
of S35
■
the
of
title
The
article is
my
of
economist
of
one
largest
our
and,
of
managed
nation's
a
Committee
destroys promptly
its convertibility in international
during
obligations.
paper currency
Currency
the
Hearings
Monday,
16,
House
H.R.
Bill,
higher
interest
rates
time
on
posits
de¬
of
people,
a
for¬
Haller Belt
Civil
the
After
sideration
of
statement
parable
president
of
New York
<fgold
is
;
the
but
viceof
bank
the
icing
on
is
prone
one
actual
the
query
the
by
leading
a
com-
City to the effect that
cake,"
wedding
con-
somewhat
a
knowledge
to
and
understanding on the part of t the
fraternity
banking
of
fundamentals
did
of
the
splen¬
the
GOLD
that
is,
;
of
the
actual
fundamentals of "sound money."
/jSuch query, however, is not
limited solely to the members of
the banking fraternity for one has
to'glance at the roster of the
Commission
mission
Money &
on
at their 1961
Credit,
"Report of the Com¬
Money & Credit" and,
on
too, at; the various statements of
the many witnesses that appeared
before
the
mittee
of
Joint
the
failures
Crash
Market
basic
of
maintenance of
a
labor
ception
of
managed
The
Halls of the Congress.
word, "sterile,"
Webster,;
little
or
no
means
"Sterile"
as
defined
"producing
unfruitful; bar¬
and, incapable of reproduc¬
ren;
content,
gold
late Lord John
British
give
to
is
it
well
to
attention
precautionary
following
the
Maynard Keynes,
economist,
serious
its
to
credited
is
do¬
money,
to
crop;
extract
from the Preface of the very first
of his
several volumes
matters,
tary
on
"Monetary
mone¬
Reform
unfortunate
and
actually,
somewhat
deceptive choice of nomenclature;
tion
is
so,
of
proceed,
the
expectation,
in
the
sudden
the profiteer—all
large
measure,
^from
instability of the standard of
value."
These
disturbing thoughts,
with my
bined
reports
various
fairs
careful studies of
recent
of
Hearings
before
on
the
Committee
and,
before
mittee
of
years
of
less
Finance
especially, those
Economic
Com¬
the
enjoyable but serious inter¬
an
change
lead¬
our
ing banks.
sole and
$16.0
In
a
recent
follows,'
as
a
the
every
TEREST" but it is the
monetary
standard,
accepted,
that
NO
one
IN¬
the
con¬
vertible par value of the currency
unit of every nation of the free
(even
the USSR)
heavy
ruble
of
in terms of gold, 1000
fine, and, in
for
the
doing, it provides
the maintenance of
so
stable rates of exchange in inter¬
of t the
gold
has
where
and
This
picture.
the
in
many
and I wish
greater contribu¬
world,
some
which
tion
felt
I
to
qualified
Thus,
at
becomes
it
to
desire
the
upon
Reports
were
replete
with
mone¬
"In
gamut" of
of" monetary
pect
quidity,
Assets
tion,
Money
Supply,
as¬
Li¬
Liquid
Free
infinitum.
As
Credit
Deficits,
Reserves,
the
the
ounce
gold
price
$35
determination
in
value
demand, of
foreign
This,
serious
and
against
billion,
of
of
gold
the
vested
total
gold
official
threat
billion—all
could
As
of
but
also
in
the
the
au¬
The
bit
a
Halls
"Money Supply"
Great
of
the
and
Liquid Assets Held by
to¬
(13 5/7
ounce
Supply,
pres¬
Woods
of
credit
Agreement
1945
is
due
the
former
Morgenthau, Jr., and his staff of
,
experts
height
very
their
for
preparations,
looking
World
the
War
the
allied
far-
during
monetary
the
among
of
toward
post-war
Money
es¬
current
Secretary of the Treasury, Henry
technical
The
fine
per
Act
sighted
(a)
price,
Bretton
the significance of the two terms
the
Proclamation,
by
thp
grains, 1,000 fine).
Congress, about the meaning and
of
and
monetary
value
new
a
day, of $35
confusion, not only in financial
circles
all
of
free
gold
for
bank
created moneys, there seems
of
fix
to
Roosevelt,
Official.
quantity
of
which,
of
become
the
for
title
the
tablished
our
Dec. 31, 1962 amounted to sum
$25.0
circulation
thorization, President Franklin D.
short-term liabilities to foreigners
of
signed
and
in the Federal Government.
dent
$16.0
of
approved
price of gold and, with such
to
for,
than
volume
our
Further, it authorized the Presi¬
very
a
Act,
domestic
on
diminishing
less
the
of
discontinued the coinage and
this
dollar
our
present
our
of
to
increasing
integrity
stock
maintain
actually, is
protection
by the President on Jan. 30, 1934,
short-term dollar
our
likewise for
do
The Gold Reserve Act of 1934
This
our
liquidation,
obligations
holders.
the
to
prompt
ex¬
dollar.
President's
by
on
be
fine
per
Jan. 31, 1934 and
on
to
Federal Con¬
our
—
future
assured
economy.
restrictions
by the commercial bank¬
should
gress
of
recently
only
credit
of
ing systems
the
have assured the world of
we
of
content of the
of
fixed
was
Proclamation
tended
rates
upon
our
placed legal
amount
in
II,
necessary
cooperation
and
associated
under¬
lion,
authorization of the President and
standing of the simple funda¬
mentals of "sound money" and its
held
in
stock
plus
the
better
a
of
level
public
relationship
proper
of
to
our
monetary gold.
stand
appreciate
fully that the
and the
tional
Next,
he
should
standing
little
The
contents
book
portace
ing of
have
to
and
of
national
our
under¬
Reserve
this
splendid
great im-
that
currency
they should be taught thoroughly
in
senior
every
school
high
of
this country. It is available, with¬
charge,
Federal
application to the
on
Reserve
System,
Wash¬
ington's, D. C.
and maintain this soundness
of
intelligent
our
currency,
American
and
every
whether
—
banker, industrailist, labor leader,
economist
or
preciate,
these
Acts
politician—must
and
three
that
understand,
Federal
bear
soundness
ap¬
also,
Legislative
directly
and
The
upon
stability
Federal
(b)
The
of
Reserve
Reserve
commercial
bonds
and
These
Act
full
Washington
of
25,
of
International
Acts
the
are
and
stability
are
stock
our
This
Act,
and
etc.,
Wilson
for
Representatives,
on( Dec.
flexible
Act
approved
23, 1913, provides
managed
total
our
of
dependent
upon
monetary
cussions.
formal
As
them
result
a
under
of
to
Wash¬
informal
for
in¬
Finance
Chairman¬
the
Secretary
dis¬
these
of
the
conferences,
convened
Morgenthau,
formally
in
Bretton
eral
a
Reserve
25%
System to maintain
in gold certificates
reserve
against
the
and
Federal Reserve notes
the
tiotal
its
of
deposits
requirements for the
banks
is
such
Secretary
Dillon
Treasury
Department
by
has
rule-of-thumb,
in
ratio
of
demand
one-sixth
ther, there is
no
stated,
the
average
their
total
deposits;
fur¬
legal limit to the
public and private debt that
be
created
and
Federal
the
handled
Reserve
reserves
currency
Woods
can
—
permitting.
signing
the
on
before
the
State
the
Committee
of
the
Joint
on
Eco¬
' Aug.
16,
the Com¬
of
mittee estimated in effect that the
banking
system
their free
reserves
to
12
creating
1
in
can
8,
10,
bank
money.
the legal multiplier for expanding
"L i q u i d
our
Dollar
Assets,"
1
to
monetary
assets
ratio
the
to
stock
gold—thus,
now
to
total
at
the
$458.3
of
with
these
billion,
$16.0" billion
our
The
in
excess
Act
1-
their
ap¬
"Bretton
and
Woods
July 31, 1945.
on
the
of
finally,
approval
provided
ganization
for
the
or¬
International
Monetary Fund and of the Inter¬
national
and
Bank for Reconstruction
Development,
both
with
headquarters in Washington, D. C.
We
in
are
the
particularly
interested
International
for
Fund
Monetary
Articles
its
ment make full
of
Agree¬
provision for the
fixing of the par Value of the cur¬
rency
units of the member nations
in terms
of
of
gold, for stable rates
international
monetary
ex¬
change and for the international
liquidity of each member nation.
Unfortunately
for
the
United
States, the Articles of Agreement,
which
have
we
provide that the
various
par
currencies
subscribed,
values 6f the
are
to
be
ex¬
pressed either in terms of gold
"in
terms
of
United
the
or
States
dollar of the weight and fineness
in effect
on
July 1, 1944."
This t)hrase, "or in terms of
United States dollar of the
and
fineness
in
effect
on
the
weight
July
1,
1944," should be deleted from the
Articles for it places upon
the
United
the
States
unbelievable
burden of assuring and protecting
the stability of the
currency
of
managed paper
every
one
of
our
fellow members of the Fund.
the
Conclusion
gold
stock presently stands at 28.6 to 1;
well
of
the
Agreement Act"
to
during the
that,
Agreement
in
through
System
other hand,
Hearings
nomic
as
estimates,
of
time
and
com¬
that,
an
concluded
and
culminated
circulation (a ratio of 4 to 1), the
reserve
1944
meetings with the unanimous
gold.
roughly approximates the ratio of
C.)
Reserve
originally
actually,
of
Consequently, it is evident that
Room,
signed by President Woodrow
a
C.,
D.
proval and signing of the Bretton
While the Act requires the Fed¬
25
Monetary
securities
Assets,
the
or
D.
The Federal
savings
year.
measure
Economy
Fund.
House
S.
in
supply and, for soundness
money
gold
Act
one
1962, the Chairman
ay.ai^.bJ€mt5°^
plication to the Document
U.
mutual
Liquid
the
are
expand
of
deposits
government
membership
Copies
and
maturing within
commercial
Monetary
invited
and
ington,
plan
a
stabilization
22,
ment Act of 1945, authorizing our
the
time
shares, government savings
the
The Bretton Wobds Agree¬
in
com¬
international
Woods, New Hampshire, July
the
:;
1934; and
7
(c)
billion,
fund
tentative draft for
a
an
banks, postal savings, saving and
our
Amendments;
Gold
the
at
the
Congress, he submitted to
nations
for
dollar readily avail¬
currency,
On
of 1913 and its
$458.3
every
mercial
Finally, in order to accomplish
stability
and
understand¬
proper
a
hand
at
Functions
of such
are
prises
of
presently
the
with
1943,
the Finance Ministers of the allied
ship
and
Federal
Purposes
Public,
volume
of the paperback
copy
a
handbook,
the
of
in
loan
reference
ready
circulation
in
currency
banks
Ministers,
United States dollar.
for
exceptions)
commercial
our na¬
sound and stable-
a
special
the
de¬
Early
welfare able and includes demand
deposits
very
is dependent, ab¬
economy
(with
demand
(b) Selected Liquid Assets Held
under¬
and
healthy growth of
solutely, upon
posits
by
intelligent Ameri¬
every
must
the
comprises
outside the commercial banks.
Foundation
Essential
Ex¬
etc.,
for
of
have
the
protect
nations.
Infla¬
Interest Rates, Balance-
of-Payments
ad
matters;
Unemployment,
the
run
possible
Held by the Public,
pansion,
Ease,
every
structure
currencies,
the
France,
stability
and
their
created
bank
Germany
to
volume
the
effects
the
Both
order
for
Congress
of
of
integrity
the
U. S. dollar in jeopardy.
the
re¬
Board
consequent
and
dollar,
to foster,
beginning interest and
a
(Note:
fact, the colloquies
whole
the
Department and,
placing
ently at the volume of $148.0 bil¬
least,
colloquies
conceivable phase of
the
interest
the Treasury
actually
upon
sincere the Public";
my
and
promote
to
commercial
our
"Selected
give."
tary matters:
stable
universally
fixes
money"
was
of
wide easily,
a
Reserve
management
moneys,
Thursday, August 8, 1963
of
of
establish¬
it places
Too,
Federal
sponsibility
of what is
1
Liquid Dollar Assets Held by the
EARNS
is
true for many years
(a)
at the Hearings to the effect that
"GOLD
correct in
there
that
into
there
mittees and the various witnesses
final
are
you
of understanding
"sound
the
on
that
think
I
Banker
letter, I commented,
re¬
our
economic
content
the
.
several regional Re¬
Banks.
serve
dollar;
Letter to
our
Public."
equally
of
one
with
$458.3 billion of "Selected
of
world
correspondence
greatly inflated vol¬
is the
of
True,
of
the president of
monetary
than
or
'political
a
either
implications,
standpoint.
of
monetary af¬
Senate
Joint
the
com¬
between the members of the Com¬
billion,
ume
stock
presently
serve
from
out
considera¬
given to the fact that
diminishing
gold,
when
other features which
other
have
—the
to
authoritatively that "GOLD
particularly
cussed, but it always seems to be
tied in with
System,
(1923)";
state
IS A STERILE ASSET,"
seriously dis¬
was
the
tion." Hence, for an economist to
an
the
con¬
Congress and its
several Sub-Committees have led
is
where
First,
the
inconvertible
mestically
the
by
officials
question
gold
can
into
even
Its Usefulness Is Hardly
for
credit
full
While
the
at
industralists,
among
very
government
sound and stable
"Unemployment, the precarious
knowledge and un¬
is
most
extensive,
leaders, economists and
the
and
managed currency.
loss of savings,
also,
pri¬
due
life of the worker, the disappoint¬
14-18, 1961 on
"Report" to realize fully that
derstanding
the
nor
marily to our national disregard
of the simple fundamentals of the
Hearings of Aug.
of
1929,
1930s—all
the
the
lack
the
1920s,
of the Great Depres¬
causes
of
sion
late
the
of
Com¬
Economic
Congress
of
nings Bryan, the stream of bank
ment
such
groups
Agitation of William Jen¬
Silver
STANDARD and its proper man¬
agement;
the Panics
post-war years, the 16 to 1
those
thoughtful
Greenbacks
the
War,
govern¬
ments.
of bank
fits
we
whatsoever from
of
eign
opportunity to sit in a number
meetings
Americans are
been
grossly ignorant of monetary
matters; we have learned nothing parts
V; As
opinion. I have had
an
believing
Forget Our History's Lessons
We
honest
wide
have
of
lack
12080, to
permit
but
instability
that nation.
on
question
differences of
price structures of
in the domestic
July
1962,
ultimately
and
confusion
creates
on
it
Too,
professionally involved in the
are
conse¬
have said, even those who
you
gold
inadvisable
and
unwise
inflation
&
as
transactions.
established
is
difficult to bring to the
very
on
tem with its
you
the gold situation
me
are
nation's managed paper cur¬
a
quently,
House
Banking
of
which
discussions
gold
and for
.
ment of the Federal Reserve Sys¬
credit
public level of understanding, and
is the final monetary
the creation
it
taking
am
have sent
standard upon which
rency
before
banks,
the
and
vice-president
the
by
Also,
statement
extract from the formal
made
brief
a
national monetary
I
liberty of quoting;
"The
ratio of liquid assets to gold;
provides beginner students an introductory course on money; and
insists vye need a thorough investigatioju>f our financial-credit struc¬
ture to enable legislation cnci antHcrr all to be drawn up and passed
to protect the dollar's soundness.
ingness to permit today's runaway
gratifying
most
from' which
answer
will¬
monetary standard, Mr. Belt castigates our
need for gold as a
pleasure, I received
and
prompt
a
the
upon
dollar
the
management."
proper
To my great
in his illumi¬
brief tract calling for the rescission of gold's fixed mint value
an ounce in the Bretton Woods agreement. After stressing the
opposite of being sterile, Mr. Belt declares
Gold is the
its
based
the
.
of the 25 to 1 ratio
Our
i-.v.;TTn+n
domestic
V-vr\4-Vi
debt, public
and
-not
tr»-
r*w» c?e«
ond
I
Volume 198
day, is in
of $1,000
excess
and
is
increasing
rate
of
$50
Our
„
of
billion
with
yearly
is
in
and
each
at
Commercial
and Financial Chronicle
(539)
confidence
SECURITY SALESMAN'S
the
1
debt
The
billion
yearly
billion.
national
$300
Number 6288
vestment
business
excess
and
CORNER
increasing
Federal
deficit
BY
JOHiV
DUTTON
lion,
of
in
of $70
excess
increasing yearly in
ditures
necessitating
expen-
issues.
Finally,
of
our
the
the
to
question
In
of the
the
consequence,
without
gress,
stitute
88th
delay,
thorough
a
the
into
continued
dollar
our
Con-
should in-
investigation
financial
and
credit
situation of the United States and,
the
result
should
enact
as
of the
soundness
investigation,
h
can do for them can hardly be
enthusiastic
boosters
for
this
United
our
most
is
their
Constitutional
tractual
plan,
with
fund,
a
funds.
or
the
(con¬
partially
only
are
features
vantages, .and also
of
|
people who make
cases
investment in
an
States
ad-
When
because
so
broad
they
they; acquired
management
marketability,
venience
Governors of the National As-
sociation of Securities Dealers has
recently
adopted
a
'policy
new
they hoped to solve
by investing in
a
jng
and
the
they
weeks
elapsed between
fund.
months
the time
that
in-
an
he
of
information to
the
public
and
on
expuisions
and
suspen-
began making payments
plan,
has faded, he
members
on a con-
His
the
tual fund
investing, and
ciation
salesman
from
mem-
,
„
.result
i
„
a
it
whom
u
bought
u
also have become
may
a
disac-
persuasively with him about
tion
the
ing and investing.
Wallace H. buiton
personality who
of
the
of
As
w
■
Thic
..
will
f
.
,
that
is
firms
the
he
sent
member
internal
all
need
or
Th
up
m
i
of
notified
the
press
member
ef
just
was
films
the
of
expiration
appeal
60-day
Many experienced mutual fund
salesmen have discovered that if
a service call after
they haV6 S°ld 3 fu"d that the
first sale
is
only
'
hll,in
fntnr„
door
a
opener
rf.Lr
Th„„
to
make
an
Those
Board
reads
Mntipa
"C11
(1)
+,
reemphasized. If it is
tual
contrac-
a
plan they point out the bene_
of
prompt
and
regular
sav-
^
from
cvP
suspension
revocation
the
of
.
.
member
any
of
m
mflmw
ov,,r
of
notice
or
nr
or
membership
a ccncmticn
or
registration
,
...
the
plan
„
released to the press upon the
order
of
expulsion, revocation
suspension
when
periods of appeal
all
or
appropriate,
review within
or
.
to
Information
case
NASD
the
or
be
may
at acta
at
News
case
of
•
,
tive
.
falter,
who
could
the
name
„
of
.
m
the
.
registered reprbsenta-
involved
is
not
J.
They
on
second
disclosed."
first-hand
help
these
on
times.
'
•
d
a car
surprjsed
salesman call to
•
is
in
/
de-
almost
is
and then
a
is
pleas-
having
by
his
if everything
see
is working properly.
will builder
be
iT
he
principle as the man
same
who buys
Dur-
every
tail of his investment. It
As
a
good-
call
service
can
for
future
business
and
During
need
.
let
.
your
Clear up
need
A
customer
may
ask
be
on
you
any
his mind.
.uncertainties that
explanation.
You
are
no
longer there to sell him anything
but because you want him to ap-
(350
paid
on
share will
per
September
13,
rec¬
August 23, 1963.
JR.
President
Divisions and Subsidiaries:
Pullman-Standard Division
The M. W.
Payable September 27,1963
Kellogg Company
Trailmobile Division
-Record
•
a
September 6,1963
Declared
•
Trailmobile Finance
July 31,1963
Company
Swindell-Dressier Corporation
program,
too busy
are
f
Transport Leasing Division
to
Unimation, Inc.
uiimiuiimiit
saving and bl¬
a
special pur¬
DIVIDEND .NOTICE
■
use more
income
DIVIDEND..NOTICE
.CENTRAL -.LOUISIANA
When
customer
your
ELECTRIC ; COMPANY,
V
under¬
-
The
INC.
The Board of Directors of Central
Louisiana Electric
should
he
haVe
is
convinced
financial
a
to
come
goal
you
for
time
any
advice and information—and that
VOu
have his
interest foremost in
hetalS
to Place with
ness
y°u or not—
will create a friend and
then vou
*
y 'u wl ' c ea f * iriena ana
has
benefits of mutual fund investing,
your customer on the real
..Then call
salesman
friend
of
but
and
investment.
his
him again—not
on
interested
as
Th
.
r£»s»ck«c
cents
15,
ord
.
.
'
.
,,
-,
■■■
f
having satisfied customers always
a
call.
h
^
V.
This
ft
service
ti
converts
h
a
tomer into
a
tomers will
mend
the
close
build
the
no.
SERIES
record
as
SERIES
1958
increased
1
to
others.
business
a
shareholders
ers
of
1,
on
record
the
of
rate
share of capital stock.
year
of
in which cash dividends
have been
paid.
w
-
PREFERRED
NO.
Standard Oil
20
Company
(New Jersey)
to sharehold¬
of the close of
1963
record
business
at
1963 is the 81st consecutive
payable Septem¬
DIVIDEND
as
Ssso
August 15, 1963.
Street, Secretary
T. P.
FLINTKOTE
create
a
Diversified Products For Home and Industry |
m
be sure
you can
THE FLINTKOTE COMPANY
chain of help_
clients,
who
»;
Directors
quarterly dividends
Common
INSURANCE
CO. Ltd.
Trusf Comoanv
"
"
for the holders
bv
the
of
of
CO.
Stock*: $.20 per share
U
w
;
31st,
1963
m
/II
These dividends
holders ol
are
payable September 16, 1963 to stock¬
i
record ut the close of business August 23, 1963
.
140,h
LTD.
July
I
have beeh declared as follows:
$4.50 Series A Convertible 2nd Preferred Stock: $1.12V2 per share
River
THAMES
INSURANCE
Y.
$2.25 Series B Convertible 2nd Preferred Stock: $.56lA per share
Co., Ltd.,has'"been
$750,000 to $1,000,000.
RIVER
NEW YORK 20, N.
$4 Cumulative Preferred StocK: $1 per share
of
Insurance
from
,
11
have
NOTICE
as
security
policies
issued
v
65c per
Series
1955
of
shareholders
regular quarterly dividend of
$1.134375 per share on the 1958
Series
Preferred Stock, payable
solid structure.
F7.VER THAMES
Thames
to
August 12, 1963
of the close of business
15, 1963.
August
consecutive
dividend
,
:
•'
so
and
Preferred Stock,
ber 1, 1963. to
August 1, 1963
payable September 10,
1963
PREFERRED
Stock
Announce that the Trust Fund maintained
York
and
by the Board of
on
,
..
The regular quarterly dividend of
$1,125 per. share on the 4.5%
Preferred
dividend,
cus-
a
{riendl
American
Directors
rec¬
DIVIDEND NO. 33
a
creating
FINANCIAL
New
declared
of- business
..
a
28
July 29, .1963. U
4.5% preferred dividend
on
earnings of the Com¬
by
to recom--
services
servjces
through referrals
you
pany
a cus-
Satisfic„
Satisfied
be please*
>e pleased
you
^
is
customer, and
friend.
friend
your
When
fuJ
of
amount
shareholders i of
to
of.
as
the
in the
no. 88
the Com¬
on
■
buyer into
you are
in
September
ef
makes
dividend
of Standard Oil Com¬
,(New Jersey) will share
The
^
-
pany
share,; payable August
per
1963
^hv
Sf^ld
„
Stock
mon
r
.
.
a
advisor
There are many. ®as "f
®
as
Company, Inc.,
quarterly dividend
approximately 710,000
owners
declared:
common
A
1955
This is the reason you should consTdeVthe first'salVan opportunity
with Morgan Guaranty
,
cents
1963, to stockholders of
W/it per share
for
interview
quarterly dividend of thirty-
five
QUARTERLY DIVIDEND
NOW.
THE
service call
questions that
Incorporated
NOTICES
W. IRVING OSRORNK.
benefit from
a
Those who could
The
a
Pullman
eon-
pose.
lmportant tha" any ot^er
you can use to pave the
referrals,
,
the
of
ord
custo¬
your
vesting plan for
once
interested
very much
* —,•
'.
ant]y
theme
ments.
Those who
the im-
interview
becoming familiar with
e
:
COMMON STOCK
monthly withdrawal
they show him what
^
the
usuallv
the
.
provided, except
.
or
any
in
.
X
•
mg
way
expulsion, revocation
suspension,
member
about
published
.
and
method
.
the Association have expired.
"(2)
achieve
of
,
registered representative shall
any
changing
give
point of view
properly manage their invest-
jng ancj tbe penalties of allowing
makes the wheels go around
pvnnkinn
expulsion
of
Association
firm
be
nf
Notice
suspension
the
„...
the
follows:
as
to
'our'
plan for retirement.
a
Professionals who
portant objectives he is trying to
■
of
relations
human
guests. Many promi¬
be
PeoPle who hope to finance their
children's college education.
anl?fJh?They believe should be to resell
ment that *eatu™lof ,thf .^7^
change Commission.
resolution
from
CORPORATION
•
th„
again resell the client
new
hand
on
have
to
and stick to it—when he knows he
The Beginning
period to the Securities and ExThe
and
our
of—
know
have
he
The First Sale Is Only
that
expelled, and only after the
were
be
an(J substan_
referrals,
advantages
•
the
stands the benefits of mutual fund
discipli
and the penalties im-
cases
on
renowned
nent bankers of the U. S. will be
MURPHY
Friends and relatives who should
sav-
haw'^Dired^arid^iirSmlS^a until the first dividend ..is paid,
description
the^ findings in then they appQintment CUent a"d
findings
the to review
P<A '
Previously,
World
matters.
wish-
women
informed
Quarterly Cash Dividends
whhcan
nary
this
as
97th Consecutive Year of
\
appeal
each of the most current
will
the
often
gna
they'make
notice
same
NASD
to
after
'
+u
*
arise and
education
investing—when
secu-
♦.
tv
wills>
for
mers
can
«
bring
talked very
once
„
registra-
tions
NA^DSai^c^rdinrg ^to^Wallace
i?
IStfon
Naturally,
thoroughly
Banking—Present—
is
DIVIDEND
additionai business.
vague
of
revocation
the
economically
—
speakers in the field of economics,
iiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiuimiiiiiiiiiiiiiiiiiiiiiiii
popuiation have either
egtate
afi
the
even
he
ciplinary
and
will
being
on
problems in Any town,
new
be
to
foreign countries.
a
friendly and
is
^
mem-
longer readvantages of muno
sions of Asso-
be rs,,as
USA
importance of mak-
not'made
other things
many
have crossed his mind.
ory
that
Seventy-five percent
q£
received several dividends, or
tractual
from
<;Global
effortless.
established
have
you
Ja
But dur-
vestor obtained his certificate and
press
occurs
important finan-
an
cial problem
Also,
concerning
the
world
bank-wise.
and
attention
Suggestions
it is then advisable to
con¬
the
release
focus
shrinking
client has confidence in you,
your
ready
possibly the
or
involved.
probably had
WASHINGTON, D. C.—The Board
iked the idea of
Call
relationship
diversification, professional
investment
Press Releases
of
Service
he limitations
their fund shares they usually did
NASD Policy on
almost
are
Future"
.
familiar
It
ture sales
When
dollar.
responsibility.
A
Bank Women to
Salesmen
Once this becomes apparent fu-
ment.
In
the continued
assure
of
investing
this possible.
to
these
soundly conceived form of invest¬
promptly the legis¬
lative acts to
con-
built
,,
contributing seriously
soundness of
fund
mutual
and
vention and the program is
formed about the advantages of mind him again that he is to be Women, Inc. will begin Oct, 20,
:-:-y)•"•
mutual fund investing are excel- congratulated upon mapping out
at. the Americana Hotel,
DIVIDEND NOTICES
tent prospects for additional bus- a financial program that will help Miami Beach, Florida. .The four
mess and for referrals. But those him achieve his goal. When your <day meeting wjl}. assemble women
who invest in a, fund and who do customer understands his inyest-. bankers from every corner of the
40t)th Dividend
n°t appreciate the value of their ment he will begin to appreciate United States and we hope for at
investment, nor understand what what it can help him accomplish, least two or three representatives
increasing volume
corporate and private debt
structure is
will be
progress
,
bond
new
pleasure
a
calls
your
One of the principal reasons why 'predate, value, and thoroughly
PAWTTAirjH ivi
some men become very success- become sold on the investment he V^Ull V t/llt/ 111 WLU.
ful mutual fund salesmen is that has acquired. If the original pur*
they know how to obtain customer pose that motivated the invest- The 41st Annual^ Convention of
cooperation. People who are in- ment has faded in his mind, re- the National Association .Bank-
bil-
excess
billion with deficit
$5
future
in-
your
Customer Service Makes Friends for
Mutual Fund
debt
become
servative
Our state and local governments
in
will
your
make
world.
are
and
you
assured^ .Service
•—also, it exceeds by almost $100
billion the combined public debts
of all other nations of the free
in
recommendations,
15
JAMES E. McCAULEY, Treasurer
August 7, 1963
^
;
16
The Commercial and Financial Chronicle
(540) *
Steel
Production
Electric
The State of
and
Output
Retail
of
bolstered
"The
chemical
companies
Price
Auto
Production
Business
managed
group
Index
as
chalk
to
second
Commodity Price Index
quarter
Thursday, August 8, 1963
.
FROM-WASHINGTON
a
up
a
moderate year-to-year gain in the
Failures
.
earn¬
companies.
international
Trade
Food
TRADE and INDUSTRY
abroad
sales
ings
Carloadings
.
Ahead of the News
...
price
despite
weaknesses in many lines as
ris¬
BY
CARLISLE
BARGERON
ing industrial activity stimulated
demand.
increased
The
degree of strength in business
activity in recent months is
per¬
haps best exemplified in the
thoritative
analysis
of
au¬
corporate
profits in
the April-June period
published
in
tional
initial
the
better
severe
second
quarter
lines. The run-up
oil
might
prompted by the fear of
dustry-wide
strike.
in¬
an
the
in
recent
general
and
In
factors
continuing
of
in
brought
the
the
16%
industries,
quarter,
preceding
the
This
first
above
raised
half
d
to
the first half of
"Among
panies
of
prices
though
shown
in
little
where
Industry
in
a
"Following
or
intense
the steel
com¬
quarter
price
dollar,
in
compared
quarterly
re¬
the
cents
March
a
year
back
6.1
cents
to
continued
quarter
and
the
6.1
earlier. Another key
seasonally
adjusted
the
firm
June
quarter,
74%
justment,
the
reported
figure
March
and
last
year's
quarter
fourth
56%
notable
in
railroad
and
for
Substantial
gains
gains
also
by
the
deficit
most
pany,
was
of
auto
as
auto
May
steel
a
of
halted
pick
up
little,
a
hard
of
the
—
equipment
Best
metals.
8.6
tons),
of
steelmaking
and
orders
magazine
5.
7.3
million
million
ingot tons
tons
in
July),
improvement
no
the
the
(another
third
first
Assuming
leaders
7.3
quarter's
output
three
quarters,
82.4
steel
some
right
were
industry
when
they
put
fabri¬
will equal
quarter
put this
as
that
in
appliances
and
on
had
we
to
ma¬
(26.7 million
year could
be
jn
the
a
t
e e
1
users,
which-
not
only
brought added sales to the mills
but
the
generated
railroads,
more
coal
pliances .and television sets:
V t*
mining
for
and
i other
oil
i
steadily improving its
ings
performance
year,
quarter
turned
good
the East
Goast
dock
sincb
1958,
out
for
international
during
to
than
58%
the
search
45
for
.^.eents .to to
$26:33
week -due
Continued;; gains
the
to
both
second
be*
domestic
compa
in
es¬
*
And
years
of the
wt
Ambassador
our
who
tons),
out-
may
lead to others-for
1.8
million
were
unofficial
sales
now
is
in
New
York
Stock
as
treaty,
take
we
the
have
the
the test-ban treaty, the
f0r ratification will
Republican
be
Senator
No
how-many
of
in the financial field, Mr. David
previously
worked
William
_prn
on
in
the
intense. A
one
for
voices
knows
offices,
11
years
Prior to
Cnmnanv
o
y
p
Chicago and Dallas
serving
_
of
manager
h_nc
Rlair ^
William B i &
firm's
pressures
who
J. Philip David
Well-known
with the investment banking con-
disapproval will be charged with
politics.
t
m en
position
de-
vote
post
banking firm.
suggested
expected
newly
i nvest
this first step, it
approaching Senate
and
manager
a
at the Houston
In-
peace.
an-
The
created
we>
negotiated
new
six
for
as
years
office,
Dallas
the
joining Underwood, Neu-
hp
Republicans—
,vnHiratp
.
manager
tt»
V
f
*or Schneider, Bernet & Hickman
in Dallas.
-
.•*-/.
t
Texas'
Underwood, ^Neuhaus,1
a gross ton last Senators
arc considered potential oldest investment banking firm,
innominees .for President in next* v :;
v
offerings ; lor -years
election-^', Senator Barry * Pcc¥Ples
August.
UNT'"^*^:^;*v>i.:f';Goldwater of Arizona and Sena-Club
Building.^ .The,, .company
+Steel industry -earnings
rose
tor Thruston Morton of Kentucky, handles U. S. government, municis c r a
-
p -
in the second * quarter
afterrnionths bf low profits, Steel
reported.
: ;
.
The
A
;
<
,
presihas
nounced.
asked to try
are
if
aharply
n'ies.
production
^
higher bids -on*
earn-
its'de¬
TT
Presi-
-
dent,
bombs,
peace
this
estimates
of
nuclear
•
has -dus trial
*
pression
supporting industries. Extra pecially
} shipments to make
up for billings and
lost
ap¬
-—-----
industry
been
-
business
"Though Jthe
Vice
series
a
^
and bow many Democrats—in the
expansion of capital sv.vThe magazine's-price composite
Senate will look with suspicion on
spending' by public utilities. and on No. *1 heavy: melting-scrap rose
-the document. - Two i Republican
*
.
Exchange
had
step ai0ng that road.
new
in
Steel
Russians
an
electrical
.
members
off the
deed, the President, Secretary of
State Rusk and Averell Harriman,
pacity.
sales-of
.
as joined Underwood, Newhaus
& Company, Inc., 724 Travis St.,
brief, has been the his-
and the Senate,
bate
that
the
huge
our
last
total 109 mil-
less
of
0f
^ory
tronics
•«
,
manager, Mil-
when
today
brick
HOUSTON Tex.—J. Phillip David
dent and sales
of tests
(vs. 112 million tons in
tons
tons
have1 benefited
power
(J IlderWOOd FlFm
Com-
treaty—with Russia, only to
a
military
J. P. David With
For several years
test-ban
a
a
by
Khrushchev
us
as
nuclear power—is not credit¬
1—
testing, has de-
Premier
an
the idea of out-distancing the
agreement—
ca-
i $
the
by
of
.
there
this treaty banning
sign
face of the map.
playing
quarter
j results. Most
widely publicized of
i these
temporary boosters was the
'devastation
the
be-
fully
able.
In those years,
whom we are now
occasion
are
] strike-hedge inventory buying by
has
cases,
has threatened to blow
close
from both
Khrushchev
.
—a
veloped great nuclear power, and
poured last week. Operations
;made for special factors that
gave
: an. extra
lift to second -
Mr
uneasy
and
many
incited
to
the electrical equipment and elec¬
industries
in
part nuclear
evaluating the over-all resuits, however, allowance must be
earnings.
^
and,
with
chinery has bolstered earnings in
the machinery group.
Similarly,
"In
here
that
Look for ingot output this week
pickup
industrial
that
a
World
an
first
^
the
cold war,
a
sorry
a
mic war and he does not ™ant
such a war. But that he has given
world
Third
the
of
There still remains
.
ac-
there
years
the
of
1957).
time,
18
devasting
marred
in
million
predicted that fourth quarter out-
lion
some
lief
throughout the world by localized
not
million.
machinery and of¬
equipment have been doing
for
record.
made all preparations for
around
construction
well
For
no
not.
ton R. Under-
September
en¬
While such lines
And the Senate did
failure
ments in the past, and it is
United States
about
headed
is
the
UP
Russia
1957
about
wood,
Assuming
machinery,
and
mittee
II ended.
peace.
or
Russians to live up to their agree-
lMatinnQ
for
go
treaty
before the Foreign Relations Corn-
submitted to the Senate
by Presi—
dent Truman when World War
document
to
the
also,
the United Nations Charter
that
to
trust them
we can
reaiizes
of
provisions,
better
Much will be said in the hearings
this
League
is
agree
care.
the
it
board
also
heavy
After
and
whether
So they look to the
examine
a
But
Com-
a
whether
ahead
have that agreement kicked over-
(vs.
in the general
groups
and
Presi-
be
a
goods
is
to
with extreme
been
ratification
trust the Russian Communists
can
treaty,
its implications and its loopholes,
came
make
steelmaking operations drop
only 15%, August production will
industry's
goods
Senate
to
or
The big question is whether we
a
munists of Russia.
Steel
Aug.
on
not
assurance
not to fall into
are
this is-
on
party issue.
want,
want
fighting
Have
month
in¬
may be ex-
people
They
I;?
If
con¬
time when demand
reflected
security.
o.3
industry
this
predicted
quar¬
capital
American
+
Since
1957 if the decline in
most
The
therefore,
517,280.+
.-1,ei?;8?5
for the best production year since
as¬
as
the
°~
2.4 fighting*
'
+
sue,
was
peace.
unlikely
seems
bership in the Senate
the
pecte'd to have huge impact.
peace,
+^9.9
it
along
that the Republicans will attempt
to bind in any way their mem-
secret that the American
want
had
higher
;
(ooo omitted )—\
,—
518,454
is
heard
has
demanding the full-
are
to live up to the treaty
War—only
885,404
fice
com¬
actually
for
summary
will be 23.2 million tons and that
consumer
cated
re¬
pulled down
single
a
firms
in
week
that
fact
dent's plea,
in
in
ways
Earnings,
the
revival
electrical
trade, trucking and
fields, while in the serv¬
ice group, which
were
$30,814,-
isame
Production Year
a
he
Morton,
est information. It
that
the
was
Senator
publicans
would
body in the League de¬
no
people
of
of the principal money cen-
Steelmakers
year,
production
cilmb.
improvement
corded in the
utilities
profitable
quarter
in
gineering
industries.
were
the
Kansas city
at
strong is
long-depressed
mining
^
spending at
quarter.
year-to-year
scored in the
were
totals
against
Boston
With tire prices beginning to
"The
"Outside of manufacturing, the
most
those
$19,010^82 $i7f29Zio2
Chicago____ *
1,383,216
' OCft cr7rt
1,350,570
Philadelphia
,1,165,000
prosperity.
with 50% in
the
clear-
NevirTork i
best
this
anyone
truck
to
latedly
to
comes
for
week End.
second
until
testimony from the Joint
entists.
member.
cept
some
last, the rubber industry
has begun to share somewhat be¬
higher profits. After seasonal ad¬
;
their
since
result, topped any previous
the
59 %. This compares
preliminary
The
its
and
tinued
ter.
In
is
ters follows:
flat-rolled
report
to
second
of manufacturing companies
showing increased earnings from
;
seat
rates
percent¬
quarter.
above
Our comparative
sembly lines rolled at near-record
is
age
preceding
7.3%
were
Our
modest
"Detroit, which it not taking
sales
indicator of the business trend
the
t
in
earnings
per
with
to .obtain weekly
it
number of producers
a
able
were
cents
Saturday,
States for which
United
ings
in
way
the
and
increase
products,
ter
6.6
ended
the corresponding week last year.
quarter 1959.
to
week
347,476
industry led the
porting sales figures, the average
profit margin in the second quar¬
rose
the
possible
year-to-year gains for the various
11%
firms
latest
Two
contend
States
the
it is
the
War
and
munist trap.
feast-or-
usual
view
they
the
Trends
its
,
manufacturing
in
clearings
Aug. 3 clearings for all cities of
and
paper
this
for
no
famine pattern of recent quarters,
reported
earlier.
year
"For
7.3% Above 1962
1962.
com¬
were
quar¬
cities of the country, indicate that
industries
such
second
above
;
Bank
the
His final decision will
made
with Senator Dirkson of Illinois,
the G. O. P. leader, and other Re-
been prevented. There are
others who do not subscribe to
Week's Volume
realized
be
not
He is promising to
comes.
scrutiny.
than
were more
have
United
volumes
March quarter and a gain of 16%
from second quarter 1962. For the
earnings
at¬
im¬
the March
over
Bank Clearings
Production
to-day pretty much
they
World
fluential
industry groups. As a result of
the peaking of shipments in the
half,
also
ratified
spite
to
profits of $3.2 billion,, represent¬
ing an increase of 17% from the
first
drugs-
seasonal
groups
than
$33,103,341,026
1962.
firms
713
better
period,
the
and
ter."
foreign producers has kept, price's
10%
manufacturing
alone,
has
year
level
food
provement
in-
the
in
registered substan-
soap-cosmetics
Vreak.
and
a
sales
months,
aluminum,
12%
earnings
the
and
beverage
which had shown
declines
quarter,
tained
petition among both domestic and
billion
up
The
ap¬
tended
chemicals, plastics,
as
quarter
firming
improvement
aggregate
$4.1
has
—
industry.
recent
re¬
from the like period
earlier.
throughout
situation
for
of
autos,
—
improved
spread
in
pe¬
tabulation
shows
second
items
down
The
mind
Chiefs of Staff, the military authorities, and from the nuclear sci-
while
spending for
consumer
are
as
treaty.
his
up
Nations was under consideration.
The chances for it seemed overwhelming at the outset but as
time wore on opposition was developed and it was in the end
defeated. There are many who
believe that had the Treaty been
pliances, television sets and home
some
improvement
earnings
the
up¬
corporations
date
high
prospects
ban
make
all the
tial increases in the latest
up¬
give the whole problem his closest
test
to
profits generally rebounded
itial
the
nuclear
still
40 years ago when the League of
costs, meanwhile, have responded statement
forged ahead of a year
to management efforts to control
ago. Preliminary figures compiled
expenses and gain improvements
by the Chronicle, based upon telein productivity. There has been
graphic advices from the chief
unusual
an
April-June
bank's
to
after-tax
bank
temporary devel¬
nonfinancial
from
the
several
in
This
porting
big-ticket
"First Half
business
decided
a
profits
riod."
and
demand,
On
the moderate
side,
improvements
together with
opments
in
of
demand
prices.
has
how he will vote when the show-
goods
year-to-year
improvement
swing in capital goods programs,
the
in
and
costs
the
follows:
as
concurrence
952
trend
Earnings,"
comments
"The
"was
quarter
its discussion of
swing,
picture
prices."
Corporate
in
profit
favorable
fundamental
costs
the
in
over-all
in the fundamental factors of de¬
Nevertheless, mand,
the Letter points out, the overall
betterment
the
soft
consumer
tobacco groups,
the generally favorable trend
was
the
area,
reason
Once again the United States Sen-
ate will be in the spotlight as it
considers
the
newly negotiated
the same
formances.
"Nevertheless, the basic
depressed
was
from lackluster first-quarter per-
regarded as somewhat adven¬
stances, the most prominent being for
again
reason
"In
also
may
high,
new
a
prices.
titious.
have been due to special circum¬
buildup
the
inventory
earnings,
company
reached
shipments
gasoline, raising
be
though metal
even
n
impact
prices, dropped from
earlier
year
the
Profits in paper also declined and
May
Diminished
on
of
observes,
refiners.
to
the
showing
the large steel inventory
non-recurring
profits
a
of sugar prices
in
reflecting
of low ingot
to
in many
levels
near-record
aluminum,
un¬
added
volume
price-cutting
York.
months
Bank
Na¬
the
winter
usually
to
by
up
over
New
of
three
the
year,
First
held
or
Eco¬ brought
August
the
of
Bank
City
of the
Part
the
Letter
nomic
strike
in
Earnings
-
industry's dollar volume of
.?
1
Continued
on
page
38
indeed;* Senator Goldwater has in
recent
weeks
been
considered
front-runner for that
As
of
today;
,
a
nomination.;
although' he
has-
voiced suspicion of the treaty, he
pal
.
securities, and
and corporate
j^ber of both the New York
;
_
-
u
;
-
A
'
.
Stock Exchange and the.Ana
Stock Exchange.
.
-
„
.
,
'
-
Number 6288
198
Volume
.
.
(541)
The Commercial and Financial Chronicle
.
easing
Fund Managers
Bullish
,
The
reduces
forms of goods
Despite Market's Slowdown
Continued from
ter
1
page
this
by
the
group
result
primarily
was
buying
heavy
of
by
708.22.
Dreyfus, Fundamental Investors
(Stock prices eased considerably
and
United
(Accumulative and
during July in the wake of the
SEC study group's "bearish" re¬ Income) Funds.
In the closed-end companies, a
port on trading methodology and
3.8%
quarter
higher
the Administration's
proposed tax
purchases of foreign se¬
uptrend
most
on
at
curities. However, a strong
prevailed since the advent of
has
August.)
slowing down in both buying and
selling
a
with
However, market results for the
proved most re¬
first quarter.
percentagewise,
during the
buying
Adams, Express,
in
bearish
most
was
net basis
a
$3.5
,
first half of 1963
On
of $3.7 million
million in
selling balance
contrasted
v
during
experienced
was
the second quarter.
and
war
will expand
marriageable age
family units
is
rising
solete
.
.
INDUSTRY
reach
and form
plant
Gross Sales
new
(Millions)
capital spending
.
I
The financial
position of corpora¬
$600.7
II
strives to reduce production costs.
591.9
the
for
but lost two-thirds of
the advance in February.
Prices
January,
the next
then advanced in each of
giving the index a
three months
total gain of 65
ter
1963
and
points. At its quar¬
high of 726.96 on
ernments,
to 6.9%
7.0%
(cash,
assets
liquid
panies,
771.1
695.4
722.4
IV
510.9
813.1
$2,699.1
$21,950.8
tions and their cash flow are bet¬
than
ter
be
to
adequate
support
position
petitive
is
in
improving
abroad
costs
should
and
major
a
of expansion. Our com¬
program
kets
before
ever
world
mar¬
'•"Historic
production
as
rising
are
slightly
dropped
etc.)
of June 30, 1963 from
as
March 31; and other de¬
on
securities
fensive
and
stocks) to
(bonds,
preferred
high-grade
8.6% from 9.3%.
Reflecting the
average stood only
continued buying of equities, the
below the historic
common stock sector of their bal¬
of 734.91 reached on Dec.
the
May
31,
7.95
points
peak
With this background
than here at home. The Adminis¬
tration's
reduction
tax
Redemptions
program,
(Millions)
stocks during the second
common
bullish pat¬
tensive study a rather
that
fact
the
This is indicated in
evolved.
tern
by
$816
of
11%
the
of
purchases
million topped
the $737 million figure
equities
for
gross
And,
quarter.
1963
first
although sales in the second quar¬
ter
at
the
than
in
higher
$557 million liquidated
million
$619
an
million in net
during the
sales
over
recent three month
the
resulting
lower,
of $20
excess
purchases
In
they were
March quarter,
the
proportionately
in
were
period.
the
of
case
open-end
balihced funds, stepped-up buy-
In
by
quarters
quarter.On
net
in
the
years
mutual fund industry
to total
sales, etc. In this regard, it
share
in
sales
share
first three months'
total
of
This,
funds
the
of
quarter-to-quarter in¬
a
of
crease
aggregate, the
assets
net
showed
quarter
June
the
net
$40 million below the
some
were
that while
observed
be
may
over
billion dollars.
one
$108 million in
purchases during
the March quarter.
Two manage¬
Wellington and Investors
Mutual, provided $72.5 million of
the net buying between them—or
ments,
almost
of the
all
buying
bal¬
on
ance.
course,
reflects the
en¬
pared
of
with
$124
$68
net
com¬
mutual
ideas
on
sharehold¬
the future to
the first half of 1963 ended.
as
M.
Jennings
President
von
a
It faces
fi¬
read-
a
ery.
The automo¬
feared.
possibly
and
con¬
already have made
may
contribution
this
to
' substantial
with
But there
are
that
we
more
Free
Net Sales
rather
I
$252.8
*$639.7
are
earnings
squeeze
on
451.1
260.3
474.4
IV
224.3
549.8
$1,575.4
$1,790.5
business
and
expenditures
♦Historic high.
of,
t
spending.
consumer
Net Assets
factor.
determining
sources
are
Credit
available to business,
have
•
already been noted.
II
III
actual strong
into
growth
sus¬
recovery
seems
assurance
provide
will
corrects
our
pres¬
200
18,436
IV
•
this
growth
Ratio of
20,002
;21,p08
21,271
'22,789
Redemptions to Net
that
a
mal¬
basic
Assets
1962
1961
1.54%
1.23%
1.81%
1.64
1963
Qr.
I
adjustments is still lacking."
,$19,439
19,088
to
yet
are
business
slight;
1.54
1.61
1.25
1.21
IV
1.42
1.20
POLICY
exagger¬
entering
to be¬
a
TOWARD
Fund managements
the
continued to
confidence in
they strongly fav-
increasing
display
future
as
pe¬
Continued
on
page
18
of
Ratio
Note:
net
average
redemptions
assets
in
1962
5.1%. This compared with 5.8% in
1961 and 5.1% in 1960.
dividends.
profit margins is
and
Fund
to
was
| Investing in diversified securities
|
selected for their INCOME and
APPRECIATION possibilities
!f
PROSPECTUS ON REQUEST
•i
EATON &
uniA/ADn
nU VvMVIls
SI HIP If I I# 11 H
Pi IN M
I#
1
Delaware
INCOME
Investing for
CURRENT INCOME
FUND
as
as
high
possible,
commensurate with
the
risk
involved
PROSPECTUS ON REQUEST
A professionally managed mutual fund growth of
primarily in common stocks for possible investing
both principal and income. Founded 1931. Investigate
Stock Fund—write for a free prospectus, today!
Eaton & Howard's diversified
Nationally distributed through
Bill BMiffilrii
IT
8
IIfl if A professionally managedpreferredfund inmutual stocks
vesting in
and
wlw
common
Objectives: current income and possible future growth. Established in
1932. Write for free prospectus today.
growth of capital and income.
24 Federal Street,
investment'deafer.
Gentlemen: please send me your
□
..
investment dealers by,
and bonds.
CORPORATION
Berkeley Street, Boston, Mass.
Delaware
INDUSTRY GROUPS
E8JH
.
$23,048
23,692
translate
-to
1961
1962
1963
$22,639
incentives
the
Qr.
I
liquid resources of con¬
the
(Millions)
re¬
II
goals:
each fund is available from your
San Francisco 4
377.5
III
list of securities selected for current income.
PARKER
•
$388.8
210.9
III
reasons
now
Building
1961
II
EATON & HOWARD,
THE
615 Russ
1962
dealer or
NORTH AMERICAN SECURITIES CO.
(Millions)
1963
Qr.
prospectus
from your investment
(Sales Less
Redemptions)
In each of these confidence is the
rapid growth in cor¬
investing in a list of securities selected for possible long-term
A prospectus on
for international investing.
growth
potential
capital
Fund: "This decade of the 60's was
in
INTERNATIONAL
growth in government ex¬
remain:
that
COMMONWEALTH
high.
The same holds true for the
ently
long-term growth possibilities.
recov¬
penditures. Two interrelated areas
of
♦Historic
Heyde,
Incorporated Investors—
A mutual fund
liquidity.
rate of
for
COMMONWEALTH INCOME FUND
AND GENERAL FUND
Mutual
der
Johnston
of
Incorporated Income Fund
investing in
$1,160.3
underly¬
substantial
in
Corporation is distributor of
A mutual fund
263.3
period ahead.
decline
ing commentaries, expressed their
funds with two different
248.0
confi¬
a
possesses
industry
their
balanced fund established 1932.
unwarranted
be
created.
in the follow¬
managers,
INCOME LATER...OR BOTH?
The Parker
234.7
285.6
Jr.,
FORECASTS
The
III
IV
be
The risk of consequential
Fund
lieve
a
for current income.
tainable
INCOME NOW,
ARE YOU LOOKING FOR
bile
FUNDS
INVESTMENT CO.
Fund
Lazard
and
not be
need
MUTUAL
317.9
are
Hettinger,
The
of
economy
potential
in the
81%. The porate
in the June quar¬
a
SOME ECONOMIC
riod of
million
March ^quarter, were up
better showing
group
million,
J.
strength
nancial
are
we
presumption to pretend
But
open-end stock funds ated hopes and expectations which
have
been
slow
to
materialize.
stemmed,
buying
purchases
*$331.1
320.0
Mansfield, President,
would
"It
Inc:
sumers
where the bulk of the June quar¬
ter
Chairman
the year.
ers
$282.4
381.0
OF
COMMONWEALTH
inflationary age."
Albert
and
holdings in the second quarter of
ushered
As for the
an
Richard H.
and
a
period compared with
living in
that
reminder
hancement in the funds' security
basis, purchases of $76.5 mil¬
lion in the
reduction,
constant
with respect struction
assets, gross and net
net
$347.9
$1,122.7
tax
statistics, j ustment in steel inventories that
comparative
1963,
1961, of the status of the
1962 and
government deficits, with
without
or
ing
accompanying table will
the
found
ihg 'dnd selling was., experienced
during the second
stantial
The
be
GROUP
1961
1962
1963
COMMONWEALTH STOCK FUND
dent forecast of the
Industry Statistics
attitude of fund managers toward
quarter of 1963. Based on our ex¬
84.5%
to
rose
from 83.7%.
ourselves to the
address
now
we
in mind,
value
sheet
ance
13, 1961.
high.
faster
"Meanwhile, the continued sub¬
gov¬
$719.9
495.0
latest
the
*$922.1
III
while
seemingly deferred until
bullish contin¬
quarter.
1964
(an election year), should Qr.
gent. The D-J senior average,
As a proportion of total port¬ provide an important stimulus.
which
I
began
1963
at
652.10
climbed more than 30 points in folio assets of investment com¬
II
warding
1961
1962
1963
Qr.
and
equipment
and
TO
the
as
babies
COMPARATIVE
RELATIVE
THE MUTUAL FUND
industry replaces ob¬
as
STATISTICS
all
housing and
post-war
THREE-YEAR
capacity.
excess
for
demand
growth in
normal
the
as
demand
17
1
Stock Fund Prospectus
INCORPORATED
Boston 10, Mass.
delayfare
Management
free
□ Balanced Fund Prospectus
Co.. Inc
NAME.
3 Penn Center Plaza
STREET.
CITY
Philadelphia 2, Pa.
18
The Commercial and Financial Chronicle
(542)
American
were
Fund Managers Bullish
Continued from page 17
ored 23
inaustry
agricultural
North American Aviation.
while dis¬
groups
favoring 1 during the June quar¬
ter. This compares
favored
tries
In the June
ing
groups
tronic,
machinery,
tional),
radio-TV,
and
sues.
■
in this survey;
ment,
insurance,
printing,
rubber,
steel
and tobacco
•
favored
mildly
elec¬
(interna¬
is¬
<
following
1
*
managements
automotive equip¬
building-construction
rank
quarter
was
This
the
as
stock
second
large- crude
producer
and
was
making
commit¬
ments.
THE
third
and
position
two other leading petroleum
tract
awards
have
may
the
during
in
Grumman,
favorite, was newly bought
Investors
(16,-
mous
Institutional
600); and New England Fund (4,-'
Dutch.
SONJ
14
V:
or
issues, -bought by
Myers, Colgate Palmolive, W.
(5,000).
by
Grumman
Air¬
International
Tel.
Nickel,
&
Tel.,
bought
newly
sold
(Purchases
splits, dividends, etc.
prior to stock
splits
Litton
was
United
''
Air¬
Other issues which
but
not
unanimously
included
issue
Fund
Electronics
T-V
this
(18,-
in
seller
Top
pur¬
American
this
your
no
Insofar
or
MASSACHUSETTS LIFE FUND
continued
on
traded
<
tinued
gaixis,
the
gional
such
exchanges.
an
portfolios
survey
ELECTRONICS
Interest You?
Inc.;
Market
24,300
Lockheed
4(2)
39,250
McDonnell
2
18,000
Martin-Marietta
1
1,000
United Aircraft
None
4
None
None d
Aircraft
G 33,400
Aircraft-
Boeing
3
2(1)
9,550
KD
33,800
10,000
North American Aviation
60,000
Thompson Ramo
8(6)
326,300
2(1)
10,000
/
1(1)
25,3C0
__
1(1)
,
None
.•
~..
36,550
_
2(1)
_
61,300
7(1)
25,600
_
_
2(1)
Airlines
1
American
with;
National
12,000
80.000
2
2,800
1
34,500
_
3
;
American
None
Western
16,000
2(1)
40,100
__
_
_
_
_
None
3,000
_
1(1)
2,500
3
31,100
Chrysler
25,000
3(2)
2
23,000
Ford
79,000
2
Northwest
_
_
4
37,500
_
Automotive
_
Fruehauf Trailer
30,000
KD
9(1) v 157,500
General Motors
44,050
9(1)
1
Peugeot Automobiles
2(2)
125,000
13,000
American
None
None
1
8,400
White Motor
Motors
23,900
_
3(1)
21,700
_
Automotive Equipment
2
,
was
2(1)
59,500
Champion Spark Plug
American
Pan
United
3(1)
53,000
Clark
5(2)
36,400
Timken Roller Bearing
of American, which
In
runners-up.
the
stands to
much business from the 1964
i":
None
2,000
Borg
None
»
v'V.;
None.
_
Equipment
22,500
Warner
-
None
■
None
2
h;
None
10,900
_
2(1)
26,600
_
2
Yorl^ World's Fair, buying
was
sue
exceptionally
had
a
1'"
4(2)
Bank of America
20,900
None
None
None
2
5,400
tops in the bull¬
3
22,334
First National City Bank (N. Y.)
5,000
2
9,800
Security National Bank (L. I.)__
None
None
Wells Fargo Bank
None
None
shares,
ish
contingent toward
was
making
American.
new
com¬
2(1)
Dresdner Bank ADR
21,000
1
6,000
Bankers
1
2,800
Dominick
(83,400);
000); de Vegh
None
huge block of 97,-
600
Managements
Briggs & Stratton
Banks
heavy; the is¬
eight buyers, six newly.
Dreyfus, with
STOCKS
_
Delta
Street
markedly
None
Grumman Aircraft..^
35,500
mitments in AMR included: Broad
stocks
None
None
_•
8(2)
None
New
'Power; Society Corp.; and Taylor
Among
None
iv' None
%
5(2)
None
reap
WHY NOT
TELEVISION.
rapidly
issue
case
the
Mfg.;
Instrument.
INVESTIGATE
3(2)
None
.■
indicated
was
and
investment
Liberty National Life;
Basket;
Sierra
Pacific
DIS-FAVORED
43,400
during the June
Bestbought
American,
making
Equipment; Gorton's of Glouces¬
ter
This in
strong.
Bibb
h-v
1
'
quarter, over-all buying remained
re¬
pire States Oil; Epko Shoe; Griggs
Investment
Garrett Corp
2
•3
Equipment ;
Aircraft
Although
i e rs.
profit taking
gen¬
Corp.; Caressa Inc.; Cryplex
Industries; Empire Financial; Em¬
Possibilities in
c a r r
for the first time
Cabot
'Do the
1963.
con¬
greater inter¬
a
est for shares of the more
are
during
were:
13,520
Harvester
Aircraft and Aircraft
re¬
airlines
small
Issues
appearance in
company
recent
'on
Cessna
International
r
5,000"
avco
27,800
41,500
1
Over-the-
the
or
created
improving
fame
are
in
recovery
has
some
in
Counter Market
Mass.
42,000
•"
;
improve¬
operating results and
en¬
managers
These issues
.3(1).
2
Continue to Fly High
traffic
turn
we
investment
fund
as
concerned.
erally
DISTRIBUTORS
prior
21,800
Mgts.
•'
_
United
Based
deavor to unveil issues with rela¬
tively
2(1)
136,300
Airlines
PARADE"
category
Deere & Co.
4(2)
I
Air¬
Broadcasting, and IBM.
"DEBUTANTES
Caterpillar Tractor___
3,800
2
No. of
\v
Equipment
8,000
Pan
cent
Within
3(1)
cl
121,200
ment in
*A(ii6&acfi r/4 ctfo
Agricultural
6(1)
industry is expected to show
Founded 1818
giving
Shares
(3,000).
heav¬
were
No, of
500); Wisconsin Fund eliminated
individ¬
&Cos/utafSPifit
r{fom/iet4iyt Trusttt
Number
expressed
are
Shares
Price
On the sell side, North
American Aviation was the prime
lumbia
(12,-
Trust
_
Kl)
6,500
2(1)
Chemical Bank N. Y. Trust
17,900
3(1)
_
(15,000); Madison
None
None
First National Bank of Boston._
14,200
2(1)
(10,000); Tri-Continental (55,400);
dis¬
None
None
Manufacturers Hanover Trust
16,000
3(2)
Continued
favored during the June quarter
on
page
20
Beverages
ELECTRONICS
FUND,
parentheses
(17,000).
In¬
Roller
and
Rowe
T.
by
and
(20,000);
Science
Mgts.
bought
best
Avco "was
v
target.
Bearing
(5,000); and Dreyfus
United
Industries, Socony-Mobil, Timken
lines.
(10,000) Selected Amer¬
Shares
ican
Grace
Co.;
Among the top
buyers in LK were Fundamental
Investors
selling: Aluminum Co. of
&
with
interest,
greatest
in this issue.
ers
lines, American Tel. & Tel., Allied
Chemical, Aluminium Ltd., Co¬
q,
or
man¬
purchases or
new
No. of
at¬
eight buyers and only three sell¬
fund managements
more
no
the
tract
i
"UNANIMOUS FAVORITES"
continued to
Lockheed
400).
buyers while RD had 13.
No. of
unani¬
a
(N. J.)
Royal
chased,
State Street, Boston
bought
more
more
completely eliminating the stock from their portfolios.
exclude shares received through stock
and
Grumman
Avco,
had
ily,
So
management group participated. Issues in which
agements sold than bought are in italics. Numerals in
better
the
influenced
Lockheed.
period
and
ternational
for each investor\
Investment Dealer
one
the
over
enterprises—Standard Oil
nance,
providing
is¬
by
craft, Halliburton, Household Fi¬
for distribution of income and prin¬
aircraft
March quarter. Several large con¬
tol
Life Fund,
toward
activity increased
group
R.
Prospectus from
than
of shares
showed improvement as total
sues
buying
second
were
Sentiment
widely
the
America, Bank of America, Bris¬
dfttOuiajico
following transactions include only those issues in which
Aircrafts Pick-Up
achieved by Gulf Oil.
managements
met
an
IN
FAVORED GROUPS
strongly in demand with 21 fund
four
account
CIT
—
y
,
TRANSACTIONS
'
•
most
during
The following
ual trust
'.y
(April-June, 1963)
The
sum
Top
bought
grouping we find
cipal in accordance with
buyers
man¬
indicate number of managements
making entirely
nat¬
>
POPULAR ISSUES
•;
A balanced mutual fund
more
effect to the split.)
cosmetic.
In the mixed
or
no
Changes in Common Stock Holdings of
75 Investment Management
Groups
issue which
one
by four
agements, with
&
.
industries were
by
only
was
sold
Financial.
was
'
*
In
"
1
/
The
drug,
railroad,
Theije
was
Thursday, August 8, 1963
.
aircraft
Oil
iron, textile
during the June quarter
automotive,
utility,
metal,
office
COMPLETELY FRIENDLESS
The lone group sold on balance
follow¬
and
glass,
paper,
products,
equipment and retail trade.
predominately
airline,
finance,
the
food
banks,
ural gas.
quarter, the
chemical,
beverage,
,in
v'
aircraft
bought: "
sold
3
.
.
were
equipment,
containers,
with 18 indus¬
and
March quarter.^
equipment,
.
Broadcasting; Gil¬
lette; National Cash Register; and
Despite Market's Slowdown
.
3
4
9,500
2
INC.
20,100
7,600
Johns
7,900
Otis
4,100
Trane
Coca
Cola
35,000
3
Pepsi Cola
34,000
2(1).
Building, Construction and Equipment
A Mutual
Invest¬
ment
Fund
assets
are
The
primarily
invested for
ble
3
whose
possi¬
long-term
growth of capi¬
PUTNAM FUND
tal and income in
Get the
ord of
your
Booklet-Prospectus and
investment dealer
now
120
S.
535
Fifth
LaSalle St.,
GROWTH
FUND
Cement
2(1)
2(1)
41,800
2
Emphasi2ing possible long-term Capital Growth
Prospectuses
Putnam Fund
Address.
10
'
Los Angeles
San Francisco
Chicago-
4,508
5(2)
1
SQUARE, BOSTON
Cleveland
58,140
i
2(2)
15,000
2(1)
Chemical
Dow Chemical
51,368
2
FMC
168,200
Grace & Co
None
Powder
_
_
39,000
1
*
4(1)
None
2
~
14,000
2,100
2(2)
168,000
31,000
4,900
2
20,000
Hooker
Chemical-.-
None
Internat'l Minerals &
Monsanto
Olin
Chemical
Mathieson
Pennsalt
Chemical
Rayonier
6,699
1
10,000
2
6,000
*Tennessee
1
2,000
Union Carbide
Rohm
&
_
Chemicals
1,000
14,740
None
None
1
2(1)
None
Haas
Stein Hall & Co.___
Corp..
22,800
1
4,000
_
3
St. Louis
Pompano Beach, Fla.
40
Corp
Hercules
2,000
2
Washington
■ ■.
Allied
227,200
2(1)
Request
Distributors, Inc.
POST OFFICE
New York
on
>
Air Products & Chemicals
27,670
44,600
3
Avenue, New York 17, N. Y.
17,500
Lehigh Portland Cement!..
2
Inc.
CFC
1
None
78,100
None
6(1)
City-State.
Cork
Ideal
8(2)
THE
or
Name.
Armstrong
5,500
None
Chemicals
rec¬
from
Chicago 3, III.
—_l___—
None
4
Investors
Services,
11,100
Co.__
U. S. Plywood
2(1)
'3(2)
.
PUTNAM
Supervised
1
15,500
61,400
None
"A BALANCED FUND"
Ironies field,
this Mutual Fund
54,300
Manville
Elevator
None
of ^Boston
engaged in the Elec•*
2
2(2)
companies actively
•
(jeorge
C\"
2
600
1
1,100
1
12,500
1
14,000
1
\
198
Volume
The Commercial and Financial Chronicle
Number 6288
Mgts.
No.of
No. of
No. of
No. of
No. of
Shares
Mgts.
Mgts.
Shares
Shares
Mgts.
20,000
3,500
2(1)
2(1)
4,300
2
108,300
2
12,900
36,100
Shares
1
-
4,000
Nor^e
Air
Reduction.7——
American Agricultural Chemical
None
1
3
3
Cyanamid
American
17,500
None
American Potash & Chemical—
None
2
3,000
du Pont (E.I.)
2
10,500
Eastman Kodak
*
Merged with
,
2(1)
6,000
2
4(1)
36,200
None
5,000
69,600
48,000
5,000
Home
None
None
None
None
3,400
Revlon
None
5,200
Gillette
57,900
None
9,900
1(1)
7,000
•
no
Casualty
vv
1
2,000
7(4)
23,800
■
1
3,200
2(1)
1(1)
3,500
commission
or
None
None
None
None
selling charge
3
41,452
Shares
are
Insurance
General
2,650
None
Life
1
None
Government Employees Insur.__
14,650
10,404
2,100
Industrial
and
1
energy.
20,000
Ex-Cell-O Corp.__
20,000
KD
Send for Free Prospectus
1(1)
American Home Products
None
None
4(2)
33,000
Halliburton Co
None
None
4
6,200
Bristol Myers
None
None
2
31,000
Ingersoll Rand
None
None
2(1)
2,600
82,000
4
15,500:
None
Mead Johnson
3(1)
6,600
Singer Co
None
None
RALPH E. SAMUEL & CO.
2(1)
2,100
Skil
None
None
Merck
5,000
1(1)
Members N.Y. Stock Exchange
None
None
Baldwin-Lima
None
None
None
None
7,500
1
8(3)
217,700
Aluminium
147,900
3(3)
5(2)
170,200
Aluminum Co. of America
32,400
2(1)
2(1)
121,200
3
3,000
Searle, G.
500
67,600
D
Smith, Kline & French
—
Parke Davis & Col
U. S. Vitamin & Pharmaceutical
1,600
3
i
210,000
Ampex
4,600
k
..'v.;
18,500?
1-
Beckman Instruments
None,
32,300
5(1)
26,100
Litton
3(1)
62,500
Magnavox
Motorola
45,717
Philips
--_-—
2(1),
4
1
74.880
/'V
R.
5,000
1(1)
C.
A
42,436-
Sprague Electric
V
2(2)
11,100
Square D
2(1)
18,000
Sunbeam
2v
7,650
Texas
1,500
Varian Associates
5(1)
6 '
2,000
—
Corp.
None
;___
Instruments
16,000
Zenith Radio
2,400
None
None
Fairchild Camera
None
None
&
Instrument
30,000 '4 High Voltage Engineering
KD
2
2
3(2)
3
2
4
22,500
Financial Federation
3
42,850"
First
2
130,300
Household
..
1
37,000
International Nickel
None
None
18,700
St.
None
None
8,700
'
26,000
1(1)
100,000
22,000
None
None
C I T Financial
98,700
Lead
Coastal States Gas Producing.__
Mississippi River Fuel
Arkansas Louisiana Gas
Interprovincial Pipeline
1(1)
None
4(1)
26,500
Control
Data
4(2)
1
Armour & Co
17,000
v
None
Borden Co.
32,600
—
California Packing
600
2(1)
None
_—
.—
14,500
V None
5,560
Minneapolis-Honeywell
5,600
Addressograph
1,840
National Cash
None
M.__
2
None
None
1
None
2,700
'.v..
Corn Products
—
37,000
2(1)
1,700
General Foods
____
30,000
1(1)
2(1)
10,800
4(2)
19,600
2(1)
6,200
None
United Fruit
——
27,100
Beatrice Foods
None
None
None
None
None
None-,
None
None
None
None
None
None
:
Carnation Co:
-
•
Campbell Soup
Heinz
KD
Wellington Company, Inc.,
Philadelphia 3, Pa.
27,900
Champlin Oil & Refining
4(1)
64,000
Cities
21(6)
653,500
2(1)
Service..
__
__
Gulf Oil
_
_____
26,900
Marathon
15,500
Louisiana Land & Exploration.-
172,400
Oil
20,000
None
Socony-Mobil
99,800
5(2)
14
1
152,000
•
7(1)
1
i
6,000
126,740
1,000
Standard
None
None
_
Sinclair Oil
84,700
2(2)
2
6,200
Royal Dutch Petroleum
5(2)
1
7,600
_
40,500
2
None
2,000
None
_
Oil—Indiana
1
None
17,700
1
Standard Oil—New Jersey
3,000
1
Standard Oil—Ohio___
2,800
1
Texaco
Tidewater
-----
Oil_
-
OWN
on
1(1)
page
22
AMERICAN ;
Mutual Investment Funds
16,000
2(1)
20,600
2
15,800
2(1)
:.
—
(H. J.) & Co.___
...
•
#
Affiliated
Stock Series
A Common Stock Investment
•
a
diversified
fund usually
investment
for
its
upon
request
—
Chicago
—
Los Angeles
—
tree
of prospectus, send
copy
this to
Selected Investments Co.
Preferred Stock Series
135 S. LaSalle
j
Bond Series
St., Chicago 3, 111.
Prospectus
on
1
Please mail me a free prospectus of
| SELECTED AMERICAN SHARES, Inc.
I
Information Folder and
Request
Established 19SO
120
San Frahcisco
possibility
and for income.
For information and
Series
national securities & research corporation
Lobd, Abbett & Co.
stocks chosen for
of growth of capital
Dividend Series
company
shareholders
Prospectus
mutual
investing in
9 Balanced Series
Fund
seeking
possibilities
of
lohg-term growth of capital
and a reasonable current income.
An
Growth Stocks Series
• Income
Fund
Atlanta
Industry
Get the Facts about
common
—-
SHARE
SELECTED
%
New York
A
in American
3U)
46,800
10,404
-
Continued
2(2)-
-
Mills
write to
3(1)
6,610
Duffy-Mott
General
2(1)
or
5(2)
2
^_U__i—_
_L
44,300
12,100
T
2(1)
60,280
Register
Sperry Rand
investment dealer,
for prospectus
2(2)
14,900
___
Fund
income, and profit
Ask your
None
28,800
None
25,000
Wilson & Co
4
None
_
None
None
Kellogg Co.
-
Balanced
None
7,000
_
Oil
'
2
rent
None
2
B.
2(1)
American Sugar
'3 \
%
_
I.
3(1)
71,600
2(1)
,
a
seeking conservation of
capital, reasonable cur¬
possibilities.
8,243
13
Food Products
3(2)
\
—
1
4(1)
19,795
26,800
1
i
10
1
None
200
Office Equipment
Vj
3(1)
None
66,000
tSouthern Natural Gas.J
.
&
FIND
None
V.
WELLINGTON
5(2)
145,300
Investing
Gas
.
3(2)
None
National
When
None
16,400
20,837
Joseph Lead
None
2
Finance
A Name to Remember
3,900
None
3
70,000
—
Charter Financial
Great Western Financial
29,100
4(1)
None
KD
Smelting
None
—
10,000
American
IN one
Companies
Commercial Credit
28,500
1*
American Metal Climax
3
Finance
25,000
16,300
3
10,100
Schlumberger Ltd.
15,000
None
Phelps Dodge
39,000
3
1(1)
32,000
Foxboro Corp.
None
None
2,000
Vx,
None
3(1):-
2
1
IV';,;;.
Mining—Copper
Kennecott
Natural
2(1)
24,000
—
•
5(1)
None
23,800
Xerox
1(1)
17,000
2
1
19,200
13 800
V
None
4(1)
KD
1,500
—
None
Reynolds Metals
and
1
20,000
Anaconda
1(1)
32,500
Westinghouse Electric
L
Ltd
'
2(1)
2,000
—:
59,600 /
3
600
Mining—Aluminum
2(1)
1
25,600'
—l__
2 Broadway. N.Y.DI 4-5300
4,800
2
1
2(1)
10,500
Metals and Mining—Other
1
6,460
Raytheon
10,000
1
7,600
_______
Works
Lamp
21,000
2
None
3(1)
1"
20,000
i-L
Industries
15,700
None
34,600
General Electric_____
7
'VV;
None
6(1)
7(2)
1
6,000
Electric
Emerson
and
Metals
..
14,000 '
Corp
Metals
Electronics and Electricals
3(3)
c
2(2)
—
Richardson Merrill
1
Dept.
Distributor
None
Products
6,600
2(1)
to
1
55,500
Carter
2(1)
1(1)
investing
various fields related to
Equipment
Emhart Mfg
1,200
4(1)
Energy Fund
mutual fund
Communications, Atomic
Energy, Data Processing,
Oil & Gas, Missiles &
Space, Utilities, and the
1(1)'
Travelers Insurance
a
for growth possibilities in:
KD
Corp.
2
«
offered at net
asest value.
Transamerica
Machinery
Laboratories,
Abbott
2(2)
is
Life
Connecticut
258
2
2
90,700
JMCOHPOHATBO
1
10,328
Insurance
Aetna
Drugs and Drug Products
4(2)
None
600
Glass
Fireman's Fund Insurance
200
3(1)
Chesebrough Pond's
2(1)
2
Insurance—Life
1
2(1)
FUND
2,800
None
Marsh & McLennan
3(3)
Beauty Counselors
6,700
°
Pittsburgh Plate
9,700
Kl)
2(2)
American Can
19,500
2(1)
Works—
Owens-Illinois Glass
None
3(1)
193,300
Continental Can
Cosmetics
2(1)
Glass
Libbey-Owens-Ford
Insurance—Fire &
Containers
2
Comings
34,000
Cities Service.
74,000
ENERGY
Glass
2(1)
4
19
-Sold-
No. of
No. of
-
—Bought—
Sold
—Bought—
No. of
(543)
"
J
Name
!
Ad drew
Broadway, New York 5, N. Y.
^Cify
:3-63
HlifliE4SiW .1** PR
Wf/tVt AM*
20
?
The Commercial and Financial Chronicle
(544)
Securities
Fund Managers Bullish
holders
(5,000);
Trust
.
.
and
Share¬
Boston
of
.
(6,000).
Thursday, August 8, 1963
Ridge
International Nickel, a diversified
FUNDAMENTAL
INVESTORS,«
Continued from page 18
Pioneer
and
unanimous
Investing in
common
stocks
selected for possibilities of growth
in income and capital
over
the years.
Electronics
(12,200).
issue,
United
newly
was
ac¬
with
ing. Best bought issues
acquired
eral
(25,000);
Westinghouse. Litton
Fidelity
and
(25,500);
(54,700). Northwest was the only
sold
balance during the
on
quarter. The carrier, incidentally,
recently ordered by the CAB
was
to
give
With
stocks.
automobile
continuing at high levels, the in¬
establish
marked
the
that
year
in
record
output
new
second
1963
and
consecutive
7,000,000
over
a
cars were
produced. Demand for equities in
this
however, has not
group,
flected
enthusiastic
this
re¬
forecasti
During the June quarter, consid¬
Investing for long term growth
|possibilities in securities of companies]
in many
fields of scientific and
economic
development.
erable profit taking was
Motors.
General
in
and
indicated
With
GM
of
sellers
just
buyers
in
about
baljance, the issue was newly ac¬
by
quired
Fund
Delaware
(20,-
and eliminated by General
000);
Investors (6,000).
managed
however,
ler,
Ford and Chrys¬
to
re¬
verse
their sold position and were
both
bought
the
June
balance
on
America
with
in
Hugh W. Long and Company
Incorporated
•
Elizabeth, New Jersey
Chrysler
by
Westminster at Parker
during
Fidelity
shares, and
20,000
share block
26,100
a
Rowe
was
Villiam
Eaton
Howard,
(500). Coca-
heavily acquired by One
Street
(16,600).
Chemicals Elicit
INCOME?
ssues
Sentiment
the
in
continued
in
a
diversified investment
interest-bearing obligations of
states, counties and
municipali¬
ties
States
of the
United
and
Buying
the
quarter,
over
probably
earn¬
C
M
indicated
was
Corp.; and
newly
in
W.
Allied;
R.
Grace.
unanimous issue, was
a
acquired
by
Selected
as
of
135 S. La Salle St., Chicago 3,
5 Hanover
•/
Making
a
the
(25,200).
surprising
appearance
quarter
Mathieson, which
CITY-
STATE.
With
the
of CIT
a
mere
period.
Large
continued
Broad
SONJ,
exception from
cumulative
top
Best
bought
in de¬
were
June
quarter.
Household
was
Best
bought
quired
by
Adams
Express
ac¬
(65,-
000); and Madison (20,200).
buying
Pacific
ern
during the June
in
RD
Energy
and
Among the
Putnam
were
included
Much of the selling which
;
peared
within the
directed
at
a
ing
the
Amerada,
and
merger
Rubbers
been
out
All
DX
Fundamental
which
had
three
past
in
experienced rather
four
the
tires,
vogue
during
survey
Best
and
of
surveys,
the
issues
June
appearing in
bought
were
good
period.
bought issue
Goodrich,
was
following made
this
balance.
on
commit¬
new
ments in this issue: Dominick
500); and Group Securities
Also
popular
which
(7,(38,-
U.
was
S.
again
was
ac¬
quired by Group Securities.
Steels
had
Refin¬
Buy Side
on
Fund
ap¬
They in¬
Atlantic
Sunray
or
which
sharply.
Pacific.
was
consequence,
been driven up
cluded
ap¬
group
issues
rumor
as
oil
Union
Rubbers Bounce Back
000.
(18,400).
and
Dreyfus,
Rubber,
Income
the
Investors and United.
buying
inter¬
within
Managements favoring rail issues
(45,000) State Street (24,200); and
parently
experienced
was
(20,000);
buyers
still
Glass Issues Find Buyers
Better
the
(20,000) newly.
sell-out
within this group
of
issues
included Atchison, South¬
group
United
Fi¬
this issue being newly
nance,
another
(35,000);
(25,000).
oils, elicited good buying
Fidelity (30,000); United Ac¬
portfolio transactions
the
Street
Street
national
Fund
during
William
Electronics
T-V
heavily sold, all other issues with
mand
One
(55,000);
Financial, which remained
their
managements
seemingly
attitude
toward
active
were
sentation
reversed
endless
steel
bearish
issues,
and
during
buyers
June quarter.
Oil.
Owens Illinois Glass in which
and Dividend Shares
(2,000).
they
were
Insurance
Strongly Favored
Issues within this group
cially life),
tinued to be
(espe¬
in demand duis.
were
Connecticut General Life, this
being
American
newly
bought
European
by
Securities
(1,500); other buyers included In¬
corporated Investors
National
Investors
given
(4,400); and
(4,000).
in
the
previous
International Paper, con¬
.survey.
the
The over-all reprerather
was
!
with
good
buyers
and
shares
being
buyers
in
total
a
of
acquired.
this
000). Crown
buying in Inland
by National Securities
issue
new-
:
(44,best
was
good buying during the June
quarter. American Viscose, which
will
(27,000);
Corp.,
Loomis
ton buyer in
was
-
Sayles
Kimberly Clark
officially
This
group
continued
better
to
en¬
buying in the
with
merge
ton, another active issue
bought
by
United
best
was
Accumulative
.v'V:
;
,
FMC
active., Burling¬
most
was
(29,000).
counter
and
'YoUngstown; by. Fidelity.
This group continued to experi¬
ence
bought by Fundamental Investors
while
pro-,
Textile Issues Favored
Dela-J,
were
Zellerbach
in
was
195,880
The^
(50,000); and Putnam
ware
better
vided
stand-out, with four that
a
(8,000).
Machinery and Industrial Equip¬
ment Displayed Strength
Olin
was
bought by
was
unanimous
a
T
Public Utilities Again Acquired
Continued
for
strong fund demand
utility shares
was
Tobacco
The
experienced
Stein
Hall
&
OTC
an
(1,100).
with
of
market
by
issue,
Chemical
Service
will
and
in
appear
Fund
during
the
therefore
our
popularity
was
.
of
no
solidated
(2,000); and Eaton Howard
(13,000). Skil Corporation, a new¬
newly bought by Fi¬
Capital
(1,600); and by
was
delity
Mptual (500).
issues,
during the
Liked
Sentiment
showed
minum
good
Bristol
by
000),; and
a
Find
-f}-:
Buyers
tobacco
issues
which
have
Putnam
rienced
new,,
in
an¬
newly
ac¬
was
Massachusetts
tors
Growth
nan
(15,000). Dreyfus,
■n
on
the
buy
with
a
(22,500);
side
in
and
was
Mead
Inves¬
and
Leh-
heavy
John-
block of 6J,400 shares.
ergy
newly
Shares
(10,-
buying
also
quarter,
(15,000).
by
(10,000);
commitments
In
Anaconda, with
no
sellers. .En¬
purchased
the
issue
and «additional
-came
from
did-the
for
same
top buyer
15,400
Lorillard with
was
shares.;
Vv-',
Inves¬
Au*o Equipment Bought Mild y
unchanged. Best bought is¬
McGraw
was
Eaton
group remained
new
Howard
delity
making
Publish¬
(20,000);
(31,800).
a
Hill
purchases made by
rare,, appearance;
bought by both Madison
and
Wall
Fi¬
and
Crowell-Collier,
"
Street
was
(7,500);
Investing
(700).
Group
This
category continued to
ceive
only
only
slight
respectable
group
Roller
Bearing,
orite.
The
quired
by
700);
Radio-TV Meet Fair Demand
Activity
within
this
group
usually centered around the
tinued
shifting
American
and
in
-
newly
was
Dividend
(9,000).
A
Spark
Securities
in
the
Timken
Shares
Trust
of
olock
big
of
Plug
bought
ac¬
(5,-
(50,000),National
by
Stock.
k
'
•
*
"
\
~
9
con¬
position
Columbia
to
re¬
The
unanimous fav- '
a
issue
newly
was
is
interest
Shareholders
and
Boston
attention.
devoted
was
Champion
and
made
were
in
expe¬
(40,000); and General
buyers had
about
sue
.
Fund
GROUPS MILDLY BOUGHT
Interest in this
ing with
Investors
Fund
Institutional
and
Printing and Publishing Bought
fa¬
Investors
the copper sector,
three
and
de¬
was
England
in
Organization
and
acquired Philip Moris, while New
included the United
Continental
buyers
Morris
Reynolds. Wisconsin Fund nev/ly
Reynolds. Dreyfus
big
(75.000);
(68,000); Investment Co.
American
and
Philip
showing good buying of utilities
unanimous
June
purchases
Dreyfus
by
in
were
a
Ltd.
the
of America
Laboratories,
favorite,
over
"Billion Dollar Fund"
Fundamental
Y.);
found
surveys
Lorillard,
issues
ALCOA
(150,000). Heavy
'3,000); United Accumulative (2,^00); Johnston and Price (500)
Abbott
Ltd.
Dividend
Aluminium
was-acquired
both
ALCOA
with
Myers,
metal
improvement
sector,
admirers:
(N.
Company. Managements
tors Mutual.
toward
the preceding quarter. In the
alu¬
^ood buying in the June quarter.
Unanimously nfyought-
Edison
Southern
(Accumulative,
vorite, with five buyers, had two
drug
following issues: ATT; Con-*
Income)
Metals
ex¬
previous survey continued
our
tual
Aluminium
surveys.
evident
was
was
Tennessee Corp., merged
Cities
favorite,
during the June quarter. The
in the
Guardian
(11,000).
re¬
newly acquired by Guardian Mu¬
American
quired
-ZONE-
the
and
Finance Issues in Demand
comer,
other
ADDRESS-
(150,000);
RCA, this is equivalent to ap¬
hareholders Trust of Boston (20,x00
newly);
and
by
Selected
NAME.
(i;
shares
proximately $9 million.
aach.
Nuveen Tax-Exempt Bond Fund.
buying during the June quarter.
two
vhich
Square, New York 4, N.Y.
by 21 funds, and sold by
during
real
this issue. Despite this, rail issues
continued
to
experience
in
The
Please send me, without obligation, the
prospectus and other information concerning the
oil
two
strike, which recently
threat, to resolve
a
a
in
Investors
Drug Demand Remains Brisk
Illinois
by
(10,000). Dreyfus
of June 31, held 126,600
mand.
Tax-Exempt Bond Fund,
become
to
March survey, continued to attract
Nuveen
take
may
ton,
longer
Dept. CH-8
which
has
been
plagued
with
the problem for several
years. It
stitutional
for
Information
The
"featherbedding" issue con¬
tinues to overhang this
industry,
virtually ignored during the
quarter,
and other
7,100 shares.
Buyers Ride Rail Shares
good
major internation¬
a
an¬
addition¬
an
past
iisposed
Prospectus
Gulf Oil is
buyer, bought
been
licked up by Bullock (10,000) and
THIS COUPON
runners-up in the most
(50,000); and Fund
(2,000). Dreyfus,
ceptionally good buying indicated
the
MAIL
Petro¬
was
Investment
cent three months span. Hallibur¬
of, the interest frdm which, in
exempt from
Federal Income Taxes
America
by
American (10,000 shares); and In¬
Co.,
...
were
(New
Royal Dutch
ing^ displayed by the group. Good
buying
governmental authorities there¬
opinion of counsel, is
Standard Oil
and
step-up buying in block purchases were primarily
giant RCA, the fund added to its made
by those managements mak¬
present
holdings
50,400
shares ing new' commitments, and in¬
during the June quarter. Dreyfus, cluded
Fundamental
Investors
issue
chemical
improvement
preceding
luring
Offering
Good
toward
showed
The latter
>
made
was
ing the June quarter. Best bought
keeping with the better
F
4
GE
Price, each with 4,-
TAX-FREE
Series
in
Delaware Fund
was
-
dur¬
popular category.
al
acquired
Favored
shares; Johnston Mutual (1,-
^ola
BOND FUND
surveyed
activ¬
,
00); and Aberdeen
TAX-EXEMPT
issues
con¬
the most pop¬
was
of
Shareholders
Trust
of
Boston Paper Issues Favored
Inland, U. S. Steel and Youngsbought (10,000) newly; also on the i
The paper group elicited better: town being best bought
issues.
In the soft drink field, Pepsi- buy. ^ide
were
Tri-Continental buying during the June
quarter, Only: Republic, and National, were
Cola was again actively sought.
(12,400)
Broad
Street
(11,800); in contrast to the little attention sold in the field of 10 entries. The
Remained
Beverages
"•00
NUVEEN
all
international
concerns!
leum
best bought
was
of
Jersey)
(20,000). Westinghouse,
favorite,
mitment
was
purchase.
and T.
Investigate the
oil
(1,100); and also
outstanding quarter. Prime buying target here
the
was
Buyers. included
Interested in
by
Best buyer in
period.
Ford was Investment Company of
&
ular
the
ing the June quarter. Two other
by Eaton Howard (2,000); Ameri¬
can
European
(1,000); and by
Delaware
Gulf Oil
amount
Co. of America
of
al
enterprise, ranking as the
Fidelity (34,800); and Lazard world's third largest crude
pro¬
(12,500) second best. A new com¬ ducer. This issue was purchased
production
dustry is expected to
DIVERSIFIED GROWTH
STOCK FUND, «
acquired
of
cerns.
unanimous
newly
by
Continued Bought
Automotives
A balanced investment
common
newly
was
Fund of America
another
its Florida route.
up
favorite,
Sought
fair
a
MCA Corp.; this issue
was
other
(International)
cially
Gen¬
Electric; Litton Industries; &
a
sec¬
In the oil
sector, considerable
buying continued to prevail, espe¬
wide-spread buying prevail¬
was
unanimous
a
Shareholders Trust of Boston
Oils
strong
were
was
acquired the issue newly (15,000).
during the June quarter
by T-V Electronics
issue
in bonds, preferred stocks and
exceptionally
500); and Dominick (10,000). Pan
Putnam
INVESTMENT FUND,«
display
American, which remained one of
popular issues,
tor.
"glamour group" continued
demand
best
DIVERSIFIED
to
ity
producer,
favorite in the mixed metals
Popularity Continues
quired by National Investors (84,-
the
te*
This
a
meeting
metal
Despite Market's Slowdown
(3,300);
and
Fund
of
(2,000).
Another issue
America
of.
Broad¬
casting. During the June quarter,
Building, Construction and Equip¬
ment Bought
Gontinued
Selectively
selectivity for issues
within this group was once again
Columbia managed to
obtain a
good following with eight buyers, .reaffirmed. Best bought issue was
three newly. The new buyers in U. S. Plywood, with both Funda-
CBS
were'Fidelity (37,800)-Blue
■
-
*
"
Continued
on
page..
22
#\V
,
Volume
198
Number
6288
.
.
.
The Commercial and Financial Chronicle
(545)
Liquid Assets
Security Holdings of 89 Investment Companies
vs.
(6-30-63
Net Cash & Governmentst
Percent of Net Assets
Thousands of Dollars
End of
Open-End Balanced Funds:
Business
Mar.
Shares
Axe-Houghton Fund
4-
255
A
Science
Boston
&
Electronics
Street
Diversified
Dodge
Eaton
&
683
62.9
66.6
Nil
27.2
1,205
63.0
680
17.5
10,568
78.0
82.0
1.392
3,423
246
65.8
4,042
467
2,506
280
467
Johnston
3.0
Investment
3,592
63.2
1,479
2,842
402
145
199
145
8,582
13,993
7,196
12,358
7,920
3,637
7,152
2,262
1.1
a; 7.5
7.5
91.1
91.4
34.0
32.7
63.1
65.1
al,973
a3.0
al.8
a34.5
:a.:a: a33.7
a62.5
a64.3
347
4.4
3.5
24.7
25.6
70.9
70.9
44,777
19.3
20.5
16.2
15.0
64.5
64.5
i
1,275
1,010
0.2
6.8
20.9
11.5
78.9
81.7
8.9
15.6
23.2
20.8
67.9
62.4
234
5.8
1.4
22.5
30.3
71.7
68.3
2,942
3.3
4.2
27.2
26.6
69.5
69.2
84,315
3.4
4.0
34.4
34.2
62.2
61.8
2,809
16.4
8.4
16.5
16.9
67.1
74.7
269
0.8
2.1
4.5
6.0
94.5
91.9
12.1
64.0
64.3
30.4
63.0
63.4
5,927
6.3
3,515
8.6
1,967
2,832
2.3
6,437
12.1
.53
204
—
A: 5,449
9,175
■
a;.
15,474
of
Boston
Stein Roe & Farnham Balanced Fund
Line Fund
17,989
Fund
9.2
9.9
16.2
10.6
8.6
80.8
82.2
3.2
38.5
40.5
59.2
56.3
27.8
28.2
59.8
21.7
20.1
77.0
74.9
14.3
8.3
60.2
62.7
27.0
67.2
67.0
185,754 >
a
28.8
;
a'
60.1
;1
12.4
19.4
19.6
66.8
68.0
7.6
29.8
27.7
60.3
64.7
18.1
18.0
17.9
65.8
64.0
aa.
Open-End
Bal.
Aberdeen Fund—
13.8
30.2
2.7
2,366
7.8
2.7
42.4
2.7.
83.5
67.1
49.8 1
44.8
52.5
Eaton
•Group
>4;
126,148
512
254
68.0
69.2
452,066
344,550
274,578
198,149
1,311
13,471
1,022
11,953
1,014
2,345
14,456
24,055
1,085
5.0
a84,517
a9.3
a9.8
1,159
3.9
A-3.2
6,109
3,950
8.0
2.2
6,259
2.9
4.3
2.8
2.7
359
4.3
2.2
None
None
5\
22,167
6.6
6.8
None
18,291
4.3
4.1
0.5
4.3
None
None
95.0
95.7
None
a90.7
a90.2
1,311
13,471
9.9
6.8
86.2
90.0
7.6
•a 725
0.5
None
91.5
92.4
1.6
1.0
1.3
96.8
96.9
94.3
93.0
95.7
98.8
None
>93.4
93.2
0.6
95.2
95.3
5,186
12,267
22,219
3,905
5,455
51,598
11,140
3,732
34,717
i
None
a
18,557
14,731
9.6
7.4
None
None
90.4
92.6
766
0.7
2.4
2.8
0.1
96.5
97.5
3,631
7,717
0.8
2.5
3.7
2.2
95.5
95.3
20,169
Stock Fund
11,505
-.1,576
1.6
None
None
97.0
98.4
Stock
None
;
Fund
6,817 ;
-
.
0.9
None.
,
1.1
9.5
4.9
None
None
3,603
4.9
3.8
15.5
12.5
7
832
-
> 0.9
-.
--40,061
None
96.1
.
,'v;
Ar
-A
1.2
1.8
None
None
98.8
98.2
12.2
None
None
89.5
87.8*
-2.1
1.9
None
None
97.9
98.1-
None
•; 97.7
99.4
97.5
99.8
91.9
98.8
-.3,550
2.3
0.6
None
4,546
2.5
1.4
None
None
2,617
8.1
1.2
None
None
Street
Fund
•
Growth Stock
Scudder, Stevens & Clark—Com. Stk.
American
State
Stein
Roe
Texas
Accumulative
United
Continental
United
Value
Wall
Fund-
Fund-
Fund—:
-
Science ..Fund
Line
,
V
1.6
88.3
4.8
74.8
2.4
11.1
10.7
86.4
86.9
5,659
7.6
5.0*
2.1
1.7
90.3
93.3
1.2
2.7
None
None
98.8
0.2
None
95.0
Open-End
0.9
0.7
3.5
A 3.4
10.2
9.6
0.6
0.6
1,981
4.0
5.3
None
.
3,732
32,719
45,384
14,295
3,152
12,345
8,746
29,206
1,397
3,636
19,246
4,147
3,698
24,259
1,187
8,271
18,299
16,925
6,442
14,265
16,624
15,478
28,817
14,276
1,679
1,657
1,285
1,550
8,740
2,886
14,276
3,217
6,316
2,238
1,393
14,850
-
12,090
14,659
1,679
1,285
1,550
82
66
82
66
4,811
None
4,037
a 96.0
94.7
4,811
0.5
11.8
a 12.4
86.0
87.1
1,254
2,001
76,065
6,803
50,751
24,860
1,702
187
1.1
1.5
12.9
15.7
>86.0
82.8
366
326
126
-731:,
8.2
3.5
1.3
1.3
90.5
95.2
1,793
880
1,793
.442,675
6.1
5.1
2.0
1.8
91.9
93.1
501,441
492,200
499,249
914,184
7.3
7.1
12.8
11.8
79.9
81.1
953,507
836,750
773,827
0.2
2.4
95.5
3.3
3.3
90.3
91.2
-2.5
•85.7
80.0
4.6
90.0
92.2
87.3
92.6
17.5
3.1
3.7
12.7
£ 7.4
None
93
2.2
'
2.5
6.3
v
1,653 7
:,
93.4
5.5
11.8
a
None;
.
a
a
-
414
1,254
414
2,371
2,001
2,371
63,152
10,294
37,813
29,055
42,437
25,152
1,769
851
6,294
39,823
14,949
1,510
14,815
9,060
273
1,748
880
:
Closed-End Companies:
Abacus
Fund-—
a.
Express
American European
American
Dominick
—
Investment
Fund.
General
Public
Lehman
Investors.-
Corp.—
\
&
None
None
97.3
97.0
1,825
2,001
1,825
0.5
0.5
2,001
95.4
93.5
1,147
2,411
3,003
13.9
1,147
14.4
None
None
2,335
86.1
85.3
921
921
4,703
8.7
10.4
0.8
0.9
90.5
88.7
1,156
1,183
1,830
1,810
8.1
1,556
9.4
1.2
1.1
90.7
495
L781
89.5
834
495
A"' 834
1,238
1.7
1.7
None
None
98.3
98.3
1,342
1,276
708
686
94.2
3,214
2,783
1,984
3,141
3,996
17,800
1,338
3,214
1,586
2,783
3,332
3,141
4,453
15,066
15,683
1,855
1,338
a
1,734
4,617
5.5
8,633
*
..
2.0
14.6
6.9
6.4
5.8
6.1
a 4.8
6.0
5.2
0.2
K
:
9,348
a
3,813
4,681
2,296
"to
"0.5
9,011
7.8
7.5
Foreign Securities.:——
7
Total Closed-End Companies.—
v
Grand Total—i
corporate
LIQUID
4
—
short-term
ASSET
notes
CHANGES
June
30,
c
where
OF
1963
vs.
89
so
included
INVESTMENT
March 31,
92.9
93.5
93.8
94.6
0,855
85.5
89.7
824
9.1
90.2
90.4
5,153
None
a
-a a
92.2
92.5
'0.4
90.4
*
,
"
956
-
6,920
-
Nil
.
661
OJPFN-3ND COMPANIES:.Balanced Funds
P.tork "FUnds
82,571
by
reporting
COMPANIES
-6.6
6.5
2.4
7.0
-
-
6.9
a 9.3
fund,
a
Fo
r
Jan.
31-April 30 period,
b For Feb.
2.2 ?
-
91.0
91.3
8.6
83.7
84.5
28-May 31
period
~
44,939
998,446
$Cost of purchases.
PERCENTAGE
OF
•
A
.
'
i'
'
Totals
J
-
Minus
18"
COMPANIES
_
;
—
-7' -•4
:
•
4
i,_£
Unchngd.
/ 13
-v;22 ~
14
CLOSED-END
•
£
v »
1—-39
'
'
3,996
956
5,054
5,951
Nil
661
89
**Proceeds
ALLOCATION
INVESTMENT
OF
49,114
885,864 •
from
NET
41,636
815,463
sale.
ASSETS
COMPANIES
Approx.
•:
1,984
*
*996,755
<
1963
Plus
-
1.183
824
-
82,126
,025,402
——
83.8
92.4
10.3
None
13.7
-
.
90.2
82.8
0.7
0.2
•-
8.8
Securities
-
a 90.5
1,5863,332
4,453
17,636
/
-■
-
92.9
4.1
1.6
'
1.6;
4,145
•
A
1.6
V
0.7-'
9,051
•
;
/
1.6
7.7
15.6
21,431
A :A
4.2
7.5
■
11,900
21,847
Fund—
tlncludes
3.0
6.0
-12,452
;
Tri-Continental
U. S.
2.6
4.1
4,138
.
Service
Niagara Share.—
Overseas
1,512
6,155
2,155
General; American
Madison
Trust
982
1,236
•
._
International—
Consolidated
573,708
1,502
Securities.
Carriers & General
375,559
4,484
2,800
4,020
Adams
\
2,284
4,568
6.4
14,202
~
6,669
>
95.9
6.4
6,716
943,276
—
4,216
89.8
4.3
12,982
499,385
4,070
8,019
31,506
1,050
3,221
32,300
*33,376
95.6
3,700
191
Funds
3,698
25,367 A
1,188
8,271
18,299
16,925 '
6,486
14,265
...
12,267
22,061
3,905
5,455
51,525
89.2
.
38,393
23,260
i
"•>
-30
21,608
6,669
,2,284
18,017
3,547
6,316
2,238
12,090
92.5
.
8,740
2,886
—
97.3
7.5
,
322
5,186
24,402
4,070
8,019
31,506
11,050
3,221
36,280
33,376
77,704
:::
725
'
4,114
14,456
15,478
28,817
82.7
2.5
1,022
11,953
1,014
16,624
;
89.0
4.5
4.8
374
Fund-
Total
1.6
12.5
1,622
Investing-.
Sub-Total Open-End Stock Funds
'
...
9.4
20.7
1,333
I
10.1
3,889
9,142
Special Situations——__
Street
Wisconsin
7
Stock
Income Fund
United
23,602
12,737
1,435
2,536
41,703
4,800
24,165
Fund
United
1
27
Farnham
,
685
Investment
&
(
5,526
Shares
Investors
Street
85.6
10.5
8,078
17,314
25,310
5,576
1,398
7,806
Street Fund
96.2
1
13,148
32,875
-
13,370
Securities—Stock
95.1
95.1
1.9
Massachusetts Investors Growth Stock
Investors
'
A 82.8
None
'
1.7
88.2
" 90.5
.
A
45,384
14,295
3,152
12,835
8,746
30,043
1,397
3,636
•19,246
99.1
a*
,86.5
1,331
10,957
36,004 '
i
a'.:
9.3
...
-
4,320
40,182/."
4-;
3.9
12.4
"13,014
T
25,240
i
A;
1,869
-.2,285
i
3.0
r
National
Sovereign
1,411
85,866
Fund—
Selected
3,563
.930
Co.,of
(T. Rowe)
2,327
5,363
■:
50.4
.
20,864
16,950
Massachusetts Investors Trust
Price
1,223
682
21.8
Incorporated Investors
Pioneer
3.051
12,821
5,508
2,327
5,257
23.6
Investors-
■;
17,542
9.0
198
William
16,819
3,502
15,021
A 3,725
f 12,821
8.4
V
Pine
517
471,509
-
One
877
65.2
3,852
,7 926
Mutual Fund
National
292
1,538
26,710
51.1
6,141
5,763
America—
A Investment Trust of Bostoni
v
!
196
62.5
;
(4'Institutional Investors Mutual Fund—
'
532
307
v-
43.4
1,358
Securities—Com.
Lazard
6,196
v 23.5
1,220
Fund
^.-Investment
1,913
2,095
25.0
a75,175
Howard
Guardian
;
:
7,354
a 41.9
Fund
Fundamental
696
907
6,874 a
3,790
2,046
2,329
678 a
6.4
Shares
Fidelity
1,768
11.3
4
Fund.
■
8,400
1,913
2,496
6,765
7.0
Mutual Fund
&
31,350
389
12.5
Delaware Fund
Energy
907
492
2,553
962
Chemical Fund
Dreyfus
1,633
2,482
55,474
4,269
173,817
Fund
Dividend
1,627
443,891
Funds
Blue Ridge Mutual Fund
Bullock
Fund
-
1,663
492
A
15,021
4,649
1,156
10,315
126,148
Open-End Stock Funds:
de Vegh
847
,
1,028
Fund
Affiliated
4,654
2,553
126,914
2.393
1,308
22,650
4,031
6.0
£
1,447
1,826
199
29.1
518
895
5.0
220
506
I
5,395
12.0
«
13.8
VA
30.7
3,378
a
6,530
Fund
;
4.0 •;;£
>:-v
14.7
6.2
•
26.5
6,155
1,272
Income
23.6
1.3
12,434
6,895
21.3
2,525
1,633
2,482
181,080
5,200
550
13,392
2,180
2,091
7,858
3,790
2,142
13,247
Trust
985'
-
389
25,259
1,182
v;
846
9,327
1,849
330
2,847
Scudder, Stevens & Clark Fund
Sub-Total
84.1
62.4
2.2
5,395
12,039
Wellington
81.6
29.7
6,475
Fund Inc.——
Whitehall
15.3
32.6
1.4
New England Fund
Putnam
(George) Fund
Line
6.0
7.1
3,138
Fund
147
0.6
5.0
21,938
5,737
Securities--.
683
12.4
1
85
National Securities—Income
Value
•
5,273
Fund
Massachusetts Life Fund
Value
19.0
1.838
Fund_
Loomis-Sayles Mutual Fund
Shareholders'
0.5
66,567
Mutual
Nation-Wide
"A
2.9
Knickerbocker Fund
Nelson
32.0
31.0
989
Mutual
Mutual
34.7
12
Foundation
Sales**
7.0
1,530
Trust
Total
Purchases?
2.0
3,676
41,601
Fund
Total
Sales**
Nil
6.0
3,075
Group Securities—Fully Admin. Fund
Investors
Purchases?
b02.2
404
Fund
Balanced
Investors
Institutional
June
b61.2
2.4
123
America
of
General
Mar:
b21.3
2,550
Investment
Howard
June
b24.0
'
22,874
Cox Fund
&
Mar.
bl6.6
4,674
a2,690
Investment
Other than Governments
Total
Total
902
2,655
Investing
-(In Thousands of Dollars)Portfolio Securities
Of this: Portfolio
Common Stocks
Common Stocks
Percent of Net Assets
—
June
bl5.0
a;:
and Pfd. Stocks
Percent of Net Assets
13,798
15,872
Commonwealth
Fund
47
Fund
Broad
Mar.
b4,572
■
Axe-Houghton Fund B
Axe-Houghton Stock Fund
Axe
End of
June
b3,879
1,066
11,308
Investment Companies
During
April-June, 1963
3-31-63)
\
Investment Bonds
Net Cash & Governmentst
American
21
-
39
Total
2.
33
'
5
41:
-4
*
•15
'*
11
A
*
89
Mar. 31, 1963
SUMMARY
Liquid Assets
Defensive
Risk
(Cash, Governments,
Securities
(Bonds
Securities-(Common
Totals
—
—
and
etc.)
Preferreds)—
Stocks)
7.0%
June 30. 1963
6.9%
9.3
8.6
83.7
84.5
100.0% '
100.0%
45.313
619,021
The Commercial and Financial Chronicle
22
—Bought—
Continued from page 19
No. of
No. of
Mgts.
Shares
3(1)
63,950
Amerada Petroleum
1
■15,000
Atlantic
None
Home
None
None
Hudson Bay
l
None
None
None
3
Crowell Collier
7,250
11,100
3(1)
4(2)
55,500
Harris-Intertype
McGraw Hill Publishing
2(1)
,2(1)
,3(2)
8(3)
20,200
\ 2(2)
3(2)
Oil & Gas
10,200
3(2)
1
6,588
3(1)
2(1)
43,000
2
148,400
2
5,400
—
Seaboard Airline RR
—
38,010:
2
4(2)
124,700
13,500
International Paper.
Kimberly Clark.
18,300
1(1)
4(1)
32,700
Southern Railway
15,300
Mead Corp
None
3(3)
89,300
Union Pacific
1
10,000
Denver, Rio Grande
195,880
4(2)
4(1)
v.
2
(
None
None
St. Regis Paper......
47,500
;
3(2)
None
Southern Pacific
N.Y., Chicago & St. Louis
2,500
1(1)
2
8,300
Fihrehoard Paper Products.
None
None
•
Retail
Public
Utilities—Telephone
&
Telegraph
7(3)
66,500
American Tel. & Tel
2
99,200
General Telephone & Electronics
108,854
>
Public Utilities—Electric and
1
2
Baltimore
7,700
1
2
16,300
:
1(1)
27,000
5(1)
40,292
Consolidated Edison
(N. Y.)_—
2
/
2
'
1(1)
14,600;
12,200
15,200
Interstate Power:
None
transaction in Alberto-Culver was
7,195
Long Island Lighting.
2
3,900
Louisville
22,200
and
13,700
5,500
1
100
Public Service of Colorado—__
5,000
Co.
Southern
4
...
South Carolina Electric & Gas..
2
6,000
2
30,000
1
2,000
Allegheny
1
3,000
Florida
2
1700:
Power
None
Texas
None
None
Toledo
and Eaton Howard
>'
Virginia Electric & Power
2,000
INDUSTRIES MEETING
13,100
1
lesser
39,100
Goodyear Tire & Rubber
87,500
3(3)
during the March quarter. Great¬
44,600
U.S. Rubber
—
Steel
and
Iron
None
2,500
1(1)
2(1)
Jones & Laughlin Steel
—
2
13,000
McLouth Steel
—
1
3(1)
34,300
U. S. Steel
—
None
5(2)
48,200
19,000;
2
3
3(1)
2
None
2(2)
2
800
National
1
1(1)
of
2,000
1
Youngstown Sheet & Tube
13,000
1
67,400
National Steel
40,900
4(1)
7,000
Republic Steel
126,800
3(3)
...
2
the
2(1)
Rayon
5(4)
45,700
American
5,000
1(1)
4
76,800
Burlington Industries
13,500
3
25,200
Celanese Corp. of America
10,000
1(1)
Simplicity Pattern
65,000
1(1)
Viscose
../;
American,
by
1
5(1)
73,600
"r Reynolds Tobacco—.—
25,900;
3(1)
Tobacco
32,000
2(1)
None
American
None
Miscellaneous
''
;
Picture,
-
Once
FUND
22,000
3(2)
3,000
4(1)
v
glamorless
issues/In
for
possible
and
the
growth
upon
from
from
or
commitments. 5
(10,000);
None
Nona
22,c£st flOlh St.. •
me
a
to
make
N. Y. 16, N. Y.
prospectus.
*
a
Interriatl. Flavors & Fragrances
3,000
1(1)
22,700
Lily-Tulip Cup
None
None
quired
29,000
Minnesita Mining & Mfg
11,500
2
900).-
20,400
Polaroid Corp.
13,500
4(3)
12,303
Philadelphia & Reading
55,100
1
15,840
Foadway Express
3
13,503
Unilever, N. V..;
mutual fund
|
j
your
money
hopes
grow-and
takes what it considers sensible
State:.
J
2.'2)>
135,003;
1(1)
19,000
7'on2
None
(
...
...
None
—
1
American Car
Armour,
both
(1,000);
a
Over¬
and
Mu¬
made
new
Dreyfus'- bought
(6,-
Eaton Howard
and
devoted
attention
by
American
to
was
United
newly
ac¬
(45,-
Income
' 1
■
Office Eouipments Meet Mixed
Reac'ion
This
presented
group
a
mixed
showing during the June quarter,
1
after
3(1)
period.
138,000
2(2)
3,000
of
(4,000)
Sugar. This issue
58,331
Whirl; ool Corp.
General Cable Corp..
North
None
2,500
.
—
risks in that direction.
being bought in
IBM
the March
continued to attract
good buying; while National Cash
Register
was a
selling target. Con¬
The
Prospectus free from your securities dealer
or write Department c
City:
8,500
-
the
boughty
000). Another bright spot was the
Gevaert Photo
1
Dreyfus Fund is
in which the management
MANAGEMENT, INC.
send
None
None
5(1)
I
|
request
FUM RESEARCH
i ~.e
None
T
2(1)
j
lo.ig-term
inves:ment dealer,
me :
Securities
Investors
1(1)
|
The
; 5-
seas
tual
6,C50
|
selected
case
favorite,
None
Carborundum Co.
Colgate Pain olive
mixed
However,
group.
None
None
2
income.
your
•
2
managed in-
securities
in
Pr tspectus
95;200
1(1)
over-all
meat packers, were better
4(1)
diversified,
a
stmeat
15,600
.
an
performance was indicated in this
V-' '
19,500 "; Bectori Dickinson & Co...
"
2
|
Automatic Retailers
L,.V: -•
again
unanimous
4,
(50,-
Investors
Products Present Mixed
Food
5,800
Philip Morris Inc
eliminated
being
was
Fundamental
by
(45,000); while
Fidelity (9,600).
None
-
—
bought
best
was
000): Loo^is-Sayles (10,000); and
None
41,800
(P.)
Only two issues apeared in our
Continental
/
Co
17,700
Lorillard
under the Clayton Anti¬
National Securities
2(2)
58,900
United Merchants & Mfrs
1 Tobacco
government could block bank
analysis during the June quarter.
1
1,500
Stevens, J. P
None
may
influenced
Containers Not Robust
None
None
group
adversely
been
trust Act.
None
16,200
Manufacturers
This
Trust.
mergers
American Enka
4,000
New
Bank
by the Supreme Court ruling that
63,000
1
America; First
and*
Boston;
have
2(2)
1
of
(N. Y.); and Wells
Chemical.
Hanover
i 10,000
2(1)
2
as
was
Trust; First National Bank
None
3
11,600
picture
City
in
tered
York
None |.
Textile and
experienced
Fargo; selling pressure was regis¬
1
Inland Steel
None
2
11,900
Bethlehem Steel
9,000
was
Bank
in
cated
None
Armco Steel
21,000
a
a
case
presented. Gcod buying was indi¬
Allegheny Ludlum Steel
2,000
the
was
mixed
selectivity
er
bought to
were
than
extent
over-all
None
10,000
stocks
Bank
None
None
4(1)
ins
REACTION
Goodrich, B. F
2(1)
mutual investment fund offer-
'A v,' :/
'/
72,500
"•-.I-'
A
(9,000),
(32,600).
V. *
*
i*
.
Street (4,-
Life
5(3)
None
24,750
—
Massachusetts
800);
Banks Turn Mixed
^
9,600
Edison
completely
was
eliminated by Federal
1
4(2)
Light4,600'
Utilities
None
Gillette
a
was
15,000
None
23,000
Corp.
Power
Florida Power &,
Dreyfus
Firestone Tire & Rubber
None;''
37,700
System
introduced.
be
26,100
1
90,700
Southern California Edison
a
3
1(1)
None
Philadelphia Electric
11,500
1
—-
that
fact
innovations in shaving has yet to
MIXED
20,700
None
Lighting*
the
to
Rubber and Tire
2,
None
Pacific
widely sold is¬
competitive blade to meet recent
2
None
& Electric
Gas
Oklahoma
due
be
may
3
Spiegel
the most
was
during the June quarter. This
sue
3(1)
10,600
(J. C.) Co
5,000
50,000,
Electric—...
Investors
General
by
shares.
Sears Roebuck
2r
N. Y. State Electric & Gas
24,200
2
&
Gas
bought
ly
2(1)
20,000
2
Counselors.1 One
also indicated. The issue was new¬
2(1)
KD
None
Electric
Gas &
Kansas
19,000
bought
newly
shares of Beauty
1(1)
40,000
None
2,000
Iowadll. Gas & Electric
30,700
2
America
2
Illinois Power Co
the
heavy seller to the tune of 57,900
36,300
.
during
1
Gimbel Bros
None
interest
of
is¬
fair
a
1(1)
1(1)
1
1
1
1
Macy (R. H.)
1
States
Utilities
Gulf
3
2(2)
Shop
Penney
show
11,000
7,150
16,026
8,000
67,500
2,000
25,000
None
cosmetic
of
to
Juijie quarter. Investment Co. of
4(4)
None
2(1)
2(1)
24,600
12,000
popularity
continued
amount
None
1
2
1
1
300
:
The
sues
3(3)
20,000i
Detroit Edison
'
2
Woolworth & Co
None
Continued
Show
4
Consumers Power
Kl)
14,461
1
4,000
None
1,625
Cosmetics
2(1)
1(1)
25,600
10,000
None
1,000
7,000
80,800
None
63,000
83,500
1
None
56,200
2
2
1
77,900
V.
Stop &
2(1)
1,600
.
1
Montgomery Ward
4,500
1(1)
5,000
2
11,500
3(2)
None
Community Public Service
(W. T.) ,Co
Great Atlantic & Pacific Tea—
104,000
20,000'
11,200r
2(1)
2(1)
143,500-
Electric.
Commonwealth Edison
8,800
V"
Grant'
1
25,000'
Central & Southwest Corp
136,600
6(1)
2
Grand Union
5,000
1
1,200
Electric
Central Hudson Gas &
9,500
1
2,000
Edison
Boston
2,000
&
Gas
1
1
2(1)
(20,000), making
commitments.
new
56,200
Associated Dry Goods
Gas
Arizona Public Service—
3,000
v
Allied Stores
15,000
3(3)
\
31,827
13,000
1
1
9,700
Western Union
None
None
20
Investment
and
continued to
experience heavy selling pressure,
None
None
International Tel. & Tel.—
■
.
page
of America
Co.
2(1)
None
4(3)
from
(34,300);
-
;
.
Trust (2,000). Gillette
1
96,200
5
Continued
Trade
■$'
2
43,800
i
Interest
Pennsylvania Railroad
19,500
.
Milder Market /
1
2
mental
Atchison, Topeka & Santa Fe—
Northern Pacific
—
24,000
13,200
•
Bullish Despite
/ •'
Champion Paper
13,000
34,800
•
Thursday, August 8, 1963
Fund Managers '
1
—
■■■;■. Railroads
vv
Crown Zellerbach
2(1)
3
6,489
16,500
.74,900
7,153
MCA Inc
—
None
American Broadcast-Paramount 414,090
59,100
2
Products j
Paper and Paper
——
Columbia Broadcasting
119,000
6(2)
120,400
Sunray D X OiL. J
3(2)
69,655
Canada Ltd.—i...
Oil of California..
Sold
No. of
Shares
Mgts.
No. of
Radio, Television and Movies
34,000
Standard
50,000
2
8,260
4(1)
26,100
—
2
4(4)
20,000
Shell, Oil
-
1,900
1
.
Publishing
and
5(2)
Shamrock Oil & Gas
None
J
.
Printing
Phillips Petroleum
200;
;;
;
-
Mgts.
38,400
Oil.——
Oil———
None
Shares
|
265,000
:-r—
Refining
Continental
146,500
2(1)
.
No. Of
Shares
No. of
No. of
Mgts.
-Sold-
—Bought—
No. of
.
(546)
DREYFUS
pani?s
fcrcgaing taju'.a-kn also includes transactions by 11 investment com"(under 7 add "ional managements) in addition to those shown in our
tabulati-n
"Balance
Purchases
Corp., 2 B'way, New York 4, N.Y.
and
Between
sales
by
Cash
and
Af ilia ted Fund included above and in cur
f;r the April quarter 19C3; those cf American Business
Capital Fund, and Wellington are for the May 1963 quarter.
are
trol
Data,
a
new
face, met with
Investments."
article
Shares, Fidelity
fairly good buying; the issue
newly
acquired
by
T-V
was
Elec-
Number 6288
198
Volume
FOREIGN
OF
continued to display
the mixed reaction exhibited dur¬
ing
previous
our
bought issue
ing
issues
store
Atlantic
Great
Considerable sell¬
in department
indicated
was
Best
survey.
was
Pacific Tea.
&
Second Largest Revenue Bond
Percentage
Retailers Mixed
This group
(547)
INVESTMENTS
Growth (8,500).
MIT
Commercial and Financial Chronicle
The
.
.
DISTRIBUTION
(8,0Q0) and also bought by
tronics
.
included
and
Gim-
bel's, Macy's and J. C. Penney Qo.
■
Y.
.*
15.1
-
21.2
Germany
24.5
19.8
Italy
18.8
20.1
Netherlands
17.1
15.9
4.4
4.7
0.6
0.6
11.2
9.7
Spain
Switzerland
—
United Kingdom
FOREIGN ISSUES TAX
GROUPS
DISFAVORED
8.0
Belgium
France
Washington State Completed
3-31
8.3
Offering in
THE
IN
TRANSACTIONS
■
6-30
Country
23
PROPOSAL
Sold
Natural Gas
Of
This
sector
experiencing
the
was
a
only
one
sold position.
Al-„
though,.no selling-stampede
indicated, issues in the
have
selling
a
Louisiana
Arkansas
-
■
A' J'-.
*
■
'I..: ;\w." ,.."7
were
Gas
Southern Natural Gas.
V
did
balance outcome.
on
selling parade
Leading the
was
group
and
\f
>
:J".:;!*-1
'
significant interest to those
investing in foreign securities was
Administration's
the
in
proposal
July to impose a tax on American
purchases of foreign securities as
part
of
the
and
to
of pay¬
resulting
balance
the
deficit
ments
designed
program
a
help reduce
continuous gold loss.
;
.
•Originally, the plan called for a
ISSUES
most foreign stock
Among the companies which it
is
inappropriate to categorize in¬
dustry-wise,
buying
better
was
experienced in Colgate-Palmolive,
Minnesota
A
Cup
Mining,
Polaroid.
and
commit rent in Lily-Tulip
new
made by Dreyfus
was
(18,-
100).
levy of 15%
on
investments
MISCELLANEOUS
and
curities in other transactions dur¬
ing "the period up
to the end of
Announcement of this pro¬
1965.
posal
came
vestment
shock to the in¬
a
as
economics
and
nity, particularly
*
*
INTEREST
ISSUES
IN
Interest
the
marily
This
the
in
foreign
confined
good
buying
Ltd.;
Mines;
shares.
experienced, in
issues:
African
Mines
pri¬
was
gold
American
Investment; Dome
Free
Giant
State
Geduld
Yellowknife
Ltd. and Western Holdings
Mines
Ltd.
company
limited by its
charter to European
other
try
na¬
securities
or
of
interest
(as
of June
form
of
exemption
will
emptions
already
granted,
prospect,
and
in
to how the
as
such
Looking
on
right)
are:
banks, insurance companies,
companies and individuals
many
trust
throughout the nation,
The bonds
the transaction (left
J.
David
Everard,
Jackson
and
E.
well
as
as
tax-exempt bond fund.
one
of District No. 2.
a
Vice-President,
fare in
Ingen & Co. Inc., one of the
underwriters,
LeRoy
bond
District No. 2.
Company marking the clos¬
the
of
Neil-art
,
U.
for
for
I
The
nationwide
is Paul
syndicate
of
third from left, 463 members was jointly managed
of
Grant County by John Nuvqen & Co. (Inc.), B.
receiving check
2,
$202,706,699.70,
$197,000;000
premium
W.
President,
amount,
and
$2,505,-
interest,
Laing
John
J. Van Ingen
& Co. Inc., Blyth &
representing Co., Inc., Kidder, Peabody & Co.,
principal
accrued
Chester
Stock Offered
counsel
transaction
No.
D.
499.70
Love,
and
(seated)
Commissioner
P.
Congress.
Van
,
managing
ing
"capital
a
proposal itself will
from
Merrill
Smith
&
Co.
Incorporated,
and
public
ing
offered
were
the
to
July 30 to finance the
on
refunding
of
Grant
outstand¬
currently
The
Comptroller
the "Cur¬
of
national bank investment and the
writer.
bonds
•:
•
-
v.'-'
:.
the construction
Dam
its
and
of the Wanapum
kilowatt
831,250
hydroelectric generating plant on
the Columbia River in Washing¬
refunding program will
The
ton.
effect
reduction
in the cost of electrical
Wanapum
from
output
next
$46,000,000
approximately
45
the
over
years.
Wanapum has been under con¬
and
struction for about four years
has approved this issue for
rency
County
$195,000,000 to provide funds for
C.
A.
Allyn & Co.
(standing),
Nuveen
Lynch, Pierce, Fenner &
(Inc.) the senior managing under¬
offering of 90,000 common
have
been
purchased
by
Stokes
is
Initial
completed.
98%
now
generation is expected in Septem¬
ber and full
;of
commercial operation
by January 1964.
share is being made by
Amsbary, Allen
(6)
Zwanenberg-Organon
per
Morton, Inc.,
&
Pittsburgh. Net proceeds, together
with other
(7) Neckerman
rather than
Ciments Lafarge
be
for
used
capital and other corporate pur-
headquartered at
Monroeville, Pa., is engaged in the
°s>S
sale
E. Eckfeldt of Stroud &. Company,
Robert L. Whittaker of Robert L.
of
Whittaker & Co.;
ward J.
has
A. William Battin of Stone & Webster Securities
of
Corporation and Newlin F. Davis
James
President
Bond
Club
of
Allen
at
discount
Keller
I.
&
the
owning stocks selected
quality and income
New
and
other
appointment
dealer for
to
BULLOCK, LTD.
Stock
leading
Exchange
has been announced by Frank
prich & Co.,
Mr.
of
the
J.
R.
Avenue
with
Williston
manager
&
Beane
office, will be
McDonnell
250 Park Avenue
&
as¬
Co.'s
office, where he
was
Richter
of
Butcher
will devote full time to the devel¬
The
tail
of
institutional
business.
and
re¬
Sherrerd
Chairmen.
Arrangements Committee is
Leonard
by
S.
Bailey of
G. H. Walker & Co. as Chairman.
Other members of the
are:
John
Walker
of
&
Poole
W.
Biddle
tional
of
Wurtz
committee
of
G.
H.
Co.; William T. Poole
&
Co.
The
Name
opment
&
named General
were
I
CP
appointed Field
Reynolds & Co., and John B.
headed
Keller, "formerly
An¬
the
Day Chairman. Harry K. Hiestand
of
V.
Deegan, Vice-President.
sociated
STREET, NEW YORK 5
Mc¬
joined
Co., Inc., members of
York
for
Richard W. Hole of R, W. Press-
it
Fifth
Established 1894
has
committees
of various
prices,
exchanges,
possibilities. Sold only through registered
Philadelphia,
the
announced
The
of
Coit Williamson
E.
Parke
&
Roberts
Schmidt,
Elkins,
Joins McDonnell
Donnell
Address.
of
as
&
Co.; William G. Berlinger, Jr., of
Chairman; Edgar A. Christian of
Co.;
Incorporated; Wallace H. Runyon
Securities
Union
Dillon,
Morris,
Stokes
&
Noyes
Hemphill,
Co.,
Mosley
Yeatman,
Suplee,
Ed¬
Co.;
&
Morris,
William T. Poole;
Phillips of Elkins,
Stokes
&
Co.;
Butcher
of
McAtee
J.
&
Smith of
major household appliances, tele¬ nual Outing and Field Day of the
Harry K. Hiestand is Chairman Newburger & Company; Charles
vision sets, stereos, high fidelity Club,
which
will be held on of the Entertainment Committee. L. Wallingford of Janney, Battled
sets and related products.
Friday, Sept. 27, at the Hunting¬ The Golf Committee consists of & E. W. Clark, Inc.; Harold F.
don
Valley.
Country
Club, Eugene Arnold, Jr. of Robinson & Carter of Hornblower & Weeks;
Huntingdon Valley, Pa.
Co., Inc., as Chairman; Donald M. Harry H. Fahrig, Jr. of Reynolds
retail
investment dealers. Ask your
free prospectus or mail this ad
(
Committee,
of
The Stock Exchange
consists
man
Incorporated,
The company,
Co., as
Chairman; John T. Blair of East¬
PHILADELPHIA, Pa. —Theodore
will also
poses.
B.
OutingCommittees
working
expansion,
Edward
of
Elkins, i Morris, Stokes &
contracts,
assign them to banks
factors. The proceeds
or
(10.) Royal Dutch
sists
Phila. Bond Club
funds, will be used to
finance customers' sales
(8) Hoechst
WALL
Douglass, all
Trust
and
of
Philips'
ONE
pay¬
of
and Auditor Edward
held at Chemical Bank New York
matter of conjecture
a
(5)
CALVIN
Wash¬
Shown above at the ceremonies
the true
levy," it is
$2.75
investment
of
representatives
Bonds, Series of 1963.
be
also
others
(4) Farben-Bayer
A mutual fund
(from
shares of Kelly & Cohen, Inc., at
(3) A.E.G.
(9)
Neihart
Treasurer Ross
are:
to
accorded to Japan. Because of ex¬
Public
Siemens & Halske
with Mr.
right)
Wanapum
ity District No. 2 of Grant County, Cagle, "general counsel, "of John Hydroelectric 4%, 4V4%, 4.40%
issues
of
Canadian
securities
for
$197,000,000
of
Wanapum Nuveen & Co. (Inc.).; Bernard J. and 4%% revenue bonds initially
would be exempt from the tax
Hydroelectric Refunding Revenue Van Ingen, Jr., President, B. J. sold in 1959 in the aggregate of
It is not unlikely, too, that some
(1) R.W.E.
(2)
to
the Commissioners of Public Util¬
proved by Congress, certain new
HOLDINGS
BASED ON MARKET VALUE
left
largest issue Freer, Commissioner D. T. Martin
State
completed with
by
$3,201,250
LARGEST
coun¬
nationwide underwriting group to
proposal, which still must be ap¬
Kelly & Cohen
TEN
the
Seated
bond
revenue
second
in
was
ment
30,
1963).
for
sold
ington
officials
cash, issued the following tabula¬
tions
largest
the
and
ever
protest by Can¬
implications
EUROFUND, the closed-end in¬
vestment
a
Administration
ada,
particularly evident in
following
South
to
with
relations
Following
threat to
a
the
of
refunding offerings in the
quickly announced that under the
issues dur¬
quarter
trade
tions.
IN
QUARTER
June
was
FOREIGN
ABATED
JUNE
One
interfering with the free flow of
capital and also posed
the
commu¬
it indicated a
as
sharp reversal of our policy of not
*
ing
ranging
imposts
between 2% and 15% On debt se¬
and
Peyton
R.
Philadelphia Na¬
Bank.
The Attendance Committee
of Blair
McLean of The First Boston Cor¬
of
body
Sports
with
con¬
Co.
&
of
Kidder,
heads
Committee
the 'Minor
Chairman,
as
Floyd E. Justice of Kidder,
of
Van
Alstine, Noel &
William
Z.
Yeatman,
rated
as
Suplee
Mosley
of
Co.,
Co. and
Suplee,
Incorpo¬
Collings and
to
Committee.
Company, Inc.
head
Robert
Weld
the
C. C.
was
Publicity
Remington,
&
C.
is
Chairman
Committee
Tennis
of
Arnold
T.
Co.
&
with
White,
of the
Clifford
Mc¬
Collings, Jr. and John P.
Coy
Smith
Richard
members.
as
of
Stroud
Trophy
&
O.
Company,
is Chairman
Incorporated
of the
Committee and John R.
Woolford
members.
Clifford C. Collings, Jr. of
Grant
Hess,
Incorporated.
Pea-
Peabody & Co.; James H. Potter
named
:
Ranch
Richard
Remington
and Clifford G.
& Co.
poration and W. Marshall Schmidt
of
Hornblower
&
Weeks.
J.
E.
Joseph
Sherrerd;
Co., Incorpqrated.
&
of
American
Securities
Corporation, Chairman of the Trap
Shooting
Mr.
Committee.
McCoy
is
associated
Wright, Wood & Co.
with
24
The Commercial and Financial Chronicle
(548)
The
Indications of Current
Business Activity
Week
Latest
IRON AND STEEL INSTITUTE:
and castings (net tons)
production based on average weekly
AMERICAN
Aug. 3
of
Index
American Iron
this
data
in
late
95.7
PETROLEUM INSTITUTE:
oil and condensate output—daily
AMERICAN
84.7
Crude
0.581
0.605
0.665
54.0
,
(net
7,644,410
7,507,660
7,248,610
8,736,000
8,744,000
8,755,000
31,251,000
8,451,000
July 26
July
(bbls.)
July
Residual fuel oil output (bbls.)
July
Stocks at refineries, bulk terminals, in transit, in pipe lines
Finished
gasoline (bbls.) at
July
Kerosene (bbls.) at
July
Kerosene
oil
fuel
oils
Unfinished
30,815,000
31,279,000
3,006,000
3,069,000
2,955,000
2,872,000
13,227,000
*14,227,000
14,097,000
14,027,000
26
4,598,000
5,256,000
4,939,000
5,377,000
193,483,000
189,551,000
191,468,000
26
34,173,000
33,130,000
30,878,000
138,955,000
133,308,000
117,697,000
135,082,000
.July 26
50,419,000
49,580,000
45,955,000
-July 26
89,524,000
89,562,000
89,740,000
(Millions
Revenue
(U.
lignite
anthracite
Pennsylvania
501,904
450,235
509,014
9,485,000
8,920,000
9,595,000
8,153,000
July 27
404,000
353,000
482,000
298,000
PLANNING
587,693
U.
OF
(OOO's omitted):
$701,500
$547,200
$623,000
$469,200
455,000
447,300
288,300
Aug. 1
246,500
312,500
234,700
175,700
180;900
Aug. 1
234,900
154,900
18,500
Municipal
:
11,600
222,600
12,100
-
SYSTEM—1957-59 AVERAGE=100
Electric
July 27
98
98
102
%
f
95
(in
output
(COMMERCIAL
FAILURES
Aug. 3
INDUSTRIAL)
AND
DUN
—
BRADSTREET, INC.
steel
&
steel
(per
228
310
6.279c
272
;
July 29
$63.33
$63.33
$63.33
July 29
ton)
gross
(E.
PRICES
Electrolytic
M.
&
J.
$25.83
$25.50
f
$25.17
$66.44
$27.50
of
(East
ultimate
AND
manufacturing
goods
All
Straits
tin
MOODY'S
U.
All
Average
V Aaa
28.425c
28.375c
28.400c
28.525c
11.250c
11.250C
11.000c
9.500c
Death
11.050c
11.050c
10.800c
9.300c
Matured
12.500c
12.500c
12.500c
12.000c
13.000c
12.000c
11.500c
Annuity
22.500C
24.000c
Surrender
V
.
12.000c
Aug. 2
22.500c
Aug. 2
114.375c
113.875c
116.500c
Aug. 6
Aug. 6
99.5%)
89.28
89.22
88.72
91.77
at
at—|
corporate—
.
U. S.
'A.V*.
89.09
86.78
92.79
89.23
84.30
86.91
87.18
89.92
89.37
84.17
81.29
87.18
83.40
89.92
90.20
88.81
88.27
89.51
89.51
90.06
3.89
3.91
3.97
3.93
-Aug. 6
4.50
4.50
^ 4.48
4.65
4.40
1
AVERAGES:
Government Bonds
Average
corporate
Public
Group—
Group—;
received
Production
Unfilled
of
Total
of
Total
at end of period
FOR
4.64
.
1
365.3 1
4.50
4.40
4-41
4.54
374.8
v'r>
372.6
342,491
326,215
368,518
345,301
374,787
354,555
97
92
99
95
572,414
553,879
471,991
496,276
100.32
*99.33
96.32
98.54
ACCOUNT
OF
2,421,330
1,913,450
3,039,100
3,493,590
567,680
462,880
605,970
1,246,930
2,304,310
2,506,860
2,011,480
2,910,280
3,753,790
446,190
256,580
662,400
653,100
July 12
83,700
44,400
82.200
177,300
July 12
July 12
410,440
228,130
606,250
431,510
494,140
272,530
688,450
608,810
July 12
907,535
701,753
1,260,850
1,068,890
—July 12
July 12
July 12
the
2,462,060
July 12
off
1,894,380
1,548,600
176,920
135,240
695,485
193,220
1,139,390
1,119,905
830,725
1,332,610
1,382,620
floor—
sales
sales
Other
sales
Total
sales
937,724
1,114,644
^
262,715
v
Total round-lot transactions for account of members—
Total
EXCHANGE
—
SPECIALISTS
SECURITIES
ON
N.
EXCHANGE
Y.
INSTITUTE
—
Month
of
Ordinary
V".
."
-
y
.;
\ ' W '1, **
May
;;
$5,531
*$5,329
$4,857
639
24,970
INVENTORIES
May (millions
*$7,775
$33,470
of
*1,342
*$33,110
*25,000
$58,440
Month
*630
♦1,814
$7,552
*$58,110
34,870
Total
MANUFACTURERS'
*632
1,382
*34,910
*$6,820
SALES—
&
of dollars):
Sales
.
METAL
PRICES
(E.
&
$32,580
24,230
r
$56,810
,
$33,500
QUOTATIONS)—
Domestic
Export
refinery (per pound)
refinery (per pound)
prompt (per long ton)
28.397c
30.600c
30.600c
30.600c
28.396c
i
28.538c
:
£234.136
£234.158
£234.125
ton)
£235.082
£234.125
£230.813
Common, New York (per pound)
Common, East St. Louis (per pound)
10.868c
10.513c.
£65.122
£64.977
£53.807
£64.668
£64.832
£54.588
ttLondon,
ttThree
months,
London
(per long
Lead—
prompt
months,
(per
long
London
11.068c
ton)
(per
long
ton)
9.500c
10.713c
9.300c
|
East
Louis
St.
§§Prime
ttLondon,
ttLondon,
Silver
Sterling
(per
Laredo,
Laredo,
Platinum,
4,962,350
5,215,580
642,520
881,390
1,686,945
4,058,275
(Per
4,070,844
3,114,735
5,745,220
Cobalt,
S.
flask
(per
boxed
bulk
£75.849
£67.028
76
127.685c
109.855d
87.540d
$2.80020
$2.80658
115.426c
117.806c
111.476c
$35,000
$35,000
$35,000
$182,000
pounds)
$182,500
$192,000
36.250c
36.250c
36.250c
pound)
32.500c
32.500c
33.000c
$77,000
$82,000
$2.35000
refined (per pound)
pound) delivered ton lots
(per
33.000c
$77,000
'
pound)
32.500c
33.000c
pound)
(per
103.548c
128.991c
111.038d
$2.80078
_
price)
of
(per
(per
boxed
Cadmium
4,049,950
4,931.340
U.
ounce
Antimony—
UNew York,
12.000c
£S6.105
£73.943
ton)
12.000c
£75.934
Exchange—
Silver, New York (per ounce)
Silver, London (per ounce)
Sterling Exchange
(check)
Tin, New York Straits
Quicksilver
12.525c
£74.340
pound)
prompt (per long ton)
three months (per long
and
11.500c
11.500c
12.025c
pound)
delivered (per
(per
Western,
2.472,215
2,871,783
J.
M.
t
Ju]y:
Copper—
828,300
3,775,055
—
Group
3,242,544
_~July
sales
AND
PURCHASES
INSURANCE
Industrial
July 12
sales
DEALERS
11,600,000
omitted):
(000,000
97%
small
grade
$2.35000
$1.75000
$2.40000
.
$2.40000
$1.80000
$1.50000
$1.50000
22.500c
22.500c
?4.000c
22.500c
lots-
(per pound)
$1.50000
22.500c
22.500c
79 000c
pound)
79.000c
79.000c
Aluminum—
8TOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD'
LIFE
12
July 12
~
sales
Other
LOT
INSURANCE
OF
July 12
purchases
Short
Total
$j834,400,000
LIFE
Gold
the floor—
purchases
Short
136,300,000
$714,100,000
Zinc—
in which registered—
sales
on
179,600,000
$885,000,000
ttThree
July 12
July 12
initiated
159,100,000
ttLondon,
MEM¬
.July 12
transactions
Total
dividends
4.91
343,429
sales
Total
141,500,000
4.62
382,870
sales
Other
154,900,000
4.62
..
4.42
purchases
Other
155,000,000
Nondurables
4-45
.-July 27
sales
Short
66,700,000
values
Durables
July 12
initiated
73,500,000
5.08
4.45
Aug. 2
specialists in stocks
transactions
Total
57,600,000
73,300,000
payments
4.85
July 27
1
Short) sales
Other
$300,400,000
4.84
July 27
purchases
Other
April:
Inventories—
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions
7,323,000
TO
LIFE
13,100,000
4.66
' :r
July 27
TRANSACTIONS
of
OF
9,547,000
72,200,000
4.50
Aug. 6
AVERAGE=100
ROUND-LOT
PAYMENTS
INSTITUTE
—
,V;
$391,700,000
4.37
4.22
1
ASSOCIATION:
.
(tons)
••
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1959
BENEFIT
7,218,000
12,600,000
-
4.42
(tons)—i
activity
orders
16,870,000
9,595,000
67,300,000
%
364.1
Aug. 6
INDEX
(tons)
Percentage
16,813,000
9,668,000
7,296,000
$367,100,000
4.37
Aug. 6
-
—-—-
COMMODITY
NATIONAL PAPERBOARD
Orders
..Aug. 6
—
Utilities
Industrials
115.1
payments
4.47
4.83
MOODY'S
*116.8
endowments
.'■Vj,4.46
4.39
w
•\
-.'vV 4.48
Group
:•
4.29
4.29
Aa
Railroad
5,491,000
100)—
=
benefits
Policy
86.65
J
•■V
•
-Aug. 6
DAILY
7,l»25,000
5,374,000
16,964,000
INSURANCE—Month
88.81
—Aug. 6
Group
YIELD
12,516,000
7,050,000
119.1
average
goods
POLICYHOLDERS
90.63
90.63
—Aug. 6
Group
BOND
12,424,000
7,101,000
5,436,000
88.06
..Adg. 6
MOODY'S
•>.
109.250c
f'.
90.34
88.81
i
89.09
Industrials
'
;
V *91.77
88.81
Aug. 6
Group
Utilities
60,449,588
AVERAGES:
DAILY
'84.43
..,
.
22.500c
90.20
Public
workers)
goods
Disability
—
Railroad
(production!
(1957-59
INSURANCE
Aug. 2
PRICES
61,618,821
of
manufacturing
Durable
30.600c
at
York)
(New
BOND
61,760,263
12,537,000
31
DEPT.
SERIES—Month
manufacturing
30.600c
Government Bonds—
S.
May
S.
62,016,678
$1,035,134
number of employees in manufac¬
turing industries—
Aug. 2
(primary pig,
at
65,713,025
$1,081,468
of
goods
indexes
30.600c
(tug. 6
Aluminum
customers
PAYROLLS—U.
REVISED
Nondurable
Aug. 2
■.
Louis)
St.
65,878,510
customers—Month
June:
All
30.600c
(St. Louis) at
(delivered at)
Zinc
96
consumers—
omitted)
ultimate
LABOR
Aug. 2
Export refinery at
(New York) at
tZinc
114
*113
$1,082,750
of
Aug. 2
Aug. 2
Lead
Lead
(000s
May
EMPLOYMENT
LIFE
at
refinery
ultimate
to
QUOTATIONS):
copper—
Domestic
120
101
adjustmentINSTITUTE—
sales
Nondurable
VETAL
120
variation
seasonal
from
Number
6.196c
V
6.279c
$2,086,200
Estimated
-July 29
Pig iron (per gross ton)
Scrap
238
6.279c
vh
$409,700
RE¬
Average = 100—
May
Payroll
—Aug. 1
lb.)
(per
16,565,000
PRICES:
COMPOSITE
AGE
Finished
17,076,000
18,771,000
8,607,000
$97,520
1
June
Durable
kwh.)
000
♦$99,860
July:
for
seasonal
Revenue
OF
ELECTRIC INSTITUTE:
EDISON
26,940
DEPT.
S.
SALES—FEDERAL
SYSTEM—1957-59
of
18,780
*27,640
$2,321,100
STORE
EDISON ELECTRIC
SALES INDEX—FEDERAL RESERVE
STORE
DEPARTMENT
of
♦14,100
REPORTED
162,400
20,800
PUBLICLY
—
CORPORATIONS—U.
DEPARTMENT
Month
$56,800
13,990
27,590
omitted)
Month
-Aug. 1
-Aug. 1
and
;
COMMERCE—Month
Without
*$58,110
May
$100,020
S.
SERVE
15,363
COM¬
of
i
Kilowatt-hour
Public
IRON
567,131
601,879
ENGINEERING
—
Private
State
OF
:
Adjusted
planning by ownership
advance
DEPT.
dollars):
DIVIDENDS
BY
15,257
THE
Total '
CASH
5,359,570
$58,440
IN
BRADSTREET,
May_
—
6,691,785
8,060,874
15,739
(NEW)
&
11,489,524
tons)—
Retail
475,981
July 27
(tons)
NEWS-RECORD—NEW SERIES
Total
July 27
(no. of cars)—July 27
(tons)
ADVANCE
CONSTRUCTION
600,850
BUREAU OF MINES):
S.
and
coal
Bituminous
of
Ago
10,355,000
(net
SERIES —Month
Wholesale
85,258,000
freight loaded (number of cars)
freight received from connections
COAL OUTPUT
of
NEW
Year
Month
7,375,168
INVENTORIES
(OOO's
Revenue
June_
products
June
Manufacturing
49,916,000
at
(bbls.)
AMERICAN RAILROADS:
ASSOCIATION OF
of
Previous
produced
31,952,000
July 26
at
of that date:
are as
INSTITUTE—
castings
STATES—DUN
MERCE
183,537,000
26
for
INCORPORATIONS
BUSINESS
30,943,000
26
26
at
(bbls.)
fuel oil
Residual
(bbls.)
oil
fuel
Distillate
output
STEEL
steel
Month
of
INC.—Month
7,648,860
July 26
output (bbls.)
output (bbls.)
Gasoline
Distillate
tons)
BUSINESS
(bbls. or
average
(bbls.)
average
AND
and
UNITED
July 26
gallons each)
runs
to stills—daily
42
ingots
Month
AMERICAN
Crude
IRON
Shipments of steel
-Aug. 3
of quotations,
cases
Month
steel operations (per cent capacity).
& Steel Institute discontinued issuing
1960
in
or,
either for the
are
Latest
1,578,000
109.8
Thursday, August 8, 1963
production and other figures for the
cover
Ago
2,045,000
95.7
.
Dates shown in first column
that date,
Steel
——Aug. 3
indicated
The
.
Year
Ago
1,856,000
on
production
1957-1959
for
Unofficial
Month
Week
1,782,000
month available.
or
month ended
or
Previous
Week
ingots
Steel
following statistical tabulations
latest week
.
99% grade
STOCK
99%
COMMISSION
ingot weighted
average
(per lb.)
primary pig export
"■♦Nickel
•
Odd-lot
sales
Number
of
by
dealers
(customers'
July 12
1,352,211
$70,143,574
$57,284,033
$74,392,194
$109,937,267
—July 12
1,583,611
1,135,508
1,913,936
short
1,547,069
77,515
July 12
sales
sales
sales
Number
«
Short
of
Round-lot
TOTAL
shares—Total
sales
Total
.
r-
purchases by
dealers—Number of
STOCK
SALES
ACCOUNT
OF
ON
THE
STOCK
MEMBERS
584*,260
337,870
N.
Y.
•
..
781,500
320,340
379~960
7~8i~800
320~340
296,250
996,050
369,710
All
S.
DEPT.
of
12
grain
grains
797,190
1,057,130
22,446,620
2.502,280
21,425,420
—
—
fresh
14,166,920
23,503,750
23,927,700
Potatoes
crops
I
...
than
farm
and
foods
~
"July
July 30
July 30
Meat
100.3
100.5
100.2
97.3
96.0
96.7
101.4
102.4
101.1
94.3
95.9
92.6
100.1
jl00.6
100.6
100.6
100.7
101.5
*Revised figure.
tNumber of orders not reported since introduction of Monthly Investment Plan.
IPrime Western Zinc
*old on delivered basis at
centers where freight from East St. Louis exceeds one-half cent a pound,
(a) Not available.
Poultry
(OOO's
STATES
Exports
Imports
OF
234
283
157
233
230
327
203
258
253
215
204
156
500
500
543
235
242
234
231
294
EXPORTS
286
304
133
AND
134
128
272
261
$2,162,600
_
BUREAU
162 i
272
eggs
Wool
UNITED
.'
,
232
_
and
*
234
"
,
239
-
animals
100.4
96.8
275.
239
...
153
—
Dairy products
30
30
242
258
.
;
Tobacco
Livestock
July 30
246
317
J—_
;
'
Oil-bearing
240
169
hay_——
Fruit
19,012,710
and
241
15:
June
—-i—
vegetables,
$33,500,000
INDEX
AGRICUL¬
OF
100—As
—
1
13,369,730
DEPT. OF
—I——July
Crops
244
FARMERS
products
1,045,820
I
commodities
other
farm
17,966,890
Group—
commodities
S.
TURE —1910-1914
Food
July 12
July 12
^"1 July
U.
BY
$34,600,000
244
NUMBER —U.
All
$35,100,000
(OOO's omitted)—™—
RECEIVED
Feed,
I
—
DEPT.
CIRCULATION—TREASURY
May
Commercial
STOCK
■*
products
Processed
foods
Meats
of
As
277
379,960
584,260
12
LABOR— (1957-59=100):
All
MONEY IN
TRANSACTIONS
Farm
,
$81,739,999
July 12
shares
Total sales
Commodity
'•
$88,818,630
(SHARES):
round-lot sales—
WHOLESALE PRICES. NEW SERIES
?
$56,573,370
July 12
Short sales
..
1,469,554
$76,568,649
Ijuly
Other sales.
-
1,905,260
July 12
sales
ROUND-LOT
FOR
8,676
1,119,546
(per
♦Revised
PRICES
EXCHANGE AND ROUND-LOT
,
15,962
1,564,696
by dealers—
sales
Other
18,915
July 12
July 12
other
Dollar value
Round-lot
2,198,971
July 12
Customers'
Customers'
1,531,279
1,044,385
Dollar value
Odd-lot purchases by dealers (customers' sales)—
Number of orders—customers' total sales
>
$2.25
$2.25
pound)
$2.25
figure.
^'Domestic five tons or 1 nore but less than carload lots bixed.
§§Delivered where freight from East St. Louisi exceeds 0.5c.
♦"'Port Colburn, U. S.
duty included
t+Average of daily mean and b id and ask quotations per long ton at
morning session of London Metal Exchange.
Bismuth
purchases)—t
shares
$2,057,300
$1.9-1.400
1,461,500
1,461,300
1,452.100
IMPORTS
CENSUS —Month
of
May
omitted):
,
—
Volume
198
Number
6288
.
The Commercial and Financial Chronicle
.,.
shares
PUBLIC UTILITY
riod
SECURITIES
former New York Water Service
amount
Corp.
the
the
having
name
changed about three
in
years ago
order to indicate the
sified
been
diver¬
contends
company
offered
matter
is
is
the
low
too
being
Condemnation
that
and
heard
by
Commission
with
a
per
of
ter
County.
ditions which
New York Water Serv¬
activities.
Nassau
County Board
of
compared
It
Super¬
favorable
to
weather
con¬
high
water
con¬
ice, whose corporate history dated visors by the consulting engineer¬
sumption and
back to
increments to Funds, credited di¬
ber
of
ing
1888, had owned
a num¬
large water systems
major
urban
and
serv¬
suburban
sections in New York State. How¬
ever,
of
some
taken
were
the
twice
regulatory
approximat¬
book
the
been employed
in
curities
various
and
interests
thus real¬
marketable
to
used
diversification.
over
June
at
about
30,
$31
cluded
1963
wide
very
The
"Funds"
company's
million
$41
with
compared
million
se¬
acquire
representing
totaled
tempo¬
cost,
in¬
and
Gov't and municipal bonds
$1.1
Utilities
held
8.4
Special
shs.
commitments,
cluding
financing
*9.3
in¬
by U & I, amounted to 24
cents
per
water
share¬
companies,
Merrick
Massa-
-
Rockland
C
o u n
authority
pany's
acquire
to
Haverstraw
increase
an
property.
en¬
going
properties
acquisition
by
the
of
York
tion by
have
been
developments
acquisition
the
Securities
7.2
by
for
acquisition
of
Security
recent
a
Analysts,
described
follows: "Broadly, this capital has
been, is being, and will continue
employed in acquisitions of
enterprise
minority
special
interests
and
total
(majority
100%);
or
financing
both
of
licly- and/or closely-held
nies;
others.
At
...
Funds
joint
in
and
compa¬
with
ventures
times
such
not
are
ceding categories,
temporary
securities
securing
ing
of
the
an
after¬
an
produc¬
or
in liquidating
arbitrage situations
or
valued
nature
significant,
with,
under¬
an
believe,
we
intermediate
appreciation
this
that
Funds
term
-
possibilities.
phasize
our
I
em¬
temporary
is
or
equivalent;
seeking situations of
of
erties.
port
increases
use
secondary,
a
adequate
fair return
a
stockholders
to
pattern
of
regulatory
the
accorded
stated
the
to
believe,
increase
Net
"the
in
1962;
Weather
in
sulted
water
With
better
operating
This
1961
re¬
for
and
Thus,
1962
the
utility
its
erties,
remaining
which
have
(depreciated
rate
base
million.
•>these
-v
'
continues
company
erate
purposes
the
of
use
after
pany
-
is
'
sale
more-
The
75-year
St.
-
and
areas.
straw
and
In
in
and. around
Clyde.
January,
•
1963,
of
issue
the
to
finance
which
Glen
on
cents
was
Head
is
cable
car
Thomas,
Corpora¬
constructing an
tramway facility
Islands;
Services,
Inc.,
which
to
the
industries, to missile site
oil
maintenance
refining
maintenance
and
various
in
stock
ment
other in¬
and
stock
which
sidiaries.
of
are
a
or
sections
of
the
capital market is concerned.
The
great influence
no
pattern, then we will
accomplished much in the
have
defense
of
the
dollar
our
market appear to have been
remembered that
pretty
Corporation,
East
of
and
travel
West
federated
a
with
agencies
Coast
and Middle
gold
well adjusted to the upward trend
in short-term rates which brought
the
holdings.
a
liq¬ million apartment house structure
known
as : May fair ? Towers - on
West
Seventy-second
St.,
•
over¬
based ;on looking Central Park, expected
of
common
excluding the
U
$15
&
owned
Incidentally,
I
by
to
be
ready for occupancy in the fall
rate.
•
of
1964.
Mr.
'other
the
centers
ports,
free
that
are
sub¬
these
analysts that
U
&
I
had
over
advised
the
the past years
made special
commit-
thriving
be
without
omy
world
the
econ¬
here, according to
re¬
has evidently been slowed
a
and
money
new
trickle. The refunding
operations of the
that short-
term rates will still be attractive
to the
readily moveable funds.
Cause
Investing "Short"
The
indications
proposed balance
ments tax has not
of pay¬
only created
amount
especially
of
a
confusion,
the
among
in
is
of
.
eliminate the balance of payments
will have temporary ad¬
deficit
effects
verse
will
take
individuals
time
many ways
proposals
to
foreign
since
work
This
doubt
no
There
operate.
dollar, which is
is,
but what the
key
a
will be defended to
currency,
the utmost.
Our balance of payments prob¬
lem has reached
realistic
action
the
point where
had
to
be
taken
in
an
orthodox way so that the
dollar will continue to be the key
currency which it has been in the
past
and
gold
our
not decline
in
the
yet, but
stocks.
If
holdings
future
mercial
of
real battle
will
economy
with
will
to any
give the
problem
business
should
not
be
any
adverse
unless
there
is
reversal in this trend.
Also,
a
under
our
effects
present level of taxes, a
increase in
modest
should
not
have
effect
on
ness.
There
ample
the
interest
rates
appreciable
any
cost
seems
com¬
as
though
as
can
pay
com¬
time
on
in
the
purchases of tax
exempt bonds being stepped up.
Long Bonds in Demand
The
term
intermediate
and
longer
Government securities con¬
tinue to attract the funds of those
investors
who
interested
are
spacing maturities
from
come
available
the
It
is
in
this
best
obligations
large
supply
distant
of
Treasury
capital market rates
side.
Also,
and
on
The
the favor¬
are
"ad¬
an
refunding" operation.
demand
for
loans
is expected to follow
the
non-
keeping
rumblings
again being heard about
vance
funds
mainly in the
Federal maturities that is
able
in
in¬
as
the investment field.
which is interested
most
well
as
usual
seasonal
pattern in the
money
specialists.
that
mean
continue
to
the
move
fall
this
pretty much
and capital
This
is
taken
business
will
ahead but with
no
boom.
of 'interest
level
there
from other
so
contend
to
rates but under the present course
of
a
a
that the domestic
have
higher
a
to
payments
means
It
banks
resulted
to
balance
represent
and certificates of deposit has also
.?
.
.
more
opinion of most
efforts
new
not
the higher rates which the
market
These
does
it
the
out
in which these various
will
however,
certain
on
and
are
Treasury is¬
most
wh|d the legislation proposed by
President
Kennedy to help to
nations
funds
more
switch from the longer maturities
into the most liquid
question but
no
that
various
securities
There
short-term
types of investment such
considerable amount of discussion,
but it has also created a fairly
sizable
in
being put to work in these securi¬
mon
The
investment
obligations continues not only to
remain heavy but there are also
sues
Confusion
of
a
Common Stocks Money
Treasury will most likely stay in ties.
so
also
important force in keeping
readily moveable funds in this
money
of
down to
is
boom
a
com¬
outflow
so
funds from
of
doing busi¬
should
still
supply of credit
be
E.F. Hutton Elects
Burns Synd. V.-P.
James
F.
elected
a
Hutton &
Burns,
has
been
of
E.
F.
Company, Inc., 1 Chase
Manhattan
an
III,
Vice-President
Plaza, New York City,
of
members
available
the New York
Stock
change
Ex¬
it
been
ments in
more
tries, and had
than
consideration
also
told
dividual
or
them
thirty indus¬
nounced
Sylvan
unde
C o1e
that
U
commitments
&
I's
in
an
in¬
wide
normally
ment
stock
interest.
cently
Mr.
has
been
who
James F. Burns,
quoted
Over-the-Counter
III
the
of
invest¬
firm.
♦
Burhs,
manages
Syndicate
Department^
re¬
around
C.
an,
nation¬
the
situation in which U & I
each
m
re¬
by
Chairman
r
negotiation.; He
ranged from $300,000 to $5,000,000
acquired
has
a
number of other
a
acquisitions, ventures, and special
The
Rosenthal
as
should
country.
Short-term rates here
v
Corp.
a
well
as
It
very
joint financings commitments
a
the
on
business
abroad; Kings-
taxes)
share. All
are
shares
shares
the
or
and has
a
applicable
outstanding,
area
higher level of short-term
should give needed help to
the balance of payments problem,
Mortgage
Corporation,
a
in¬ boro
share, of leading Eastern, short-term realty
derived from finance company; Travel Manage¬
equal to 46 cents
537,854
the long-term
as
as
If the
rates
ordinary
and taxes; and 42 cents
net
and
contractors, and to other custom¬
funds, after applicable gi^oup
share ; figures
in
complex
chemical
ers
especially
now,
the financing of
commerce,
industry and agriculture.
various sectors of the Government
com¬
Ski Company;
Virgin
construction
to
up
the com¬
services
(in¬
payments
appreciable extent.
facility
*
(after
and
production
corporate
fund commitments sold
1,323,426
5-
a
1960
Tramway
United States and
cents
interest,
from
uidated
per
acquisition
97
in
each
penses
were
a
1956.
1950,
utility operations,-after ex-' f Western operations; and in
and taxes: Realized profits venture which is building
from
Haver-
City
1962
year
dividend,
expenses
Island,
the
55
two-
of
provides specialized cleaning and
for
1961.
over
totaled
to
property in that city. But
the
come
than
Council of Glen Cove approved
bond
In
"
-
14%
come
was
nearly
restaurant-shop
Chemtec
high in
payments
in
of
for
to
in order
on un-.
net asset
that
split in
2%
which
and
16%.
up
earnings
all-time
new
Dividend
of
com¬
Woodhaven,"
;
Cove and Merrick in Long
-
for
expected
however;
serves
cost)
of about $12.2
considerably
book' value
prop¬
$22
has announced special
aerial
Funds
applicable
was
of
tion,
op¬
jDook value
eventual
properties,
yield
water
a
original
The
to
stock
Thomas
St.
Gross ordinary in-
company's
were
and
times
of
as
approximated
after adjustment for the
mitments
taxes)
expenses
a
history.
million.
share
and-3%% in 1962.
pany
1961.
over
(before
consolidated
set
$18
In the last year or so,
from this
controls
cost
income
taxes
nearly
1948,
was
dends
gained 26%, and non-utility ordi¬
nary
shares this would
13 times the
and-a-half
year
demand
12%
income
from
come
before ap¬
gains, which figure
in
value
the
conditions
revenues
increased
source
good
a
greater
that
so
realized
for-1 split in 1958 and stock divi¬
had
far
kinds.
of June 30, 1963
as
date
8-for-l
company
shaking
operators
obviously
Total
value per
than
more
long run."
The
during
before provision for taxes
although, obviously, none the less cluding the value of a 3^% stock
paid
last
December)
important, aspect of our activities." dividend
The
asset
realized
antithetical
in
steadily,
44%
gains
own
expected
soon
balance
our
cents
to
to
recent
treatment
interest
consumer
about
unrealized
corporation's water
we
56
to
1959 to 72 cents
properties.
company's
to
inequitable to the investor inter¬
and,
aid
other
'problem have not been too earth
increased
$13,745,000; and in¬
cluding the indicated gain on the
utility operations continues to be
est
1948
com¬
Net asset value per share
amounted
the prop¬
on
in
plicable taxes
The company's annual re¬
after-tax capital increment jumped 27%.
significance,
or
on
of:
purpose
possible;
as
pre¬
marketable
in
satisfactory
as
regula¬
our
as
them
we use
basis
with
tax income
provide
fully employed in
Special Commitments in the
a
in
pub¬
rate
The
earnings
increased
and
Service Commission has refused to
grant
to
are
the near-term sector
ing the proceeds of disposition of
York. The New York State Public
the management of the Funds as
be
unfavorable
9
water
tory climate in the State of New
President Rosenthal at
to
of the
Commission
d<j>he an outstanding job of utiliz¬
be obtained, be¬
can
inter¬
new
exchange.
talk before the New York Society
of
value,
York
The management has
The company is not opposed to
fair
New
the three years ending 1962.
condemnation of its water proper¬
cause
^Available
ests
$41.3
cents
has
Clyde
ties, when awards, in accord with
Total
share
in 1962.
plant, i
15.3
been
the
from 30 cents in
regarding
of
Clyde
have
Dividends also increased
important
no
recently
its
1959, 65 cents in 1960, 76 cents
in
1961, and 97 cents in 1962.
Electricity.
and
operation
in
the Department of Water
Gas
for
before
from
study of its possible acquisi¬
a
in May in¬
and
lent long term growth.
appropriation
an
.
which
be put in
the
as
petitive with the near-term rates
Hearings on these rate
pany's
higher short-
well
as
in
The company has shown excel¬
Re¬
City's current capital
budget includes
filed
intermittently since April 25.
garding the Woodhaven property,
the
of
rates
Merrick-Massa-
its
Public Service
State
these
District.
current
were
applications
on
CHIPPENDALE, JR.
by $275,000 an¬
$30,000
increase
gineering Associates with respect
possible
the
rates
property
volving
gineering report by Boswell En¬
to
for
pequa
Point
properties, is considering
ac¬
period.
revenues
nually
com¬
Stony
-
the
surplus
in
new
T.
about the increase in the discount
share
Proposed
and
power
reserved
a
JOHN
measures
by U & I in March calculated to
t y
study the feasibility .of forming
water district with
a.
to
six-month
Agency, appointed in 1961
public
and
closely-held companies.Marketable
Water
There
subsidiaries
count
of
the
Supply,
Industries
&
by
County
Nassau
properties
North
com¬
mitments
rectly
properties of U & I Corp.
pequa
for
Special limited term
recom¬
owned
including
The
Hansen,
mid-June,
acquire the
-
Realized
revenues.
&
that
mended
New
(in millions):
Greeley
in
released
to
purposes.
have
rarily
for
values
The important funds
ized
by
public agencies,
realized
awards
ing
condemnation
or
of
firm
properties holder
these
in
municipalities
ing
effects
term
should
extraordinarily
were
The
of
for
reported
1962.
marked by
was
BY
of
be noted that the 1962 June quar-
the
GOVERNMENTS
share,
earnings
share
half
Nassau
A report to
on
increments
record
first
pointed by the Supreme Court of
more
the
of
1962
half
per
which
all-time
company's
nature
cents
realized
of
Funds,
;
Our Reporter
,
ordinary
first
the
cents
the
ap¬
for
equaled 43
its
44
of
end
the
consolidated
exclusive
to
the
at
income
1963
Utilities & Industries Corp. is the
of
cost
25
million and their indi¬
I's
&
net
Corporation
over a pe¬
total
a
$8.1 million.
was
U
Utilities & Industries
at
years
value
cated
ELY
purchased
were
of
about $5.2
OWEN
BY
(549)
has
been
with Hutton since 1962^
17, the range during 1961-63 ap¬
having previously spent 8 years
proximating 23-13.
the
investment
field.
in
,
26
The Commercial and Financial Chronicle
(550)
National Bank in Clearwater, Fla.
NEWS ABOUT
Initial capitalization is
The
BANKS AND BANKERS
Consolidations
New Branches
•
New Officers, etc.
•
Revised Capitalizations
•
J.
the
promotions of Adam C. Heck
The
and Jessee H. Lawrence to Vice-
Chase
the
of
Presidents
Man¬
hattan Bank, New York were an¬
5. Both men are in
nounced Aug.
Operations Department.
the Bank
and
On
,
to
share
in
resulting
$10,
from
three
to
one
Baldyga to
A.
Donald
of
motion
kpown was the pro¬
Assistant Vice-President in charge
producing
increase
an
one-third
and
Operations Dept.
•.
These
conclusion
the
ments
<
Bank
Rotterdam, announced July
N. V.,
31
New
Rotterdamsche
and
York,
Bank,
City
of
will
former
the
whereby
arrange-
acquire through its subsidiary, the
International
Banking
Corpora¬
>
tion,
50% interest in the Mer-
a
dividend
stock
additional
the
increased
outstanding
shares
3,472,500 to 13,890,000. Out¬
from
capital
increased
was
$115,750,000
increase com¬
from the
transfers
surplus
profits
undivided
and
accounts.
*
The
plan
option
for
key
the
em¬
cantile Bank of Canada, Montreal,
ployees, involving
Canada. Until now,
-
510,000 of the new $10 par value
Bank
the Mercantile
been wholly-owned
has
Rotterdamsche
Bank
maximum of
a
by
common
subsidiary, Nationale Handelsbank
N.V. These arrangements are sub¬
stock,
adjustments
subject
for
later
to
dividends
stock
and
splits. Purchase price under
ject to the approval of the Fed¬
any
option granted would not be
eral Reserve Board.
The Mercantile
1963,
31,
Bank, as of May
capital
had
and total
$5,003,000
of
funds
$90,651,000.
♦
dent
*
*
Potter
G.
of
Morgan
will
Vice-Presi¬
a
1 at the age
Potter
Mr.
organize
Guaranty
predecessor
Morgan Guaranty.
He
*
the
Company,
banking
his
with
later
became
it will be operated
Vice-President in 1962.
*
First
Comptroller
nounced
*
O.
stock
split
1
an¬
a new
Texas, at Lub¬
bock, with the title Security Na¬
tional Bank
initial
of Lubbock,
capitalization
H:
The
of
with
an
$500,000.
*
*
Comptroller of the Currency
James
J.
Saxon
nounced
the
application of
ganize
July
on
31
an¬
Kenzo
preliminary approval of
National
a
to or¬
group
a
with
initial
an
capitalization
of
*
*
Shares of The
1
>
State
Bank,
J.
Saxon
nounced
Chairman
Jr.,
Ralph
President, and
Vice-President, of
V.
and
Hagen
National
First
Minneapolis, Minn.
*!*
*{•
application to organize
Bank
in
the
under
50
Japanese
which
a
new
the
of
elected
been
Dime
Savings
Bank of Williamburgh, N. Y.
*
Russell
*
J. _Saxon
Aug.
on
1
the
application to organize
Vice-President
the
State
a
new
a
Conn,
will
and
investment
the
head
department.
*
*
National
Newark,
capitalization of $300,000.
1040
Broad
Lincoln
Trust
the
new
replaces the
1005
H*
The
H:
Hasebe
(standing
Broad
St.
Atlantic City, Atlantic City, New
Boardwalk National
*
*
title to The
.
N.
opening of
National
The
Virginia,
and
Bank
Wil-
of
Anker
waschanged
C.
Wil-
to
*
H:
The
in
relationships
Caracas
to
in
company
Japan
has
been
and
Con¬
City Bank,
Cleveland, Ohio.
*
*
National
linois
Continental
of
National
Bank
voted approval of
stock split and
for
key
meeting
holders
.
The
a
a
on
Aug. 5
County
at
room.
a
special
Bank's
the
share¬
.
approved
approved
on
a
Smithfield, N.
Bank,
National
The
the
Comptroller of the Currency, was
accomplished
through a simul¬
taneous
change
in
par
value
of
Bank
of
promoted
Japan's
Vice-President
to
new
in
will
be
office will
"First
C.,
operated
Nationa1
Bank
of
The First Western Bank
Co.,
Angeles,
Los
A.
advertising
structure
for
converted Bank remains the
the
same
H:
Comptroller
the
Banco
Venezuela
at
Industrial
elected
University
Avenue
into
National
tion.
The
title
The
Crocker
Miami
Forrest
R.
-
Anglo
Dunlap
*
Donald
W.
made
of
North
Beach,
Fla.,
will
be
operated
City
National
Bank
Vice-Pres.
a
*
head
and
(effective
*
of
The
22
Vice-Presi¬
Security First
division, has retired
July
I
31)
after
more
J.
Eugene
that he
capital
with
Security
as
a
through the ranks,
Assistant Cashier in
rose
becoming
1936 and
an
an
Assistant Vice-Presi¬
dent in 1945. He
President
transit in
Hills,
Bowmer
structure
He
*
Bank
in
a
Loan
bank
will
Saxon
for
the
same
Joseph
31
a
announced
organize
July
National
a
The
Royal
opened
Hugh
by
Taylor
amount
and it will be
to
*
Bank
R.
also
was
*
Canada
of
in
branch
a
has
Freeport,
Grand Bahama Island. The branch
the
Royal
first
Bank's
brings
to
Bank
r
the
on
branches
in
the
.
'r
*
Hollandsche
fice in
island
llf the number of
Bahamas.
Amsterdam
Segundo, Calif.
V;
H:
Bank
is
*
Unie
-
re-opening
N.V.
of¬
an
Quito, Ecuador.
$2,000,000,
operated under the
title, Gateway National Bank.
©avis, Skaggs To
in
named Vice-
was
charge
of
central
The
Comptroller of the Currency
of
R.
to
Jones,
also
terminate
more
which
were
than
retired
banking
a
46 years—36
preliminary approval of the appli¬
cation to organize a new
Bank in
At Anaheim
*
National
an
on
July 31
an¬
new
of
a
group
to
National Bank in
initial
asso¬
James
as
The proposed title is Third
City
1931,
retired
Vice-President and Senior Loan
Administrator.
He
career
1917.
in
clerk
Bank
He
Bank of
a
with
with
of
joined
his
banking
the
First
Alhambra
a
in
a
July
31
groups
to
or¬
National Bank in Wash¬
American
National
monds, with
tion
of
an
was
Bank
of
Ill
Sutter Street will
National
established
of
the
in
1927, is
Pacific
an
Coast
a
member
Stock
Ex¬
i
Other partners are
Richard
M.
Davis, Robert P. Mann, Reginald
Kennedy,
Charles
Walter
C.
Clarke,
F.
Schag
Donald
W.
Davis, Herbert McCormick, Rich¬
ard S.
Miller, D. Russell Burwell,
Arthur
F.
of
A.
Carter.
Haggard,
William
Richard
W.
Muhlmann
and
Callender,
Bank
become
Ed¬
initial capitaliza¬
$200,000.
First
member¬
exchange member firm. The firm,
Carl
The
a
an¬
preliminary approval of
application of
ganize
the Currency
on
predecessor
Security in 1927 and
acquire
change, and Davis, Skaggs & Co.,
change.
H:
ington, at Edmonds, with the title,
embarked
as
Anaheim,
He
Saxon
J.
the
since
title,' First
capitalization of $1,000,*
nounced
division
of
FRANCISCO, Calif .—George
W. Davis will
000.
loan
National
Clearwater, Fla.
(in the vicinity of
Bank
SAN
ship in the New York Stock Ex¬
The Comptroller of
Jones, who has been
National
California.
spent with Secu¬
rity First National Bank.
Be NYSE Member
James J. Saxon July 22 announced
1951.
of
Mr.
preliminary approval of
application
organize
M.
has given preliminary
El
division
elected Vice-President and Secre¬
and
H:
Initial capitalization of the new
ciated with the Bank's real estate
nounced
*
Disneyland) under the
July
Comptroller of the Currency
J.
$
to
the
of
Vice-Pres. and Cashier,
*
Senior
and
Saxon
approval
Vice-
Senior
Chairman
succeeded
as
H:
Comptroller of the Currency
James
than 37 years of service with the
of
$3,347,494.01.
James
1
administration
is
who
is
National
Henney,
Starting
ap¬
Banking Associa¬
Bank
\
"■*
J 'V.
and
Herbert
relations
*
Bank, San Francisco, Calif, made
clerk, he
July 31
converted bank remains the
The
'
t:
Bellinger
Branch
development,
The Fidelity Bank, Beverly
Vice-President
$
by its present management under
the
company
tary.
*
*
Calif,
D.
Pingree
de
Traposos.
The
#
on
conversion
Bank,
a
Tokio
oldest insurance
Bank.
•—$236,557.19.
The
share.
per
Hawaii, Honolulu, Hawaii elected
Vice-Presi¬
a
public
and
Trust
&
Calif,
Bachle,
office is located in the
new
central transit
Smithfield."
capital
headed by
group
allied lines of insurance.
President
departments.
The
Edificio
National Bank, Los Angeles, Calif,
title
director,
insurance
largest
and
John
Hs
dent in the business
charge of the
Banking Associa¬
Bank
a
priced at $18.25
casualty
1943.
Robert
the
•
by
by
dent
the
split,
5
by its present management under
four-for-one
stock option plan
personnel
in
Il¬
and»Trust
Company, Chicago, HI.
and
Vene¬
be Chester M. Torres.
career
Shareholders
Aug.
:'it
Miami Beach.
"
*
announced
and
Aug. 1 the conversion of Johnston
proved
Studsgaard
troller of the National
are
is
and
writing marine, fire
facilitate
with
zuelan banks and corporations was
»
Comptroller,
managing
Corporation, The Nikko Securities Co., Ltd. and
Officer.
Shore
*
Vice-President
.elected
changed its
West
liamstown National Bank.
/
&
Trust Company.
♦
The
Wil.iamstown,
*
Bank
Planters
*
liamstown,
resident
The American Depositary Shares,
being offered to the public through
are
Shelby Cullom Davis & Co.,
representative
a
client
In
C.
value
par
of
America, San Francisco, Calif.
Bank.
*
The title of the Farmers & Me¬
chanics
Mount,
to
Bank
into
H:
its
right),
Co., Ltd.
*
office
*
National
stock,
Shelby Cullom Davis
are:
$600,000.
Company of Rocky Mount,
tion.
changed
an
at
The Boardwalk National Bank of
Jersey,
#
«
new
Located
Office
H:
..
of
its
opened
former location at
•
Bank
Street,
Park
Cloquet," with
>J:
Office.
Park
of
Planters
The
Rocky
State
'J.
N.
Lincoln
at
Bank
title
The
Minnesota,
initial
Na¬
tional Bank of Connecticut, Stam¬
ford,
in
Bank
tional
elected
was
of
National
Company, Lim¬
common
an¬
preliminary approval of
Cloquet, with the title "City Na¬
«
Baker
G.
Watching
share.
per
yen
:
Secretary
Insurance
■
James
N.
Englewood,
capitalization
*
Tokio
The
Andrew
and
Marine, originally incorporated in 1878, is the
City of Engle-
of
initial
an
Tokio Marine and Fire
The First Boston
title, Hampden
Bank
Limited,
ited, which represent 20,000,000 shares of
The Nikko Securities
an¬
Colorado.
Colorado—In the
wood,
with
Comptroller of the Currency
22
preliminary approval of
National
$
July
on
managing^ director,
Company,
(standing left), senior partner, Shelby Cullom Davis & Co., and
❖
Comptroller of the Currency
*
right),
Insurance
tion, sign agreements for the sale of 460,000 American Depositary
$510,000.
*
(seated
Fire
and
Overby, (seated left), Vice-President, The First Boston Corpora¬
in
Bank
Mizusawa
Marine
Terumasa
*
Craig has
Currency
Aug.
in
Bank
National
nounced
Edna
the
on
application to organize
The
Hennepin
Dorsey,
$800,000, and
preliminary approval of
National
E.
The
in
Bank
under the title
of
Saxon
J.
James
the
of
an¬
ville.
James
The
1
Peoples National Bank of Hunts¬
shareholders
to
*
Assistant
Manager by 1929. He was elected
a
the
new
about Aug. 16.
Bank
an
National
a
Bank will amount to
Minneapolis, Minn, elected James
began
1917
in
Trust
of
of 61.
that
announced
mailed
be
Aug.
on
preliminary approval to
Western National Bank of Denver,
under
Trust
Guaranty
Company of New York, died Aug.
career
The Bank
*
Colorado, at Denver, with the title
'
certificates
•
Vincent
the shares at the time the option
is granted.
of
resources
*
Huntsville, Ala.
less than the fair market value of
-
initial capi¬
an
Saxon
J.
shares of authorized but unissued
its
through
Bank
Comptroller of the Currency
James
the
Stockholders also approved
stock
title
in
the
Clearwater,
with
City
National
$138,900,000
to
with the $23,150,000
from
or¬
Initial capitalization of the new
of
standing
ing
two-
'
changes
number
from
National
First
the
the
-
to
group
Second
the
basis,
thirds share.
division
of the costs and standards
of the Bank
with
shares,
of
National Bank in Florida,
a
nounced
Also made
.
talization of $500,000.
changed from $33%
was
Company Sells Stock
an¬
i
single
a
value
31
preliminary approval of
Clearwater, with
stock dividend.
par
20%
a
Thursday, August 8, 1963
.
'Tokio Marine & Fire Insurance
$400,000.
July
on
application
at
stock
common
Saxon
nounced
.
♦
Comptroller of the Currency
James
ganize
the
*
*
.
C.
Keegan,
John
F.
Volume
198
Number 6288
.
.
The Commercial and Financial Chronicle
.
than
BANK AND INSURANCE
STOCKS
This
Week
ment income
The Home Insurance Co. is
one
Puerto Rico,
resulted
in
Organization, until 1948, operated
merged into the parent
In that
was
nomics
one
over
in
first
the
and ranks with Hatford
of fire insurance in the
Fire
Insurance Co.
and
The
rates,
those lines
other
In recent years Home has
business.
several
field
The
the
has
and
*
the
competitive
rates
have
clearly
are
evident
the
in
The improvement has
come
about both
through reduction in the loss ratio, reflecting the quality of the
underwriting, and reduction of the expense ratio, reflecting ef¬
ficiency of operations. The latter has improved in each of the past
five years.
Despite the underwriting
mium volume, which
refinement,
growth in
gains.
year
mium volume
'
f
was
years
jumped $50 million
SELECTED
■
pe¬
growth of certain
for
the
Pre¬
company.
18.6%, considerably higher
Written
Surplus
$230.6
608.4
243.5
1960_
625.3
1961
697.5
1962
713.0
Insurance
Profit
Ratio
Margin
Ratio
60.3%
41.7%
294.0
57.5
40.2
United
ints
Lifetime
for
286.5
61.5
38.4
+ 0.1
270.3
339.6
64.8
38.3
—3.1
320.4 V
310.8
61.7
37.2
SHARE
Net
of
Investment
tional,
.
1959_
...
Dividends
subordinated
Aug. 15, 1988
$100
for
each
stock
the
4.27
1.86
3.73
2.00
2.20
3.56
Value
High
Low
-
$32
83.94
51-
15
of
shares
held of record
58-
The
offer
3.85
1961
3.98
1.80
98.77
68
1962
4.33
5.51
2.25
96.48
-
Aug.
will
expire
is
on
by
is
being
managed
group
a
under¬
by
Ripley & Co., Inc., New
York.
The
debentures
debentures
15,
1973,
63-
43
National and Grindlays
Bank Limited
and
INSURANCE
conversion
a
common
:
will
sinking
rate
Telex Nos.
STOCKS
have
Laird, Bissell & Meeds
Members New York Stock Exchange
Members American Stock Exchange
7-3500
571-1170
to
fund
the
benefit
the
amounting
a
For
the corporation
electron
beam
'engines
jet
air¬
submarines.
and
' ;
use.
at
100%
They
of
to
a
ma¬
and
elec¬
,
ADEN
-
KENYA
at
time
any
104%%
loan
one
the Government in
•
UGANDA
•
ZANZIBAR
will
plus
also
.
INDIA
•
PAKISTAN
ADEN
•
•
CEYLON
SOMALIA
•
•
BURMA
EAST AFRICA
AND THE RHODESIAS
of
the
In
founder of the Fund)
put
aftermath of the May-
In
V
be
re¬
redeem¬
are
to
ranging
plus
100%,
ac¬
Tulane
Annual
Insti¬
Tax
tute will be held in New
Orleans
1963, at the Uni¬
Sept. 18-20,
on
versity Center here at Tulane.
Judge John
United
peals
for
preside
Minor
of
Ap¬
the Institute.
During
will
be
used
the
speakers
at
in
helicopters. The
manufactures
a
respectively with $235,226,224
$6.01
in
rocket
engine fuel
dining
the
during
rooms
meet
with
buffet-
Registrants
luncheon.
the
speaker
may
environmental,
and
naviga¬
to
reflect the consolidation described
in
Quar¬
Investors'
Incorporated
terly Report dated March 30, 1963:
achieve
in
those
most
greater concentration
believe
were
made in
promising."
Further increases
the
we
companies
financial
the
holdings
well
as
chemical,
aluminum,
as
con¬
each
day
from
1:30
to
2:15
p.m.
as
registration
well
fee is
fee
of
$75.00
all sessions of the Institute
all luncheons
as
freshments.
and
re¬
One day registration
$30.00.
eliminated
S.
U.
Mo.
Plans,
—
Inc.
offices
at
New York Air Brake
Republic
Co.,
Steel
and
Corp.
Steel Corp.
Incorporated
with
Oil
Johns-Man-
Corp.,
Investors,
Incorporated
Income
along
Fund,
by The Parker Corpo¬
Founded
in
1925,
The
Corporation presently su¬
pervises
over
more
$420,000,000
than
100,000 investors.
,
Selected
has
916
been
Balti¬
Smith, Barney Co.
Avenue to engage in a secu¬
business.
D.
Arthur
Ruth
are
Ed¬
Appoints R. B. Markus
President;
Stoenner,
Treasurer,
SAN
Parsons,
Secretary.
ard B. Markus has been
All
sales
Prescott, Wright, Sni¬
cisco
Pauly is
with
Co.
Officers
McDonald,
W.
Elmer W.
were
CITY,
with
formed
'
Chemical
&
Continental
were
Gulf Oil
Co.,
is managed
Selected Financial
and
were
were
Corp., Campbell Soup Co., Plough,
Parker
der
Potash
American
ville Corp.,
The
covers
decreased
Wachovia Bank & Trust Co.; those
Two Workshop Sessions will be
held
securities
new
Securities
their Inc., Stewarts & Lloyds, Ltd. and
of
choice.
ward
engines;
continued
added.
rities
controls
the
during
changes
months
quiz sessions in separate
propel¬
equipment, including
the equivalent of
was
gain of 21%.
a
three
last
net
the
1963,
February,
product and utility indus¬
company
range
After
June 30, 1962.
on
No
more
wide
per
com¬
tries.
United
the
value
figures
informal
for
largest designers and
of $266,833,-
asset
net
a
ending June 30
assets
adjusting for the 23^ capital gain
for
States of aircraft engines,
starters;
and
net
move¬
Investors
sumer
St., East Hartford, Conn., is
hydrogen
726
in
luncheon
Financial
turbine
total
con¬
day's meeting will hold
KANSAS
liquid
closed the quarter
with
the
in
has
each
for
400
located
feeling
community
Incorporated
ration.
company,
of aerospace
ment,
will
all major sessions of
serious
in
siderably brightened.
Reflecting this general
"to
of
Circuit
Fifth
the
Wisdom
Court
States
over
be
to
Now,
Portfolio
repayment and other corpo¬
the
drop.
investment
$7.28 or
ORLEANS, La.—The Thir¬
purposes.
of
ket
asset value
September
NEW
this time, the econ¬
trouble following the severe mar¬
paid
accrued
prices
at
proceeds
lers and
also
Branches in
■
Y.
to
followed.
that
share of $7.05. These
Tulane Tax Inst.
$2
able at the option of the company
Main
22368-9
years
Report, Chairman William
seemed
pare
style
For the sinking
debentures
manufacturers
Bankers
Teletype 212
equivalent
million annually.
The
Telegraphic Address
recovery,
the
and
perspective events of the past
and
rate
stock for
Commencing in 1974 the deben¬
Net
Head Office
MINERVA LONDON
Telephone: BArclay
previously
a
rate
Bell
prior to
or
bentures,
16 BISHOPSGATE, LONDON, E.CJ
Specialists in Bank Stocks
and
missies,
crued interest.
"
5, N.
ships
industrial
the
conversion price of $50 a share.
from
Primary Markets In
NEW YORK
vehicles,
space
equipment
tronic accessories for marine and
issued
principal amount of de¬
interest.
BROADWAY,
on
unless
at
deemable
120
be
convertible
are
stock
common
fund
BANK
will
fully registered form only.
tures
54
II
and President Charles Devens
control
and
electronic
and
teenth
offering
Harriman
44
"
1960
by
com¬
on
Aug. 20, 1963.
42
85.64
$44
economic
War
current
debentures
thd basis of
on
1963. The subscription price
100%.
Aug.
Price Ran&e
$80.15
1920s, the early depres¬
30s,
growth
capital
published
uidanee
manufactures
principal amount of deben¬
The
+ 1.1
Liquidating-
Paid
$1.82
is
non-aerospace use
stockholders
of two shares of
ipl.80
Gains
g
craft,
Corp. is offering
common
into
DATA
Earnings
to
equipment; ground support equip¬
for
each $100
Adjusted
income
criteria for
view
a
re¬
I
chines
Aircraft
41/2%
due
in
Total
—
stocks, the
r
,
right to slubscribe for $42,884,700
+ 2.3
263.3
of
history including the
now
booming
GAINS"
outlines
and
ment;
—2.0%
t
Since that time,
1926.
A. Parker (a
Stocks
United Aircraft
redeemed,
.
LIFETIME
omy
written
Expense
of
Last year at
The
Loss
$275.3
PER
1958
FOR
companies;
—(Millions)-
1959
June
these reports have noted much
❖
June, 1962 market break.
STATISTICS
Policyhldrs'
$575.0
The Fund's first report was sent
in
■
,
ago.
one
or
Premiums
Assets
1958_
30, 1963.
its
on
was
Underwriting Results—!
Admitted
for the three months ending June
year—the
5,
excellent
an
price
in
mon
nearly 50% higher than that three
past
present
at $2 per copy.
tures
riod, has accelerated considerably. Premium volume in 1962
The
the
Cobleigh and Gordon, Inc., 220 East 42nd St., New York 17, N. Y.,
pre¬
virtually negligible in the 1952-58
was
At
Charles Devens
Parker
A.
selling at
from its estimated liqui¬
prudent current selection of life stocks with
To Stockholders
program
years.
is currently
alternating business recession and
Rights Offering
previous five
un¬
unique attractiveness of life
underwriting profits in contrast with the losses incurred in four
of the
An
substan¬
a
World
upgraded,
provement in
over
While
believed
are
Ira U. Cobleigh, bearing the aforementioned
im¬
this
business.
possibility with
a
re¬
substantially
was
Home's results
Insurance
STOCKS
underwriting results which have been experienced
past four years. Three of the past four years have seen
of
be
reflecting the improvement in operating results.
book by
Life
streamlined
been
Report
loss of 2.9%
a
of March 31, and provides a yield of 3.3%
as
INSURANCE
new
markable
hard hit by the
as
added, and underwriting procedures have been centralized and
improved through the installation of data processing equipment.
results
volume
Springfield
is still
been
The
the
over-the-counter market.
title, highlights the
undergone major organizational and
force
Quarterly
eco¬
Home
year,
industry experience overall.
of Home
"LIFE
underwriters.
package policies at reduced
new
of
year
A
operational changes including cutbacks in unprofitable lines and
territories"' and reduction in the concentration of risks along the
eastern seaboard, thereby
attaining a better geographical balance
of
to
sion
most
as
150th
what is
All forms of fire and casualty
15.9% premiums in 1962, Home has not been
losses in
its
expected to develop con¬
are
1962. Premium
*
in automobile liability and property damage,
exposure
bid in
recent years,
competition and heavy storm losses. Due to its rela¬
severe
tively low
of
inclusion
stock
common
dating value
suffered heavy underwriting losses from 1954
in line with the industry problems of inadequate
1958
expected
$2.40 annual dividend. The dividend has been increased twice in
cover¬
company
through
the
of
the consolidation of operations. In
the stock is selling at a discount of 25%
underwritten.
are
quarter
of total writings, casualty lines—31.3%
multiple line policies—16.0%.
insurance
oldest
nation's mutual funds, has just is¬
William
The
$75V4
country. In 1962, fire and extended
lines accounted for 52.7%
is
it
underwriting loss of 4.1% compared with
derwriting profit for the
represented 32.6% of total premium income. Overall property
age
Incorporated
—
tial increase in net investment income expected.
the largest writers
as
third
sued
Springfield,
effected through
to have been better than the
fire insurance underwriter
a
Mass.
Investors,
(
than those of the previous year,
worse
the past five years.
as
be
an
the life insurance field by either purchase of an existing company
new
for
unprofitable
higher through the
vantages of "all-line" insurance underwriting at an early stage.
Virtually all major fire and casualty underwriters have entered
a
BOSTON,
the longer
over
major portion of the
During the first three months of the current
mitting Home to enter the life insurance: field and gain the ad¬
primarily regarded
to
corded
economy
There are now two subsidiaries—Home Indemnity Co.
Peoples Home Life Insurance Co., Frankfort, Indiana. The
latter organization was purchased for cash in 1958, thereby per¬
is
value,
a
siderable additional volume for Home.
purposes.
Home
book
in
has provided
addition, former Springfield agents
and
formation of
decline
small
a
Quarterly Report a
program.
were
dustry trend at the time of consolidation of affiliates for
or
Fund Issues 150th
1962, Home purchased a large part of the insurance
Springfield Insurance Co. for $18 million. While this
of
in line with the insurance in¬
company
re¬
stock values experienced in
profitable for Home due to its lower expense ratio and the
of af¬
subsidiaries
ten
year,
as a group
in
business
Territory. Total premium, volume in 1962 was $320.4 million,
carriers,
in
investment policy
business
1853,
Canada, West Indies and American Foreign Insurance
filiated insurance
the
Late
of the nation's oldest and largest
is licensed in all states, the District of Columbia,
The Home
stock policy in its investment
common
expansion of policyholders surplus.
casualty insurance organizations. Incorporated
was
loss of the previous year. Net invest¬
While the market decline in common
THE HOME INSURANCE COMPANY—
and
underwriting profit
an
27
to $4.33 per
rose
fairly aggressive
1962
fire
and
increase,
share from $3.98 in 1961, continuing
the long term upward trend. Home has traditionally followed a
term
the company
industry
corded in contrast with the
Insurance Stocks
—
the
(551)
a
director.
Co
FRANCISCO, Calif.
manager
office
of
of the
Smith,
1?n Mnntvomerv
—
Rich¬
appointed
San Fran¬
Barney &
Street.
28
The Commercial and Financial Chronicle
(552)
r
rt-f
As We See It
1
page
exists
or
If
Russia
with
the United States
•
find
can
.
Rail Merger Moratorium?
a
however, a num¬ such as those now being sug¬ way safely to reduce armaber of basic elements which gested — and they actually m e n t expenditures substan¬ Continued from page 3
worked out — the saving to
appear
obvious to us but
tially in the years just ahead, eat. Either everyone will wind up
which apparently are not so the people of the United both countries and the
people slightly undernourished or some
There
are,
clear to
great many if one
a
judge by what one sees
may
in the press
Of
from day to day.
of these
some
there
is,
it
so
need to
we
all,
of
First
reminded.
be
seems
to
us,
the
to
would be almost
matter
beyond cal¬
Even if all this
culation.
and
said
consideration and
ex¬
that in
world,
way
any
be
immeasur¬
between
shipper
And China, Too
enlightenment
which appears to
for
of. the
all
we
of
must
really big question in necessity at one. time or an¬
all this, of course, is whether other penetrate the Commu¬
the Kremlin has now reached nist-headquarters: in Peiping.
tha^such
change of heart
a
advantage
Russians
to
"enigma
an
real
producers
programs
Resulting di¬
these
to
passenger
public rights-ofwith
us
which
and
has
railroad
a
perhaps
the
mqst under-utilized plant of any
do
MergeMj ,tf\en,v.are ai-natural re¬
v:
action
lem
to
basic
a
attempt
an
—
and
by
business
streamline plant fa¬
to
managers
cilities
economic prob¬
cut costs
needs imposed by
to
this
the
meet
high¬
new,
ly competitive transport
actually occurred behind wrapped in a mystery"—cer¬ as is quite familiar tb us.
burning tainly we make no claim to Maybe it will presently dawn
desire to Leninize all man- the possession of any key to upon them what would hap¬
Pro¬
era.
has
pelled
the iron curtain. This
needs and pulled by the prospects
hind has always
stantial part
been in sub¬
the old Russian
some
thus
processes—there pen to theip. if they under¬
signs that may pos¬ took to get revenge upon their
for
already be occurring,
may
that
have
they
out¬ nately,
not
stripped the United States*in
that the Russian desire to be¬ the development or produc¬
come over-lord of as large a
tion of lethal armament, and
part of the globe as possible that they are not very likely
will disappear or weaken ex¬ to be able to do so. They do
cept as" practical considera¬ have enough, however, in all
there is
no
to believe
reason
tions and
ger may
recognition of dan¬ probability to lead them tb
curb it. We must not the conclusion that there is
suppose
that such
ment
that reached in Mos¬
as
its
cow,
home,
have
an
approval
its
or
agree¬
here
at
ing to
the
If
this
banning of
testing would in any
material
status
tary might
able
to
threat
reduce
way
vis-a-vis
or
render
the
meet
of
Russian
the
fact
have
does
been
strated—at
aggres¬
of the world,
not
least
to
appear
plainly
demon¬
not
to
our
of the rest of the
throat
with
bombs.
bayonets
about
trial
little
of
has
Russian
than
in
all the
Kremlin, that
and
ago,
the
to
tqsk thus imposed
a
upon
and Russian
a
much harder
than he had
supposed and
much
one.-
If
more
time
current
consuming
reports
per¬
and the satellite countries
even
in substantial
immediate
testing nuclear devices
the
economic
could
military prepared^ dreaming
be
put
into
production of goods and
the
serv¬
ices which
provide the good
things of life. If, in addition,
this pact were to
prove to be
:
a
beginning
of;
a
series
of
Stock
the
are
part to be
problems
sphere
about
divine event of
any *
r
in
than
far-off
burying
italism. There does not
cap¬
seem
be
much
press
reason
one
to
responsible for whatever
by
unions
tors,
have
their
wish
to
is
any
is
not
on
not,
are
has
Exchange,
a
the
at
time
o n
-
in¬
ceive
but
are
would
the
inequities
policies
major
of
fect,
Keith Funston
from
would
relief
that
scrap
credit which also
partial
relief
dividends.
of
the"
of
solidations
stockholders
the
the
ex¬
It
inconsistent,,
the: dividend
enacted
by
ago
as
4%
credit in ordef to give
:
be
taxation
enacted
Congress
dividend
some rec-.
that: divi¬
fact
dends now are taxed twicer—once
as
corporate
as
income
vert
now
to
dividends
not
is
earnings
of
full
double
above
$100
To
re¬
taxation
per
tax¬
a
take
expediency that
can¬
argument."
—
>■
pending before
now
Atlantic
three
Line
Coast
case
was
old July 22. And the
years
the proposed
Pennsyl¬
has been before the Com¬
15 months.
V In both of these
liberate
is
moves
the "de¬
cases,
with
speed"
which
particularly
the
clear:
do and
we
don't." At
we
for
we
time
one
not
doing
criticized for that
are
For
instance,
the
as
Senate
Committee, in its
re¬
"deteriorating rail¬
the
on
situation"
in
Mr.
the
then
we
into
shattered
for verbiage
000
sounding
just
did
head-on
ran
a
halt
the
op¬
moratorium
or
while
proposals
merger
the
have
to
further
on
studies
in
the
is
much
very
The Norfolk & Western
same.
proposal to merge with the Nickel
Plate and lease the Wabash
awaiting final Commission
tion
following
ern-Northern
Pacific-Burlington-
Portland
Seattle
&
is
proposal
merger
months old; hearings ended
but
year ago,
ac¬
examiner's
an
The Great North¬
report in April.
a
Rail¬
filed 27 months ago and
was
an
28
nearly
examiner's
re¬
port still has not been filed.
ignores
public study further
fact
the
that
public
a
study has just been completed! I
which
are
made
to determine what national
policy
mergers
records
than 15,-
more
refer to President Kennedy's top-
plausible-
railroads
can
;went
and now have
testimony
The call for
question, what possible
objection
with
of
pages
(lease)
Need for Additional Studies
is
Central
record.
Inter-Agency Committee
ranking
there
the
Pennsyl¬
Commission
all
Spokane,
ponents of railroad mergers:
First,
the
York
still underway
are
urged
specific - points raised by
No
deci¬
from
awaited
hearings last Aug. 20 which
forth¬
look one-by-one at
now
nearly
but a final
And
vania-New
more
Kefauver!
us
is
ended
case
ago,
Commission.
1958,
We
mergers.
And
the Seaboard-Atlan¬
on
Coast Line
History of the other two major
sometimes
on
March
10
published 10
specific criteria and recommended
these
be
this
applied
seems
Administration
study
that
additional
everything
be
tests
as
proposals. It
merger
expected,
of
even
to
all
to me
does
could
Congres¬
a
should be? This implies that there
sional
is
wondering why moratorium sup¬
now
ing
national policy pertain¬
no
to
mergers
there is
—
when,
and it is
icy worked out over
at
least
error
40
in
ernment
a
of
years
this
field.
from the
in
fact,
sound pol¬
a
period of
trial-and^:
This
record
outright govi
attempts in the 1920s to
force the railroad structure into
"grand
plant"
of
21
major
a
sys¬
tems, to the final decision in favor
an
be justified by any consistent
economic
feel
criticized
again has varied
and
individuals.
three
as
ICC, the Seaboard Air Line-
is
amount
years
long
as
con¬
railroad
by
Of the four major merg¬
proposals
er
carrying out
on
ef¬
singular
own
approved
years ago.
road
the
from
double
exclusi on vand
ognition, rto
off
can
we
re¬
income.
was
Congress only nine
that
will
may
highly
to
blocking
where
ate "damned if
we
are
into
credit:
the
taxable
be
however,
this
public
in
face
we
railroads
Let
believes
its
imposed
moratorium
positive remedial action.
that.
increase
dividends
cluded
in
compound
now
also
by
area
through
shareowners
to
long for Con¬
decisively
act
have
We
>
right action in effecting economies
additional
proposal
by
management to take
t o"
of
indiyid- .
a
package of
a
programs.
to
road
Exchange
moratorium -
a
proposed rail mergers has in
still
same
"The
fair
a
to Which the ICC subjects
process
sion
port
each
millions
a
ual cases,.yirtual!y; havea
mora;-1
torium
now..
The
painstaking.
regulatory, taxation and
Commerce
in¬
the-4%
denying
Those. who urge.
years
well.
repeal
of
also overlixik thefact that
do,
romise
to
on
that "day in court" often becqmes
enough to merge; then, when we
and
themselves
terms
two
we
is
taxpayer,
they
hearing to interested parties, for
government
treatment
damned if
to
can
if
court
bias under present law, it
in
merger,
are
latter area; we cannot believe that
,
Ways
proposal
else
anyone
in
express
mission for
worked and waited
Means
p
or
day
proposal. In fact, if there
merger
tic
House
c o m
employees.
on
short, communities, competi¬
Hearings
The
considering
publip, other rail¬
least,
no means
In
ICC
re¬
doubt
of the factors
They
that
and
to the effect on
as
the
roads, stockholders, and last but
youngest,
,
mergers
key part of
a
ports that the>.
payer
that this is
in¬
Complete Cure
a
spending
to requests for comment
response
of
to
services to
actions that also involve the wide¬
following statement in
$100 for
and
ness
York
clearer to him
years
ing standards
,
~$50
perhaps even credited, the Kremlin has
that, which would many much more pressing
as. a
New
exclusion
otherwise be expended upon
inatter: of
cure7all.
rather
Funston, President of the
hold that idea, but it must be
lions of dollars,
more
G. Keith
p r e s ent
some
can
prosperous
contend
Congress
dividend
supposed to do, and is faith¬ sistently coming out of Russia
fully kept by the Russians,: a
good many> hundreds of mil¬
Not
so
Dividend Tax
well still
than
services
,
don't
I
the
now
Com¬
imposes exact¬
vania Railroad-New York Central
gress
crease
He may
we
better
more
ap¬
by the Interstate
a
Commission
equal
Comments
come
outmoded.
which
a
in all its
and
one
the pact would do what it is
in
italism must be outdone
laid
If
is
it
in
ployment.
Funston
cap¬
technology is
sup¬
Khru¬
sphere that
who know best about all this
verse.
an
apparently
that
convinced
high time the mili¬
tary leaders and the scientists Russian workers
porting chapter and
day&
indus¬
Mr.
long
the economic
the
with
these
production.
shchev
then it is
bare
~
railroads
best hope
a
public
the
winning
This
bedding and the growing need for
Committee
nontechnical mind. If it does
fact
*
future
a
as
in
proposal.
ly reported effort to end feather-
on
being buried under
avalanche
others
the
or
!
hear
less been
us
continuing
communist
sion in any part
our
mili¬
communism down
ram
We
limited
be
financial
of
dustry offering more secure em¬
danger
to
' * '
immediate."
issued
this basic fact.
nuclear
the
seem
mergers
and build
nothing to be gained by try¬
will world
rejection
much to do with
very
though,
there does not
see
offer
imperialism under a different sibly point to some sort of old enemy to the north of
guise/ And even though as change of heart in the Krem¬ them. It is entirely possible
time passes, the ardency of lin. It would appear at least that, as the President says,
communist
proselyting on the surface that the Rus¬ China holds the greatest po¬
weakens, as many expect and sian rulers are now convinced tentiality of trouble. Fortu¬
as
the push
by
for permanent progress,
their mental
are
for
years.
business in the nation,
scale such
on a
gov¬
freight
has left
system
.
still
are
of
traffic
way
&ive the term; ;cqhsiderable i damage inean"peaceful co-existence" real while; but ^if they hfe'to maketion
to
spread communism meaning in terms of every¬ headway in this hard-boiled
throughout the world or any day life. If so there is real world of ours they, too, must
some
belief by the United States cause for optimism. While the find
way
to become
implies abandonment by the
.Russians of their determina¬
lies
$15 billion.
version
The
Mao and his cohor.ts may
and
ing by all units of government of
in
world
live
proval
road, air and water facilities,
about
which
supply
extravagant
our
entailed
gap
demand
development
generally covering
process,
years,
merce
wide
which this year will entail spend¬
the Kremlin about the
upon
realities
the conclusion that it is to its
transport
ernment
be dawning
this
traveller
-
mainly "in
Some of the
for
cause
ficult
approval
be shoved aside completely.
may
The
ably benefited.
ap¬
possibilities'are at least
worth
parties to it, including the
negotiators and the officials
who are^now presenting it to
thereof would
to be somewhat "iffy"
pears
the
people of
that
for
world
this agreement
nothing that has been ploration.
A Change of Heart
about it by any of the
in
nothing
the
and
States
the
Thursday, August 8, 1963
and
Russia
both
.
What Lies Behind the
to exist in the
seems
Kremlin.
qualified to pass upon them. understandings
there
reasonableness
sweet
Continued from
.
of voluntary
within
the
study,
been
remiss
in
It
makes
tive.
have
hailing this clarification/
have
porters
not
I
and
been >. so
wonder if their objec-,
me
is
perhaps
definition
of
but a rather
not so
policy in
complete
a
much
a
this area
;
halt
or
indifferent.
•
,
...
Rebuts Monopoly
Facts
•:
Fears With
About Today
initiation of mergers
industry
itself,
cou¬
pled with the extraordinarily dif¬
I
to
major mergers, whether good, bad
Another charge we
mergers
will produce
hear is that
a
few rail-
c",:.
s
Volume
Number 6288
198
road
one
Denies
the modern
on
only
railroads
on
service,
port
transportation
Shippers and travellers call
scene.
not
of competi¬
nature
.
mobiles,
but
use
less
goes
than
what
cating
choices
merger
The
does
has
to
revenues
biggest
has
company
annually.
the
biggest
half
than
In
units
short,
line,
airline,
billion
a
their
on
no
to
com¬
petition.
The
tive
most
however,
significant
in
is
private.
A
not
is
in
90%
but
of
all
between Ameri¬
in
private
shipper^
are
their
these private
vehicles,
own
means
by all
as
railroads put together. And I pre¬
dict that even more will go this
way,-further undermining the
tion's
essential
common
services, unless
railroads
lowed to become
cient
and'to
even
reflect
efficiency in the
na¬
carrier
al¬
are
effi¬
more
this
lowest
possible
While
the
on
subject of
other
transport, it is interesting to note
that the
biggest
the
gave
relatively
Chesapeake
and
control
the
&
over
Ohio.
all
not
lies
in
railroading
ailing Baltimore
the
approvals
8,000-mile
System
with
Southern
the
1,700-
the
460-mile
trucking
one
proposing
nents "ask?
The
to
answer
cases
this
is
mergers do not
the
mergers—and
should
be
efficient
created
unions,
rail
if
rejoicing
have'
gain business,
are
losing
of
more
by
given in in¬
bers.
Nou
except
exceptional
road
for
as
of
one
dried-up
earn¬
ings. A major drawback with rail¬
ital to improve plant and equip¬
so
to
as
full,
give the public the
potential
of
possibility
that
economies
resulting
elimination
of
increased
to
on
track
the public
for
through-
in lower prices.
We should also remember that the
money-maker
of
today
all
tomorrow.
least, the
ing
And
in
eroding, debilitat¬
inequities
are
same
competitive
knawing
rich
at
away
and
all
companies,
Then,
we
occasionally
are
treated to the allegation that rail¬
road
mergers
since the carriers
bad off
as
the
Now,
"really
union
have
not
are
This is
claim
is
poverty
I
necessary
they claim."
as
advertised
railroad
not
are
that
"myth."
a
felt
never
that
need to be justified
mergers
the, basis of financial need,
herring
and
Even so,
nancial
basically
as
diversionary
facts
so
I
red
a
tactic.
interested in fi¬
anyone
rather
need not take
on
than
Then
serious
that
charge
of
whose reports
trustees
of
To equate mergers
to
seems
than
of
perhaps—
throw
thou¬
with job losses
me
look
end
the
to
of
one's
jobs
principal
omizing through
farther
no
Un¬
nose.
clearly
the
the
bank¬
ultimate
contract
form
for
areas
one
econ¬
But
mergers.
a
might result in
than
fewer
period
been
jobs. In the
railroad
cut
competitive
traffic
the
rather
postwar
employment
not the
shift
by
the
inability
growth,
try
to
higher
technological
standards.
marked
a
further
transport
rail
evitable.
change
job losses
in
policies,
in¬
appear
The question
is whether
We
also
tention
protection
required
by
not
are
"thrown
mergers
out
fd>r
the
could
at
take
to
service
due
petitive
the
to
position
stronger
com¬
tem,
consoli¬
and
dated railroads. To say that
ship¬
and
would
pers
of
a
be
at
"mercy"
since customers would
tinue
to
have
alternative
tion,
available
of
means
well
as
gaining
all
the
transporta¬
the powerful bar¬
as
lever
con¬
of
operating their
vehicles.
Even
where; little-used rail lines
altogether,
through
the
growing
and
truck
combination
services
piggybacking, the
able
containers
Thus,
as
a
use
and
of
rail
of transfer¬
other
railroading
system
of
through
—
means.
streamlines
mainline
routes
the
confront
in
have
permanent
loss
require
and
costly
Finally,
the
tional
which
or
one
solutions
City
the
of
Bank
of
the
bottom
the
restricted
off
-
road
line
basis in
order
businesses
feeder and
less
to reach
a
New
of the
list
in
gold¬
sure
finances. I
am
Congress has much more im¬
known
facts
and
fall for
this at¬
Oddly, commercial truckers and
Jimmy
Hoffa's
: Teamsters
have
in
is
simply
structure
baloney,
railroad
much
as
plant
double
as
load. It would
unforeseen
cutbacks
spec¬
If we ask ourselves just how
really sweeping the present rail¬
road
merger
way,
we
all
movement
is,
would find that
present
proposals
authorities
railroad
systems
the
approved,
90
over
in
if
even
before
finally
are
there would still be
any¬
the
Expansion, Not
Similar
mergers
even, 12
fears
blows
no
or
we
half-dozen regional
a
The First Boston
Securities
as
Davis
to
communities
Nationalization
serve
terous
of
line,
is
In
however,
suddenly—there
ring
blows.
the
inception of
often
-
all
Gradual
made
case
nothing
pens
are
always
the
are
a
of
hap¬
no
jar¬
adjustments
along the line from
a
proposal to the
consolidation
of
covering several
facilities
years.
In
of
managers
and
Shelby
Co., New York,
an
underwriting
group, have announced the
public
offering of 400,000 American
positary
Shares
of
The
De¬
Tokio
Marine & Fire Insurance
Co.,
which represent
Ltd.,
20,000,000 shares
stock, par 50 Japanese
of common
yen per share. The
positary
$18.25
Shares
share.
per
American De¬
priced
are
*>
.
-
at
•"
j
Since this offering was
initially
filed with the Securities and Ex¬
change Commission in late June,
it
would
not
proposed tax
be
subject
to.-the
foreigri securities
described by the Treasury De¬
partment.
on
as
Tokio Marine
corporated
oldest
in
was
insurance
Japan.
It
is
insurance
originally in¬
1878
and
is
the
company
also
Japan's
writing
company
-
in
largest
ma¬
rine, fire and casualty and allied
lines
of
insurance.
In
the
fiscal
premiums written by the non-life
.
is
the
prepos¬
charge that mergers could
lead
to
nationalization
Well,
all
of
the
the
rection.
tial
to
Failure
to
permit
rigid industry
a
22 %
ot
the
and
pressures
bution
patterns,
to
pos¬
Net
proceeds
shares
policies
will
It
that
to
need
that
And
rail
and
see
I
labor
act
conclusion
the
and
of
eco no m
effect,
not
i
c
the
results,
it
seems
to
me
opponents of mergers would
serve
themselves, not to mention
^national
talents
and
to
of
public
solving
the
its
interest,
petitors,
of
the
the
debt
securities
portion of its
to the stock portion.
the
to
Additionally;
desires at this time
company
increase its
both in Japan
Capital
in view of
and overseas.
i
.
Wyetzner Joins
Meller Company ';
Announcement
New
of
York
Meller
is
Stock
&
Mannhattan
made
Company,
a
freer
and
York
that
Wyetz¬
the
the
of
the
American
communities
herein
lies
across
the
key
future.
An¬
alyst and Edi¬
T
e
their
of
tor
en¬
c
h
n
market
re¬
serv¬
Stock
Market
Mr.
transport
super-transportation
Tech¬
as
nical
structure—these provide the. keys
the
with
ated
maximum
national
associ-
them
gov¬
encouragement to merger and
be¬
has
come
com¬
competitive
Chasb
1
New
Lester
for
by
firm
City,
basic
transport
the
by
Exchange
Plaza
railroads.
of
treatment
all
vironment,
organize
in
investment portfolio as compared
time
spending
over-regulation
of
funds
year
debt securities in order to increase
transport
develop¬
ment, coupled with over-taxation
ice
available
during the current fiscal
ner
Equality
of
the
to
invest the larger per¬
of
railroads—mas¬
government
ernment
sale
company's funds available for in¬
It ii£ the company's in¬
competitive
to
the
added
merger
end-product
It is the
end
be
vestment.
on
Instead of flailing away at
cause.
from
will
recognize, first,
an
technological
change.
in
me
extent
is
com¬
its expanding volume of business
to
some
movement
the
bankruptcy and
yet
to
seems
we
that
lead
grim fact.
that
the
the
are
which
take-over.
trust
and
at¬
about
siich
1
panies' assets.
the
Japan; and
were
of
modernization
practices—these
government
hope
sweeping
desperation
prevent
total
essen¬
merger^, short-sighted efforts
maintain
at year end its assets
evidence
points in exactly the contrary di¬
railroad
as
&
insurance companies of
Finally, 'there
that
Change, and especially
process.
mergers,
final
that
Ltd.
ended March 31, 1963, it ac¬
counted for 17.6% of the direct
Denies It's Step Toward
problems
eco¬
Corp., The Nikko
Co.,
year
and
longer
contraction
painful
raised
are
5
Shares Offered
major
systems.
sive
will result in serious
,
Fire Insurance
nation.
far better by devoting their
quo.
Contraction, Sought
terminals.
a
to public
mergers
which
industry's
Economic
might
comes
bunch of
a
expan¬
tre.
and
railroad
industry lives in
cushion
present position—preserv¬
York
tempt to delay proposed mergers.
the
Na¬
provide
to and from mainlines.
in
look
First
delivery services
and
workers—a
ing the status
portant work to do than to rehash
a
op¬
diffi¬
operate
on
whether
fact,
left
the
in
in
are
available—or
knowledge and information about
services
on
America's businesses. In short, the
operations and
We
really interested in
are
nomic
its
in
other
unprecedented
already
between major cities and produc¬
tion
centers, it will become cru¬
cial that the roads be allowed to
truck
wonder,
terms of profit rates among all of
fish bowl when it
is
benefits.
freezing
annually rank railroads at
near
to
it
and
serv¬
more
should take
reports
business;
scope
any
cushioning the impact of
cause
con¬
detri¬
plicit in the raising of this
No such pro¬
available in
conditions
not-too-distant future."
at
the merger.
ponents
essential
even
near
develop¬
will
now
of
decisive
the
after
tection is
an
for up to four years
worse
inequities,
undesirable
us
depend"
and
taken
undesirable
other
or
progress
we
inefficiencies,
and
ices
the
which
direct
not
that
com¬
munities would have the
prospects
of perhaps better service
into
is
ments,
on
"if
that
action
cult
eliminated
are
the
jeopardizing
security
remaining single line is ludi¬ future,
crous
own
the
of
cre¬
close to the dangers im¬
come
not be
sys¬
is
totally
leaders
transportation
ef¬
more
are
economic
current
handle
this
national
to
down the road to
the
our
mergers
benighted
pro¬
but
i
1963.
Tokio Marine &
Cullom
present traffic
employee's earnings position will
usually to improved
the
being
hear the related
that
hindrance
"pressing problems
services and
about
railroads
the
into
least
burdening
Springs, W. Va., June 22,
changes in production and distri¬
under the extra¬
by Mr. Loomis before the
Conference, Railroad and
Commissioners, White Sulphur
compensation
or
wartime
challenges of
Lakes
m*'
Utility
tention to
ordi¬
street"
are
*An address
it
centage
the
under
occur
meet
commerce.
tive
will
to
so
re¬
we
mental to the nation's defense and
quote the President, who said that
duplicate
do
efforts and
ated by mergers?
to
of
able
a
in¬
stable
more
needs and the
great
ture in the face of vast competi¬
these
minimum, liberal protection
me
dustry,
nary protection of unemployment
Message
Let
but
our
worried
carriers.
the historic special Transportation
April.
motor
likely result of these
so
by
with
and
better job than
a
tracks,
competitive
industry's
to cash in
coupled
everywhere, here is the key to
stronger
forts, why is the trucking indus¬
of work
last
where
areas
do
potential for expansion and
service. If traffic expansion were
has
nearly in half—not
but
mergers
on
more
more secure jobs; and for
Congress and government officials
our
have to
may
stronger industry is going to be a
stronger employer—and it is hot | should have far fewer—as few,
beyond reason to hope that in the in fact, as the 21 envisioned in
the. "grand-plan" of the 1920s or
long run more competitive rail¬
roads
transport; for labor, here; is th6
ex¬
est
tempts
with
We
only to devote
vided by law which states that
elimination
in
can
on
lead to reduced services but rather
the
goal.
vehicles
ing. Workers affected by
up
well, that
as
pansion and not contraction is
experts
come
mergers
Most objective authorities feel
ordinary
who
by
29
key to
peacetime
might add,
the ICC in every merger
proceed¬
hard to
of
I
Kennedy and his
Ask President
so
all,
most
employees out of work.
Barring
financial
the
im¬
on
the
to
will
mergers
sands
1
best be able to blunt such
fiction
replete with evidence of rail¬
Ask
spend
of
com¬
blows.
a
come
we
even
befall
the
strengthened
would
its
government
Ask the I. C. C.,
are
and
Mergers Could Lead to More Jobs
word for it:
our
they
facilities
excess
capital. to
necessary
Financial Distress Is Documented
but
provements.
alike.
poor
dustry
sale, thereby pro¬
sion. This
means of raising addi¬
a
tional
too
railroading, at
of helping
estate for
from
the
duplicate facilities- viding
cleared
a
release
if
mergers,
that
would
present railroad
difficulties continue—while an in¬
the
have
potential
also
unique
our
Mergers
real
the
blows
rail¬ sources
to
those
volume
rail
simply routes where we have the
great¬
be
can
railroad
probable
the
situations,
problem
stated
half-dozen
a
of
also
trains
virtue not only
offer the greatest
absence
is
munities
who
railroads
an
profit
worked
that in most
to
that will be
raise
nevertheless.
railroads,
dustries
oppo¬
business
railroads
added
strong
Administration
communities,
fear
a
of
For these cases
But won't mergers result in re¬
duced or poorer services to in¬
and
of
out
so
strange
Truckers
equally high stakes in the merger
rupt New Haven railroad.
mergers.
doing
indeed!
narrow,
are
capabilities.
halt to
a
bedfellows
,
might add that the public has
road
no
serve
selfish interests. Here
ment
Ironton.
l
Detroit, Toledo and
scope
I hear
to
Georgia and the roading today is our inability to
amass
enough investment cap¬
Central of
distress, especially
constantly growing in size and
through consolidations. Yet among Eastern carriers.
are
and
300-mile Ann Arbor Railroad with
but
trucking companies which
harder
Railroad
Ohio
Other recent
involve
mile
prosperous
flurry of
merger
changes
As an example, the most recent
overriding fear of loss
major ICC consolidation approval; of jobs—or of dues-paying mem¬
higher view this effort
prices to the public.
among
railroads.
strongest
it
stead to
own
with nearly as much now moving
by
and
auto¬
hauling their
more
products
transport,
commercial
Likewise,
and
competi¬
of
towering
cities
mobiles.
all
travel
passenger
more
generally drawn among the
often becomes the money-loser of
element
can
or
movements will be passed directly
in
feet
always
not
are
not
since
are
these
own
if
or
but' big businesses fully able
stand
misleading
dollars
talking about
are
we
barge
and
implications
plans
biggest
rail¬
truckers
right. The
own
biggest
the
million;
small
twice
of the
approaching $90 million
annually;
more
business
individual
trucking
revenues
$20
indus¬
trucks,
than
more
giants in their
are
it
is
its
Railway
freight
equivalent
and
when
private
the
roads,
of
range
trucking
a
freight
of
transport.
intercity
alone
transporta¬
one-tenth
public
including
try,
esti¬
spend about
wide
using
is
railroads, indi¬
to
a
the
to
comes
This
in
even
a year on
total
this
cold?
false
and
It
carriers
profitable
auto¬
transmission
is,
leave the weaker lines out in the
and
power
tion—yet,
big,
—
mated that Americans
$100 billion
the
systems
pipelines
question
why do most merger plans involve
coastal
on
alternatives.
as
trans¬
barges,
conveyor
long-distance
lines
also
trucks,
airlines,
ships,
even
for
loaded
Another
the
use! Congress to block progressive
Rails
Weak
(553)
joined rail unions in this effort to
Exclude
Mergers
The
conveniently ignores the
all-pervasive
tion
The Commercial and Financial Chronicle
.
giants and lead to monopoly.
This
.
.
ner
Lester Wyetzner
country,
Co.
to
sounder
Market
and
was
c
al
letter.
Wyetz¬
was
form¬
erly associated
with
For
the
i
manager
Bache &
of
Analysis Department.
their
■ ^
30
The Commercial and Financial Chronicle
(554)
,
,
Exchange is believed by
counsel
bfe tax-free for Federal income
—
Registration statements filed with
j
icle"
.
of this
carried separately at the end
now
are
"Chron-
last issue of the
the SEC since the
"Securities Now in Registra-
section
j1 tion." Dates shown in parenthesis alongside
and in the index,
j
the company's
j
fleet the expectations of the underwriter but
are
name,
re-
not, in general, firm* offering dates,
Registrations"
are
effective
week
licly.
this
those issues which became
and
were
offered
pub¬
Underwriter—None.
:I'-V'"/'A \
Allegheny Ventura Corp.
July 12, 1(963 filed 37,231 outstanding common (shares to
be offered for subscription by stockholders of Allegheny
Corp., parent, on the basis of one Ventura share for
each
25 Allegheny shares held.
Price—By amendment
(max. $10). Business—Car rental. Proceeds—Allegheny
will receive the proceeds and loan them to Ventura.
Address—Washington
National
Airport, Washington,
Underwriter—None.
Amerel
Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.
J
be
not
ties
Insurance Co.
filed 31,070 common to be offered for
subscription by stockholders on the basis of one share
1963
for each five shares held.
insurance
gage
Price—$18.
company.
Office—300 St. Salisbury
—None.
Atlantis
Proceeds
Business—Amort—
For
investments.
St., Raleigh, N. C. Underwriter
International Corp.
April 30, 1963 filed 100,000
(8/26-30)
Price—$4. Business
Proceeds—For
debt repayment, property
"/improvement,- and working
capital. Office—700 Park Ave., Plainfield, N. J. Under¬
writer—S. Schramm & Co.,
Inc., New York.
—A
real
company
(max.
estate
common.
consummated
June
de¬
holding
insurance subsidiaries. Proceeds—For
investment,
and
advances
Insurance
Co.
of
to
sub¬
sidiaries. Office—112 California Ave.,
Reno, Nev. Under¬
writer—None.
Bay State Exchange Fund, Inc.
May 29, 1963 filed 10,000 $1 par capital shares to be
offered in exchange for certain acceptable securities on
the basis of one share for each
$25 of deposited securi-
—
Bradford Speed
July 22,
1963
stockholders
filed
of
819,024
-
:
to
common
General
BOUGHT
be
offered
-
SOLD
-
QUOTED
sd. SIEGEIj
ESTABLISHED
v
^o., jCwi
1942
Commercial Credit Co.
(8/14)
—
whose
subsidiaries
are
engaged in specialized forms of
financing and insurance. Proceeds—For working capital.
Office—300 St. Paul
Place, Baltimore. Underwriters—
Kidder, Peabody & Co., Inc., and First Boston
Corp.,
New York.
„:/■ -\; •
Commercial Life Insurance Co. of Missouri
Nov. 26, 1962 ("Reg. A")
46,000 common to be offered
for subscription
by stockholders on the basis of one share
for each 3.36
and will
common shares held.
Price—At-the-market.
Business—Sale of health,
accident, life and hospital in¬
surance.
Proceeds—For working capital.
Office—3570
of
Lindell
shares
&
ging Corp., which conducts logging operations in Liberia
acquire from Atlas, Kliklok Automated Pack¬
aging Division, engaged in the manufacture and leasing
packaging machinery. Bradford also owns 69,509
(9.59%) of Foster Wheeler Corp. Proceeds—For
selling stockholder, Atlas General/ Office—62 William
St., New York. Underwriter
Burnham & Co., New
Common Market Fund, Inc.
1963 filed 2,000,000 capital shares. Price—Net
asset value plus 8.5%. Business—A new
mutual fund
March 7,
York.
Brantly Helicopter Corp.
July 23, 1963 filed 588,780 common to be offered for
subscription by stockholders on the basis of three new
shares for
each
Production
For
of
share
held.
Price—50
cents.
specializing in securities of foreign and American com¬
panies operating in the European Common Market.
Proceeds—For investment. Office—9465
Co.
a
Community Health Associations, Inc.
capital and other corporate purposes.
Office-y-1129 Club
House Road,
Gladwyne, Pa. Underwriter—None.
Bridges
July 25,
Investment
Fund,
April
•
Inc.
(William J.)
International
Agency, Inc. (8/14)
July 17, 1963 filed 150,000 class A
amendment (max. $28). Business
—
Price—By.
—
Company furnishes
—
Office—235 E. 42nd St., New York.
club
formed
common.
to
Price—$5.
and
own
Defenders
operate
—
and
country
golf course, swimming pool and cabana
club,
Cape Canaveral, Fla., and develop real
estate,
erect homes, apartment
houses, motels, etc. Proceeds—
For debt
repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., New York. Offering—Indefinite.
Deuterium Corp.
Sept. 28, 1962 filed 120,000 common with attached war¬
rants to purchase an additional
120,000 shares to be of¬
fered for subscription
by holders of its stock and deben¬
tures in units
(of one share and one warrant) on the
basis of 3 units for each 5%
prior preferred share held,
one unit for each
5% preferred A stock held and 40
units for each $1,200 face amount of
non-interest bear¬
ing subordinated debentures held. At the same
time, the
company will offer the securities to the
public. Price-
debentures due 1969
Business—Company
plans
Proceeds—For
to
and
general
Chemair Corp. (9/9-13)
Dec. 28, 1962 filed
$150,000 of 6% subordinated income
debentures due 1973 and
30,000 common
of
j
Hospitality Services, Inc.
corporate purposes. Office—1068 S. Ocean
Blvd., Pom¬
pano Beach, Fla.
Underwriter—None.
sale
1963 filed 100,000 common.
Price—$12.50. Busi¬
ness
Company plans to write automobile insurance.
Proceeds—For general corporate
purposes. Office—146
Old Country Rd.,
Mineola, N. Y. Underwriter—None.
Business
a
to
consisting of one $10 debenture and
Price—$12 per unit. Business—Production
chemicals
and
air
designed
to
be
two
and
control
odors, bacterial
development, produc¬
pollutants;
and
tion and sale of an electronic
vaporizing unit for
pensing such chemicals. Proceeds—For debt
named
company
Chemair Electronics
Insurance Co.
Jan. 30,
near
growth
offered
Continental Reserve Corp.
May 13, 1963 filed 45,000 class B common. Price
$40.
Business
Company plans to acquire, organize, and
manage life,
accident and health insurance concerns.
Proceeds
For investment in subsidiaries.
Office—114
East 40th St., New York.
Underwriter—None.
Underwriter—Smith, Barney & Co., Inc., New York.
Canaveral Hills
Enterprises, Inc.
1
was
1963
None.
protective services to industrial and commercial
clients,
princpally by means of uniformed guards. Proceeds—For
—Company
be
hospital
surgical insurance 'contracts. Proceeds—For invest¬
ment, sales promotion, and other corporate purposes.
Office—4000 Aurora Ave.,
Seattle, Wash. Underwriter—
Detective
common.
—
May 10, 1962 filed 100,000
to
and
1963
value
Burns
12,
filed4 150,000 common,- of which 100,000
by company and 50,000 by Harry E.
Wilson, President. Price—$15. Business—Sale of
are
filed 200,000 capital shares. Price—Net
(max. $10). Business—A new mutual fund.
Proceeds—For investment. Office—8401 W.
Dodge Rd.,
Omaha. Underwriter—None.
asset
Wilshire Blvd.,
Hills, Calif. Underwriter—Kennedy, Cabot &
(same address). Offering—Indefinite.
Beverly
Business—
light two-place helicopter. Proceeds—
repayment, product
development, working
debt
Blvd., St. Louis. Underwriter—Edward D. Jones
Co., St. Louis. Offering—Indefinite.
dis¬
formerly
Corp.
Chestnut Hill
Industries, Inc.
29, 1961 filed 300,000 class A
common, of which
225,000 are to be offered by the company and
75,000 by
Nov.
To
subscribers, $20; to public,
pany plans to
•
erect
a
mental plant for the
and deuterium
$22.25.
Business—Com¬
small size production
limited
manufacture
Diversified
Collateral Corp. /
13, 1962 filed 77,050 common. Price—By amend¬
ment (max. $11.75). Business—A
real estate investment
June
Proceeds—For investment.
Second Ave., Miami, Fla.
company.
Office—8397 N. E.
Underwriter—None.
Doman
Helicopters, Inc.
April
19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held.
$1.25).
tion
Price—By amendment (max.
Business—Research, development
and
of
39
Broadway, New York 6, N. Y.
Dlgby 4-2370
TWX: 212-571-0320
Direct Wires
to
R.J.HENDERSON & CO., INC., Los
Angeles
WOODCOCK, MOYER, FRICKE & FRENCH, INC., Philadelphia
,
stockholders.
debt,
of
ordinates, and dresses.
Proceeds—For debt repayment,
equipment and working capital. Office—2025
McKinley
St., Hollywood, Fla.
Underwriter—Clayton Securities
Corp., Boston. Mass. Offering—Indefinite.
.
Citadel
March 26,
for
Life
Insurance Co.
of
New
York
1963 filed 40,000 capital shares to be offered
by stockholders on the basis of two
subscription
experi-
deuterium
oxide, and to establish and equip a gen¬
eral research
laboratory. Proceeds—For working capital,
construction, equipment and other corporate purposes.
Office—260 Lexington Ave., N. Y.
Underwriter—None.
experimental helicopters. Proceeds
certification of models, train service
Price—$5. Business—Design and manu¬
\yomen's, misses' ahd junior sportswear, co¬
and
of
facture
Members of New York Security Dealers Association
Busi¬
exploration and
Office—Creede, Colo. Underwriter
expenses.
July 26, 1963 filed $50,000,000 of notes due Aug. 1, 1985.
Price—By amendment. Business
A holding company
the basis of one Bradford share for each two Atlas
shares held. Price—About
$9.44 per share. Business—
Company holds a 40% stock interest in Maryland Log¬
was
u'
operating
to
equipment, sales promotion and working capital. Office
—221 N. La Salle
St., Chicago. Underwriter—Price In¬
vesting Co., New York. Note—This
Banks, Brokers, Institutions
City,
—
Colorado Imperial
Mining Co.
1962 filed 200,000 common.
Price—$1.
ness—General mining.
Proceeds—For
Industries, Inc., parent,
repayment,
for
Yazoo
—
,
.
Atlas
shares
WAV
Address
Sept. 20,
on
common.
alt
offered
50,000 common. Price — $5.
General book publishing.
Proceeds — For
working capital and purchase of equipment. Office—60
East 42nd St., New York/
Underwriter—Hannibal Secu¬
rities, Inc., New York. Offering—In late August.
Packaging & Development Corp.
offered in units
specializing in
be
Coleridge Press Inc.
19, 1963 ("Reg. A")
—
equipment.
....
to
—None.
($1,000).
over-the-counter securities
■//{/ (
common;
•
offer management and
consultant services to motels
furnish them with
^<$>
Price—By amendment
life, accident, health
of
June
Business
Bobbie Brooks, Inc. (8/14)
July 18, 1963 filed 201,150 capital shares. Price — By
amendment/(max. $28).
Business — Manufacture of
fashion apparel,
primarily for girls and women. Pro¬
ceeds
For selling stockholders. Office
3830 Kelley
Ave., Cleveland. Underwriter—Bache & Co., New York.
Castle
^
common
and (other corporate
purposes.
Miss. Underwriter—None.
health insurance. Proceeds—For general corporate
pur¬
poses. Office—122 East 42nd St., New York. Underwriter
—None.
Dec. 14, 1962 filed
$500,000 of 8%
Price—At par
m
held.
also 40,000
by Mississippi Chemical
Corp., parent. Price—For class A, $35; for class D, $30.
Business—Manufacture of a variety of high analysis
fertilizers, anhydrous ammonia, and other fertilizer ma¬
terials and components. Proceeds—For
working capital
Y.
N.
three
26, 1963 filed 40,000 class A
class D
28, 1963 filed 200,000 common. Price—By amend¬
(max. $4). Business—Writing of life, accident and
selling stockholders.
Atlas Management Co.
March 28, 1963 filed $1,500,000 of 6% conv.
subord.
bentures due 1978. Price—At par. Business—A
company for two
loan
repayment,
Life
each
Business—Writing
Coastal Chemical
Corp.
unless
>
Bede Aircraft, Inc.
July 16, 1963 filed 600,000 common. Price—By amend¬
(max. $3). Business—Company is engaged in the
design and development of several airplanes, including
a
light sports plane. Proceeds — For debt repayment,
product development, working capital and other cor¬
porate purposes. Office — 350 South Fountain Ave.,
Standard
for
$26).
disability insurance, and annuities. Proceeds—For
expansion. Office—444 Madison Ave., N. Y. Underwriter
Brown & Sons, Baltimore.
Offering—Indefinite.
shares. Offering—Indefinite.
development company.
Atlas Finance Co., Inc. (9/16-20)
July 29, 1963 filed 37,500 shares of 6% cumulative con¬
vertible preferred. Price—By amendment
(max. $20).
Business—Consumer and dealer financing. Proceeds—
For working capital and debt'
repayment. Office—262
Spring St., N. W., Atlanta, Ga. Underwriters—Marshall
Co., Milwaukee, and McCormick & Co., Chicago.
ISSUE
—Alex.
$25,000,000 of securi¬
deposited and accepted. This means that the
expects to issue a minimum of 1,000,000 capital
ment
REVISED
and
are
Fund
PREVIOUS
ITEMS
•
shares
new
Business—
seeking long-term
—
American Mortgage
10,
to
tax purposes.
of capital and income. Proceeds — For invest¬
Congress St., Boston. Underwriter—
Kidder, Peabody & Co., New York. Note—The exchange
will
ADDITIONS
SINCE
*
Springfield, Ohio. Underwriter,—Consolidated Securities
Corp., Pompano Beach, Fla. Offering—In early Sept.
'
Airway Hotels, Inc.
April 1, 1963 filed 200,000 common. Price—$5. Business
—Company owns and operates a chain of motor hotels,
apartment buildings and a shopping center. Proceeds—
For
loan repayment,
expansion and other corporate
purposes. Office — 901 Fuhrmann Blvd., Buffalo, N. Y.
Jan.
.;
Office—35
Beneficial
C.
•
growth
June
D.
investment
1
the Fund
for
ment
Also shown under the caption "Effective
j
:
A. closed-end
ment.
Thursday, August 8; 1963
.
'
""nBWWMRM* Hut.' **
NOTE
.
* INDICATES
Securities Now in Registration
ties.
.
etc.^ Address—Municipal
Underwriter—None.
order
Note—The
—
construc¬
To
obtain
personnel, repay
Airport, Danbury, Conn.
SEC
has
issued
a
stop
suspending this registration statement.
Dorchester Gas
Producing Co. (8/27)
July 25, 1963 filed $3,500,000 of subordinated convertible
debentures due Aug. 1, 1975. Price
By amendment.
Business—Production of natural gas and its various
by¬
products. Proceeds—For debt repayment and
working
—
Number 6288
198
Volume
.
.
The Commercial and Financial Chronicle
.
York. Underwriter—L. D. Brown &
capital. Office—1501 Taylor St., Amarillo, Tex. Under¬
writers—A. C. Allyn & Co., Chicago; Allen & Co., New
York; Metropolitan Dallas Corp., Dallas.
•
115,056 common. Price—$2.50.
'Clinizyne"
absorb odors and moisture);
a
—
Nevada Securities Corp., Reno, Nev.
Denver. Underwriter—None.
Fedco
Alpha Investment
j
ers
Corp.
and
(max.
reduction
Pratt Ave.,
$15).
Business—Design
Office—3600 W
Underwriter—None Finance
Services
(8/19-23)
shares by stock¬
$10). Business—
Design and manufacture of optical systems for the De¬
fense' Department and for private industry. Proceeds—
For debt repayment and working capital. Office—300 N.
Halstead St., Pasadena, Calif. Underwriters — White,
Weld & Co., Inc., and Kidder, Peabody & Co., Inc., N. Y.
erties.
Proceeds—For general
—62 Richmond
St., Toronto.
corporate purposes. Office
Underwriter—G. V. Kirby
k Associates, Ltd., Toronto.
First American
Aug.
Electronic Dispenser Corp.
1962
15,
Israel
filed
Mutual
2,750,000
Fund
shares
August 26
(Thursday)
Common
Market
French
$3,900,000
$240,000
York
(New
(E.
Securities
Common
Co.)
Hutton
F.
Squire For Men, Inc.-
(S.
Debentures
_
(Samuel B. Franklin & Co.)
$135,000
&
Inc.,
Co.,
Baker,
shares
and
330,000
Inc.)
Co.,
Teaching Machines, Inc.-—
shares
166,376
Park,
Inc.,
Blvd., Newark, N. J.
& Co., N. Y.
Global Construction
Devices, Inc. (8/19-23)
1962 filed 225,000
class A.
Price—$3.20. Busi¬
lease of steel supports and
ment,
in construction.
expansion,
Cedar Lane,
&
research,
Proceeds—For debt repay¬
inventory. Office—545
and
Teaneck, N. J. Underwriter—Charles Plohn
Co., New York.
Great Continental
Real
Estate Investment Trust
—To
be
named.
Note—This
firm
formerly
known
was
Continental Real Estate Investment Trust.
Greater Miami
Industrial Park, Inc.
25, 1963; filed 136,094 common to be offered for
subscription by stockholders on the basis of one share
for each 4^ shares held.
Price—$5.50. Business—Acqui¬
sition and development of real
estate. Proceeds
For
Feb.
—
general
corporate
Office—811
purposes.
duPont
Plaza
Center, Miami, Fla. Underwriter—None.
Greater Nebraska Corp.
20, 1963, filed 3,000,000
Tourist
J
&
common/Price—$2. Busi¬
ness—Company plans to operate subsidiaries in the fields
banking, insurance, finance, etc. Proceeds—For
gen¬
of
eral corporate purposes.
Units
Fuller
D.
&
Office—1107 Federal Securities
Building. Lincoln, Neb. Underwriter—None.
HandSeman Co. (8/26-30)
July 29, 1963 filed 330,000 common.
Price—By amend¬
ment (max. $13).
Business—Wholesaling of
phonograph
records, pharmaceuticals, beauty aids and
sundries. Pro¬
ceeds—For selling stockholders.
Office—670 East Woodbridge, Detroit. Underwriters—E. F. Hutton &
Co., Inc.,
New York, and
Baker, Simonds & Co., Inc., Detroit.
'
v
Continued
Atlas Finance
and
Computer Sciences Corn-
(White, Weld & co.'
Recording Industries Corp
(Tennessee Securities
September 18
*.
Common
-
October 1
$5,000,000
*
•
'
° ShareV
'
In77f if.^ooo"-Common
(Wednesday)
(Bids 11
Industry Development Corp., Ltd.__Debens.
(American-Israel Basic Economy Corp.)
„
&~CoJ~37~^no~
Northern States Power Co. (Minn
)
*
B°nda
EDST) $15,000,000
a.m.
$750,000
Co.)
32
ie*erred
00 s£ares v
InlT9nnnnnZ^---Cominon
McCormick
Common
Simonds
page
(Monday)
Co., Inc.— ■?
Co.
on
(Tuesday)
Chicago Burlington & Quincy RR.__EquIp Tr Ctfa.
(Tuesday)
August 13
August 27
.—Equip. Trust Ctfs.
Atlantic Coast Line RR
«.xiids
12
EDST)
noon
(Tuesday)
Dorchester Gas
$4,575,000
(A.
Allyn
C.
(Wednesday)
Bobbie Brooks, Inc
(Bache
Capital Stock
&
Burns (Wm. J.) Int'l
(Smth.
Co.)
Inc.)
oj.,
150,000
(Kidder,
Peabody
Inc. and
$50,000,000
J
First
Star
Gas
(Offering
to
Com.
(Charles
National Fence
Co.)
I
$400,000
Electro-Optical Systems, Inc
(White,
&
Plohn
&
Co.)
E.
Anderson
Co.)
Yale
Express
(Eastman
System,
Dillon,
Union
Noyes
&
&
Co.,
$300,000
Inc.)
Co.;
Dillon,
Noyes
Corp.
Iowa
(Bids
&
Co.;
and
Chemair
I
L.
Warren
.
* - ;•<?
ri
Nevada
Power
Common
eDentUfei
Co.
(Bids
to
n
be
(Tuesday)
(Bid*
a.mf EDST 154^000,000 '
11
t*
u
$7,500,000
EDST)
7
(Thursday)
v
Georgia Power Co.—
Bonds
Power'co.-.?!
Georgia
$12,000,000
to
and
Hemphill,
&
C.
Langley
12
September 11
$1,000,000
N.
•
&
Co.)
100,000
noon
shares
he
R
—
^ eiTe®
S7.00o7o00
rpcelvedl
12
New
England Power Co.—
ivT
t-,
Co.-...!.
(Bids to be received)
EDST)
$6,540,000
December
Northern
•
•
Tr-
•
Virginia
..
,
Rnn.
OUOS
(Bids to be received) $10 000 000
New England Power
$6,900,000
(Wednesday)
noon
(Tuesday)
Equip. Trust Ctfs.
EDST)
Y., Chicago & St. Louis RR.__Equip. Tr. Ctfs.
(Bids
V
$180,000
Capital Shares
Western RR
(Bids
i
Co.)
Associates, Inc
(W.
Norfolk
November 19
Units
Investing
_
Bo»u«
recelve'd")~$ll7oo~o7o~00
Public Service Electric & Gat
Co
a.m.
Debenture
$9,000,000"
EDST)
'
(Monday)
(Price
Electronic
Units
Co.)
$875,000
Corp.
Hemphill,
shares
of Missouri
(R.
11
a.m.
(Wednesday)
'Bids
Class A
400,000
October 16
Common
(Thursday)
September 9
$6,500,000
Securities
Company)
Inc.)
$900,000
Co.)
11
$450,000
Equip. Trust Ctfs.
Public Service
>
(Tuesday)
August 20
Resort
Union
&
Co.,
EDST)
noon
(Tuesday)
(Bids
November
-Debentures'
&
Co.)
Producing Co
12
pAn,
Debentures
Yale Express System, Jnc.__.
(Eastman
Securities
September 5
$4,000,000
Inc
Securities
Company)
&
Southern Pacific Co
Class A
i
Peabody
6*
B°D(i»
(Bids to be received) $15,000,000
October 22
$720,000
Mohawk Rubber Co
(Kidder,
Wisconsin Public Service Corp...
shares
(Wednesday)
September 4
Common
&
*
received)-$25,000,OOO--
Jersey Central Power & Light Co.
Manufacturing Co., Inc
—•(Bids
Juniper Spur Ranch, Inc
(V.
nnnj.
B°nd«
$18,52~57o~00
(Tuesday)
■
Peabody
Global Construction Devices, Inc
(Charles
Plohn
(Peter Morgan &
Common
& Co., Inc., and Kidder,
Co., Inc.) 403.000 shares
Weld
Com.
2,099,858
(Tuesday)
Natural Gas & Oil
&
underwriting)
October 8
Common
-Class A
Kimball
(Bids to be
$35,000,000
Heck's, Inc.
Inc. and Morgan & Co.)
Investors, Inc
C.
EDST)
a.m.
(Thursday)
October 15
(Monday)
(Paul
EDST)
a.m.
(Netherlands
Eastern
11
Columbia Gas System, Inc..
Debentures
stockholders—no
September 3
$1,200,000
August 19
Stiver & Co.)
Co.
(Bids 11
Corp.)
Boston
Roadcraft Manufacturing & Leasing Corp
Jackson & Gray,
October 3
Debentures
and Saunders,
New England Telephone & Telegraph Co
(Thursday)
August 15
(Rutner,
Lone
Notes
& Co.,
Inc.
(Bids
$1,250,000
shares
Commercial Credit Co
-
Forms, Inc
Co.,
*
n002 CtDST) $5.000,000
Jersev Central Power & Light Co
D
ersey
Dallas
shares
201,150
Detective Agency Inc.—CI. A
Ba'-"av
Debentures
Allen & Co.; Metropolitan
Corp.) $3,500,000
Co.;
Lewis Business
(Reynolds &
rvntri?
Producing Co
&
_
August 14
-
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For
invest¬
ment. Office—530 St. Paul
PI., Baltimore. Underwriter
$300,000
Inc.)
:
&
''
•
June 29,
(Marshall
Shopping Center, Inc..
(Midland Securities Co.,
Inc.-
Co.,
Underwriter—Godfrey, Hamilton, Taylor
$400,000
Common
(Bristol Securities Inc.)
—Equip. Trust Ctfs.
August 12 (Monday)
Broadcasting,
Securities
Offering—Postponed.
September 16
Corp
Handleman Co.
Rollins
Midland
—
Garden State Small Business
Investment Co.
Oct. 27, 1961 filed 330,000
common. Price—$3. Business
—A small business investment
company. Proceeds—For
investment. Office—1180
Raymond
(Monday)
International
Atlantis
Enzyme Corp. of America
CDST)
in¬
plans
St., Boston. Underwriter—Paine, Webber, Jackson
Curtis, Boston. Offering—Indefinitely Postponed.
(S. Schramm & Co., Inc.)
noon
beneficial
to invest primarily in equity type securities of Israeli
companies. Proceeds—For investment. Office—141 Milk
NEW ISSUE CALENDAR
12
of
terest. Price—$10. Business—A mutual fund which
1963, filea o0,00u common. Price—$2. Business
—Manufacture of the SAFER Butter Chipping machine,
and processing of tray-forming and chip-covering mate¬
rials. Proceeds—For operating expenses, equipment, in¬
ventory and advertising. Office—118 E. 28th St., New
29,
(Bids
Underwriter
City, Mo.
Feb.
Fidelity Mining Investments Ltd.
tfov. 30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
to be offered by company and 263,000
holders. Price—By amendment (max.
Gulf, Mobile & Ohio RR
Kansas.
as
Corp.
July 1, 1963 filed 64,000 common to be offered for sub¬
scription by stockholders. Price—By amendment (max.
$20). Business—A holding company whose subsidiaries
are engaged in the sales finance business and the writ¬
ing of marine and credit life insurance. Proceeds—For
redemption
of
outstanding
second
preferred
stock,
working capital, and other corporate purposes. Office—
1701 Pennsylvania Ave., N. W., Washington, D. C. Un¬
derwriter—Mackall & Coe, Washington, D. C.
June 11, 1963 filed 403,000 common, of which 140,000 are
August 8
anc
of accounts payable.
Chicago.
Federal
May $1, 1963 filed '2,000,000 capital shares. Price—Net
asset value plus 8V2%. Business—A new mutual fund
seeking current income. Proceeds—For investment. Of¬
fice—65 Broadway, New York. Distributor—F. Eberstadt
& Co., Managers & Distributors, Inc., New York.
common.
per unit. Business—Operation of a
discount
type department store in the Greater Kansas
City area.
Proceeds—For working capital, and
other corporate pur- !
poses. Address — 95th & Metcalf
Sts., Overland
beams used
amendment
—By
Inc.
Shopping Center, Inc. (8/26-30)
ness—Manufacture, sale and
nanufacture of tools, dies, molds, beryllium castings and
:he distribution of plastic, metal and glass products for
dome use.- Proceeds—For a recession offer to stockhold¬
,
Jan.
>
Dct. 29, 1962 filed 20,000 common, of which 17,500 are tc
offered by company and 2,500 by a shareholder. Price
capital. Office — 147 Northeast Main St.,
Rocky Mount, N. C. Underwriter—Paul C. Kimball & Co.,
Chicago.
r
>1
i
1 .
Electro-Optical Systems, Inc.
'v
De
(8/19)
Fund,
••••*
—For debt repayment, working •capital
arid advances to subsidiaries. Office—1575 Sherman St..
and working
Income
Co-operative Union of
bers. Proceeds
June 4, 1963 filed 100,000 class A shares. Price—$4. Busi¬
ness—A small loan company. Proceeds — For expansion
Eberstadt
French Market
June 24, 1963 ("Reg.
A") $300,000 of 6% subordinateddebentures due Aug. 1,
1978, and 30,000 common to bo
offered in units of one
$500 debenture and 50
Kansas
Offering—Indefinite.
April 1, 1963 filed $5,500,000 of 5%-6% serial deben¬
tures, series E and F, due 1974-83. Price—At par. Busi¬
ness—A non-profit organization of farmers devoted to
the economic and educational betterment of its mem¬
construction, debt repayment, working capital and other
corporate purposes. Office—2042 South Atlantic Ave.,
Inc.
—
Price—$500
Farmers' Educational &
America —""-v,,■ ■
Company owns a 781 acre tract in Haywood County,
N. C., on which it plans to build houses, a motor lodge,
restaurant and an amusement complex.. Proceeds—For
Eastern Investors,
—
geles. Underwriter—To be named.
Eagle's Nest Mountain Estates, Inc.
June 26, 1963 filed $400,000 of 8% subord. conv. debs,
due 1983; also 400,000 common, of which 300,000 are to
be offered by the company and 100,000 by stockholders.
The securities will be offered in units of one $100 de¬
benture and 100 shares. Price—$350 per unit. Business-
—
28,
1962 filed 300,000 common.
Price—$5. Busi¬
Operation of Jai Alai games and
pari-mutuel
betting. Proceeds—For rent, purchase of leased
quarters,
building improvements, working capital. Office
Fern
Park/ Fla. Underwriter—Consolidated Securities
Corp.,
Pompano Beach, Fla. Offering—Indefinite.
ness
Price—By ameno
(max. $6.50). Business—A holding company fo?
firms selling life insurance and mutual funds.
Proceed}
—For new sales offices, advances to subsidiaries and
vorking capital. Office—5150 Wilshire Blvd., Los An-},
Underwriter—None.
•
a
Equity Fundng Corp. of America
equipment and debt re¬
Daytona Beach, Fla. Underwriter
Securities, Inc., Atlanta, Ga.
of
Proceeds—For
nent
Office—2222 S. Centinela Ave., Los Angeles.
payment.
used
diseases.
March 29, 1962 filed 240,000 common
Dynapower Systems Corp. Sept. 28, 1962 filed 750,000 common. Price—$1 Busi¬
ness—Manufacture of electro-mechanical vehicles and
electronic devices for medical and marine purposes.
Proceeds—For working capital,
for treatment
variety of
equipment, sales
promotion, research and development, and working cap¬
ital. Office—727 Land Title Bldg., Philadelphia. Under¬
writer—Bristol Securities Inc., New York.
be
to
related
mmor
a cleaner-for oven and
diaper garment for infants. Pro¬
ceeds
For expansion, inventory and debt repayment.
Office—2 Ryland St., Reno, Nev. Underwriter — First
to
Enzyme Corp. of America
31
Florida Jai Alai, Inc.
June
(8/26-30)
Feb. 21, 1963, filed 120,000 common. Price—$2. Business
—Company plans to market a new drug known as
Business—Manufacturer of dri-zit (a home product used
barbeque grills; and
Co., New York. Of¬
fering—Postponed.
Dri-Zit Corp.
May 29, 1963 ("Reg. A")
(555)
.
l6
Pacific
'
0
Prefpr„^
$10,0o"o7o0o"
(Tuesday)
Ry.
Trust
Equip
(Bids to be received)
$30,000,0~00
Ptf®
StRnnrt.
Ctf*
7B1.ds 12 noon EST' S4.8o6.o5o
Electric & Power Co._
™
•'
4
'
r
^
*
\
The Commercial and Financial Chronicle
7, 1963 filed 80,000 common. Price—By amend¬
ment (max. $5). Business—Operation of a small loan
business in Puerto Rico. Proceeds—For loan repayment,
June
(9/3-6)
12, 1963 refiled 180,000 class A common
Heck's, Inc.
June
Price—
Address—Rio
Piedras, Puerto Rico. Underwriters — Morris Cohon &
Co., and Street & Co., Inc., New York. Offering—In¬
expansion and other corporate purposes.
Business—Operation of discount stores. Proceeds
To provide fixtures and inventory for a new store, and
for working capital. Office—6400 MacCorkle Ave., !nL''
$2.50.
Albans, W. Va.
New York.
St
definite.
Underwriter—Charles Plohn & Co.,
Kraft
2,265,138 common to be offered for
stockholders of Union Bank of Califor¬
nia on a share-for-share basis. Price—$3. Business—A
management investment company.
Proceeds—For in¬
vestment. Office-—760 S. Hill St., Los Angeles. Under¬
eubscription by
bution of
Krasnow
New York.
•
which 80,000 are
Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedend investment company. Proceeds—For investment. Of¬
Distributors, Inc.
24, 1963 filed 66,500 common. Price—By amend¬
(max. $4.50). Business—Sale of encyclopedias, dic¬
International Book
Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd. Offering—Indefinite.
fice—26
tionaries, atlases, etc. Proceeds—For working capital and
sales promotion. Office—6660 Biscayne Blvd., Miami,
Fla. Underwriter—Roman & Johnson, Fort Lauderdale,
Fla.' Offering—Expected in early September.
Investors Inter-Continental Fund, Inc.
July 3, 1963 filed 3,000,000 capital shares. Price—Net
asset value plus 7 lh %
Business—A new mutual fund
which will succeed to business of Investors Group*
Canadian Fund Ltd., and invest in securities throughout
the Free World. Proceeds—For investment. Address—
1000 Roanoke Bldg., Minneapolis, Distributor—Investors
Diversified Services, Inc. (same address).
Lone Star Gas Co.
n
May 31, 1962 filed 200,000 shares. Price — $10.
A real estate investment trust. Proceeds —
and
struction
investment.
Ave., N. W., Washington,
Iowa Public
Office
—
in Texas and Oklahoma. Proceeds—For loan re¬
payment, construction and working capital. Office—301
South Harwood St., Dallas. Underwriters — (Competiral gas
tive>.
Probable
14, 1963 ("Reg. A") 100,000 common. Price — $1.
Business—Operation of drive-in restaurants. Proceeds—
For leases, equipment
and working capital.
Office—
1601 Mandeville Canyon Rd., Los Angeles. Underwriter
(9/5)
—Keon &
York. Under¬
writer—Israel Securities Corp., (same address).
^
investment. Office—17 East 71st St., New
Inc.
1963 filed 550,000 common. Price—Net asset
value plus 8V2%. Business—A new mutual fund special¬
izing in Israeli and American securities. Proceeds—For
investment. Office—54 Wall St., New York. Distributor—
April 22,
Israel
Distributors, Inc. (same address).
Fund,
Hayward Ave.,1 Baltimore. Underwriter—Inves¬
tors Planning Corp. of America, New York.
28,
Business
also
Investment Co.,
Ltd.
St.,
Broad
Ingram,
—
New
Address—Tel-Aviv, Israel. Underwriter
York.
Jan. 30, 1962 filed 100,000 common. Price—$3.
—Industrial designing, the design of teaching
Business
machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R. F. Dowd
& Co., Inc., New York.
Offering — Indefinitely post¬
and
working
capital.
Office—812
N. Y. Underwriter—To be named.
Greenwich
St.,
Offering—Indefinitely
investment
and
in
other
insurance
concerns.
Medical
23,
—A
Industries
closed-end
become
Fund, Inc.
1961 filed 25,000
—677
Fund,
Inc.
April 10, 1963 filed 500,000 capital shares. Price — Net
asset value plus 8x/2%. Business—A new mutual fund
seeking capital appreciation. Proceeds—For investment.
open
-
investment
Proceeds
end.
company
—
which
plans
investment
For
in
to
the
Office—467 Hamilton Ave., Palo Alto, Calif. Underwriter
-—Mutual Fund Distributors, Inc. (same address).
Medical Video
ness
Corp.
13, 1961 filed 250,000
Manufacture
—
Proceeds
—
Studio
of
Juniper Spur Ranch, Inc. (8/19-23)
May 27, 1963 ("Reg. A") 300,000 common. Price — $1.
Business—Construction of a gasoline and diesel oil fill¬
ing station, a restaurant and allied facilities. Proceeds—
4,
19(53
asset value
E.
t
offered
electronic
general corporate
Calif.
Underwriter
Meridian Fund,
March
of
areas
New
Jersey. Proceeds
For
—
Technical
Midwest
Feb.
26,
Development Corp.
561,500 common to be offered
filed
1962
subscription by stockholders
for
each
two
the basis of
on
for
share
one
shares held.
company.
Price—By amendment (max.
A closed-end management investment
Proceeds — For general corporate purposes.
Office
2615
$7).
Business
—
—
First
National
Bank
Bldg., Minneapolis.
Mitsui
& Co., Ltd.
9, 1963 filed 10,000,000 common (represented by
500,000 A. D. S.) to be offered for subscription by stock¬
July
holders
the basis of
on
one
new
share for each two held
of record July 20.
Price—$2.78 per A. D. S. Business—
Domestic and foreign trading in a broad range of goods
commodities.
Proceeds—For
new investments.
Underwriter—None. I
expansion
of trading
Address—Tokyo, Japan.
Mobile Home Parks Development Corp.
Jan. 28, 1963 filed 1,250,000 common. Price—$2.50. Busi¬
ness—Company plans to develop mobile home parks and
residential
and
commercial
real
estate.
Proceeds—For
general corporate purposes. Office—82 Baker St.,
lanta. Underwriter—Overseas Investment Service,
At¬
Se¬
ville, Spain.
Mohawk
Rubber Co.
(8/19-23)
July 19, 1963 filed $4,000,000 of convertible subordinated
debentures due 1983. Price
By amendment. Business
—
—Manufacture of tires for passenger cars, trucks, buses
and earth moving equipment. Proceeds—For loan repay¬
working capital and other corporate purposes.
Office—1235 Second Ave., Akron, Ohio. Underwriter—
Kidder, Peabody & Co., Inc., New York.
ment,
Morton
(B. C.) Realty Trust
21, 1963 filed 1,000,000 shares of beneficial inter¬
Price—$10. Business—A real estate investment trust.
June
est.
Proceeds—For investment. Office—141 Milk St., Boston.
Underwriter—B.
C. Morton Funds
Underwriters
Co.,
Inc. (same address)
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $15,000,000 (15,000 units) of interests.
Price—To be supplied by amendment.
Business—The
fund^ will invest in tax-exempt bonds of states, counties
municipalities and territories of the U. S.
investment. Sponsor — Ira Haupt &
New York. Offering—Indefinite.
Proceeds—For
Co., Ill Broadway,
National Equipment & Plastics
Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated
stores.
Proceeds—For
debt repayment, store ex¬
working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
pansion
This
and
registration
National
will
Fence
Nov.
withdrawn.
be
Manufacturing Co.,
29, 1962 filed 100,000
ness
Manufacture
—
welded
concrete
Inc.
$1. Busi¬
equipment.
purposes.
—
Inc.
—
Financial
of
land,
ensburg, Md. Underwriter—Netherlands
Inc., New York.
v
Busi¬
Company plans to engage in cemetery develop¬
to establish and operate a life and disability
insurance concern. Proceeds—For general corporate pur¬
poses.
Office—13 S. Broadway, Red Lodge, Mont. Un¬
derwriter—Security Brokerage Co., Billings, Mont.
ness
—
ment and
Mortgage Corp., Inc.
Dec.
28, 1962 refiled $8,000,000 face amount certificates
(series 20) and 300,000 common shares. Price—For cer¬
tificates, $762; for stock, $1.15.
Business—A mortgage
Proceeds — For general corporate pur¬
Office — 113 S. Hydraulic, Wichita, Kan. Under¬
writer—National Mortgage Agency, Inc., (same address).
loan
company.
poses.
offering will be made only in the State of
Kansas.
•
'
"
Natural Gas & Oil
Sept.
Producing Co. (9/3-6)
7, 1962 filed 180,000 class A common. Price—$5.
Business—Production
—For
drilling
porate
of
expenses,
natural
and
gas
oil.
Proceeds
working capital and other
Office—Tekoil Bldg., Oklahoma
Underwriter—Peter Morgan & Co., N. Y.
purposes.
Campbell
Island
Mines
cor¬
City
Ltd.
Oct. 13, 1961 filed 475,000 common, of which
400,000 are
to be offered by the
company and 75,000 by a stock¬
holder. Price—50 cents.
ment and
Business—Exploration, develop¬
mining. Proceeds—General corporate
purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
A. C. McPherson &
Co., Toronto.
Feb.
value
21,
1963,
Fund, Inc.
filed
250,000
common.
plus SV2%. Business—A
Angeles.
Underwriter
(same address).
initially to members of the medical profession.
Co.,
National Memorial Estates
Equity
1
Securities
Oct. 11, 1962 filed 4,750,000 common. Price—$1.
ceeds—For investment.
500,000 capital shares. Price—Net
plus 5%. Business—A new mutual fund to be
fabric,
gates and related
Proceeds—For construction of a plant in Ire¬
and working capital. Office—4301 46th St., Blad-
Office—
filed
Price—$8.75. Busi¬
chain link fence
common.
galvanized
reinforcing
products.
New World
Price
common.
medical
For
City,
Corp., Los Angeles.
•
general corporate purposes. Underwriter — V.
Anderson & Co., NewhouSe Bldg., Salt Lake City.
1
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter — Medical As¬
sociates, Inc. Denver.
Nov.
Re¬
St., Woodbridge, N. J.
Underwriter—Kidder, Peabody & Co., Inc., New York.
Offering—Indefinitely postponed.
New
Price—$10. Business
common.
medical
poned.
certain
Note—This
Address—714 Medical Arts Bldg., Oklahoma City. Under¬
writer—Lincoln Securities Corp. (same address).
Oct.
Bldg.,;
&
(9/3-6)
Marshall Press, Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national salea
penses,
Jaap Penraat Associates, Inc.
For
water in
York.
Corp.
Feb. 28, 1963, filed 1,000,000 class B common. Price—
$1.25. Business—A holding company for three life insur¬
ance firms. Proceeds—For loan repayment, operating ex¬
—Rassco of Delaware Inc., New
Janus
Underwriter
50
Medic
citrus plantations. Proceeds—For general cor¬
purposes.
Inc.,
postponed.
1963 filed 60,000 ordinary shares. Price—$55.
A real estate development company which
—
owns
porate
Israel-Rassco
Stephen,
Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis.
Proceeds—For re¬
payment of loans, and general corporate purposes. Office
—130
Fulton Federal Bldg.,
Atlanta.
Underwriter—
staff
Boston
Management
Corp., (same address).
National
—4200
"Isras"
Ave., New York.
&
None.
Inc.
July 18, 1963 filed 500,000 common. Price—$12.50. Busi¬
ness—A closed-end investment company which plans to
invest in Israeli firms. Proceeds—For investment. Office
June
,
Mahoning Corp.
July 26, 1963 filed 200,000 common. Price—$3. Business
—Company plans to engage in the exploration and de¬
velopment of Canadian mineral properties. Proceeds—
For general corporate purposes. Address—402 Central
Tower Bldg., Youngstown, Ohio. Underwriter—None.
July 29, 1963 filed 300,000 common. Price—$10. Business
—Fund plans to own stock of companies which will in¬
vest in securities of Israeli enterprises. Proceeds—For
714
—
5, 1963 filed 35,000 common. Price—By amend¬
(max. $36). Business—Collecting and distributing
ment
Offering—Indefinite.
Israfund-lsrael Fund, Inc.
Israel Fund
Madison
543
Lambert
address.
Diversified Fund,
Co., Los Angeles.
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000 common. Price—f$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—
(jointly); Eastman Dillon, Union Securities & Co.; Equi¬
White, Weld & Co.; First Boston
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. Bids
—Sept. 5 (11 a.m. EDST) at 20 Pine St. (10th floor),
New
York. Information Meeting—Aug. 28
(3:30 p.m.
American
Inc.
Jan.
table Securities Corp.;
Israel
Halsey,
Corp.;
Salomon Brothers & Hutzler. Bids—
Lord Jem's Service Systems,
Business
porate purposes. Address — Orpheum - Electric Bidg.,
Sioux City, Iowa. Underwriters—(Competitive). Prob¬
able bidders: Kidder, Peabody & Co.-Blyth & Co., Inc.
same
Boston
.
1963 filed $12,000,000 of first mortgage bonds
1993. Proceeds—For loan repayment and other cor¬
EDST)
First
Aug. 27 (11 a.m. EDST) at Chemical Bank New York
Trust Co., 20 Pine St., New York. Information Meeting
—Aug. 22 (11 a.m. EDST), same address.
July 19,
due
bidders:
Stuart & Co. Inc.;
For con¬
3315 Connecticut
Office
Middlesex Water Co.
June
due 1988. Business—Production and distribution of natu¬
D. C. Underwriter—None.
Service Co.
(8/27)
July 30, 1963 filed $35,000,000 of sinking fund debentures
•
Trust
diversified line of business
a
Proceeds—For plant expansion, loan repayment
York, and Saunders, Stiver & Co., Cleveland.
Investors Inc., (same address).
search
investment.
Underwriter—Centennial
activities, and
and working capital. Office—243 Lane Ave., North, Jack¬
sonville, Fla. Underwriters—Reynolds & Co., Inc., New
stockholders.
accident and
health insurance. Proceeds—For general corporate pur¬
poses. Office—216 E. Monroe St., Springfield, 111. Underoffered by company and 120,000 by
Price _ $12.50. Business—Writing of life,
Investors Realty
(8/27)
Forms, Inc.
Business—Manufacture of
forms.
Denver.
and
Lewis Business
July 22, 1963 filed $1,250,000 of convertible subordinated
debentures due Sept. 1, 1975. Price — By amendment.
to be
June
Price—By amend¬
(max. $5). Business—Volume manufacture of in¬
expensively priced men's and children's belts. Proceeds
—For debt repayment, sales promotion, and other cor¬
porate purposes. Office—33-00 Northern Blvd., Long
Island City, N. Y. Underwriter—T. W. Lewis & Co., Inc.,
Horace Mann
ment
Thursday, August 8, 1963
.
Underwriter—N one.
Industries, Inc.
ment
amended.
writer—Horace Mann
Offering—Indefinite.
Co., Chicago.
June 28, 1963 filed 125,000 common.
$50 of debentures and
Life Insurance Co.
1. 1963 filed 200,000 common, of
Proceeds—For accounts receiv¬
seed.
—John A. Dawson &
.
3 shares. Price
$68 per unit. Business—Development and operation of
mobile home resorts throughout U
S. Proceeds—For
debt repayment, construction, and 9^her corporate pu
poses. Office — 4344 East Indian School Rf., Phoenix.
Underwriters—Boettcher & Co., Denver, and J. R. Williston & Beane, New York. Note—This statement will
not be withdrawn as previously reported, but win be
units consisting of
sesame
Office
Home Resorts, I nc»
March 27,1963 filed $1,250,000 of 6V2% conv. subord de¬
bentures due 1978, and 75,000 common to be bffered in
.
,
conv.
inventories, plant expansion and working capital.
— 2301
N. Main St., Paris, Texas.
Underwriter
able
writer—None.
Holiday Mobile
Sesame Corp.
(John)
1^62 filed $225,000 of 6%
subord. deben¬
tures, due 1972, and 150,000 common to be offered in
units consisting of a $300 debenture and 200 shares.
Price —$800 per unit. Business — Processing and distri¬
Oct"'16 S196failed"
Feb.
.
debt repayment. Office—52 Main
May 24,
•
Proceeds—For
Key Finance Corp.
31
Continued from page
•
.
(556)
32
Nordon
new
Price—Net
mutual
fund.
asset
Pro¬
Office—4680 Wilshire Blvd., Los
—
New World Distributing Co.
Corp. Ltd.
filed 60,085 capital shares. Price — By
amendment
(max. $3.25). Business—Acquisition of oil
and gas properties, and the production of crude oil and
July
29,
1963
Volume
198
Number
6288
The Commercial and Financial Chronicle
.
natural
gas. Proceeds—For selling stockholders. Office
Blvd., Los Angeles. Underwriter—Gregory-Massari, Inc., Los Angeles.
—5455 Wilshire
Northern States Life
Insurance
Corp.
1963 filed 280,000 common to be offered for
subscription by stockholders on the basis of one new
share for each 1% held.
Price—By amendment (max.
$2.50).
Business—Writing of general life insurance.
Proceeds—For expansion.
Office—1840 North Farwell
Ave., Milwaukee. Underwriter—None,
March 26,
f
Northern States Power Co.
July 26,
(Minn.)
(9/18)
1963 filed $15,000,000 of first mortgage bonds
1993.
due
Proceeds—For
construction
and
loan
repay¬
ment. Office—15 S. Fifth St., Minneapolis. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.-Blyth & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody
& Co.-White, Weld & Co. (jointly); Equitable Securities
Corp.-Eastman Dillon, Union Securities & Co. (jointly);
Lehman Brothers-Hiter & Co. (jointly). Bids—Sept. 18
(10 a.m. CDST) at 111 W. Monroe St., Chicago. Informa¬
tion Meeting—Sept. 12 (2;30 p.m. EDST) at 57 Broad¬
way, New York.
Nuclear Science & Engineering Corp.
March 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Research and development
on contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
ment services.
Proceeds—For equipment, debt repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D. C. Note—This registration will be
withdrawn.
1
Old Florida Rum Co.
Sixteenth Ave., South Nashville, Tenn.
Recreation
by common stockholders in units of one
warrant, on the basis-of one unit for
Price—By amendment (max. $4).
Business—Company is engaged in the production of rum
and other alcoholic beverages. Proceeds—For working
capital, loan repayment, sales promotion and equipment.
Office—1035 N. W. 21st Terrace, Miami. Underwriters—
Pierce, Wulbern, Murphey Inc., Jacksonville, and Con¬
solidated Securities Corp., Pompano Beach, Fla. Offer¬
ing—Expected in mid-September.
share
and
one
each two shares held.
Outlet
Mining Co., Inc.
Feb. 28, 1962 filed 900,000 common.
Price—$1. Business
Proceeds—For equipment and working capi¬
-—Mining.
tal.
Address—Creede, Colo. Underwriter—None.
PMA Insurance Fund
Inc.
»-
'
*
For
Pacific
Mines, Inc.
July 24, 1963 filed 100,000 common. Price—r-$l.50. Busi¬
ness
Company plans to explore iron deposits on its
property. Proceeds—For mining operations, debt repay¬
ment and operating expenses. Office—1218 N. Central
Ave., Phoenix. Underwriter—None.
—
Pan American
Beryllium Corp.
Feb. 28, 1962 filed 100,000 common. Price—$5. Business
—-Company plans to mine for beryl ore in Argentina,
Proceeds
For debt repayment,
equipment, and other
corporate purposes. Office—39 Broadway, |N. Y. Under¬
—
writer—To be named.
Philippine Oil Development Co., Inc.
11, 1963 filed 325,000,000 capital shares to be of¬
fered for subscription by U. S. resident stockholders on
new
share for each two held.
Price—By
(max. 1 cent). Business—Exploration for oil
and gas in the Philippines. Proceeds—For debt
repay¬
ment, and operating expenses. Address
Manila, The
Philippines. Underwriter—None.
amendment
—
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
Bonifant St.,
Proceeds—For investment. Office—880
Silver Spring, Md. Underwriter—None.
Powell Petroleum, Inc.
f
Sept. 28, 1962 filed 100,000 common. Price—$5. Proceeds
drill for and operate oil wells.
Office—418 Mar¬
ket St.,
Shreveport, La. Underwriter—None.
—to
Power Cam
Jam
28,
Corp.
1963, filed 200,000
capital shares. Price—$4.75
a new type oi
brake unit for
heavy duty automotive vehicles. Proceeds
Leith
to manufacture
equipment, and working capital. Office — 2604
St., Flint, Mich. Underwriter—Farrell Securities
Co., New York.
Princeton
March 28,
Research
Lands,
1963 filed 40,000
iness—Purchase
and
sale
of
Inc.
common.
real
Price—$25.
Busi-
property, chiefly
un¬
improved land. Proceeds—For debt repayment, and ac¬
quisition of additional properties./ Office—195 Nassau
St., Princeton, N. J.
Provident
Stock
Price
—
$2
entertainment. Proceeds—
investment, and working capital.
7th
Resort
Corp. of Missouri (8/20)
Nov. 27, 1962 filed 125,000 class A common and threeyear warrants to purchase 1,250 class A shares to be
offered in units consisting of four shares and one war¬
rant.
Price
$32 per unit. Business — Company will
erect and operate a luxury hotel and resort facilities,
—
and sell 80 acres of land for home sites.
Proceeds—For
construction.
Office—3615 Olive St., St. Louis.
writer—R. L. Warren Co.. St. Louis.
Under¬
Retirement Foundation, Inc.
April 8, 1963 filed 100,000 memberships in the Founda¬
tion. Price->—$10 per membership. Business—- Company
Will operate retirement centers for the use of rent-free
private homes and apartments by members upon their
retirement. Proceeds—For working capital, construction
and other corporate purposes. Office—235 Lockerman
St., Dover, Del. Underwriter—John D. Ferguson, Dover,
Del. Offering—Indefinite.
Richmond Corp.
repayment and
corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md. Offering—Indefinite. Note—
The SEC has challenged the
accuracy and
adequacy
of this registration statement.
Roadcraft
general
June 24, 1963 filed
100,000
common.
Price—$12. Business
working capital, inventory, sales promotion, and expan¬
sion. Office—139 W. Walnut Ave., Gardena, Calif. Un¬
derwriters—Rutner, Jackson & Gray, Inc., and Morgan
& Co., Los Angeles.
Rollins Broadcasting, Inc.
(8/12-16)
July 15, 1963 filed 166,376 common. Price—By amend¬
ment (max. $20). Business—Company and subsidiaries
own seven AM radio stations, three VHF television sta¬
For
Underwriter—None.
Fund,
outdoor
advertising company. Proceeds—
selling stockholders. Office—414 French St., Wil¬
an
**
»
Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common, of which 100,001
are to be offered by the
company and 200,000 by stock¬
holders.
Price
By amendment.
Business — Develops
and prints color, and black and white photographic
film. Proceeds
For equipment and working capital
Office—245 7th Ave., N. Y. Underwriter — Federman,
Stonehill & Co., N. Y. Note—This registration will be
April 11, 1963 filed 1,000,000 common. Price—Net asset
"value plus 8Vz%. Business—A new mutual
fund. Pro¬
ceeds—For investment. Office—316 North Fifth
St., Bis¬
marck, N. D. Underwriter — Provident Management Co.
—
withdrawn.
Russell
Mills, Inc.
Sept. 28, 1962 filed 312,500 common. Price—By amend¬
ment
(max. $12). | Business—Manufacture of athletic
clothing, knitted underwear, children's sleepwear and
cotton
cloth.
Proceeds—For bond retirement and plant
expansion.
Address—Alexander City, Ala. Underwriter
& Weeks, N. Y.
Note — This company
formerly was called Russell /Manufacturing Co. Offering
—Indefinite.
Selective
Feb.
28,
Financial
ing
capital, and other corporate
purposes.
Office—801
&
Co.,
filed 48,500 common. Price—$100. Business
which plans to organize a life in¬
surance
company. Proceeds—For investment in U. S.
Government Bonds and in new subsidiary. Office—801
—A
holding
company
Lafayette Life Bldg., Lafayette, Ind. Underwriter—AmoInc. (same address).
sand
Texas Plastics
Inc.
July 27, 1962 filed 313,108 common. Price—$3.50. , Busi¬
ness—Operation of a plant producing plastic film andl
packaging products.
Proceeds—For working capital.
Address—Elsa, Texas.
Underwriter—To be named? Of¬
fering—Indefinite.
•
Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 ara
to be offered by company and 100,000 by stockholders.
Price—$6. Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc.
Pro¬
expansion, equipment and working capital.
Office—2220 Florida Ave., Jasper, Ala.
Underwriter-
ceeds—For
Alstyne, Noel &
porarily postponed.
Tourist Industry
Offering—Tem¬
Co., New York.
Development Corp., Ltd.
(8/26)}
March
29, 1963 filed $5,000,000 of 7% senior debentures
Business—Financing of tourist
enterprises in Israel. Proceeds — For general corporate
purposes. Address — Jerusalem, Israel.
Underwriter—American-Israel Basic Economy Corp., New York.
due 1983. Price—At par.
Inc.
Resources,
May 28, 1962 filed 500,000 capital shares. Price—$1.50.
Business—Exploration, development and production of
deposit near Casa Grande, Ariz^
exploration and working cap-*
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under¬
the Lake Shore copper
Proceeds—For equipment,
writer—None.
Transpacific Group, Inc.
July 26, 1963 filed 155,000 common. Price—By amend¬
ment (max. $15). Business—An insurance holding com¬
pany. Proceeds—For expansion. Office—520 S. W. 6th
Ave., Portland, Ore. Underwriter—None.
United Aircraft Corp.
July 10, 1963 filed $42,884,000 subord. debentures due
Aug. 15, 1988 being offered for subscription by stock¬
holders on the basis of $100 of debentures for each 15
common shares held of record Aug. 5. Rights will expire
Aug. 20. Business—Manufacture of
aeronautical engines,
propellers and aircraft. Proceeds—For loan repayment.
Office—400 Main St., East Hartford, Conn. Underwriter
—Harriman Ripley & Co., Inc., New York.
(Minn.)
Investors Corp.
United
July 29, 1963 filed $500,000 of 6% convertible debentures
due 1973 to be offered for subscription by stockholders
on
unlimited basis.
Price — At par.
an
Business—•
A
holding company for United Investors Fund Corp. (a
broker-dealer which sells mutual funds) and United
Capital Life Insurance Co. of Minnesota. Proceeds—T6
capital and surplus of United Capital Lif6Insurance Co. of Minnesota. Address—1300 First National
increase
Minneapolis. Underwriter—None.
Bank Bldg.,
United
Feb.
Saran
&
Plastic
Corp.
Ltd.
1963, filed $330,000 of 7% convertible deben¬
tures due 1975 and 16,500 shares of 8% preferred ordi¬
nary "B" shares to be offered in units consisting of two
$100 debentures and 10 shares. Price — $305 per unit.
Business
Manufacture of light household and office
furniture. Proceeds — For general corporate purposes.
Address—Rehovoth, Israel. Underwriter—Brager & Co.,
25,
B
Aoril
share and two-thirds share for each class
Life
C share of
held.
Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Priced—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage,
general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe—
aix.
Underwriter—None.
Proceeds—For
of beneficial interest
A real estate investment trust
investment and working capital. Office
—1956 Union Commerce
writer— McDonald
&
Bldg., Cleveland, Ohio. Under¬
Co., Cleveland. Offering — In¬
definite.
Squire For Men, Inc. (8/12-16)
'
July 9, 1963 ("Reg. A") $135,000 of 8% convertible de¬
bentures due 1969. Price—-At par ($100). Business —
Manufacture and sale of custom hair pieces. Proceeds—
For
new
products and
working capital.
Office—328 S.
Beverly Dr., Beverly Hills, Calif. Underwriter—Samuel
B. Franklin & Co., Los Angeles.
Roe &
Farnham
Foreign Fund, Inc.
July 1, 1963 filed 1,000,000 capital shares. Price—Net as¬
set value. Business—Company was recently formed and
will succeed to New York Capital Fund, Ltd., a Canadian
corporation. It will provide investors a means of in¬
vesting in Canada, Western Europe and other foreign
Proceeds—For investment.
Office—135 S. LaSalle
Sutro Mortgage Investment Trust
Feb.
/.;•
1, 1963 filed 30,000 shares of beneficial interest.
Price—$100. Business — A real estate investment trust.
Proceeds—For investment. Office—4900 Wilshire Blvd.,
Los Angeles. Underwriter—None.
Fund, Inc.
Urethane of Texas,
Inc.
14, 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each Class. Price—
Feb.
per
Business—Manufacture
unit.
Proceeds—For
equipment,
of
working
urethane
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under¬
writer
—
First Nebraska Securities Corp.,
Offering—Temporarily postponed.
Lincoln, Ne&
,
Valley Investors, Inc.
Jan. 23,
•
Annuities
11, 1961 filed 2,500,000 shares of stock. Price—$^0
per share. Business—A new mutual fund. Proceeds—For
Investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
foams.
—
Offering—Indefinite.
York.
United Variable
$5.05
Shaker Properties
Oct. 19, 1962 filed 215,000 shares
)
St., Chicago. Underwriter—None.
sheet music.
D. Fuller
Tecumseh Investment Co., Inc.
New
•
phonograph records, and the publishing of
Proceeds1—For construction of offices, work¬
Underwriter—S.
Jan. 21, 1963
500,000 common, of which 405,000
are to be offered for subscription by holders of the
A,
B and C stock of Selective Life Insurance
Co., an affili¬
ate, on the basis of 4 company shares for each class A or
areas.
ufacture of
Albuquerque.
—
Corp.
1962 filed
(same address).
Recording Industries Corp. (9/16-20)
July 19, 1963 filed 297,000 common. Price—$5. Business
—Company plans to engage in the recording and man¬
E.
New York.
—
Stein
Inc.
N.
Transarizona
—Manufacture of mobile homes and office trailers and
the leasing of mobile office trailers. Proceeds — For
and
Company develops and sells teaching machines ex¬
clusively for Grolier Inc. Proceeds—For loan repaymeftto
and other corporate purposes. Office—221
San Pedro,
Manufacturing & Leasing Corp.
(8/15)
tions
•
Teaching Machines, Inc. (8/26-30)
April 1, 1963 filed 150,000 common. Price—$5 Business—*
Van
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
—A real estate investment company. Proceeds—For debt
Price—$15. Business
Business—Company plans
—For
West
Selective
Potomac Real Estate Investment Trust
investment trust.
capital
common.
—Hornblower
June
one
75,000
Office—
St., Los Angeles. Underwriter—Costello,
Russotto & Co.i Beverly Hills, Calif. Offering—Indefinite.
411
New York.'
—
the basis of
("Reg. A")
mington,, Del. Underwriter—-New York Securities Co.,
-
April 8* 1963 filed 200,000 common. Price — Net asset
value pius 4%. Business—A new mutual fund specializ¬
ing in insurance stocks. Proceeds—For investment. Ad¬
dress
Plankington Bldg., Milwaukee. UnderwriterFund .Management Inc. (same address).
:
Industries, Inc.
23, 1962
Business—Sale of travel and
July 29, 1963 filed 338,755 common, and warrants to
purchase an additional 338,755 common, to be offered
for subscription
Underwriter—
Tennessee Securities Inc., Nashville.
Nov.
33
(557)
—A
1963, filed 328,858 common. Price—$1. Business
mutual fund. Proceeds—For investment. Ad¬
new
dress—Sidney, Montana. Underwriter—To be named.
Warwick Fund
June
Fund
17, 1963 filed 300,000 units of participation in the
to be offered in exchange for certain acceptable
de¬
A new exchange type
mutual fund which plans to continue indefinitely to
exchange its units for additional contributions of secu¬
rities, and to seek long term growth of capital and in¬
come. Office
3001 Philadelphia Pike, Claymont, Del.
Distributor—Wellington Co., Inc., Philadelphia.
securities
posited
on
the basis of one unit for each $100 of
securities. Business
—
—
Waterman Steamship Corp.
\ug. 29, 1'961 filed 1,743,000 common. Price—By amend¬
ment.
Business—The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital.
Office—71
Saint Joseph
St., Mobile, Ala.
Under¬
Co., Inc., N. Y. Note—This registra¬
tion will be withdrawn.
Continued, on page 3%
writer—Shields
&
34
The Commercial and Financial Chronicle
(558)
Continued from page 33
-
Western Steel, Inc.
-
"
17, 1963 ("Reg. A") 245,000 common, v Price — $1.;
Business—Company plans to erect a mill to produce cer- ,t
tain types of iron by the new "Taylor Process." Proceeds >
-^-For plant..construction and general
corporate pur-:
poses. Address—Suite 412-413 Hynds Bldg., Cheyenne,:
Wyo. Underwriter—C. B. Hoke Agency, Cheyenne, Wyo.
Note—The SEC has issued an order temporarily sus-A
-
«
t
Western Union
t
International,, Inc.
1963 filed $4,000,000 of 6y4% subordinated;
due 1983„.and 400,000 common/, Price—-For
debentures, at par; for stock $3.50. Business—Company^
will take over and operate Western Union Telegraph's
international telegraph operations^ Proceeds—For sell-,
ing stockholder, Western Union Telegraph Co., parent.
Office—60 Hudson St., New York. Underwriters—Ameri¬
can
Securities Corp., and Glore, Forgan & Co., New.
March
29,
debentures
York.
Association
'
.
shares to be offered in units of
and 10 shares. Price—$220 per
has been licensed
to
one
unit. Business—Company
mutual
betting. Proceeds — For debt repayment and
working capital. Office—3 Penn Center piaza, Philadel-/.'.
,
Shia. Underwriter—Stroud & Conine., Philadelphia. A/
iffering—Indefinite.
.
'
Inc.
Dec. 28, 1961 filed, 125,000 common., Price—$4.. Buslneai ¥
-4Design and manufacture / of pierisioh electrical and
electronic measuring devices and test equipment, Pro (J
•eeds-^For debt repayment and/ other corporate pur-, V
poses. 'Office—1005 First Ave., Asbury Park, N. J. Under-*:
writer—To
Wolf
named.
be
Our
Proceeds—For
property development, debt repay¬
★ Mitchell < (John E.) Co.
July 29,- 1963 ("Reg/>A") 2,000
Would
stock
class
A
corporate
.purposes.
Office
„
A. T. & T., and for other
185 Franklin St., Boston.A
(held.
Price—$500
per
unit.
vestment.
Office—Chicago, 111. Sponsor—John Nuveen &
Co., 135 So. La Salle St., Chicago. /,
it Trans World Life Insurance Co.
July 31, 1963 filed 465,000 common. Price—By amend¬
ment (max. $5). Business—Company
plans to sell general
life and disability insurance policies. Proceeds—To in¬
crease capital and
surplus. Office—609 Sutter St., San
Francisco,. Underwriter-4-Alex. Brown & Sons, Baltimore.
Wyomont Petroleum Co.
May 10, 1963 ("Reg. A") 120,000
A:""!
•
The
following registration
„
*
statements were de*
clared effective,.this week by the SEC. Offering
details, where available> will be carried in the
and, sale of petroleum products/
repayment, construction, and work¬
ing capital. Address—P. O. Box 670, Thermopolis, Wyo.Underwriter—Northwest Investors Service, Inc. Billings,
Montana. Note—The SEC has issued an order temporar¬
ily suspending this letter.
Proceeds—For debt
Hardee's Food Systems, Inc.
$150,000 of 6 Vz % subordinated convertible debentures
July 1; 1978 offered at par and accrued interest; also
37,500 common offered at $4 per share by Powell, Kistler & Co.,
Fayetteville, N. C.
due
Independent Shoe Discounters Association,
Issues Filed With SEC
■
325,000 common offered at $1 per share
Bishop & Welsh, Inc., Oklahoma City.
;
Indiana
This Week
it American Vitrified Products Co.
|
Aug. 6, 1963 filed 79,137 common to be offered for sub¬
scription by stockholders on the basis of one share :
debt
repayment,
by
Inc.
Parker,
of
4%%
,
Bethlehem
first
mortgage bonds
and
200,000 capital shares offered at $3.01
charge by Nemrava & Co., Denver.,
plus
8%
sales
common
offered
Mutual Finance Co.
working
capital and other
Office—650 N. Sapulveda Blvd., El
New York.
Nippon
★ Dominguez Water Corp.
'
Aug. 5, 1963 filed 70,000 common. Price—By amendment
(max. $8). Business—A public utility engaged in sup¬
plying water in a service area located within Los An¬
geles County. Proceeds—For selling stockholder, Domin¬
Telegraph &
Telephone
Public
26,
$20,000,000 of 5%% guaranteed telegraph and telephone
dollar bonds due July 15, 1978 offered at 96%% and ac¬
crued interest, to yield
6.08%, by Dillon, Read & Co.,
Inc., First Boston Corp., and Smith, Barney & Co., Inc.,
Co., parent. Office—21718 South Alameda / New York, it - i
St., Long Beach, Calif. Underwriter
Eastman Dillon,
Scheib
(Earl), Inc.
Union Securities &'Co.,, Los Angeles.
200,000 capital shares offered at $10.25 by Shearson,
it Eaton Ultra-Sonics, Inc. '
Hammill & Co., New York.
July 24, 1963 ("Reg. A") 1,571 common. Price—$35. Busi¬
Southern Bell Telephone & Telegraph Co.
ness—Manufacturers representative for McKenna Labo¬
—
-
ratories which produces high
frequency industrial clean-> $70,000,000 of 4%% debentures due Aug. 1, 2003 offered
at
ers. Proceeds—For
101.234% and accrued interest, to yield 4.31%, by
working capital. Office—1440 Havana
Lehman Brothers, Blyth;
St.., Aurora, Colo. Underwriter—None.A,
&; Co.* Inc., Merrill Lynch,
Pierce, Fenner & Smith Inc., and; Salomon Brothers &
^Electronic Associates, Inc. (9/9-13)
: 1
Hutzler, New York.
Aug. 1, 1663 filed 100,000 capital shares.
Price
By
Tokio Marine & Fire Insurance
amendment (max. $70). Business—A diversified
Co., Ltd.
com¬
—None.
and working cap¬
California Ave., Reno, Nev. Underwriter
reported that the company plans
was
in the U. S. Busi¬
cameras and other photographic
equipment. Proceeds—For expansion. Address—Tokyo,-V
Japan. Underwriter — Yamaichi Securities Co. of New J.¬
Manufacture of
—
• Carolina
Freight Carriers Corp.
July 5, 1963 the company applied to the ICC for permis- :
sion to offer 100,000 common. Of the total, 24,000 will/J
be sold by the company and 76,000 by stockholders. Price/,
—By amendment. Business — A motor freight carrier i
operating in 13 states from Mass. to Florida. Proceeds— £
For working capital. Address—Cherryville, N. C.
Un-.J
derwriter—The Ohio Co., Columbus. Offering—Immi- j
'•
,
Chesapeake & Ohio Ry.
July 16, 1963 it was reported that the company plans to sell about $3,780,000 of equipment trust certificates in ;
late September. This will be the second instalment of
a
total $10,305,000 issue. Address — Terminal Tower, \
Cleveland, O. Underwriters — (Competitive). Probable /
bidders: Salomon Brothers & Hutzler; Halsey, Stuart & ;
Co. Inc.
Chicago Burlington & Quincy RR. (10/1)
May 20, 1963 the company announced tentative plans to
$5,000,000 of equipment trust certificates in October/7,
sell
Office—547 W. Jackson Blvd., Chicago.
400,000
*
American
000,000
common
Depositary
shares
Shares
(par 50 yen)
representing
offered
20,-
at
$18.25
Securities Co.,
per share by First Boston, Corp., Nikko
Ltd., and Shelby Cullom Davis & Co., New York.
United
Aircraft Corp.
,
$42,884,700 4M> % subordinated debentures due Aug. 15,
1988 being offered to common
stockholders on the basis
of
$100 of debentures for each 15 shares held of record
Aug. 5. Rights will expire Aug. 20. Harriman
Ripley &
Co., Inc., New York, is the principal underwriter.
,Vt'
Probable
bidders:
Underwriters—
Salomon Brothers & I
(12
noon
& Co. Inc.
Bids—Expected
CDST) at above address.
Columbia Gas System, Inc. (10/3)
May 6, 1963 the company ^stated that it
$25,000,000 of debentures in October to
/
plans to sell
raise
-/,
New /
York.
Underwriters
(Competitive).
Probable bid¬
ders: Morgan Stanley & Co.-First Boston Corp. (joint¬
ly); Merrill Lynch, Pierce, Fenner & Smith Inc.-White,
construction.
Office
—
120
East
41st
money
Street,
—
&
Co.
(jointly); Halsey, Stuart & Co. Inc.; Blyth A
Co.-Lehman
Brothers-Salomon
Brothers
Hutzler.
&
Bids—Expected Oct. 3.
Satellite
Corp.
Feb. 20, 1963 it was
tion have been filed
D.
C.
Company's
reported that papers of incorpora- A
for this company, in Washington,
common voting shares,
without par *
value, will be divided into two series. Series I will be
Issued to the public, firms that produce space explora¬
tion equipment
and
other non-communications concerns.
Series
munications
II
than
more
will
be
common
half
issued
to
FCC-approved
carriers, with the provision
the
company's
total
shares
-
/
1
com-
that x
be
can
held by these carriers, and no individual or group may
hold over 10% of the remaining 50%. Price—Maximum
of
$100
per
the
company
for
the
graph,
3029
3
~
share.
Business—Congress has authorized-3
to provide satellites and ground facilities
international, transmission
television
and
other
of
telephone,
communications.
tele-
t.
Office—
a
Klingle Rd., N. W., Washington, D. C. Underwriters
j
—To be named.
Connecticut
Light & Power Co.
4, 1963 it was reported that the company is considering the issuance of about $25,000,000 of bonds in
June
late
1963.
Proceeds—For
construction.
;
Address—Sel-A!
den
St., Berlin, Conn. Underwriters—To be named. The >
last public offering of bonds on
Jan. 20, 1960 was
handled by Mofgan Stanley & Co.-Putnam & Co.-Chas.
W. Scranton &
—
?+e</d?T7i?0r ecluiP™ent, construction
it
1963
to sell $5,000,000 of convertible bonds
ness
no
Corp.
Estate
ital. Office—530
~
;
'
Canon Camera Co.
June
Communications
$300,000 of 6% convertible subordinated debentures, se¬
ries D, due July
1, 1978 offered at par, and accrued in¬
terest, by Donald V. Stabell, St. Petersburg.;
Segundo, Calif. Underwriter—White, Weld & Co., Inc.,
* industrial & Petroleum, Inc.
July 30, 1963 ("Reg. A") 55,106 common.
Price—$5. Busi¬
ness—Mining and exploratory mining operations. Pro-
-
York.
Weld &
at
$30,000,000 of 4%% sinking fund debentures due 1988
offered at 99.75%, to yield
4.27%, by Eastman Dillon,
Union Securities &
Co., New York..
industry, government agencies and scientific
puter and instrument manufacturer. Proceeds—For loan
repayment, equipment, working capital and other corporate purposes. Address—Long
Branch, N. J. Under¬
writer—W. C. Langley &
Co., New York.
£
f
externally.
Mr. Homer added that this
would not be required until at least 1964. Office — 25
Broadway, New York. Underwriters—To be named. The
last public sale of securities in May, 1955, was handled
by Kuhn, Loeb & Co., and Smith, Barney & Co., New
accrued
services to
guez
,,
secured
ance
Minneapolis-Honeywell Regulator Co.
corporate purposes.
Co.
said that approximately two-thirds of the financing for
the program will be generated internally and the bal-
for
100.75%
$2.75 per share by Amsbary,
Allen & Morton,
Inc., Pittsburgh.
filed
Proceeds—For
Steel
26, 1963, Arthur B. Homer, Chairman, announced
that the company will embark on a $750,000,000 capital
improvements program,to be completed by 1965.
He'
Investors Trading Co.
at
(9/16-20)
'
200,000 common, of which 175,000
shares are to be offered by the
company and 25,000
shares by stockholders. Price —
By amendment (max.
$13).- Business — Company provides various computer
institutions.
(8/13)
—(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. Inc. Bids—Aug. 13 (12 >
noon EDST) at above address.
October 1
offered
90,000
it Computer Sciences Corp.
1963
or
Hutzler;! Halsey,--Stuart
Kelly & Cohen, Inc.
plant improvement, inventories
City Bank
Bldg., Cleveland. Underwriter—None.
6,
2-9570
REctor
July 16,, 1963 the company announced plans to sell $4,- ;
575,000 of 1-15 year equipment trust certificates in ":
August. Office—220 E. 42nd St., New York. Underwriters
(Competitive).
Michigan Electric Co.
v
and accounts receivable. Officer-700 National
Aug.
at
us
at 25 Park Place, New York 7, N. Y.
Prospective Offerings /
due Aug. 1,
interest, to yield
4.33%, by First Boston Corp., and Eastman Dillon, Union
Securities & Co., New York.
1993
—For
&
$45,000,000
for each three shares held. Price—$19. Business—Manu¬
facture of various clay and concrete
products. Proceeds
like
item
Monday issue .of the "Chronicle.99,
Price—$2.50.
Business—Production
j
an
you'll find hereunder.
nent.
V
common,
prepare
can
York, Inc.
Effective Registrations /
Business*—
Real estate.-Proceeds—For debt repayment and realty
acquisitions. Office—10 East 40th St.,.N Y. Underwrite!
—-S., E. Securities, Inc., 10 East 40th Street,>' New / York
Note—This registration will be withdrawn.
•
we
Feb.
*
it Nuveen Tax-Exempt Bond Fund, Series 5
Aug. 2, 1963 filed $16,500,000 of units representing frac¬
tional interests in the fund. Price—By amendment. Busi¬
ness—The Fund will invest in interest-bearing obliga¬
tions of states, counties, and municipalities of the U. S.,
to be exempted from Federal taxes. Proceeds—For in¬
subscription by stockholders, of class
the basis of $500 debentures for each 100
on
that
Atlantic Coast Line RR.
it New England Telephone & Telegraph Co. (8/27)/
Aug. 1, 1963 filed 2,099,857 capital shares to be offered
for subscription by common stockholders on the basis of
one new share for each 12 held- of record Aug. 27. Rights <
will expire Sept. 23. Price—By amendment. Proceeds—
for
shares
us
so
register?
would
'
Underwriter—None.
26, 1962 filed $4,500,000 of 6.5% convertible sub- A
ordinated debentures due 1977 (with attached warrants) *
A
write
Department
News
telephone
you
common
Jan.
be offered
similar to those
to be offered
for subscription by stockholders on a pro-rata basis. V
Price—$150. Business-— Manufacture of, a variety of
machines, including auto air conditioners, cotton clean¬
ing machines and handyman high pressure washers. Pro¬
ceeds—For working capital. Office—3800 Commerce St.,
Dallas.
Corporation
to know about it
ment, and working capital. Office — 537 New England
Bldg., 5th & Kansas Ave., Topeka. Underwriter—None.
Corp.
to
ATTENTION UNDERWRITERS!.
.
$100 debenture
conduct harness racing with pari-
Winslow* Electronics,
ties.
Underwriter—None.
March 8, 1963 filed $1,000,000' of 6%% sinking fund de¬
bentures due 1978 and 100,000 class A non-voting com¬
mon
Do you have an issue you're planning to
to repay advances from parent,
Offering—Indefinite.
William Penn Racing
Thursday, August 8, 1963
.
.
★ Marine Investors, Inc.
July 17, 1963 /("Reg. A") 50,000 common. Price—$5.50.
Business—Company invests in real estate, and securi-/
..
Jan.
pending this issue.
.
po.-Estabrook & Co. (jointly).
Connecticut Yankee Atomic Power Co.
April 23, 1963 it was reported that the 12 utilities which A
own this new firm, have petitioned the SEC forexemption from the Public Utility Holding Company Act .
to permit the negotiated sale of $55,000,000 of the firm's
jointly
-
t
bonds. The request has been opposed by a major under¬
writer who wants the bonds to be sold at competitive
bidding. Business—Company was formed in December, /
1962, to own and operate a 500,000 kw. atomic power- '
plant at Haddam Neck, Conn. Proceeds—For construction r *
of the $70-$80,000,000 plant. Office—441 Stuart St., Bos¬
ton. Underwriters—To be named.
>/•"-„
.A 99.1 ;(x.LUA'\
*>
Volume
198
-Number
6288
.
.
.
The Commercial and Financial Chronicle
Consolidated Edison Co. of New York, Inc.
May 22, 1963 the company stated that it will have to
raise approximately $800,000,000 through
the sale of
securities, to finance its five-year construction program.
In
addition, it will have to refinance $52,000,0u0 of
maturing bonds in the period ending 1967. Office—4
Irving Place, New York. Underwriters—To be named.
The last public bond issue, in December,
1962, was won
at competitive bidding by Halsey, Stuart & Co. Inc.
Other bidders were Morgan Stanley &
Co., and First
Boston Corp.
Consumers
Power
Hartford
Hawaiian
an
Co.
,
Inc.
24,000
was
on
the
of
new
J.
share
12,
Power
due
Corp.
stockholders,
St.,
South,
St.
an¬
■
terials. Office—111 W. 50th
St., New York. Underwriters
Probable bidders: Blyth & Co.-First
/
& Co.-Shields & Co. (jointly); Halsey,
Inc.; First Boston Corp.; Harriman Ripley
& Co.; Morgan
Stanley & Co.; Lehman Brothers. (Pre¬
ferred): First Boston Corp.; Lehman Brothers; Blyth &
-Co.; Eastman Dillon, Union Securities & Co.-Equitable
Securities Corp. (jointly);
Morgan Stanley & Co. Bids
—Expected Nov. 7, 1963.
-
Gulf, Mobile & Ohio RR.
June 12, 1963 it
$3,900,000
of
(8/8)
reported that this road plans to sell
equipment trust certificates.'-Office—104
was
St.
Frapcis St., Mobile, Ala. Underwriters—(Competi¬
tive). Probable bidders: Salomon Brothers &
Halsey, Stuart & Co.
at
the company's
Gulf States
Inc.
Hutzler;
Bids—Aug. 8 (12 noon CDST)
Chicago office.
Utilities Co.
Jan. 29, 1963 the
company announced plans to sell 100,J00 shares of preferred stock
(par $100) in the second
Office—285 Liberty Ave., Beaumont. Tex
Underwriters—(Competitive). Probable bidders: Stone
J Webster Securities Corp.;
Securities
Lehman Brothers-Equitable
Corp. (jointly); Glore, Forgan & Co.-W. C
Langley & Co. (jointly); Lee Higginson
Corp.
Ry. (12/10)
reported. that this road plans to sell
was
Salomon Bros.
(12 noon EST).
&
Stuart &
Bids—Expected
Hutzler.
'
•
Northern States Power Co.
(Minn.)
t
,
May 14, 1963 it was reported that the company plans to
771,110 additional shares to stockholders -on
l-for-20 basis in 1964, to raise an estimated $25,000,000.
Office—15 South Fifth St., Minneapolis. Underwriter—
To be named. The last rights offering ih July 1959 was
offer about
a
underwritten
by Merrill Lynch, Pierce, Fenner & Smitb
*
*" '
Inc., New York.
-a
i
Jan.
>
.
Otter Tall Power Co.
y
16, 1963 it was reported that this company plans
$10,000,000 of bonds in the fourth quarter. Office
—215
,
Pacific
20,
Power
1963
South
it
&
was
Inc.,
means
this subsidiary oi
issue $25-$30,000,000
:
a
million/of
year,
Pennsylvania Power & Light Co.
1963 the company stated that it expects to sell
$75,000,000 of bonds in the period 1963 through 1967.
Proceeds
For construction and the retirement of $8,000,000 of maturing bonds.
Office—9th and Hamilton
Sta., Allentown, Pa. Underwriters—To be named. The
March 18,
—
last
sale
of
bonds
positive
bidding
Peabody & Co.
on
by
Nov.
29,
1961
was
won
at com¬
Weld & Co., and Kidder,
Other bidders were Halsey. Stuart 8*
Cc. Inc.: First Boston Corp.-Drexel & Co. (jointly).
White,
.
Philadelphia Electric Co.
March 5, 1963 the company reported that it plans to
spend $478,000,000 for construction during the five-year
period 1963-67. It added that about half the money re¬
quired will be generated internally, and the balance
Halsey, Stuart & Co. Inc.; First Bos¬
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc.;
Eastman Dillon, Union Securities &
Co.; Kidder, Peabody & Co.; Blyth & Co.-White, Weld & Co. (jointly)
obtained by
bank loans to be converted into permanent
financing, from time to time, through the sale of bonds
anu common stock. Office—1000 Chestnut S^., Philadel¬
phia. Underwriters—To be named. The last sale of bonds
on
Oct. 15, 1959 was handled by Morgan Stanley & /
Cc
and Drexel & Co.
Other bidders were: Halsey,:
Stuart & Co. Inc.; First Boston Corp.; White, Weld &
Co.
The last sale of common was a rights offering on
June 2, 1959, underwritten by Drexel & Co., and Morgan *•
Stanley & Co.
,
; .
Mexico '(Government of)
July 16,
1963 following the public offering of $40,000,bonds, it was reported that the Govern¬
authorized
to
sell
an
additional
$65,000,000
of bonds in the U. S. and abroad. Underwriters—Kuhn,
Loeb & Co., Inc., and First Boston
Corp., N. Y.
000 of external
is
Nevada Power Co.
>
it was stated: Office—140 New Mont¬
gomery St., San Francisco. Underwriters—To be named.
The last issue of debentures on Feb. 16, 1960 was under¬
written by Halsey, Stuart & Co. Inc. One other bid on
the issue was tendered by Morgan Stanley & Co.
Massachusetts Electric Co.
ment
that the company must sell about $217
securities
that
may
v»
19, 1963 the company stated that it will need $650
million of new money in the years 1964 through 1966 to
help finance its $1.3 billion construction program. This
Light Co.
reported
Utilities,
Telephone & Telegraph Co.
June
Inc.
ton
Corp. (jointly); Lehman Brothers-Kuhn, Loeb &
Co.-Glore, Forgan & Co. (jointly); Bache & Co.
Peabody
10
;i
Probable bidders:
—(Competitive).
Stuart & Co.
Pacific
Inc.;
Dec.
Madison
—
(9/9)
$4,800,000 of.equipment trust certificates in DeOffice—120 Broadway, New York. Underwrit¬
Co.,
Jan. 16, 1963 it was reported that this company plans tc
sell $10,000,000 of bonds in the fourth quarter. Office—
441 Stuart St., Boston. Underwriters — (Competitive)
-Boston
—
&
ers—^ (Competitive), Probable-bidders:. Halsey,
.
Wash¬
Proceeds—For construction. Office—270 Peacntree
Bldg.,
Atlanta. Underwriters
(Competitive). Probable bid¬
ders: (Bonds): Equitable Securities
Corp.-Eastman Dil¬
lon, Union Securities & Co. (jointly); Blyth & Co.-Kid-
(Competitive).
Co. - Salomon
—
Peabody
cember.
*
(Competitive.) Probable bidders: Merrill Lynch, Pierce,
Fenner & Smith Inc.- Kidder, Peabody & Co.-Harriman
Ripley & Co., Inc. (jointly); White, Weld & Co.-Blytb
& Co., Inc.- Shields & Co. (jointly); Halsey, Stuart &
Co.
Inc.; First Boston Corp.-Glore, Forgan &
Co
(jointly); Salomon Brothers & Hutzler-Eastman Dillon.
Union
Securities
&
Co.-Equitable
Securities
Corp
(jointly).
;
terms,
stockholders, also
(11/7)
about
of bonds early in 1964. Proceeds—For construction. Of¬
fice—142 Delaronde St., New Orleans. Underwriters—
ington, D. C. Business—Company is a leading domestic
producer of dyestuffs, chemicals and photographic ma¬
der,
Smith
&
Middle
an
Jan. 22, 1963 it was reported that this
subsidiary of The
Southern Co., plans to sell
$30,000,000 of first mortgage
bonds and $7,000,000 of preferred stock in November.
Kidder,
South Cascade St., Fergus Falls, Minn. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Blyth & Co. Inc.; Glore, Forgan & Co.-Kalman & Co.
(jointly); White, Weld & Co.
Louisiana
voting control of the company. Mr. Kennedy
said that if General Aniline should be
sold for $200 mil¬
lion, the Government would receive about $140 million
and Interhandel about
$60 million. The settlement
Georgia Power Co.
1965. Office—108 East Green
to sell
Feb.
represents
at
Northern
Lynch, Pierce, Fen¬
(jointly); Kidder, Peabody & Co.;
Harriman Ripley & Co. Bids—Expected Oct. 15
(11 a.m.
EDST) at 80 Pine St., New York. Information Meeting—
Oct. 10 (10 a.m. EDST) at same address.
being
Lynch, Pierce, Fenner & Smith
by Interhandel
by the U. S. District Court
bidders:
July. 2, 1963 it
Jersey Central Power & Light Co. (10/15)
12, 1963 company announced plans to sell $9,000,000
ner
of the
approved
>
Salomon Brothers & Hutzler-Merrill
control of the 540,894 class A and
2,050,000 class B
shares of General Aniline seized
by the U. S. Govern¬
ment in 1942 as a German asset. The stock
recently
was
—
over
must be approved
'
Corp.
was reported that the company plans to
$20,000,000 of debt securities to finance its construc¬
Norfolk & Western RR
Ave., at Punch Bowl Rd., Morristown,
N. J. Underwriters
(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; White, Weld & Co.; First
Boston Corp.; Eastman Dillon, Union Securities & Co.-
out-of-court agreement with Interhandel, a Swiss hold¬
ing company, designed to settle the 20-year old dispute
98%
Gas
July 2, 1963 it was reported that this foad has scheduled;
the sale of about $6,900,000 of 1-15 year equipment trust
certificates for September.
Office—8 North Jefferson
St., Roanoke, Va. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co., Inc.; Salomon Bros?
& Hutzler.
Bids—Expeqted Sept. 9 or 10 (12 noon
EDST) at the company's Philadelphia office.
dress—Madison
Inc., New York.
General Aniline & Film
Corp.
April 3, 1963 Attorney General Robert F. Kennedy
nounced that the Justice
Department had reached
&
of debentures due 1988. Proceeds—For construction. Ad¬
cies in the U. S. with 1962 billings of about
$130,000,000.
Office—247
Park
Ave., ? New York. -Underwriter—To
be named. It was reported that
negotiations are
with Merrill
at the above address.
Electric
June
Foote, Cone & Belding, Inc.
June 18, 1963 it was reported that the
company is con¬
sidering the public sale of about 25% of its stock. Busi¬
ness—Company is one of the leading advertising agen¬
conducted
EDST)
noon
Ripley & Co.; Blyth & Co.
Co.; Harriman Ripley & Co. Bids—Expected Oct. 1
(11 a.m. EDST) at 80 Pine St., New York. Information
Meeting—Sept. 26 (10 a.m. EDST) at same address.
4
Cleveland.
Forgan & Co. (jointly); Halsey, Stuart & Co.; Harriman
,
&
Petersburg,
Fla. Underwriters—To be
named. The last rights offering in
May 1959 was under¬
written by Kidder, Peabody & Co., and Merrill
Lynch,
Pierce, Fenner & Smith, Inc., New York
Light Co.
Lynch,
Pierce, Fenner & Smith Inc. (jointly); Kidder, Peabody
for about 457,265 additional common shares on a l-for-20
basis. Proceeds—For loan repayment. Office—101 Fifth
Bldg.,
Brothers & Hutzler (jointly); First Boston Corp.-Glore;
rities & Co.-Salomon Brothers & Hutzler-Merrill
the company announced plans to offer
sometime in 1963, the right to subscribe
Tower
St.,( Ithaca, New York. Underwriters
Avenue, at Punch Bowl
Rd., Morristown, N. J. Underwriters — (Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; White, Weld
& Co.; First Boston Corp.; Eastman
Dillon, Union Secu¬
1963
(12
York State
Probable
was
Address
Terminal
tion program for 1964 and
(Government of)
1990.
—
April 3, 1963 it
sell
Jersey Central Power & Light Co. (10/1)
July 16, 1963 the company announced plans to sell $18,525,000 of first mortgage bonds due 1993. Proceeds—For
construction and refunding of outstanding 5%% bonds
held of record June 26. Rights will expire
Aug. 26. Price—$24. Proceeds—To increase capital funds.
Address—Toms River, N. J. Underwriter—None.
Florida
New
Kidder, Peabody &
reported that the Government plans
$35,000,000 of external loan bonds
during the fiscal year ending March 31, 1964.
It is expected that the majority would be sold by Dec.
31, 1963. Underwriter—First Boston Corp., New York.
for each 19V2
March
Sept. 11
in the U. S.
additional
an
one
it
1963
Japan
River, N. J.
basis
16,
May 1, 1963 it
reported that the bank is offering
shares
common
—
to sell an additional
Underwriter—Allen & Co.. New York.
its stockholders the right to subscribe for
Underwriter
Address
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co., Inc.; Salomon Bros. & Hutzler.
Bids-
reported that the company plans
$10,000,000 of bonds in the first half of 1964. Of¬
fice—823 Walnut St., Des Moines. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; White,
Weld & Co.; Halsey, Stuart & Co. Inc.; Equitable Securi¬
ties Corp.; Kidder, Peabody & Co.; Eastman Dillon,
Union Securities & Co.; Lehman Brothers; Blyth & Co.
9, 1962 the ICC authorized the company to issue
100,000 common. Price—By amendment (min. $5). Busi¬
ness—A motor vehicle common carrier
operating in nine
eastern states from Vermont to Virginia. Proceeds—For
working capital, debt repayment and advances to sub¬
First National Bank of Toms
tember.
>t
to sell
Oct.
N.
Minneapolis;
Iowa Power &
Jan.
Halsey, Stuart & Co. Inc.; First Boston Corp.;
Morgan Stanley & Co.; Stone & Webster Securities Corp.
Carlstadt,
,
Co., Inc., New York.
ders:
Ave.,
.
Milling Co.
erations in five Countries. Proceeds—For expansion, re¬
search and debt repayment. Address —1200 Investors
Bldg.,
Moonachie
-
International
offering of common stock. The sale will include both a
primary and a secondary distribution. Business—Com¬
pany is one of the world's largest flour millers with op¬
Underwriters—(Competitive). Probable bid¬
July 24, 1963 it
common stock. Office—1130
Underwriter—Kidder, Peabody &
July 8, 1963 the company announced that it expects to
file a registration statement/ covering its first public
April 22, 1963 it was reported that the company has ten¬
tative plans to issue $50,000,000 of first mortgage bonds
in the first quarter of 1964. Office—30 Rockefeller
Plaza,
—
New York, Chicago & St. Louis RR (9/11)
July 30, 1963 the company announced plans to sell $(>,540,000 of 1-15 year equipment trust certificates in Sep¬
additional $8,000,000 of
Co., New York.
Duke Power Co.
Office
Brothers; Merrill Lynch, Pierce, Fenner & Smith Inc.
Bids—Expected Nov.. 19.
Telephone Co.
Alakea St., Honolulu,
Eastern Freight Ways,
Equitable Securities Corp. (jointly); Kuhn, Loeb & Co.;
Meirill Lynch, Pierce,
Fenner & Smijth ine.-Kidder^
Peaoody & Co.-White, Weld & Co. (jointly); First Bos¬
ton Corp. (Preferred) First Boston
Corp.; Dean Wiiter
& Lo.-Smith, Barney & Co.-Wertheim & Co.
(jointly);
Equitable Securities Corp.-Kidder, Peabod> & Co.-Lett
Higginson Corp.-White, Weld & Co. (jointly); Lehman
June 2, 1963 it was reported that the company plans to
offer stockholders in October the right to subscribe foi
(jointly); Harriman Ripley & Co. Inc.-First Boston Corp.
(jointly); Morgan Stanley & Co., Salomon Brothers &
Hutzler-Blyth & Co.-Lehman Brothers-Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).
sidiaries.
Light Co.
April 30, 1963 the company announced plans to sell $15,$20,000,000 of securities in 1964 to help finance its $26,000,000 construction program. Office—176 Cumberland
Ave., Wethersfield, Conn. Underwriters — First Boston
Corp., New York; Putnam & Co., Hartford; Chas. W.
Scranton & Co., New Haven.
April 24, 1963 it was reported that the company plans to
sell $20,000,000 of straight debentures in the 3rd
quarter
of 1963. Office—212 W. Michigan Ave., Jackson, Mich.
UnderwTiters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; White, Weld & Co.-Shields & Co.
New York.
Electric
(559) ' 35
,
(10/16)
.
July 29, 1963 it
was
reported that the company plans to
Piedmont
sell about
$11,000,000 of first mortgage bonds in October.
Address—Fourth and Stewart Ave., Las Vegas. Under¬
writers—(Competitive). Probable bidders: White, Weld
& Co.; Eastman Dillon, Union Securities & Co.—Kidder
Peabody & Co. (jointly); Halsey, Stuart & Co., Inc.;
Merrill Lynch, Pierce, Fenner & Smith—Lehman Bros.—
Salomon Bros. & Hutzler Bids—Expected Oct. 16. In¬
formation Meeting—Oct. 4 (11 a.m. EDST) at 20 Broad
July
140,000
about
was
Potomac Edison Co.
reported that the company plans to
common
Underwriter—To
Underwriter—White, Weld & Co., New York.
England Power Co.
(11/19)
July 10, 1963 it was reported that this utility plans to
sell $10,000,000 of bonds and $10,000,000 of preferred
stock in the fourth quarter. Office—441 Stuart St., Bos¬
ton.
Underwriters
(Bonds)
(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; Lehman Brothers—
common
May 14, 1963 it was reported that this subsidiary of
Allegheny Power System, Inc., plans to raise $12,000,000
in 1964, but has not determined the type of security to
be sold. Office—200 East Patrick St., Frederick, Md.
■'
New
company announced plans to
offer
fall, the right to subscribe for about
shares on a l-for-10 basis. Business—
the
this
New York.
action is
Las Vegas.
Co., Inc.
/
North and South Carolina./
Office—4301
Yancey R.,
Charlotte, N. C. Underwriter—White, Weld & Co., Inc.,;
shares in October. Trans¬
subject to approval by Federal and State reg¬
ulatory authorities. Address—Fourth and Stewart Ave.,
120,000
Gas
Distribution of natural gas in
Proceeds—For construction.
Nevada Power Co.
sell
1963
stockholders
St., New York.
July 29, 1963 it
22,
Natural
be
named.
The
last
sale
of bonds
on
May 8, 1957 was to a group headed by W. C. Langley. &
Co., and First Boston Corp. Other bidders were: Halsey,
Stuart & Co. Inc.; Equitable Securities Corp.; White,
Weld & Co.-Shields & Co. (jointly); Lehman BrothersEastman
Dillon, Union Securities & Co.-Harriman Rip¬
ley & Co.-Merrill Lynch, Pierce, Fenner & Smith, Inc.
(jointly).
^
^
,
\
v
Continued
on
page
36
36
The
(560)
Gas Co. of Calif.
Southern Counties
from page 35
Continued
Commercial arid FxnancxaX Chronxcle
of
000.000
1963 it was reported that this subsidiary of Paciiic ingnurig Corp., pians to sell $27,000,000 of first mort¬
gage bonds in the fourth quarter. Address—P. O. Box
2736, Terminal Annex, Los Angeles 54, Calif. Under¬
writers—(Competitive) Probable bidders: White, Weld
& Co.; Blyth & Co. Inc.; Merrill Lynch, Pierce, Fennei
& Smith Inc.; Halsey, Stuart & Co. Inc.; First Boston
Electric Power Co.
Potomac
stated that it will need $50,-
in 1964 for its construction pro¬
money
new
permanent financing in the early
it has not determined the
to be offered. Office—929
E St., N. W., Washington, D. C.
Underwriters—To be
named. On Feb. 19, 1963 the company sold $50,000,000
of bonds to Dillon, Head
& Co., Inc.; Lehman Bros.,
Eastman Dillon, Union Securities & Co., S'tone & Web¬
ster Securities Corp., and Johnston, Lemon & Co. Other
bidders on the issue were Kidder, Peabody & Co.—Mer¬
rill Lynch, Pierce, Fenner & Smith, Ipc.—White, Weld
& Co.—Salomon Bros. & Hutzler (jointly); First Boston
and expects to do
gram
year. However,
type of security
part of the
amount
or
S'tuart & Co.
Public Service Co. of Colorado
June 4, 1963 it was reported that the company plans
$35,000,000 of 30-year, first mortgage
writers
to
bonds in April,
# Southern Railway Co.
$36,000,000 of outstanding 3% deben¬
Nov. 1, 1963 and for construction. Office
Place, Newark, N. J. Underwriters—(Com¬
Park
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
Merrill Lynch, Pierce, Fenner & Smith Inc.-Lehman
Brothers-Salomon Brothers & Hutzler (jointly); Blyth
Co.;
Rochester
Telephone Co.
March, 1927,
&
Co.; Halsey, Stuart & Co. Inc.
Sears, Roebuck & Co.
Feb. 19, 1963, Allstate Enterprises, Inc., subsidiary, an¬
nounced that it had delayed its plans to form a new
mutual
until
fund
it
clarification
received
of
California
Edison
money
Co.
to finance its 1963-64 construction program
A
spokesman said that the company is considering the
sale of a minimum of $50,000,000 of debt securities in the
fall. Office—601 West Fifth St., Los Angeles. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
Co. Inc.;
First Boston Corp.-Dean Witter & Co.
(jointly); Blyth & Co.-Lehman Brothers-Merrill Lynch,
Pierce,
Fenner
&
Smith
Inc.-Salomon Brothers
&
&
Hutzler
Automating
tures
American
Stock
Edwin
Etherington
has
Exchange's stock
quo¬
tation system
unique automatic voice re¬
a
by
developed
was
The
be
located
Telecenter
its
at
in
On another
for
front, the Exchange's
some
over-the-
1,200
ing sat isfac-
counter
torily and the
agreement with the National OTC
system,
Clearing Corporation. A pilot
de¬
stocks
under
a
service
pro¬
signed to han¬
gram
dle
up
proximately 100 issues about Aug.
000
price and
to 72,-
volume
q u
i
r
hour,
i
e s
1st.
in-
will
will
was ex¬
Since
change's
gin
April
operating
by early 1964
scheduled.
report
E. D.
Etherington
to
the
Exchange
change
being readied
would
at
operate
change's quotation tickers
the
the
and
Ex¬
Ex¬
feec)
membership
member
of
the
program
organizations
authorized for sale this year.
50
seats
Telegraph Co.
ing,^ truck leasing, etc. Proceeds
Office—-460
representatives
were
membership by
will be
An
made
Ave., New York. Underwriters—East¬
man
Dillon, Union Securities & Co., and Hemphill,.
Noyes & Co., New York.
by-company
continued
study based
on
the
listing criteria adopted
regular seat market conditions
if
are
B. C.
—
Report
—■
Christopher & Co., Board of
Trade
64105.
in
reported.
the
quarter, and
total of
a
61
assignment,
In
Etherington
Mr.
14 months, the Ex¬
through July 25th. This raised Ex¬
change has removed 44 issues of
42
membership
to
the
560,
first increase in 43 years.
493 shares in the second
increase
an
over
the
companies for failure to
f
meet
quarter,
listing,
including 20 issues of
companies this
18
year.
66,309,880
shares traded during the first three
Building, Kansas City, Mo.
Trans
Mountain
Oil
Pipe
Line
Company—Analysis—C. M. Oliver
&
Exchange standards for continued
Trading volume totaled 79,086,-
B.
Limited,
Company
Hastings
821
West:
Vancouver
Street,
1,.
C., Canada.
United
Bankshares—
Virginia
Dealer-Broker
Analysis—Craigie & Co., Inc., 616:
aged 1,255,341, an increase of 185,-
Continued from page
23219.
827
available
months.
Daily share volume
shares per day over the first
quarter.
■
For the full six
totaled
new
Syntex
the first half
Governors
of
1962.
compa¬
riod.
The
issues
of
three-month
six-month
30
total
companies
pe¬
of
and
32
30,-
459,809 shares compared with
43
A
Special
ernors
Committee
making
a
careful
of
Gov¬
company-
—
&
Cohu
way,
approved
stock issues of 19
opening
on
months, volume
during the second quarter,
against 12 issues of 11 companies
the
comments
Kansas
City Southern Industries.
nies
in
are
East
8
/>..
145,396,373, down 25,297,-
from
Exchange
20
aver¬
439 shares in the first half of 1962.
1965
International
Topsy's
its
sociate
through
For loan repayment.
—
12th
April 5,1962; has about completed
issues of 40 companies and 43,945,-
favorable.
Union
1963 the company announced that it had ar¬
ranged to borrow a total of $100,000,000 by sale of notesi
maturing serially, one-third at the end of each of the*
years 1964, 1965 and 1966. It plans to refinance the serial,
notes by issuance of long-term debt
securities, but hasi
Light Co.
available for sale to qualified as¬
members
Western
March 6,
the Exchange Board of Governors
Ex¬
regular memberships initially
additional
&
elected to regular
296
coast to coast have applied for the
101
membership, Mr. Etherington said
a combined
ticker-quotation input
station
pro¬
16th, representatives of 80
associate
In his quar¬
terly
participate in the
inauguration
pected to be¬
as
t^egin clearance in ap¬
gram at the start.
an
April 17, 1963 it was reported that this newly-formed,
natural gas pipeline company plans to file a registra¬
tion statement covering an undetermined number of!
common shares to be offered
initially to stockholders of
U. S. Natural Gas Corp. Address—9601 Wilshire
Blvd.,.
Beverly Hills, Calif. Underwriter—None.
was
Thirty-nine of the 80 associate
Approximately 75 brokerage
firms
Co. Inc.
Western Transmission Corp.
in
handled by Kuhn, Loeb & Co. Offer¬
member
Clearing Corporation moved ahead
cilities
&
change
downtown New York.
with plans to furnish clearing fa¬
proceed¬
were
system, which fea¬
Teleregister Corporation and will
reported preparations for automa¬
tion of the
This
sponse,
Exchange Presi¬
D.
Power
information to the data-processing
system.
der, Peabody & Co.; First Boston Corp.; Halsey, Stuart:
reported that this utility plans to sell
$20,000,000 of bonds and $10,000,000 of preferred
about
Quote System
dent
Utah
July 2, 1963 it
(jointly).
ASE
Office^-1100 H. St., N. W., Washington, D. C. Underwrit¬
(Competitive). Probable bidders: Eastman Dillon,.
Union Securities & Co.; Equitable Securities Corp.; Kid¬
ers
,
May 22, 1963, following the sale of $60,000,000 of first
arid refunding mortgage bonds due May 15, 1988, the
company stated that it will need about $66,000,000 of
new
r
reported that this utility plans to»
sell $20,000,000 of bonds in the second quarter of 1964..
was
not determined the terms or timing of the abtion. Office.
Ultronic Systems Corp.
—60 Hudson St., New York.
May 28, 1963 it was reported that a registration will be
Underwriters—Kuhn, Loeb<
filed shortly covering the first public sale of this firm's
& Co., Inc., and Lehman Brothers, New York,
common
stock. While the size of the offering has not
Wisconsin Public Service Corp. (10/8)
been determined, it is said to be a relatively small deal,
involving over 50,000 shares. Business — Manufacture, V March 19, 1963 it was reported that this company
rental and service of the "Ultronic Stockmaster," a desk
plans to sell $15,000,000 of bonds later this year. Office i
i —1029
unit used to provide stock brokers with instantaneous
North Marshall St., Milwaukee. Underwriters—
information on stock and commodity market action of
(Competitive). Probable bidders: Halsey, Stuart & Co..
selected issues. Proceeds—For working capital. Address
/ Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; East¬
—Pennsauken, N. J. Underwriter—Bache & Co., N. Y.
man-Dillon, Union Securities & Co.-Salomon Brothers*
& Hutzler (jointly); First Boston
Corp.; White, Weld &:
Union Electric Co.
Co.; Kidder, Peabody & Co. Bids—Expected Oct. 8.
March 19, 1963 the company stated that it plans to issue
• Yale
$20,000,000 of preferred stock and $40,000,000 of bonds
Express System, Inc. (8/19-23)
by the end of 1964. Office—315 N. 12th Blvd., St. Louis
July 22, 1963 it was reported that the company had filed L
Underwriters—(Competitive). Probable bidders: (Pre¬
an
application with the ICC for permission to sell $6,ferred): First Boston Corp.; Dillon, Read & Co., Inc.;
500,000 of convertible subordinated debentures and 400,Lehman Brothers; White, Weld & Co.; Blyth & Co.,
000 class A shares. Price—By amendment. Business—A.
Inc. (Bonds): Halsey, Stuart & Co.
Inc.; Lehman Brothholding company for subsidiaries engaged in motor ve¬
ers-Blyth & Co., Inc. (jointly); White, Weld & Co.hicle freight transportation, nationwide freight forward¬
Sliields & Co. (jointly); First Boston Corp.
rilling which "has been construed by some to mean that
registered investment companies could not purchase
Sears' stock or would be required to divest themselves
of it, if Sears' itself owned a mutual fund." Earlier, All¬
state said that the fund would be in operation late in
2963 on a "very small scale," and would be started on
a state-by-state basis as approval was
granted. Office—
925 So. Homan Ave., Chicago. Distributor—Allstate En¬
terprises, Inc., Chicago.
Southern
Washington Gas Light Co.
Julyy.2,-1963 it
a
/
SEC
an
Manhattan Paza, New York.
Transcontinental Gas Pipe Line Co.
May 6, 1963 it was reported that the company plans to
issue $30,000,000 of debt securities in September. Pro¬
ceeds—For expansion. Office—3100 Travis St., Houston.
Underwriters—White, Weld & Co., and Stone & Webster
Securities Corp., New York.
—
(jointly);,White, Weld & Co.; Stone
&
ing—Indefinite.
Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co. (jointly); Kuhn,
Loeb
was
(12/10)
Webster Securities Corp.
Bids — Expected Dec. 10.
Information Meeting—Dec. 5 (11 a.m. EST) at One Chase-
writer—To be named. The last issue of Tokyo bonds
May 7, 1963 the company announced plans to sell $16,000,000 of debentures in the first quarter of 1964, but
may do so earlier if market conditions are favorable.
Proceeds
For construction. Office — 10 Franklin St.,
Co.
Securities & Co.—Merrill Lynch, Pierce, Fenner & Smith
Inc.—Lehman Bros,
Tokyo (City of)
May 1, 1963 it was reported that the Diet had authorized
the sale of $20,000,000 City of Tokyo bonds in the U. S
during the fiscal year ending March 31, 1964.
Under¬
Goldman, Sachs & Co.-Harriman Ripley & Co.
(jbintly); First Boston Corp. Bids—Expected Oct. 22 (11
a.m. EDST) at above address.
&
(jointly); Leh¬
Brothers.
Virginia Electric & Power
proposed $12,840,000 offer¬
ing. Office — 70 Pine St., New York. Underwriters—
(Competitive). Probable bidders: First Boston Corp.Eastman Dillon, Union Securities & Co.-Salomon Broth¬
ers & Hutzler (jointly); Halsey, Stuart & Co. Inc.; Kid¬
der, Peabody & Co.-White, Weld & Co. (jointly). Bids—
Oct. 29 (12 noon EDST) at 70 Pine St., New York.
tures maturing
& Co.-Salomon Brothers & Hutzler
July 30, 1963 the company announced plans to sell $30,000,000 of securities, probably first mortgage bonds, in
December.
Address—Seventh and Franklin Sts., Rich¬
mond.
Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co., Inc.; Salomon Bros. & Hutzler—
Goldman, Sachs & Co. (jointly); Eastman Dillon, Union
(10/29)
is the second instalment of
ceeds—To redeem
—80
Co.; Eastman Dillon, Union Securities & Co.-Smith, Bar¬
man
Aug. 5, 1963, the company announced plans to sell $6,420,000 of equipment trust certificates in October. This
plans to issue $40
$50,000,000 of debentures due 1982 in October. Pro¬
(Preferred Stock) White, Weld.
Co.-Stone & Webster Securities
Corp. (jointly); First
Corp.-Blyth & Co. (jointly); Kidder, Peabody &
ney
&
^ Southern Railway Co. (9/5)
Aug. 5, 1963, the company announced plans to sell $6,420,000 of equipment trust certificates in September.
This is the first instalment of a proposed $12,840,000
offering. Office—70 Pine St., New York. Underwriters—
(Competitive). Probable bidders: First Boston Corp.Eastman Dillon, Union Securities & Co.-Salomon Broth¬
ers & Hutzler (jointly); Halsey, Stuart & Co. Inc.; Kid¬
der, Peabody & Co.-White, Weld & Co. (jointly). Bids—
Sept. 5 (12 noon EDST) at 70 Pine St., New York.
July 23, 1963 the company announced
to
&
(Competitive). Probable bidders:
Salomon
Hutzler; Halsey, Stuart & Co. Inc. Bids—
Sept. 4 (12 noon EDST) at above address.
construction. Office—900 15th St.,
Denver Colo. Underwriters — (Competitive). Probable
bidders: Halsey, Stuart & Co. Inc.; Harriman, Ripley &
Co., Inc.-Eastman Dillon, Union Securities & Co.-Merrill Lynch, Pierce, Fenner & Smith Inc.-Dean Witter &
Co
(jointly); First Boston Corp.; Lehman BrothersKidder, Peabody & Co.-White, Weld & Co. (jointly);.
Blyth & Co., Inc.-Smith, Barney & Co. (jointly).
Public Service Electric & Gas Co. (10/22)
1968
Boston
—
Brothers
Proceeds—For
1964.
Stearns & Co. (jointly).
(9/4)
July 23, 1963 it was reported that the company plans to
sell about $7,500,000 of 1-15 year equipment trust cer¬
tificates. Office — 165 Broadway, New York.
Under¬
Corp.; Halsey,
sell
Pacific Co.
Thursday, August 8
Hutzler; Halsey, Stuart & Co., Inc.; Kidder, Peabody &
Co.; Merrill Lynch, Pierce,
Fenner
&
Smith
Inc..
(jointly); White, Weld & Co.-Stone & Webster Securi¬
ties Corp.
(jointly); First Boston Corp.-Blyth & Co.
(jointly); Eastman Dillon, Union Securities & Co.Smith, Barney & Co. (jointly); Lehman Brothers-Bear*
Corp.
Southern
j
,
stock in the second quarter of 1964. Office—1407 West
North Temple St., Salt Lake
City. Underwriters—(Com¬
petitive). Probable bidders (bonds): Salomon Bros. Sc
Jan. 2,
July 30, 1963 the company
,
Analysis
—
Win slow,
Stetson, Inc., 26
—Hannaford
fornia
&
Corp.
—
San
Francisco,
Inc., 14
St., New York, N. Y. 10005.
Industries
Texas
Carreau,
—
Smith,
Analysis
—
McDowell,
Dimond, Inc., 115 Broadway, New
Vnrb-
R
TNI
V
Corporation
Steel
Analysis
Moore,
—
Union
Lynch,
26:
Leonard
Trust
—
Sc.
Building*
Pittsburgh, Pa. 15219.
Edwin
Cal}f. 94104.
Texaco Canada Limited—Report—
Wall
Smyth,
&
Broadway, New York, N. Y. 10004,.
Washington
Analysis
James Richardson & Sons,
Products—Analysis
Bullard
Broad¬
Talbot, 519 Cali¬
Street,
Street, Richmond, Va.,.
Oil
Universal
—Filor,
New York, N. Y., 10004.
Systron-Donner
Main
L.
Wiegand
Analysis—Moore,
Company-
Leonard
&
Lynch, Union Trust Building*
Pittsburgh. Pa., 15219.
Wolverine
Analysis
—
Shoe
&
Watling,
Tanning
Lerchen
—
&
Co., Ford Building, Detroit, Mich.,
48226.-
•
Number 6288
yolume 198
.
.
The Commercial and Financial Chronicle
.
doubt
no
Encouraging Factors Easing
World Dollar Pressures
gold
the United
'These may
in
drawings
arrange-
swap
authorities.
arrangements in effect
swap
•enable foreign monetary authori¬
to hold dollars
basis.
transactions
on
their
to
rencies, and thus to
own
cur¬
extent
some
substitute
a
gold
a
guarantee,
for
gold.11
the
in
would
S.
securities
denominated
foreign currencies increased by
the
in
large amount of $275 million
the
first
four
months
this
of
:year,12 while the gold outflow
was
$140 million. Comparable data
drawings
ments
under
have
arrange¬
swap
not
yet
on
made
been
available.
(3) Finally, gold outflows from
the
United
•extent
•don
there
•of
States
reflect
market.
tends to
gold
to
low
A
price
reduce the amount
purchased
in
the
United
the
by.
well
now
known
that
major industrial countries set
-
gold pool at the end of 1961
up a
to
:
•
in
operate
the
London
gold
market. This pool attempts to coordinate
purchases,
regularize
>day-to-rday price fluctuations, and
keep
the
within
of
range
gold
gold nool is intended
another
period
ulation, such
in
prices
The
acceptable limits.13
the
to
fourth
of
developed to
string
agencies
To
chased
for
monetary
for
in
reserves
this front
on
brief
Sharp Hike in
Gold Holdings
The
Price
a
gold pool is
•effort.
It
gold is
the
present
cooperative
a
reflects
that
Stabilizer
the
international
finan¬
cial system and that large fluctua¬
tions in the price of gold disturb
the
smooth
functioning of that
;system. Large and rapid increases
in the
on
price of gold tend to feed
themselves,
the
thus
threatening
stability \of the international
financial system.
of the
The operations
gold pool
lective
represent
that
assurance
col¬
a
the
price
of gold will not
again be allowed
to get out of hand.
In
1962, the price of gold
London
$35.06
market
an
fluctuated
to
ounce
prices
year
on
have
the
thus
$35.20;
will
added
be
for
mand
gold
speculation.
private
for
industry,
poses:
is
monetary
re¬
This depends upon the de¬
serves.
that
to
the
The
arts,
amount
and
of
into monetary
goes
pur¬
gold
reserves
residual, and has shown great
a
variations:
$695
mililon
in
1959;
$335 million in 1960; $630 million
in
1961; and $305 million in 1962.
The
private
1962
was
the
offtake
about
largest
War
gold
in
million—
in
amount
any
one
the: end
of
World
II.
This
result
isfactory,
have
it.
been
These
the
is
to deal with
proposed
of
large increase,
a
gold,
or
ounce
unsat¬
remedies
many
include
price
an
obviously
and
to
perhaps
$100;
even
intervals
and
of
by
stated
demonetizing
thus
re¬
amounts;15
Swap
arrangements
facilities on a
credit
making gold the
and
operations
The
copper.
stated
stand-by basis. Util¬
ization
of such swap lines takes the
form
of
drawings.
For
example,
when
the
Federal Reserve initiates a
drawing under
its
swap
National
In
a
Swiss
francs
to
National
swap
period,
11
-and
have
See
it
buy
Bank.
return
A.
Reserve
the
Swiss
might
the
by
the
Gold
U.
policy,
three
the
taken
market
Operations,"
Federal
Reserve
Bank
of
New York,
Monthly Review, March 1963,
p.
39;
Federal
Reserve
Report, 1962, pp. 30-34;
Bank, Rapport, 1962, p.
12 On
April 30,
1963,
held U. S. securities
own
to
ury)
do
help
for
will
the
be
offtake
the
and
be
of
arts
surprising
and
to
lion;
and
Switzerland,
U.
S.
million.
13
Presumably smaller than those cre¬
by shipping gold to, and obtaining
from, the United. States, i.e., ap¬
proximately $34.80 an ounce to $35.20.
ated
gold
•
that
may
for
con¬
if
that
for
were
of
the
payments
will
Stronger
financial
and increased
the
these
an
prime rate has
steady
4%%;
at
re¬
Short-
interest rates have risen be¬
the Federal Reserve System
Treasury have tried, with
success, to shift their offer¬
ings to the short end of the
eration make
it
increasingly
tain
that the international
cial
structure
successfully.
will
A
in
provement
coop¬
be
cer¬
finan¬
defended
considerable
international
im¬
con¬
fidence would, of course, not only
reduce current hoarding, but re¬
sult
in
substantial
mar¬
dramatic
most
part
of the
financial
Freedom
is
of
scene
deals
on
the
the
its
of
largest
is
in
the
the
single
Bank
of
market
in
account;
pool; and
as
own
gold
newly
mined
Africa.
South
In
African
,
to
as
factor
finance
meet¬
a
the need to
on
disturbing
short
term
-
selling
agent
for
$677.6
million,
of
which
than
99% went to London.
This
much higher than in 1959-61.
(International
Financial
News
Survey,
more
figure
of continental
sur¬
The basic balance
Europe fell from $3
billion in 1958 and
lion
$500 million in -1962. France had
of
financing
to
the
United
1959 to about
basic surplus of about .$1 billion
Kingdom under the Basle Agree-,
a
in
level
of
eco¬
nomic
1962;
the
other
countries
in
this
has
in
the
Rates
steady
ket.
surpluses, and together had
basic deficit of about $500 mil¬
jhe United Kingdom in February
a
|and
March of this year suggest
lion. The shift in the .basic balance
size and the speed of such as¬
Europe has not yet
*the
sistance.
A
far enough to restore equi¬
gone
substantial
the
of continental
role
is played
by
International Monetary Fund,
re-financed
the
Basle
the second line.
credits)
in
The authority of
librium
Fund
to
its
use
resources
clarified
was
do this
in
1961.
to
Its
increased
was
These
1962.
Arrangements
call
billion
which
resources
may
pro¬
to
on
of
the
finance
drawings. Ten Fund members are
been
which
has
often
so
the
receiving end of
short-term capital movements, is
on
considering
the
associating
extent
The
itself
to
dollar, indeed, the niajor question
may
now
be whether the con¬
tinental European
countries will
draw / down
of
major
industrial
with
"} large-scale
ments
capital
than
now
at
is
answer
an
have
we
in
time
any
ques¬
should all like
whether
they
the
in
Utilized
the
why
reasons
rates
wage
in
ments
suggest
industrial
prepared
of
countries
mentally
clearly
There
is
his
less
feed
for
of
interest
have
likely to be
are
less
and
capital
speech
specu¬
mod¬
more
disturbing than they
for several
been
*A
short-term
arbitrage and
delivered
years.
the
to
American
Retail Federation in Washington, D. C.,
by Mr.'Altman. The views expressed are
personal, and are not necessarily those
of the International Monetary Fund.
Dayton Firm
DAYTON, Ohio
Opens:
Freeland
The
—
Company, 1139 North Main Street.
Officers
Harold
are
President
and
M.
Freeland,
Treasurer;
B.
Vice-President;
Malcolm D.
come
in
to
Interest
interest
Rate
rates
Spread
in
the
United States and in Europe have
DETROIT,
come
closer together.
the
New
of
short-tifcm
capital
for
purposes
of
interest
York
in
the
data
on
of
statistical
basic
balances
uncertainties,
in this para¬
be regarded as indications
of
an
order
of magnitude
rather than
as
precise
estimates.
In
general, the
basic
surpluses tend to
be underesti¬
mated, and the basic deficits to be over¬
should
estimated.
Ben¬
Exchange
dealers
for
Michigan office in Northland
Towers, Southfield, Mich.
office
will
A.
10 years,
firm
The
Jr.
for
a
part¬
t he
large
and
years
a
partner for the past
two years.
^
Special Trial Subscription Offer
r
FOR NEW
CHRONICLE
for
25 PARK PLACE
•
NEW YORK 7, N.Y.
-
a
started, to
once
tion,
There
movements
Fill out the coupon below and we will send you
the Commercial
and Financial
!
of
h^ve reflected
has been
sometimes
active,
that
currencies,
the
latent
or
expecta¬
and
weaknesses
in
-n
SUBSCRIBERS
COMMERCIAL and FINANCIAL
The
see
distrust of sterling and of the dol¬
lar.
past
and Richard A. Carman,
who has been with the firm for 17
information regarding our special
capital
by
managed-
Benton,
the
of
ner
be
complete
trial subscription offer to
Chronicle without obligation. (
;
v..
■-
Surplus
Second,
31
have opened their seventh
years,
Robert
Developments
arbitrage.
Stock
investment
This tends
reduce the flow
to
Michigan Office
Mich.—Manley,
nett, McDonald & Co., members of
and
doing
Europe's Declining Payments'
short-term
C.
and
Basinger, Secretary.
trends
Another
Narrowing
and
itself.
on
developments and political shocks
continue.
well
likelihood
start—or,
reason,
are
as
stake
"run" to
some
the
recognize
to
in the
recent develop¬
these
mar¬
..
there is
Freeland,
that
on
year,
compared with 8%
in Germany; and
are
rates
feeling the
are
•
Italy, 9% in France, and 12%
have indicated the
years
of
because
increased 3%
United States,
and
of
rates
rates. Last
1962.
1
experiences
financially
more
wage
16 Because
Why Defenses May Not Be
as
pertinent
more
trends
graph
three
to
reserves
of
Europe
that, barring unforeseen
movements
economic growth. This question is
the
are
ad¬
will
to.
There
their
high
move¬
the last five years. But the
tion to which
substantial
continued
Finally,
countries
part
-
short,
est
sterling and. the
loans
•
think
the pressure
on
in.
substan¬
of the Euro-dollar
.
lation
of $200 million.
thus better equipped to cope
are
maj or indus¬
In
to
trial countries, but it has reduced
into force in
additional $6
an
Fund
came
the
among
v
in
falling,
commercial
pressure
to
in¬
rate
quarter
interest
or
continental Europe had deficits or
assistance
be
not
down
come
second
of
minor
million of
will
discount
tially from its high point of 6%
the
$250
rate
The
Canadian authorities in 1962, and
was
May
10,
1963,
p.
165,
quoting
The
Times, London, April 9, 1963.)
15 See
Fritz
Machlup, "Comments cn
the 'Balance of Payments' and a
Proposal
to
Reduce the Price
of
Gold," Journal
of Finance, May 1961.
extreme
capital movements. The $900 mil¬
of
gold
shipped
from
1962, total shipments
gold to all countries
of
Exchequer
Canada
ing of the minds
had
ments; and each has
representative
the
creased.
have
deal with disturbing capital move¬
this
the
that
better
in
and
program
erally realized. Its
inter¬
England, which
three capacities:
4%
for five years.
so.
14 The
market
to
announced
plus has been falling continuously
countries
major
worthwhile purposes. Yet there is
United
trial
serves
and
are
the
central banks of the major indus¬
the
since
reduced
was
recently
the
move¬
capital
valuable
of
year
expanding
past few
reasons
in
to stop the run on sterling.
Rate
in
January of this
Bank
for
necessity of acting cooperatively,
promptly,
and
massively.
The
ar¬
1962, but
to 7%
ance.) But the change in the posi¬
a Mutual Currency
designed in part to tion of continental Europe lias
are
interest
speculation, have constituted
national
$660 million in
interest
Kingdom have been falling since
1961, when Bank Rate was raised
of
movements,
of
ad¬
of
differential
activity
in
the
United
Kingdom suggests, as a minimum,
dishoarding
capital
of
Rates
The
end.
perhaps been greater than is gen¬
First,
reasons
receipts
longer
Chancellor
United
the
they may not have to.
Short-term
$2 billion
a
shift their demands to
the
of
deal with the same problem. The
from the large stocks of gold ac¬
cumulated in the past.
partly for
United
The
to
not included in this bal¬
Exchequer
Kingdom, for
defenses
international
its
repayments of foreign debt
vance
totaled
by the General Arrangements to
gold
debt.16
(IX. IS.
mittedly
strengthen confidence in the dol¬
lar.
deficit.
finance
Strengthening
balance
amounted
$150
those
Proposals
Borrow, which
speculation
decrease.
4.
Austria,
$25
million;
Germany, $200 million; Italy, $200 mil¬
States, however, had
ments
controlled.
—
transactions
government
not
South
four countries
denominated in their
mained
term
capital transactions,
Roosa,
finance short-term capital move-
granted
current
of
Treas¬
by
Mr.
Reginald Maudling, Chancellor of
Account,
payments
the
finance
occur.
balance
of
Mr.
of
Switzerland,
Board, Annual
Swiss National
currencies:
the
been
excluding advance repayments of
party to these Arrangements, and
it
Toombs, "Treasury
Foreign Exchange
have
these weaknesses.
balance
pres¬
the
francs.
of
and long-term
tinue to increase slowly, it would
ment
months,
Swiss
counterpart of
the
Declining
these
the
do 11 ars,
Gov¬
S.
Hoarding and
be
may
Swiss
of
balance
(associated
of
name
.Secretary
move^
fense, and sometimes (as when it
silver
as
official
the
Speculation
francs.
from
end
The
network of
a
arrangements
ability to
Sees
1958.
use
dollars
At
usually
to
Charles
Federal
acquires
case,
Swiss
would
with
arrangement
Bank, it
typical
capital
to
kind
same
ent price of gold at $35 an ounce.
It
designed
sometimes in the first- line of de¬
ernment, is to maintain the
be¬
mutual
are
by
entirely,
gold
non-monetary metal
often
United
short-term
swap
ducing the price of gold at regular
bitrage and partly for
10
increase.
payments surpluses of continental
ment in 1961, the assistance to the
since
year
of
$1,200
The
ments, and has made
this
tween $35.05 and
$35.12. The price
the
would
with
between short rates and long rates
has been reduced.
Under
production
from
fluctuated
of
associated
the
with
judgment hoarding
important part of
an
be
basic
limit speculation, it cannot deter¬
Though
as
normally
in equilibrium with respect to its
mine what part of gold
industry
Gold Pool
the
ket and
stand-by
$41.
present business cycle
and
deficits
The
the
In 1962, the United Kingdom was
vide
almost
States.
though the upswing in
years even
States
don
to
be suggested
can
listing.
reduce
can regu¬
larize the price of gold, and
1960,
ounce
large
re¬
markably steady for the past two
exchange
1962's Private
Though the gold pool
;
an
Kingdom
long-term
on
has engaged in extensive forward
London.
that the price of gold in the Lon¬
$35.25
Arrangements
Defense
deal
when the price of gold was
rapid¬
from
of
United
Currency
ly bid
up
with them.
United
the
rate
corporate bonds has remained
some
spec¬
of
quarter
in the balance of payments
nesses
37
States have been unusual.
interest
and
the "gold bubble"
as
considerable extent, these feelings
have reflected the periodic weak¬
policies and procedures have been
cope
not in¬
The
analysis. Nevertheless, the activity
nrevent
of feverish
in the price of gold. To a
United
it suggests that gold is being pur¬
in
IV
is
have been increasingly recognized
in the past few years and various
bring
increase
an
cause
$70
•
It
movements
capital
would
or
and the
official
some
iStates.
•
term
-
liquidity,
devaluation
greatly increased holdings of gold
developments in the Lon-
gold
short
of
aspects
national
about
Europe, which have financed its
yield
profit. Foreign holdings of
a
U.
in
which
circumstances
them
disturbing
These
disturb¬
very
adequately with these
foreign
'They do not, however, constitute
same
less
is
ing.
be
defenses would require a separate
foreign
of
types
the
protect
•dollar relative
as
was
large-scale capital
can
purposes, and
to
legitimate monetary
covered
a
Both
^holder against devaluation of the
serve
This
ounce.
an
week
than the price at which the U. S.
and foreign monetary
ties
last
that
movements
Treasury is prepared to sell gold
under
forward
$35.07%
of
and
foreign currencies,
rments10 between the United States
'The
close
States.
be securities denomi¬
used by
nated
the
at
Continued from page 10
(561)
often
these
shortages of inter¬
Name
Firm
!
——
1
38
The Commercial and Financial Chronicle
(562)
STATE of TRADE and INDUSTRY
Some
ule.
1
Continued from page
net
doubled
Net
dollar
of
from
the
and
4%
quarter's
first
almost
were
3.75%
the
double
sales
per
to
the
in
rate
of
a
These
other
and
projects
ahead of sched¬
year
take
heavy
ting
basis
the
for
pickup
a
in
and
Truck
All-Time
Reached
Monthly High in July
Combined
duction
Output
in
S.
U.
truck
and
car
plants
pro¬
during
•
of
quarter of last year.
27%
sales
in
quarter's. Also
the first
over
of
volume
dollar
the
5
ment will not amount to
sharp
a
of cost reduction.
all
considering
impressive
more
that
steel
tinued
ing
employment costs
that
and
climb
to
operat-
amounts set aside for depreciation
('and
under
depletion
guidelines
the
reckoning
for
So far in the third
quarter, in-
is
activity
matching the fast
just
about
set in the
pace
the
good state of business is Steel's
second
Mirroring
quarter,
index
industrial
of
statistical
The
unit
output
That
1962
at
is
quarterly
better
than
will
three
place
months
castings,
Respondents
inventory building
some
take
of com-
survey
inventories.
indicate
the
over
next
particularly
—
machined
in
components,
and mechanical rubber goods.
^
ot
am
i,
Steel's
«
4%
Drop
i-
"vr*
i
i*/r
Ninth
Decline Marks
Past
Ten
But
Weeks
Cumulate 196I Output Is 12.4%
^bOVC 1962 Pe"0d.
According to data
compiled by
*
the American Iron-and
stitute,
production
Steel
for
the
In-
week
fj" IS! rnS
agamst 1,856,0°° tons
ill ml m
I f y
edged
and
below
tion
the
was
since
the
out
of
the
week's
,
de¬
the
base period's average
put
I enim?
weekly decline
past ten weeks. Last
cline
The
weekly out¬
fixed
agency
including
783,925,
Dec.
year's
29-ending
week!
weekly
net
high
was
achieved
tons
May
.
,.
.
f u"^utalled
the
in
past two years and last equaled
mid-March,
1961.
The
For
Aug.-3-
the
by
tenth
year,; the
12.9%.
rate that would
a
week
in
a
cumulative
,a
,
row
,01 ,60'?00'00°
Yl
Is, 12,4qS
d 61,501,000 ' net tons.
" l!f \ 1962
of "'.
„
ab-l,
production
undex of ingot
moving
This
far
has
ahead
Week
..
District—
Ending
Aug. 3
North
East
July 27
93
94
Coast—.
-
Pittsburgh
_
_
is
products
for
schedule,
stepped-up
construction
specific
some
outstripping
all
Youngstown
_
production for these
products
through the inventory cor-
even
rection
period.
(The
outstanding
example is galvanized steel which
is
likely to be tight through the
Age
of
many
comments
the
major
panies, 'Vsecond
^
were
ance
that
Detroit
steel
quarterl
F
,he
com_
returns
major
steel
the second
ancj
quarter 1962 earnings,
102%
the
over
first
quarter
metalworkingl
" But the
that
(PPt0g
weekly
steelmakers
scarcely
had «™e to enjoy the results beout, the correction following
the
steel
full
labor settlement
in
was
Iron
Age
market
adds
these
regional
Pittsburgh
ments
Order
—
improve¬
reported at two mills,
are
holding firm or inch¬
ing upward. A 10% order gain at
mill is regarded
one
buys
the
ab0ve
With
overall
provement
earlier
short
a
indi"
lead
times,
September picture is
uncertain.
But
August
over
im-
some
be
can
Chicag0
area
records
this
mi]ls
Steel
year.
wt
could
service
centers, for which Chicago is the
national
center, are showing un¬
expected strength. Many continue
113
10
run
to
20%
the
last year,
over
July
chains
slump.
Ware¬
also
report
Chicago
na¬
tion.
Cleveland
ness
probably
in
—
Ohio
the
Construction
has
busi¬
turned
most
into
active
steel
market while inventories of sheet
auto
at
.99.6
and
95.7
appliance plants
are
worked down. While weather has
of
production
production
for
based
1957-59.
on
average
high
new
a
truck
been
in
been
a
drought
boom
stages,
to
it
has
construction.
'
t
.
■
•
•
.<
.*
i
*
,
■
in
last
year,
turned
102,863
units
were
out.
Truck
for
cars
cars
1963
in¬
an
1:3.3%
or
corresponding period of
116,306
36.7%
or
cars
61
were
i.
'
Z\ z
a
type
traffic
in
I
class
60
in
the
ago.
year
prevailed
A
which fell
to
and
ago
in
58
the
year
one
corresponding
week in 1961.
Intercity Truck Tonnage Volume
Again Tops 1962 Week
week
ended
Wholesale
comparable
decline
in¬
under
205
of
the
of
in
1963
war-time
1951,
is
record
when
1,412,149
made in the entire year.
were
the
responding
week,
shown
1962
the
Associations
truck
gain
a
basis.
shown
cor¬
Aug. 2. For the sixth
consecutive
year
the
1962,
in
of
Trucking
announced
the
4.1%
was
volume
week
American
has
27
on
These
tonnage
year-to-
a
have
reports
steady increases
the
over
level, and the latest report
the
represents
gain of this
substantial
most
Truck tonnage
year.
was
3.2% ahead of the volume for
the
from
$100,000
235
dispute at
to
last
number of Western
a
increases
Portland,
labor
local
a
resulted in
week
These
of
and
cities
large week
for
Denver,
Francisco.
San
down
were
sharply
reached
was
wholesale
model runouts have been reached
since Dec. 20,
by the
Buick
visions
have
already
has
and
scored
were
Chevrolet
already
di¬
Corp.
set
Olds
and
million
cars
than
more
Chrysler Corp., winding
model
work
last
'63
its
at
Ford Motor
the
scheduled
to
to
had
complete
five
work
week,
plants
programmed
cars
Corp.
account
39.0%;
American
was
for
carriers
throughout
Motors
3.9%;
and
of
the
Bradstreet, Inc.
it
eased
week-ago
Chief
the
Stude-
r
Lumber
in
from
re¬
the
week
600,850
ended
freight
general
1962
to
was
above
the
of
the
to
lesser
a
hogs,
represented
production
fell
16.8%
Week
rubber.
33,719
cars
5.9%
or
corresponding week in
and
increase
an
1.6%
above
sponding week in
Ton-miles
of
9,549
the
in
the
•
ended
would
stronger
flour mills
of
generated
1963,
proximately
of
crease
estimated
are
12.8
10.7%
at
billion,
with
the
over
Following
levels,
1962
shipments
orders
new
weeks
the
are
board
of
fell
over
causing
successive
day except
Friday.
The
daily wholesale commodity
index
slipped to
the
for
July 28
July 20
1963
Production
New
___
orders
__
1963
1962
194.405
193,392
233,772
209,336
207,448
245,268
210,523
—
Shipments
206,546
day's
266.43.
trailed
and
loaded with
15,000
revenue
or
more
highway trailers
or
highway
(piggyback)
ended July 20,
included
total).
1,823
1963
in
that
This
was
cars
or
corresponding
in
the
13.8%
week
electric
the
a
cording
to
Institute.
the
compiled
below
of
output
the
a
the
kwh.,
week's
corresponding
1962
and
the
Index
But
Week
Dun
The
running
for
index,
Bradstreet,
Aug.
on
high set on
which
has
over
last
slightly
the
weeks,
eleven
past
the comparable
•
week of 1962.
Eggs, hogs and bellies fell most
in
wholesale
coffee.
numerous
foodstuffs—wheat,
with
cost
Higher
more
and
in flour
quotations
with
corn,
ten
oats,
rye,
lard, butter, milk, cocoa, potatoes
and
steers—inching
The
Dun
wholesale
2,-
total
&
but
upwards
In Latest
Following
an
of
is
trend of food
prices at the whole¬
Retail
Buying Wilts in Heat
But Still Tops Year Ago
With
shopping
heat
extreme
with
summer
some
of
chases
ended
continued
narrowed
standably,
boomed,
failures
dress
the
Dun
preceding
&
upturn to
an
week,
Bradstreet,
re¬
Inc.
Considerably fewer casualties
curred
than
in
406.
As
fell
14%
of
the
in
when
1961
well,
Failures
in
toll
when
of
the
week
came
there
business
short
277
similar
the
oc¬
to
were
mortality
liabilities
sleeve
attracted
for
travel
dealers,
car
Demand
fans,
sagged
total
di¬
with
the
air
of
31
ranged
J
:t ft
from
.tf'ftl
•'
2
in¬
and other ap¬
limply,
dollar
con¬
but
freezers,
furniture
in
mixed
a
goods
soared
for
and
was
home
the
sta¬
How¬
resorts.
and
f.
volume
of
tail trade in the week ended
1939.
with
in
ditioners
The
men's
short
Vacation
weather
the
pliances
Swim-
and
restaurants, service
temperature
pre-war
Under¬
best.
shirts
sport
motels
vision.
althougji
recreational
men's
activity
blessing
terest
I
last
top
margin.
fared
buying.
sparked
to
women's
and
and
lively
ever,
pur¬
week
the
level
summer
both
wear,
roadside
in
in
by
of
losing
retail
steam,
in
and
July 31. However, over-all
tions,
ports
clearances
their
volume
a
wilting
humidity
slackened
ended
after
zest
and
or
com¬
chief
general
level.
comparable
downs,
the
show
to
It is not
Its
index.
year's
erratic pattern
foodstuffs
raw
in
12.3%.
of
industrial
1
31
cost-of-living
a
>
total of the price
and meat in general use.
dropped back to 238 in the week
Aug.
rep-
kwh.
Week
and
Inc.
index
price
sum
pound
per
Bradstreet,
food
merchandise
level
&
index,
week,
1962
gain
and
the
above
16,565,000,000
year-to-year
or
the
ago
from
Price
Food
Last
by
23.
year
es¬
Electric
previous
kwh.
of
310
above
index
the
month
a
decline since the 1963
light
164,000,000
was
18,771,000
042,000,000
were
of
of
registering the second weekly
energy
was
Edison
Output
year
over-all
well,
year ago.
Below
sale
electric
Saturday, Aug. 3,
last
increase
of
12.3%
Week
timated at 18,607,000,000 kwh. ac¬
week
(which
week's
an
con¬
Mon¬
on
drastically
Wholesale
industry for the week
power
ended
1962
of
by
and
reported
one
tainers
amount
distributed
and
Shows
Over
mercial
cars
As
the 268.87
fell
272.22
231,922
Output
Gain
272
were
265.41
day, Aug. 5, down from last Mon¬
resents the
July 27
in¬
1961.
and
their buy¬
up
rises in its price every
in
figures
feet
indicated:
ups
corre¬
even
failing to offset the downturns.
weekly
sponding weekiof 1962 and 12.0%
stepped
wheat
been
lesser declines registered
associa¬
16.8%,
and
ap¬
an
and
exporters
sharply?
9.2%.
car-
loadings in the week ended July
27,
not
received
Downswing in Business Failures
by
have
had
July 27,
corre¬
'
1961.
cotton
-
The effect of these down¬
turns
ing
by declines in
silver,
this week stood exactly even with
lumber
fell
14.6%
total
an
degree
lambs,
were
kwh.
AA..
loadings
or
increase
an
week.
of
of
announced
2.2%
or
cars
preceding
cars
Association
»
of
drops in sugar and flour followed
July
reports
regional
Compared
27, totaled
Railroads
This
1.
ug.
ft3,157
the
cars,
American
July
was
impact
6,
country.
the week
The
in
,
levels.
clownslide
sharp
Inc., eased 0.3% to $5.93
tions.
Over 1962 Week
freight
comparable
com¬
of
production
according*,
Electric
revenue
?
index
year-ago
of the
cause
the
more
at
Production: Down
From
Carloadings Show Gain of 5.9 %
Loading of
below
and
extremely
function
baker, nil.
While
slightly by Aug. 5,
up
remained
been
Lumber
ex¬
57.1%;
Chrysler,
report
handled
tonnage
mon
Saturday
a
The
than 400 truck terminals
thousands
GM
to
Economics.
flects
1.
Co., which will be
103,266
Ford,
Aug.
on
Aug. 3.
on
last
'57,
Hamtramck
maker
car
operations,
shift
since
year
Dodge plant
(Mich.)
port
feet
its
it
Even With Year Ago
country totaled 194,405,000 board
up
level
when
The wholesale food price
2.2
*
price
week
conducted by the ATA De¬
areas
will conclude
63,
last
.
general
partment of Research and Trans-
industry
new
a
producing
in
seven-year
by
division, which
record,
biggest
It
runs.
period for Pontiac
Cadillac,
Buick.
Motors
completed
record
Olds-
Cadillac
and
General
of
a
Pontiac,
makes.
many
mobile,
commodity
Thursday
weekly survey of 34 metropolitan
by
.
plunged to 264.66, reports Dun &
These findings are based on the
car
year.
week.
assembly plants, 1963
In the
in the
Commodity Price Index
The lowest point
1960
previous week of this year.
Settlement
-
also
Hits 32-Month Low
had
in
tonnage
July
33
were
previous week and 266 last
on
Intercity truck
to
and
casualties
among
volving liabilities
year's
this
week compared with
44
dipped
earlier
period
corresponding
There
terminals
production
There
116
103
posted
increase
98
._
1961.
of
S. railroad systems originating
this
made in the month. In July
'j Chicago—While steel mills sus.,
above
tained a slowdown in order rates,
it's still assumed that at least two 1962,
is the strongest market in the
100
nation's
the
were
The
seen.
107
industry
merely
as
^ ^b^Ke* W
Louis
-
sched¬
in 1951, when 111,797 trucks
late-month flurry. Another mill
Southern
Western
loomed. Car
29
overtime
came
pected
reports:
house
"
rail strike
a
rail tie-up was averted.
a
industry
Of
force.
91
120
./Cincinnati
♦Index
as
Meanwhile,
ended
1963
72
133
intensification
second quarter ?1963v
output in the present week.
earnings were 98% higher than
despite
101
-
of July
relaxed
compani
89
137
Chicago
weekly
ules
highs
84
-
reflecting
deadline
for
quarter ^earnings
bcst
1959
was
units above the in¬
production when
and
Iron
to
■
Total
of
was
of the year.)
rest
110
-
down from
week
weeks
50,700
the
more
week
29
433,060
and
or
a
piggyback loadings
first
of
above
ex-
pectations, leading to a high rate
of
total
car
dustry's original program for the
rivaling
Demand
91
...
Cleveland
!!
in
of
use
the
July unit building. Previous high
steels,
74
Buffalo
St.
com-
market,
of
resulted
Production for
'
"
a
(3) Because of the dry weather,
major construction projects are
total still
Jan. 1 topped the year-ago period
v
not
are
cause
the1
plete collapse in
cations.
><output of ingots and castings since
'i
of steel
users
trying to correct their inventories
at
tember
week
years
1962,
$100,000
from 37
ahead
year.
said
about 32,000
makers
produc¬
,i
I"tb
indica-
with others
2,626,000
this
earlier
over
(2) Major
1957-59
lowest
Christmas holiday
last
10% im-
a
tions.
were
ninth
says ^is is due to
provement
such as bearings, gears, cylinders;
i
,
last
bobm
business
ponent
month
Ward's
tember show perhaps
(4)
expected is also reflected in
Steel's
the
(1) Automotive orders for Sep- month,
high mark.
was
through
these factors:
production demand for
which is only 2% under the
(
demand
|-*rorl
new
depre-
ciation for Federal tax purposes,
dustrial
growing
con-
increased
included
costs
the
above the
U.
the
Thursday, August 8, 1963
"
autumn months.
Second quarter earnings are
the
for
in
above
were
in; production processes; and intensification
:
the rate of improve-
says
rise anything like the high rate 655,194 cars and 128,731 trucks.
higher rates of operations in the of production during the year's The total for passenger units was
second quarter; price increases on inventory buildup. But the maga- second-best for any July only to
some products, primarily those in
zine says the market is showing 659,763 in 1955 and was 11.2%
strongest demand; improvements underlying strength that indicates above 589,002 cars made in the
earnings
the
sweetening
~
weekly
39.0%
or
Cumulative
crease
Car
steel output within the next four July reached an all-time record
Contributing to the improve- to six weeks.
for
the
month,
Ward's
Auto¬
ments in earnings was an increase
The national metal working motive Reports said on Aug. 2.
second
'
cars
.
week.
totaled
fabric, and hot-roller sheet.
tion will start in September, Iron
Age magazine reports. The order
rate has already turned up, set-
4,212
1961
tonnages
plate, structural, welded wire
The comeback in steel produc-
quarter.
6.3%
profits
jumped
Start in September
quarter
of the first
that
Will
Steel Production Comeback
16
profits in the second
bridges
almost
are
.
.
to
*|Ct
5%
'
re-
July
higher
•
••
,
Volume
198 5 Number 6288
.
.
The Commercial and Financial Chronicle
.
(563)
last
'than
collected
Bradstreet,
mates
according to spot
year,
estimates
Inc.
varied
Dun
by
Regional
from
&
esti¬
department
11%
for
sales
store
the
four
were
up
week-period
ending July 27.
comparable
A
flash
Corporation, Dick & Merle-Smith,
Hayden, Stone & Company,
District
ond
figure
for
New
York
tion,.
Hughes
&
1962 levels
by the following per¬ City's sales for the Aug. 3-ending Company, Auchincloss, Parker &
centages:
New
England —5 to sales week revealed a plus 3 % Redpath, Allan Blair & Company,
—1; Pacific 0 to +4; East North increase. In every week since J. A. Overton & Company and J.
Central
North
West
and
Central
June 1,
gain for
a
Central the N. Y. C. department stores
+3 notwithstanding the N. Y. City
South
+1
to
+5;
East
-j-2
to
-f 6;
B. Hanauer & Company.
Middle Atlantic
to
+7;
Central
South
West
Mountain
+4
to
lantic
to
and
South
At¬
+9.
+5
+8;
Sales Rise
sales
four-week
on
Board's in¬
the
ending week compared with
period
gain " over
the
week
year-ago
In
over
a
C
'
„
'
'
*
1
to
dollar volume in¬
(adjusted)
that
over
corresponding period
of
set
'
,
the
S.
U.
the
put
the
the Census,
Commerce,
above
week's
a
ago,
year
gain registered
same
alone. The
stores
department
by
of
contrast
for
the
Re¬ year-to-year
System, department store latest four-week period showed a
in New York City for the gain of almost 4%—or three per¬
centage points : less than]; depart¬
ended July 27, gained 4%
serve
sales
week
comparable
the
over
week's
the Federal
to
.According
figure.
year-ago
for
sales
store
the
1.75%
same
to
the
present
805,000.
and
National
Oregon,
involved
$4,119,000
various purpose
1988) bonds.
Shreveport,
(1966-
The account headed
by the Chase Manhattan Bank
the successful bidder at
est, cost,
favorably
very
with
3.1006%
a
Stroud & Company, Aaams,
pany,
the
Scaled
Company, Fahnestock
&
with The First Bos¬
Associated
&
-
Company
&
Cohu
Winslow,
Stetson.
and
Corporation
ton
writing
1966 to 3.20%
2.10% in
from
yield
Scaled to
Bear, Stearns & Com¬
are
balance in syndicate is
and
coupon
a
and
Water
585,000
C.
rev-
&
Com¬
&
Company, Dick
Merle-Smith and Wm. E. Pol¬
&
&
3.35%
yield
for
various
balance
present
2.60%
from
the
coupons,
in
to
syndicate
to¬
*
(1964-1987) bonds of Wichita
enue
The runner-up bid,
Falls, Texas.
3.176%
a
interest cost,
net
from
f
the
pany
account.
Phelps,
came
First
major
bid
Jersey,
this
is¬
White,
Weld
Trust
Goodbody
&
Knickerbocker,
&
Company,
Fenner
Com¬
McClung
Rowles, Wins¬
F.
Smithers
S.
Company, Stroud & Company,
Underwood
Neuhaus
&
Union
Dallas
pany,
Company, Inc.,
Com¬
&
Securities
Fridley
&
Fred-
erking and Gregory & Company.
Reoffered
&
yield from
1.85%
1964
to
of
ance
ried
1/10
a
in
1987,
$3,000,000
bal¬
a
remains
The 1988 maturity
sold
was
3.30%
about
in group.
of
1%
car-
day
and
coupon
Christensen
'
Reoffered
to
cost,
led
by
Glore,
Comptroller
Com¬
Inc.
and
to
major
members
group
include
Trust
of
the
Bankers
Company, Harris Trust and
Savings
Bank,
Company,
York
Trust
Securities
Saffin,
tional
Devine
Bank
&
New
Company,! Equitable
Corporation,
Gordon
Brothers
J.
C.
Chemical
&
&
Company,
of
Bank
Boland,
Sautter,
National
Company,
Becker
Bank
and
City,
Company,
to
ous
(Aug.
2)
G.
and
bonds
there
from
buying
all
but
reoffered
were
1.80%
was
$2,615,000
to
3.10%
to
and
immediate with
of
the
bonds
issue
no
but
Tuesday
with
tance
on
loan
City
of
Boston
the
of
was
issues
the
Start
Fast
was
awarded
Corporationi
3.246%
net
associates submitted the best bid,
a 2.693% net interest
cost, for $6,-
$12,000,000
Ariz.,
revenue
impor¬
larg¬
Water
(1969-1990)
to The First
syndicate
interest
cost.
400,000 State of New Mexico Sev¬
erance
Tax
runner-up
cost,
&
was
bid,
a
bid,
a
2.71%
v
interest
$100,-
set
annual
an
net interest cost of 2.996% arid the
group's bid for
pons
The
cou¬
State
(1965-1989)
struction
2.983%
variety of
a
$50,000,000
bonds set
on
annual
net
Con¬
interest
a
cost.
only competing bids for the
securities,1 offering
3.006%
a
cost
net
School bonds
annual net interest
the
on
bonds,
3.022%
a
the
on
State
Construction
from
came
the
Bank
of
America N.T.&S.A. and associates.
Other
major
members
winning
group
include
California,
Chemical
of
J.
Bank
of
New
National
Bank
and
Trust
Company, First National Bank of
Boston, First
Western
Banjk and
Trust
Company,
Hallgarten
Company, ^Kidder,
Peabody
&
&
Morgan Guaranty Trust Company,
F.
S.
Other members of
Thalmann
include
&
Moseley
Northern
delphia
&
Trust
Company,
Company,
National
Rothschild
the
winning
Ladenburg,
instalment
of
for New York
Paribas
■
$92,000,000
City's Transit Sys¬
tem and proceeds of this loan will
be
used
to
buy
300
for
cars
the
BMT division.
&
The
r e
Comptroller
Bank, L.
of
intention
his
to
Weld
at
is"
prices
un¬
derwrite
deal
to
and
re¬
to
over
have
sold.
been
rity carried
were
This
issue
a
50% of the
The
week's
1990
1/10 of 1%
offered
involved
It is
general
to
gation
$9,000,000
(1965-1998)
coupon
competitive
Cincinnati, Ohio Limited
mitory
bondls
City
of
Tax Dor¬
bonds;
The
group led by the First Boston Cor¬
bonds.
for
runner-up
a
3%%
account
bid
coupon
of
coupon
and
101.29
stated that the
from the
led by the First National
|-authority
in the
Laws
City Bank.
-
include
state
and
?
does' not
interpret
to
Federal
relating
to
local
Bank¬
obligations
government.
of
the
consideration
proposed
be
is
being
regulation
submitted
within
publication.
sideration
effective date
James J. Saxon
was
In
30
days
would
be
response
given
to
comments received.
broad¬
all
y
1
j*I
ened
investment
authority
been deferred in response
had
for
re¬
/
Because of the volume
ments,
several
will
pre¬
pare
parties.
lation.
In
citing
objections
voiced
to
his proposal, the Comptroller ap¬
parently had particularly in mind
Bankers
Association
Senior
and
Peabody
York
The full
the
to
subject
was
America,
in
Company,
letter
the
on
the
&
City.
Ames'
of
Partner
Kidder,
Inc.,
text
New
Mr.
of
Comptroller
published
in
Aug. 1 issue of the CHRON¬
ICLE.
revised draft of the regu¬
The new regulation will
a
effective prior to the
adoption and publication of a re¬
vised
draft.
In
addition
bankers,
munications
lic
to
from
received
com¬
from issuers of pub¬
securities
proposed
comments
have
we
defined
as
regulation.
enthusiastic
by
the
There
to
response
was
the
sug¬
gestion in the proposed regulation
that obligations of public author¬
ities would be
eligible for under¬
writing by banks.
Mr. Saxon's statement indicated
that
the
amended
regulations
would become effective
the
more
not become
those
expressed by Amyas Ames,
President
of
- the
Investment
com¬
weeks
be
•
of
required to consider and
quests for additional time for sub¬
mission of comments by interested
in
pow¬
some¬
1
August.
One
commented:
Comptroller's August 2 state¬
ment: '
Authority
-
of
un¬
"The adoption of this
regulation
should
the
market
ties."
give the full text of
we
such
questioned financial responsibility
prove
The
definitely
for
executive
its
im¬
securi¬
director 'of
this body wrote: "It is most
appro¬
priate
that
by
regulation
the
of
Comptroller of the Currency, Na¬
tional
COMPTROLLER OF THE
CURRENCY
JAMES
J.
SAXON
Banks
banks
will
and
broad
nation's
to
the
bankers
request
comment
ment
cross-section
on
have
of
this
responded
Office
the proposed
Securities
the
of
for
Invest¬
Regulation.
The
comments range from enthusiastic
approval
through
on
some
detailed
constructive
points
and
strong opposition.
Comments
two
in
opposition
raise
principal objections: (1) that
other
again
once
mitted to deal in,
purchase
A
also
came
>
to
requests for additional, time, this
Office replied that careful con¬
Comptroller
include
3*4%
used
after
The
criticism
a
would
Comptroller
the
to
municipal
poration submitted the best bid of
for
the
The
State
and
matu¬
yield 4.25%.
final
4'
published in the Federal Register
June 21, 1963, and comments were
obli¬
to
esti¬
regulation
that
non-
bank
said
were
$25,000,000.
mated that
in
and
in
STATEMENT BY
amount
sometime
given to all.
to
yield from 1.95% in 1965 to 3.15%
1989
'
obligations not directly sup¬
ported by taxing power, and (2)
mitted
Below
offering
orders
effective
Careful
■
bonds due
>
include
those
of
banks
time
special
broaden
to
T4
posed
ing
com¬
&
public
made
terms
ulations
g
v.
the
to
banks
comments, the latter apparently
have
governing banks' investment
White,
no
pro¬
new
ers
to
t
President.
of
Aug. 2, seemingly left
on
&
leased
proposals
would be per¬
F.
Bank, Smith, Barney
combined
be
con
statement is¬
a
National
I
The
wiil
and
pro
Phila¬
Company, Salomon
and
his
and
account
such
obligations
as
defined by the pro¬
member
be
per¬
underwrite,
sell
for
their
securities.
own
Your
proposed regulation will reinstate
the
original ruling of the Comp¬
troller of the
carefully
Currency which
was
dispassionately
ar¬
and
rived at and recorded, with respect
to
(our) obligations. Your proposal
will
facilitate
the
marketing
such securities and encourage
effectuation
ects
by
"
1
'
of
state
vital
and
*
Company,
said
are
of the bonds.
bonds authorized to purchase cars
indicates
bonds
Brothers & Hutzler, Security First
the
at
2.10%' to
offering is the second and
underwritings by commercial
obligation
Saxon,
mulgate
the
Bank
York Trust Company, Continental
Illinois
Currency
municipal
Currency, in
101.3579
Company account.
The
3.25% net inter¬
(1964-1973) bonds. The
made by the C. J. Devine
syndicate
runner-up
totaling
bonds
the
IBA
sued
$50,000^000 School
coupons on
and
Glore, Forgan & Company and
The
day,
sold.
active
an
of
calendar.
Phoenix,
System
bonds,
four
new
yield from
in
The group's bid for vari¬
(1966-1990)
for the
Wood, Struthers & Company.
yield
and Mon-
bonds
Company
A.
offered
initial orders
to amount to 75%
of
cost
are
Implement New
August. Notes receipt of
James
Company.
Inc.
to
and
final
2.20% |
$1,865,000.
California
Na¬
Trust
interest
bonds
having particular reference to objections voiced by Amyas Ames,
best bids for two issues of State of
Oregon, Portland,
Kansas
&
The
important
day
est
City
net
The
prices
This
General
Underwriting Rules
of
non-general
Chicago and Halsey, Stu¬
whereby
Company, Inc. submitted the, mercial
Barr
First
Authority
(1965-1987) bonds setting
'
:
yield from
Off
of
area
Rowles,
cantile Trust Company, St. Louis,
Other
to
that 50% of
Saxon to
Bank
Company, Lehman Brothers, Mer-
winning
1.95%
at
3.40%
Transits in Demand
success¬
3.20%, the present balance
account is
and
(of the current week)
sales
a
bid,
3% coupon, came
account
bank
Friday
were
■,
3%
a
best
Forgan & Company.
pre-sale.
Active Tuesday
On
1
the
from
for
-
yield from
associ¬
Company," Shields
Winston & Company.
*
in
-
to
a
Im¬
bonds.
100.44
second
group
&
Company,
bid
The
New
General
Transit
annual
an
A nationwide group of under¬
writers headed jointly by
Phelps,
Fenn &
Company, Lehman Broth¬
pany, Alex; Brown & Sons, Wells
Bank
Newark,
and
(1964-1983)
group
coupon.
J. C. Bradford & Company,
pany,
ton
the
$9,289,000
School
provement
City
submitted the best
100.33 also for
Company
Merrill Lynch, Pierce,
Smith,
&
of
National
for
Com¬
seven
members
Southwest
First
associates
The
Other
&
The
and
&
additional bids made for
&
C
$5,105,000.
were
Fenn
There
sue.
are
tals
City
Revenue
second
and
Other members of the
and
to
of
Com¬
the bonds have been sold.
ful account include The Northern
interest cost
Company.
Scaled
best bid,
Sewer
Haupt
Ira
Bradford
lock
net interest cost, for $5,-
3.15%
Paribas
Company,
Hay cien, Stone & Company,
pany,
J.
and
Company
associates submitted the
.
1%
sold pre-sale.
was
Southwest
First
$3,095,000.
maturity carried a
1963
The
&
Corporation,
in 1992, the present
under¬
this
F. S. Moseley & Company,
pany,
Wertheim
^
in
to
3.25%, it is estimated
ates.
'
Gibbons
Trust
was
by Equitable Se¬
Corporation
000,000.
Company, George B.
&
; McEntee
through
negotiation,
Wednesday, $38,300,000 New York
3.1005%
a
net 'interest
made
was
curities
art &
account.
Brothers
purchased
Com¬
at Dallas and the National
Shawmut Bank of Boston.
Bank of
from the Lehman
came,
B: J.
St. Louis, First of Michigan
pany,
doubt
6
Trust
White, Weld & Company and
Van Ingen &
Company, Inq.
ers,
net interest cost and this compared
Californias
Continued from page
and
Mercantile
Tuesday's last sale to be noted
The group led jointly by Bank¬
ers Trust Company, First National
'
the
Harris
the First National Bank
pany,
the
TAX-EXEMPT BOM) MARKET
of
include
Savings Bank, Mellon
Bank
New York
City's period.
York
New
.
ment
with
encom¬
27-ending
July
total sales 5%
almost
r
of
Bureau
Department
yield from
balance in syndicate totaling $5,-
which
data
to
lacking,
bid,
broader
by
ended
country's
12 .leading departmen t store dis¬
tricts. '
been
members
group
Bank
Scaled
Louisiana
ago.
year
A
period for the
parable
4%
creased
gained 5%
year's level for the com¬
last
figure
(Jan.
year
retail
rung up for
sales
1963
flash
C.
passing total retail sales, compiled
the four-week period
27,
Y.
this
far
districts'
weekly trend in a row.
July
N.
July 27), the 12 department store
encouraging
ninth
the
marked
The week's
1962.
in
one
plus 5% over a year ago.
So
for the July 27-
dex were up 3%
like
a
taken from
Reserve
Federal
the
sales
as
4%
to
surmise, however, how much
was
Department "store
3%
major
Corporation, Mercantile National 3.8271 %.
2.70%, early investor demand has
absence of the sales tax rise. The
Level
country-wide basis
from
higher it might have been in the
Store
3% Above Last
Year's
hike
tax
commencing last June 1. No
can
Department
Nationwide
.
there has been
Other
successful
Corpora¬ Trust
Securities
Raffensperger,
Sec¬
39
ments."
'
of
the
public proj¬
local
govern>
.
40
The Commercial and Financial Chronicle
(564)
.
.
.
Thursday, August 3, 1963
Oct.
WASHINGTON AND YOU
20-24,
1963
(Bal Harbour,
Miami Beach, Fla.)
National
Association
Bank
of
Women 41st annual convention at
BEHIND-THE-SCENES INTERPRETATIONS
the
FROM THE NATION'S CAPITAL
Americana
Dec.
i
,
Investment
particularly trpe in the
in "public accommodations."
States
times probably
modern
had
United
the
of
gress
has never
public
great issues and
more
They
momentous
are
affects
outcome
the
Will
is:
tion
because
man,
every
The big ques¬
and child.
woman
law-makers
respond to the challenge? Perhaps
American
the best answer is: The
the
of
constituents
peoples—the
influence
major
to
that if
Congress remained In session until
indicate
would
agenda
that
enacted.
lower Potomac
the
along
Section April 39.
been
May 16-24, 1964
excise
the
of
consideration
ing at the Commodore Hotel.
limit.
debt
raising the
Dec. 7-8, 1964
National
fiscal
'if your market advice isn't any
picture.
River.
be
^^
v:
■
Some
:
Test Ban Treaty's
Nuclear
The
chance
facing
issues
paramount
Congress are the proposed ratifi¬
cation
test
the
of
treaty;
ban
a
of
May
D.
for
proposed $10 billion tax cut, and
the
controversial
civil
rights
fairs
for
major
legislation.
the
in
indications the debate
are
Senate
the
on
test
urban af¬
cost of
providing
mills
that
is
the treaty
will be sanctioned.
it
Nevertheless,
mind
in
are
Civil Rights March on Washington
ratificatioh
that
treaty requires
of
a
of two-
approval
thirds of the Senators present and
voting.
attach
not
Kennedy
President
his
to
signature
document
until
approved
by
first
it
can¬
two-thirds
the
of
The
civil
long been
rights
has
program
emotional thing in
an
Congress on all sides and it will
the pending
underway
stage
legislation, plans
by
leaders
Negro
tremendous march of
a
are
to
more
than 100,000 Negroes on Washing¬
ton
test
policy
ban
treaty is
not
only
States,
but
that
United
affects
all
affects
the
indirectly
countries
other
world. It is
major
a
of
the
issue of such great
an
importance that the United States
should
authorities
Federal
co¬
are
will
be
brought
to
Committees
of
Research
Quarterly
r
has
time
fused
to
Canada
?
rence
in
1935
down
a j
establish
St.
has
to
Securities
change
action
has
House
about
of
years
into
bill? There
«
<;Wlll
year.
y•
get
tax
through
Congress
House will approve a tax
1
it
is
-get
questionable
sanctioned
Therefore,
,
may
There
the
is
year
the
can
Senate.
proposal
over
until
the
The
may
indication
pass
some
type of civil rights legislation, but
.
it
may
be
said
far-reaching
posal
before
completely
by
the
Currency
Pending Bills
status
of
the true costs of loans instead
pay
having
sidize
flatly
that
Administration
Congress
rewritten.
government
the
them
sub¬
about half of the
by
actual cost to the taxpayers.
of
the
major bills
few days ago was
by the House
a
the
authorizing
of
measure
Sept.
total
a
11-13, 1963
the
pro¬
will
be
This
is
(Pebble
Beach.
Calif.)
Investment
Board
of
Association
Bankers
Governors
Meeting
for
the
Space
1964
Adminis¬
fiscal
year.
18-20,
19|S3
(New
Tulane
Annual
Thirteenth
Tax
Institute.
Sept.
during the past five years.
It is
going to be
a
long
(Colorado
1963
22-26,
Security
Traders
Asso¬
fore Congress
Favorable
reflect
may
or
coincide ivith the "Chronicle's"
be¬
Bond
Club
of
Philadelphia
annual outing and field day at
Inves¬
Bond
Joseph
L.
Pressley,
President; Melvin W. Rusch, Vice-
Scarborough
American
Treasurer.
Annual
Committees
Senate
New
on
-
Import
Bank
through
life
June
of
the
1968,
by
both
mittees
House
on
Bankers
Association
Convention.
in¬
by
provide
legislation
billion
SI
loans
Latin
Favorable
that
for
Committee
action
has held
taken
that
no
would
action)
develop¬
than
Agriculture
(the
Senate
hearings but
legislation
on
authorize
Teletype
Telephone
HUbbard
617
2-1 MO
Common
Com¬
I Carl Marks & Co. Inc.
FOREIGN SECURITIES
Committee
Securities
Square Boston 9, Mass.
451-3438
a
trial basis payments by
and
Warrants
would
other
areas
House
10 Post Office
Cove Vitamin &
$2
America.
for
is
conducted
Senate
and
number
Pharmaceutical
been
have
Investment
(Washington, D. C.)
billion.
Hearings
telephone
years
and
authorization
its
York
CAnal 6-4592
Export-
five
for
30,
New
Films
King
Hudson,
have reported favorably a measure
the
Waste
Our
Mills
Electronics
LERNER & CO., Inc.
retary and Roy S. Thompson, Jr.,
and
of
New York.
Oct. 6-9, 1963
the
of
-
Head
Sports Out¬
Club,
are
and
MARKETS
Official
Club
York 2nd Annual Fall
President; Robert C. Boozer, Sec¬
crease
Indian
Maxson
Sept. 27,1963 (New York City)
ing at the Sleepy Hollow Country
Senate
Secretary
Botany Industries
the
Officers
and
N.
Cor-
Brokers and Dealers
TRADING
38th
tors, Inc., 56 Tenth Street, N. E.
include:
House
Ga—Church
and
17.
(Philadelphia, Pa.)
Sept. 27, 1963
Municipal
ATLANTA,
Reed.
B.
are-
E.
Treasurer.
Huntingdon Valley Country Club,
vieivs.]
im¬
proposals
resources
extend
Vice-President;
Attention
to
from the nation's Capital and
President;
Marx,
CHRONICLE'S Special Pictorial
Inter¬
to
win
Officers
Building.
L.
Leon
Maison
Inc.,
Company,
Broadmoor Hotel.
year on
the "behind the scene" interpretation
own
and
,
Mark,
La.—L.
ORLEANS.
Marx,
Springs, Colo.)
Supplement Oct.
[This column is intended
may not
New Orleans Firm
Blanche
National
far
ing at the Hotel America.
NEW
ciation Annual Convention at the
by
agency
Mutual'.
of
Savings Banks 47th Annual meet¬
Orleans,
La.)
ing
government
Association
National
at
$5,238,119,400 for the National
and
May 22-23-24,1967 (Boston,Mass.)
the Del Monte Lodge.
Sept.
passed
New Atlanta Dealer
other
some
legislative
portant
ment
in 1964.
favorable
a
House
cut, but
major
well go
very
the
whether it
by
this
big election
that
this
favorable
appear
.
to
Mutual.
of
ing at the BellevueStratford Hotel-
or
the Rural
(Philadelphia,
Association
National
Huntingdon Valley, Pa.
Other
House
cut-revision
At this time, however, the
chances
and
no
Hilton*.
Washington
the
at
Savings Banks 46th Annual meet¬
national Development Association;
doubts whether it
are
taken
been
Banking
Ex¬
but
Committee action to replenish and
1963
a
and
law,
Committee,
Law-
Legislation Doubtful
In
-What
the
Mutual.
of
Pa.)
meas¬
Capitol Hill.
passed amend¬
Commission
the
Administration
Electrification
of
House
on
a
seaway.
Cut
include
Congress.
on
Senate
enlarge
Tax
might
which
influence
ments
agreement with Canada to de-
the
march,
re-
entered
time it appears that
same
140,000 people, will have little or
with
treaty
the
country
our
it
when
Seaway. In later
velop
»
treaties,
turned
approve
to
course
an
.
the Senate
1,196
rejected only 14. The last
was
v
to
Senate
the
The
Congressional
that
shows
the
treaty
,
the
consented
and has
„
by
At the
Association
May 16-17-18, 1968
NASA has been the fastest grow¬
Washington, D. C., Police Dept.
responsibility
national policy.
our
the
(Washington,.
Hotel.
than foreign
that would require
ure
tration
supplement
ing
cotton shipped
before
either
the
to
COMING
IN INVESTMENT FIELD
Aeronautics
country
17-18-19, 1965
Savings Banks 45th Annual meet¬
of any kind has been
Senate
One
operating fully. Hundreds of U. S.
no
in the
share
action
own
Washington from various parts of
The
domestic mills
taken
I
Aug. 28.
on
Marshals
Senators voting.
our
No action
the
been
has
domestic textile
overseas.
Being Readied
continue to be. In connection with
borne
be
must
to
Commodore-
have to pay about $40 a bale more
for
&
^
ban
it should be.
indications
as
there
However,
civil defense shelter
cotton
because the
the
A
c.)
National
tary of Agriculture to reduce the
mills pay for U. S.
treaty will be long drawn out, and
perhaps
in¬
an
program.
There
aged
tax
and
department,
a
the
'
■
no
security
meeting at
pro¬
in¬
care
Mutual
of
Hotel.
have
creation of
creases,
Year
better today—there'll
TONIGHT!"
moon
year
social
through
the
on
this
passage
medical
clude
one
apparently
that
posals
Approval Likely
legislative
major
Association
Savings Banks 18th Annual Mid-
better idea of the
a
(New York City)
debt
limit later in this session after the
Treasury gets
Mutual
of
Savings Banks 44th Annual Meet¬
taxes,
debate and
There will be further
(N. Y. City)
Association
National
of
extension
extension,
of
hot
Group Investment Bankers
CHRONICLE'S Special Pictorial
They are the feed grains
extension
so
have
proposals
legislative
and
planes and a much smaller popu¬
Texas
Association Annual Convention at
major
Kennedy's
President
of
and
lation, Congress usually completed
its work before the summers got
April 8-9-10, 1964 (Houston, Tex.)
the
by
corporate
air
Mid-Year
meeting at the Commodore Hotel.
re¬
publication
thus far only three
study
the
conditioning,
Mutual
of
17th
the Shamrock Hilton Hotel.
The
Christmastime, it would not finish
air
(New York City)
Association
Savings Banks
for Medicare
program
Before
National
far.
Hope
Hollywood Beach Hotel.
Supplement Dec. 19.
only 19 of the
requests have been approved thus
No
Convention
Dec. 2-3, 1963
quests. However,
everything before it.
a
Ken¬
legislative
402
Congress
Association
Annual
CHRONICLE'S Special Pictorial
Kennedy has sent
that President
showed
at the legislative
A partial look
Robert F.
Bankers
America
at the
At¬
and
legislation.
A s t u d y by the
Congressional Quarterly shows
the
make
and
determination.
final
General
torney
members of Congress—will have a
-
Kennedy
nedy are pushing the civil rights
questions facing it.
the
President
of
area
WASHINGTON, D. C.—The Con¬
(Hollywood Beach,
1-6, 1963
Fla-)
of
Hotel.
two-year
the Secre-,
20 BROAD STREET
TEL: HANOVER 2-0050
•
SPECIALISTS
NEW YORK 5, N. Y.
Bought—Sold—Quoted
Annual Report
on
available
request.
TELETYPE 212-571-1685
HILL, THOMPSON & CO.,
70 Wall Street, New
Tel. WH 4-4540
INCi
York 5, N. Y.
Tele. 212 571-1708
@FedFRASER